Res 1995-080 - Laserfiche WebLink

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121 , - REAL ESTATE CONTRACT This contract is between Terry Paul Gilmore, as Seller, and the City of San Marcos, a Texas municipal corporation, as Purchaser. 1. Purchase and Sale 1.01. Seller agrees to sell, and Purchaser agrees to purchase, the tract of land in Hays County, Texas within the corporate limits of the City of San Marcos as described in Exhibit "A" attached to this contract (the "Property"). 2. Purchase Price . . ~ 2.01. The purchase price is $2..0.0...000 payable in cash in full at closing. 3. Title Binder 3.01. Within 10 days after the date of this contract, Seller will deliver to Purchaser: . . 1. A title commitment ("Title Binder") covering the Property binding the Title company to issue a Texas owner's Policy of Title Insurance on the standard form of policy prescribed by the Texas State Board of Insurance at the closing in the full amount of the purchase price; and, 2. True, correct, and legible copies of any and all instruments referrèd to in < the 1J.u~Binder as constituting exceptions or restrictions upon the title of Seller. 3.02. Purchaser shall have 10 days after the receipt of the Title Binder to review same and to deliver to Seller in writing Purchaser's objections to anything contained therein. Any item to which Purchaser does not object shall be deemed to be accepted by Purchaser. If there are objections by Purchaser, Seller shall in good faith attempt to satisfy same prior to closing, but Seller shall not be required to incur any cost to do so. If Seller is unable to satisfy the objections prior to the closing date, Purchaser may either waive the objections and accept the title Seller is able to convey, or terminate this contract by written ) - notice to Seller. . 4. Closing .--:r--- c.. ~~ f~ JVi'V"C...-.1 VJ~ 4.01. The closing will be held on or before M..çy;,;.3j;;~1.99S at the office of Hays County Abstract Company in San Marcos, Texas. 4.02 At closing, Seller will deliver to Purchaser an executed and acknowledged general warranty deed conveying good and marketable title in fee simple to the Property, free of liens, encumbrances, conditions, easements, leases, assessments, and restrictions, except those acceptable to Purchaser. Purchaser agrees to accept the Property in its present condition. 4.03. At closing, Seller will deliver to Purchaser a Texas Owner's Title Policy issued through Hays County Abstract Company, in Purchaser's favor, in the amount of the purchase price, dated as of closing, insuring Purchaser's title to the Property subject only to those title exceptions previously accepted by Purchaser and specifically listed in the