Res 2001-207 - Laserfiche WebLink

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198. EARNEST MONEY CONTRACT This Contract is made between the City of San Marcos, a Texas municipal corporation (the "Buyer") and Albadelana Daniel, Individually (dealing in her separate property) and as Attorney-in- Fact for Nawona Crenwelge (the "Seller"). 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: Lots Three Hundred Twenty-two through Three Hundred Twenty-five (322 - 325), Block Twenty-two (22), Westover Addition, City of San Marcos, Texas, according to the map or plat thereof, duly recorded in Volume 150, Page 338, Deed Records of Hays County, Texas; and Lots Three Hundred Seventy-nine (379) and Three Hundred Eighty (380), Block Twenty-two (22), Westover Addition, City of San Marcos, Texas, according to the map or plat thereof, duly recorded in Volume 59, Page 184, Deed Records of Hays County, Texas together with any improvements, fixtures and appurtenances on or to the Property. 2. SALES PRICE. The Sales Price shall be $66,000.00. The Sales Price includes the Earnest Money, and is payable in full in cash at closing. 3. EARNEST MONEY. The Buyer will deposit with Hays County Abstract Company (the "Title Company") the amount of$I,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. CONTINGENCY; CONDITION OF PROPERTY. A. This Contract is expressly contingent on approval from the governing body of the Buyer. If such approval is not granted by December 17, 2001, then this Contract will be cancelled and the Earnest Money will be refunded to the Buyer in full. B. 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 faults, in its existing form, state and condition," without recourse against the Seller, except for the warranty of title contained in the Seller's deed.