Res 2009-012 - Laserfiche WebLink

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ARTICLE II: Interlocal Aareement. 2.1 The Parties recognize that, by executing this ILA, they are each fulfilling functions that they are authorized to perform individually. The City's authority to purchase and/or receive real property is authorized by Chapter 252 of the Texas Local Government Code, and the County's authority to sell and/or convey real property is authorized by Chapters 263 and 272 of the Texas Local Government Code. 2.2 Each individual signing, below, has been duly authorized by the governing body of the Party for which he/she is signing. 2.3 Any payment made by a Party to this ILA must be made in current funds that are available to the paying Party at the time this ILA is executed. ARTICLE III: City Terms and Conditions. 3.1 The City hereby agrees to have a monument honoring Lyndon Baines Johnson and Martin Luther King, Jr. designed and constructed on the Property by January 1, 2015. Should the City fail to reach substantial completion of such a monument by January 1, 2015, the Property conveyed pursuant to this ILA shall revert to the ownership of the County, which shall then possess the same rights in the Property as if the Property had never been conveyed to the City. 3.2 The City hereby agrees to pay one hundred percent (100%) of all costs associated with a) surveying the Property prior to transfer, b) platting the Property prior to transfer (if deemed necessary by the City), c) title review and other transaction costs associated with transfer of the Property (if deemed necessary by the City), and d) design and construction of the historic monument. 3.3 The City shall, upon receiving a metes and bounds survey of the Property (the area and alignment of which shall be agreed by the County), prepare a General Warranty Deed that shall act as the instrument of conveyance. Said General Warranty Deed shall include the reversionary clause referred to in Section 3.1, above. Once approved by the County, said General Warranty Deed shall be attached to this ILA as Exhibit "B" and incorporated herein. 3.4 The City shall not be obligated to receive or consider input from the County regarding the design of the historic monument. ARTICLE IV: County Terms and Conditions. 4.1 After the City's performance under Subsections 3.2(a), 3.2(b), 3.2(c) and Section 3.3, above, the County shall execute and record the General Warranty Deed attached hereto as Exhibit "B". LBJ/MLK - ILA/PSA 2