Res 2005-041 - Laserfiche WebLink

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50. EARNEST MONEY CONTRACT This Contract is made between the City of San Marcos, a Texas municipal corporation (the ('Buyer') and James K. Wise Real Estate, Inc., a Texas Corporation, (the "Seller", whether one or more). 1. PURCHASE AND SALE OF PROPERlY. Seller agrees to sell and convey, and Buyer agrees to purchase, the following real property (the "Property") under the terms and conditions of this Contract: 0.406 acres ofland, as described in the attached Field Notes Description together with any improvements, fixtures and appurtenances on or to the Property. 2. SALES PRICE. The Sales Price shall be $50,330.00. The Sales Price includes the Earnest Money. and is payable in full in cash at closing. 3. EARNEST MONEY. The Buyer will deposit with San Marcos Title Company (the "Title Company") the amount of $10.00 (the ''Earnest Money") within five business days after execution of this Contract by the Seller and the Buyer. If this transaction is consummated, the Earnest Money will be credited against the Purchase Price at closing. Iftbis transaction is not consummated, the Earnest Money will be held and delivered by the Title Company in accordance with this Contract. 1M 'Fi1.1e Colftpooy ""ill deposit the Eamest M600y mte 8fl~ _. . aGBetiBt tkat bears ifitef~. is feckrallJ insured, and has Jl() earl, wlti~ai penalty. d1 a bank - er~ tmd I08flloetrted. in HAYS COuuty, lfexas. 4. CONDmON OF PROPERTY. It is understood and agreed that the Property is being sold and conveyed by the Seller, and purchased and accepted by the Buyer, as is, where is, with all mults, in its existing form. state and condition, whhout recourse against the Seller, except for the warranty of title contained in the Seller's deed. 5. TITLE COMMITMENT. Within 30 days after the effective date of this Contract, the Buyer will cause the Title Company to deliver the following to the Buyer at the Buyer's expense: A. A title commitment (the "Title Commitment") covering the Property binding the Title Company to issue a Texas Owner's Policy of Tide Insurance on the standard form prescnoed by the Texas State Board of Insurance at the closing in the full amount of the Sales Price, subject only to the exceptions approved by the Buyer in accordance with paragraph 6; and B. True, correct, and legible copies of all instruments referred to in the Title Commitment as exceptions or restrictions upon the title of the Seller.