2014-022 - Authorizing a contract for the acquisition of real property

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Contract Concerning Lamar CAD PIDN 18639 Lot 1 Block 308 City of Paris, 20.741 acres Page 4 of 8 4 -28 -2014 (Address of Property) following specific repairs and treatments: (Do not insert general phrases, such as "subject to inspections" that do not identify specific repairs and treatments.) C.COMPLETION OF REPAIRS: Unless otherwise agreed in writin • (i) Seller shall complete all agreed repairs and treatments prior to the Closing Date; and (gi) al required permits must be obtained, and repairs and treatments must be performed by persons who are licensed to provide such repairs or treatments or, if no license is required by law, are commercially engaged in the trade of providing such repairs or treatments. At Buyers election, any transferable warranties received by Seller with respect to the repairs and treatments will be transferred to Buyyer at Buyer's expense. If Seller fails to complete any agreed repairs and treatments prior to the Closing Date Buyer may exercise for Seller remedies under gre l repairs and extend the Closing Date up o 5 days, if necessary, P P treatments. D.ENVIRONMENTAL MATTERS: Buyer is advised that the presence of wetlands, toxic substances, including asbestos and wastes or other environmental hazards, or the presence of a threatened or endangered species or its habitat may affect Buyer's intended use of the Property. If Buyer is concerned about these matters, an addendum promulgated by TREC or required by the parties should be used. E.SELLER'S DISCLOSURES: Except as otherwise disclosed in this contract, Seller has no knowledge of the following: (1) any flooding of the Property which has had a material adverse effect on the use of the Property; (2) any pending or threatened litigation, condemnation, or special assessment affecting the Property; (3 any environmental hazards that materially and adversely affect the Property; (4) any dumpsite, landfill, or underground tanks or containers now or previously located on the Property; (5) any wetlands, as defined by federal or state law or regulation, affecting the Property; or 6 any threatened or endangered species or their habitat affecting the Property. S. BROKERS' FEES: All obligations of the parties for payment of brokers' fees are contained in separate written agreements. 9. CLOSING: September 30 20 14 or within 7 days A. The closing of the sale will be on or before P y after objections made under Paragraph 6D have been cured or waived, whichever date is later (Closing Date). If either party fails to close the sale by the Closing Date, the non - defaulting party may exercise the remedies contained in Paragraph 15. B. At closing: (1) Seller shall execute and deliver a general warranty deed conveying title to the Property to Buyer and showing no additional exceptions to those permitted in Paragraph 6 and furnish tax statements or certificates showing no delinquent taxes on the Property. (2) Bu�er shall pay the Sales Price in good funds acceptable to the escrow agent. 3 Se Per and Buyer shall execute and deliver any notices, statements, certificates, affidavits, releases, loan documents and other documents reasonably required for the closing of the sale and the issuance of the Title Policy. (4) There will be no liens, assessments, or security interests against the Property which will not be satisfied out of the sales proceeds unless securing the payment of any loans assumed by Buyer and assumed loans will not be in default. 10.POSSESSION: A. Buyer's Possession: Seller shall deliver to Buyer possession of the Property in its present or required condition upon closing and funding. B. Leases: (1) After the Effective Date Seller may not execute any lease including but not limited to mineral leases) or convey any interest in the Property without Buyer's written consent. (2) If the Property is subject to any lease to which Seller is a party, Seller shall deliver to Buyer copies of the lease(s and any move -in condition form signed by the tenant within 7 days after the Effective Da a of the contract. 11. SPECIAL PROVISIONS: (Insert only factual statements and business details applicable to the contra t addendum or prohibit licensees has beedndpromulgatedtby statements for business adaory use.) for which a This sale is a conveyance of real property made in lieu of paying taxes, subject to the terms of Texas Property Tax Code Section 31.061, and subject to the approval of the taxing units: Lamar County, City of Paris, Paris Independent School District, and Paris Junior College. This conveyance satisfies Seller's obligations with regard to the payment of property taxes on this property. Buyer shall pay all transaction costs, subject to appropriation. Buyer and Seller are not represented by brokers. Buyer's lawyer shall fill in the final date of acceptance following execution by all parties. Initialed for identification by Buyer and Seller 1 KCI. GNU. 7 -11