The URL can be used to link to this page

Home My WebLink AboutC2008-366 - 7/29/2008 - ApprovedFl1RST AMENDMENT TO COMMERCIAL PROPERTY SALE AND PURCHASE AGREEMENT 1. AGREEMENT: This First Amendment amends that original Commercial Property Sale and Purchase Agreement (the "Agreement") between BEACH CENTER CORPORATION, a Texas corporation, (the "Seller") and the CITY OF CORPUS CHRISTI, TEXAS, a Texas municipal corporation (the "Buyer"). Except as amended herein, all terms and conditions of the Agreement shall be in full force and effect. 2. PROPERTY: The description of the Property is revised to read as follows based on the Title Commitment issued by the Title Company: The fee simple title to the following property: All of Lot One (L) and Lot Two (2), Block Eleven (11), Beach Portion of the City of Corpus Christi, Texas, recorded in Volume A, Page 3, Map Records, Nueces County, Texas. The leasehold estate pursuant to that Loase Agreement dated June 30, 1983, as amended between Grover C. Keeton a/k/a Graver Cleveland Keeton, as Landlord, and Beach Center Corporation, as Tenant, covering the following property: Lots Three (3) and Four (4), Block Eleven (11), Beach Portion of the City of Corpus Christi, Texas, as shown by map of said city recorded in Volumo A, Page 3, Map Records ofNueces County, Texas. 3. SALES PRICE: The Sales Price for the above Property shall be increased to Three Hundred Fifty Thousand Dollars ($350,000.00), which sum shall be due and payable at the closing specified below. 4. TITLE POLICY: The Owner's Policy of Title Insurance (the "Title Policy") shall be issued by Service Title Company (the "Title Company") utilizing San Jacinto Title Services of Corpus Christi, LLC, whose address is 802 N. Carancahua, Suito 1500, Corpus Christi, Texas. 5. CLOSING: The closing of the sale shall be on or before July 30, 2008 (the "Closing Date"). 6. SPECIAL PROVISIONS: The special provisions are modified as follows: A. Development of Parkin¢ Facilitv. On or before March I5, 2009, Buyer shall complete a parking facility on the Property consisting of a minimum of thirty-six (36) parking spaces in the manner set out on Exhibit A in accordance with all City Codes. Tho parking spaces shall be constructed utilizing the specifications previously provided by Seller to Buyer fora 67-space parking facility, a copy of which is attached as Exhibit B. The parties acknowledge that the pricing for the 36 spaces will be different than for the 67 spaces based on size of the project and differences in costs over the past year. The parking spaces shall be reserved for monthly tenants, with a preference given to persons residing in the Downtown Management District in Corpus Christi, Texas. 2008-366 07/29/08 ial Property Sale aad Purchase Agreement Pago 1 M2008-196 Beach Center Corp. B. Deed Restriction. The Special Warranty Deed and Assignment of Lease to be delivered by Seller at Closing shall include a restrictive covenant that the Property shall include not less than thirty-six (36) covered parking spaces reserved for monthly tenants, with a preference given to persons residing in the Downtown Management District in Corpus Christi, Texas. Buyer may utilize the Properly for any other purposes so long as the above minimum parking requirements are met. The form of the Special Warranty Deed and Assignment of Lease is attached as Exhibit C. C. Exercise of Option to Extend Lease. Seller agrees to exercise the first option to extend the leasehold estate covering a portion of the Property at Closing in the manner provided as set forth on Exhibit D attached. The agreements contained in the above special provisions shall survive closing. All other terms and conditions of the Agreement shall be in full force and effect. -n., EXECUTED in multiple originals effective the, day of July, 2008. BUYER: CITY OF CORPUS CHRISTI, TEXAS By: George K. Noe, City Manager ATT T: Armando Chapa, City Secretary .~ APROVED AS TO LEGAL FORM: This 3~t'day of July, 2008. Mary Kay Fischer, City Attorney a~ ~°~ ~~~ Assistant Ci ttorney L1SG -v, ~6'/ ~Y ~RUVn<y F:~S929 Hooverl5 Parking~Commucial Sele Agmt Beach 09-Firet Amend.doc SELLER: BEACH CENTER CORPORATION ~~_z~ William L. Hoover, President First Amendment to Commercial Properly Sale and Purchase Agreement 266~- Q- CatlltCll ~~ Page 2 ovuioir n ~t Commerotal ~nhslrttctftin EXHIBIT B Page 1 K.J,M. Commercial, Inc. "~'~'~+x'111 I VI! ~~' Budget Cost Proposal November 16, 2007 Bill Hoover 12042 Blanco Road, Suite 103A San Anronio, Texas 78216 Phone: (210)308-9444 Fax: (210)320-3491 Reference; Ward Building Demolition and New Perking Lot Bill: The following is the breakdown of cost: 1. General conditions: $ 14,730.00 2. Building demolition: a, Strip existing vegetation: b. Remove existing asphalt: c. New 6" concrete blook curb: d. Geo-Grid stabilized subgrade: e. 6" limestone base: f. 2" I-IMAC paving: g. Top soil; striping and wheel stops as required: $ 188,876.00 3. Fencing: a. 6'-O'Rall 3-rail "press point spear" ornamental fence (black): b. One (1) 3'-0" x 6'-0" personnel gate: c. One (1) 6'-0" x 20'-0" rolling gate" d. One (1) electric gate operatoe e. Safety loops, exit loops, infrared safety eye and one (1) key pad: $ 40,440.00 4. Electrical: a. Provide electric service to canopy lighting: b. Provide electric service to gate operator; S 13,000.00 5. Sixty seven (67) canvas parking canopies (Victory Awning): $130,810.00 6. Gabor burden: $ 3,066.00 7. General liability insurance: $ 3,887.00 8. Profit /overhead: $ 31,584.00 9. Bonding cost: $ 7,396.00 10. Sales tax: $ 314.00 Total: $ 434,103.00 Excluatona: Hazardous material abatement and any other scope of work not mentioned above. Please let me know should you have any questions. Respectfully submitted, KJM Commercial, Inc. Michael Holmes Project Manager 1814 Holly Road • Corpus Christi, Texas 78417 Phone: (351) 9915600 • Fax: (361) 9915616 EXHIBIT B Page 2 il/•38~2Q.07 1:.61 SOCABRtLLA G(U97RAGTOk PAGE 01 ~ ~ rl~'lri~le~.Mi=aaF.l#~ ~~ 'Ft13~K ~0[±44Q3 1Z011ffiR1ld.MM CDN7'RAG°Y'Dt!$ roa I.acATraN. QTY: 16. STYLE: CAN7'rLVE PABRiC : HIUIi DANISTY MII COLOR: TUR.QUpISB. UPPER STRUCTURB: 3" RDUI UPRlOkITaAND BEAM: 4" SO T8 AND INSTALL Tr18 FOLLOWING A7' AHGVk M8S8. DUTY GALVR~D St73SL P1P8. VY U[TI'Y tIALY1NIZBD e'1'$HL TUBE CONCRETED rN GROUND. NOT B?~IIQl3p: 8191NA1L1Ab~ IDA1'IB'pY ACG@MANiCB / VA6 EXHIBIT C NOTICE OF CONFIDENTIALT!'Y RIGHTS: IF YOU ARE A NATURAL PERSON, YOU MAY REMOVE OR STRIKE ANY OR ALL OF THE FOLLOWING INFORMATION FROM TBTS INSTRUMENT BEFORE IT IS FILED FOR RECORD IN THE PUBLIC RECORDS: YOUR SOCIAL SECURITY NUMBER OR YOUR DRIVER'S LICENSE NUMBER SPECIAL WARRANTY DEED AND ASSIGNMENT OF LEASE DATE: July 3a, 2008 GRANTOR AND ASSIGNOR: BEACH CENTER CORPORATION GRANTEE AND ASSIGNEE: CITY OF CORPUS CHRISTI, TEXAS GRANTEE'S AND ASSIGNEE'S MAILING ADDRESS: 1201 Leopard Street, P. O. Box 9277, Corpus Christi, Texas 78469 CONSIDERATION: Ten Dollars and other valuable consideration. PROPERTY: The following described Land: Parcel ] a (Fee simple estate): Lots One (1) and Two (2), Block Eleven (11), Beach Portion of the City of Corpus Christi, Texas, as shown by map of said City recorded in Volume A, Page 3, Map Records ofNueces County, Texas. Parcel lb (Leasehold Estate): The leasehold estate pursuant to that Lease Agreement dated June 30, 1983, as amended between Grover C. Keeton a/k/a Grover Cleveland Keeton, as Landlord, and Beach Center Corporation, as Tenant, as evidenced by that Short Form Lease dated June 30, 1983, recorded at Volume 1875, Page 59 of the Deed Records ofNueces County, Texas, covering the following property: Lots Three (3) and Four (4), Block Eleven (11), Beach Portion of the City of Corpus Christi, Texas, as shown by map of said City recorded in Volume A, Page 3, Map Records ofNueces County, Texas. Together with and including all of the Grantor's right, title and interest in and to the rights and appurtenances in any way belonging oe appurtenant to said Land, including, without limitation: (i) any improvements on said Land; (ii) strips and gores, if any, adjacent or contiguous to the Land; (iii) any land lying in or under the bed of any street, alley, road, creek or stream running through, abutting or adjacent to the Land; (iv) any riparian rights appurtenant to the Land relating to surface or subsurface waters; and (v) easements, rights of ingress and egress and reversionary interests benefitting or serving the Land (the Land and other appurtenant rights being referred to herein as the "Property") RESERVATIONS FROM AND EXCEPTIONS TO CONVEYANCE AND WARRANTY; This conveyance is subject to the following matters to the extent that such are presently in force and effect and affect the Property; (1) All easements, rights-of--way and restrictive covenants, if any, of record with the County Clerk of the County in which the Property is located; (2) All mineral estate reservations and conveyances (including assignments or reservations of royalty interests) by Grantor and by Grantor's predecessors in title as shown by the records of the County Clerk of the County in which the Property is located; and the rights of the owner of any portion of the mineral estate and the rights of any lessee or other person claiming an interest in oil, gas and other minerals under oil, gas and mineral leases or other documents as such is shown by the records of the County Clerk of the County in which the Property is located. RESTRICTIVE COVENANT: This conveyance is further subject to the following restrictive covenant: On or before March L5, 2009, the Property shall be developed by Grantee as a parking facility to include not less than thirty-six (36) covered parking spaces. The parking spaces shall be made available for monthly tenants only, with a preference given to persons residing in the Downtown Management District in Corpus Christi, Texas. Grantee may utilize the Property for any other purposes so long as the above minimum parking requirements are met. The foregoing covenant shall be a covenant running with the land and specifically shall benefit and be enforceable by the owner of the property known as all of Lot Soven ('n and a portion of Lot Eight (8), Block Four (4), Beach Portion of the City of Corpus Christi, Texas, as shown by map of said City recorded in Volume A, Pages 2-3, Map Records of Nuecos County, Texas, located immediately across North Chaparral Street from the Property. The parties acknowledge that as to Parcel I b, this covenant pertains only to the leasehold estate. GRANT OF PARCEL 1 a OF THE PROPERTY: Grantor, for the Consideration, in consideration of the Restrictive Covenant provided above and subject to the Roservations From and Exceptions to Conveyance and Warranty, GRANTS, SELLS, and CONVEYS to Grantee the Parcel la comprising the Property, together with all and singular the -2- rights and appurtenances thereto in any way belonging, to have and to hold unto Grantee, Grantee's successors, and assigns forever. Grantor binds Grantor and Grantor's successors to specially warrant and forever defend all and singular said portion of the Property to Grantee and Grantee's successors and assigns against every person whomsoever lawfully claiming or to claim the same or any part thereof, except as to the Reservations From and Exceptions to Conveyance and Warranty, by, through, or under Grantor, but not otherwise. ASSIGNMENT OF LEASE COVERING PARCEL 1 b OF THE PROPERTY: Assignor, for the Consideration, in consideration of the Restrictive Covenant provided above and subject to the Reservations From and Exceptions to Conveyance and Warranty, ASSIGNS and TRANSFERS to Assignee the Parcel 16 comprising the Property, together with all and singular the rights and appurtenances thereto in any way belonging, to have and to hold unto Assignee, Assignee's successors, and assigns forever. Assignor binds Assignor and Assignor's successors to specially warrant and forever defend all and singular said portion of the Property to Assignee and Assignee's successors and assigns against every person whomsoever lawfully claiming or to claim the same or any part thereof, except as to the Reservations From and Exceptions to Conveyance and Warranty, by, through, or under Assignor, but not otherwise. When the context requires, singular nouns and pronouns include the plural. By: ACCEPTED: CITY OF CORPUS CHRISTI, TEXAS By: George Noe, City Manager STATE OF TEXAS COUNTY OF NUECES BEACH CENTER CORPORATION William L. Hoover, President This instrument was acknowledged before me on the day of , 2006, by William L. Hoover, President of Beach Center Corporation, a Texas Corporation, on behalf of said corporation. r:\5929 Hoover\S Parking\SWDSB and AL-Beach to City-0724-II-15.doc -3- Notary Public, State of Texas STATE OF TEXAS COUNTY OF NUECES This instrument was acknowledged before me on the 2006, by George Noe, City Manager of the City of Corpus Christi, and municipal corporation, on behalf of said corporation. F_\5929 Hooverl5 Parking\SWDSB and AL-Beach to City-0724-11-IS.doc day of Texas, a Texas home-rule city Notary Public, State of Texas 4- Y~ EXHIBIT D [Date] Grover C. Keeton Cathy Keeton Smith [address] Re: Lease Agreement between Grover C. Keeton a/k/a Grover Cleveland Keeton ("Landlord") and Beach Center Corporation, a Texas corporation, dated June 30, 1983, as amended Dear Mr. Keeton and Ms. Smith: The purpose of this letter is to exercise the first option fora 22-year extension of the term of the above Lease pursuant to Section 4 of the Lease Agreement. Although the first option term does not commence until July 1, 2017, we are exercising the option to extend the lease term at this time. According to Section 5 of the Lease Agreement, the rental amount shall adjust at the time the First Extension Period begins. We further give you notice that Beach Center Corporation intends to assign the leasehold estate to the City of Corpus Christi, Texas. At such time, the assignee of the leasehold estate shall be recognized as the tenant under the Lease for all purposes. Very truly yours, $EACH CENTER CORPORATION By:, P~16929 Hooverl6 ParkinglUr-Keeton-OS-206-11-IS.doc William L. Hoover President IN