HomeMy WebLinkAboutContract 33673 CITY SECRETARY
CONTRACT NO.
PURCHASE CONTRACT
THIS PURCHASE CONTRACT ("Contract") is made and entered into by and between
the CITY OF FORT WORTH, TEXAS, acting by and through its duly authorized City Manager
or Assistant City Manager ("Seller") and JaGee Real Properties, LP, a Texas limited partnership
("Purchaser") as of the date on which this Contract is executed by the last to sign of Seller and
Purchaser("Effective Date").
RECITALS
1. Seller is the owner of the approximately 3,685 square foot tract of land located at the
southwest corner of 6th Street and University, Fort Worth, Tarrant County, Texas,
together with any easements, rights-of-way, licenses, interests, and rights appurtenant
thereto (collectively, the "Property"), as described on the attached Exhibit"A".
2. Purchaser is JaGee Real Properties, LP, a Texas limited partnership.
3. Seller desires to sell the Property for fair market value for development as a mixed-use
commercial/retail development in accordance with the City's Comprehensive Plan and in
a manner that will benefit the citizens of Fort Worth in general.
4. Purchaser desires to acquire the Property for development as a mixed-use commercial or
retail development.
5. Seller will convey this property through direct sale in accordance with Section
272.001(b)(1) of the Texas Local Government Code.
AGREEMENT
In consideration of the mutual covenants in this Contract, Seller and Purchaser agree as
follows:
Section 1. Sale and Purchase.
(a) Seller agrees to sell and convey the Property to Purchaser, and Purchaser agrees to
purchase and accept the Property from Seller, for the Purchase Price (as defined below), subject
to the terms and conditions set forth in this Contract.
(b) Seller shall convey the Property to Purchaser free and clear of all liens, claims,
easements, rights-of-way, reservations, restrictions, encroachments, tenancies, and any other
encumbrances (collectively, the "Encumbrances") except the Encumbrances appearing in the
Title Commitment (as defined below in Section 3) and the survey that are not cured and that are
subsequently waived pursuant to Section 3 below ("Permitted Encumbrances").
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(c) Seller shall retain all mineral interests in the Property, provided that Seller shall
waive any and all rights of ingress and egress upon or across the surface of the Property for
purposes of exploring for or developing oil, gas,hydrocarbons or other minerals.
Section 2. Purchase Price,Independent Contract Consideration, and Earnest Money.
(a) The purchase price ("Purchase Price") for the Property, payable by Purchaser to
Seller in cash at Closing (defined below), is Forty-Six Thousand and Sixty-Two and 50/100
Dollars ($46,062.50), based upon the assumption that the net square footage of the Property is
approximately 3,685 square feet. "Net square footage"means all of the land within the surveyed
boundaries of the Property, less any portion of the Property lying within a publicly dedicated
roadway. If the Survey determines that the net square footage of the Property is more or less
than 3,685 square feet, the Purchase Price shall be adjusted to equal $12.50 multiplied by the net
square footage. Seller has determined that the Purchase Price reflects the current-fair market
value of the Property.
(b) Contemporaneously with the execution of this Contract, Purchaser delivers to
Seller a check in the amount of$50.00 ("Independent Contract Consideration"), as independent
consideration for Seller's execution, delivery, and performance of this Contract. This
Independent Contract Consideration is in addition to and independent of any other consideration
or payment provided for in this Contract, is nonrefundable, and shall be retained by Seller
notwithstanding any other provision of this Contract.
(c) Within five days after the execution and delivery of this Contract by Seller to
Purchaser, Purchaser shall deliver to Title Company (as defined below in Section 3) a check
payable to the order of Title Company or other means of funding reasonably satisfactory to
Seller in the amount of$2,303.00 as ("Earnest Money"). Title Company shall hold the Earnest
Money in escrow and deliver it in accordance with the provisions of this Contract. The Title
Company shall invest the Earnest Money in an interest bearing account through a bank or other
financial institution selected by Purchaser (hereafter, all references in this Contract to Earnest
Money include the amount deposited by Purchaser with the Title Company pursuant to this
Section 2(c)together with all interest accrued thereon).
Section 3. Title Commitment and Survey.
(a) Within thirty (30) days after the Effective Date, Purchaser shall obtain, at
Purchaser's sole cost and expense (i) an Owner's Commitment for Title Insurance ("Title
Commitment") from Rattikin Title Company, 201 Main Street, Suite 800, Fort Worth, Texas
76107 Telephone Number 817-332-1171; Fax Number 817-877-4237 ("Title Company"), setting
forth the status of the title of the Property and showing all Encumbrances and other matters, if
any, relating to the Property; and (ii) a legible copy of all documents referred to in the Title
Commitment, including but not limited to,plats,reservations, restrictions, and easements.
(b) Within five (5) days after the Effective Date of this Contract, Seller shall provide
to Purchaser a copy of any survey of the Property in Seller's possession. Within thirty (30) days
after the Effective Date, Purchaser shall obtain, at Purchaser's sole cost and expense, an updated
survey ("Survey") consisting of a plat and field notes describing the Property, prepared pursuant
to a current on-the-ground staked survey performed by a registered public surveyor or engineer
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satisfactory to Purchaser and Title Company. The Survey shall (i) be certified to Purchaser, its
successors and assigns, and Title Company, (ii) reflect the net square footage of the Property,
including the actual dimensions of and the total number of square feet within the Property, net of
any portion thereof lying within a publicly dedicated roadway or a utility easement, (iii) identify
any rights-of-way, easements, or other Encumbrances by reference to applicable recording data,
and(iv) include the Surveyor's registered number and seal, and the date of the Survey.
The description of the Property prepared as a part of the Survey will be used in all of the
documents set forth in this Contract that require a description of the Property.
(c) If the Title Commitment or Survey discloses any Encumbrances or other matters
that are not acceptable to Purchaser in Purchaser's sole discretion, then Purchaser shall give
Seller written notice thereof within ten (10) days after receipt of the last of the Title
Commitment, Survey and all documents referred to in the Title Commitment, specifying
Purchaser's objections ("Objections"), if any. If Purchaser gives such notice to Seller, Seller
may, but shall not be obligated to use its best efforts to cure the Objections.
(d) If Purchaser gives notice of Objections and Seller does not cure the Objections,
cause the Title Commitment and Survey to be amended to give effect to matters that are cured,
and give Purchaser written notice thereof within ten (10) day period following receipt of the
notice from Purchaser ("Cure Period"), Purchaser shall have the right either (i) to terminate this
Contract by giving written notice thereof to Seller at any time after the expiration of such Cure
Period but prior to the expiration of the Option Period, and, upon such termination, Purchaser
shall be entitled to the return of the Earnest Money, and neither party hereto shall have any
further rights or obligations, or (ii) to waive the Objections and consummate the purchase of the
Property subject to the Objections which shall be deemed to be Permitted Encumbrances.
Notwithstanding the foregoing sentence, if Seller has commenced curing the Objections and is
diligently prosecuting the same, as determined by Purchaser in Purchaser's sole discretion, then
Purchaser in Purchaser's sole discretion may extend the Cure Period for an amount of time
Purchaser deems necessary for Seller to cure the same.
Section 4. Representations,Warranties, "AS IS"
(a)
B.1. PURCHASER ACKNOWLEDGES AND AGREES THAT SELLER HAS NOT
MADE, DOES NOT MAKE AND SPECIFICALLY NEGATES AND DISCLAIMS ANY
REPRESENTATIONS, WARRANTIES, PROMISES, COVENANTS, AGREEMENTS OR
GUARANTIES OF ANY KIND OR CHARACTER WHATSOEVER, WHETHER EXPRESS OR
IMPLIED, ORAL OR WRITTEN, PAST, PRESENT OR FUTURE, OF, AS, TO CONCERNING
OR WITH RESPECT TO (A) THE VALUE, NATURE, QUALITY OR CONDITION OF THE
PROPERTY, INCLUDING, WITHOUT LIMITATION, THE WATER, SOIL, AND GEOLOGY,
(B) THE,INCOME TO BE DERIVED FROM THE PROPERTY, (C) THE SUITABILITY OF
THE PROPERTY FOR ANY AND ALL ACTIVITIES AND USES WHICH PURCHASER MAY
CONDUCT THEREON, (D) THE COMPLIANCE OF OR BY THE PROPERTY OR ITS
OPERATION WITH ANY LAWS, RULES, ORDINANCES, OR REGULATIONS OF ANY
APPLICABLE GOVERNMENTAL AUTHORITY OR BODY, (E) THE HABITABILITY,
MERCHANTABILITY, MARKETABILITY, PROFITABILITY OR FITNESS FOR A
PARTICULAR PURPOSE OF THE PROPERTY, (F) THE MANNER OR QUALITY OF THE
CONSTRUCTION OR MATERIALS, IF ANY, INCORPORATED INTO THE PROPERTY, (G)
THE MANNER, QUALITY, STATE OF REPAIR OR LACK OF REPAIR OF THE PROPERTY,
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OR (H) EXCEPT FOR THE WARRANTY OF TITLE IN THE DEED, ANY OTHER MATTER
WITH RESPECT TO THE PROPERTY, AND SPECIFICALLY, THAT SELLER HAS NOT
MADE, DOES NOT MAKE AND SPECIFICALLY DISCLAIMS ANY REPRESENTATIONS
REGARDING COMPLIANCE WITH ANY ENVIRONMENTAL PROTECTION, POLLUTION
OR LAND USE LAWS, RULES, REGULATIONS, ORDERS OR REQUIREMENTS,
INCLUDING SOLID WASTE, AS DEFINED BY THE U.S. ENVIRONMENTAL PROTECTION
AGENCY REGULATIONS AT 40 C.F.R., PART 261, OR THE DISPOSAL OR EXISTENCE IN
OR ON THE PROPERTY OF ANY HAZARDOUS SUBSTANCE, AS DEFINED BY THE
COMPREHENSIVE ENVIRONMENT RESPONSE COMPENSATION AND LIABILITY ACT
OF 1980, AS AMENDED, AND REGULATIONS PROMULGATED THEREUNDER.
PURCHASER FURTHER ACKNOWLEDGES AND AGREES THAT HAVING BEEN GIVEN
THE OPPORTUNITY TO INSPECT THE PROPERTY, PURCHASER IS RELYING SOLELY
ON ITS OWN INVESTIGATION OF THE PROPERTY AND NOT ON ANY INFORMATION
PROVIDED OR TO BE PROVIDED BY SELLER. AS A MATERIAL PART OF THE
CONSIDERATION FOR THIS AGREEMENT, SELLER AND PURCHASER AGREE THAT
PURCHASER IS TAKING THE PROPERTY "AS IS WITH ALL FAULTS" BASIS WITH ANY
AND ALL LATENT AND PATENT DEFECTS AND THAT THERE IS NO WARRANTY BY
SELLER THAT THE PROPERTY IS FIT FOR A PARTICULAR PURPOSE. PURCHASER
ACKNOWLEDGES THAT IT IS NOT RELYING UPON ANY REPRESENTATIONS,
STATEMENTS,ASSERTIONS OR NON-ASSERTIONS BY THE SELLER WITH RESPECT TO
THE PROPERTY CONDITION, BUT IS RELYING SOLELY UPON ITS EXAMINATION OF
THE PROPERTY. PURCHASER TAKES THE PROPERTY UNDER THE EXPRESS
UNDERSTANDING THERE ARE NO EXPRESS OR IMPLIED WARRANTIES (EXCEPT FOR
LIMITED WARRANTIES OF TITLE SET FORTH IN THE CLOSING DOCUMENTS). AFTER
CLOSING, AS BETWEEN PURCHASER AND SELLER, THE RISK OF LIABILITY OR
EXPENSE FOR ENVIRONMENTAL PROBLEMS, EVEN IF ARISING FROM EVENTS
BEFORE CLOSING, WILL BE THE SOLE RESPONSIBILITY OF PURCHASER,
REGARDLESS OF WHETHER THE ENVIRONMENTAL PROBLEMS WERE KNOWN OR
UNKNOWN AT CLOSING. ONCE CLOSING HAS OCCURRED, PURCHASER
INDEMNIFIES, HOLDS HARMLESS AND RELEASES SELLER FROM LIABILITY FOR
ENVIRONMENTAL PROBLEMS AFFECTING THE PROPERTY, INCLUDING, BUT NOT
LIMITED TO, UNDER THE COMPREHENSIVE ENVIRONMENTAL RESPONSE
COMPENSATION AND LIABILITY ACT (CERCLA), THE RESOURCE CONSERVATION
AND RECOVERY ACT (RCRA), THE TEXAS SOLID WASTE DISPOSAL ACT OR THE
TEXAS WATER CODE. PURCHASER INDEMNIFIES,HOLDS HARMLESS AND RELEASES
SELLER FROM ANY LIABILITY FOR ENVIRONMENTAL PROBLEMS OR CONDITIONS
AFFECTING THE PROPERTY ARISING AS THE RESULT OF SELLER'S OWN
NEGLIGENCE OR THE NEGLIGENCE OF SELLER'S REPRESENTATIVES. PURCHASER
INDEMNIFIES, HOLDS HARMLESS AND RELEASES SELLER FROM ANY LIABILITY
FROM ANY AND ALL PRESENT OR FUTURE CLAIMS OR DEMANDS AND ANY AND ALL
DAMAGES, LOSS, INJURY, LIABILITY CLAIMS OR COSTS, INCLUDING FINES,
PENALTIES AND JUDGMENTS AND ATTORNEYS FEES ARISING FROM OR IN ANY WAY
RELATED TO THE CONDITION OF THE PROPERTY ARISING AS A RESULT OF
THEORIES OF PRODUCTS LIABILITY AND STRICT LIABILITY, OR UNDER NEW LAWS
OR CHANGES TO EXISTING LAWS ENACTED AFTER THE EFFECTIVE DATE THAT
WOULD OTHERWISE IMPOSE ON SELLER IN THIS TYPE OF TRANSACTION NEW
LIABILITIES FOR ENVIRONMENTAL PROBLEMS OR CONDITIONS AFFECTING THE
PROPERTY. PROVISIONS OF THIS SECTION SHALL SURVIVE THE CLOSING. IT IS
UNDERSTOOD AND AGREED THAT THE PURCHASE PRICE HAS BEEN ADJUSTED BY
PRIOR NEGOTIATION TO REFLECT THAT ALL OF THE PROPERTY IS SOLD BY
SELLER AND PURCHASED BY PURCHASER SUBJECT TO THE FOREGOING.
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PURCHASER ACKNOWLEDGES AND ACCEPTS ALL THE TERMS AND PROVISIONS BY
HIS ACCEPTANCE HEREOF.
b. The provisions of Section 4(a) shall be incorporated into the Deed.
Section 5. Option Period.
(a) Notwithstanding anything to the contrary contained in this Contract, until thirty
(30) days after the Effective Date ("Option Period"), the following is a condition precedent to
Purchaser's obligations under this Contract:
Purchaser being satisfied in Purchaser's sole and absolute discretion that the
Property is suitable for Purchaser's intended uses, including, without limitation,
Purchaser being satisfied with the results of the Tests (defined in Section 6
below).
(b) If Purchaser is not satisfied in Purchaser's sole and absolute discretion as to the
condition precedent described in Section 5(a) above, or if Purchaser determines that it does not
desire to purchase the Property for any reason, Purchaser may give written notice thereof to
Seller on or before the end of the Option Period, whereupon this Contract shall terminate. Upon
such termination, Purchaser shall be entitled to the return of the Earnest Money, and neither
party shall have any further rights or obligations under this Contract.
(c) If Purchaser does not terminate this Contract prior to the expiration of the Option
Period, then the Earnest Money shall become non-refundable to Purchaser except in the event of
Seller's default in the performance of Seller's obligations under this Contract, and Title
Company shall release the Earnest Money to Seller at any time thereafter upon request by Seller.
(d) The provisions of this Section 5 control over all other closing provisions of this
Contract.
(e) The parties agree that the thirty day Option Period will not be extended upon
expiration unless provided for in an amendment agreed to in writing by Seller and Purchaser.
Section 6. Tests. Purchaser, at Purchaser's sole cost and risk, shall have the right to
go on to the Property, including the Improvements, to make inspections, surveys, test borings,
soil analyses, and other tests, studies and surveys, including without limitation, environmental
tests, borings, analyses, and studies ("Tests). Any engineering and feasibility tests shall be
conducted at Purchaser's sole risk and expense, and Purchaser agrees to indemnify and defend
Seller and the Property from any liens and claims resulting from such tests. Purchaser shall be
solely responsible for all costs of any environmental site assessments Purchaser deems
necessary. The Property will be restored by Purchaser to its original condition, ordinary wear and
tear excepted, at Purchaser' sole expense following any site work. In the event this transaction
does not close for any reason whatsoever, the Purchaser shall release to Seller copies of any and
all independent test studies or tests results obtained during the Option Period.
Section 7. Closing Contingencies.
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(a) The closing ("Closing") of the sale of the Property by Seller to Purchaser
shall occur through the office of the Title Company in no more than (15) days
after the satisfaction of the following contingencies to Closing ("Closing
Contingencies"): (1) expiration of the Option Period, and (2) Purchaser replatting
the Property to show access and all easements, provided that such plat will
include the Property and other property owned by Purchaser, and Seller will join
in the execution of such plat as the owner of the Property prior to Closing.
Purchaser agrees that the building to be initially constructed by Purchaser after
Closing on the property shown on the plat shall be substantially as shown on the
plans which are attached hereto as Exhibit`B".
(b) Purchaser agrees to pursue the approvals and agreements described in the
Closing Contingencies above with reasonable diligence. Seller agrees to
cooperate fully with Purchaser in connection with Purchaser's pursuit of the
above approvals.
(c) If these Closing Contingencies are not satisfied to Purchaser's satisfaction
so that Purchaser is prepared to close on or before August 10, 2006, then either
Purchaser or Seller may terminate this Contract by written notice to the other
party, and upon such termination,the Earnest Money and any interest earned shall
be refunded to Purchaser, and neither party will have any further rights or
obligations hereunder.
Section 8. Closin .
(a) At the Closing, all of the following shall occur, all of which are deemed
concurrent conditions:
(1) Seller, at Seller's sole cost and expense, shall deliver or cause to be
delivered to Purchaser the following:
(i) A Special Warranty Deed ("Deed"), fully executed and
acknowledged by Seller, conveying to Purchaser good and indefeasible fee
simple title to the Property subject only to the Permitted Encumbrances,
with the precise form of the Deed to be determined pursuant to Section 10
below;
(ii) Any other instrument or document necessary for Title Company to
issue the Owner Policy in accordance with Section 8(a)(3)below.
(2) Purchaser, at Purchaser's sole cost and expense, shall deliver or cause to
be delivered to Seller through the Title Company federally wired funds or a
certified or cashier's check or such other means of funding acceptable to Seller, in
an amount equal to the Purchase Price, adjusted for closing costs and prorations.
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(3) The Title Company shall issue to Purchaser, at Purchaser's sole cost and
expense, an Owner Policy of Title Insurance ("Owner Policy") in the amount of
the Purchase Price insuring that, after the completion of the Closing, Purchaser is
the owner of indefeasible fee simple title to the Property, subject only to the
Permitted Encumbrances, and the standard printed exceptions included in a Texas
Standard Form Owner Policy of Title Insurance; provided, however, the printed
form survey exception shall be limited to "shortages in area" (if Purchaser elects
and pays the additional premium), the printed form exception for restrictive
covenants shall be deleted except for those restrictive covenants that are Permitted
Encumbrances, there shall be no exception for rights of parties in possession, and
the standard exception for taxes shall read: "Standby Fees and Taxes for [the year
of Closing] and subsequent years, and subsequent assessments for prior years due
to change in land usage or ownership";
(4) The Earnest Money shall be applied to the Purchase Price at Closing.
(5) Seller and Purchaser shall each pay their respective attorneys' fees and
Purchaser shall be responsible for all of the escrow and recording fees.
(b) Ad valorem and similar taxes and assessments, if any, relating to the Property
shall be prorated between Seller and Purchaser as of the Closing Date, based on estimates of the
amount of taxes that will be due and payable on the Property during the calendar year in which
the Closing occurs. As soon as the amount of taxes and assessments on the Property for that year
is known, Seller and Purchaser shall readjust the amount of taxes to be paid by each party with
the result that Seller shall pay for any taxes and assessments applicable to the Property up to and
including the date of Closing, and Purchaser shall pay for those taxes and assessments applicable
to the Property after the Closing. The provisions of this Section 8(b) survive the Closing.
(c) Upon completion of the Closing, Seller shall deliver possession of the Property to
Purchaser, free and clear of all tenancies of every kind.
Section 9. Agents. Seller and Purchaser each represent and warrant to the other that it
has not engaged the services of any agent, broker, or other similar party in connection with this
transaction.
Section 10. Closine Documents. No later than fifteen (15) days prior to the Closing
Date, Seller shall deliver to Purchaser a copy of the Deed, which is subject to Purchaser's
reasonable right of approval.
Section 11. Notices.
(a) Any notice under this Contract shall be in writing and shall be deemed to have
been served if (i) delivered in person to the address set forth below for the party to whom the
notice is given, (ii) delivered in person at the Closing (if that party is present at the Closing), (iii)
placed in the United States mail, return receipt requested, addressed to such party at the address
specified below, (iv) deposited into the custody of Federal Express Corporation to be sent by
FedEx Overnight Delivery or other reputable overnight carrier for next day delivery, addressed
to the party at the address specified below, or (v) telecopied to the party at the telecopy number
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listed below, provided that the transmission is confirmed by telephone on the date of the
transmission.
(b) The address of Seller under this Contract is:
City of Fort Worth
1000 Throckmorton Street
Fort Worth, Texas 76102
Attention: Tom Higgins
Telephone: 817-392-6192
(c) The address of Purchaser under this Contract is:
JaGee Real Properties, LP
2918 Wingate Street
Fort Worth,Texas 76107
Attention: Richard F. Garvey
Telephone: 817-335-5881
(d) From time to time either party may designate another address or telecopy number
under this Contract by giving the other party advance written notice of the change.
Section 12. Termination,Default,and Remedies.
(a) If Purchaser fails or refuses to consummate the purchase of the Property pursuant
to this Contract at the Closing for any reason other than termination of this Contract by Purchaser
pursuant to a right so to terminate expressly set forth in this Contract or Seller's failure to
perform Seller's obligations under this Contract, then Seller, as Seller's sole and exclusive
remedy, shall have the right to terminate this Contract by giving written notice thereof to
Purchaser prior to or at the Closing, whereupon neither party hereto shall have any further rights
or obligations hereunder, and Title Company shall deliver the Earnest Money to Seller as
liquidated damages, free of any claims by Purchaser or any other person with respect thereto. It
is agreed that the Earnest Money is just compensation for the harm that would be caused by
Purchaser's breach and that the harm that would be caused by such breach is one that is incapable
or very difficult of accurate estimation, and that the payment of these sums upon such breach
shall constitute full satisfaction of Purchaser's obligations hereunder.
(b) If Seller fails or refuses to consummate the sale of the Property pursuant to this
Contract at Closing or fails to perform any of Seller's other obligations hereunder either prior to
or at the Closing for any reason other than the termination of this Contract by Seller pursuant to a
right so to terminate expressly set forth in this Contract or Purchaser's failure to perform
Purchaser's obligations under this Contract, then Purchaser shall have the right to terminate this
Contract by giving written notice thereof to Seller prior to or at the Closing whereupon the
Earnest Money shall be returned to Purchaser and neither party hereto shall have any further
rights or obligations hereunder.
(c) If either Seller or Purchaser becomes entitled to the Earnest Money upon
cancellation of this Contract in accordance with its terms, Purchaser and Seller covenant and
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agree to deliver a letter of instruction to the Title Company directing disbursement of the Earnest
Money to the party entitled thereto.
Section 13. Entire Contract. This Contract (including the attached exhibits) contains the
entire contract between Seller and Purchaser, and no oral statements or prior written matter not
specifically incorporated herein is of any force and effect. No modifications are binding on
either party unless set forth in a document executed by that party.
Section 14. Assiens. This Contract inures to the benefit of and is binding on the parties
and their respective legal representatives, successors, and assigns. Purchaser may assign,
transfer or otherwise convey any of its rights or obligations under this Agreement to any party
without the prior written consent of the City, so long as the proposed assignee or successor has
agreed in writing to assume all of the covenants and obligations of Purchaser under this
Agreement. Any other attempted assignment shall be void.
Section 15. Time for Execution. If Seller has not executed and returned a fully
executed copy of this Contract to Purchaser by 5:00 p.m., Fort Worth, Texas time on June 28,
2006, this Contract shall be null and void.
Section 16. Time of the Essence. Time is of the essence under this Contract.
Section 17. Takine Prior to Closing. If, prior to Closing, the Property or any portion
thereof becomes subject to a taking by virtue of eminent domain, Purchaser may, in Purchaser's
sole discretion, either (i) terminate this Contract whereupon the Earnest Money shall be returned
to Purchaser, and neither party shall have any further rights or obligations hereunder, or (ii)
proceed with the Closing of the transaction with an adjustment in the Purchase Price to reflect
the net square footage of the Property after the taking.
Section 18. Governing Law. This Contract shall be governed by and construed in
accordance with the laws of the State of Texas.
Section 19. Performance of Contract. The obligations under the terms of the
Contract are performable in Tarrant County, Texas, and any and all payments under the terms of
the Contract are to be made in Tarrant County, Texas.
Section 20. Venue. Venue of any action brought under this Contract shall be in Tarrant
County, Texas if venue is legally proper in that county.
Section 21. Severability. If any provision of this Contract is held to be invalid,
illegal, or unenforceable in any respect, such invalidity, illegality, or unenforceability will not
affect any other provision, and this Contract will be construed as if such invalid, illegal, or
unenforceable provision had never been contained herein.
Section 22. Business Days. If the Closing date or the day for performance of any act
required under this Contract falls on a Saturday, Sunday, or legal holiday, then the Closing date
or the day for such performance, as the case may be, shall be the next following regular business
day.
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Section 23. Counterparts. This Contract may be executed in multiple counterparts,
each of which will be deemed an original,but which together will constitute one instrument.
This Contract is executed as of the Effective Date.
SELLER: CITY OF FORT WORTH
By:
Da a Fisseler
Assistant City Mana
ger
Date: 64
contract Authorization Attest
Date
Mai ty Hendrix b
City Secretary
Approved to Legality and Form
7
Assistant ty Atto ey
PURCHASER:
JAGEE REAL PROPERTIES,LP
By: JaGee GP,LLC,its general partner
By:_
Name: Al-Ai zc C�r/C�4J
Title: Ca=w
Date: 6-2./—4f
By its execution below, Title Company acknowledges receipt of the Earnest Money described in
this Contract and agrees to hold and deliver the same and perform its other duties pursuant to the
provisions of this Contract.
TITLE COMPANY:
RATTIKIN TITLE COMPANY
By:
Name:
Title:
Date:
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City of Fort Worth, Texas
Mayor and Council Communication
COUNCIL ACTION: Approved on 5/16/2006
DATE: Tuesday, May 16, 2006
LOG NAME: 30JAGEE REFERENCE NO.: **L-14191
SUBJECT:
Authorize the Sale of City-Owned Property to JaGee Real Properties, LP. in Accordance with
Section 272 of the Texas Local Government Code
RECOMMENDATION:
It is recommended that the City Council:
1. Authorize the City Manager to execute an agreement to sell 3,685 square feet of property located at
the southwest corner of 6th Street and University Drive to JaGee Real Properties, LP. for $46,062.50 in
accordance with Chapter 272 of the Texas Local Government Code; and
2. Authorize the City Manager to execute and record the appropriate deed conveying the property to
JaGee Real Properties, LP.
DISCUSSION:
In 2000, the City acquired 5,903 square feet of land located at the southwest corner of 6th Street and
University Drive to be used as right-of-way. Of the land acquired, 2218 square feet was used for corridor
improvements at the intersection of Camp Bowie Boulevard, 7th Street, Bailey Avenue and University
Drive.
On May 17, 2005 Economic and Community Development received a request from JaGee Real Properties,
LP. to purchase the remaining 3,685 square feet of land for a total of$46,062.50. The City has designated
the area as a Neighborhood Empowerment Zone, and has uniformly zoned the area as MU-2. (High-
Density Mixed-Use).
The property is located in COUNCIL DISTRICT 7, Mapsco 76A.
FISCAL INFORMATION/CERTIFICATION:
The Finance Director certifies that the Engineering Department, Real Property Services Division is
responsible for the collection and deposit of funds from this sale.
TO Fund/Account/Centers FROM Fu nd/Accou nt/C enters
GC10 444552 013010001000 $46,062.50
Submitted for City Manager's Office b3c Marc Ott (6122)
Originating Department Head:
Lognarne: 55SPINKS RAMP Page I of 2
A. Douglas Rademaker (6157)
Additional Information Contact: A. Douglas Rademaker (6157)
Logname: 55SPINKS RAMP Page 2 of 2