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<br />15. <br /> <br />{, <br /> <br />TExAS ASSOCIATION OF REAL TORS@ <br />UNIMPROVED PROPERTY COMMERCIAL CONTRACT <br /> <br />USE OF THIS FORM BY PERSONS WHO ARE NOT MEMBERS OF THE TEXAS ASSOCIA TlON OF REAL TORSQl> IS NOT AUTHORIZED. <br />@Texas Association of REALTORS@, Inc. 1999 <br /> <br />1. PARTIES: A. E. CUMMINGS INC. <br />(Seller) agrees to sell and convey to CITY OF SAN MARCOS <br />(Buyer) and Buyer agrees to buy from Seller the Property described below. <br /> <br />2. PROPERTY: <br /> <br />A. The property sold by this contract is called the "Property." The Property is that real property situated in: <br />HAYS County, Texas at OLD MARTINDALE ROAD, SAN MARCOS, TX 78666 <br />(address) that is legally described as follows: (Identify exhibit if <br />described by attachment.) <br />97.773 ACRES, ABSTRACT AB-17-2, TRACT TR77, J.M. VERAMENDI SURVEY, HAYS <br />COUNTY, TEXAS <br /> <br />B. The Property is sold together with: <br />(1) all rights, privileges, and appurtenances pertaining to the Property, including Seller's right, title, and interest in any <br />minerals, utilities, adjacent streets, alleys, strips, gores, and rights-of-way; <br />(2) Seller's interest in all leases, rents, and security deposits for all or part of the Property; and <br />(3) Seller's interest in all licenses and permits related to the Property. <br /> <br />(Describe any exceptions, reservations, or restrictions in Paragraph 11 or an addendum.) <br /> <br />3. SALES PRICE: <br /> <br />A. At or before closing, Buyer will pay the following sales price for the Property: <br /> <br />(1) Cash portion payable by Buyer at <br /> <br />440,000.00 <br /> <br />$ <br />$ <br />$ <br /> <br />(2) Sum of all financing described in Paragraph 4 <br /> <br />(3) Sales price (sum of 3A(1) and <br /> <br />440,000.00 <br /> <br />B. Adjustment to Sales Price: (Check (1) or (2) only.) <br /> <br />IX] (1) The sales price will not be adjusted based on a survey. <br /> <br />o (2) The sales price will be adjusted based on the latest survey obtained under Paragraph 6B. <br /> <br />(a) The sales price is calculated on the basis of $ <br />o (i) square foot of 0 total area 0 net area. <br />o (ii) acre of 0 total area 0 net area. <br /> <br />per: <br /> <br />(b) "Total area" means all land area within the perimeter boundaries of the Property. "Net area" means total area less any <br />area of the Property within: <br /> <br />o (i) public roadways; <br />o (ii) rights-of-way and easements other than those that directly provide utility services to the Property; and <br />o (iii) <br /> <br />(TAR-1802) 11-5-99 <br /> <br />Initialed for Identification by Buyer _ ,_ and Seller [~,_ <br /> <br />Page 1 of 9 <br /> <br />Randall Morris & Associates 333 Cheatham, San Marcos TX 78666 <br />Phone: 512-353-1776 Fax: CARTER JOHN MORRIS <br />Produced with ZipFonn no by RE FonnsNet, LLC 18025 Fifteen Mile Road. Clinton Township. Michigan 48035, (800) 383-9805 <br /> <br />T6415804.ZFX: <br />