2010-042 RES APPROVING PURCHASE OF LOTS 5 & 6, BLOCK 1 OF HENRY SMITH 2ND ADDITION

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REAL ESTATE CONTRACT THIS REAL ESTATE CONTRACT ("Contract") is made and entered into by and between The Linnie Ray Spencer 1998 Revocable Management "A" Trust ("Seller") and the City of Paris, Texas, a home rule municipal corporation ("Purchaser"). ARTICLE 1 Sale and Purchase Section 1.1 Subject to the terms and provisions hereof, the Seller agrees to sell to the Purchaser, and the Purchaser agrees to purchase from the Seller, that certain real property being Lots 5 and 6, Block 1 of the Henry Smith's 2~d Addition, located at 165 West Center Street, Paris, Texas, more particularly described on Exhibit "A" attached hereto and incorporated herein for all purposes together with, all and singular, all improvements thereon and all rights and appurtenances pertaining thereto, such interest in real estate, improvements, rights and appurtenances being herein referred to individually and collectively as the "Property." ARTICLE 2 Consideration for Convevance Section 2.1 The purchase price ("Purchase Price") for the Property is ONE HUNDRED AND FIFTEEN THOUSAND and no1100 DOLLARS ($115,000) payable in cash at Closing. ARTICLE 3 Survey and Title Policy Section 3.1 Within twenty (20) days from the Effective Date of this Contract, the Seller, shall deliver or cause to be delivered to Purchaser a current boundary survey ("Survey") of the Property, containing a metes and bounds description of the Property. The Survey shall be sufficient to permit the Title Company, to modify the standard printed exception in the Owner Policy of Title Insurance pertaining to discrepancies in area or boundary lines, encroachments, overlapping of improvements, or similar matters (herein called the Survey Exception"). The Survey shall indicate the location of all improvements on the Property, if any. Further, the Survey shall indicate the location of all title exceptions which can be located thereon. The Surveyor shall also comply with the requirements set forth in Exhibit_"8" attached hereto and made a part hereof by reference. The Purchaser shall pay for the cost of the survey at reasonable and customary price. REAL ESTATE CONTRACT/TO CITY E/1HIG1~TA- PAGE 1 (No Earnest Money) (Inspection Fee)