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C2016-179 - 4/19/2016 - Approved
Ii XAS ASSOCIATION 01 REALTORS" COMMERCIAL CONTRACT UNIMPROVED PROPERTY USE OF THIS FORM OY PERSONS WHO ARE NOT MEMBERS OF THE TExAS ASSOCIATION OF REALTORSUIIIS NOT AUTHORIZED. Irgeras Association o1 REALTORSo,Inc.21H5 1. PARTIES: Seller agrees to sell and convey to Buyer the Property described in Paragraph 2. Buyer agrees to buy the Property from Seller for the sales price stated in Paragraph 3, The parties to this'dontract are: Seller: City of Corpus Christi, a Texas municipal corporation__- Address: 1201 Leopard St. ___Corpus Christi, Texas 78401 Phone: E-mail: _ Fax: Other: • Buyer: Albert Ayala 81 Roberto Cardenas Address: Phone; E-mail: alayalahomes@gmail.corn Fax: Other: 2. PROPERTY: A. "Property" means that real properly situated in Nueces _-County, Texas at 4600 Arlene Dr., CC TX Parklane Park (address) and that is legally described oh the attached Exhibit _ "A" __or as follows A tract of land located at 4600 Arlene Drive known as Parklane Park being legally described Margo Plaza Park Area Block 5, Parklane 2 Park 1.209 exempt,Corpus Christi, Nueces County,Texas with any and all improvements contained thereon. See Exhibit"A"attached hereto. B, Seller will sell and convey the Property together with: (1) all rights, privileges, and appurtenances pertaining to the Property, including Seller's right, title, and interest+Ainterest iwat-ly-Fnitlerialarut+litter adiee&Rl streets alleye-&trip-geres,ea +igI s-of-wayyi (2) Seller's interest in all leases, rents, and security deposits for all or part of the Property; and (3), Seller's interest in all licenses and permits related to the Property. (Describe any exceptions, reservations, or restrictions in Paragraph 12 or an addendum.) (If mineral rights are to be reserved an appropriate addendum should be attached) 3. SALES PRICE: A. At or before closing, Buyer will paythe followingsalesprice for the Property: 't� Jtla. ''L' Y p Y� $�T�� (1) Cash portion payable by Buyer at closing. . . .'_ . P .Pc R C- 9;22rC1M), —11;868:139^ (2) Sum of all financing described in Paragraph 4 i\, e C $ 2i1.L 1� 94,000.00 (3) Sales price (sum of 3A(1) and 3A(2)) ck. ,t,.. QC $ lio,rpo -"r' l-,iroe:se-- $121,000.00 & • (TAR-1602) 1-1-16 Initialed for Identification by Selle , _�._._. ^.____.__ and Buyer.__! , Page 1 of 13 2016-179 04/19/16 f0w..brela101.I1..11,In F.05J,IIIINI J2-t-1ltti 1:11,QI L'C.eatil,t lv,Mi-0-1910 drn, PI,ra,i 2.12 30 3V2um Ord. 030823 Albert Ayala& Roberto Cardenas INDEXED Commercial Contract - Unimproved Property concerning 46 00Arlene Dr., CC TX Park'me Park B. Adjustment to Sales Price: (Check (1) or(2) only.) (1) The sales price will not be adjusted based on a survey. U (2) The sales price will be adjusted based on the latest survey obtained under Paragraph 6B. (a) The sales price is calculated on the basis of $__ N/A per: D (i) square foot of D total area 11 net area. Li (ii) acre of ❑ total area Q net area. (b) "Total area" means all land area within the perimeter boundaries of the Properly. "Net area" means total area less any area of the Property within: L] (i) public roadways; D (ii) rights-of-way and easements other than those that directly provide utility services to the Property; and D (iii) N/A (c) If the sales price is adjusted by more than N/A% of the stated sales price, either party may terminate this contract by providing written notice to the other party within __N/A days after the terminating party receives the survey. If neither party terminates this contract or if the variance is less than the stated percentage, the adjustment to the sales price will be made to the cash portion of the sales price payable by Buyer. • 4. FINANCING: Buyer will finance the portion of the sales price under Paragraph 3A(2) as follows: A. Third Party Financing: One or more third party loans in the total amount of $ 9. This -.C.- contract: ,contract: D (1) is not contingent upon Buyer obtaining third party financing. r, (2) is contingent upon Buyer obtaining third party financing in accordance with the attached Commercial Contract Financing Addendum (TAR-1931). D B. Assumption: In accordance with the attached Commercial Contract Financing Addendum (TAR-1931), Buyer will assume the existing promissory note secured by the Property, which balance at closing will be $ NIA. U C. Seller Financing: The delivery of a promissory note and deed of trust to Seller under the terms of the attached Commercial Contract Financing Addendum (TAR-1931) in the amount of$ N/A 5. EARNEST MONEY: A. Not later than 3 days after the effective date, Buyer must deposit$ 1, 000.00BS earnest money with Bay Area Title Services (title company) at 5926 S.Staples St., Corpus Christi,Texas 78413 (address) Julie Jensen (closer). If Buyer fails to timely deposit the earnest money, Seller may terminate this contract or exercise any of Seller's other remedies under Paragraph 15 by providing written notice to Buyer before Buyer deposits the earnest money. B. Buyer will deposit an additional amount of $ 0.00 with the title company to be made part of the earnest money on or before: U (i) N/A days after Buyer's right to terminate under Paragraph 7B expires; or U (ii) N/A — Buyer will he in default if Buyer fails to deposit the additional amount required by this Paragraph 5B within 3 days alter Seller notifies Buyer that Buyer has not timely deposited the additional amount. (TAR-1802) 1-1-16 Initialed for Identification by Seller AC)t1 . and Buyer ..- Page 2 of 13 Computor la ruralorllay A,ICordlacl 7'a,Uor,Ara0He311yLLC,1060 vv Pipe4ae,S,Io 10 t,Hr1a1,r1II:iI.(L00)J22-1116 • Cay al CC-FaII.I0. .27,121;022ri10a.aa PvIN FW 9:B2p1E Commercial Contract-Unimproved Property concerning 4600 Arlene Dr., CC TX Parklane Park C. Buyer may instruct the title company to deposit the earnest money in an interest-bearing account at a federally insured financial institution and to credit any interest to Buyer. 6. TITLE POLICY AND SURVEY: A. Title Policy: (1) Seller, at Seller's expense, will furnish Buyer an Owner's Policy of Title Insurance (the title policy) issued by any underwriter of the title company in the amount of the sales price, dated at or after closing, insuring Buyer against loss under the title policy, subject only to: (a) those title exceptions permitted by this contract or as may be approved by Buyer in writing; and (b) the standard printed exceptions contained in the promulgated form of title policy unless this contract provides otherwise. (2) The standard printed exception as to discrepancies, conflicts, or shortages in area and boundary lines, or any encroachments or protrusions, or any overlapping improvements: (a) will not be amended or deleted from the title policy. ❑ (b) will be amended to read "shortages in areas" at the expense of ❑ Buyer ❑ Seller. (3) Within 5 days after the effective date, Seller will furnish Buyer a commitment for title insurance (the commitment) including legible copies of recorded documents evidencing title exceptions. Seller authorizes the title company to deliver the commitment and related documents to Buyer at Buyer's address. B. Survey: Within 12 days after the effective date: 321 (1) Buyer will obtain a survey of the Property at Buyer's expense and deliver a copy of the survey to Seller. The survey must be made in accordance with the: (i) ALTA/ACSM Land Title Survey standards, or (ii) Texas Society of Professional Surveyors' standards for a Category 1A survey under the appropriate condition. Seller will reimburse Buyer o.00 (insert amount) of the cost of the survey at closing, if closing occurs. ❑ (2) Seller, at Seller's expense, will furnish Buyer a survey of the Property dated after the effective date. The survey must be made in accordance with the: (i) ALTA/ACSM Land Title Survey standards, or (ii) Texas Society of Professional Surveyors' standards for a Category 1A survey under the appropriate condition. ❑ (3) Seller will deliver to Buyer and the title company a true and correct copy of Seller's most recent survey of the Property along with an affidavit required by the title company for approval of the existing survey. If the existing survey is not acceptable to the title company, Seller, at Seller's expense, will obtain a new or updated survey acceptable to the title company and deliver the acceptable survey to Buyer and the title company within 20 days after Seller receives notice that the existing survey is not acceptable to the title company. The closing date will be extended daily up to 20 days if necessary for Seller to deliver an acceptable survey within the time required. Buyer will reimburse Seller N/A (insert amount) of the cost of the new or updated survey at closing, if closing occurs. C. Buyer's Objections to the Commitment and Survey: • (1) Within 15 days after Buyer receives the commitment, copies of the documents evidencing the title exceptions, and any required survey, Buyer may object in writing to matters disclosed in the items if: (a) the matters disclosed are a restriction upon the Property or constitute a defect or encumbrance to title other than those permitted by this contract or liens that Seller will satisfy at closing or Buyer will assume at closing; or (b) the items show that any part of the Property lies in a special flood hazard area (an "A" or "V" z as defined by FEMA). If Paragraph 6B(1) applies, (TAR-1802) 1-1-16 Initialed for Identification by Seller , and Buyer AA , , Cs Page 3 of 13 Computer generated using AutoContract 7"',from AutoRealty,LLC,1060 W.Pipeline,Suite 101,thirst,TX 76053.(800)322-1178 City of CC-Parklane-Ayala-022916 awn Printed:2:42:30 PM 3/6/201616 Commercial Contract-Unimproved Property concerning 4600 Arlene Dr., CC TX Parklane Park Buyer is deemed to receive the survey on the earlier of: (i) the date of Buyer's actual receipt of the survey; or (ii) of the deadline specified in Paragraph 6B. (2) Seller may, but is not obligated to, cure Buyer's timely objections within 15 days after Seller receives the objections. The closing date will be extended as necessary to provide such time to cure the objections. If Seller fails to cure the objections by the time required, Buyer may terminate this contract by providing written notice to Seller within 5 days after the time by which Seller must cure the objections. If Buyer terminates, the earnest money, less any independent consideration under Paragraph 7B(1), will be refunded to Buyer. (3) Buyer's failure to timely object or terminate under this Paragraph 6C is a waiver of Buyer's right to object except that Buyer will not waive the requirements in Schedule C of the commitment. 7. PROPERTY CONDITION: A. Present Condition: Buyer accepts the Property in its present condition except that Seller, at Seller's expense, will complete the following before closing: None. Buyer accepts the property in its AS IS WHERE IS condition with any and all faults. See Exhibit B. B. Feasibility Period: Buyer may terminate this contract for any reason within 30 days after the effective date (feasibility period) by providing Seller written notice of termination. (Check only one box.) 12f (1) If Buyer terminates under this Paragraph 7B, the earnest money will be refunded to Buyer less $ 300.00 that Seller will retain as independent consideration for Buyer's unrestricted right to terminate. Buyer has tendered the independent consideration to Seller upon payment of the amount specified in Paragraph 5A to the title company. The independent consideration is to be credited to the sales price only upon closing of the sale. If no dollar amount is stated in this Paragraph 7B(1) or if Buyer fails to deposit the earnest money, Buyer will not have the right to terminate under this Paragraph 7B. ❑ (2) Not later than 3 days after the effective date, Buyer must pay Seller $ N/A as independent consideration for Buyer's right to terminate by tendering such amount to Seller or Seller's agent. If Buyer terminates under this Paragraph 7B, the earnest money will be refunded to Buyer and Seller will retain the independent consideration. The independent consideration will be credited to the sales price only upon closing of the sale. If no dollar amount is stated in this Paragraph 7B(2) or if Buyer fails to pay the independent consideration, Buyer will not have the right to terminate under this Paragraph 7B. C. Inspections, Studies, or Assessments: (1) During the feasibility period, Buyer, at Buyer's expense, may complete or cause to be completed any and all inspections, studies, or assessments of the Property (including all improvements and fixtures) desired by Buyer. (2) Buyer must: (a) employ only trained and qualified inspectors and assessors; (b) notify Seller, in advance, of when the inspectors or assessors will be on the Property; (c) abide by any reasonable entry rules or requirements of Seller; (d) not interfere with existing operations or occupants of the Property; and (e) restore the Property to its original condition if altered due to inspections, studies, or assessments that Buyer completes or causes to be completed. (TAR-1802) 1-1-16 Initialed for Identification by Seller , and Buyer _, K,. C. Page 4 of 13 Computer generated using AutoConlract 7'",from AutoReally,LLC.1060 W.Pipeline,Suite 101,Burst.7X 76053,(800)322-1178 City of CC-Parklane-Ayala-022916.axm Printed:2:42:31 PM 3/6/2016 Commercial Contract-Unimproved Property concerning 4600 Arlene Dr., CC TX Parklane Park (3) Except for those matters that arise from the negligence of Seller or Seller's agents, Buyer is responsible for any claim, liability, encumbrance, cause of action, and expense resulting from Buyer's inspections, studies, or assessments, including any property damage or personal injury. Buyer will indemnify, hold harmless, and defend Seller and Seller's agents against any claim involving a matter for which Buyer is responsible under this paragraph. This paragraph survives termination of this contract. D. Property Information: (1) Delivery of Property Information: Within 10 days after the effective date, Seller will deliver to Buyer: (Check all that apply.) or amondmonts to tho loacoc; ❑ (b) copies of all notes and deeds of trust against the Property that Buyer will assume or that Seller will not pay in full on or bcforc closing; ❑ - _e _ e - e _ - • e•••,• - ••-• - e e - _ • _ madc on or relating to the Property; ❑ (d) copies property tax statements for the Property for the previous 2 calendar years; (e) plats of the Property; ❑ -- - - - -- - - - " - - - ' - ' -- - - = - - - - - -- - - •- ; ad 361 (g) if any of the above is in Seller's possession or control. (2) Return of Property Information: If this contract terminates for any reason, Buyer will, not later than 10 days after the termination date: (Check all that apply.) ❑ (a) return to Seller all those items described in Paragraph 7D(1) that Seller delivered to Buyer in other than an electronic format and all copies that Buyer made of those items; (b) delete or destroy all electronic versions of those items described in Paragraph 7D(1) that Seller delivered to Buyer or Buyer copied; and (c) deliver copies of all inspection and assessment reports related to the Property that Buyer completed or caused to be completed. This Paragraph 7D(2) survives termination of this contract. E. Contracts Affecting Operations: Until closing, Seller: (1) will operate the Property in the same manner as on the effective date under reasonably prudent business standards; and (2) will not transfer or dispose of any part of the Property, any interest or right in the Property, or any of the personal property or other items described in Paragraph 2B or sold under this contract. After the feasibility period ends, Seller may not enter into, amend, or terminate any other contract that affects the operations of the Property without Buyer's written approval. 8. LEASES: A. Each written lease Seller is to assign to Buyer under this contract must be in full force and effect according to its terms. Seller may not enter into any new lease, fail to comply with any existing lease, or make any amendment or modification to any existing lease without Buyer's written consent. Seller must disclose, in writing, if any of the following exist at the time Seller provides the leases to the Buyer or subsequently occur before closing: (1) any failure by Seller to comply with Seller's obligations under the leases; (2) any circumstances under any lease that entitle the tenant to terminate the lease or seek any offsets or damages; (3) any advance sums paid by a tenant under any lease; (4) any concessions, bonuses, free rents, reb , brokerage commissions, or other matters that affect any lease; and -2 (TAR-1802) 1-1-16 Initialed for Identification by Seller , and Buyer , { . C Page 5 of 13 Computer generated using AutoConlraet 7 TM,from AutoReefy,LLC,1060 W.Pipeline,Suite 101,Burst,7X 76053,(800)322-1178 City of CC-Parklane-Ayala-022916.axm Printed 2:42:31 PM 3/6/2016 Commercial Contract-Unimproved Property concerning 4600 Arlene Dr., CC TX Parklane Park (5) any amounts payable under the leases that have been assigned or encumbered, except as security for loan(s) assumed or taken subject to under this contract. B. Estoppel Certificates: Within days after the effective date, Seller will deliver to Buyer estoppel certificates signed not earlier than by oach tonant that loacos epaco in tho Proporty. The estoppol certificates mutt include the certifications containod in tho curront version of TAR Form 19a8 Commercial Tcnant Ectoppel Certificate and any additional information requested by a third party lender providing financing under Paragraph 1 if the third party lender requests such 9. BROKERS: A. The brokers to this sale are: Principal Broker:The Clower Company Cooperating Broker: ATC Metro Properties Agent:George B. Clower Agent:Al Ayala Address:P.O. Box 2525 Address:5034 Holly Road Corpus Christi, Texas 78403 Corpus Christi,Texas 78411 Phone&Fax:361-880-4111 361-880-4118 Phone & Fax:361-994-9393 E-mail:gbclower@aol.com E-mail:alayalahomes®gmail.com License No.:428055 License No.:9000777 • Principal Broker: (Check only one box) Cooperating Broker represents Buyer. represents Seller only. ❑ represents Buyer only. ❑ is an intermediary between Seller and Buyer. B. Fees: (Check only (1) or(2) below.) (Complete the Agreement Between Brokers on page 13 only if(1) is selected.) (1) Seller will pay Principal Broker the fee specified by separate written commission agreement between Principal Broker and Seller. Principal Broker will pay Cooperating Broker the fee specified in the Agreement Between Brokers found below the parties' signatures to this contract. ❑ (2) At the closing of this sale, Seller will pay: Principal Broker a total cash fee of: Cooperating Broker a total cash fee of: ❑ N/A % of the sales price. U N/A % of the sales price. ❑ N/A . ❑ N/A The cash fees will be paid in Nueces County, Texas. Seller authorizes the title company to pay the brokers from the Seller's proceeds at closing. NOTICE: Chapter 62, Texas Property Code, authorizes a broker to secure an earned commission with a lien against the Property. C. The parties may not amend this Paragraph 9 without the written consent of the brokers affected by the amendment. (TAR-1802) 1-1-16 Initialed for Identification by Seller/1 )1, and Buyer , _. Page 6 of 13 Computer generated using AutoContract 7 TM,from AutoReally,LLC,1060 W.Pipeline,Suite 101,Hirst,TA 76053,(800)322-1178 City of CC-Parklane-Ayala-022916.a m Printed 2:42:32 PM 3/6/2016 • Commercial Contract-Unimproved Property concerning 4600 Arlene Dr., CC TX Parklane Park 10. CLOSING: A. The date of the closing of the sale (closing date) will be on or before the later of: (1) fifteen (15) days after the expiration of the feasibility period. ❑ N/A (specific date). ❑ N/A (2) 7 days after objections made under Paragraph 6C have been cured or waived. B. If either party tails to close by the closing date, the non-defaulting party may exercise the remedies in Paragraph 15. C. At closing, Seller will execute and deliver, at Seller's expense, a ❑ general 3 special warranty deed. The deed must include a vendor's lien if any part of the sales price is financed. The deed must convey good and indefeasible title to the Property and show no exceptions other than those permitted under Paragraph 6 or other provisions of this contract. Seller must convey the Property: (1) with no liens, assessments, or other security interests against the Property which will not be satisfied out of the sales price, unless securing loans Buyer assumes; (2) without any assumed loans in default; and (3) with no persons in possession of any part of the Property as lessees, tenants at sufferance, or trespassers except tenants under the written leases assigned to Buyer under this contract. D. At closing, Seller, at Seller's expense, will also deliver to Buyer: (1) tax statements showing no delinquent taxes on the Property; (2) an assignment of all leases to or on the Property; (3) to the extent assignable, an assignment to Buyer of any licenses and permits related to the Property; (4) evidence that the person executing this contract is legally capable and authorized to bind Seller; (5) an affidavit acceptable to the title company stating that Seller is not a foreign person or, if Seller is a foreign person, a written authorization for the title company to: (i) withhold from Seller's proceeds an amount sufficient to comply applicable tax law; and (ii) deliver the amount to the Internal Revenue Service (IRS) together with appropriate tax forms; and (6) any notices, statements, certificates, affidavits, releases, and other documents required by this contract, the commitment, or law necessary for the closing of the sale and issuance of the title policy, all of which must be completed by Seller as necessary. E. At closing, Buyer will: (1) pay the sales price in good funds acceptable to the title company; (2) deliver evidence that the person executing this contract is legally capable and authorized to bind Buyer; (3) sign and send to each tenant in a lease for any part of the Property a written statement that: (a) acknowledges Buyer has received and is responsible for the tenant's security deposit; and (b) specifies the exact dollar amount of the security deposit; (4) sign an assumption of all leases then in effect; and (5) execute and deliver any notices, statements, certificates, or other documents required by this contract or law necessary to close the sale. F. Unless the parties agree otherwise, the closing documents will be as found in the basic forms in the current edition of the State Bar of Texas Real Estate Forms Manual without any additional clauses. 11. POSSESSION: Seller will deliver possession of the Property to Buyer upon closing and funding of this sale in its present condition with any repairs Seller is obligated to complete under this contract, ordinary wear and tear excepted. Any possession by Buyer before closing or by Seller after closing that is not authorized by a separate written lease agreement is a landlord-tenant at sufferance relationship between the parties. (TAR-1802) 1-1-16 Initialed for Identification by Seller , and Buyer (NQ , tZ- C_ Page 7 of 13 Computer generated using AutoContract 7"',from AuloReaky,LLC,1060 W.Pipeline,Suite 101,Hurst,TX 76053,(600)322-1170 City of CC-Parklane-Ayala-022916.axm Printed:2:42:32 PM 3/6/2016 Commercial Contract-Unimproved Property concerning 4600 Arlene Dr., CC TX Parklane Park 12. SPECIAL PROVISIONS: The following special provisions apply and will control in the event of a conflict with other provisions of this contract. (If special provisions are contained in an Addendum, identify the Addendum here and reference the Addendum in Paragraph 22D.) See attached Addendum to Commercial Contract attached hereto. 13. SALES EXPENSES: A. Seller's Expenses: Seller will pay for the following at or before closing: (1) releases of existing liens, other than those liens assumed by Buyer, including prepayment penalties and recording fees; (2) release of Seller's loan liability, if applicable; (3) tax statements or certificates; (4) preparation of the deed; (5) one-half of any escrow fee; (6) costs to record any documents to cure title objections that Seller must cure; and (7) other expenses that Seller will pay under other provisions of this contract. B. Buyer's Expenses: Buyer will pay for the following at or before closing: (1) all loan expenses and fees; (2) preparation of any deed of trust; (3) recording fees for the deed and any deed of trust; (4) premiums for flood insurance as may be required by Buyer's lender; (5) one-half of any escrow fee; (6) other expenses that Buyer will pay under other provisions of this contract. 14. PRORATIONS: A. Prorations: (1) Interest on any assumed loan, taxes, rents, and any expense reimbursements from tenants will be prorated through the closing date. (2) If the amount of ad valorem taxes for the year in which the sale closes is not available on the closing date, taxes will be prorated on the basis of taxes assessed in the previous year. If the taxes for the year in which the sale closes vary from the amount prorated at closing, the parties will adjust the prorations when the tax statements for the year in which the sale closes become available. This Paragraph 14A(2) survives closing. (3) If Buyer assumes a loan or is taking the Property subject to an existing lien, Seller will transfer all reserve deposits held by the lender for the payment of taxes, insurance premiums, and other charges to Buyer at closing and Buyer will reimburse such amounts to Seller by an appropriate adjustment at closing. B. Rollback Taxes: If Seller's use or change in use of the Property before closing results in the assessment of additional taxes, penalties, or interest (assessments) for periods before closing, the assessments will be the obligation of the Seller. If this sale or Buyer's use of the Property after closing results in additional assessments for periods before closing, the assessments will be the obligation of Buyer. This Paragraph 14B survives closing. C. Rent and Security Deposits: At closing, Seller will tender to Buyer all security deposits and the following advance payments received by Seller for periods after closing: prepaid expenses, advance rental payments, and other advance payments paid by tenants. Rents prorated to one party but received by the other party will be remitted b e recipient to the party to whom it was prorated within 5 days after the rent is received. This Para. :ph 4C survives closing. (TAR-1802) 1-1-16 Initialed for Identification by Seller. , and Buyer Nth., ,�.C— Page 8 of 13 Computer generated using AuloContract 7•",from AutoRealty,LLC,1060 W.Pipeline,Suite 101,Burst,TX 76053,(600)322-1176 City of CC-Parklane-Ayala-022916.axm Printed:2:42:32 PM 3/6/2016 Commercial Contract-Unimproved Property concerning 4600 Arlene Dr., CC TX Parklane Park 15. DEFAULT: A. If Buyer fails to comply with this contract, Buyer is in default and Seller, as Seller's sole remedy(ies), may terminate this contract and receive the earnest money, as liquidated damages for Buyer's failure except for any damages resulting from Buyer's inspections, studies or assessments in accordance with Paragraph 7C(3) which Seller may pursue, or (Check if applicable) ❑ enforce specific performance, or seek such other relief as may be provided by law. B. If, without fault, Seller is unable within the time allowed to deliver the estoppel certificates, survey or the commitment, Buyer may: (1) terminate this contract and receive the earnest money, less any independent consideration under Paragraph 7B(1), as liquidated damages and as Buyer's sole remedy; or (2) extend the time for performance up to 15 days and the closing will be extended as necessary. C. Except as provided in Paragraph 15B, if Seller fails to comply with this contract, Seller is in default and Buyer may: (1) terminate this contract and receive the earnest money, less any independent consideration under Paragraph 7B(1), as liquidated damages and as Buyer's sole remedy; (2) enforce specific performance, or seek such other relief as may be provided by law, or both. 16. CONDEMNATION: If before closing, condemnation proceedings are commenced against any part of the Property, Buyer may: A. terminate this contract by providing written notice to Seller within 15 days after Buyer is advised of the condemnation proceedings and the earnest money, less any independent consideration paid under Paragraph 7B(1), will be refunded to Buyer; or B. appear and defend in the condemnation proceedings and any award will, at Buyer's election, belong to: (1) Seller and the sales price will be reduced by the same amount; or (2) Buyer and the sales price will not be reduced. 17.ATTORNEY'S FEES: If Buyer, Seller, any broker, or the title company is a prevailing party in any legal proceeding brought under or with relation to this contract or this transaction, such party is entitled to recover from the non-prevailing parties all costs of such proceeding and reasonable attorney's fees. This Paragraph 17 survives termination of this contract. 18. ESCROW: A. At closing, the earnest money will be applied first to any cash down payment, then to Buyer's closing costs, and any excess will be refunded to Buyer. If no closing occurs, the title company may require payment of unpaid expenses incurred on behalf of the parties and a written release of liability of the title company from all parties. B. If one party makes written demand for the earnest money, the title company will give notice of the demand by providing to the other party a copy of the demand. If the title company does not receive written objection to the demand from the other party within 15 days after the date the title company sent the demand to the other party, the title company may disburse the earnest money to the party making demand, reduced by the amount of unpaid expenses incurred on behalf of the party receiving the earnest money and the title company may pay the same to the creditors. C. The title company will deduct any independent consideration under Paragraph 7B(1) before disbursing any earnest money to Buyer and will pay the independent consideration to Seller. D. If the title company complies with this Paragra•• 18, each party hereby releases the title company from all claims related to the disbursal of the ear ►oney. (TAR-1802) 1-1-16 Initialed for Identification by Seller 41. , and Buyer k 'l , am. C- Page 9 of 13 Computer generated using AuloContract 7*",from AuloReaky,LLC,1060 W.Pipeline,Suite 101,Hirst,TX 76053,(600)322-1178 City of CC-Parklane-Ayala-022916 am Printed:2:42:33 PM 3/6/2016 Commercial Contract- Unimproved Property concerning 4600 Arlene Dr., CC TX Parklane Park E. Notices under this Paragraph 18 must be sent by certified mail, return receipt requested. Notices to the title company are effective upon receipt by the title company. F. Any party who wrongfully fails or refuses to sign a release acceptable to the title company within 7 days after receipt of the request will be liable to the other party for: (i) damages; (ii) the earnest money; (iii) reasonable attorney's fees; and (iv) all costs of suit. G. ❑ Seller ❑ Buyer intend(s) to complete this transaction as a part of an exchange of like-kind properties in accordance with Section 1031 of the Internal Revenue Code, as amended. All expenses in connection with the contemplated exchange will be paid by the exchanging party. The other party will not incur any expense or liability with respect to the exchange. The parties agree to cooperate fully and in good faith to arrange and consummate the exchange so as to comply to the maximum extent feasible with the provisions of Section 1031 of the Internal Revenue Code. The other provisions of this contract will not be affected in the event the contemplated exchange fails to occur. ❑ '• - - - • •• _ . _ _ • _ • .._ - et -- - e •" "- - --- - - - - •- - - -••• Property Condition Statement (TAR 1108). (1) any subsurface: structures, pits, waste, springs, or improvements; (2) any pending or threatened litigation, condemnation, or assessment affecting the Property; (1) whether the Property is or has bccn used for the storage or disposal of hazardous materials or (5) whether radon, asbestos containing materials, urea formaldehyde foam insulation, lead based pollutants or contaminants of any nature now exist or ever existed on the Property; (6) any wetlands, ac defined by federal or state law or regulation, on the Property; (7) any threatened or endangered species or their habitat on the Property; detrimentally affect the ordinary use of the Property; (Describe any exceptions to (1) (10) in Paragraph 12 or an addendum.) 20. NOTICES: All notices between the parties under this contract must be in writing and are effective when hand-delivered, mailed by certified mail return receipt requested, or sent by facsimile transmission to the parties addresses or facsimile numbers stated in Paragraph 1. The parties will send copies of any notices to the broker representing the party to whom the notices are sent. ❑ A. Seller also consents to receive any notices by e-mail at Seller's e-mail address stated in Paragraph 1. ❑ B. Buyer also consents to receive any notices by e-mail at Buyer's e-mail address stated in Paragraph 1. 21. DISPUTE RESOLUTION: The parties agree to negotiate in good faith in an effort to resolve any dispute related to this contract that may arise. If the dispute cannot be resolved by negotiation, the parties will submit the dispute to mediation before resorting to arbitration or litigation and will equally share the costs of a mutually acceptable mediator. This paragraph survives termination of this contract. This paragraph does not preclude a party from seeking equitable relief from a court of competent jurisdiction. 22. AGREEMENT OF THE PARTIES: A. This contract is binding on the parties, their eirs, executors, representatives, successors, and permitted assigns. This contract is to be co ru in accordance with the laws of the State of Texas. (TAR-1802) 1-1-16 Initialed for Identification by Seller . , and Buyer Ph..A._ , (Z•l f. Page 10 of 13 Computer generated using AuloContract 7"',from AutoReelty.LLC,1060 W.Pipeline,Suite 101.Burst.TX 76053,(800)322-1178 City of CC-Parklane-Ayala-022916.oxen Printed:2:42:33 PM 3/6/2016 Commercial Contract-Unimproved Property concerning 4600 Arlene Dr., CC TX Parklane Park If any term or condition of this contract shall be held to be invalid or unenforceable, the remainder of this contract shall not be affected thereby. B. This contract contains the entire agreement of the parties and may not be changed except in writing. C. If this contract is executed in a number of identical counterparts, each counterpart is an original and all counterparts, collectively, constitute one agreement. D. Addenda which are part of this contract are: (Check all that apply.) (1) Property Description Exhibit identified in Paragraph 2; ❑ (2) Commorcial Contract Financing Addendum (TAR 1931); ❑ (3) Commcrcial Property Condition Statcmcnt (TAR 1408); ❑ (') Commercial Contract Addendum for Special Provisions (TAR 1910); ❑ (5) Notice to Purchacor of Roal Proporty in a Wator Dictrict (MUD); ❑ (6) Addondum for Coactal Area Proporty (TAR 1915); ❑ ' -- -- • - • -- - --- - - - . _ _ -- _ . - .--- - ' - - - A • • , (8) Information About Brokerage Services (TAR-2501); and (9) See Attached Addendum to Contract and Exhibit B. (Note: Counsel for the Texas Association of REALTORS®(TAR)has determined that any of the foregoing addenda which are promulgated by the Texas Real Estate Commission(TREC)or published by TAR are appropriate for use with this form.) E. Buyer )g may ❑ may not assign this contract. If Buyer assigns this contract, Buyer will be relieved of any future liability under this contract only if the assignee assumes, in writing, all obligations and liability of Buyer under this contract. 23. TIME: Time is of the essence in this contract. The parties require strict compliance with the times for performance. If the last day to perform under a provision of this contract falls on a Saturday, Sunday, or legal holiday, the time for performance is extended until the end of the next day which is not a Saturday, Sunday, or legal holiday. 24. EFFECTIVE DATE: The effective date of this contract for the purpose of performance of all obligations is the date the title company receipts this contract after all parties execute this contract. 25. ADDITIONAL NOTICES: A. Buyer should have an abstract covering the Property examined by an attorney of Buyer's selection, or Buyer should be furnished with or obtain a title policy. B. If the Property is situated in a utility or other statutorily created district providing water, sewer, drainage, or flood control facilities and services, Chapter 49, Texas Water Code, requires Seller to deliver and Buyer to sign the statutory notice relating to the tax rate, bonded indebtedness, or standby fees of the district before final execution of this contract. C. Notice Required by §13.257, Water Code: "The real property, described below, that you are about to purchase may be located in a certificated water or sewer service area, which is authorized by law to provide water or sewer service to the properties in the certificated area. If your property is located in a certificated area there may be special costs or charges that you will be required to pay before you can receive water or sewer service. There may be a period required to construct lines or other facilities necessary to provide water or sewer service to your property. You are advised to determine if the property is in a certificated area and contact the utility service provider to determine the cost that you will be required to pay and the period, if any, that is required to provide water or sewer service to your property. The undersigned purchaser hereby acknowledges receipt of the foregoing notice at or before the execution of a binding contract for the purchase of the real property described in the notice or at closing of purchase of the real property." Th e I property is described in Paragrapharn2 of this contract. (TAR-1802) 1-1-16 Initialed for Identification by Seller. , and Buyer kA (`. , •C . Page 11 of 13 Computer generated using AutoContrect 7 TM from AutoReally,LLC,1060 W.Pipeline,Suite 101,Hirst,TX 76053,(800)322-1178 City of CC-Parklane-Ayala-022916.axm Printed:2:42:34 PM 3/6/2016 Commercial Contract-Unimproved Property concerning 4600 Arlene Dr., CC TX Parklane Park D. If the Property adjoins or shares a common boundary with the tidally influenced submerged lands of the state, §33.135 of the Texas Natural Resources Code requires a notice regarding coastal area property to be included as part of this contract. E. If the Property is located seaward of the Gulf Intracoastal Waterway, §61.025, Texas Natural Resources Code, requires a notice regarding the seaward location of the Property to be included as part of this contract. F. If the Property is located outside the limits of a municipality, the Property may now or later be included in the extra-territorial jurisdiction (ETJ) of a municipality and may now or later be subject to annexation by the municipality. Each municipality maintains a map that depicts its boundaries and ETJ. To determine if the Property is located within a municipality's ETJ, Buyer should contact all municipalities located in the general proximity of the Property for further information. G. Brokers are not qualified to perform property inspections, surveys, engineering studies, environmental assessments, or inspections to determine compliance with zoning, governmental regulations, or laws. Buyer should seek experts to perform such services. Buyer should review local building codes, ordinances and other applicable laws to determine their effect on the Property. Selection of experts, inspectors, and repairmen is the responsibility of Buyer and not the brokers. Brokers are not qualified to determine the credit worthiness of the parties. H. NOTICE OF WATER LEVEL FLUCTUATIONS: If the Property adjoins an impoundment of water, including a reservoir or lake, constructed and maintained under Chapter 11, Water Code, that has a storage capacity of at least 5,000 acre-feet at the impoundment's normal operating level, Seller hereby notifies Buyer: "The water level of the impoundment of water adjoining the Property fluctuates for various reasons, including as a result of: (1) an entity lawfully exercising its right to use the water stored in the impoundment; or (2) drought or flood conditions." 26. CONTRACT AS OFFER: The execution of this contract by the first party constitutes an offer to buy or sell the Property. Unless the other party accepts the offer by 5:00 p.m., in the time zone in which the Property is located, on , the offer will lapse and become null and void. READ THIS CONTRACT CAREFULLY. The brokers and agents make no representation or recommendation as to the legal sufficiency, legal effect, or tax consequences of this document or transaction. CONSULT your attorney BEFORE signing. Seller: City of Corpus Christi, a Texas municipal Buyer: Albert Ayala& Roberto Cardenas corporation By: / By: A{kw. t Ai>fq 14. If O il. By(signature): � �/ Le. By(signature): �A �L Printed N me: 1.1 ` J IS Dyv Printed Name: AMP,74. Title: UNI,ruvre y Title: C . O`rw/rr -By: Pte.--. By: I(D CA42—DA PS By(signature): t/ e.'llt By(signature): £-r to - Printed Name: e_ �C}}ti-- qtr Printed Name: D�a-P- t >pJ hi-S Title: C.X S ] Title: C O—OceSAI . 4 ����1 � 1proveiastotom: (TAR-1802) 1-1-16 Lisa Aguar I'� Page 12 of 13 Assint City Attorney sY COUNCIL l For City Attorney r Computer generated sing AutoConlract 7 To,from AutoReatty,LLC,1060 W.Pipeline,Suite 101,Furst.TX 76053,(800)322-1178 +_ �..M City of CC-Parklane-Ayala-0M axm '�"�'���' Printed'2:4234 PM 3/6/2016 SECR!TARY Commercial Contract-Unimproved Property concerning AGREEMENT BETWEEN BROKERS (use only if Paragraph 9B(1)is effective) Principal Broker agrees to pay ATC Metro Properties (Cooperating Broker) a fee when the Principal Broker's fee is received. The fee to be paid to Cooperating Broker will be: • $ , or 2.25 % of the sales price, or ❑ % of the Principal Broker's fee. The title company is authorized and directed to pay Cooperating Broker from Principal Broker's fee at closing. This Agreement Between Brokers supersedes any prior offers and agreements for compensation between brokers. Principal Broker: The Clower Company do George B. Cooperating Broker: ATC Metro Properties do Al Ayala Clower By: By: ATTORNEYS Seller's attorney: Buyer's attorney: Address: Address: Phone&Fax: Phone &Fax: E-mail: E-mail: Seller's attorney requests copies of documents, Buyer's attorney requests copies of documents, notices, and other information: notices, and other information: ❑ the title company sends to Seller. U the title company sends to Buyer. U Buyer sends to Seller. U Seller sends to Buyer. ESCROW RECEIPT The title company acknowledges receipt of: U A. the contract on this day (effective date); ❑ B. earnest money in the amount of $ 1,000.00 in the form of on Title company:Bay Area Title Services Address: 5926 S. Staples St., Corpus Christi, Texas 78413 By: Phone&Fax: Assigned file number(GF#): E-mail: (TAR-1802) 1-1-16 Page 13 of 13 Computer generated using AutoContract 7'",from AutoReally,LLC,1060 W.Pipeline,Suite 101,Flurst,TX 76053,(800)322-1178 City of CC-Parklane-Ayala-022916.axm Printed:2:42:34 PM 3/6/2016 EXHIBIT A Parklane Park — 4600 Arlene Dr. Corpus Christi, Texas �= 5 4. 3 2- , A. 13 1 1 r J7 18 1? " 1- 1 0 NI A 2 e 0 a! , dG a a.-, 76` ,e/li j"'� 471 41701; , J i 4 (1) a -r ..ni " PA RK LAN Er'�..�.;,.,.. .... ?* .-, t PARK Nil-- 4''4, c.a ,» j H _ tl 7: • "1 42r 1 ELA I! if S r i q o, 1 �♦ 3f i! q� Margo Plaza Park Area, Block 5 (NCAD Tax ID #4778-0005-0100) & Parklane 2 Park 1.209 Exempt ( NCAD Tax ID #6431-0006-0080) , Corpus Christi, Nueces County, Texas 6� THE GLOWER CO . Realtors Commercial &Industrial Brokerage ` P.O. Box 2525 Corpus Christi, Texas 78403-2525 _ (3611880-4111 office EXHIBIT "B" "AS-IS" PURCHASE (A) BUYER ACKNOWLEDGES AND AGREES THAT BUYER IS PURCHASING THE PROPERTY "AS-IS" "WHERE-IS" AND "WITH ALL FAULTS" WITHOUT ANY WARRANTIES, REPRESENTATIONS OR GUARANTEES, EITHER EXPRESSED OR IMPLIED, OF ANY KIND, NATURE, OR TYPE WHATSOEVER FROM, OR ON BEHALF OF, SELLER. WITHOUT LIMITING THE GENERALITY OF THE FOREGOING, BUYER ACKNOWLEDGES AND AGREES THAT SELLER HEREBY EXPRESSLY DISCLAIMS, ANY AND ALL IMPLIED WARRANTIES CONCERNING THE CONDITION OF THE PROPERTY AND ANY PORTIONS THEREOF, INCLUDING, BUT NOT LIMITED TO, ENVIRONMENTAL CONDITIONS, PRESENCE OR ABSENCE OF HAZARDOUS MATERIALS, AND ALSO THE IMPLIED WARRANTIES OF HABITABILITY, MERCHANTABILITY, OR FITNESS . FOR A PARTICULAR PURPOSE. (B) BUYER ACKNOWLEDGES AND AGREES THAT BUYER HAS NOT RELIED, AND WILL NOT RELY, UPON ANY REPRESENTATIONS OR WARRANTIES (ORAL OR WRITTEN) MADE BY OR PURPORTEDLY MADE ON BEHALF OF SELLER, UNLESS SUCH REPRESENTATIONS AND WARRANTIES ARE EXPRESSLY SET FORTH IN THIS AGREEMENT. (C) EXCEPT AS OTHERWISE SPECIFICALLY PROVIDED IN THIS AGREEMENT, BUYER AGREES THAT NO REPRESENTATION BY OR ON BEHALF OF SELLER OR THE SELLER'S AGENTS HAVE BEEN MADE TO BUYER AS TO THE CONDITION OF THE PROPERTY, ANY RESTRICTIONS RELATED TO THE DEVELOPMENT OF THE PROPERTY, THE APPLICABILITY OF OR COMPLIANCE WITH ANY GOVERNMENTAL REQUIREMENTS, INCLUDING, BUT NOT LIMITED TO, ENVIRONMENTAL LAWS, OR THE SUITABILITY OF THE PROPERTY FOR ANY PURPOSE WHATSOEVER. Seller's Initial' ,Buyer's Initial's Ap R.c ADDENDUM to COMMERCIAL CONTRACT - UNIMPROVED PROPERTY between THE CITY OF CORPUS CHRISTI ("SELLER") and ALBERT AYALA & ROBERT CARDENAS ("BUYER") 1. This contract is contingent upon final approval from the Corpus Christi City Council. 2. Buyer acknowledges that the subject property is being sold in its AS IS WHERE IS condition with any and all faults per the addendum attached hereto as Exhibit B. 3. Buyer, at Buyer's sole expense, shall be responsible for any and all platting and/or zoning application fees and any associated expenses related to platting or rezoning the said property. 4. If due to factors beyond Seller's control, the commitment and/or the exception documents are not delivered within the time required, either party may terminate this contract and the earnest money be refunded to Buyer, as its sole remedy. 5. Buyer, at Buyer's sole expense during the Feasibility Period will verify with the City of Corpus Christi—Development Services that Buyer's intended use is permitted in the current zoning district of the said property. 6. In regards to Paragraph 17—ATTORNEY FEES: the last sentence shall be modified to read as followed: "This Paragraph 17 survives termination of this contract,however,the Seller shall not be liable for any such attorney's fees." Seller's Initial's ,Buyer's Initial's AA eC TEXAS ASSOCIATION OF REALTORS® COMMERCIAL CONTRACT FINANCING ADDENDUM USE OF THIS FORM BY PERSONS WHO ARE NOT MEMBERS OF THE TEXAS ASSOCIATION OF REALTORS®IS NOT AUTHORIZED. ©Texas Association of REALTORS®,Inc.2010 ADDENDUM TO COMMERCIAL CONTRACT BETWEEN THE UNDERSIGNED PARTIES CONCERNING THE PROPERTY AT Parklane Park (Exhibit A) Land Corpus Christi, Tx 78411 The portion of the Sales Price not payable in cash will be paid as follows: (Check all that apply.) ID A. THIRD PARTY FINANCING: (1) The contract is contingent upon Buyer obtaining a third party loan(s) secured by the Property in the amount of$ 96,800. 00 for not less than 15 years with the initial interest rate not to exceed 6.000 % per annum and payments calculated on an amortization period of no less than 15 years. (2) Buyer will apply for the third party loan(s) described in Paragraph A(1) promptly after the effective date. If Buyer cannot obtain the loan(s), Buyer may give Seller written notice within days after the effective date and the contract will terminate and the earnest money, less any independent consideration under Paragraph 7B(1) of the contract, will be refunded to Buyer. If Buyer does not give such notice within the time required, this contract will no longer be subject to the contingency described in this Paragraph A. (3) Each note to be executed under this addendum is to be secured by vendor's and deed of trust liens. ❑ B. ASSUMPTION: (1) Buyer will assume the unpaid principal balance of the existing promissory note secured by the Property payable to dated which balance at closing will be $ (2) Buyer's initial payment will be the first payment due after closing. Buyer's assumption of the existing note includes all obligations imposed by the deed of trust securing the note, recorded in (recording reference) in the real property records of the county where the Property is located. (3) If the unpaid principal balance of the assumed loan as of the date of closing varies from the loan balance stated in Paragraph B(1), the cash payable at closing will be adjusted by the net amount of any variance; provided, if the total principal balance of the assumed loan varies in an amount greater than $ at closing, either party may terminate this contract and the earnest money will be refunded to Buyer unless either party elects to eliminate the excess in the variance by an appropriate adjustment at closing. (4) Buyer may terminate the contract and the earnest money, less any independent consideration under Paragraph 7B(1) of the contract, will be refunded to Buyer if the note holder on assumption requires: (a) Buyer to pay an assumption fee in excess of $ and Seller declines to pay such excess; (b) an increase in the interest rate to more than °A°; or (c) any other modification of the loan documents. (5) Unless Seller is released of liability on any assumed note, Seller requires a vendor's lien and deed of trust to secure assumption, which will be automatically released on execution and delivery of a release by the note holder. (TAR-1931) 1-26-10 Initialed for Identification by Seller: . , and Buyer: —•L Page 1 of 4 ATC Metro Properties Inc.,4838 Holly Rd.Corpus Christi,TX 78411 Phone:361.510-6172 Fax: 361.994.9329 Albert Ayala Albert Ayala and Produced with ZipForme by zipLogix 18070 Fifteen Mile Road,Fraser,Michigan 48026 www.zipLogix.com Parklane Park (Exhibit A) Land Corpus Christi, Tx Commercial Contract Financing Addendum concerning 78411 (6) If assumption approval is required by the note holder, Buyer will apply for assumption approval within days after the effective date of the contract and will make every reasonable effort to obtain assumption approval. If Buyer cannot obtain assumption approval, Buyer may give Seller written notice within days after the effective date and the contract will terminate and the earnest money, less any independent consideration under Paragraph 7B(1) of the contract, will be refunded to Buyer. If Buyer does not give such notice within the time required and Buyer does not close because Buyer is not able to assume the existing note, Buyer will be in default. ❑ C. SELLER FINANCING: (1) At closing, Buyer will execute and deliver a promissory note (the note) from Buyer to Seller in the amount of $ , bearing % interest per annum. Matured, unpaid amounts will bear interest at the maximum rate of interest allowed by law. (2) The note will be payable as follows: ❑ (a) In one payment, due after the date of the note, with interest payable: ❑ (i) monthly Li (ii) ❑ (b) In installments of $ ❑ including interest ❑ plus interest beginning after the date of the note and continuing at ❑ monthly ❑ intervals thereafter for when the entire balance of the note will be due and payable. ❑ (c) Interest only in ❑ monthly ❑ installments for the first years and thereafter in installments of $ ❑ including interest ❑ plus interest beginning after the date of the note and continuing at ❑ monthly ❑ intervals thereafter for when the entire balance of the note will be due and payable. (3) The note will be secured by vendor's and deed of trust liens and an assignment of leases payable at the placed designated by Seller. (4) The note will provide that if Buyer fails to timely pay an installment within 10 days after the installment is due, Buyer will pay a late fee equal to 5% of the installment not paid. (5) The note ❑ will ❑ will not provide for liability (personal or corporate) against the maker in the event of default. (6) The note may be prepaid in whole or in part at any time without penalty. Any prepayments are to be applied to the payment of the installments of principal last maturing and interest will immediately cease on the prepaid principal. (7) The lien securing payment of the note will be inferior to any lien securing any superior note described in this addendum. If an owner's policy of title insurance is furnished, Buyer, at Buyer's expense, will furnish Seller with a mortgagee title policy in the amount of the note at closing. (8) If all or any part of the Property is sold or conveyed without Seller's prior written consent, Seller, at Seller's option, may declare the outstanding principal balance of the note, plus accrued interest, immediately due and payable. Any of the following is not a sale or conveyance of the Property: (a) the creation of a subordinate lien; (b) a sale under a subordinate lien; (c) a deed under threat or order of condemnation; (d) a conveyance solely between the parties; or (e) the passage of title by reason of death of a maker or operation of law. (TAR-1931) 1-26-10 Initialed for Identification by Seller: _ , and Buyer: AP,, �. C Page 2 of 4 Produced with ZipForm®by zipLogix 18070 Fifteen Mile Road,Fraser,Michigan 48026 www.zipLogix.com Albert Ayala and Parklane Park (Exhibit A) Land Corpus Christi, Tx Commercial Contract Financing Addendum concerning 78411 (9) Deposits for Taxes and Insurance: Together with the principal and interest installments, Buyer ❑ will ❑ will not deposit with Seller a pro rata part of the estimated annual ad valorem taxes on the Property and a pro rata part of the estimated annual insurance premiums for the improvements on the Property. (a) If Buyer deposits taxes and insurance deposits with Seller, Buyer agrees that the taxes and insurance deposits are only estimates and may be insufficient to pay total taxes and insurance premiums. Buyer agrees to pay any deficiency within 30 days after Seller notifies Buyer of any deficiency. Buyer's failure to pay the deficiency is a default under the deed of trust. (b) If any superior lien holder on the Property collects payments for taxes and insurance, any requirement to deposit taxes and insurance deposits with Seller under this addendum is inoperative so long as payments are being made to the superior lien holder. (10)Any event that constitutes a default under any superior lien constitutes a default under the deed of trust securing the note. (11)The note will include a provision for reasonable attorney's fees for any collection action. (12) Unless the parties agree otherwise, the form of the note and loan documents will be as found in the current edition of the State Bar of Texas Real Estate Forms Manual without any additional clauses. ❑ D. CREDIT APPROVAL ON ASSUMPTION OR SELLER FINANCING: (1) To establish Buyer's creditworthiness for assumption approval or seller financing, Buyer will deliver to Seller the following information (Buyer's documentation) within days after the effective date of the contract: ❑ (a) verification of employment, including salary; ❑ (b) verification of funds on deposit in financial institutions; ❑ (c) current financial statement; ❑ (d) credit report; ❑ (e) tax returns for the following years • ❑ (f) (2) If Buyer does not timely deliver Buyer's documentation or Seller determines, in Seller's sole discretion, that Buyer's creditworthiness is not acceptable, Seller may terminate the contract by giving written notice to Buyer not later than days after the date Buyer must deliver Buyer's documentation under Paragraph D(1) and the earnest money, less any independent consideration under Paragraph 7B(1) of the contract, will be refunded to Buyer. If Seller does not timely terminate the contract under this paragraph, Seller will be deemed to have accepted Buyer's credit. ❑ E. SPECIAL PROVISIONS: (TAR-1931) 1-26-10 Initialed for Identification by Seller: , and Buyer: Qck,�•C Page 3 of 4 Produced with ZipForm®by zipLogix 18070 Fifteen Mile Road,Fraser,Michigan 48026 www.zipLogix.com Albert Ayala and Parklane Park (Exhibit A) Land Corpus Christi, Tx Commercial Contract Financing Addendum concerning 78411 Seller: City Of Corpus Christi Buyer: Albert Ayala & Roberto Cardenas By: ', By: rii 1I'By(signature): •I :� ���� By(si nature -� _� 9 Printed Name: Printed Name: A) e- i Q_ Title: Title: ('0/y4/,yPl- By: By: By( 9nature)si By(signature): ..Q. 2 ra.4./f2,vvv) Printed Name: Printed Name: h e in'? v Cn PE&1 Title: Title: e' O " 4 CJ (TAR-1931) 1-26-10 Page 4 of 4 Produced with ZipForm®by zipLogix 18070 Fifteen Mile Road,Fraser,Michigan 48026 www.zipLogix.com Albert Ayala and CERTIFICATE OF INTERESTED PARTIES FORM 1295 1 of 1 Complete Nos.1-4 and 6 if there are interested parties. OFFICE USE ONLY Complete Nos.1,2,3,5,and 6 if there are no interested parties. CERTIFICATION OF FILING 1 Name of business entity filing form,and the city,state and country of the business entity's place Certificate Number: of business. 2016-40799 Albert Ayala Corpus Christi,TX United States Date Filed: 2 Name of governmental entity or state agency that is a party to the contract for which the form is 04/15/2016 being filed. Albert Ayala Dat Acknowledged:h, `_', 1st 2C, I( 3 Provide the identification number used by the governmental entity or state agency to track or identify the on act,and provide a description of the goods or services to be provided under the contract. 361)510-6172 Land 4 Nature of interest(check applicable) Name of Interested Party City,State,Country(place of business) Controlling Intermediary "Oki-fa CQrLivas 55-z5— $ 5 4,0/e s' 37J Loe%odes CW/i6-f. T/ 7L5yl- 5 Check only if there is NO Interested Party. X 6 AFFIDAVIT I swear,or affirm,under penalty of perjury,that the above disclosure is true and correct. +p'"�r KYLA NYCOLE MCCLELLEN ;^�I Notuy ID +e 129644134 i My Commission Expires —��� i>44=10. December 5,2017 Signature of authorized agent o g .usiness entity A F TR SA / EAL ABOVE // I�} 47±L. Sworn to and subscribed before me,by the said ( a�IN ,this the ` " day of 20 I(p ,to certify which,witness my hand and seal of o i . C201../‘__) I lw k ck)le N�GdleA) N 4l1J i signature of officer administering oath Pri d name of(icer administering oath Title of officer,dministering oath Forms provided by Texas Ethics Commission www.ethics.state.tx.us Version V1.0.645 CERTIFICATE OF INTERESTED PARTIES FORM 1295 1 of 1 Complete Nos.1-4 and 6 if there are interested parties. OFFICE USE ONLY Complete Nos.1,2,3,5,and 6 if there are no interested parties. CERTIFICATION OF FILING 1 Name of business entity filing form,and the city,state and country of the business entity's place Certificate Number: of business. 2016-41952 Roberto Cardenas Corpus Christi,TX United States Date Filed: 2 Name of governmental entity or state agency that is a party to the contract for which the form is 04/19/2016 being filed. City of Corpus Christi Dat Acknowledged:-)4i 15 Ic 1 .- i4 3 Provide the identification number used by the governmental entity or state agency to track or identify the contract,and provide a description of the goods or services to be provided under the contract. 2016-41688 64 Real Estate Land 4 Nature of interest(check applicable) Name of Interested Party City,State,Country(place of business) Controlling Intermediary 5 Check only if there is NO Interested Party. ❑ X 6 AFFIDAVIT I swear,or affirm,under penalty of perjury,that the above disclosure is true and correct. ik ., CAROLYN A FERREN My Notary lD#259954 I F ,f 6 I (9 VI -- +,, , Expires October 16,2019 Signature of authorize agent of contracting business entity AFFIX NOTARY STAMP I SEAL ABOVE nib_ 1 SSworn to and subscribed before me,by the said 6 ber 6 mlen 4$this the % 1 day of4r1 , 2 1 to ,to certify which,witness m hand and seal of office. r - ..et-ite� C.nrufyn f� . Ve�'ren e�p,�• �1\iSignatur offi r administering oath Printed name of oministering oath Title of officer ad roistering oath Forms provided by Texas Ethics Commission www.ethics.state.tx.us Version V1.0.645