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HomeMy WebLinkAboutC2010-497 - 12/14/2010 - ApprovedDEPARTMENT OF Et+IGINEERING SERVICES Proper€y and T anal Acquisition Division City Praperry.North Shoreline Real Estate Sales Contract THE STATE OF TEXAS § COUNTY Op' NUECES § KNOW ALL BY THESE PRESENTS This Contract is entered into by the City of Corpus Christi, a Texas home rule municipal corporation, P.O. Box 9277, Corpus Christi, Nueces County, Texas 78469-9277 ("Seller") and Address) ~ D. $mt. ~~~ ,..,_ ,_.._, ,lCitv)-Cr7u~~~ f'.. ~ ~;, Nueces County, Texas Zi code 1) ~ {"Buyer"}. Property. Seller for the consideration and under the terms set out herein, agrees to convey to Buyer the surface estate only of the property described below together with all rights, privileges and appurtenances pertaining to the property situated in Nueces County, Texas: The tract of land is described by metes and bounds on the attached and incorporated "Exhibit A" and shaven on the attached map incorporated as "Exhibit B". ("Premises") 2. Purchase Price, $ ~~ ~~~~a ' `~~ Cash at Closing. 3. Title Insurance. The Sellex will provide, at Seller's expense, a title insurance policy that guarantees good and indefeasible title to the Property, without exceptions to title other than the standard printed exceptions and 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 3 4 days after receipt of the Contract by the Title Company, with the title insurance policy to be timely issued after Closing. 4. Special Warranty Deed and Closing Costs. After securing the title insurance commitment, Seller must execute a Special 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. 5. Property Taxes. The City of Corpus Christi as owner of this property is exempt from local property taxes. Property taxes for the year 2010 will be prorated and any taxes due from the closing date to the end of the year is the responsibility of the Buyer. '-` - ' ""`---- Buyer deposits $1,000,.,_,00 with San Jacinto Title Services as Earnest 2Q1Q-49711 be applied to the balance of the purchase price awing at Closing; Buyer M2Q10-304 12/14/10 Channel Investments Ltd. `~~~~~ 1 ~ ~~ ~ I .. ~ 1 ~ ~ will pay the balance of the purchase price owing at Closing. When San Jacinto Title Services possesses the executed deed, any other necessary paperwork, and the balance of the cash payment, the Title Company will close and fmalize the conveyance 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 with the terms of this Contract, Buyer may seek to enforce this Contract by an action far specific performance. Restrictions on Title. Buyer accepts title to the Property subject to all recorded restrictive covenants and use restrictions, if any, and all applicable City zoning regulatory ordinances, if any. 8. Time for Performance. This transaction will be Closed through San Jacinto Title Services on or before 60 days from the effective date of this Contract. Seller gives Buyer possession of the Property by executing the Special Warranty Deed. Seller's execution of this Contract means that Seller has read and understands that this Contract is not binding on Buyer until approved and accepted by the City of Corpus Christi City Council and executed by the City Manager of the City of Corpus Christi, Texas, ar designee. Buyer must execute this Contract within 30 days from the date of Seller's execution of this Contract or this Contract is void. Survives Closing. This Contract survives Closing of the sale of the Property and the delivery of the Special Warranty Deed and other necessary documents by Seller to Buyer at Closing, and all terms and conditions remain in effect between Seller and Buyer. 10. Broker Commission. The Seller is not responsible for any brokerage or real estate commissions that maybe related to this transaction. 11. Possession. At the Closing, the Property will be conveyed free of the rights of possession of any third parties in or to the Property except far valid easements, if any, filed of record and currently in force and effect. .Any possession by Buyer before closing or by Seiler after closing that is not authorized by a separate written lease agreement is alandlord-tenant at sufferance relationship between the parties. l2. Representations and Warranties. By Seller. In order to induce Buyer to enter into this Contract, Seller makes the following representations and warranties all of which will be true and correct as of the date hereof and as ofthe date of closing: Authority; No Conflict. Seller has the absolute and unrestricted right, power and authority to execute and deliver this Contract and the documents to be executed and delivered by Seller in 2 ~ ~ . connection with the closing of the transactions described in this Contract (such documents being collectively referred to herein as "Seller's Closing Documents") and to perform its obligations under this Contract and the Seller's Closing Documents. Seller shall present to the Buyer andlor the Title Company, if necessary, all reasonable evidence of such authority which may be requested by either of them. The execution and delivery of this Contract and Seller's Closing Documents, the consummation of the transactions described herein, and compliance with the terms of this Contract will not conflict with, ar constitute a default under, any agreement to which Seller is a party or by which Seller or the Property is bound, ar violate any regulation, law, court order, judgment, or decree applicable to Seller or the Property, except as otherwise expressly provided herein. No Litigation or Proceedings. Seller has no knowledge of any pending or threatened litigation, condemnation, or assessment affecting the Property. Environmental Representations. Except as otherwise expresslyprovidedhcrein, Seller has no knowledge that the Property contains Hazardous Materials (as defined in Section 10{b}), contains any underground storage tanks, or is not in full compliance with all Environmental Laws (as defined in Section 10(b)). Title to Property. To the best of Seller's knowledge, Seller has full and complete-fee simple title to the Property, subject only to the liens and encumbrances, if any, disclosed on the Commitment or Survey to be furnished to Buyer hereunder. No Options. No person, corporation, or other entity has or, on the date of Closing, shall have any right or option to acquire the Property. Compliance. Seller has not received any notice from any governmental agencyregarding the Seller's or the Property's non-compliance with applicable laws, ordinances, regulations, statutes, rules and restrictions relating to the Property. 13. Mineral Reservation. The sale of the Property is without minerals. Seller reserves unto itself all of its right, title and interest in and to the oil, gas and othex minerals in, on, or under the Property. If required by Buyer, Seller will execute a no-drilling agreement, prepared by Buyer, to ensure that Seller will not construct or operate a well on the Property while exercising its right to recover any subsurface oil, gas, or other minerals. 14. Essential. Time is of the essence in closing this transaction. 1 S. Effective Date. The effective date of this Real Estate Sales Contract is the date in which the Contract is signed by the Seller. 1 b. Counterparts: Multiple original copies of this contract may be executed, and the execution of this contract may be through the execution by the parties of separate counterparts. All of the original copies of this contract together shall constitute one agreement, binding on all of the parties hereto notwithstandingthat the parties hereto may or may not be signatories to the same counterpart. Each of the undersigned parties authorizes the assembly of one or more original copies of this contract, such that each such original copy of this contract shall consist of {i} the body of this contract and (ii) countezpart signature pages and acknowledgment pages which collectively include all of the signatures and acknowledgments of the parties hereto. Each such contract shall constitute one original of this contract. When the context requires, singular nouns and pronouns include the plural. 1. Seller City of Corpus Christi, a Texas home rule municipal corporation r ~~ ` ei .Escobar, City Manager ATTEST: ARMANDO CHAPA, CITY SECRETARY }~12D)D `3~4 pUTliDRlZED f ~~~ SECii~TA~ ,~ THE STATE OF TEXAS § COUNTY Op' NUECES § This instrument was acknowledged before me on ~~~~~QJI ~ ~ 2010 by `Angel R. Escobar as City Manager for the City of Corpus Christi, a Texas municipal corporation, on behalf of said corporation. ,.. ~„ 'nand for the S of Texas a' •{PµY pUa •„s .~~,",,, CL~i~DA L, ©RASz [Seal] ' =_ _ _ Notary Public ,~s~P~~ 5T{17E OF TEXAS ~,,~rrp'a~~s~,,,. My Comm, Fx~. 05-07-2012 4 yer ~~ ~ ~.c~~e.,~ ~~ . ~ ~ ~s ~uc~ - QYe~~4~~ THIJ STATE OF TEXAS COUNTY OF NUECE5 This instrument was acknowledged before me on _ _ _ ~ ec~b~ ~~ , 2010 by .~-r _ . t ,C, ~ Notary Public in and for the fate of Texas ~~ [Seal] My C ~, .NMI ~~ ~0~ f b APPROVED AS TO LEGAL FORM THIS ~` DAY OF l~ece+~.~esi , 2010. FOR THE CITY ATTORNEY Assis City Attorney CITY LEGAL DEPARTMENT H:IHGMEIRC}BEAT5A1GEN1ContractslCity Praperly.N. Shorelina.doc Brooklyn Add~tian Surplus Property -Lots 4, 5, 8 --Block G STATE OF TEXAS COU~1'I'Y OF N[3ECES BEING a tract of land containing 0.378 Acres (16,485 SQ. FT.) of land out o~ Lots 4, 6, and $, Block G, Brooklyn AddiNan, as recorded in Volume A, P$ge 3Q of the Map Retards a~f Nueces County, Teas. Tlifs 0.378 Acre tract being mare particularly described by metes and bounds as follows: BEGINNING at a Found 1" iron Pipe on titre southeasterly right of--way of North Sharelirse Boulevard and being the northerly cornerafLot 8; B1oc1t O, Brooklyn Addition, as recorded in Volume A, Page 30 of the Map Records of Nueces County, Texas; THENCE S58° 16'31 "E along the southwesterly boundary line of Lot 10, at 100.07 pass a Found 518" Iron Rod, at 108.71 pass a Found 518" h~on Rod, in all a distance of 111.92' to a Point, being the easterly corner of this tract; THENCE 533°40'49"W along the southeasterly boundary line of Lots 8,6, and 4 as described. in Volume 2119, Pages 994997 of the Reed Records of Nueces County, Texas, a distance of 154.60' to a Point on the noxtlteasterly boundary line of Lot 2, said Brooklyn Addition, being the southerly corner of this fret#; TEIENCL N58°00'40"W along the northeasterly boundary line of said Lot 2, at 6,00'- pass a Set 518" Iron Rod with plastic cap stamped "City of Corpus Christi, TX", in all a distance of 147.50' to a Point which is 0.23' northeasterly from a Found 518" Iron Rod, being the westerly corner of this tract; THENCE N32°Ofl'00"E along the southeasterlyright-o£-way of said North Shoreline Houievalxi, a distance of 150.00' to the POINT AND PLACE OF BEGINNING and containing fl.378 Acres of Land. Bearings are with reference to the southeasterly right-of--way line of North Shoreline Boulevard as described in Volume 2119, Pages 994-997 of the Decd Records ofNueces County, Texas. State ofi Texas County of Nueces I, Russell Oohs, s Registered Professional Land Surveyor for the City of Corpus Christi, hereby certify that the foregoing field notes were prepared by me fr survey made on the ground under my direction. i D ~ ~ This the 26~ day of October, 2010. .~ 4 ~ . ~~- Russell D. Qchs State of Texas License No. 5,241 g~ ~~a~ s r"~~ ,~ '~'s, r~' •09 5241 ~ •' .~, p` A~ a~.~ ' ,. ~~ ~ ~ ~ ~ ~ ~~ ~~ ~ ~~ ~~ ~ ~ y~A ~~~.~~ ~~ ~ ~~ ~~# ~0 ~ E ~~ ~ C V 't ~ d ~ ~~~~ ~ ~ ~~ ~ ~ ~~ ~ ~~ ~~~~ ~ v ~~ ~ Z ~ ~~~^ PEARL STREET ld ~ ~ ~~g ~ { pZ ~., ~z ~ in ~ Z ~`~v ¢ ~va ~ ~o Z ~ }~•co ~ - ~„oa.t N '~ v ld ,. e Yy r o ? i:' ~ "~ ~ ;f ~ \~ v 4 ~~ ~~~~~. m .~ ~~ ~~ ~~~ ~~ _ ~a ~~ m~n ~~ ~ E F ~ ~ v ~ ~fl o ~~ ~ 6 ~ 5(1VM3UIS '~HO~ A 7 '~ V~s ,1 .m u~ ~ r c of ~ ~ ~ ry. 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