Res 2003-107 - Laserfiche WebLink

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193. EARNEST MONEY CONTRACT This Contract is made between the City of San Mareos, a Texas municipal corporation (the "Buyer") and Cephas U Estate, c/o Paul Rutledge, Jr. (the "Seller"). 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 the 0. I ~Pq acre tract of land, being a portion of Farm Lot 24-56 and part of Lot 3, Block 5, of the Original Town of San Marcos, according to the plat or map thereof recorded in Volume ~ o~, Page $oO of the Hays County Deed Records, as more particularly described in the metes and bounds description attached as Exhibit A, together with any improvements, fixtures and appurtenances on or to the Property. SALES PRICE. The Sales Price shall be $43,390.00. The Sales Price includes the Earnest Money, and is payable in fi~l in cash at closing. EARNEST MONEY. The Buyer w'ffi deposit with San Marcos Title Company (the "Title Company") the amount of $500.00 (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. A. It is understood and agreed that the Property is being sold and conveyed by the Seller, and purchased and ac,c, epted by the Buyer, "as is, where is, ~C~ 3~ L/~ d¢... with all faults, in its existing form, state and condition, without recourse against the Seller,~ %~_.[ [~- ) O-c~_~except for the warranty of title contained in the Seller's deed. B. For so long as this Contract is in effect, the Seller grants to the Buyer, its agents, employees and representatives, the right to enter upon the Property for the purpose of inspecting the Property and conducting soil, subsoil and such other tests as may be reasonably required by the Buyer. The Seller agrees to cooperate with the Buyer in allowing the Buyer, its agents, representatives, employees and persons with whom it contracts, and representatives of agencies to which the Buyer has applied for grant funding, to have access to the Property for the purpose of conducting such studies or investigations, upon reasonable notice to the Seller. The Buyer agrees to hold the Seller harmless from any claims, costs or suits that may arise from entry onto the Property by the Buyer, its agents, employees and representatives. The Buyer will notify the Seller in advance of each entry of the Property, including the date and time of entry and the identity of the persons who will enter the Property.