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Home My WebLink AboutC2005-180 - 3/24/2005 - NADEPAR I'MENT OF ENGINEERING SERVICES Property and Land Acquisition Division Cimarron~Yorklown Blvd. Ph. 2, Parcel 3 REAL ESTATE SALES CONTRACT I'Hk STATE OF TEXAS § KNOW ALL BY THESE PRESENTS COUNTY OF NUECES § This Contract is entered into by Hogan Development Co., L.P., whose address is P.O. Box 270490, Corpus Christi, Nueces County Texas 78427 ("Seller") {COLLECTIVELY) and the City of Corpus Christi, a Texas home rule municipal corporation, whose address is P.O. Box 9277, Corpus Christi, Nueces County, Texas 78469-9277 ("Buyer"). 5 Property. Seller for the consideration and under the terms set out herein, agrees to convey to Buyer the following described property situated in Nueces County, Texas: The tract of land is described by metes and bounds on the attached and incorporated as "Exhibit A" and shown on a map attached and incorporated as "Exhibit B". (Premises) Purchase Price. $1,570.00 Title Insurance. The Seller must provide, at Buyer's expense, a title insurance policy that guarantees good and indefeasible title to the Property, without exceptions to t~tle other than the standard printed exceptions and any exceptions permitted under this Contract, and that wholly insures and indemnifies Buyer against any title defects or adverse claims. A reliable title insurance company or title guaranty company ("Title Company") must issue the title insurance policy. The title commitment for title insurance must be delivered to Buyer within 30 days after receipt of the Contract by the title company, with the title insurance policy to be timely issued after Closing. Warranty Deed and Closing Costs. After securing the title insurance commitment, Seller must execute a General Warranty Deed, drafted in accordance with the provisions of this Contract, that conveys indefeasible title to the Property to Buyer, and Buyer must make the cash payment. Buyer will pay all Closing Costs except costs to cure title, which must be paid by Seller. Taxes. Seller must pay all t~ces related to the Property up to and including 2005. All current i£nnv will he prorated between the Buyer and the Seller for 2005 to date of Closing. 2005-180 an estimate and the Seller will be responsible for any shortage when 03/24/05 Hogan Development 9 10. 11. 12. 13. the taxes come due tbr 2005. Earnest Money. Buyer deposits $500 with the Title Company as Earnest Money, which w/Il be applied to the balance of the purchase price owing at Closing; Buyer will pay the balance of the purchase phce owing at Closing. When the Title Company possesses the executed deed, any other necessary paperwork, and the balance of the cash payment, the Iitle Company will Close the transaction in accordance with its customary procedure. If Buyer fails to Close on this Contract as set out herein, for any reason other than title defects, Seller is entitled to the Earnest Money as liquidated damages for breach of this Contract. Seller may seek to enforce this Contract by an action for specific performance. If Seller fails to tender an executed deed conveying the Property in accordance w/th thc terms of this Contract. Buyer may seek to enforce this Contract by an action for specific pertbrmance. Restrictions on Title. Buyer accepts title to the Property subject to all recorded msthctive covenants and use restrictions, if any, and all applicable City zoning regulatory ordinances, if any. Time for Performance. This transaction will be Closed through the Title Company on or before April 15, 2005. Seller gives Buyer possession of the Property by executing the General Warranty Deed. Seller's execution of this Contract means that Seller has read and understands that this Contract is not binding on Buyer until properly executed by the City Manager of the City of Corpus Christi, Texas or his designee. Buyer must execute this Contract within 3 days from the date of Seller's execution of this Contract or this Contract is void. Survives Closing. 'lifts Contract survives Closing of the sale of the Property and the delivery of the General Warranty Deed and other necessary documents by Seller to Buyer at Closing, and all terms and conditions remain in effect between Seller and Buyer. Eminent Domain. Buyer is purchasing the Property from Seller under the threat of Eminent Domain. Fence. Seller agrees to pay all costs associated with relocation of Seller's fence to the new northwest property line, The fence will be constructed to the same specifications as originally constructed. Seller agrees to relocate the fence within two weeks of closing. Utilities. Seller agrees to relocate all existing utilities associated w~th the new utility easement alignment. Replat. Buyer agrees to replat the remainder. Replat will be recorded as soon as possible after closing date and no later than April 29, 2005. 12. Essential. Time is of the essence in closing this transaction. Executed in triplica re. any of which constitutes an original. SELLER Hogan Development Co., L.P. N~me: ,4/~,Z/ ~ Title: THE STATE OF TEXAS ('01 rNTY OF NUECES This instrument was acknowledged before me on the l ;'].,'~ffLF. t4 ,2005, by ,2 9 % fi~vl 5 LeY2- TB day of · LC' '"~ iT Notary Public in and lbr the State of Texas BUYER CITY OF CORPUS CHRISTI, TEXAS · /'* 'Angel R. Escobar, Director 'Department of Engineering Services APPROVED AS TO LEGAL FORM THIS 2 ~ DAY OF FOR TIlE CITY ATTORNEY t~{ ~..,,,~ ,2005. THE STATE OF TEXAS § COtPNTY OF NUECES § This instrument was acknowledged before me on ~/~/~ ~'~- ~&' ~:~'~ ,2005 by ~Angel R. Escobar as Director of Engineering Services of the City of Corpus Christi, a Texas municipal corporation, on behalf of said corporation. Not~ Public in and for the ~ofTexas STATE OF TEXAS COUNTY OF NUECES BEING A 388.20 SQUARE FOOT (0.009 AC.) TRACT OF LAND, OUT OF LOT 91, BLOCK I, MARIPOSA SUBDIVISION, A MAP OF WHICH IS RECORDED IN VOLUME 63, PAGES 60 AND 61, OF THE MAP RECORDS OF NUECES COUNTY, TEXAS, THIS TRACT BEING MORE PARTICULARLY DESCRIBED BY METES AND BOUNDS AS FOLLOWS; Bearings are based on recorded map of Mariposa Subdivision and referenced to the monumented southeast right-of-way line of Cimarron Boulevard. Beginning, at a 5/8 inch iroa rod, with plastic cap, found, on the southeast right-of-way line of that certain 80.00 foot wide roadway known as Cirnarroa Boulevard, at its intersection with the northeast boundary line of said Lot 91, for the north corner of this tract, same point being the north comer of said Lot 91 and same point being the west comer of Lot 90, said Block 1, Mariposa Subdivision; Thence, South 39° 00' 04" East, with said northeast boundary line of Lot 91, same line being the southwest bouadazy line of said Lot 90, a distance of 10.27 feet, to a 5/8 inch iron rod, with plastic cap, stamped "Pyle & Associates, Inc.", set, for the east come{ ofthls tract; Thence, South 36° 02' 26" West, a distance of 78.24 feet, to a 5/8 inch iron rod, with plastic cap, found on aforementioned southeast right-of-way line of Cimarron Boulevard, for the west comer of this tme~, same point being the west comer of said Lot 91 and same point being the north corner of Lot 92, aforementioned Block 1, Mariposa Subdivision; Thence, North 29° 02' 50" East, with said southeast right-of-way line of Cimarron Boulevard, same line being the northwest boundary line of said Lot 91, a dtstance of 81.50 feet to the Place of Beglnning and contalrdng 388.20 square feet (0.009 ac.) of land. Pyle & Associates, lac. David A. Pyle, ILP.~..S. ~4-o5 0:xZ200-2299~257 001 7 l~loomll~ts~.257 05030S ~ 3 r~v.dog Exhibit "A' CIMJkRRON BOLFL~,VARD [ ~, Po~l~ 0£ -- "~Found 5/8' Iro~ ~ (80' R,~ht Of ~'o?) _?~Beginning__ N 29"02'~' E 81.~' ~ ~ ~o~ ./~o~ti~ cop ~*~ ~s~*~9 ~ Pom~ O[ ~m~ e~,.~ ~.~, Beginning ,, Easem en t a ~' ~ ~,N.c' ' ~ LOT 90 ~ i ~ 0 ~ ~ pgs· 50~51' / CIMARRON BOULEVARD PHASE 2 YORKTOWN TO BISON PARCEl. $ Exhibit "B"