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HomeMy WebLinkAboutContract 46963 erryswWARY CONTRACT NO. CONTRACT OF SALE AND PURCHASE (Sale by City of Fort Worth) THIS CONTRACT OF SALE AND PURCHASE ("Contract") is made and entered into by and between the CITY OF FORT WORTH, TEXAS, a home rule Municipal Corporation of the State of Texas, acting by and through its duly authorized City Manager or Assistant City Manager ("Seller") and Harry G. Pettey ("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 Lot 13, Block 32, Lake Worth Leases, Fort Worth, Tarrant County, Texas, together with any easements, rights-of-way, licenses, interests, and rights appurtenant thereto, also known as 1333 Bomber Road, Fort Worth, Texas 76135 (collectively, the "Property"), as shown and more particularly described on the attached Exhibit "A", incorporated herein for all purposes. 2. The Property is within 5,000 feet of the shoreline of where Lake Worth's shoreline would be if it were filled to its storage capacity. 3. The sale of the property meets all the new requirements under Local Government Code 272.001. 4. The Property was leased under a fifty year lease ("Lease") on February 1, 1982 to Nora E. Dennington. 5. The Lease was subsequently assigned by Beverly Copley and Sharon Reed to Purchaser on August 27, 2003, and Purchaser is the current lessee of the Property. 6. Purchaser desires to purchase the property and Seller desires to sell the Property for fair market value to Purchaser in accordance with Texas Local Government Code 272.001(h). 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. CFW Sale to Harry G. Pettey OFFICIAL R CQfl,0J; I"T 3ECR1"E, A1,tV" Page 1 of 15 FmT V 41()R'T11 I X Rev. 7/12/07 (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(as defined below) that are not cured and that are subsequently waived pursuant to Section 3 below ("Permitted Encumbrances"). The Lease shall be terminated upon Closing(as defined below). (c) Seller shall retain all mineral interests in the Property if any. Seller waives and conveys to Purchaser the right of ingress and egress to and from the surface of the Property relating to the portion of the mineral estate owned by Seller. (d) To protect the public health, safety or welfare and to ensure an adequate municipal water supply, the Property is not eligible for and Purchaser is not entitled to the exemption provided by Section 11.142(a), Water Code relating to the storage of water in a dam or reservoir. Section 2. Independent Contract Consideration, Purchase Price, and Earnest Money. (a) Contemporaneously with the execution of this Contract, Purchaser delivers to Seller a check in the amount of One Thousand and 00/100 Dollars ($1,000.00) as independent consideration for Seller's execution, delivery, and performance of this Contract ("Independent Contract Consideration"). 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. The Independent Contract Consideration shall be applied to the Purchase Price at Closing. (b) The purchase price ("Purchase Price") for the Property, payable by Purchaser to Seller in cash at closing (defined below), is Forty Thousand Dollars ($40,000.00), Seller has obtained an appraisal of the Property and has determined that the Purchase Price reflects the current fair market value of the Property. Section 3. Title Commitment and Survey. (a) Within thirty (30) days after the Effective Date, Purchaser may obtain, at Purchaser's sole cost and expense (i) 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 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 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 satisfactory to Purchaser and Title CFW Sale to Harry G. Pettey Page 2 of 15 Rev. 7/12/07 Company. The Survey shall (i) be certified to Purchaser, its successors and assigns, and Title Company, (ii) 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 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 fifteen (15) 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 shall use its best efforts to 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 fifteen (15) 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, 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. Review Reports. Within five (5) days after the Effective Date, Seller shall deliver to Purchaser for Purchaser's review any environmental or engineering reports and studies in Seller's possession concerning the Property("Reports"). Section 5. 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, CFW Sale to Harry G. Pettey Page 3 of 15 Rev. 7/12/07 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, 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 CFW Sale to Harry G. Pettey Page 4 of 15 Rev. 7/12/07 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 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(as defined below). Section 6. Option Period. (a) Notwithstanding anything to the contrary contained in this Contract, until forty- five (45) 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 7 below). (b) If Purchaser is not satisfied in Purchaser's sole and absolute discretion as to the condition precedent described in Section 6(a) above, 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, neither party shall have any further rights or obligations under this Contract. CFW Sale to Harry G. Pettey Page 5 of 15 Rev. 7/12/07 (c) The provisions of this Section 6 control all other provisions of this Contract. (d) The parties agree that the Option Period will not be extended upon expiration without a written amendment signed by both parties. Section 7. 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 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. hl the event this transaction does not close for any reason whatsoever, the Purchaser shall release to Seller any and all independent studies or results of Tests obtained during the Option Period. Section 8. Closing Contingencies. (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"), but not later than December 30, 2011. The Closing Contingencies are as follows: (1) Any easements conveyed to the City will be at no cost to the City. (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 any Closing Contingencies are not satisfied to Purchaser's satisfaction so that Purchaser is prepared to close on or before December 30, 2011, then Purchaser must terminate this Contract, and upon the termination, Seller shall retain the Earnest Money and any interest earned and neither party will have any further rights or obligations hereunder; however, the Closing may be extended if the Closing Contingencies are not satisfied if agreed to in writing by the parties. Section 9. Closing. (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: CFW Sale to Harry G. Pettey Page 6 of 15 Rev. 7/12/07 (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 to existing easements, rights-of-way, and prescriptive rights, whether of record or not, with the precise form of the Deed to be determined pursuant to Section 11 below; (ii) A Lease Termination document signed by Seller terminating the Lease; and (iii) 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 federally wired funds or such other means of funding acceptable to Seller, in an amount equal to the Purchase Price, adjusted for closing costs and prorations. (3) The Title Company of Purchaser's choice shall issue to Purchaser, at Purchaser's sole cost and expense, an 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 Encumbrances, and the standard printed exceptions included in a Texas Standard Form Owner Policy of Title Insurance. (4) The Independent Contract Consideration shall be applied to the Purchase Price at Closing. (5) Seller and Purchaser shall each pay their respective attorneys'fees. (6) Purchaser shall pay all recording fees and any other closing costs as set forth by the Title Company. (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, 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 with the result that Purchaser shall pay for those taxes and assessments applicable to the Property after the Closing. The provisions of this Section 9(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. CFW Sale to Harry G. Pettey Page 7 of 15 Rev. 7/12/07 Section 10. 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 11. Closing Documents. No later than fifteen (15) days prior to the Closing, Seller shall deliver to Purchaser a copy of the Special Warranty Deed, which is subject to Purchaser's reasonable right of approval. Section 12. 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 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 With a copy to: 927 Taylor Street Leann D. Guzman Fort Worth, Texas 76102 City Attorney's Office Attention: Lester England City of Fort Worth Lake Worth Property Manager 1000 Throckmorton Telephone: 817-392-8366 Fort Worth, Texas 76102 Fax (817) 392-2527 (817) 392-7600 Fax (817) 392-8359 (c) The address of Purchaser under this Contract is: Harry G. Pettey 1333 Bomber Road Fort Worth, Texas 76135 Telephone: (817) Fax (817) (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 13. Termination, Default, and Remedies. CFW Sale to Harry G. Pettey Page 8 of 15 Rev. 7/12/07 (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. (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 and neither party hereto shall have any further rights or obligations hereunder. 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 attempted assignment shall be void. Section 16. Time of the Essence. Time is of the essence under 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 (i) 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 CFW Sale to Harry G. Pettey Page 9 of 15 Rev. 7/12/07 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, then the Closing or the day for such performance, as the case may be, shall be the next following regular business day. 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. [SIGNATURES APPEAR ON THE FOLLOWING PAGE] CFW Sale to Harry G. Pettey Page 10 of 15 Rev. 7/12/07 This Contract is executed as of the Effective Date. SELLER: CITY OF FORT WORTH, TEXAS By: Assistant City Manager X411 0( 0 "0% A4 �Z.%�p0® 0 tt 0 0 z 0 10, 0%00 0 0 0 Ar� City Secretary 000000 0 ACI M&C Date: DOE# Approved as to Legality and Form 1�2 Assistant City Attu m' ey PURCHAS arry G. Pettey ........................ OFFICIAL RECORD CITY SECRE"fN/UlIt' FT. WON '119 TX CFW Sale to Harry G. Pettey Page 11 of 15 Rev. 7/12/07 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: By: Name: Title: Date: Phone Fax CFW Sale to Harry G. Pettey Page 12 of 15 Rev. 7/12/07 EXHIBIT "A" Description of Property Lot 13, Block 32, Lake Worth Leases, Fort Worth, Tarrant County, Texas CFW LAKE WORTH SALES CONTRACT DR.PETTEY 9-27-2011 Vag A126 AV A tta®rse sYrlO'mom" RY7�WRRtR 5J ,LtR't ���.� T - �� •nz:•.'r}.�� IdIDtQdk i t zT t / VI ilp O9'C It >st V H 7N" �T / Y I > HiLBR�' i p g,p4 rrJ'F ! Y&• cv ✓� R I".. t '1 jl cr,;�,.attmet � s I I TMff'9f• lr+.le .� tktYY>�' �I r+G.;i utrur ii 15�:.,a,'±aola I f� II Ir ''''ppk�� I UJ• I -- --i(- .._.._..rl--._.- {_.--�------ - "11.1x,,i.i__ .1. .ittst........_. bl�w'11 Ir r t3�1 r �"1�'--�'C.. II III' it ji X. � '!•I iT. t€iinwrre�j' usrx• + 1 I IEipeat� 1' li it it :4 0° ul MI ' ��•. �pI g gr, .9 I: Ile �� II :' Ir it "'' 17 I woU: W 8� g^N utzso- Y M E 1 I �� 1 rTI a4 m I II ^15 5�ri tleurvh 1� ?� i I ail 12� � I rntir 4 yl �I wca qr P p Ij�amwI 61 'I r I �+ J pm.'� •P + 1 i M wsa 1 WY.V'• fl w� � 1I•1 I �a>f 4t ri",'9 mrµa"S Y 1lY I! 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(�'"' o t 0�>� lIq tcWtv�°,len1[nyrl b {NE�tFm7YU7l�Q?,�8 . b' L�.� f14SNF9A5SC R��t�?}• }71'!4'1 I M IO1t6S➢Si�;Ea MM m All n 9PS9 1 C$!F5[CSCiIBLHPt6P �1FSESE�f1Y315 �'X11PFt „r M&C Review Page 1 of 2 Official site of the City of Fort i:.01'l),TexaE CITY COUNCIL AGENDA �(l1tT WE31t`ll) COUNCIL ACTION: Approved on 1/10/2012 DATE: 1/10/2012 REFERENCE NO.: **L-15304 LOG NAME: 601333 BOMBER ROAD CODE: L TYPE: CONSENT PUBLIC NO NO SUBJECT: Authorize the Sale of a City Fee-Owned Property Located at 1333 Bomber Road to the Current Lessee, Harry G. Pettey, for the Fair Market Value of$40,000.00, and Authorize Execution and Recording of the Appropriate Instruments Conveying the Property to Complete the Sale (COUNCIL DISTRICT 7) RECOMMENDATION: It is recommended that the City Council: 1. Authorize the sale of a City fee-owned property located at 1333 Bomber Road to the current lessee, Harry G. Pettey, for the fair market value of$40,000.00, pursuant to Texas Local Government Code Section 272.001(h); and 2. Authorize the execution and recording of the appropriate instruments conveying the property to complete the sale. DISCUSSION: Under Texas Local Government Code Section 272.001(h)the City may sell property within 5,000 feet of where the shoreline Lake Worth to the current lessee for the fair market value, as determined by a certified appraiser. The City obtained an appraisal from an independent licensed appraiser that determined the fair market value for the property subject to the current ground lease which is $40,000.00. It has been determined that the property has no other uses than residential property and no plans have been made to use the property for any other purpose. The City will retain all mineral interest in the property. All closing cost to be paid by the purchaser. ADDRESS JILEGAL DESCRIPTION PRICE 1333 Bomber Road Lot 13, Block 32, Lake Worth $40,000.00 Leases This property is located in COUNCIL DISTRICT 7, MAPSCO 59M. FISCAL INFORMATION/CERTIFICATION: The Financial Management Services Director certifies that the Water Department is responsible for the collection and deposit of funds due to the City. TO Fund/Account/Centers FROM Fund/Account/Centers FE70 442082 03000190100 $40.000.00 Submitted for City Manager's Office by: Fernando Costa (6122) Originating Department Head: S. Frank Crumb (8207) http://apps.cfwnet.org/council_packet/mc review.asp?ID=16193&councildate=1/10/2012 01/27/2012 M&C Review Page 2 of 2 Additional Information Contact: Lester England (8366) ATTACHMENTS 60 1333 Bomber Road MAP.pdf http://apps.cfwnet.org/council_packet/mc review.asp?ID=16193&councildate=1/10/2012 01/27/2012 1�5' . 53 Page 1 of 5 Electronically Recorded Tarrant County Texas Official Public Records 211.4120121:39 PM D212036085 4m6�C L P GS D WD $32.00.00 Mary Louise Garcia T TE OF TEXAS § § Know All Persons by These Presents: OT OF TARR-ANT � SEPTEMBER 1 2011 r: CITY OF FORT WORTH Grantor' g ess: 1000 Throclonorton Street Fort Worth,Tarrant County,Texas 76102 Grantee: #1ARRY G.PETTEY Grantee's Mailing A s: 1333 BOMBER RD. ORT WORTH,TX 76135 Consideration:TEN AND /1 L ($10.00)and other good and valuable consideration. Property: LOT 13 BLOCK 32.LAIC, O T EASES FORT WOWTIL TARRANT COUNTY XA THERWI!;SE KNOWN.AS 1333 SOMBER RD.,ftOR Q H X Reservation from and Exceptions to Conve ce W anty: An avigation easement is reserved on behalf the free and unobstructed passage*of aircraft over the subject property in ab airspace above the minimum altitudes of flight prescribed by Feder r gala 'o , including airspace needed to ensure safety in the takeoff and Zan ' g o air t. Grantee hereby releases the Grantor,its officers,agents and employ an all claims and liability resulting from the noise, vibration, fumes, us , .e omagnetic interference and lubricant particles and all other effec w eth s claims are for injury-or death to person or persons or damages to or rop ,arising out of ox in connection with the'use of this easement,when su us i ca pliance with the regulations and guidelines of the Federal Avia ' n d Lion, successor agency,or-other governmental authority with jurisdictt n r e tter. This conveyance is fu ther subject to all restrictions, reservations, n , prescriptions, right of way, maintenance or similar charges and any liens s Page 2 of 6 p yzneat thereof, declarations, covenants and conditions.of record, if any,.only to the ext t they are presently in effect. acknowledges that Grantor has not made and does not make any representations s to-Ilie ysical condition,or any other matter affecting or related to the property(other t w ties title as provided and limited herein). Grantee expressly agrees that,to' exte permitted by law, the property is conveyed "AS ZS" and "VVM T Grantor expressly disclaims, and Grantee acknowledges and acc or has isclaimed,any and all representations,warranties or guaranties, of n xal a , express or implied (except as to title as hereafter provided and li d) e property including without limitation the value, condition, merch i bility, marketability, profitability, suitability or fitness for a particular or the property. Grantor expres-ly es e ut property conveyed in this instrument a perpetual flowage ease me t inc din e�f to inundate, flood and overflow all of the property lying below a lin } t horizontally upland from the six hundred (600) foot elevation contour l' oi sha not be liable for any damages resulting from the reasonable use of thi e em F er, Grantee shall not construct any structures and/or improvements be an t' es lis ke front property line, unless'specifscally permitted in the follow*n ar and all such permitted structures and/or improvements which eaten th owage easement shall be constructed_ at a minimum finished floor elevati n 1 of six h=,4r6Zk=d one(601)feet. There is expressly granted unto Grant an ent without warranty expressed or implied over the lands of the ' and e w ers f Lake Worth, as they may be located from time to time,for w=ert r eat x p ses, for the purpose of ingress and egress to and from Lake Worth, and for e co maintenance and use of piers, 'docks and boat houses including the storage of �n e following described water and lands: A) The lands enclosed on one side by the pr ert line of Grantee, on a second side by the waters of Lake Worth, an o d d fourth side by two lines, each beginning at opposite ends of Gr t lak roperty line, and each being a projection of the side lot lines o as own on the Plat. (Hereinafter referred to as the "Access Easement".) ee ater Use and Access Easement Exhibit A,attached hereto.) B) The waters of Lake Worth, except that such use shall b exc . e e oept for such piers and docks constructed thereon. Q The land lying wader the waters of Lake Worth that are adjacen t th a c ss easement,lying between two lines, each beginning at opposite ends f tee lakefront property line,and each being a projection of the side lot lines e Page 3 of 5 as shown on the Plat. (See Typical Water Use and.Access Easement Exhibit.A., `— attached hereto.) ! 11 improvements or structures on each easement must abut the lakefront property li of the property conveyed herein and cannot extend into the waters of Lake W xth f such distance as to deny access to said waters by adjoining land . Suc improvements or structures may extend to a point 100 feet from the efron y line into the waters of Lake Worth-regardless of the depth of th e the int,or to the point at which the elevation of the land lying under ak orth s eater.than 584 feet above.mean sea level,but in no instance ex an 150 feet froin the lakefront property line into the waters of rth. o construction beyond the above mentioned limits shall be co he prior written approval from the Director of Engineering for C' y o ortli Variance shall be considered on a case by case basis. .A.Typi ater Js an ss Easement drawing is attached and incorporated to this S eci arr as Exhibit"A„ It is specifically un xs for shall retain any and all interests in the above described water and 1 an no intend to convey any of these interests to Grantee unless specifically grant h re . O eration Mainteiaance do ent of SqMLtM Sewer[Septic S stems Grantee shall be responsible fo operating main ' "ng individual septic systems, sewer lines and laterals on the property ey ein Grantee shall connect to public sewer service when available and sh b responsible for all applicable connection fees. Further,Grantee shal e r nsib for the proper abandonment of the septic system, sewer lines and laterals. e co abandonment shall be the sole responsibility of Grantee. Grantee agrees to o e for access to the lot at reasonable times for the purpose of inspecting e per 'o of the septic system to verify compliance with applicable federal and state 1 s d s well as the charter and ordinances of the City of Fort Worth. Grantee shall, at Grantee's expense, connect the orate w of the property to the water and sewer systems to be installed by Graato e erty,when such water and sewer system is available for connection, inel g b n i ited to paying tap fees and impact fees as required by City Ordinances. This conveyance is expressly made and accepted subject to em 'ctions, and other instruments properly of record. Nothing in this conveyance shall be construed as a waiver of the po G for to enact ordinances as a municipal corporation or as any reservation of the ow auto to vary the estates in land conveyed or reserved herein. Page 4 of 5 antor, for the consideration and subject to the reservations from and exceptions to co eyance and warranty, grants, sells and conveys to Grantee the property, together i an and singular the rights and appurtenances thereto in any wise belonging,to have it to Grantee, Grantee's heirs, executors, administrators, successors, and assigns orever. antor binds Grantor and Grantor's heirs, executors, administrators, and eor tow I t and forever defend all and singular the property to Grantee and s, ex tors, administrators, successors and assigns against every person er la claiming or to claim the same or any part thereof except as to the res atio and e ceptions to conveyance and warranty, by, through and under it, but oth se. When nt re res,singular nouns and pronouns include the plural. IN W'I'NE E F, antors have caused this instrument to be executed on this they ay f ,2012. APPROVED AS TO O CITY OF FORT WORTH S � AND LEGAL � • Assistant City Att rney Assistant City Manager COUNTY OF TARRANT BEFORE ME, the undersigned authoz n y appeared Fernando Costa, known to me to be the person and officer w os n e i subscribed to the foregoing Deed, and acknowledged to me that the same was the e City of Fort Worth, a home-rule corporation, and that he/she ex ecu do i e t as the act of said corporation for the purposes and consideration exp es re' and in the capacity stated. GIVEN UNDER MY HAND AND SEAL OF OFFI day of )2012. AN Y M lA Nbtary Public Page 5 of 5 Exhibit"A,•to the Special Warranty Deed Typical Voter Use and Access Easement Any structure Waters in this area of W. r may not deny Lake Worth access to adjoining E se ant landowners 100 (Nortnai} 150' Mmcivm � •� , G�� E j asp Lokcfro�t Prop i t Property Conveyed Public Right—of Woy Refer to Paragraph 'D'* on Page 2 N.i of Special Warranty Deed. • ��- {�-2co•rte� .. . • - j a (y�L 4eJI, 1 AN 4�) 360D H u 1�r1 5 10 o SPECIAL WARRANTY DEED STATE OF TEXAS Know AH Persons by These Presents: COUNTY OF TARRANT Date: SEPTEMBER 1,2011 Grantor: CITY OF FORT WORTH Grantor's Mailing Address: 1000 Throckmorton Street Fort Worth, Tarrant County, Texas 76102 Grantee: HARRY G. PETTEY Grantee's Mailing Address: 1333 BOMBER RD. FORT WORTH,TX 76135 Consideration:TEN AND N01100 DOLLARS ($10.00) and other good and valuable consideration. Property: LOT 13,BLOCK 32,LAKE WORTH LEASES,FORT WORTH, TARRANT COUNTY,TEXAS,AND OTHERWISE KNOWN AS 1333 BOMBER RD.,FORT WORTH,TX Reservation from and Exceptions to Conveyance and Warrantv: 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 Grantee hereby releases the Grantor, its officers, agents and employees from any and all claims 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. This conveyance is fintther subject to all .restrictions, reservations, easements, prescriptions, right of way, maintenance or similar charges and any liens securing the payment thereof, declarations, covenants and conditions of record, if any, only to the extent they are presently in effect.. Grantee acknowledges that Grantor has not made and does not make any representations as to the physical condition, or any other matter affecting or related to the property(other than warranties of title as provided and limited herein). Grantee expressly agrees that, to the maximum extent permitted by law, the property is conveyed "AS IS" and "WITH ALL FAULTS", and Grantor expressly disclaims, and Grantee acknowledges and accepts that Grantor has disclaimed, any and all representations, warranties or guaranties, of any kind, oral or written, express or implied (except as to title as hereafter provided and limited) concerning the property including without limitation the value, condition, merchantability, habitability, marketability, profitability, suitability or fitness for a particular use or purpose, of the property. Grantor expressly reserves out of the property conveyed in this instrument a perpetual flowage easement including the right to inundate, flood and overflow all of the property lying below a line ten (10) feet horizontally upland from the six hundred (600) foot elevation contour line. Grantor shall not be liable for any damages resulting from the reasonable use of this easement. Further, Grantee shall not construct any structures and/or improvements beyond the established lake front property line, unless specifically permitted in the following paragraph. Any and all such-permitted structures and/or improvements which extend into the flowage easement shall be constructed at a rninimun finished floor elevation level of six hundred and one(601) feet. There is expressly granted unto Grantee an easement without warranty expressed or implied over the lands of the Grantor and the waters of Lake.Worth, as they may be located from time to time, for water recreational purposes, for the purpose of ingress and egress to and from Lake Worth, and for the construction, maintenance and use of piers, docks and boat houses including the storage of boats, on the following described water and lands: A) The lands enclosed on one side by the lakefront property line of Grantee, on a second side by the waters of Lake Worth, and on a third and fourth side by two lines, each beginning at opposite ends of Grantee's lakefront property line, and each being a projection of the side lot lines of each lot as shown on the Plat. (Hereinafter referred to as the "Access Easement".) (See Typical Water Use and Access Easement Exhibit A, attached hereto.) B) The waters of Lake Worth, except that such use shall be nonexclusive except for such piers and docks constructed thereon. C) The land lying under the waters of Lake Worth that are adjacent to the access easement, lying between two lines, each beginning at opposite ends of Grantee's lakefront property line, and each being a projection of the side lot lines of each lot as shown on the Plat. (See Typical Water Use and Access Easement Exhibit A, attached hereto.) D) All improvements or structures on each easement must abut the lakefront property line of the property conveyed herein and cannot extend into the waters of Lake Worth for such distance as to deny access to said waters by adjoining land owners. Such improvements or structures may extend to a point 100 feet from the lakefront property line into the waters of Lake Worth regardless of the depth of the water at the point, or to the point at which the elevation of the land lying under Lake Worth is not greater.than 584 feet above mean sea level, but in no instance to extend further than 150 feet from the lakefront property line into the waters of Lake Worth. No construction beyond the above mentioned limits shall be considered without the prior written approval from the Director of Engineering for the City of Fort Worth Variance shall be considered on a case by case basis. A Typical Water Use and Access Easement drawing is attached and incorporated to this Special Warranty Deed as Exhibit"A". It is specifically understood that Grantor shall retain any and all interests in the above described water and lands, and does not intend to convey any of these interests to Grantee unless specifically granted hereto. Operation,Maintenance and Abandonment of Sanitary Sewer/Septic Systems Grantee shall be responsible for operating and maintaining individual septic systems, sewer lines and laterals on the property conveyed herein. Grantee shall connect to public sewer service when available and Grantee shall be responsible for all applicable connection fees. Further, Grantee shall be responsible for the proper abandonment of the septic system, sewer Rues and laterals. The cost of such abandonment shall be the sole responsibility of Grantee. Grantee agrees to allow the Grantor access to the lot at reasonable times for the purpose of inspecting the operation of the septic system to verify compliance with applicable federal and state laws and statutes as well as the charter and ordinances of the City,of Fort Worth. Grantee shall, at Grantee's expense, connect the water and sewer lines of the property to the water and sewer systems to be installed by Grantor to serve the property, when such water and sewer system is available for connection, including but not limited to paying tap fees and impact fees as required by City Ordinances. This conveyance is expressly made and accepted subject to all easements, restrictions, and other instruments properly of record. Nothing in this conveyance shall be construed as a waiver of the powers of Grantor to enact ordinances as a municipal corporation or as any reservation of the power in Grantor to vary the estates in land conveyed or reserved herein. Grantor, for the consideration and subject to the reservations from and exceptions to conveyance and warranty, grants, sells and conveys to Grantee the property, together with all and singular the rights and appurtenances thereto in any wise belonging, to have and hold it to Grantee, Grantee's heirs, executors, administrators, successors, and-assigns forever. Grantor binds Grantor and Grantor's heirs, executors, administrators, and successors to warrant and forever defend all and singular the property to Grantee and Grantee's heirs, executors, administrators, successors and assigns against every person whomsoever lawfully claiming or to claim the same or any part thereof, except as to the reservations from and exceptions to conveyance and warranty, by, through and under it, but not otherwise. When the context requires, singular nouns and pronouns include the plural. IN WITNESS WHEREOF, Grantors have caused this instrument to be executed on this the day of j!%/ri%i-/� ,2012. �1 APPROVED AS TO FORM CITY OF FORT WORTH AND LEGALITY: Assistant City Attorney Assistant City Manager COUNTY OF TARRANT BEFORE ME, the undersigned authority, personally appeared Fernando Costa, known to me to be the person and officer whose name is subscribed to the foregoing Deed, and acknowledged to me that the same was the act of the City of Fort Worth, a home-rule corporation, and that he/she executed the document as the act of said corporation for the purposes and consideration expressed therein and in the capacity stated. GIVEN UNDER MY NAND AND SEAL OF OFFICE this day of 2012. rmrrm�... NIII„ EVONIA DANIELS �- MY COMMIMN EXPIRES My 10,2013 Notary Public Exhibit "A'"to the Special Warranty Deed Typical 'Deter Use and Access Easement Any structure Waters in this area of - wa.er may.not deny Lake Worth Use access to adjoining Eosement landowners 100' Normal l 150' �ldoxium� Access f Easemeni (Dist" vorics) oroacrtY Lino Lokcfronf - Property Conveyed Public Right' of--Way Refer to Paragraph V on Page 2 TATS of Special Warranty Deed. Q Tn\M�xr�y o� OMB Approval No,2502-0265 A. Settlement Statement(HUD-1) B.Type of Loan 1.❑FHA 2.Q RHS 3.QCanv.Unim.16.File Number 7. Loan Number. 8,Modgage Insurance Case Number. 4.©VA 5_Q Comr.Ins, 95611002988 C. Note: This km is famished to give you a statement ofoshraf sattlerrtentcosts Amounts paid to andby the settlement agentare sham. Items marked(p.o_c.)'wera pald outskle ft dosing,May oro dhown'hem forinfomra6onal purposes and am not included In the totals 0.Name and Address of Borrower, E. Name and Address of Seller. F.Name and Address of Lender. Harry G.Pettey Wells Fargo,NA 1333 BomberRoad 4101 Wiseman Bivd. Fort Worth,Texas 76108 San Antonio,Texas 78251 G,Prop"Location: H,SeMement•Agent t.Set(lementDate: 1333 Bomber Road Fidelity National Title Agency,Inc. (817)5464900 February 8,2012 Fort Worth,TX 76108 Funding Data: 'Tarrant County,Texas Place of Settlement Lake Worth Leases Addition Bik 32 Lot 13 3500 Hulen Street,Suite 100 Disbursement Date: .90 Acre Fort Worth,Texas 76107 February 13,2012 J. Summary of Borrowers transaction K Summary of Seller's transaction 100.Gross Amount Due from Borrower. 400. Gross Amount Due to Seller. 101.Contract sales prica I 401.Contract salas price 102 Personal property 402 Personal property 103.Settlement Charges to Borrower ne 1400 f 4,137.43 403, l 104. Payafffirstmodpaae 01hMon I 18,738.99 404. 105, PaWffforLease city of Pod Worth 1 40000.90 405: Adustmertrs for items paid by Seller Inadvanco Adiustments for Items paid by Seller In advance 106.City?own Taxes to 1 406.CW/Fovin Taxes to 107_CountvTaxos to 1 407.County Taxes to- 108.School Taxes to 406.School Taxes to 109. 409. 110, 410, 111. 411. 112 412. 120.Gross Amou rMuefrom Borrower 62,876.42 420.Gross Amount Due to Salter 200.Amounts Paid by or in Behalf of Borrower 500.Reductions In Amount Due Setter. 201.Deposit or earnest mone 501.Exoessde It see Instructions 202.Pffnelpai amount of new loan(,,) I 62 000.00 502:Settlement charges to Seiler tine 1400 203.Exisd loans taken subIect to I 503.Existing loans taken subject to 1 204.Leader Credit I 23250 504.PayoBotfirstmo age loan 205• I 505_ ofsecondmo a loan 208_ 506. 207, 507, 208_ 508. 209• 509. Adjustments for Items unpaid by Sailor Ad rmtarantsfor itoms unpaid by Setter 210.CO/Town Taxes to 510.CltyfFOwn Taxes to 211_County Taxes to 511.County Taxes to 212.School Taxes to 512.School Taxes to 213. 513_ 214. I 514. 215. 515. 216. 516. 217. 517. 218. 518, 219. 519. I 220.Total Patti b y1forBorrower 62,232.50 520,Total Reduction Amount Due Sailor 300.Cash atSettlamontfrom/to Borrower 600.Cash at settlementtotfrom Salter 301_Gross amount due from Borrower Ofne 120 62878.42 601.Gross amount due to Seiler line 420 302 Less amount paid byffor Borrower(5ne 220)' 1( 62,232.50) 6CZ Less reductions due Seller(time 520) 303.Cash 0 From D To Borrower 643,92 603.Cash []To From Seller 0.00 (958110026b4PPaR08'1100Zv88n7)rvbnmry 8,2012 12'.21PM L Settlement Charges 700.Total Real Estate Broker Foos Paid From Paid From Diwwonofcommisslon(Ane700 asforlo,= SorrowerS Severs 701, to Funds at Fundsat 702,S to. Settlement n 703.Commission paid atsetoemertt 704. to 705. to 800.Items Payable in Connection with Loan 801.Our origination charge 51,100.00 from GFE#1 802,Your credit orcharge points)forthespadBg interest rate chosen $23250 (from GFE#2) 803.Your adjusted o''nation charges Weiss Fargo,NA from GFE#A 1,332-50 804. fee to RELS Evaluation from GFE POC:B395.00 805.Credit Report to RELS from GFE#3 POC:B11.91 806.Tax service to (from GFE#3) 807.Flood certification to from GFE#3) M.Document Preparation to Beadles,Newman&Lawler from GFE#3 7ota1$200.0 869.Appraisal Fee to Wells Fargo,NA from GF=-a 75.0 810. to tfrom GFE#3) 811, to (from GFE#3) 900.items Required by Lender to Be Paid In Advance 901.Dar interest charges from 02713172 to 0301112 17 days $7.640000/d (from GFE ik10 129.88 902.A10 a insurance premium for months to from #3 903.Homeowner's insurance for 1.0 years toWellin ton insurance Nom GFE#11 714.09 904. from GFE#11 905, (from GFE#11) 1000.Rasorvcs Deposited with lender 1001.Initial deposit for your escrow account (from GFE#9) 1002.Homeowners Insurance months 0 per momh 1003.Mortgage insurance months @ $ aer month 1004.Pm taxes 1005. months S per month 1006. months ( S per month 1007. montlts S per month 1008. 1009.Aggregate Adjustment 1100.T1tle charges ' 1101.Me services and fendsestitie Insurance (from GF #4) 1,059.00 1102Setttementordgsfn fee Scott B.McKnight Attome at Law $275.00 -Escrow Fee 1103.Ownersl .insurance to F' idefi ly NationalTitieA en Inc, from GFE 1104.LerMers title in5urangEto Fidel National Tate envy,Inc. $685.00 1105.Lendersttee policy limit - 562,000.00 1106.Ovmars two policy limit 1107.A enfs portion or the total title Insurance MMIum $597.25 1108.Underwriters portion of the total We insurance premium S87.75 1109.6(rA to Scott B.mwjtfgm 1110. 1111.Press F9 for Endorserrems Fidetity National Tale Lgency,Ina TOMI 1112 1113. 1200.Government Recording and Transfer Charges 1201.Government recording cha es to FNT FSO County ClerKs Once from GFE* 104.00 1202 Deed S Mort-gage$72,00 Reieases S Other$3200 1203.Transfertaxes (from GFE#8) 1204.City/County taxrstamps 1205.State tWstamps 1206. 1207_ 1300.Additional Settlement Charges 1301.R uiredservices that You can shop for from GFE 502,88 1302.Survev to Stadia Surveying 5378.88 1303.Flood life of Loan WFFS $19.00 1304,Tax Service Fee WFRETS $105.00 1305.Lease interest to C of Fort Worth 220:06 1400.Total Settlemerrt Cho es enter on lines 103.Section Jand 502,Section - 4,137.431 CGrdfied to be a true copy (8561t00298HPF{1Ntl0�I002PBBH7)FaElViy e,2012 122t•PK Comparison of Good Faith Estimate(GM and HUD-1 Charges. Good Faith Estimate HUD-1 CbargesThot Cannot lncrea9e HUD-1 Une Number Our Origination Charge # 801 1,100.00 1,100.00 Your Credit or Charge points far thespacifc rate chosen 802 232,50 23250 Your adjusted originntion charge # 803 1,33250 1,332.50 Tramfcrtaxes #1203 0.00 0.00 Cha es That in Total Cannat Increase More than 10% Good Faith Estimate HUD-1 Government recording charges #1201 L%.00 104.00 Appraisal fee # 804 395.00 395.00 Credit report # 8z .11.91 1191 App,aM Fee # 809 75.00 75.00 Flood Life of loan #1303 19.00 19.00 Tax Service Fee #1304 105.00 105.00 Total 7GL91 709,91 lncrease between GFE and HUD-1 Charges $ -5UG or -6.820 Charges That Can Change Good Faith Estimate HUD-1 Daily Interest&ages # 901 5 7,640000/day 175.72 129.88 Homeowners insurance # 903 636.00 714.09 Tltleservices and lender's tide Insurance #1101 985,00 1959.00 Sunfey 91302 500.00 378.88 Loan Ter" ' Your initial loan amoimt is ,62,000.00 Your toan term is 30 years Your initial inte—st rate is 4.5000% Your initial monthly amount owed for principal,interest and §314.14 hXRldes any mortgage insurance Is ❑ X Principal Q Interest MortQage Insurance Can your interest rate rise? Q No ❑ Yes,It can rise to a mWmnm of %.The Ost change will be on and can dange again every_months of ter .Every change date,your Interest rate can Increase or decrease by %.Over the Ye ofthe ban,your Interest rate Is guaranteed to never be tower than 9'o or higher than Even if you make payments all throe,can your loan balance rise? Q No ❑ Yes,It can rise to a maximum of$ Even if you make payments on tine,can your monthly QX No ❑ Yes,the first Increase can be on and the monthly amount owed for principal,hrwrest;and mortgage insurance rise? amount owed Can rise to$ The maximum it can ever rise to 15$. Dos your loan have a prepayment penalty? ❑X No ❑ Yes,your maxmum prepayment penalty is$ - Does your loan have a halloon paymerrI2 ❑X No ❑ Yes,you have a balloon payment of$ due In^years on ToW nrorlthly amoam owed including escrow account payments X❑ You do not have a m nthty escrow payment for items,such as property tsms and homeowners insurance,You must pay these items directly yourseir. ❑ You have an additional monthly escrow payment of$ that resub In a total initial monthly amount owed of$ .This Includes principal,interest,any mortgage Insurance and any items checked below: ❑ Property taxes [3 Homeovmeesinauance ❑ Rood insurance ❑ ❑ ❑ Note:If you have any questions about the 5etdemem Charges and loan Tents IL,;Md on this form,please contact your lender. (MIIO02B9a.pFtl79.'e71007 M7)(bqugy6,2a125711-PM HUD-9,Page 4 sorrowor(s):Harry G_Pettey 1333 Bomber Road Fort Worth,Texas 76108 Lander.Wells Fargo,NA Settlement Agent Fidelity National Tide Agency,Inc. (817)546-4900 Place olSettiement3500 Hulen Street,Suite 100 Fort Worth,Texas 76107 Settlement Dam:February 8,2012 Disbursament Date:February 13,2012 Property Location:1333 Bomber Road Fort Worth,TX 76108 Tarrant County,Texas Lake Worth Leases Addition Bik 32 Lot 13 .90 Acre Disclosure For Items Totaled on Line 1101 Description Payee Borrower Seller Guaranty Fee FNT FBO TX Guaranty Assoc. 2.00 Tax Certificate FNT FBO National Tax Net 55.00 Courier/Overnight Delivery Fee Scott B.McKnight,Attorney at Law 30.00 E Filing Fee FNT FBO ACS 12.00 Disclosure For Items Totaled on Line 1102 Description Payee Borrower Seller Escrow Fee Scott B.McKnight,Attorney at Law 275.00 Borrower Loan Payoff Details Payoff first mortgage to Citi Mortgage Loan Payoff Total Loan Payoff' $18,738.99 Payoff for Lease to City of Fort Worth Total Loan Payoff $40,000.00 I have carefully reviewed the HUD-1 Settlement Statement and to the best of my knowledge and belief,it is a true and accurate statement of all receipts and disbursements made on my account or by me in this transaction. I further certify that 1 have received a copy of the HUD-1 Settlement Statement Borrower Harry G.Petey Seiler The HUD-1 Settlement Statement which I have prepared Is a true and accurate account of this transaction. I have caused or will cause funds to be disbursed in accordance with this statement. Fidelity National Title Agency,Inc, Settlement Agent tases�o�zase.pFplgsottoozeeenn Koe�ys,2az t2ti.a�a