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12. <br /> <br />EARNEST MONEY CONTRACT <br /> <br />This Contract is made between the City of San Marcos, a Texas mtmicipal corporation, as Buyer, <br />and Michael D. Hugman and wife, Cindy Hugman, as Sellers. <br /> <br />PURCHASE AND SALE OF PROPERTY. Sellers agree 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 />Being 0.021 acres of land, more or less, out of Lot One Hundred Two (102), Z. <br />Wflliamson Third Addition, a subdivision in Hays County, Texas according to the map <br />or plat thereof recorded in Volume 59, page 545, Hays County Deed Records, and <br />being more particularly described by metes and bounds described in Exhibit "A" <br />attached hereto. <br /> <br />together with any improvements, fixtures and appurtenances on the Property. <br /> <br />SALES PRICE. The Sales Price shall be $ 5,500.00..T. he Sales Price includes the Eumest <br />Money, and is payable in full in cash at closing. ~,~_ f~ ~ ~<.t~ ~. ~5~ ~z ~- ~ f~ <br />EARNEST MONEY. The Buyer will deposit with tl~e Hays County Abstr'~ Company (the <br />"Title Company") the amount orS100.00 (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 Title <br />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 />CONDITION O1* 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", <br />with all faults, in its existing form, state and condition, without recourse against the Seller, <br />except for the warranty of title contained in the Seller' s deed. <br /> <br />TITLE COIVIM1TMENT. Within 30 days after the effective date of this Contract, the Title <br />Company will deliver the following to the Buyer at the Buyers expense: <br /> <br />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 of Insurance 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; and <br /> <br /> <br />