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<br /> 196
<br /> EARNEST MONEY CONTRACT
<br /> This Contract is made between the City of San Marcos, a Texas municipal corporation
<br /> ("Buyer"), and Bill Soyars ("Seller"), an individual.
<br /> 1. PURCHASE AND SALE OF PROPERTY. Seller agrees to sell and convey, and
<br /> Buyer agrees to purchase, the following real property (the "Property") under the
<br /> terms and conditions of this Contract:
<br /> & All of that certaìn-243.11s~~ ~~~ or less, tract of land in Caldwell
<br />
<br /> ~ County, Texas, out of the William Pettus Two League Grant, Abstract 21,
<br /> being a part of a 278.329 acre tract in Caldwell County, Texas, and being
<br /> more fully described in the attached Exhibit "A,"
<br /> together with any improvements, fixtures and appurtenances on or to the Property.
<br /> 2. SALES PRICE. The Sales Price shall be $596,456.00. The Sales Price includes
<br /> the Earnest Money, and is payable in full in cash at closing.
<br /> 3. EARNEST MONEY. The Buyer will deposit with Fidelity National Title Company
<br /> (the "Title Company") the amount of $10,000.00 (the "Earnest Money") within 3
<br /> öusiness days after execution of this Contract by the Seller and the Buyer. If this
<br /> transaction is consummated, the Earnest Money will be credited against the
<br /> Purchase Price at closing. If this transaction is not consummated, the Earnest
<br /> Money will be held and delivered by the Title Company in accordance with this
<br /> Contract. The Title Company will deposit the Earnest Money into an account that
<br /> bears interest, is federally insured, and has no early withdrawal penalty, at a bank
<br /> or savings and loan located in Hays County, Texas.
<br /> 4. DISCLAIMER OF WARRANTIES.
<br /> It is understood and agreed that the Property is being sold and conveyed by the
<br /> Seller, and purchased and accepted by the Buyer, without representations or
<br /> warranties as to the condition, merchantability, developability, fitness or usability of
<br /> the Property for a particular purpose; and will be conveyed and accepted "as is,
<br /> where is, with all faults, in its existing form, state and condition," without recourse
<br /> against the Seller, except for the warranty of title contained in the warranty deed.
<br /> The Seller is not making and specifically disclaims any warranties or
<br /> representations, express or implied, with respect to the Property, including, but not
<br /> limited to, warranties or representations as to matters of zoning, tax consequences,
<br /> physical or environmental conditions, availability of access, ingress or egress, or
<br /> any other matter relating to or affecting the property. It is understood that the Buyer
<br /> has conducted its own independent determination of the condition, merchantability,
<br /> developability, feasibility, fitness, acceptability and usability of the Property for the
<br />
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