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<br />210.
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<br />EARNEST MONEY CONTRACT
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<br />This Contract is made between the City of San Marcos, a Texas municipal corporation (the "Buyer"),
<br />and C&G Development (the "Seller"), a Texas jS.:NtnfJmai}'l. t:.a r,.(),,(!I..+; 11>,.;). -r.C.
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<br />I. PURCHASE AND SALE OF PROPERTY. The Seller agrees to sell and convey, and the
<br />Buyer agrees to purchase, the following real property (the "Property") under the terms and
<br />conditions of this Contract:
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<br />Being approximately 325 acres, more or less, out of that certain 501.30 acres ofland,
<br />more or less, out of the JOHN WILLIAMS SURVEY, Abstract 471, the JOHN
<br />WILLIAMS SURVEY, Abstract 490, and the T.J. Chambers League, Abstract No.
<br />2, in Hays County, Texas, as described in the warranty deed recorded in Volume
<br />1360, page 92, Hays County Official Public Records, and that certain 22.00 acres of
<br />land, more or less, out of the JOHN WILLIAMS SURVEY, Abstract 490, Hays
<br />County, Texas" as described in the Warranty Deed recorded in Volume 1360, page
<br />113, Hays County Official Public Records. This 325 acre tract of land being
<br />generally as depicted on the map attached as Exhibit A,
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<br />together with any improvements, fixtures and appurtenances on or to the Property.
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<br />2. SALES PRICE. The Sales Price is $6,500 per acre. The exact amount of the Sale Price will
<br />be determined by applying this per-acre price to the area of the Property as determined by the
<br />survey performed under Section 5 of this Contract. The Sales Price includes the Earnest
<br />Money, and is payable in full in cash at closing.
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<br />3. EARNEST MONEY. The Buyer will deposit with Hays County Abstract Company (the
<br />"Title Company") the amount of $l 00,000.00 (the "Earnest Money") within five business
<br />days 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 San Marcos, Texas.
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<br />4. REVIEW PERIOD.
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<br />A. For and in consideration of the Earnest Money and other good and valuable consideration
<br />to the Seller from the Buyer, the Seller hereby grants to the Buyer the right to conduct an
<br />investigation, inspection and review of the Property and all records in possession of the
<br />Seller pertaining to the Property, and to terminate this Contract in accordance with this
<br />section.
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<br />B. Notwithstanding any provision herein to the contrary, if the Buyer determines, in its sole
<br />discretion, that the Property is not suitable for the Buyer's intended use of the Property as
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