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<br />58. <br /> <br />EARNEST MONEY CONTRACT <br /> <br />This Contract is made between the City of San Marcos, a Texas municipal corporation (the <br />"Buyer") and Perry Moore and wife, Marianne Moore, (the "Seller", whether one or more). <br /> <br />1. PURCHASE AND SALE OF PROPERTY. Seller agrees to sell and convey, and Buyer <br />agrees to purchase, the following real property (the "Property") under the terms and <br />conditions of this Contract: <br /> <br />All of Lot 15, Ridge at Stonec1i1f, Hays County, Texas. <br /> <br />together with any improvements, fixtures and appurtenances on or to the Property. <br /> <br />2. SALES PRICE. The Sales Price shall be $60,000.00. The Sales Price includes the Earnest <br />Money, and is payable in full in cash at closing. <br /> <br />3. EARNEST MONEY. The Buyer will deposit with San Marcos Title Company (the "Title <br />Company") the amount of $10.00 (the "Earnest Money") within five business days after <br />execution of this Contract by the Seller and the Buyer. If this transaction is consummated, the <br />Earnest Money will be credited against the Purchase Price at closing. If this transaction is not <br />consummated, the Earnest Money will be held and delivered by the Title Company in <br />accordance with this Contract. The Title Company will deposit the Earnest Money into an <br />account that bears interest, is federally insured, and has no early withdrawal penalty, at a bank: <br />or savings and loan located in Hays County, Texas. <br /> <br />4. CONDmON OF PROPERTY. It is understood and agreed that the Property is being sold <br />and conveyed by the Seller, and purchased and accepted by the Buyer, as is, where is, with all <br />faults, in its existing form, state and condition, without recourse against the Seller, except for <br />the warranty of tide contained in the Seller's deed. <br /> <br />5. TITLE COMMITMENT. Within 30 days after the effective date of this Contract, the <br />Buyer will cause the Title Company to deliver the following to the Buyer at the Buyer's <br />expense: <br /> <br />A. A title commitment (the "Title Commitment") covering the Property binding the Title <br />Company to issue a Texas ûwner's Policy of Title Insurance on the standard form <br />prescribed by the Texas State Board of Insurance at the closing in the full amount of <br />the Sales Price, subject only to the exceptions approved by the Buyer in accordance <br />with paragraph ó; and <br /> <br />B. True, correct, and legible copies of all instruments· referred, to m the Title <br />Commitment as exceptions or restrictions upon the iitle of the Seller. <br /> <br />ó. APPROVAL PERIOD. <br />