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REAL ESTATE PURCHASE CONTRACT <br />THIS REAL ESTATE PURCHASE CONTRACT ( "Contract ") is made by and between <br />ROBERT PEYTON (referred to in this Contract as "Seller "), 2251 Windmill Run, Wimberley, <br />Texas 78676 and the CITY OF SAN MARCOS (referred to in this Contract as "Purchaser "), 630 <br />East Hopkins Street, San Marcos, Texas 78666, upon the terms and conditions set forth in this <br />Contract. <br />ARTICLE I <br />PURCHASE AND SALE <br />By this Contract, Seller sells and agrees to convey, and Purchaser purchases and agrees <br />to pay for that certain tract of land described as follows: Being a 1.18 acre parcel of land out <br />of the J.M. Veramendi Survey No. 1, Hays County, Texas as further described in Exhibit "A," <br />attached hereto and made a part hereof for all purposes (the "Property "). <br />ARTICLE II <br />PURCHASE PRICE <br />The purchase price for the Property shall be the sum of SISTY FOUR THOUSAND <br />TWO HUNDRED FIFTY ONE AND 00 /100 Dollars ($64,251.00). The Purchase Price shall be <br />payable at the closing. The Purchase Price constitutes full consideration to Seller and no other <br />sums related to the purchase of the Property are due and owing to Seller. <br />ARTICLE III <br />CONDITIONS TO PURCHASER'S OBLIGATIONS <br />The obligations of Purchaser hereunder to consummate the transactions contemplated <br />hereby are subject to the satisfaction of each of the following conditions (any of which may be <br />waived in whole or in part by Purchaser at or prior to the closing.): <br />(1) Title Commitment and Survey. Purchaser has obtained or will obtain a title <br />commitment for the Property from Corridor Title Insurance Company ( "Title Company ") and a <br />Survey at Purchaser's sole cost and expense (the "Title Commitment "). The Title Commitment <br />and Survey may be updated before the Closing Date defined below. In the event the Title <br />Commitment or Survey reveal any other owners, liens, encumbrances, encroachments or <br />exceptions unacceptable to Purchaser, Purchaser may object to such items and if such items are <br />not cured as of the Closing Date or such time as the Seller and Purchaser may agree in writing, <br />Purchaser may terminate this Contract or extend the Closing Date for an amount of time <br />reasonably necessary to cure. <br />(2) Seller's Compliance. Seller shall have performed, observed, and complied with <br />all of the covenants, agreements, and conditions required by this Contract to be performed, <br />observed, and complied with by Seller prior to or as of the closing. <br />1 <br />