Res 2003-019 - Laserfiche WebLink

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17. EARNEST MONEY CONTRACT Tiffs Contract is made between the City of San Marcos, a Texas municipal corporation (the "Buyer") and Alan Holt, William C. Holt, Shani Holt Armbruster, William C. Holt, Jr., David W. Holt, and Timothy J. Holt (collectively, the "Seller"). 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: An 11.36 acre, more or less, tract of land in the City of San Marcos, Hays County, Texas, as more specifically described in the attached Exhibit A together with any improvements, fixtures and appurtenances on or to the Property. SALES PRICE. The Sales Price shall be $510,500. The Sales Price includes the Earnest Money, and is payable in full in cash at closing. Seller and Buyer acknowledge that the Sales Price is less than the fair market value of the Property as determined by an appraisal of the Property obtained by the Buyer. Seller and Buyer further acknowledge that the amount of the difference between the Sales Price and the appraised value will constitute a donation from Seller to Buyer effective on the Closing Date. EARNEST MONEY. The Buyer will deposit with Hays County Title Insurance Company (the "Title Company") the amount of $5,000 (the "Earnest Money") with/n 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. CONDITION OF PROPERTY. 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 oftitte contained in the Seller's deed. TITLE COMMITMENT AND SURVEY. Within 30 days after the effective date of this Contract, the Seller will cause the Title Company to deliver the following to the Buyer: A title commitment (the "Title Commitment") covering the Property binding the Title Company to issue a Texas Owner's Policy of Title Insurance on the standard form prescribed by the Texas State Board of Insurance at the closing in the full amount of the Sales Price, subject only to the exceptions approved by the Buyer in accordance