HomeMy WebLinkAboutContract 57842 Secretary Contract# 57842
CONTRACT OF SALE AND PURCHASE
(Sale by City of Fort Worth of Lake Worth Leased Lot)
THIS CONTRACT OF SALE AND PURCHASE ("Contract") is made and entered into
by and between the CITY OF FORT WORTH, TEXAS, a Texas home rule municipal corporation,
acting by and through its duly authorized City Manager or Assistant City Manager ("Seller") and
Michael and Judith Reese ("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 real property only (exclusive of improvements) located at 7916
Kay Lea Dawn Court f/k/a 7916 Malaga Drive (the "Property"), as shown and more
particularly described on the attached Exhibit "A", incorporated herein for all purposes.
2. Seller and Purchaser (as successor-in-interest to original lessee) are parties to a ground
lease for the Property dated February 1, 1982, as amended, (collectively, the "Lease
Agreement"), said Lease Agreement being filed as document number D201008895 and
recorded on January 12, 2001 in the Official Real Property Records of Tarrant County,
Texas.
3. The Lease Agreement provides Purchaser with an option to purchase ("Option") the
Property,pursuant to Section 272.001(h) of the Local Government Code, and by execution
of this Contract, Purchaser hereby exercises the Option.
AGREEMENT
In consideration of the mutual covenants, representations, warranties and agreements
contained herein,and for other good and valuable consideration,the receipt and adequacy of which
are hereby acknowledged, Seller and Purchaser agree as follows:
Section 1. Agreement of 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 AS-IS, as set forth in Section 5.
(c) In Seller's conveyance of the Property to Purchaser, the following rights and
interests shall be reserved to Seller (or have previously been reserved by Seller's predecessor in
title), and such reservation is hereby approved for all purposes: all right, title, and interest in and
to all oil, gas, and other minerals in and under the Property, if any.
OFFICIAL RECORD
Contract of Sale and Purchase CITY SECRETARY
7916 Kay Lea Dawn Court FT. WORTH, TX
(d) An avigation easement is reserved on behalf of the public for free and unobstructed
passage of aircraft over the subject property in the navigable airspace above the minimum altitudes
of flight prescribed by federal regulations, including airspace needed to ensure safety in the takeoff
and landing of aircraft. Purchaser hereby releases Seller, its officers, agents and employees from
any and all claim and liability resulting from the noise,vibration,fumes,dust fuel, electromagnetic
interference and lubricant particles and all other effects,whether such claims are for injury or death
to person or persons or damages to or taking of property, arising out of or in connection with the
use of this easement, when such use is in compliance with the regulations and guidelines of the
Federal Aviation Administration, successor agency, or other governmental authority with
jurisdiction over the matter.
(e) Seller shall retain the following easements and any easements retained by Seller
will be at no cost to Seller: all existing easements, whether of record or not, known or unknown.
(f) Pursuant to City of Fort Worth Code of Ordinances Section 35-3,Purchaser agrees
to connect to water and sanitary sewer lines if available prior to Closing, or, if not available prior
to Closing, as soon as practicable after such lines are made available. This requirements shall
survive Closing.
Section 2. Purchase Price.
The purchase price ("Purchase Price") for the Property, payable by Purchaser to Seller in
cash at Closing (defined below), is Ninety-Five Thousand and 00/100 Dollars ($95,000.00).
Section 272.001(h) of the Local Government Code requires the Property to be sold for fair market
value of the land as determined by a certified appraiser, and pursuant to an appraisal obtained by
Michael Reese, dated October 15, 2021, Seller has determined that the Purchase Price reflects the
current fair market value of the Property.
Section 3. Title Commitment and Survey.
(a) Within fifteen (15) days after the Effective Date, Purchaser shall obtain at
Purchaser's sole cost and expense (1) a Commitment for Title Insurance and Title Policy ("Title
Commitment") from the Title Company of Purchaser's choice("Title Company"), setting forth the
status of the title of the Property and showing all liens, claims, easements, rights-of-way,
reservations,restrictions, encroachments,tenancies, and any other encumbrances (collectively,the
"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 twenty-five (25) days after the Effective Date, Purchaser may 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 satisfactory to Purchaser and Title
Company. The Survey shall (1) be certified to Purchaser, its successors and assigns, and Title
Company, (11) reflect 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
Contract of Sale and Purchase
7916 Kay Lea Dawn Court pg. 2
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 requires a legal 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 five (5) days after receipt 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 cure the Objections, but shall be under
no obligation to do so.
(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 the five (5) 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 (as defined below), and, upon such
termination, 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.
PURCHASER ACKNOWLEDGES THAT A TERMINATION OF THIS CONTRACT
PURSUANT TO THE TERMINATION RIGHT IN THIS SECTION 3(d)OR ANY OTHER
TERMINATION RIGHT HEREIN WILL BE A DEFAULT BY LESSEE UNDER THE
LEASE AGREEMENT, AND PURCHASER/LESSEE WILL THEN BE SUBJECT TO
THE TERMINATION RIGHT OF THE SELLER/LESSOR IN THE LEASE
AGREEMENT.
Section 4. Review Reports. DELETED BY AGREEMENT OF THE PARTIES.
Section S. Representations, Warranties, "AS IS"
(a) EXCEPT AS EXPRESSLY STATED IN THIS AGREEMENT, 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,
Contract of Sale and Purchase
7916 Kay Lea Dawn Court pg. 3
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, OR(H)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 OF 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
ENVIRONMENTAL 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 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). UPON CONVEYANCE, AS BETWEEN
SELLER AND PURCHASER, THE RISK OF LIABILITY OR EXPENSE FOR
ENVIRONMENTAL PROBLEMS AFFECTING THE PROPERTY, 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, BUT
NOT ANY WILLFUL ACTS OR OMISSIONS OR GROSS NEGLIGENCE OF SELLER
OR SELLER'S REPRESENTATIVES. PURCHASER INDEMNIFIES, HOLDS
HARMLESS AND RELEASES SELLER FROM ANY LIABILITY FOR
Contract of Sale and Purchase
7916 Kay Lea Dawn Court pg.4
ENVIRONMENTAL PROBLEMS OR CONDITIONS AFFECTING 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 CONVEYANCE 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. PURCHASER ACKNOWLEDGES
AND ACCEPTS ALL THE TERMS AND PROVISIONS BY HIS ACCEPTANCE
HEREOF.
b. The provisions of Section 5(a) shall be incorporated into the Deed.
C. The provisions of Section 5(a) shall survive the Closing.
Section 6. Option Period. DELETED BY AGREEMENT OF THE PARTIES
Section 7. Tests. Purchaser, at Purchaser's sole cost and risk, shall have the right to
make inspections, surveys, test borings, soil analyses, and other tests, studies and surveys,
including without limitation, environmental and engineering tests, borings, analyses, site
assessments, and studies ("Tests). Any 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. The
Property will be restored by Purchaser to its original condition at Purchaser's sole expense
following any site work. Purchaser shall release to Seller any and all independent studies or results
of Tests obtained during the Option Period.
Section 8. Closing Contin6encies. DELETED BY AGREEMENT OF THE PARTIES.
Section 9. Closing.
(a) The closing of the sale of the Property by Seller to Purchaser ("Closing") shall
occur through the office of the Title Company no later than eighteen(18)months after the Effective
Date. At the Closing, all of the following shall occur, all of which are deemed concurrent
conditions:
(1) Seller, at Purchaser's sole cost and expense, shall deliver or cause to be
delivered to Purchaser the following:
(1) A Special Warranty Deed ("Deed"), fully executed and
acknowledged by Seller; conveying to Purchaser good and indefeasible fee
simple title to the Property subject to existing known or unknown
easements, rights-of-way, and prescriptive rights, whether of record or not;
containing (A) reservations pursuant to Section 1(c), (d) and (e); (B) the
Contract of Sale and Purchase
7916 Kay Lea Dawn Court pg. 5
following statement as required by Local Government Code 272.001(h),
"To protect the public health, safety, or welfare and to ensure an adequate
municipal water supply, the Property sold by the City of Fort Worth under
Local Government Code 272.001(h) is not eligible for and the owner is not
entitled to the exemption provided by Section 11.142(a), Water Code;" and
(C) the language required in Section 5, with the precise form of the Deed to
be determined pursuant to Section 11 below;
(ii) Any other instrument or document necessary for Title Company to
issue the Owner Policy in accordance with Section 9(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 a certified check or such other means
of funding acceptable to Seller, in an amount equal to the Purchase Price, plus any
rent due and owing under the Lease Agreement.
(3) The Title Company shall issue to Purchaser, at Purchaser's sole cost and
expense, a Texas Owner Policy of Title Insurance("Owner Policy")issued by Title
Company 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.
(4) Seller and Purchaser shall each pay their respective attorneys' fees.
(5) Except as otherwise provided herein, all costs and expenses in connection
with Closing shall be paid or borne by Purchaser including without limitation, Title
Company attorney and escrow or settlement fees, costs of tax certificates, survey
costs, and title insurance policy costs.
(6) Purchaser shall be responsible for all ad valorem and similar taxes and
assessments, if any, relating to the Property.
(c) Upon completion of the Closing, Seller shall deliver possession of the Property to
Purchaser.
Section 10. Aizents. 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 except the following: NA. PURCHASER SHALL BE SOLELY
RESPONSIBLE FOR AND SHALL INDEMNIFY SELLER FROM PAYMENT OF ANY
BROKERAGE FEES OR COMMISSIONS.
Section 11. Closing Documents. DELETED BY AGREEMENT OF THE PARTIES.
Section 12. Notices.
(a) Any notice under this Contract shall be in writing and shall be deemed to have been
served if(1) 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
Contract of Sale and Purchase
7916 Kay Lea Dawn Court pg. 6
the United States mail, return receipt requested, addressed to such parry at the address specified
below, or (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.
(b) The address of Seller under this Contract is:
City of Fort Worth With a copy to:
Property Management Department City of Fort Worth
Attn: Nita Shinsky City Attorney's Office
900 Monroe Street, Suite 400 Attn: Matthew Murray
Fort Worth, Texas 76102 200 Texas Street
Fort Worth, Texas 76102
(c) The address of Purchaser under this Contract is:
Micheal and Judith Reese
7916 Kay Lea Dawn Ct
Fort Worth, TX 76135
(d) From time to time either party may designate another address under this Contract
by giving the other party advance written notice of the change.
Section 13. 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.
NOTWITHSTANDING ANYTHING HEREIN TO THE CONTRARY, PURCHASER
ACKNOWLEDGES THAT A TERMINATION OF THIS CONTRACT PURSUANT TO
THE TERMINATION RIGHT IN THIS SECTION 13(a) OR ANY OTHER
TERMINATION RIGHT HEREIN WILL BE A DEFAULT BY LESSEE UNDER THE
LEASE AGREEMENT, AND PURCHASER/LESSEE WILL THEN BE SUBJECT TO
THE TERMINATION RIGHT OF THE SELLER/LESSOR IN THE LEASE
AGREEMENT.
(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. A termination by
Purchaser of this Contract due to Seller's default will not result in a default under the Lease
Agreement.
Contract of Sale and Purchase
7916 Kay Lea Dawn Court pg. 7
Section 14. 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 15. Assigns. This Contract inures to the benefit of and is binding on the parties
and their respective legal representatives, successors, and assigns. Any assignment must be
approved by City of Fort Worth and this Contract cannot be assigned less than 60 days prior to the
scheduled Closing.
Section 16. Time of the Essence. It is expressly agreed that time is of the essence with
respect to this Contract.
Section 17. Taking 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(1) terminate this Contract, 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 or the day for performance of any act required
under this Contract falls on a Saturday, Sunday, or legal holiday for the City of Fort Worth or
federal holiday, then the Closing or the day for such performance, as the case may be, shall be the
next following regular business day.
Section 23. Multiple Counterparts, This Contract may be executed in any number of
identical counterparts. If so executed, each of such counterparts is to be deemed an original for all
purposes, and all such counterparts shall, collectively, constitute one agreement, but, in making
proof of this Contract, it shall not be necessary to produce or account for more than one such
counterpart.
This Contract is executed as of the Effective Date.
Contract of Sale and Purchase
7916 Kay Lea Dawn Court pg. 8
SELLER; PURCHASER;
City of Fort Worth Micha@1 and Judith Rmsc
BY',Dana Burghd off(Ju 15,2022 :005 CDT) By;
Omit Burghdo ,AsKistant City Mandw- mi 1 R@@s@
BY,
_ QC8@
ATTESTS oaq�40R� 4
7a�r�rette GooclaGG 0�, -° �°���
Jannette S.Goodall(Jul 18,2022 08:12 CDT) p��0 0
Jame 8, Good ! 0 v o o=
City s�efe� �d ,400 o�
12951 N/A ���'EXAsa��
APPROVED AS TO LEGALITY AND FORM;
Assistmt City Atteoy
CONTRACT MANAGER
:By siping I acknowlodgo that I am the p f-sen fesp9nsibl@ for the m-ouitorting Emd admin strMio
of this contract, tuluding cps-wring all pirfomam and reporting roquirm@fits,
Nita Shinsky(Jul 15, 2209:26 CDT)
Nam@: Nita Shiky
` idw Land Agent.
OFFICIAL RECORD
CITY SECRETARY
FT. WORTH, TX
Coampt of 8a1Q ad Pwvhmo
7916 My LQ#Dm Cgs pa,s
By its execution below, Title Company acknowledges receipt of this Contract and agrees to hold
and deliver the same and perform its duties pursuant to the provisions of this Contract.
TITLE COMPANY:
By: Lavonne Keith, Escrow Agent
Alamo Title
Phone: (817) 921-3893
Date:
Contract of Sale and Purchase
7916 Kay Lea Dawn Court pg. 10
Exhibit "A"
Property Description
Lot 6,Block 7, Lake Worth Lease Survey,Fort Worth, Tarrant County, Texas as described
by the plat recorded on February 9, 2001 as Cabinet A, Slide 6446 in the Official Real
Property Records of Tarrant County, Texas and also being known as 7916 Kay Lea Dawn
Court and formerly as 7916 Malaga Drive, Fort Worth, Texas 76135
Tarrant Appraisal District Account Number 03702219
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10/13/2020 M&C Review
Official site of the City of Fort Worth,Texas
CITY COUNCIL AGENDA FoRTWOR m
COUNCIL ACTION: Approved on 11/8/2016
DATE: 11/8/2016 REFERENCE NO.: L-15964 LOG NAME: 21 LAKESALES
CODE: L TYPE: NON-CONSENT PUBLIC HEARING: NO
SUBJECT: Authorize Contract for Sale with Current Residential Lessees of City-Owned Lake Worth
Lease Addition Lots for Fair Market Value and Authorize Contemporaneous Lease
Amendment to Provide for a Shorter Term and the Disposition of Improvements Upon
Expiration (COUNCIL DISTRICT 7)
RECOMMENDATION:
It is recommended that the City Council authorize the City Manager or his designee to:
1. Enter into a Contract for Sale with current residential lessees of City fee-owned Lake Worth Lease
Addition platted residential lots for a sales price that is fair market value as determined by an
appraisal by a certified appraiser; and
2. Enter into a Lease Amendment, contemporaneously with the Contract for Sale, with current
residential lessees of City fee-owned Lake Worth Lease Addition lots to amend the lease to provide
for a shorter term and the disposition of the improvements upon expiration.
DISCUSSION:
In 2000, the City of Fort Worth mailed letters to Lake Worth Lease Addition lessees of record offering
an option to purchase the land if the leased lot met the specified conditions of(1) their lot(s) being
platted and (2) connection to either municipal water or sewer. Multiple lots could not be platted at that
time and the lessees of those properties were never offered the option to purchase due to
deficiencies associated with the property which caused non-compliance with platting requirements.
Additionally, some of the lessees on properties that met the conditions of the City's offer for the option
to purchase did not enter into the Purchase Option Agreement with the City or lost the option due to
not adhering to the option Agreement conditions.
Lessees of platted and un-platted residential City-owned Lake Worth Lease Addition properties are
requesting to purchase the leased land on which they have put improvements. The current residential
leases expire in 2032 and per the lease terms the City is required to purchase improvements at fair
market value at that time. The current residential Lake Worth Lease Addition lease terms do not
authorize the sale of the land to the current lessee or the extension of the lease.
This Mayor and Council Communication will provide for current lessees of residential City-owned lots
in the Lake Worth Lease Addition whose lots meet platting conditions, and who comply with the
conditions outlined below to be eligible to purchase their leased lot from the City at the fair market
value determined at time of the purchase.
Conditions of Purchase:
Property must be platted at the expense of the lessee.
Lessee must hire an approved appraiser to obtain a fair market value appraisal of the land to be
conveyed.
Lessee must execute a Lease Amendment that provides for a lease termination date that is the
earlier of (i) closing on the purchase of the property or (ii) 18 months after the date of the
amendment at which time the improvements would become property of the City.
Lessee must execute a Purchase and Sale Agreement contemporaneously with the Lease
Amendment requiring a closing date of no more than 18 months from the date of execution.
apps.fortworthtexas.gov/council_packet/mc_review.asp?ID=22991&councildate=11/8/2016 1/2
10/13/2020 M&C Review
All revenue from the sale of the land will be deposited in the Lake Worth Trust Fund to be used for
capital projects around the lake as approved by the Property Management Director.
This property is located in the COUNCIL DISTRICT 7, Mapsco 44, 45, 46, 58 and 59.
This M&C does not request approval of a contract with a business entity. However, if the 1295 form is
required, it will be provided by the lessee at the time of contract execution.
FISCAL INFORMATION/CERTIFICATION:
The Director of Finance certifies that Property Management Department will be responsible for the
collection and deposit of funds.
TO
Fund Department Account Project Program Activity Budget Reference # Amount
ID ID Year (Chartfield 2)
FROM _
Fund Department Account Project Program Activity Budget Reference # Amount
ID ID Year (Chartfield 2)
Submitted for City Manager's Office by_ Jay Chapa (5804)
Originating Department Head: Steve Cooke (5134)
Additional Information Contact: Lester England (8053)
Jean Petr (8367)
ATTACHMENTS
LAKEWORTH RESIDENTIAL LEASES 8x11.pdf
apps.fortworthtexas.gov/council_packet/mc_review.asp?ID=22991&councildate=11/8/2016 2/2