Res 2006-110 - Laserfiche WebLink

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76. PURCHASE AGREEMENT THIS PURCHASE AGREEMENT (this "Agreement"), entered into by and between THE NATURE CONSERVANCY, a nonprofit corporation of the District of Columbia, whose local address is P.O. Box 1440, San Antonio, Texas 78295 (hereinafter referred to as "Seller"), and THE CITY OF SAN MARCOS, a Texas municipal corporation, whose address is 630 E. Hopkins St., San Marcos, Texas 78666 (hereinafter referred to as "Buyer"), concerning the purchase and sale of that certain real property situated in Hays County, State of Texas, such real property containing approximately 250.70 acres of land, more or less, and being more particularly described on Exhibit A attached hereto and made a part hereof for all purposes (the "Property"). The parties have entered into this Agreement as the definitive purchase agreement referenced as the "City Purchase Agreement" in Section 2 of that certain Agreement between the City of San Marcos, Hays County, and The Nature Conservancy, dated on or about January 19, 2006 (the "Prior Agreement"). In the event of any conflict, inconsistency, or uncertainty between this Agreement and the Prior Agreement, the terms and provisions ofthis Agreement shall control. IN CONSIDERATION of Buyer's contribution of $62,500.00 and Hays County's contribution of $62,500.00 toward Seller's acquisition of the Property from RYS Limited on May 16, 2006 (the aggregate sum of $125,000.00 having already been paid to RYS Limited at the closing of such acquisition, but for purposes of this Agreement being referred to as the "Earnest Money"), and of the mutual promises contained in this Agreement, Seller hereby agrees to sell, and Buyer agrees to buy the Property, subject to the following terms and conditions: 1. PURCHASE PRICE. The purchase price of the Property is FOUR MILLION, EIGHT IillNDRED SIXTY-NINE THOUSAND AND NO/IOO DOLLARS ($4,869,000.00). The Earnest Money will be applied to the purchase price and the balance of the purchase price, along with any other closing payments due from Buyer, will be paid in cash at closing. The purchase price is Buyer's and Seller's negotiated price for the Property. The purchase price shall be paid by Buyer to Seller in the following manner: (a) The Earnest Money shall be applied to the purchase price at the Closing; or, if closing does not occur, shall be otherwise disbursed in accordance with this Agreement. (b) Closing. The balance of the purchase price shall be paid to Seller in cash at the 2. IMPROVEMENTS & PERSONAL PROPERTY. The Property shall be conveyed together with any improvements and personal property (without warranty of title and in its as-is condition) to the extent owned by Seller and located on the Property on the closing date. 3. SURVEY. Prior to the Effective Date, Seller, at Seller's expense, has delivered to Buyer its existing survey and field notes of the Property, which the parties agree shall provide the legal description for the Deed. If the Buyer desires a re-certification of the existing surveyor a new survey, such re-certification or new survey shall be undertaken at the expense of Buyer. If the description changes in the re-certification of the existing surveyor in the new survey, the revised 1