Res 2013-096/Approving an Agreement of Sale with the Trust for Public Land for the city to purchase 93 acres of land for the expansion of Purgatory Creek

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B. Clovis R. and Margaret A. Barker, husband and wife, and Van Rea, as Trustee of the Medical X -ray Consultants P. A., Profit Sharing Plan (collectively "Current Owner ") are the owners of certain real property located in Hays County, Texas consisting of approximately 92.73 acres and depicted as "Barker Tract B1" on Exhibit A attached hereto and made a part hereof and legally described on Exhibit B attached hereto and made a part hereof. Said real property, together with any and all improvements, fixtures, timber, water and /or minerals not otherwise shown of record to be outstanding in third parties, located thereon and any and all rights appurtenant thereto including but not limited to timber rights, water rights, Access Rights and mineral rights shall be referred to in this Agreement as the "Property ". The parties agree that for purposes of this Agreement "Access Rights" include conveyance of the real property together with that certain "60' wide Private Access Easement" bounded by Mountain High Drive and Lots 51 and 52, THE ESTATES OF SAN MARCOS, a subdivision in Hays County, Texas, according to the map or plat recorded in Volume 5, page 180 of the Plat Records of Hays County, Texas and an easement for ingress and egress over and across the road as it currently exists on the real property over "Barker Tract 132" identified on Exhibit A and legally described on Exhibit B (the "Easement "). C. Seller has proposed to acquire the Property from Current Owner. D. Buyer wishes to purchase the Property from Seller and Seller wishes to sell the Property to Buyer in accordance with the terms and conditions set forth in this Agreement. NOW THEREFORE, FOR GOOD AND VALUABLE CONSIDERATION, THE PARTIES AGREE AS FOLLOWS: 1. Purchase and Sale. Seller agrees to sell to Buyer and Buyer agrees to buy from Seller the Property for $1,242,209.00 (the "Purchase Price ") pursuant to the terms and conditions set forth herein. The Purchase Price shall be payable in cash, at Closing (as defined below), subject to any credits, pro- rations and adjustments provided elsewhere in this Agreement. The parties believe that the purchase price for the Property which is specified in this Agreement is below fair market value. Seller intends that the difference between the purchase price and fair market value shall be a charitable contribution to Buyer. 2. Condition of the Property. a. City agrees that City has: (i) made an independent investigation of the physical condition of the Property including but not limited to the condition of the soil, the presence of hazardous materials or contaminants, other physical characteristics, and compliance with any statutes, ordinances or regulations; and Agrmt of Sale City of San Marcos-Barker Tract B -1 (4- 24- 13).doc 2