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HomeMy WebLinkAboutContract 32900-RA1 v Vy "Z� �� Pay CITY SECRETARY 0 o� o�oQ� CONTRACT NO.- 3� RELEASE OF BUY-OUT OPTION CONTRACT June This Release of Buy-Out Option Contract (the "Release") is effective as of-94r.9L to , 2019 (the "Effective Date"), executed by the City of Fort Worth, Texas (the "City"), a home-rule municipal corporation situated in Tarrant, Denton, Johnson, Parker, and Wise Counties, Texas, acting by and through its duly authorized Assistant City Manager. RECITALS A. WHEREAS, under that certain Buy-Out Option Contract dated as of December 21, 2005 ("Contract"), a memorandum of which is recorded as Instrument Number 2007-125251 in the Denton County Real Property Records, the City has the option (the "Option") to purchase certain land, improvements, easements, account records, plans, and other associated property ("Property")related to the provision of water and sewer service to, and located within,that certain real property development consisting of approximately 431.303 acres of land in Denton County, Texas, as more particularly described on Exhibit "A" attached hereto ("Development"). B. WHEREAS, the Contract and related agreements contemplated that Aqua Texas, Inc. would provide retail water and sewer service to the Development for a period of years, whereupon City could exercise the Option to purchase the Property and to become the retail water and sewer service provider to the Development. C. WHEREAS, the Public Utility Commission of Texas ("PUC") approved a request to remove the Development from Aqua Texas,Inc.'s water certificate of necessity and City agreed to provide retail water and sewer service to the Development pursuant to PUC Docket No. 45244 entitled City of Fort Worth's Notice of Intent to Provide Water and Sewer Service to Land Decertified from Aqua Utilities, Inc. filed with the PUC on October 13, 2015. D. WHEREAS, the City has determined there is no need to exercise the Option, and desires to waive its Option so that the Contract shall be cancelled and of no further effect. NOW, THEREFORE, the City states the following: I. Release and Cancellation. The City hereby agrees that each of the Contract and the Option granted to the City under the Contract shall be cancelled, terminated, and of no further force or effect, effective as of the Effective Date, and the City shall have no further rights nor obligations with respect to the Option or otherwise under the Contract. 2. Release. The City covenants and agrees never to commence, voluntarily aid in any way, prosecute or cause to be commenced or prosecuted against the other parties to the Contract any action or other proceeding based on the Option, the enforceability thereof, nor the City's release and waiver of the Option as stated in this Release. 3. Recordina. The City is executing, acknowledging, and recording this Release to provide public notice of its release and waiver of the Option and termination of the Contract. RELEASE OF BUY-OUT OPTION CONTRACT—PAGE 1 OFFMAL RECORD CITY SECRETARY ET. WORTH,TX EFFECTIVE as of the Effective Date set forth above. CITY THE CITY OF FORS ATTE T: F.;,By: Mary J. r, C' y Swre (y f Name: m_.. Title: APPROVED AS TO FORM AND LEGALITY: A sistant City i' rney , THE STATE OF TEXAS § COUNTY OF TARRANT § T is Release of Buy-Out Option was acknowledged before me on the day of lafsl4, 2019 by , the Assistant City Manager of the City of Fort Worth, a Texas home-rule municipal corporation of Tarrant, Denton, Johnson, Parker, and Wise Counties, on behalf of that municipal corporation. i Not ry Public for the State of Texas MARIA S.SANCHEZ My Notary ID#2256490 Notary's Printed Name:MAel.* -S �i 7"--Z '•',�F oa:�t'•° Expires December 19,2021 My Commission Expires: 0-lq-.�— OFFICIAL RECO RELEASE OF BUY-OUT OPTION CONTRACT—PAGE 2 CITY SECRET FT. WORTH,p`' EXHIBIT"A" Property Description BEING a 431.303 acre tract of land comprised of two separate tracts of land in the G.Cardinas Survey,Abstract No. 214, situated in Denton County, Texas and being a combination of that tract conveyed to Alliance 161 Investments by deed recorded in Volume 2778,Page 958 of the Real Property Records of Denton County,Texas (RPRDCT),a portion of those tracts conveyed to Aperion Communities,L.L.P.by deed recorded under County Clerk's File No. 2004-1 I913 RPRDCT (Aperion Tract One-A and Aperion Tract One-B) and a portion of that tract conveyed to Nancy Talley Reynolds,et al,by deed recorded in Volume 2301,Page 223 RPRDCT and being more particularly described as follows: Tract 1 BEGINNING at a capped 5/8" iron pin found, said iron pin also being on the north right-of-way line of State Highway No. 114,said iron pin also being on the west line of said Alliance 161 Investments tract,said iron pin also being on the east tine of a tract conveyed to Betty Marie McIntyre,et al,by deed recorded in Volume 2906, Page 363 RPRDCT; THENCE N OOE32'36" W along the west line of said Alliance 161 Investments tract and the east line of said McIntyre,et al,tract recorded in Volume 2906,Page 363 RPRDCT,a distance of 3701.24 feet to a 3/8"iron pin found; THENCE N 89E39'59" E along the north line of said Alliance 161 Investments tract and the east line of said McIntyre,et al,tract recorded in Volume 2906,Page 363 RPRDCT,a distance of 1826.89 feet to a 112"iron pin found, said iron pin also being on the west line of said Aperion Tract One-A; THENCE N OOE22'44" W along the east line of said McIntyre,et al,tract recorded in Volume 2906,Page 363 RPRDCT, and the west line of said Aperion Tract One-A, a distance of 1294.80 feet to a capped 1/2" iron pin set; THENCE S 86E 14'27"E,a distance of 222.13 feet to a capped 112" iron pin set; THENCE S 52E34'22" E, a distance of 867.86 feet to a capped I/2" iron pin set; THENCE S 44E08'03" E, a distance of999.82 feet to a capped 112" iron pin set; THENCE S 65E58'36" E, a distance of 1029.92 feet to a capped 1/2" iron pin set; THENCE N 90E00'00"E,a distance of 773.31 feet to a capped 112" iron pin set; said capped 1/2"iron pin set also being on the east line of said Aperion Tract One-A and the west line of that tract conveyed to Ferbro Investments,LLC by deed recorded under County Clerk's File No. 97- 0003605 RPRDCT; THENCE S OOE07'20" E along the east line of said Aperion Tract One-A and the west line of said Ferbro Investments tract,a distance of 857.55 feet to a 1/2"iron pin found,said iron pin being on the northwesterly line of a tract conveyed to The Atchison, Topeka and Santa Fe Railway Company by deed recorded under County Clerk's File No. 93-R0020408 RPRDCT; THENCE S 44E23'02" W along the east line of said Aperion Tract One-A and the northwesterly line of said Atchison,Topeka and Santa Fe Railway Company tract a distance of 2256.14 feet to a 5/8" iron pin found; THENCE N 47EI5'51" W along the east line of said Aperion Tract One-A and the northwesterly line of said Atchison,Topeka and Santa Fe Railway Company tract,a distance of 24.73 feet to a 5/8" iron pin found; RELEASE OF BUY-OUT OPTION CONTRACT EXHIBIT"A" THENCE S 44E27'42" W along the east line of said Aperion Tract One-A and the northwesterly line of said Atchison, Topeka and Santa Fe Railway Company tract, a distance of 1121.43 feet to a brass monument in concrete found, said brass monument also being on the said north right-of-way line of State Highway No.114; THENCE S 89E47'36" W along the south line of said Aperion Tract One-A and the north right-of-way line of State Highway No.114,a distance of 286.33 feet to a brass monument in concrete found; THENCE S 84E30'09" W along the south line of said Aperion Tract One-A and the north right-of-way line of State Highway No.114,a distance of 703.04 feet to a brass monument in concrete found; THENCE S 89E48'48" W along the south line of said Aperion Tract One-A and the north right-of-way line of State Highway No.114,a distance of 1249.97 feet to a capped 1/2" iron pin set; THENCE N OOEI 1'12"W along the south line of said Aperion Tract One-A and the north right-of-way line of State Highway No.114,a distance of15.00 feet to a capped 1/2" iron pin set; THENCE S 89E48'48" W along the south line of said Aperion Tract One-A and the north right-of-way line of State Highway No.114,a distance of250.00 feet to a capped 1/2" iron pin set; THENCE S OOEI 1'12" E along the south line of said Aperion Tract One-A and the north right-of-way line of State Highway No.114,a distance of 15.00 feet to a capped 1/2" iron pin set; THENCE S 89E48'48" W along the south line of said Aperion Tract One-A and the north right-of-way line of State Highway No.114, a distance of 238.28 feet to the Point of Beginning and containing 16,728,840 square feet or 384.041 acres of land,more or less. Tract 2 BEGINNING at a brass monument in concrete found,said brass monument also being on the south line of said Aperion Tract One-B,said brass monument also being on the north right-of-way line of State Highway No. 114, said brass monument also being on the west line of a tract conveyed to Ferbro Investments by deed recorded under County Clerk's File No. 97-0003605 RPRDCT THENCE S 89E46'48" W along the south line of said Aperion Tract One-Band the north right-of- way line of State Highway No.114, a distance of 1072.97 feet to a brass monument in concrete found; THENCE N 86E29'44" W along the south line of said Aperion Tract One-Band the north right-of-way line of State Highway No.114, a distance of900.20 feet to a brass monument in concrete found, said brass monument also being on the southeasterly line of a tract conveyed to The Atchison,Topeka and Santa Fe Railway Company by deed recorded under County Clerk's File No. 93-R0020408 RPRDCT; THENCE N 44E26'31" E along the west line of said Aperion Tract One-B and the southeasterly line of said Atchison,Topeka and Santa Fe Railway Company tract,a distance of2809.53 feet to a 5/8" iron pin found,said iron pin also being on the west line of said Ferbro Investments tract; THENCE S OOE07'09" E along the east line of said Aperion Tract One-B and the west line of said Ferbro Investments tract,a distance of 2056.80 feet to the Point of Beginning and containing 2,058,725 square feet or 47.262 acres of land,more or less. RELEASE OF BUY-OUT OPTION CONTRACT EXHIBIT"A"