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REAL ESTATE CONTRACT <br />THIS REAL ESTATE CONTRACT ("Contract") is made and entered into by and <br />between The Linnie Ray Spencer 1998 Revocable Management "A" Trust ("Seller") <br />and the City of Paris, Texas, a home rule municipal corporation ("Purchaser"). <br />ARTICLE 1 <br />Sale and Purchase <br />Section 1.1 Subject to the terms and provisions hereof, the Seller agrees to sell <br />to the Purchaser, and the Purchaser agrees to purchase from the Seller, that certain <br />real property being Lots 5 and 6, Block 1 of the Henry Smith's 2"d Addition, located at <br />165 West Center Street, Paris, Texas, more particularly described on Exhibit "A" <br />attached hereto and incorporated herein for all purposes together with, all and singular, <br />all improvements thereon and all rights and appurtenances pertaining thereto, such <br />interest in real estate, improvements, rights and appurtenances being herein referred to <br />individually and collectively as the "Property." <br />ARTICLE 2 <br />Consideration for Convevance <br />Section 2.1 The purchase price ("Purchase Price„) for the Property is ONE <br />HUNDRED AND FIFTEEN THOUSAND and no/100 DOLLARS ($115,000) payable in <br />cash at Closing. <br />ARTICLE 3 <br />Survev and Title Policy <br />Section 3.1 Within twenty (20) days from the Effective Date of this Contract, the <br />Seller, shall deliver or cause to be delivered to Purchaser a current boundary survey <br />("Survey") of the Property, containing a metes and bounds description of the Property. <br />The Survey shall be sufficient to permit the Title Company, to modify the standard <br />printed exception in the Owner Policy of Title Insurance pertaining to discrepancies in <br />area or boundary lines, encroachments, overlapping of improvements, or similar matters <br />(herein called the "Survey Exception"). The Survey shall indicate the location of all <br />improvements on the Property, if any. Further, the Survey shall indicate the location of <br />all title exceptions which can be located thereon. The Surveyor shall also comply with <br />the requirements set forth in Exhibit "B" attached hereto and made a part hereof by <br />reference. The Purchaser shall pay for the cost of the survey at reasonable and <br />customary price. <br />REAL ESTATE CONTRACT/TO CITY EX HIB IT ,g,. <br />(No Earnest Money) (Inspection Fee) ~ 0 l,~ O p PAGE 1 <br />4aU U <br />