Res 1999-234 - Laserfiche WebLink

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190 EARNEST MONEY CONTRACT This Contract is made between the City of San Marcos, a Texas municipal corporation (the "Buyer") and Herminia Flores (the "Seller"), an individual. 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: All of Lot 49 of the Park Addition, First and Second Division, according to the plat or map thereof recorded in Volume 54, Page 420 of the Hays County Deed Records, together with any improvements, fixtures and appurtenances on or to the Property. 2. SALES PRICE. The Sales Price shall be $12,000.00. The Sales Price includes the Earnest Money, and is payable in full in cash at closing. 3. EARNEST MONEY. The Buyer will deposit with San Marcos Title Company (the "Title Company") the amount of$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. 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 coI1dition," without recourse against the Seller, except for the warranty of title contained in the Seller's deed. 5. TITLE COMMITMENT. Within 30 days after the effective date of this Contract, the Seller will cause the Title Company to deliver the following to the Buyer at the Seller's expense: A. 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 ofInsurance at the closing in the full amount of the Sales Price, subject only to the exceptions approved by the Buyer in accordance with paragraph 6; and B. True, correct, and legible copies of all instruments referred to in the Title Commitment as exceptions or restrictions upon the title of the Seller.