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Home My WebLink AboutC2010-382 - 10/12/2010 - Approved'~ ~ r P n~nn~rrorman~ ~BRVIC88 PYnpeAymdl~dAoq~}ou Dlvesbon ems, Na~L9d i~r ef~P~e~ p~ .e Rte ~5~~ ~AIeS C`U11~8Cf THII STATBOF TEXAS ~ KNOW ALL BY THBSfi P`RESBNT3 COi)NTY OF NUECBS ~ This Contract is entered ierto by the foliawing ovmer~s} collectively called "i~er~s}", Gr~ory H. Smitly Brent H. Hanitb, Barton D. gmirl~, and Linda More>i~d 17746 Oisnoak Corpus Christi, Texas ?8418 and the City oiCorp>sa Christi, a Texas home rule municipal cxxparatlon, P.O. Box 92??, Carpus t~eY3sd, Nueoes County, Texas 7846-~2?? ("Btgee~. 1. Property. Seller for the consideration and ueedar the terms set out h~+eire, agrees to convey to Bayer tim ~ estate only of the property described below tog~tlwar with all rights, ~ivileges and elate pertaining to the property situated iEe Nuec~s County, T+sxas: A Tract of land contaiting ?.lp aca~es out of Lots 6 thru lt], Searion 41, Flour Ble~dr sncinal Faem ~ Qarden Tracts a9 described by mates and bounds an t1m attached arnl incorporated "Exhibit A" and shown on the ettaclted map and inrurporatcd "Exhibit B". 2. Purc6sae Prle~ S 838,11.00 cash. 3. Tltk j~uranee. The Self mt~ provide, at Buyer's asperse, e-title insu~rmres policy #hat gaarantces good and indefeasible title to the 1'tnperty, without exc~ioees to title other thou the standard printed exceptions and pcceptians permitbdunderthis Contrast, and thatwhally insures end fifes Huger against say title defosts or ®dv~rac dims. A reliable title inswrsttce company or'title guaranty camepsgy ~l'itle Compaq must issue flee title insurance policy. The title carnmitmcnt fear title i~earaeux mtmt be delivered to Beryerwitlein 30days aib~rrecolptoftheConfiractbytleeTrt1a Company, with thetitteinsurancepolioyto be timely issued atler Closing. 4. 1~Varranty Deed and Closing Cosfs. After seceu3gg the title co~nitenent, Seller must execiete a Qaeeral Warranty Deed, drafted in ~ with the pe+avisions of this Contract, that conveys indefeasible title to the Property to Buyer, and Hager moat make the cash payment` Hegrer~-ill pay ail Closing Coate accept scats to errre #iilyw6lehmuet be ps~fd by ~ieller. 5. Property Trut~. Seller must pay all property taxes irecterred on the Property up to and 2010-382 M2010-238 1 10/12/10 Smith, Gregory H., et al ~ n 1~ "~ including 2009. All property taxes for the year 2014, if ~Y due and payable or iaacurred for the year, will ire prorated between the Buyer and fire Salter Brom January 1, 2010 to the date of Closing. The prorated truces are only an estimate indicated fry aTax Certificateobtai,ned by the True Company and the Seller agrees ib pay any shortages ofpr+uperty taxes should they occur during the following year. Seller will agree to exeoute a Tax Proration Agreement fly stating this agroemenG 6. Earnmt Money, Buyer deposits One Thousand 17olfg,~,gnnd~t]00.00] with the Sar, Jacinto Title Campat~--Padre island (Dennis Brewer} es BernestMoney, which will be applied to the balance ofthe purchase price owing at Closing; Buyer will pay the balance of tbep~u+ehaeepriceowingatClasfng. WhentheTitfe Campany~thsex~uted deed, any othernecassarypaperwar[y andthefrala~eoftheeash payment,lheTitleCompanywill close sail finalize the conveyance in accoradence with its customary pnxedure. if Buyer fails to Close on this Contract as set out herein, for ar~jl reason other than tiffs defects, Seller i$ entitled to the F.antest Money es liquidated damages far br+ea,ch of this Contract' Seller may ae~ to enfores3 flue Contract by an action far specific perfornnartce, if Seller fails to terrder arl executed decd conveying fire Frnperty in accardarrce with the terms of flue Contract, Buyer may seek to enforce this Contract by err acttan for speaiDc performance. 7. Rmbrietlvns oa Title. Sayer acaepls tide to the Fmperty sub,~ect to all recorded restr~tve covenants end use restnclions, if any, ~ elf applicable City ~~BmYc~e, if say. $. Throe for Pe~ri'armance. This >yrangaction will be Closed through the Title Company on or before94days fromtheeffectivedateafthisContract. SetlergivasHuyerpasressionofthe Property by execsrting the Qeneral Warranty Deed. H~elf er*s execuNoa olthis Contract means tbet Seller 1'rns read and uademtandd Wet th#s Caahract i$ aot bbndiog an Bayer until appravcd and accepted by Wa CHy o£ Corpus Cbrlsti City Coanidl and e~nted by the Cilty Manager of the City of Corpng Christi, Tencas, or desi~ree; Buyer must execute flue Contlract within 30 days from the date of Seller's execution of #his Contrail or this Contr~t #$ veld. 9. $urvlvea Ciasing. This Contract survives Closing of the gale of the Property and the delivery of the 4eneral Warranty Deed and other necessary documents 1>y Seller to Buyer at Closing, and all terms and conditions remain in effect between Seller and Buyer. 10. bU-Uay Inspect#on Period. Huger shall have sixty {60) days {the "d~lhry la~rectlon Per#~fi+nm#heeffecHved$teoflheoattxnetimreoftonotifySellsrofBuyer'selection, In Buy+~'s sale dis~ion, to cxrncel ttrls Contract and receive a refwnl of the ~ Money is the event that Buyer f3rxts the Property to 6e unacceptable for any reason. Buyer shall have reasonable access to the Property during alt norrnai iyuslncm hours and Salter agc+ees to reoperate with and assist Buyer in Buyer's inspecti~ of the Property. Failure of Buyer to deliver to Seller, within the G0~-Darr Ingluatian Period, vhritteet natlce of Duyer's deternunatian thattlrs Property i$ urracce~able and tp terrrurm#ethis Contract slralf consdtute anateetionbyHuycx#vpmr~lwiththiaConhactandawatverof'Buyer's dghttvtatninate this C.anhuct ass this lmsls. ~1}S ,, a. Rlglrt of Enhy. (l j Durir~ the 6t>;Day ~ Period, and at Buy+ot's sole expo, Buyer or Buyer's aathorixcdagentashall havethsrightto rupontheProperty irnrp~ofmalcing such land sanrveys, environnrontal alts analysis, engineering studies, wetland studies, soil borings and soil analysis as Huyer may deem necessary. Bayer slrell not cause ar permit damage or injury to the Property. Upon termination afthls Cond~sct, Buyer shall promptly restore the ~p~Y to the camUitian existing prior to any tests ar shakes conducted pursuar~.t to #his Contract. This obllgatian shall sun-ive the termination of this Contract, notvvi#hatanding anything tQ the contrary contained lmrein Seller siaail make available forSuyer's lnapecdon and copying within ten {10) days fi~am the date hereofall reports, studies and tests in Seller's poeBession with t to the Pmperiy. (2j Tn connection with Buyer's inspections, studies, and assessments, Buyer mast: (i) empiay only tranaed and qualified 'inspectors and assessors; Cu) notit~- Seller, in advance, of when the inspectEixs ar assessors will ~ on the Pr~erty; l abide by any reasonable entry rules or regwran~ts that Seller maY~l Crv) not ire with existing operationsoraccupantsoftheFroperly;and(v) restorethePnapertyto i#soriginalcondition if altered due to u~specdsms, studies, or as~ssrnents that Brxy+a completes ar causes #a be completed. {3) Faccept far those manors that arise tl+om the sole negligence a£ Seller or Seller's agents, Buyer is responsible far any claim, liability, en~c~nbrance, of action, and expense r+esultittg fi~Ol~ Buyer's inSans, studies, oft , ulcladmg ~y F~~Y damage ar personal ln~ury, To the e~x#ar-t permitted by taw, Bayer, as permitted hY Texas law will indem~jr, hold lrarniless, and defend ij'isller aged 8elle~a age»ht against any claim inn-oWlpg a matter Ya~r which Buq-eyr ~ rospoosible under t~s tea. b. l~m-iranm~tal ~etndl~ton ofProperty. De~fin~ans. "~nv~ronmer~tal Law" shall mean atgr law relatitng to environmental cottditlons and industrial hygiene applicable to the Property, including without limitation, the lt+crow+ce Conscxvation and Recoveay Act of 19T6, the Comps~ehensivc Bnviranm~entai Response, CompensatloYt and Liability Act o£ 198U, as amended by the 3uperfiaid Aaxeudnx~ts and RcautharizatianActof 1946,thoFedcrral'WaterPolluNonControlAc~,lheCkarAirAct,the Cl~r Water Act, the Taxis Sabstances Conte+ol Act, the Bndangemd Spies Act, the Safe Drinking 11Vater Act, the Teacas Water Cade, the Texas Solid Waste Disposal Act, and all similar applicable federal, state and local ~rrlronmental ~, ordinances aetd the regulatla~ns, orders and decrees new ar lun+eaft+~ promulgated thunder. "~Iazm~dous Matertala" shall mean aay pollutant; #oxic substance, hazai+dous waster hazardoag material, haxardaus substance, or oil as defined in any Bnvimruo4cntal Law existing as a£the date hereof. Environme~al Audit. Buyer shall have ~ right to cause an indepeodent environmental consaltaat chaste by Buyer, is Bayer's sole discretion, to inspect the Pmpmty, including but not limited to an Environmental Site Analysis (BSA} l''hase I and Phase II, tQ determine the ~ ~~ condition of the Property, the presence of any Hasardous Materials and any app~nt violation of any Envimtal Law (the "Bnviroratrental Audit" } and W deliver a report describing the ~ and conclusions ofUee Bnviraonncntal Audit. The cost and eacpense of the F.mrirormnmtal Audio shall be borne by Buyer. If the Environmental Au<!it reveals, or at any time prior to closing Buyer otherwise becomes aware of the existence of any environmental condition or violation of emy Bttvimnmettal Law which Buyer is unwiillittg to accept or iho Seller is unwilling to cure, Buyer shall have the right aad option w cancel this Contract and recx:ive a full return of the Earnest Money. fnitisis ll. IIrakerCamumisslan. 'amens ' See Exhibit C Addendum l2. Possaslan. At the Closn~g, the laroperty will be conveyed fires ofthe rights ofpoasession of any third parties in or to the Property except for valid easements, if any, filed of mcord and cun+antly in force and efl~Ct. Any p~aion by Buyer before dosing or by Seller alter closing that is not authorized by a serrate written lease agmernent is a landlord tenant at sufferance relationship between the parties l3. Representations and Warranties. HY Self. Tn order to induce Buyer tQ enter into this C~ Seller makes tiro following representations and warranties ail of which will be true and corset as of the dots hereof and as of the date of closing: Authority; No Conflict. Seller has the absolute and unrestricted right, pow+erand authority to exeauteand deliverthis Contractaad thsdoaunentstob$executed anddeliveredbySeller in conn~tion with the aioaing of the transsotions describ®d in this Contract {such documents being callec~ively referred to heroin ea "Seller's Closf-~g l~vcruaen~'`} and to perform its obli~tions under this Contract and the Seller's Closing Doaunumta Seller shall present to the Buyer aRed/or the Title Company, if necessary, all reasonable evidence of such authority which may be recryesbed by sith$r of them. The execution and delivery of this Contract acid Sellm's Closi~ Documents, the consummation of the hamactions described herein, and complis~a with the terms of this ContEaat will not conflict with, or constitute a default under, any agr~nent to which Sellsrisaparty or 6ywhich Seller orthe Propertyis bound, or violets any regu~tion, law, court order, jud$men~ or deeree applicable to Seller or the Property, $xvopt as otherwise expressly provided herein. No Litigallon or Proceedings. Seller has no knowledge of any pending or threatiened litigation, condemnation, or assessment affecting the Property. Bmrimwnental Representations. Excxpt as otherrwise expressly Provided herein, Seller has no knowledge that the Fmperiy contains Hazardous Materials {as defined is Sections 1Q(b}), contains aqy underground storage tanks, or is ~t in fh11 compliance with $ll Environmental Laws (as defined in Section ] 4(b}}. Title to P,rope~rty. To the best of Seller's knowledge, Stoller has foil and complete fee simple title to the Pmpe°ty, subject only to the liens and sncumbxances, if any, disclosed on the Commitment yr Survey to be furnished to Buyer hereunder, 4 ~' ~< v No Uptiana. Na person, corporation, or other entity #~ or, on the dateofClosi~g, shall have any right or option ~- acquire the Pmperiy, t;ompiiance. Sellerhasnotreceivedanynotice fromanyB~~cYmttgthe Seller's or the Pmperiy's non-compliance with applicable laws, ordinances, reguladons, statutes, rules and restridlons relating to the Property. 14. Mineral Resenrsrtlnn, The sale of the Pmperiy is without minerals. Seller resanres unto itsselfall ofits xight, title anti interest in and to the oil, 8~ and other minerals in, on, orunder the Property. ff required by Buyer, Salter will execrate a nadriliin8 age+eeasent, prepm~ by Buyer, to ensure tbwat Seller will not construct or operate a well on tiro Property while cxeroising its right to recover any subsurface oil, gas, orother minerals. 15. - Rssen~tts#. Time is ofthe essence in closing flue transaction. . n tials. 1 b. Effective Date. This effective date of his Reel EstaEo gales t,,,ontract is the date in which the Comm is a~ad~.t~Duyros< is fully signed and escrowed, tog®ther with the Earnest Money, with San Jacinto Title Company -Padre Island (the "Escrow Agerit"). 17. Addendnm. This agceemcnt is t'urther subject to the terms of the Addendum attached hereto aml incorporated herein far all purposes as "B:chibit C' ___.~ l8. Counterparts: Multiple original copies ofthia contrast may be executed, and the execution of this contract may be through the execution b3- the pasties of xeparate counterparts. All of theorigin~l copies ofthis contracttogeths~rshah consdtuteonesgreament, binding on ail of the partite hereto natwithsianding that the poetise h~+ato may or may net be sigaatori8s to the same counterpart. Bach o€the underaigped parties authorizes the assembly of one or mare original copies alibis contract, such that each such original copy ofthis contractahali consist of (ij the body of this contract and (u7 ooumerpart sib pages and acknawlaigtnent pages which collectively include all of the signatures atul aclctsowledgmcnts oftheparties hereto. Each such contract shall constit;ite one origi~l of this r~ntre+ct. 1Nhen the context requires, singular nouns and pronouns include the plural. Exec~ed in MpN~te, any of which oatysNtutes an original. Exhibit A ~Properiy Metes and Bounds Description}, Exhibit B Property Survey}, and Exhibit C [Addendum} are attached and incorporated by refierence. Sellers t'3regory H. Smith Breit H. Smith Bruton D. Smith Linda Moorhead ~ ~~ '1'I-i#3 STATE OF TEXAS § COUNTY OF TiUECES § This instiurr-ent was aclrnowledged before me on 1' ~ 241 U by Cregary H, Smith. Notary Public io and for the State of Texas [Seal] Brent H. Smith Tl-IE STATE OF TEXAS § COUNTY O>~' NUECES § '1 his instrument was acknowledged before me oix _ , 201 Q by Brent H. Smith. Notary Public in and for the State of Texas ~Seal~ ~~~ Gr~ory H. Smith THE STATE OF TEXAS ~ C.(3I1NTY OF NUBCES § This instrument was acirnowledg+ecl More me on __ ,., „ .2010 by Gregory H. Smith. Notary Public in and for the State of Texas L~~1 ~~-~'L-~ Bt~ent N. Smith THE STATB OF TEXAS ~ COUNTY OF NUBCI3S ~ This instrument was acknowledSed before the on 2010 by Bt~rxrt H. Smith. Notary Public in and for the State ofTexes ~~ 6 ~~ ~.~,, Burton D. Smite THIS STATE OF TEXAS § COUNTY DF NIECES ~ This instrument wwss acirnow3~edged More me on ~'Y Bt~rtou D. Smith. Notazy Public in axad fCrr the State of Texas tS~~ ~,tuda Morehead THS STATE DP TEXAS § COUNTY DF NUECES § This instrurnenR was acknawiedged before me on by Linda Moreh~td. Nary Public in and fur the Staff of Texas C~~~ 210 2U1D ~ ~~/~S Burton fl. Smith TUE STATE n~ "1"E:XAS § COUNTY Ol' NUECi?S § This inshument was acknowledged before me an ~,qtq by Burton l7. Smith. Notary Ppblic its and for the State of Texas (Seal] Linda Morehead THB S'TA.T~ QF TEX'AS § CO~JN'1`Y OT NtJECES This iy~strument was acknowledged bofQre mo on , 2q 1 q by Linda Morchead, Notary Public in and for the State of Texas [Scai] ~~ ~~ 7 Buyer cr~r of GORrus C~nuSTl; TExAs ` R.. E=BCObar, city ~«, ATTEST: piRMA,ND(~ C~XAPA, CITY SECRETARY 0 --,~'' ~arMO~tx~~ s~c~~r~a~.~- THB STATE aFTEXAS ~ COUNTY OF NUI~CES This iu~atrutneatwasacknowledged bci'arame on ~C~ ~e.~ ~ ~.2410 by `AnSeIR. Escobaras CityMane~rfartl~CityofCorp~Cl~,aTacasmun~c~alarnparation, on behalf of sald co~pcration. ~~, Public in asd r the 3 f Texas s .~: ,* ~ou.Y~nua~rorr MY COMM1881CN E7{Plp~'S APPROVED AS TO LEGAL FORM THIS ~ DAY OF D'~/~ x~lf, FOR THE G1TY ATTORNEY v Y ~~ Vero~eica acagas, Asa t City Attaaney As~siatalnt City Atbmery H:wo>~>a~ersA~o~n..~ss~?a~r a~,nrn~s~.a~ ~ ~~ • ~~ 2obNo.419~0000 ~~.~Qlq £[V~3~NEEF7~{VC3 ~~.~Olll 8TA'TB.tW311JiA8 ~OIiNI'Y~1 . e~at~eaol~aaaP~ls6~tula:seoUow-41.~atiaad~l~m~i~eiam3l,~~ wbteb3eteooudtrdW.Yo~I~Pa~~1 away.I~rsofr~aesco~gr.~~ot~amo,e ailbirorr~ Caotagattl-eaoal~ao~o~I;ot3q~t~gr, af~pc~`whla~ii iaeaaded~Voli~ 3~ Pag~p 9 and 1RA~Raaa~o[c~aanty,Too~,-l~nw5#~om~era~rd3~li~~a~ndwh~rapq~pa~k"CJakPA~"~er 9o~r6Nm~09"&otQ.34lMetmdB+amaP+a~ntof~albnad3~taa6~be~ie618~t4.31'~atand I~iB Ir[eatamtmt 9K 130 beets Nom 27°33'1167'Watt, a dlelaQee al<~61.5£i fart artrl•1+~(III Mairtmeat 80-0661+a~.No~' 49°.~B'S3" ~ adfsmae of I,lw6t.W Poatf - . 1Zaaaey 7k8°3x'~6 WOetialoa~lbeltauter.e1<FlparBbt~Raad,adtemaoeofTZi 99lbet i~lgtOFOWL of BegWniaBead~trtheeatte~oer(ao~i'bgndOrsoQoftbbtar~ol'letcd; ~ ' iaahi~trtdt~IW 1a~6 1~ al~Iogrlt~ltea~Lad~osaflS:Oq~aettas3l~ 'lhettoe~ NOt~W Sl°18'37' Walt, wltlt the euntheaat boumdaty a[tW ~ oitead. adi~ptaob ot3QGC1.7A let qtr tha west eoe~rerGta~a #b~areoQ oftl~trsotafbtnd; •+w~.l~aeth ~2°~~'JQ" Eetti ~e #!{R tmt~trMOat ~mdauy~'$~te~Aai Of lam, adt~gnaO bf 140.39 i`atWr~O ~1D1W COI![0! (QO t~te~0a el ~ of tbbl trod a[ hta~ 7I~ 8eulh 61°1>r'37" ~. ~It We ttaetbaest baAmdnlroft~ tree Olbmd, adbtas~s ~ 199319 6~et~ a 000! ~ memm~atettes a~ oftbie ttaetof~ 7'he~ Seth ~'+41'O~i"Weef, oo~lbs sa~aeat ottMis ttaatof Wtd, a d~0e t~9.2~ list ~ a etunos{po~~ntdoredj oftltEstra~Of)ear~ 76~ee~ 80mh 16°19'03"iittt, aowt~th.aat6oetldeel-ofrtdll~eatOg~, o diehtie~oe~1213~ feet ~a ewrur(esm mat; aetj o~thletractaflae~ 'Ibmoa~, ~IOIt1It 61°id'37"Emy ~whtithe 6ovade:!-Ot1Mldleaetathwd. a d~eeOt93s,39 ~ tD ih0 a1?Be~lag earl 7,I00 ttee+as (309.Y14173 agtpees eI'lend. N[ieodatb8wve9A[oaOrganhr'lliCrl3~' ~Ta@~ Coa~be-17,19G?,90i,31~2 I~Comd6tete~ #,3'i~4~64A766) e~~tl~060"~Ca~e.1T.L31~ST4~ORSeet ~a~e~S~I.3~'4,9~3r6466~tra~ewedaeoo~olpo~ibr aem~ehmg heels aibeee~$. I; mead os Tetar tt~s Ptt~ OOOt~te . 8au~t xaae (NA~33} lleleett flde Seldsmpat deeotlptloo, iodttdlegpram~My eeolettd t9~ io Iteeat~ lsiteatl~ 1~ seupneetroteepttS-Iht haaoa~acy. ZIiWAN~ ~~ 81li.A~A~,Ri'.4.8. Lieettwtta4909 C0 1:H~t.IEXAS 7i10~t 6A$ ppl I8~ X19143 EXHIBIT A c~~S J f ' ~ ~y ~~ ~°~~$ ~ ~ ~ ~.~~ ~ ~, ~~~ $ ~ ~ ~~ ~~~ ~ ~ ~ ~e~ ~~~ ~ ~ . ~~ ~ ~ ~ ~~~ Y ~~~ ~~ ~~ ~ ~ t ~ ~ . ~ ~ ~r ~~~ V -+ ~ ~ +I * ~~ . g ~~ ~ ~ ~~ ~ ~ ~~ ~ ~ ~ ~ Z ~ ~~ ~~ ~ ~ ~ ~~ ~ ~ ~~ Z~ ~ ~ ~~ ~ ~ ~~ ~ ~ ~ ~~. ~ ~~ ~~ ~ ~~~ ~ ~~~ . ~~~ ~ E1our e~sr orlw ~ ~~~~~~ ~~ V • ~ , ~ a ., Addatdum i. Aa part of the purchase price, Salter wilt be paid $8,~qa m emct a new t along the new property lino upon completion of the Flour HluffDrainage Improvement protect. A sum of $S,ggCf will he held in escrow by San Ja~cir~to Title Company- padre Jsta~ until such time fence is erec~l. Once the fence is comple~l, a ~~ with the City of Corpus Cluistl will inspect such , and if built to speaif~catinns, will prepare a tether to San Jaei~nta Tina Company -- Padre Iahaul roquceting the release of the escrowed awn of $5,000 ra Salter. Spceifications of fence will oenaist of a S strand barbed wire fencing on T posts with round treated pint posts placed every ~0 feet. 2. Self wilt receive all aurpius sail not used in the mot. The soil will he piled at places comfenieut to the City and designated by the Seller on the Seller's retaiced land outside of the easement areas. The City niay ~ the Sieller's existing macl to transportthe excess salt to locations speclfled by Seller. At the completion of construction, the City will restore this mad to the same or better condition as existed prior to construction. 3. A 3Qinch culvert pipe will be placed within ttre box, Ilion of the undergi+awxi dtuipage system at a lacafson agreed upon by Buyer and Seller to allow Seller to drain the sum of his pivperty. 4. Lddal eonatnrction of the easwn~t$ will be completed within 12 months from the data of commencement of constntetion on the Seller's pr+opeity. 6. There are no brokers Identified in this Contract, and Buyer and Seller each represent that such Party's actions do not provide the basis for any claim for brokerage com- missions with respect to the Property. Should one or more claims far brok®rage com- missions be made, the Party whose actions form the basis of each claim shah indemnity, defend, and hold the other Parties wholly and completely harmless from any and all loss, liability, andlor expenses relating to such claim. B. Seller may, but is not obligated to, cure Buyer's timely objections within 15 days after Seller receives the objections. If Seller fails to cure the objections by the #ime required,• Buyer may terminate this contract by providing written notice to Seller within S days after the time by which Seiler must cure the objections. if Buyer terminates, the earnest money will be refunded to Buyer 7. Copies of signatures, when delivered by fax or other electronic means, are valid as original signatures. Sellers' Initials: Buyer's Initials: ~~~~~~ ~'~