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<br />112. <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 Alan Holt (the "Seller"). <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 />A 4.6 acre, more or less, tract ofland in the City of San Marcos, Hays COW1ty, Texas, <br />as more specifically described in the attached Exhibit A <br /> <br />together with any improvements, fixtures and appurtenances on or to the Property. <br /> <br />2. SALES PRICE. The Sales Price shall be $43,500. 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 Hays County Title Insurance Company <br />(the "Title Company") the amount 01'$1,000 (the "Earnest Money") within five business days <br />after execution of this Contract by the Seller and the Buyer. If this transaction is <br />consummated, the Earnest Money will be credited against the Purchase Price at closing. If <br />this transaction is not consummated, the Earnest Money will be held and delivered by the <br />Title Company in accordance with this Contract. The Title Company will deposit the Earnest <br />Money into an account that bears interest, is federally insured, and has no early withdrawal <br />penalty, at a bank or savings and loan located in Hays County, Texas. <br /> <br />4. CONDITION 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 <br />all faults, in its existing form, state and condition," without recourse against the Seller, except <br />for the warranty oftitle contained in the Seller1s deed. <br /> <br />5. TITLE COMMITMENT AND SURVEY. Within 30 days after the effective date of this <br />Contract, the Seller will cause the Title Company to deliver the following to the Buyer at the <br />Seller's expense: <br /> <br />A. A title commitment (the "Title Commitment") covering the Property binding the Title <br />Company to issue a Texas Owner's Policy of Title Insurance on the standard form <br />prescribed by the Texas State Board ofInsurance 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 6; <br /> <br />B. True, correct, and legible copies of all instruments referred to in the Title <br />Commitment as exceptions or restrictions upon the title of the Seller; and <br /> <br />C. A copy of a current on-the-ground survey of the Property made by a registered <br /> <br />1 <br />