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<br /> 89 <br /> REAL ESTATE CONTRACT <br /> This contract is between DSW Investments, c/o Skiles & Associates Real Estate, <br /> Inc., 100 N. Edward Gary, Suite A, San Marcos, Texas 78666, as Seller, and the City of <br /> San Marcos, a Texas municipal corporation, 630 East Hopkins Street, San Marcos, Texas <br /> 78666, as Purchaser. <br /> 1. Purchase and Sale <br /> 1.01. Seller agrees to sell, and Purchaser agrees to purchase, all of Lots 86, 93, <br /> 94, 95, 100, 101, 102, 103 and 109 of the Third Division, Park Addition to the City of San <br /> Marcos, Hays County, Texas, according to the map or plat thereof recorded in Volume 56, <br /> page 47 of the Hays County Deed Records. ~ <br /> 2. Purchase Price <br /> 2.01. The purchase price is $82,000 payable in cash in full at closing. Seller and <br /> Purchaser acknowledge that this price is less than the fair market value of the property as <br /> determined by an appraisal dated July 10, 1995 by Graham & Associates, Inc., and that <br /> . <br /> the difference in value between the appraised value and the purchase price constitutes a <br /> donation by Seller to Purchaser. Purchaser agrees to provide Seller with a copy of this <br /> appraisal at closing. <br /> 3. Title Binder and Environmental Assessment <br /> 3.01. Within 10 days after the date of this contract, Seller will deliver to Purchaser: <br /> 1. A title commitment ("Title Binder") covering the Property binding the Title <br /> company to issue a Texas owner's Policy of Title Insurance on the <br /> standard form of policy prescribed by the Texas State Board of Insurance <br /> at the closing in the full amount of the purchase price; and, <br />