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<br /> 171 <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 certain 57.96 acres out of the William Pettus Two League Grant, <br /> Caldwell County, Texas, described in the warranty deed recorded in Volume <br /> 30, Page 266 of the Real Property Records of Caldwell County, Texas. <br /> together with any improvements, fixtures and appurtenances on or to the Property. <br /> 2. SALES PRICE. The Sales Price of $ 145,000, which includes the Earnest Money, <br /> is payable in full in cash at closing. <br /> 3. EARNEST MONEY. The Buyer agrees to deposit with CaldweU County Abstract <br /> Company (the "Title Company") the amount of $ 10,000 (the "Deposit") within 3 <br /> business days after execution of this Contract by the Seller and the Buyer. Within <br /> 3 business days after its receipt of the Deposit, the Title Company will deliver to the <br /> Seller $ 10,000 of the Deposit (the "Independent Consideration") as consideration <br /> for the Review Period. The Independent Consideration will be applied to the Sales <br /> Price at closing, but will not be returned to the Buyer in the event that the Earnest <br /> Money is returned to the Buyer under the terms of this Contract. Additionally, if the <br /> Buyer does not terminate this Contract under subparagraph 6.C, then on the first <br /> business day following the expiration of the Review Period, the Buyer agrees to <br /> deposit with the Title Company the additional sum of $ 5,000 (the "Additional <br /> Deposit"). The Deposit, less the Independent Consideration, and the Additional <br /> Deposit, and any interest on those sums, are collectively referred to as the "Earnest <br /> Money". If the Buyer does not terminate this Contract under paragraph 6C, and the <br /> Additional Deposit is not timely deposited, then the Seller may tenninate this <br /> Contract and retain the Earnest Money by providing the Buyer and Title Company <br /> with written notice of tennination; in that event, the Title Company will immediately <br /> deliver to the Seller all executed originals of the Contract in its possession and the <br /> Earnest Money. If this transaction is consummated, the Earnest Money and the <br /> Independent Consideration will be credited against the Purchase Price-at closing. <br /> If this transaction is not consummated, the Earnest Money wUl be held and delivered <br /> by the Title Company in accordance with this Contract, but the Independent <br /> Consideration will be retained by the SeUer. The Title Company will deposit the <br /> Earnest Money into an account that bears interest, is federally insured, and has no <br /> early withdrawal penalty, at a bank or savings and loan located in Hay8 county~ <br /> Texas. (!."IIultJ( . <br /> ~ <br />