Res 1980-087 - Laserfiche WebLink

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I I I r ' of an appraisal of the property, for and at the price of twelve thousand (12,000) dollars for Tract A or one dollar ($1) per square foot for Tract B payable on or before March 13, 1981 without interest, subject, however, to the further requirement that this option shall be of no effect and no rights shall inure to City unless before January 9, 1981 at 5:00 p.m. written notice of the exercise of this option shall be delivered to Rains. II. Upon due exercise of this option by City, an appraisal of the chosen tract shall commence. The appraisal shall be at the expense of City. Upon completion of the appraisal and payment of the purchase price by City, Rains shall deliver possession and title to the property to City, and shall execute and deliver to City a warranty deed to the property, tog~ther with good and sufficient title insurance to the property in the name of City, provided however, that, should the chosen tract be Tract A, and the appraised value of that tract be less than twelve thousand (12,000) dollars, or, should the chosen tract be Tract B and the appraised value be less than one dollar ($1) per square foot, this contract shall be of no effect and no rights shall inure to City or to Rains. Ex e cut e din d u p 1 i cat ear i gin a 1 s t his / g~1 Z, day 0 f D e c em b e r . 1980. The City of San Marcos, Texas By: I / , \ \ / ~'Y~~" ~~ enneth V. Kraus \ ATTEST: .~ ~.. ~ "- -- -, - - , "\. ___ ') \ C~ ---- "~i'~_~"- :-,'-S"-J"---- Sharyl Werne Deputy City Secretary -,2w Don/Rains I I /1 1~.. t ~..../