HomeMy WebLinkAboutC2018-061 - 4/10/2018 - Approved TEXAS ASSOCIATION OF REALTORS®
COMMERCIAL CONTRACT - IMPROVED PROPERTY
USE OF TIS FORM BY PERSONS INS ME NOT MEMBERS OF ME TEXAS AASSOCIAMON Of REALTORS/MB NOT AUTHOWED.
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1. PARTIES: Seller agrees to sell and convey to Buyer the Properly described in Paragraph 2. Buyer agrees
to buy the Property from Seller for the sales price stated in Paragraph 3.The parties to this contract are:
Seller. City of Corpus Christi,a Texas municipal corporation
Address: 1201 Leopard St,Corpus Christi,TX 78401-2120
Phone: E-mail:
Fax: Other.
Buyer: Isaac Camacho&Janet Lynn Camacho
Address:
Phone: E-mail:
Fax: Other:
2. PROPERTY:
A. Property" means that real property situated in Nueces County, Texas at
4301 Violet Rd,CC,TX Violet Park
(address)and that is legally described on the attached Exhibit "A" or as follows:
An improved tract of land located at 4301 Violet Road being legally described as Martine
Subdivision,Lots 1,2,&3,Block 1,Corpus Christi, Musses County,Texas with any and all
improvements contained thereon.NCAD Tax ID#48668-0001-0010.
See Exhibit A attached hereto.
B. Seller will sell and convey the Property together with:
(1) all buildings,improvements,and fixtures;
(2) all rights, privileges, and appurtenances pertaining to the Property, including Seller's right,title, and
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(3) Seller's interest in all leases, rents,and security deposits for all or part of the Property;
(4) Seller's interest in all licenses and permits related to the Property;
(5) Seller's interest in all third party warranties or guaranties,if transferable, relating to the Property or
any fixtures;
(6) Sellers interest in any trade names,if transferable,used in connection with the Property,and
(7) all Seller's tangible personal property located on the Property that is used in connection with the
Property's operations except None
Any personal property not included in the sale must be removed by Seller prior to dosing.
(Describe any exceptions, reservations, or restrictions in Paragraph 12 or an addendum.)
01 mineral rights are to be reserved an appropriate addendum should be attached.)
(If the Property is a condominium, attach Commercial Contract Condominium Addendum(TAR-1930).)
3. SALES PRICE:At or before closing, Buyer will pay the following sales price for the Property:
A. Cash portion payable by Buyer at closing $
B. Sum of all financing described in Paragraph 4 $ 127,000.00
C. Sales price(sum of 3A and 3B) $ 127,000.00
(TAR-1801)1-1-10 Initiated for Idenlitcelion by Seller . and Buyes.d / Page 1 of 14
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2018-061
4/10/18
Ord. 031410
Isaac Camacho & Janet Lynn
INDEXED
Commercial Contact-Improved Property concerning 4301 Violet Rd CC TX Violet Park
4. FINANCING: Buyer will finance the portion of the sales price under Paragraph 3B as follows:
X❑ A. Third Party Financing:One or more third party loans in the total amount of$ 127,000.00 . This
contract
(1)is Mt contingent upon Buyer obtaining third party financing.
X (2)is contingent upon Buyer obtaining third party financing in accordance with the attached
Commercial Contract Financing Addendum(TAR-1931).
[ B. Assumotion: 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
❑ C. Seller Financing: The delivery of a promissory note and deed of trust from Buyer to Seller under the
terms of the attached Commercial Contract Financing Addendum (TAR-1931) in the amount of
$NIA
5. EARNEST MONEY:
A. Not later than 3 days after the effective date, Buyer must deposit$ $1,000.00 as earnest money
with San Jacinto Title Co.of C.C. (title company)
at 520 Lawrence St.CC,Texas 78401 (address) Shelly Grahmann (closer).
If Buyer fails to timely deposit the earnest money, Seller may terminate this contract or exercise any of
Seller's other remedies under Paragraph 15 by providing written notice to Buyer before Buyer deposits
the earnest money.
B. Buyer will deposit an additional amount of$ 0.00 with the title company to be made
part of the earnest money on or before:
(i) NIA days after Buyers right to terminate under Paragraph 76 expires;or
(ii) NIA
Buyer will be in default if Buyer fails to deposit the additional amount required by this Paragraph 5B
within 3 days after Seller notifies Buyer that Buyer has not timely deposited the additional amount.
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,SURVEY,AND UCC SEARCH:
A. TNe Policy:
(1) Seller, at Seller's expense, will furnish Buyer an Owners 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
dosing,insuring Buyer against loss under the title policy,subject only to:
(a) those Me 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:
5ii (a)will not be amended or deleted from the title policy.
❑ (b)will be amended to mad"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 Buyers
address. y//�j
(TAR-1801)1-1-16 Inhaled for Identification by Seller and Buyer4 O ` Page 2 of 14
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B. Survey: Within 10 days after the effective date:
El (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 RIA (insert
amount)of the cost of the survey at closing, if closing occurs.
O (2) Seller, at Sellers 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 Sellers 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 closingdate 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 too (insert amount)of the cost of the new or updated survey
at closing,if closing occurs.
C. UCC Search:
❑ (1) Within N/A days after the effective date, Seller, at Sellers expense,will furnish Buyer a Uniform
Commercial Code (UCC) search prepared by a reporting service and dated after the effective date.
The search must identifydocuments that are on file with the. Texas Secretary of State and the
-- County where the Property is located that relate to all personal property on the Property and show,
as debtor,Seller and all other owners of the personal property in the last 5 years.
Et (2) Buyer does not require Seller to furnish a UCC search.
D. Buyers Objections to the Commitment, Survey, and UCC Search:
(1) Within s days after Buyer receives the commitment,copies of the documents evidencing the
title exceptions, any required survey, and any required UCC search, Buyer may object 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 to the real or personal property described in Paragraph 2 other than
those permitted by this contract or liens that Seller will satisfyat 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 nr zone asdefined by FEMA). If Paragraph 6B(1) applies, Buyer is deemed to receive the
survey on the earlier of:(i)the date Buyer actually receives the survey; or(ii) the deadline specified
in Paragraph 613.
(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)Buyers failure to timely object or terminate under this Paragraph 6D is a waiver of Buyer's right to
object except that Buyer will not waive the requirements in Schedule C ofofthe commitment.
(TAR-1601)1-1-16 Initiated for Identification by Seller f� , and Buyer i��" - Page 3 of 14
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Commercial Contract Improved Property concerning 4301 Violet Rd.,CC,Tx Violet Park
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 said property in it AS IS WHERE IS
condition with any and all faults.See Exhibit B attached hereto. _
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.)
7 (1) If Buyer terminates under this Paragraph 78, the earnest money will be refunded to Buyer less
$ 100.00 that Seller will retain as independent consideration for Buyers 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 78(1) or if Buyer fails to deposit the earnest money,.Buyer will not have the right to
terminate under this.Paragraph 78.
❑ (2) Not later than 3 days after the effective date, Buyer must pay Seller$ WA 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 70, 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
Paragraoh 713(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) Seller, at Seller's expense, will turn on all utilities necessary for Buyer to make inspections, studies,
or assessments.
(3) Buyer must:
(a) employ only trained and qualified inspectors and assessors;
(b) notify Seller,in advance,of when theinspectors 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.
(4) 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, includingany 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 s days after the effective date,Seller will deliver to
Buyer: (Check all that apply.)
(TAR-1801) 1-1-16 Initialed for Identification by Seller l'r� .___,_and Buyer_lQ Page 4of 14
Commercial Contract-Improved Property concerning 43o1 Violet ea.,CC,Tx Violet Ped
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(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;
E7 (b) delete or destroy all electronic versions of those items described in Paragraph 7D(1)that Seller
delivered to Buyer or Buyer copied;and
f (c) deliver copies of all inspection and assessment reports related to the Property that Buyer
completed or caused to be completed.
This Paragraph 70(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. Atter 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 Sellers obligations under the leases;
(2) any circumstances under any lease that entitle the tenant to termin the I ase or seek any offsets
or damages:
(TAR-1801) 1-1-16 Initialed for Identification by Seller , and Buyer Page 5 of 14
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Commercial Contract-Improved Properly concerning
0301 violet Rd,CC,TX Violet Park
(3) any non-occupancy of the leased premises by a tenant;
(4) any advance sums paid by a tenant under any lease;
(5) any concessions, bonuses,free rents, rebates, brokerage commissions,or other matters that affect
any lease;and
(6) 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.
certificates signed not earlier than NA by each tenant that lea e^ space
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9. BROKERS:
A. The brokers to this sale are:
Principal Broker:me Clower company Cooperating Broker:Century 21 Best of the Best
Agent-George 0.Clown Agent:Mary Jane Camacho
Address:P.0-Box2525 - Address:8892 swamps Blvd.
Corpus Christ Texas 71403 Corpus Christ Texas 72444
Phone&Fax:481.880A111 Phone&Fax:sa1S91.8670.
E-mail:9bMowengadsom E-mall:camaohem460gma0.com
license No:429950 License No.:0896105 _
Principal Broker:(Check only one box) Cooperating Broker represents Buyer.
E1 represents Seller only.
U represents Buyer only.
❑ is an intermediary between Seller and Buyer.
B. Fees: (Check only(Nor(2)below.)
(Complete the Agreement Between Brokers on page 14 only if(1)is selected.)
ei (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.
0 (2) At the closing of this sale, Seller will pay:
Principal Broker a total cash fee of: Cooperating Broker a total cash fee of:
❑ WA %of the sales price. O NWA %of the sales price.
I ❑ NWA ❑ NWA .
The cash fees will be paid in Neeces 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.
(TAR-1001) 1-1-16 Initialed for Mentf cation by Seller Pae6et 14
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Commercial Contract-Improved Property concerning 4301 Violet Rd.,CO.TX Violet Park
C. The parties may not amend this Paragraph 9 without the written consent of the brokers affected by the
amendment.
10.CLOSING:
A. The date of the closing of the sale (closing date)will be on or before the later of:
(1)a fare(s) days after the expiration of the feasibility period.
❑ N/A (specific date).
❑ NIA .
(2) 7 days after objections made under Paragraph 6D have been cured or waived.
B. It either party fails to close by the dosing date, the non-defaulting party may exercise the remedies in
Paragraph 15.
C. At closing, Seller will execute and deliver to Buyer, at Seller's expense, a 0 general )21 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 Uniform Commercial Code 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) a bill of sale with warranties to title conveying title, free and clear of all liens, to any personal
property defined as part of the Property in Paragraph 2 or sold under this contract;
(3) an assignment of all leases to or on the Property;
(4) to the extent that the following items are assignable, an assignment to Buyer of the following items
as they relate to the Property or its operations:
(a) licenses and permits;
(b) maintenance, management,and other contracts;and
(c) warranties and guaranties;
(5) a rent roll current on the day of the closing certified by Seller as true and correct;
(6) evidence that the person executing this contract is legally capable and authorized to bind Seller;
(7) 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 together with appropriate tax forms;and
(8) 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 the issuance of the title
policy, all of which must be completed and executed by Seller as necessary.
E. At closing, Buyer will:
(f) 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 the Property a written statement that:
(a) acknowledges Buyer has received and is responsible for the tenants 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.
(TAR-1801) 1-1-16 Initialed for Identification by Seiler , and Buye� Page 7 of 14
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Commercial Contract Improved Property concerning 4301 Violet Rd.,CC,TX
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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.
12.SPECIAL PROVISIONS: The following special provisions apply and will control in the event of a conflict
with other provisions of this contract. (!f 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
1S.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 Sellers loan liability, if applicable;
(3) tax statements or certificates;
(4) preparation of the deed and any bill of sale;
(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 fees of any deed of trust;
(3) recording fees for the deed and any deed of trust;
(4) premiums for flood and hazard insurance as may be required by Buyers lender,
(5) one-half of any escrow fee; and
(6) other expenses that Buyer will pay undherrr other provisions of this contra/ctiJ�%Q/' ,
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Commercial conbad-Improved Property concerning oat Violet Rd.,CC,TX Violet Park
14.PRORATIONS:
A. Prorations:
(1) Interest on any assumed loan, taxes, rents, and any expense reimbursements from tenants will be
prorated through the dosing 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 istaking 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 Seller. If this sale or Buyers 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 by the recipient to the party to whom it was prorated within 5
days after the rent is received. This Paragraph 14C survives dosing-
15.
osing15.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(4)which Seller may pursue,or
(Check if applicable)
0 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 survey or the
commitment, Buyer may:
(1) terminate this contract and receive the earnest money, less any independent consideration under
Paragraph 75(1), as liquidated damages and as Buyers sole remedy; or
(2) extend the time for performance up to 15 days and the dosing will be extended as necessary.
C. Except as provided in Paragraph 158, if Seller fails to comply with this contract, Seller is in default and
Buyer may:
(1)terminate this contract and receive the earnest money,Jess any independent consideration under
Paragraph 75(1),as liquidated damages and as Buyers sole remedy;or
(TAR 1801) 1-1-16 Initiated for Identification by Seiler S and Buyer _. Page 9 of 14
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(2) extend the time for performance up to 15 days and closing will be extended as necessary;or
(3) accept at closing: (i) the Property in its damaged condition; (ii) an assignment of any insurance
proceeds Seller is entitled to receive along with the insurer's consent to the assignment; and (iii) a
credit to the sales price in the amount of any unpaid deductible under the policy for the loss.
B. If before closing, condemnation proceedings are commenced against any part of the Property, Buyer
may:
(1) 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 under
Paragraph 7B(1), will be refunded to Buyer;or
(2) appear and defend the condemnation proceedings and any award will, at Buyers election, belong
to: (a) Seller and the sales price will be reduced by the same amount; or (b) 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 Paragraph 18, each party hereby releases the title company from
all claims related to the disbursal of the earnest money.
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; (di)
reasonable attorney's fees;and(iv) all costs of suit.
G. U Seller 0 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
Jto occur.
(TAR-1801)1 A-16 Initialed for Identification by Seller I�1 ,__ -and Buyer (lsPage 10 of 14
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Commercial Contract-Improved Property concerning 4301 viclet ad.,co,Tx Violet Park
Prep„AyGeedaon Stete,..cnt(TAR 1108).
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.
O 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 heirs, executors, representatives, successors, and
permitted assigns. This contract is to be construed in accordance with the laws of the State of Texas-.
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 he 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.)
ei (1) Property Description Exhibit identified in Paragraph 2;
Eta (3) Commercial Contract Financing Addendum (TAR-1931);
• •
(TAO-1801) 1.1-16••• Initialed for IdentifteatIon by Seller top and Buyer / .' _ Page 11 of 14
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Commercial Contract-Improved Property Concerning 4301 Violet RC ee,TX Violet Pan
Hazards (TAIL 1906);
13 o
(10) Information About Brokerage Services (TAR-2501);and
[] (11) Addendum to Commercial Improved Contnct and Exhibit B-AS IS Addendum
(Note: Counsel for the Texas Association of REALTORS®(TAR)has determined that any of the foregoing addenda witch are
promulgated by the Texas Real Estate Commission(TREC)or published by TAR are appropriate for use with this form.)
E. Buyer el may U 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 of Buyer's obligations
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.' The real property is described in Paragraph 2 of this contract.
Q. If the Property adjoins or shares a common boundary with the tidally influenced submerged lands of the
state, §33.135, Texas Natural Resources Code, requires a Notice regarding coastal area property to be
• included aspart 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 locationof 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 o later be subject to annexation
by the municipality. Each municipality 1m@intains a map that dept its a aries and ETJ. To
(TAR4ae1)I-1-16 Initialed for Identification by Seller and Buye Page 12 01 14
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Commercial Contract- Improved Property concerning 4301 Violet Rd,CC.TX Violet Park
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. If apartments or other residential units are on the Property and the units were built before 1978, federal
law requires a lead-based paint and hazard disclosure statement to be made part of this contract.
H. Section 1958.154, Occupations Code requires Seller to provide Buyer a copy of any mold remediation
certificate issued for the Property during the 5 years preceding the date the Seller sells the Property.
I. 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.
J. 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 April 30, 2018 , 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.
City of Corpus Christi, a Texas municipal
Seller: corporation Buyer:Isaac Camacho 8,Janet Lynn Camacho
By: . By: 4/ z
By(signature): C' By(signature): .411
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(TAR-1801) 1-1-16 Page 13 of 14
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Commercial Contract-Improved Property concerning
AGREEMENT BETWEEN BROKERS
(use only if Paragraph 98(1)is effective)
Principal Broker agrees to pay Century 21 Best of the Best (Cooperating Broker) a
lee when the Principal Broker's fee is received. The fee to be paid to Cooperating Broker will be:
❑ $NIA or
9 225 M of the sales price, or
❑ NIA % of the Principal Broker's fee.
The title company is authorized and directed to pay Cooperating Broker from Principal Brokers fee at closing.
This Agreement Between Brokers supersedes any prior offers and agreements for compensation between
brokers.
Principal Broker: The Grower Company do George B.Clower Cooperating Broker: Century 21 Best of the Best
tic Lowell Gaut
By: By:
ATTORNEYS
Seller's attorney: Buyers attorney:
Address: Address:
Phone&Fax:. Phone&Fax:
E-mail: E-mail:
Sellers attorney requests copies of documents, Buyer's attorney requests copies of documents,
notices,and other information:. notices, and other information:
O the title company sends to Seller. ❑the tale company sends to Buyer.
O Buyer sends to Seller. 0 Seller sends to Buyer.
ESCROW RECEIPT
The title company acknowledges receipt of:
O A. the contract on this day (effective date);
O B. earnest money in the amount of$ 1,soo.ou in the form of on
T1UC Company:San Jacinto Title Co.of G.C. Address: 520 Lawrence St.CC.Texas 78401
By. Phone&Fax:56t.0B4.T682
Assigned file number(GF#): E-mail: sherlvgrahreann@Saniaeintotine.cnm
(Tori-7807) 1-1-16 Page 14 at 14
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ADDENDUM to the COMMERCIAL CONTRACT - IMPROVED
PROPERTY between THE CITY OF CORPUS CHRISTI, a Texas Municipal
Corporation (the"SELLER") and Isaac Camacho &Janet Lynn Camacho
(the"BUYER")
1. This contract is contingent upon final approval from the Corpus Christi City Council.
2. Buyer aclmowledges 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 Buyers 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 the Buyer's intended use is permitted in the
current zoning district of RS-6(Single Family 6) for 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 lreiff_ Buyer's Initial)
EXHIBIT "A"
Property Description
________LJ--" No. '
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An improved tract of land located at 4301 Violet Road being legally described as Martine
Subdivision, Lots 1, 2, & 3, Block 1, Corpus Christi, Nueces County, Texas with any and all
improvements contained thereon.NCAD Tax 1D#4868-0001-0010.
'y
Seller's Initial's / Buyer's Initial
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
WIREEMENT.
(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.
scller's Initial's ,`t layer's Initial'
TEXAS ASSOCIATION OF REALTORS®
COMMERCIAL CONTRACT FINANCING ADDENDUM
USE OF THIS FORM BY PERSONS WHO ME NOT MEMBERS OF TE TEXAS wriA11011 OF RELLTORSa'S NOT ANXCR®.
mans Punctilio,a REOLTOR9q Mc Am
ADDENDUM TO COMMERCIAL CONTRACT BETWEEN THE UNDERSIGNED PARTIES CONCERNING
THE PROPERTY AT
4301 Violet Rd, CC,TX Violet Park
The portion of the Sales Price not payable in cash will be paid as follows: (Check a0 that apply.)
❑X 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$ 127,000.00 for not less than years with the initial interest rate
not to exceed 9.000 %per annum and payments calculated on an amortization period of no
less than 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 N/A
dated NIA which balance at dosing will be$NIA
(2) Buyers initial payment will be the first payment due after closing. Buyers assumption of the existing
note includes all obligations imposed by the deed of trust securing the note, recorded in
N/A (recording reference)
in the real property records of the county where the Property is located.
(3) If the unpaid prindpal balance of the assumed loan as of the date of dosing varies from the loan
balance stated in Paragraph 13(1),the cash payable at dosing will be adjusted by the net amount of
any variance; provided, if the total principal balance of the assumed loan varies in an amount
greater than$ NIA at dosing,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 dosing.
(4) Buyer may terminate the contract and the earnest money, less any independent consideration under
Paragraph 76(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$ WA and Seller declines to pay
such excess;
(b) an increase in the interest rate to more than NIA %;or
(c) any other modification of the loan documents.
(5) Unless Seller is released of liability on any assumed note, Seller requires a vendors 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 Sella M1'j) , ,end Buyer Page 1 of 4
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4301 Violet Rd,CC,TX
Commercial Contract Financing Addendum concerning VjotetPark
(6) If assumption approval is required by the note holder, Buyer will apply for assumption approval
within_ N/A 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 NIA 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. N 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 dosing, Buyer will execute and deliver a promissory note (the note)from Buyer to Seller in the
amount of$ N/A ,bearing NIA % 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 N/A after the date
of the note,with interest payable: ❑(i)monthly LI(ii) N/A
❑ (b) In installments of $ N/A LI including interest ❑plus interest
beginning N/A after the date of the note
and continuing at ❑monthly❑ N/A intervals thereafter for
NIA when the entire balance of the note will be due and payable.
L (c) Interest only in 9 monthly❑ N/A installments for the first NIA
years and thereafter in installments of$ N/A LI-Including interest ❑plus interest
beginning N/A after the date of the note and continuing at
❑monthly ❑ N/A intervals thereafter for NIA
when the entire balance of the note will be due and payable.
(3) The note will be secured by vendors 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 9 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 owners 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 Sellers prior written consent, Seller, at
Seller's option, may declare the outstanding principal balance of the note, plus accrued interest,
immediately due and payable.My 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 Is
(TAR-1e31)1-26-1 a Inhaled for Identification by SeIocM) • ,and Buyer. Page 2 aro
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4301 Violet Rd,CC,TX
Commercial Contract Financing Addendum concerning Violet Park
(9) Dtnosits 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.
9 D. CREDIT APPROVAL ON ASSUMPTION OR SFI I FR FINANCINr:
(1) To establish Buyers creditworthiness for assumption approval or seller financing, Buyer will deliver
to Seller the following Information(Buyer's documentation)within NIA 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 N/A
(f) N/A
(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 NIA 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 Buyers credit.
❑ E. SPECIAL PROVISIONS:
N/A
(TAR-1931)1-26-10 Initialed for Identification by Seller. ,and Buyer. Page 3 of 4
nudumd.lm atim A by E4(cRY 11079fami We Road. .I/64M db)F 1111,LikaPal anti.
4301 Violet Rd,CC,TX
Commercial Contract Financing Addendum concerning Violet Park
City of Corpus Christi, a Texas municipal
Seller:corporation Buyer:Isaac Camacho&Janet Lynn Camacho
By By:
By(signature): yr�C By(signature):
Printed N1,me: Met i c-) C• ROS2-' Printed Name: 1',r, , �• a,,� �
Title: 'mac-( Title:
By: By:
By(signature):it—C."47-1_17By(ted N u jGG�'Printed a e: l... Printed Name: /lvI [ `/)p(�t-G
Title: t. Title:
Vtiveg at)brill'.
Ua��tji:-►r
Assis` nt is :!AtterneY
For City f.ttot Y
•
(TAR-1931)126-10 Page 4 of 4
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