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HomeMy WebLinkAboutContract 48454 C1TY SEC Y. Z ACT. _. PROMULGATED 13Y THE TEXAS REAL ESTATE COMMISSION(THLO) ONE TO )=OUR FAMILY RESIDENTIAL CONTRACT(RESALE) ERUARC)MY .. .. - - ePPORiVH11 -. ... ' NOTICE: Not ForUse For Condominium Transactions 1. .PAR'1 fES:The parties to this contract are: ez�� o t±ort� WORTH (Seller)and KANE URBAN (Buyer Seller agrees to sell and convey-to Buyer and-Buyer agrees to buy from Seller the Property defined.. below. 2. PROPERTY:.T.he land,improvements and accessories are collectively referred to as the"Property". .--.A. LAND:Lot. . . . 11 - Block _ 5 , ' _ .. - GREENWAY Count of . .... Addition;City of FORT WORTH y 'rARxAzsm Texas,known as 1800 GREENFIELD ,_.VLNUE 76102 (address/zip code);or as described on attached exhibit, 13, IMPROVEMENTS. The house, garage and all other fixtures and Improvements attached to ft. . Above-described real property, including without limitation; the: following permanently lnstalled and built-in items, :if any:-all equipment and.appliances,.valances, screens,.shutters, awnings, wall-to-wall carpeting; mirrors,..ceiling .fans, attic fans, mail boxes, television antennas, mourits - and brackets for televisions and Speakers,. heating.and air conditioning units,. security and fire detection equipment, wiring; plumbing and lighting fixtures, chandeliers,-water softener system, kitchen equipment; garage,door.openers;. cleaning..equipment, shrubbery,-landscaping, outdoor cooking equipment, and all other property.owned by Seller and.attached to the above described . real property C. ACCESSORIES: The following desctikied related accessories,,if any: window air conditioning units, stove, fireplace screens; curtains and rods, blinds, window shades, draperies and.rods, door keys,.. mailbox keys, .above ground pool,- swimming pool equipment and maintenance accessories,.- -artificial fireplace- - lop, and controls for: 1 garage doors, {i} entry _gates,..and (iii) other- improvements and accessories. - D: EXCLUSIONS: The following.improvements and accessories will-be retained by Seller and must. be removed prior to delivery of possession: Noma -S. SALES PRICE A.Gash portion of Sales Price payable by Buyer at closing _: $ 45,62 00 B. Sum of all financing described in the attached: Third Party Financing Addendum, . [] Loan Assumption Addendum,.[j Seller Financing Addendum $ C. Sales Price(Sum of A and B).., ... . . .• ... ., .. . ., ... . . $ 45,02 6.00 4: LICENSE HOLDER DISCLOSURE: Texas law requires a real estate license holder who is.a party to.a �� b transaction or acting on behalf of a spouse, parent, child,.business entity in which the license holder I owns more-than 10%, or a trust for which the license holder acts as a trustee or of which the license holder or the license holder's spouse,-parent or child is a beneficiary, to notify the_other party in g wntin before entering into a contract of sale. Disclose if applicable. .,N A t=ARN1=5T MONEY:-Upon execution of this contract. by all . pard s Bu e --shall deposit f,ee=N, $1.o 00T_ ©o©o _ as earnest money with t - ,gas escrow agent, (address),Buyer shall deposit \� > � i{l additional comes`money of$VlAwith escrow agent within 3 days after the effective }� date of this .contract.. If Buyer-fails to deposit the .earnest money asrequired by this contract, Buyer - . will be to default. _ 6. TiTLE POLICY AND SURREY: .... . �. A.TITLE POLICY.Seller shall fumish t Buyer of [Z] Seller's d Buyers expense an owner policy of title ®. Insurance(Tale Policy)issued by. �d.r�c.F� TITLE (Title Company)in the e - amount of the Sales Price} dated..at or after closing; Insuring Buyer against loss under the -� provisions_ of.the.Title Policy, subject to the-promulgated exclusions (including existing building and zoning ordinances)and the following exceptions: rrt. Z' (1) Restrictive covenants common to the platted subdivision in which the Property is located. .. (2) The.standard printed exception for standby fees,taxes and assessments. y rn (3j Liens created as part of the financing described in Paragraph. 3. (4) Utiilty easements created.by the dedication deed or plat of the subdivision to which the Property is located, Q initialed for identification by Buyer kt 1 and Seller_ TREC NO.20-1 S M"SIrMESPATEsiROUP,6731Bridge Supa,Suitt 39Fort WorhIx76it2. I?Nne:817-655-3670 fujx. . -. SW..9 S>e� Produced with zipForrtt®bY-4PLo90c 18070 R.ileen M4e.tioad,fraser,hAOMBan 48026 MnvxioLonlx com 800 GREENFIELD NUE 1 ELD �ZTE Contract Concerning FORT WORTH .. .76102 Page 2 of 9_ 11-2-2015 . (Address of Property). - (5).Reservations or exceptions .o#berwIse. permitted by chis contract or-as may. be,approved by Buyer in writing... . (6) .The standard printed exception as to marital rights; (7) Thee standard printed exception as to waters, tidelands,..beaches; streams, .and related Matters. (8) The. standard printed exception as to discrepancies, - conflicts; shortages in area- or boundary - lines, encroachments or protrusions, . or . overlapping improvements: ❑ (i) wdf '_ not be amended .or deleted from the title olicy; or (if) will .be .amended to .read l "shortages in area.."at the expense of w Buyer -Seiler 15 B. COMMITMENT_ Wlthfn 20. days after -the Title Company receives a copy .of this contract, Seller shall furnish to. Buyer a commitment.for title insurance (Commltment) and, at Buyer's expense, .legible copies.of restrictive covenants and .documents evidencing exception in the Commitment . (Exception. Documents other than the standard printed .exceptions.. Seller authorizes the Title Company to deliver.the Commitment and Exception Documents to Buyer at Buyer's address shown in Paragraph.21.- if the- Commitment and Exception .Documents are.. not -delivered to Buyer .within the specified time, the time for delivery will be automatically extended up to 15 days or 3 clays before the Closing Date, whichever is earlier.. if, due-to factors beyond'Seller's control; the Commitment and Exception Documents are not delivered ithin the time required, Buyer may terminate this -contract and, the .eamest money vrill be . refunded to Buyer. C. SURVEY: The survey roust be made by.a registered professional Land surveyor acceptable do the Title Company and Buyer's lender(s).(Cheek one box only) (1) . effective date of this contract,-Seller shall furnish: to. Buyer Within days after the and Title- Company Seller's existing survey of the Property and :a Residential Real Property ....,..Affidavit_promulgated by the Texas Department, of Insurance (T-47• Affidavit). if Seiler falls to furnish the existing survey._ or affidavit within the.time prescribed, Buyer, shall obtain a new.survey at Se,ller's expenso no later than 3 days prior #A Closing Date. If the existing survey or affidavit. Is not acceptable- to Title Qompany.ar. Buyer's lender(s); Buyer shall obtain a new survey at U seilei's [] Buyer's expense rio later than.3 . days prior to Closing Date. (2).Within 30 days after the effective_date of tilts contract,Buyershai[ obtain.a new survey at Buyer's expense., Buyer is deemed to receive the survey on the date of actual . receipt or the date specified in this paragraph,whichever is earlier. (3) Within days after the effective date of this contract, Seller, at Setter's expense shall furnish a new.survey to Buyer. D. OBJECTIONS: Buyer may object in writing to,.de exceptions, or.enciainbrances to title: disclosed on the survey :other than items 6A(1) through (7} above, disclosed In: the Commitment.other than items 6A(1) through (8) above; or vsihich prohlblt the following use ! or activity:SINGLE FA>4IL7i RESIDFNTIAI, Buyer must object fhe earlier of(i)the Closing Date or(ii} 1D days.after Buyer receives the Commitment,.Exception .Documents, and the..survey. Buyers failure to abject within- the time- allowed. will constitute a waiuer .of.Buyer`s right to object; except that the requirements in Schedule C of the Comir nt- are not- waived by Buyer. Provided Seller Is not obligated " to incur any expense, Seller` cure the timely objections of 6uyar or any third party lender . t f IV inrithin _15 days after Seller receives- the objections and.the GlosingD.ate will be extended as - necessary. if objections are.not cured within.such 15 day period, this-contract will terminate .: and the earnest money will be-refunded to Buyer unless Buyer waives the objections. . E. TITLE NOTICES: (1) ABSTRACT OR TITLEPOLICY: Braker advises Buyer to have an'abstraet of titre covering the :Property examined by an attorney of Buyer's selection;.or :Buyer should be furnished with. or obtain a Title Policy, If a Title Policy.is furnished, the Commitment should .be --promptly ..reviewed by. an, ttorney of Buyers.choice due to the time .limitations- on Buyer's rightto object. (2) MEMBERSHIP .IN- PROPERTY OWNERS ASSOCiATiON(S): The.Property Q is 0.is not subject to mandatory membership.in a property owners assoclation(s). If the Propert}�_is _. subject. to mandatory membership in. a property owners .association(s),..Seller notifies Buyer under. §5.812,. Texas. Property Code, that, as a purchaser of property .in' the residential community identifled:in Paragraph .2A in which the-Property is located, you are obligated to. be a member. of .the .property. owners, assoclation(s).. Restrictive covenarft governing the -use , and occupancy of the Property. and alll dedicatory :instruments governing the establishment, maintenance, sir operation of this residential community Raw been or will be recorded in the.Real.Property Records. of the county in which the Property is located, Copies of .the restrictive. covenants and dedicatory instruments may. - p dY.y be obtained from the county clerk. You are obligated to pay assessments to the. . _. . propgrtx owners -association (s). The amount of the assessments is sub ect to . Initialed for identification by Buyer kt)�: and Sel1 13 TREC NO-20 Prodoced with xlpForrrrQ�4Y?JPi agnc-18070 Fifteen Mlle Road,Fraser,Michigan 48026 wvnvzi o ix.co Ervin 1.800 GREENFIELD AVENM Contract Conceming VORT WORTH 76102 Page 3 of 9 11-2-2015 (Address of Property) change -Your 'failure to VU the assessments. :could result.. in enforcement of .the assoclation's lien on and the foreclosure of the Property. Section 207.0n'! Gode, entitles an owner to receivecopies of any document that : governs the estabfishmertt,. maintenance, or operation_ of_a- subdivision,.including, but not limited to,_. restrictions, bylaws, rules .and .regulations, and a resale certificate from a property owners` association._ A. resale. cern#fcate contains information includin but. not g limited to, statements specifying the amount. and:frequency _of regular_-assessments and the. style and cause number of lawsuits to which 'the. property owners' association ,is a party, other than. lawsuits.relating..to unpaid. ad .valorem taxes of.an individual member of the association. These documents.must be made available to_you by_the .property.owners'. association.or the-association's agent on your request.... If Buyer is concerned about these matters, the THtG pramutigated Addendum for Property Subject .to Mandatary Membership—In-in a Property Owners Assoclation(s) should be used. (3) STATUTORY TAX DISTRICTS: 'If the Property, is situated to a ufilfty 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 fee of the district..prior to final execution of this contract. {4) TIDE WATERS:. If the Property abuts the tidally influenced waters of the state, §33:135, Texas Natural-Resources Code, requires a.notice regarding- coastal area property to be included in..the. contract. An . addendum containing .the notice promulgated -by T9EC or required by the parties most be used. . :- (5) ANNEXATION: If the-Property Is located outside the limits of a municipality, Seller notifies Buyer under §5.Ot 1, Texas Property.Code,that the Property may now or later be included in the extraterritorial jurisdiction 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 extraterritorial jurisdiction. To determine_ If _the Property is located within a. municipality's. extraterritorial .jurisdiction. or is. likely. to. be. located .within. a municipality's. extraterritorial jurisdiction, .contact .all municipalities. located in the general proximity of . the Property for further information. . (6) PROPERTY LOGATED IN _A CERTIFICATED SERVICE.AREA_OF A.. UTILITY Si~RVICE PROVIDER: Notice required by. §13.257,. Water `code: The real .property described in Paragraph 2, 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 he-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 servlce. 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 Jo determine .the cost that you will. be. reported to pay..and the period; if.any; that is - required to - provide water- or sewer service to.- your .property. .The undersi red . Buyer .'. . g 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 Paragraph-2 or.at- closing of purchase of the real property. (7) PUBLIC. IMPROVEMENT DISTRICTS: if the Property is in a public improvement distnct, . §5.014, Property Code, requires Seller to notify Buyer as.follows: As. a purchaser of this .parcel. of real property,you are. .obligated to pay an assessment to a municipality or county. for an improvement project undertaken by a public. improvement district ..under Chapter_-872, Local :Government Code. The assessment . may be. due annually or, in periodic. installments. More information concerning the amount of the assessment .and the . .. due dates of that assessment may be obtained from the municipality or county levying the assessment The amount of the assessments Is subject to change, Your failure to .pay the.assessments could result In a lien on.and the foreclosure of your property. (8) TRANSFER FEES: If the Property. is subject to a private transfer fee obligation, 5,205, p p § Property Code, requires .Seller to . notify Buyer,. as follows. The prfuate -transfer fee obligation may be governed by Chapter 5,Subchapter O of the Texas Property Code. (9).PROPANE GAS SYSTEM SERVICE AREA: if the Property is .located in :a propane gas system service-area owned by a, distribution. system retailer, Seller must give Buyer written notice as required by §141.010, .Texas Utilities .Code. . An .addendum con..taiNng the notice approved by TREC or required by the parties should'be used. . (19) NOTICE-O1= 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 hereb notifies. Buyer: "The water . leve.! . of the - y impoundment of water adjoining.the Property fluctuates for various reasons,. including as - initialed for Identification by Buyer U) and Seller Ti EC NO:20-13 Produced with Afform®byApt-ogtu 18070 Fifteen Mile Road,Fraser,Michigan 40026 WWWO"ON.Com Ervin. . 1800 GREENFIELD AVENUE .. Contract Gonberning T FORT WORTH 76102 P404 of 9 #[�,2pib . {Address of Property] a result .of: (1)- an entity lawfully exercising its right. to .use the water stored in the impoundment;or(2)drought or flood conditions." 7 PROPERTY CONDITiOAI;. A: ACCESS, INSPECTIONS AND UTILITIES: Seller shall permit Buyer and Buyers agents access / to. the Property at reasonable.times. Buyer may have the Property inspected,by-inspectors j?�I selected by Buyer-and. licensed by.TREG or .otherwise .permitted by law to make inspections. Any.hydrostatic testing must be .separately authorized by. Seller tlin writing. 3� i' s -. es r B; $EL.LEFI'S DISCLOSURE NOTICE PURSUANT TO§5008,TEXAS i hOPERTY CODE(Notice): . �Check one box only) f} Buyer has received the Notice. .(2}-R.uyer has not received. the Notice. Within days after the effective date. of this contract, Seller shall deliver the Notice to Buyer. If Buyer does not receive the Notice, Buyer may terminate this contract at any time prior to the closing. and the.earnest money. will be refunded to Buyer. If Seller delivers the Notice, Buyermay may terminate this contract. - for,any reason within .7 clays after Buyer. receives the Notice or prior to the .closing, whichever first occurs,-and the earnest money will be refunded to Buyer, xQ(3) The Seller is not required to furnish the notice under the Texas Property Code: C. SELLER'S DISCLOSURE DF- LEAD-BASED PAINT AND LEAD-BASED PAINT HAZARDS is required by Federal law for a residential dwelling constructed.prior.to 1978. D; ACCEPTANCE OF PROPERTY CONDITION: As.Is" means the present condition of the Property With any and all defects,and without warranty except for the warranties..of title and the warrantiess. in this contract. Buyer's agreement to accept the Property As Is under Paragraph ...-IDM or (2) does not preclude Buyer from inspecting the Property under .Paragraph 7A, from.. negotiating repairs or- treatments . in .a subsequent amendment,.- or from terminating .this. contract during the Option.Period, if any. (Check one box only) (1)Buyer accepts the Property As is.. (2) Buyer accepts the Property.As is provided Seller, at Bailer's expense, shah complete the the following specific repairs and treatments: - _ (Do not.insert general }phrases, such as "subject to inspections'.that do not identify specific repairs and treatments.) E: LENDER REQUIRED REPAIRS AND TREATMENTS. Unless otherwise agreed in writing, neither ...party is. obligated top ay for, lender required repairs, which includes treatment for wood destroying insects: If the parties do not agree, to pay for the lender required.. -repairs. or treatments, this contract will terminate and the earnest money will be refunded to Buyer. If the cost of lender required.repairs and treatments exceeds .5°f° of the Sates Price, Buyer may terminate this contract and the earnest money will be refunded to Buyer- F.-COMPLETION OF REPAIRS AND TREATMENTS:. Unless otherwise.agreed in writing: ji) Seller shall complete all agreed repairs and treatments prior to the Closing Date; and (!i) all 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 Buyer's election, any- transferable warranties . received . by .Seller with respect to the .repairs and - treatments will be .transfered to Buyer at Buyer's expense.. If Seller fails to complete any Under- agreed repairs and treatments prior to the. Closing Date, Buyer. may-exercise remedies under- Paragraph.15 or .extend the Closing Date up to 5 days if necessary-for Seiler .to complete the repairs and treatments. G: ENVIRONMENTAL_MATTE RS:-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. H RESIDENTIAL SERVICE CONTRACTS Buyer may purchase a resident[ai service contract from a from TREC, if residential service company licensed by fBuyer .purchases a residential service.. contract, Seller shall reimburse Buyer, at closing for the cost of the -residential service -contract. in:an amount not exceeding$N/A. . Buyer should review any residential service contract for the _scope of coverage, exclusions and limitations. Thepurchase of a residential service contract is- optional. Similar coverage may ,be purchased - froth various .. companies authorized to do busiress In Texas. . -8. 13ROKSRS' FEES: .All obligations of.the parties for payment of :brokers' fees.are contained to . separate written agreements. initialed for identification by Buyer kU and Seller TREC NO.P-0-13 Produced withzlpFormfby zipLo& 113070 Fifteen Mile Road,Fraser,Michigan 48026. www.zl o ix.00m . Ervin . 1800 GREENFIELD AVENUE Contract Concerning FORT WORTH, 76102 Page 5 pf 9 11-2-2015 (Address of Prop e 1" . 117 j6 AA A. The closing of the sale witl be on or before. -; - ,or within 7 t.r days after objections made under Paragraph 6D have been cured or Waived,:whichever date Is later (Closing Date). If either party falls .to close.the sale by-.the Closing.Hate, the non- 1�r3 defaulting party may exercise the remedies Gontdinl in Paragraph 15. B. At closing: Spee ifn (1)Seller shall .execute and deliver _a 4-teRvi* warranty deed conveying title to the Property *Q' i to. Buyer ..and showing no additional exceptions to those permitted .in.Paragraph 6 and x .. furnish tax statements or certificates showing no delinquent taxes on the Property1 l . (2)Buyer shall pay the Sales Price.[n good funds acceptable to the.escrow agent. (3)Seller- .and. Buyer. shall execute and deliver . any notices, statements, certificates, affidavits, releases,-.loan documents and other documents . reasonably required for the ✓O ' closing of thesaleand the.issuance of the Title Policy_ (4)Thera will be no liens, assessments, or security interests against the Property which will: /g�� 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. (5) If the Property is subject to.a residential lease, Seller :shall transfer security deposits (as defined under §92:102, Property Code),.if. any, to Buyer. In such an event, Buyer shall ' deliver to the.tenant.a signed statement acknowledging that the Buyer has acquired the . Property, and.is_ responsible_for the return of the security- deposit,..and-.speeifyIng.the . exact dollar amount of the security deposit. t0. POSSESSION: ... A. Buyer's.Possession: Seller shall deliver_to Buyer possession of the .Property. m its present or required condition,. ordinary . .wear. .and.. tear excepted. upon closing and funding I] according to a.temporary residential lease form promulgated by- TF. -C or other. written lease required by the.parties. Any-possession by.Buyer prior to closing or by. Seller-after . closing which .is not authorized _ by. a written lease will establish a tenancy. at sufferance relationship -between the . parties. Consult your insurance .agent . prior to .change of ownership and . possession because insurance coverage may be limited or terminated The .absence. of a .written lease or appropriate insurance coverage may.- expose ay.expose the parties to econornic loss, - B. Leases: (t)After.-the_ Effective Date; Seiler may not execute any:lease (including.but not limited to G mineral leases)or convey any interest-in the Property without Buyer's written consent.._. (2)1f the Property .is subject to .any lease to.which seller is a party,. Seller shalt:deliver to Buyer. eoples of .the lease(s) and. any move-in condition form signed by the tenant within 7 days after the Effective Date of the contract.. a 11SPECIAL PROVISIONS: (Insert only factual statements and business _details applicable to the sale. TREC .rules. prohibit .license holder from adding..,factual statements or business -: details for which-a contract addendum,. [ease or other form has been promulgated by TREG for mandatory use.) $LITER DOES NOT IMQUIRE _A -SUR'VEX 5 rlrt7t.�c�:�n� ..r��an C''f j1 kA/l:r,.1 � � L /. Iso. see fp m . 12. SETTLEMENT AND OTHER EXPENSES: A. The followingexpenses must be paid at orprior to closing: (1)Expenses payable by Seller(Sgller's Expenses): (a)Releases of _ existing . liens, . Including prepayment.: penalties and.- recording fees; A release of Seller`s loan .{iabil[ty;. tax statements or .certificates;. preparation of deed; one-half of escrow fee-and other expenses payable by Seller under this contract. . . (b)Setter shall also pay an amount not to exceed _ $ �0- to be applied iii the following order: Buyer`s Expenses which.Buyer is prohibited from paying.by FHA; VA, Texas Veterans Land Board or other.governmental -loan programs, and then to other Buyers Expenses as allowed by the lender.... . (2)Expenses -payable. by Buyer .(Buyer's Expenses): Appraisal fees, loan application fees, origination charges; credit - reports; preparation .of loan documents, interest an the notes from. date. of disbursement to one- month.. prior.. to dates . of first monthly payments, recording fees; copies of easements and .restrictions; loan, title policy with, endorsements required ._by_ lender; .loan-related inspection fees, photos; amortization schedules;--one-halfof escrow fee; all _prepaid. items, including -required. Premiums. for . flood and hazard .insurance, , reserve deposits. for. insurance, ad. valorem .taxes . and special governmental assessments; final compliance inspection; ..courier fee; repair inspection; underwriting..fee; wire transfer fee; expenses . incident_to any loan; Private Initiated for identification by Buyer . Vit) and Seller TRi G NO:20-13 Produced with zipFartr@by zlpi aglx 18070 Fifteen Mile Road,Fraser,Michigan 48026 ww zi ix.com - - ✓~nrin 1800 GRE: EENFIELD AVENUE ConVact Conceming ......- FORT WORTHr 76102 . Page 6 of 0 11-2-2015.. Address of Pro ert Mortgage- Insurance Premium.. .(PMI),.. . VA Loan Funding Fee, . or - FHA Mortgage: Insurance Premium (MiP) . as required by the lender; and other expenses payable by Buyer under this contract, B If .any expense exceeds an amount' expressly stated in this contract for such'.expense to' be paid by: a party, .that party _may. terminate this contract unless the other party agrees_to pay`such: excess_ Buyer may_not pay charges. arid fees expressly prohibited by FNA, VA, Texas Veterans Land Board or other governmental loan program regulations. 13.PROBATIONS . Taxes for. the_ current. year, Interest,. maintenance fees,_ -assessments, -dues , -. and re.nts .wili be prorated through the Closing Date. The tax proration may be calculated . taking. into- consideration any, change .in exemptions that will affect the .current year's taxes. If taxes for the .current year.vary- from the amount prorated at closing,. the. parties shall. adjust the proratloris when _tax statements far the current year are available. If taxes. are not paid.at or prior to closing,Buyer shall pay taxes for the current year. .. 14. CASUALTY LOSS,- If any part. of- the.. Property is. damaged or destroyed by ffre or other. f casualty after the effective: date of this contract, Seller shall restore. the. Property .to its previous condition. as soon as.reasonably possible,-but in any event by the Closing Date. if Seller fails to do. so due to .factors beyond Seller's..control, Buyer may (a) terminate this, contract and -the earnest money . will be refunded to . Buyer, (b)., extend the .time. for performance up to ib days and the Closing Date will be extended as necessary or.(c) accept sur 1 the Property in its damaged condition .with an assignment of. Insurance proceeds,roc e e ds, if permitted by Seller's.insurance carrier,-and receive. credit from -Seller. at closing in the amount..of the �7 deductible under the insurance policy. Seller's obligations under. this paragraph: are.- independent of any other obligations of Seller under this contract. Se 1'e r. hal- n.o. 15, DEFAULT: .If Buyer falls.-to.comply. With.this contract,- Buyer will be in default, and Seller may . (b) terminate this contract and receive the earnest money as liquidated damages, thereby releasing both parties from this contract,. if Seller fails to comply ninth this contract, Seller will be in default .and Buyer may 5 . (b) .terminate this contract and receive the earnest. money, . thereby releasing both parties from this contract. 16: MEDIATION it is the policy of. .the State of. Texas to encourage resolution.of disputes through alternative dispute resolution procedures. such .as . mediation. Any dispute between g/ Seller..and Buyer related to this contract -which is., not. resolved through_ informal discussion will .be submitted to a mutually acceptable mediation service. or_ provider: .The parties to the mediation shall bear the.mediation costs. equally, This paragraph does not preclude a.party. from seeking equitable relief from a court of competent Jurisdiction... 17. ATTORNEY'S FEES..: .A. Buyer,. Seller, Listing Broker, Other Broker, or. escrowagent who prevails in any, legal_ proceeding .related to this contract is entitled- to .recover:.reasonable attorney's fees and alt casts of-such proceeding, .. 18: ESCROW: A_ ESCROW. The escrow agent is..not (i} a party to .this contract and does not have liability for the performance or nonperformance of any.parry to this contract,...(ii) iiable for interest. . on:the earnest money and (ill) liable for the loss .of any earnest money caused by the. failure, -of any financial. institution in which the .earnest. money has.been. deposited-unless the.financial institution is acting as escrow agent: B:.EXPENSES: At closing, the earnest: money: must be applied first to any cash . down - payment,. then to Buyer's -Expenses and any excess refunded .to Buyer,_ If no closing . occurs, escrow-agent may: .(I) require a.:written .release of liability of the escrow. .agent -from all parties, (I!) require payment of unpaid. expenses incurred on behalf of a .party, and (iii) only .deduct from .the_earnest- money the.amount of unpaid expenses incurred an behalf of the party receiving the earnest money, . DEMAND: Upon .termination of this contract, either-party or .the escrow agent, may send- a release .of-earnest.money to each party .and the parties shall :execute counterparts of. the. release and deliver same .to the escrow_agent. If .either party. fails_to execute the release, either party may make a written demand to the, escrow agent_ for-the earnest . - money.. 1f- only one party _makes written demand: for the .earnest money, . escrow_ agent shall promptly provide a.copy.of the demand to the other party. If escrow agent does not receive written objection .to -the .demand from.the other party Within 15 days,_escrow- agent.,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 escrow agent may. pay the -same to the-.creditors. if escrow -agent complies With. the provisions of this paragraph; each party hereby. releases escrow ..agent from....all adverse claims related to the disbursal of the earnest money. .. Initiaied for identification by.Buyer .�lL and Selte Ti3EC NO. 20.1 Produced with ApFonn®by 71pLa9ix 1807D.-Fifteen'Mils Road,Fraser,Michigan 48096 ` 1;Xom Enttn X800OR ENixBr-n .��t� Contract Gonceming FORT wORTH, 76102 Page 7 of 9 11-2-201 S {Address of Property) - D. DAMAGES.:.Any party who wrnngfully fails or _refuses to sign a release acceptable to the escrow agent within 7 days-of,receipt of the request will be liable to the.other party, for.(i) damages;:(H)the earnest money;(iii) reasonable attorney's fees;and(iv)ail costs of suit.- E. NOTICES: Escrow agent's notices.will be effective when sent.in compliance with Paragraph t21. . Notice.-of. objection to .the. demand.will-be..deemed effective- upon receipt by escrow agent.-.. - y9:.:REPRI5ENTATt4N5; Ali covenants; representations and warranties in this contract survive closing. If any representation of Seller in this-contract is untrue. on the Closing Date, Seller . will be in ,default. Unless expressly prohibited. by_written agreement,. Seller may continue to show the Property and receive, negotiate and accept back up offers: . 20. FEDERAL TAX RE4LIIREMENTS; if Selfer is a.."foreign- person," as defined by:applicable law or if,Seller fails to deliver an :affidavit to Buyer that Seiler is not a."foreign person," then. Buyer shall withhold from the sales proceeds an amount sufficient to comply with applicable tax law. and. deliver the, to the.Internal Revenue Service together with .appropriate tax forms. . internal _ Revenue . Service regulatio.ns.- require filing- written ..reports..if . currency in excess cf specified amounts is received in the transaction.. ._ 21.NOTiCES: All_no#ides front one party to the other must.be:.in_ writing and.are effective When mailed to,hand-delivered.at,or transmitted by fax or electronic transmission as follows: . To Buyer 2939 CRo.CICETT, 2n6 To Seller 908 -I�MONROE STRUT.:' at• at: FORT WORTH `rX 761Q7 3RD :FLOOR-A�'T• BETTF CHAPMAN �- -Phone. JAM 231--2480 Phone: .(817)392v-6125 .. Fa)*(*. Fax: h Bette,Chapman@�ari:wort - KANEURBAH@YAHOO:COM . E-mgo all: • v E-maA: 22: AGREEMENT OF PARTIES. -This.contract contains the entire agreement of. the-parties .and cannot be changed except. by .their written agreement. .Addenda which are a part of, this contract are(Check all applicable boxes): - 0 Third Party Financing Addendum []Environmental Assessment,Threatened or i e • Endangered Species and Wetlands }Q Seller Fin ncIng Addendum Addendum Addendum for Property Subject to D Seller's Temporary.Residentiai Lease Mandatory Membership in a Property - j].Short Sale Addendum ..... Owners Association d. o Located Seaward...-., Addendum for Property Loc aw rd Q Buyers Temporary Residential Lease. of.the Gulf Intracoastal Waterway D Addendum*for Seller's Disclosure of C� Loan Assumption Addendum information on-Lead-based Paint and Lead- [] Addendum for Sale of other Property by based Paint Hazs rds as Required by Federal Law t3uyer Addendum for Reservation of:0if,Gas El Addendum for Property in a Propane Gas - and cher Minerals . . ... System Service Area 0 Addendum for"Back-Upn Gontract - D Other(list)- of- list),Bank stateinexit;-R-R=8 [] Addendum for Goas#ai Area Property of.Funds Initialed for identification by Buyer _ t l3 and Selte.�L TRI=G N0..20-13 Produced un"th vpKo"by zipkogiX 18670 Fifteen Mile Road,Frasar,Michigan 46028 wwW:zipiagFx.eom . Arvin .1.800 GREENFIELD AVENUE Cantraet Concerning. FORT WORTH 76102 Page 8 of 9 11-2-2015 . (Address of Property) . 23. TERMINATION OPTION: For nominal consideratiori, t e receipt of which is hereb 'acknowledged by Seller, and Buyer's agreement to-pay Seller $ - 0 (Option Fe j g .. Y 9 p Y. within.S days alter the effective,date. of, this contract, Seller grants Boyer the unrestricted right to terminate this contract by giving notice of termination to Seiler within n/a days after the effective date of this contract (Option Period).. Notices under. this paragraph, must. be given by: 5.:oo.p m. (local time where the Property is located) by the.date specified..if no dollar amount. is. stated as- the Option Fee or if Buyer falls. to pay.;the Option .Fee to .Seiler within the time. prescribed; this paragraph will- not be a part of this contract and Buyer shall not have the unrestricted, right to terminate this contract. If Buyer gives notice .of termination within the time prescribed, the Option Fee will not be refunded; however, any earnest money will. be .refunded to Buyer. The Option Fee Q will. Q will not be credited to..the Sales Price at closing. Time is of the essence for this, paragraph and strict .compilance with..the..time. for performance is:- required: 24: CONSULT AN ATTORNEY BEFORE SIGNING: TREC rules prohibit real estate license holders from giving legal advice,.HEAD THIS CONTRACT CAREFULLY. - Buyer's . Seller's Attorney is: NfA Attorney is, ��ty of ro4rt Tar Phone, FaX- Fax: E-rriaif: E, ail° EXECUTED the day of (EFFECTIVE DATE). . (BROKER-F iLL IN THE l]ATE OF FINAL ACGEPTd4NCE kANF tJ?;TiAN Buyer IKANE URBAN eller CITY OF FORT WORTH Buyeroyooua,a Seller 00 .. y �° - b . �o AFFiC��i,.��CORD. ... C) :. CI 'Y SEC�ETARX s �T,y ORT",TX L.Kayser, The corm of`(h(s cnn0'acr h-�as bean approved by the Tex.Raaf.Estate conunission.TREC dorms are Intended for use only by t ri iicense holders. No representation is made as to the legal validity.or adequacy of any provision,in any specific transactions,.It Is not intert ` or complex tfansauiions,Texas Real..Estate Commisslon, P.O.Box 12188,Ausiin,TX 78711-2..188, (15i2)836-3Q08.(http:/Avwr;trec.texas:gov)TREC Flo_20.1 a.This form replaces TRFC NO,20-12 _. T REC NO.20-13. Produced wilh zpForrio by zipLogix 18070 Fifteen Mile Road,Fraser..Mtahlgan 4802.0 wwvi zior.oa4.corr Ervin 1800 GREENFIELD .AVENM , Contract Concerning FORT WORTH, 76102 Page 9 of 9 11-2-2015 {Address of Property} BROKER INFORMATIOIiI - (Print names) only,. Do not sign) SPEARS REAL ESTATE GROUP 0518435 SPEARS REAL, ESTATE GROUP 0518835 Other Broker Firm license No. Listing Braker Firm ieenso o. represents [] Buyer only as Buyer's agent represents 0 Wier and Buyer as an intermediary 0 Seller as Listing Broker's subagent ❑ Seller only as Seller's agent SHERLEy SPEARS 0518435 Associate's Name License No. Listing Associate's Name License No. Licensed Supervisor of Associate License Na Licensed Supervisor of Listing Associate License No. 6751 BRIAG> .STREET' #59r Mailing address Oiher.Broker's Address Fax Ltsftng Braket's Office Address Fax FORT F7oRTH TSC 7 6212 city State Zip City State Zip MSSLSPEARS@ GMML.COM Associate's Email Address Phone Listing Associate's Email Address Phone Selling Associate's Name License No. Licensed Supervisor of Selling Associate License No. Selling Associate's'Of€ice Address Fax Illy State'. Selling Assoclate's Email Address Phone Listing Broker has agreed to pay Other Broker s:oa0� of the total sales price when the.Listing Broker's fee is received.Escrow agent is authorized and directed to pay other Broker from Usting Broker's fee at Closing, OPTION FEE RECEIPT Receipt of$ (Option Fee) in the form of is acknowledged. Seller or Listing Broker Date CONTRACT AND EARNEST MONEY RECEIPT Receipt of Contract and 0 $ Earnest Money in the form of is acknowledged. Escrow Agent; _ Date: By, Email Address - Phone; Address Fax: City State Zip _ TREC No.20-13 Produced with z0Form®by apLogix 18070 Fifteen Mile Road,Fraser,Michigan Don. www-zloLo ix.corn Ervin ATTACHMENT"A"TO SALES CONTRACT 1800 GREENFIELD AVENUE a. Section 5:The phrase"Buyer shall deposit$1,000.00 as earnest money'with.Ratti kin Title,as . .. escrow agent,at 3707 Camp Bowie,-#120.::"is hereby amended to read "Buyer shall deposit $1,000.00 as earnest money with Alamo Title Company,as escrow agent,at 2900 S.Hulen.St.;. -Ste.30, Fort Worth,TX 76109,Attn:Lavo.nne Kelth." b;. Section 6A:The phrase"Seller shall furnish to Buyer at Seller's expense an owner policy of title insurance(Title,Policy)issued by Rattikin Title{Title Compan ) "is hereby amended to read "Seller shall furnish to Buyer at Seller's expense an owner policy of title insurance(Title Policy) issued by-Alamo Title(Title company)...:" _C. Section 6A(8):.The phrase"((i)will be amended to read, `shortages in area'at the expense of Seller"is hereby amended to read "(ii)will.be amended to read, .'shortages in area at the - experise of Buyer. d. Section 6D;The phrase"Seller shall cure the timely objections:of Bu.yer,,,"is hereby amended.to read "Seller may cure the tamely objections of Buyer-...' - e. .Section 7A: The last.sentence is hereby deleted. f. Section 9A:The phrase"The closing of the sale Will be on or before September 15,.2016,."is. hereby amended to read"The closing of the sale will beton or before February 1,2017.;,. Section 9B: The Seller will execute and deliver a Special Warranty Deed,not a General Warranty Deed. . h, Section 11:Sale of the property is contingent upon City Council approval. . L_ :Section 14:- Notwithstanding anything herein to the contrary,in the event of a casualty loss on the Property,Seller has no obligation to restore the Property.. j. Section 15: Notwithstanding anything herein to the contrary,:Buyer May not enforce specific performance of this Contract k. Purchaser acknowledges that the'Property-is in a-designated 100-year flood plain. PROMULGATED BY THE TEXAS REAL ESTATE COMMISSION(TREC) 11-18-14 ADDE�[DUM.FORRESERVATION OF OIL, GAS,AND OTf•IER=MINERALS ADDENDUM TO CONTRACT CONCERNING THE:PROPERTY.AT. 1800 GREENFIELD FORT WORTH,TX (Street Address and City) NOTICE:Foruse ONLYifSellerreserves all ora portion of the Mineral Estate. A. 'Mineral Estate" rrieatts all oi); gas; and other minerals in and under a.nd that�may be produced from the " . Property, any royalty,under any existing or future mineral.lease -covering any part of the. Property,'. . executive.rights (_including_the right to sign a mineral leasecoveringan art.of the Property), implied Y.p p Y)� �: rights.of ingress and egress, 'explora#ion and.development rights, production and drilling.rights, mineral -- lease payments, and all related rights and benefits. The Mineral Estate does NOT include water, sand,-. .. . gravel, limestone; building stone,-caliche, .surface shale, near-surface lignite,and iron, but DOES include. the reasonable use of :these surface materials for mining, drilling, exploring,operating, developing,-or removing the oil,gas, and other minerals from the Property. B. Subject to_Section C below,:the Mineral Estate owned by Seller, if any,will be conveyed unless reserved. . as follows (check one:box only): . Q (1). Seller reserves all of the Mineral Estate owned:by Seller. [) (2). Seller reserves an undivided interest in the Mineral Estate owned by Seller. NOTE. . Seller does not own all of the Mineral Estate,-Seller reserves only this percentage or fraction of Sellers interest:.. .. C. Seller ❑ does not reserve and retain implied rights of ingress and egress and of reasonable use ' of the Property.(including.surface -materials) for mining, drilling,. exploring, operating, developing,..or removing the oil; gas, and other minerals. NOTE: Surface rights that may be held by other owners of the... . . Mineral Estate who are,not parties tothis transaction (including existing mineral lessees) will NOT-be . affected by Seller's election: Seller's failure to complete Section G will be deemed. an election to convey all surface rights described herein D.', if Seller does not.reserve all of Seller's interest in the Mineral Estate, Seller shall, Within-7 days after the. Effective Date,provide Buyer with the contact information of any existing mineral lessee known to Seller. IMPORTANT NOTICE: The-Mineral Estate affects important rights, the full extent of which may... be unknown to Seller. A. full examination of the title to the Property completed by an. attorney with expertise in this .area.is the.only_proper means for determining title to. the Mineral Estate with.certainty. in addition, attempts to-convey or reserve certain interest-out of the Mineral .. Estate separately-from.-other rights and. benefits owned . by Seller .may have . unintended consequences: Precise. contract language is essential._to. preventing- disagreements between present.and.future owners of the Mineral Estate.-If Seller or Buyer has any questions about-.. their respective rights. and interests in the Mineral. Estate and how,such rights and interests may be affected by this contract, they-are strongly encouraged to consult-an .attorney with expertise in this area::'. CQ. NSULT A.1-ATTORNEY BEFORE SIGNING. TREC rules prohibit:real estate licensees from giving legal " advice..READ THIS VORM CAREFULLY. Buyer If eller City of Fort Wort_ Buyer Seller The form of this addendum has been approved by the Te.Xa ssion for use only with similarly approved or promulgated_forms of contracts.Such approval relates to this contract form only. f t or use only by(rained real estate licensees.No representation is made as to the legal validity or adequacy of any provisi s ac t is not intended for complex transactions,Texas Real Estate Commission;RO.Bex 1218.8,_Austin,TX 78711-21 88, (htt 1 yov)TREC No.442.This form replaces TREC No,.44-1. _ c TAR 1905 C NO.44-2 _o .. . F TRE -SPEARS REAL ESTATKIS; P;6731 Br Age Street,Suite 59 Fort Worib,. - City f orrWorlb _ ne: I f70 Fax: Ci o - Produced-with zipForm®by z oglx-%070 6 ile oa8, S ' OMCIAL RECORD y 00. oQo o„000cf'.T ..CITY.SCCRETARY a Y N: ` . s FT 1NORTH,TX 6Wy J. Kayser,City Sjoretwy M&C Review Page 1 of 2 Official site of the City of Fort Worth,Texas CITY COUNCIL AGENDA FOR » COUNCIL ACTION: Approved on 12/6/2016 DATE: 12/6/2016 REFERENCE ,L-15971 NAME:LOG 19DI RECTSALE1 800GREEN FI ELDAVE. CODE: L TYPE: CONSENT PUBLIC NO HEARING: SUBJECT: Authorize Direct Sale of a City Fee-Owned Property Located at 1800 Greenfield Avenue for a Total Sales Price of$45,026.00 to Kane Urban, in Accordance with Section 253.014 of the Texas Local Government Code (COUNCIL DISTRICT 8) RECOMMENDATION: It is recommended that the City Council: 1. Authorize the direct sale of a City fee-owned property located at 1800 Greenfield Avenue for a total sales price of$45,026.00 to Kane Urban, in accordance with Section 253.014 of the Texas Local Government Code; and 2. Authorize the City Manager or his designee to execute and record the appropriate instruments conveying the property to complete the sale. DISCUSSION: The house at 1800 Greenfield Avenue, a City fee-owned property, was reconstructed in 2002 with Community Development Block Grant (CDBG) funds as a Model Block replacement house in the Greenway Model Block. Because the CDBG requirements were not fulfilled on the property, the City foreclosed on the property in 2006 in an effort to recoup the CDBG funds. Section 253.014 of the Texas Local Government Code provides that a municipality may sell City- owned property by accepting the highest cash offer after listing the property for at least thirty days with a real estate broker. The City, therefore, listed the property for thirty days with a broker and received eight offers for the sale of the property. The two highest offers were subsequently withdrawn, therefore, the City has accepted the third highest offer. City staff has reviewed the offers and recommends accepting the offer of$45,026.00 from Kane Urban, which is now the highest cash offer. Mr. Urban plans to clean up and remodel the house and use it as rental property. The City will pay all common and customary closing costs of the transaction not to exceed $1,000.00 and will retain all mineral interests it may own on the property. Additionally, no liens are listed on the title commitment, however, should a lien appear in the title prior to closing, the City will release all City liens on the property as a result of the sale. The City will retain $1,100.00 in City fees, including $600.00 to the Park and Recreation Department for mowing and $500.00 to the Code Compliance Department for securing the structure. All net proceeds of the sale, which are estimated to be $42,926.00, will be receipted as program income, as required under CDBG regulations and will be reprogrammed for the City's Priority Repair Program. This property, which is described as Lot 11, Block 5, Greenway Place Addition, is zoned A-5 and is located in COUNCIL DISTRICT 8, Mapsco 63P. This M&C does not request approval of a contract with a business entity. http://apps.cfwnet.org/council_packet/mc_review.asp?ID=22714&councildate=12/6/2016 12/14/2016 M&C Review Page 2 of 2 FISCAL INFORMATION/CERTIFICATION: The Director of Finance certifies that the Neighborhood Services Department is responsible for the deposit of funds received at closing. TO Fund Department Account Project Program Activity Budget Reference# Amount ID ID Year (Chartfield 2) 21001 0190463 4308010 G00027 991999 $42,926.00 101001 0214020 4450008 $1,100.00 FROM Fund Department Account Project Program Activity Budget Reference# Amount ID ID Year (Chartfield 2) Submitted for City Manager's Office by: Fernando Costa (6122) Originating Department Head: Avis Chaisson (6342) Additional Information Contact: Bette Chapman (6125) ATTACHMENTS 1800 Greenfield Ave.pdf http://apps.cfwnet.org/council_packet/mc_review.asp?ID=22714&councildate=12/6/2016 12/14/2016