HomeMy WebLinkAboutContract 48276 CITY SECRETARY
CONTRACTWI. LMCA
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, located within Tarrant, Denton, Parker, and Wise Counties, Texas, acting by
and through its duly authorized City Manager or Assistant City Manager ("Seller") and FW 710
Main LP, a Texas Limited Partnership, ("Purchaser") as of the date on which this Contract is
executed by the last to sign of Seller and Purchaser("Effective Date").
RECITALS
1. Seller is the owner of all that certain part of Block 28, Tucker's Addition to the City of
Fort Worth, Tarrant County, Texas, according to the Plat recorded in Volume 63, Page
124, Deed Records of Tarrant County, Texas, together with any easements, rights-of-
way, licenses, interests, benefits, privileges and rights appurtenant thereto (collectively,
the "Property"), as shown and more particularly described on the attached Exhibit "A",
incorporated herein for all purposes.
2. Purchaser desires to acquire the Property for provision of additional off street parking for
a retail development across the street. Purchaser is an investor in said development.
3. Seller will convey the Property through direct sale in accordance with Section 272.001(b)
(1) of the Texas Local Government Code.
AGREEMENT
In consideration of the mutual covenants, 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 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 ("Permitted Encumbrances") and
any express reservations described herein.
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FT.WORTH,TX
(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 al purposes: all right,title, and interest in and
to all oil, gas, and other minerals in and under 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.
Section 2. Independent Contract Consideration,Purchase Price,and Earnest Money.
(a) Contemporaneously with the execution,of this Contract,Purchaser hereby delivers
to Seller the amount of Fifty and 00/100 Dollars ($50.00) ("Independent Contract
Consideration") which amount the parties bargained for and agreed to as consideration for
Seller's execution and delivery of this Contract. This Independent Contract Consideration is in
addition to and independent of any other consideration or payment provided for in this Contract,
is nonrefundable, and shall be retained by Seller notwithstanding any other provision of this
Contract.
(b) The purchase price ("Purchase Price") for the Property, payable by Purchaser to
Seller in cash at closing (defined below), is Sixty Thousand and 00/100 Dollars ($60,000.00).
Seller has determined that the Purchase Price reflects the current fair market value of the
Property.
(c) Within five (5) days after the execution and delivery of this Contract by Seller to
Purchaser, Purchaser shall deliver to title company (as defined below in) a check payable to the
order of title company or other means of funding reasonably satisfactory to Seller earnest money
in the amount of One Thousand and 00/100 Dollars ($1,000.00) ("Earnest Money").
Purchaser's failure to deposit the Earnest Money as provided herein shall entitle Seller to void
this Contract. The Earnest Money shall secure Purchaser's performance of its closing obligations
stated in this Contract. Title company shall hold the Earnest Money in escrow and deliver it in
accordance with the provisions of this Contract.
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
Company. The Survey shall (i) be certified to Purchaser, its successors and assigns, and Title
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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,
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
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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 OWNINVESTIGATIONOF 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
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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 five (5)
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, Purchaser shall be entitled to the return of the Earnest Money and neither
party shall have any further rights or obligations under this Contract.
(c) If Purchaser does not terminate this Contract prior to the expiration of the Option
Period, then the Earnest Money shall become non-refundable to Purchaser except in the event of
Seller's default in the performance of Seller's obligations under this Contract, and Title
Company shall release the Earnest Money to Seller at any time thereafter upon request by Seller.
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(d) The provisions of this Section 6 control all other provisions of this Contract.
(e) 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-agreesto 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. In 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 no more than(15) days after the satisfaction of the
following contingencies to Closing ("Closing Contingencies"), but not later than October 31,
2016. 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 October 31,2016, 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 Purchaser's sole cost and expense, shall deliver or cause to be
delivered to Purchaser the following:
(i) A Deed Without Warranty ("Deed"), fully executed and
acknowledged by Seller, conveying to Purchaser good and indefeasible fee
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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) 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 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 Encumbrances, and the standard
printed exceptions included in a Texas Standard Form Owner Policy of Title
Insurance; provided, however, the printed form survey exception shall be limited
to "shortages in area,"the printed form exception for restrictive covenants shall be
deleted except for those restrictive covenants that are Permitted Encumbrances,
there shall be no exception for rights of parties in possession, and the standard
exception for taxes shall read: "Standby Fees and Taxes for [the year of Closing]
and subsequent years, and subsequent assessments for prior years due to change
in land usage or ownership".
(4) The Earnest Money (including any Additional Earnest Money) shall be
applied to the Purchase Price at Closing.
(5) Seller and Purchaser shall each pay their respective attorneys'fees.
(6) Purchaser shall pay to Seller an administrative fee of One Thousand Six
Hundred and no/100 Dollars($1,600.00).
(7) 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.
(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 by each party with
the result that Seller shall pay for any taxes and assessments applicable to the Property up to and
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including the date of Closing, and Purchaser shall pay for those taxes and assessments applicable
to the Property after the Closing. The provisions of this Section 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.
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 except the following: Purchaser shall pay to Northern Realty Group a 3% Broker
commission at the time of closing and'funding. Purchaser shall be solely responsible for and
shall indemnify Seller from payment of any brokerage fees or commissions.
Section 11. Closing Documents. No later than fifteen (15) days prior to the Closing,
Seller shall deliver to Purchaser a copy of the Deed Without Warranty, which is subject to
Purchaser's reasonable right of approval.
Section 12. Notices.
(a) Any notice under this Contractshallbe 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, 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:
1000 Throckmorton Street Leann Guzman
Fort Worth, Texas 76102 Section Chief
Property Management Department City Attorney's Office
Attention: Real Property Division City of Fort Worth
Laura B. Morales,
Senior Land Agent 1000 Throckmorton
Telephone: 817-392-2311 Fort Worth, Texas 76102
(817) 392-8973
(c) The address of Purchaser under this Contract is:
Susan Gruppi
4224 Shannon Drive
Fort Worth, TX 76116
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(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.
(a) If Purchaser fails or refuses to consummate the purchase of the Property pursuant
to this Contract at the Closing for any reason other than termination of this Contract by Purchaser
pursuant to a right so to terminate expressly set forth in this Contract or Seller's failure to
perform Seller's obligations under this Contract, then Seller, as Seller's sole and exclusive
remedy, shall have the right to terminate this Contract by giving written notice thereof to
Purchaser prior to or at the Closing, whereupon neither party hereto shall have any further rights
or obligations hereunder, and Title Company shall deliver the Earnest Money to Seller as
liquidated damages, free of any claims by Purchaser or any other person with respect thereto. It
is agreed that the Earnest Money to which the Seller is entitled hereunder is a reasonable forecast
of just compensation for the harm that would be caused by Purchaser's breach and that the harm
that would be caused by such breach is one that is incapable or very difficult of accurate
estimation, and that the payment of these sums upon such breach shall constitute full satisfaction
of Purchaser's obligations hereunder.
(b) If Seller fails or refuses to consummate the sale of the Property pursuant to this
Contract at Closing or fails to perform any of Seller's other obligations hereunder either prior to
or at the Closing for any reason other than the termination of this Contract by Seller pursuant to a
right so to terminate expressly set forth in this Contract or Purchaser's failure to perform
Purchaser's obligations under this Contract, then Purchases: shall have the right to terminate this
Contract by giving written notice thereof to Seller prior to or at the Closing whereupon the
Earnest Money shall be returned to Purchaser and neither party hereto shall have any further
rights or obligations hereunder.
(c) If either Seller or Purchaser becomes entitled to the Earnest Money upon
cancellation of this Contract in accordance with its terms, Purchaser and Seller covenant and
agree to deliver a letter of instruction to the Title Company directing disbursement of the Earnest
Money to the party entitled thereto.
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.
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Section 16. Time for Execution. If Purchaser has not executed and returned a fully
executed original of this Contract to Purchaser by 5:00 p.m., Fort Worth, Texas time on
September 6,2016,the offer of this Contract shall be automatically revoked and terminated.
Section 17. Time of the Essence. It is expressly agreed that time is of the essence
with respect to this Contract.
Section 18. 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 whereupon the Earnest Money shall be returned
to Purchaser, and neither party shall have any further rights or obligations hereunder, or (ii)
proceed with the Closing of the transaction with an adjustment in the Purchase Price to reflect
the net square footage of the Property after the taking.
Section 19. Governing Law. This Contract shall be governed by and construed in
accordance with the laws of the State of Texas.
Section 20. 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 21. Venue. Venue of any action brought under this Contract shall be in Tarrant
County, Texas if venue is legally proper in that county.
Section 22. 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 23. 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 24. 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. .
[SIGNATURES APPEAR ON THE FOLLOWING PAGE]
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This Contract is executed as of the Effective Date.
SELLER: CITY OF FORT WORTH,TEXAS
By:
J
Assistant City Manager
Date:
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Date:
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Approved as to Legality and Form
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ssistant City Attor ey
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PURC R:
FW 710 N
By:
Name: SGl/1/I
Title: �� ��� RV
Date: 10
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OFFICIAL RECORD
CITY SECRETARY
UT. WORTH,TX
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
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aRo�16b Tarrant Count Texas SHEET No. Barton Surveying 160822A-BS 125 WEST LEUDA STREET Y. &
pnTt: 08/11/2016 TARRANT COUNT,TX 1 � Laser Scanning,LLC.
LOT 4B,BLOCK 28 Bearings are based on NAD 83 Grid, 3104 Faimleaamvs Lane
scv_e:i”=20' TUCKER'S ADDITION Texallorths
Central Zone,4202 Of Fat WO M,TX 76123
Texas State Plane Coordinate System 1 sez.6al.00vs FIRM No,:101.1160
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M&C Review Page 1 of 2
Official site of the City of Fort Worth,Texas
F[)RTWil)R Tf f
COUNCIL ACTION: Approved on 9/20/2016
DATE: 9/20/2016 REFERENCE NO.: **L-15948 LOG NAME: 21 DIRECT SALE 125
W LEUDA
CODE: L TYPE: CONSENT PUBLIC NO
HEARING:
SUBJECT: Authorize Sale of City-Owned Surplus Property to FW 710 Main, L.P., for a Total
Purchase Price of$61,600.00, in Accordance with Section 272.001(b)(1) of the Texas
Local Government Code, and Authorize Conveyance of an Easement to Oncor Electric
Delivery Company, LLC, for Electrical Equipment and Appurtenances on a Total of 0.011
Acres of the Same City Fee-Owned Surplus Land Located at 125 West Leuda (COUNCIL
DISTRICT 9)
RECOMMENDATION:
It is recommended that the City Council:
1. Authorize the sale of City fee-owned surplus property located at 125 West Leuda for a total
purchase price of$61,600.00 to FW 710 Main, L.P., in accordance with Section 272.001(b)(1) of the
Texas Local Government Code;
2. Authorize the conveyance of an easement to Oncor Electric Delivery Company, LLC., for electrical
equipment and appurtenances on a total of 0.011 acres at 125 West Leuda; and
3. Authorize the City Manager or his designee to execute and record the appropriate instruments
granting the easement and conveying the property to complete the sale.
DISCUSSION:
The City of Fort Worth owns a fee-simple interest in surplus property located at 125 West Leuda, in a
Neighborhood Empowerment Zone. Interested buyers, FW 710 Main, L.P., submitted a direct sale
request to the Property Management Department to purchase the surplus property and plans to use
the vacant lot for off-site parking.
Following approval of this Mayor and Council action, but before the closing of the conveyance of the
property, the City will convey an easement to Oncor Electric Delivery, LLC, for electrical equipment
and appurtenances which will provide electrical service at this and other locations. Subsequently, the
City will transfer title to the property to the interested buyer, in accordance with Local Government
Code 272.001(b)(1), subject to the easement. FW 710 Main, L.P., has been informed of, and does
not oppose, the pending easement to Oncor.
An independent appraisal of the surplus property was performed to establish the fair market value in
the amount of$60,000.00. As part of the real estate transaction, the buyer has agreed to purchase
the property subject to any easements and encumbrances. The buyer has performed their due
diligence of the property including conducting a title search. The City will convey title to the buyer
through a Deed Without Warranty and will retain all mineral interests owned in the property. The
buyer has agreed to pay all costs related to closing this transaction including an administrative and
maintenance fees.
http://apps.cfwnet.org/council_packet/mc review.asp?ID=22783&councildate=9/20/2016 9/21/2016
M&C Review Page 2 of 2
Property Address Legal Description FMV Purchase CFW Total
Price Amount Fees Cost
125 West Block 28, Lot 4B $60,000.00 $1,600.00 $61,600.00
LeudaTucker's Addition
This property is located in COUNCIL DISTRICT 9, Mapsco 364-A 2.
FISCAL INFORMATION/CERTIFICATION:
The Director of Finance certifies that the Property Management Department is responsible for the
deposit of funds received at closing.
TO
Fund Department Account Project Program Activity Budget Reference# Amount
ID I ID Year Chartfield 2
10100 2055013 1 $61,600.00
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: Laura B Morales (2311)
Roger Venables (6334)
ATTACHMENTS
125 W LEUDA M C MAP.pdf
1295 Form CFO Sale of 125 W Leuda.pdf
http://apps.cfwnet.org/council_packet/mc_review.asp?ID=22783&councildate=9/20/2016 9/21/2016
125 WEST EEUDA
CITY OF FORT WORTH FEE OWNED PROPERTY
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DASHWOOD
Copyright 2016 City of Fort Worth. Unauthorized reproduction is a violation of
applicable laws.This product is for informational purposes and may not have been
N prepared for or be suitable for legal,engineering,or surveying purposes.It does not Fo RT /t�/Y�/T
RTH
represent an on-the-ground survey and represents only the approximate relative
IV- g location of property boundaries.The City of Fort Worth assumes no responsibility for
the accuracy of said data.
kd S
CERTIFICATE OF INTERESTED PARTIES FORM 1295
loft
Complete Nos.l-4 and 6 if there are interested parties. OFFICE USE ONLY
Complete Nos.1,2,3,5,and 6 if there are no interested parties. CERTIFICATION OF FILING
I Name of business entity filing form,and the city,state and country of the business entity's place Certificate Number:
of business. 2016-92651
FW 710 Main LP
Fort Worth,TX United States Date Filed:
2 Name of governmental entity or state agency that Is a party to the contract for which the form is 07!31/2016
being filed.
City of Fort Worth Date Acknowledged:
U ilk t
3 Provide the identification number used by the governmental entity or state agency to track or identify the contract,and provide a
description of the services,goods,or other property to be provided under the contract.
1
Purchase from City of Fort Worth 125 Leuda
Nature of Interest
4
Name of Interested Party city,State,Country(place of business) (check applicable)
Controlling Intermediary
5 Check only if there Is NO Interested Party. M
6 AFFIDAVIT I swear,or affirm,and pe altyof ury, t the above disclosure is true and correct.
Ash ey N.Sm
Notary ftMbik,
State OrTmas
Expina:W/1tIf/20/f r
Signature of authorized agent of contracting business entity
AFFIX NOTARY STAMP/SEAL ABOVE
Sworn to and subscribed before me,by the said this the I day of (��`(� J� ,
20� J to certify which,witness my hand and seal of office, A `J
AC
VP
Signature of o icer administering oath Printed name oto.Mcer administering oath Title of officer administering oath
Forms provided by Texas Ethics Commission www,ethics.state,tx.us
Version V1.0,277