Res 2002-155 - Laserfiche WebLink

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202. EARNEST MONEY CONTRACT This Contract is made between the City of San Marcos, a Texas municipal corporation (the "Buyer" and Mary Lou H. Froh (the "Seller"), an individual. 1. Purchase and Sale of Property. 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: All of Lots 69, 136, 137, 138, 139, 140, 141, and 142 of the Park Addition, First and Second Division, according to the plat or map thereof recorded in Volume 54, Page 420 of the Hays County Deed Records, and the portions of Lots 132, 133, and 134 of the Park Addition, First and Second Division, that have not been previously acquired by the Buyer (depicted generally on the attached Exhibit A), together with any improvements, fixtures and appurtenances on or to the Property. 2. Sales Price. The Sales Price shall be $115,000.00. The Sales Price includes the Earnest Money, and is payable in full in cash at closing. 3. Earnest Monev. The Buyer will deposit with Hays County Abstract Company (the "Title Company") the amount of$l,OOO.OO (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. If this transaction is not consummated, the Earnest Money will be held and delivered by the Title Company in accordance with this Contract. The Title Company will deposit the Earnest Money into an account that bears interest, is federally insured, and has no early withdrawal penalty, at a bank or savings and loan located in Hays County, Texas. 4. Condition of Property. Seller hereby makes the following representations to Buyer: A. Seller to the best of its knowledge and belief has complied with all applicable laws, ordinances, regulations, statutes, rules and restrictions relating to the Property, and Seller has no knowledge of any contamination of the Property with hazardous materials or substances. B. All trees and plants now growing on the Property will become the property of Buyer at closing. Seller agrees not to cut or remove any such items from the Property after Seller's execution of this Contract until and unless this Contract is terminated in accordance herewith. C. Seller will not enter into any leases, or grant any easements or other rights affecting the Property after Seller's execution of this contract without Buyer's prior written consent.