HomeMy WebLinkAboutContract 52081 CITY SECRETARY
CGNTRACTNO. 53LO$k
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 Nirvana Retirement Fund-11,
LLC, ("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 15200 Frye Road, Fort Worth, Texas, as shown and more
particularly described on the attached Exhibit "A", incorporated herein for all
purposes (collectively, the "Property").
2. Purchaser has requested to purchase the Property from Seller and Seller will
convey the Property to Purchaser 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.
(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,
o4.3itle, and interest in and to all oil, gas, and other minerals in and under the Property, if
Pagel of 14 .
CFW Sales Contract }
FT WORTH,,T f
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,Earnest Money,
and Administrative Fee.
(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 SIXTEEN THOUSAND
EIGHT-HUNDRED AND FIFTY and 00/100 DOLLARS ($16,850.00). 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.
(d) At Closing, Purchaser shall pay to Seller an administrative fee in the
amount of One Thousand Six Hundred and 00/100 Dollars ($1,600.00)
("Administrative Fee") for the administrative costs incurred by Seller in the sale 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 date of the approval of the Fort Worth
City Council of the sale of the Property, Purchaser shall obtain, at Purchaser's sole cost
Page 2 of 14
CFW Sales Contract
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 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,
Page 3 of 14
CFW Sales Contract
PAST, PRESENT OR FUTURE, OF, AS, TO CONCERNING OR WITH
RESPECT TO (A) THE VALUE, NATURE, QUALITY OR CONDITION OF THE
PROPERTY INCLUDING, WITHOUT LIMITATION, THE WATER, SOIL AND
GEOLOGY, (B) THE INCOME TO BE DERIVED FROM THE PROPERTY, (C)
THE SUITABILITY OF THE PROPERTY FOR ANY AND ALL ACTIVITIES
AND USES WHICH PURCHASER MAY CONDUCT THEREON, (D) THE
COMPLIANCE OF OR BY THE PROPERTY OR ITS OPERATION WITH ANY
LAWS, RULES, ORDINANCES OR REGULATIONS OF ANY APPLICABLE
GOVERNMENTAL AUTHORITY OR BODY, (E) THE HABITABILITY,
MERCHANTABILITY, MARKETABILITY, PROFITABILITY OR FITNESS
FOR A PARTICULAR PURPOSE OF THE PROPERTY, (F) THE MANNER OR
QUALITY OF THE CONSTRUCTION OR MATERIALS, IF ANY,
INCORPORATED INTO THE PROPERTY, (G) THE MANNER, QUALITY,
STATE OF REPAIR OR LACK OF REPAIR OF THE PROPERTY, 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
Page 4 of 14
CFW Sales Contract
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
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).
Page 5 of 14
CFW Sales Contract
E
a
s
(b) If Purchaser is not satisfibd in Purchaser's sole and absolute discretion as
to the condition precedent described is$ection 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.
- (d) The provisions of this Section 6 control all other provisions of this p
Contract. @
t
i
(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 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. 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 . The Closing Contingencies are as follows:
J.0 let
(1) a)~ort Worth City Council must approve the sale of the Property
at a public meeting.
(b) Seller agrees to pursue the approvals described in the CIosing
Contingencies above with reasonable diligence. Purchaser agrees to cooperate fully with
Seller in connection with Seller's pursuit of the above approvals.
(c) If any Closing Contingencies are not satisfied by November-26.r6}S,
then this Contract shall terminate, and upon the termination, the Earnest Money shall be
Page 6 of 14
CFW Sates Contract
g
9
0
(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.
(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 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. 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. Closiniz 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 February 5th,2019. The Closing Contingencies are as follows:
(1) The Fort Worth City Council must approve the sale of the Property
at a public meeting.
(b) Seller agrees to pursue the approvals described in the Closing
Contingencies above with reasonable diligence. Purchaser agrees to cooperate fully with
Seller in connection with Seller's pursuit of the above approvals.
(c) If any Closing Contingencies are not satisfied by February 5th,2019, then
this Contract shall terminate, and upon the termination, the Earnest Money shall be
Page 6 of 14
CFW Sales Contract
refunded to Purchaser with any interest earned and neither party will have any further
rights or obligations hereunder; however, the deadline for Closing Contingencies may be
extended if the Closing Contingencies are not satisfied, if agreed to in writing by the
parties.
Section 9. Closing.
(a) Closing shall occur no later than March 15th 2019, unless extended by
mutual agreement of the parties. 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 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".
Page 7 of 14
CFW Sales Contract
f
i
refunded to Purchaser with any interest earned and neither party will have any further
rights or obligations hereunder;however,the deadline for Closing Contingencies may be
extended if the Closing Contingencies are not satisfied, if agreed to in writing by the
parties.
Section 9. Closine.
(a) Closing shall occur no later than Jams rv-7* 2019, unless extended by
mutual agreement of the parties. 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 simple title to the Property subject to existing s
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; p
k
A
(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 proration.
(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".
Page 7 of 14
CFW Sales Contract
(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 the Administrative Fee to Seller.
(7) Any easements conveyed to the Seller will be at no cost to the
Seller.
(8) 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 paid by Purchaser. 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. A ents. 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: NONE
. 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 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, 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.
Page 8 of 14
CFW Sales Contract
(b) The address of Seller under this Contract is:
City of Fort Worth With a copy to:
200 Texas 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 200 Texas Street
Telephone (817) 392-2311 Fort Worth, Texas 76102
(817) 392-8973
(c) The address of Purchaser under this Contract is:
2808 Brookshire Drive
Southlake, Texas 76092
(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 Purchaser
shall have the right to terminate this Contract by giving written notice thereof to Seller
Page 9 of 14
CFW Sales Contract
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.
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 (i) terminate this Contract whereupon the Earnest
Money shall be returned to Purchaser, and neither party shall have any further rights or
obligations hereunder, or (ii) proceed with the Closing of the transaction with an
adjustment in the Purchase Price to reflect the net square footage of the Property after the
taking.
Section 18. Governing Law. This Contract shall be governed by and construed in
accordance with the laws of the State of Texas.
Section 19. Performance of Contract. The obligations under the terms of
the Contract are performable in Tarrant County, Texas, and any and all payments under
the terms of the Contract are to be made in Tarrant County, Texas.
Section 20. Venue. Venue of any action brought under this Contract shall be in
Tarrant County, Texas if venue is legally proper in that county.
Section 21. Severability. If any provision of this Contract is held to be
invalid, illegal, or unenforceable in any respect, such invalidity, illegality, or
unenforceability will not affect any other provision, and this Contract will be construed as
if such invalid, illegal, or unenforceable provision had never been contained herein.
Section 22. Business Days. If the Closing or the day for performance of any act
required under this Contract falls on a Saturday, Sunday, or legal holiday for the City of
Page 10 of 14
CFW Sales Contract
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.
[SIGNATURES APPEAR ON THE FOLLOWING PAGE]
This Contract is executed as of the Effective Date.
SELLER:
CITY OF FORT WORTH, TEXAS
By:
Jesus J. Chapa,Assis ant City Manager
Date: ` -&
City of Fort Worth Contract Compliance Manager:
By signing I acknowledge that I am the person responsible
for the monitoring and administration of this contract, including
ensuring all performance and reporting requirements.
NameEmplo
A-
Title: _ CLs-t Q
Approved as to Form and Legality
14 MUM A 1A cif-4431 44 1,
ssistant City ktto ey
[•p,:
Atte ,•� � ,� •' � •.C:%.;'
Mary Kayse
City Secret EFT
L RECORD
ECR 1ARY
ITY
Page 11 of 14 CITY SECRETARY
CFW Sales Contract ORTH TX
o
M&C: t--
1295: 3(0 3
PURCHASER(S):
NIRVANA RETIREMENT FUND, LLC
By: -J — 7�!,
Name: MO PERACHA Mcw.a M �r►r
Name:
Title: Owner(s) I
Date:
OFFICIAL RECORD
CITY SECRETARY
Page 12 of 14 FT WORTH, TX
CFW Sales Contract
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
Page 13 of 14
CFW Sales Contract
Exhibit"A"
Piolperty
BURNETT,LORENZO D SURVEY Abstract 177 Tract 2,City of Fort Worth,Tarrant County.
Also known as 15,200 Frye Road,Fort Worth,Texas 76155.
s
s
Exhibit "A"
LEGAL DESCRIPTION
A 0.7736 acre tract out of the LORENZO D. BURNETT SURVEY. Abstract No. 177,
Tarrant County. Texas, being a portion of that called 3.282 acre tract conveyed to
Nirvana Retirement Fund-11. LLC, according to the Tax Resale Deed Without Warranty
recorded under Clerks File No. D213060155, Real Property Records, Tarrant County,
Texas, and being more particularly described by metes and bounds as follows:
COMMENCING at the northeast comer of Lot 3, Block 316, AREA 3. SECTION
CENTREPORT, on Addition to the City of Fort Worth. Tarrant County. Texas.
according to the plat recorded in Cabinet A, Slide 5703, Plat Records, Tarrant
County, Texas. at the northwest corner of Block 307, AREA 3, SECTION 3,
CENTREPORT, an Addition to the City of Fort Worth, Tarrant County, Texas,
according to the plat recorded in Volume 388-176, Page 79, of said Plat Records,
and in the south right—of—way line of Frye Road, a public street with a variable
width;
THENCE South 00 degrees 04 minutes 36 seconds West along the east tine of said
Lot 3, Block 316 and the west line of said Block 307, at 30.00 feet passing a
found 1/2 inch steel rod at the southwest corner of said Block 307 and the
northwest corner of a City of Fort Worth right—of—way tract, continuing along the
east line of said Lot 3. Block 316 and the west line of said City of Fort Worth
right—of—way tract. in all 51.07 feet to a set 1/2 inch steel rod at the southwest
comer of said City of Fort Worth right—of—way tract and the POINT OF BEGINNING,
at the northwest comer of said Nirvana Retirement Fund tract;
THENCE North 89 degrees 59 minutes 04 seconds East along the south line of
said City of Fort Worth right--of—way tract, 51.78 feet to a set 1/2 inch steel rod;
THENCE South 00 degrees 17 minutes 13 seconds West. 603.02 feet to a set 1/2
inch steel rod;
THENCE South 16 degrees 37 minutes 47 seconds East. 57.30 feet to a set 1/2
inch steel rod in the south line of said Nirvana Retirement Fund tract, and in the
north line of Southwest Irving Municipal Complex. on Addition to the Cities of Fort
Worth and Irving, Tarrant and Dallas Counties, according to the plot recorded in
Cabinet A, Slide 9003, of said Plat Records;,_ .
THENCE South 89 degrees 47 minutes 13 seconds West along the north line of
said Southwest frying Municipal Complex, 60.63 feet to a found 1/2 inch steel rod
at an ell comer in the north line thereof. 'and in the east line of said Lot 3, Block
316, and at the southwest comer of said Nirvana Retirement Fund tract;
THENCE along the east line of said Lot 3, Block 316, and the west line of said
Nirvana Retirement Fund tract the following two coils:
North 18 degrees 13 minutes 35 seconds West. 17.24 feet to a set 1/2 inch
steel rod;
North 00 degrees 04 minutes 36 seconds East, 641.75 feet to the Point of
Beginning and containing 0.7736 acres (33,697 square feet) of land. more or less.
City of Fort Worth, Texas
Mayor and Council Communication
COUNCIL ACTION: Approved on 31512019
DATE: Tuesday; March 5, 2019 REFERENCE NO.: **L-16188
LOG NAME: 21 PMD CFO FRYE SURPLUS PROPERTY SALE
SUBJECT:
Authorize Sale of City-Owned Surplus Property Located at 15200 Frye Road to Nirvana Retirement Fund-
II, LLC, for a Total Purchase Price of$18,450.00 (COUNCIL DISTRICT 5)
RECOMMENDATION:
It is recommended that the City Council:
1. Authorize the sale of city-owned surplus property located at 15200 Frye Road to Nirvana Retirement
Fund-I I, LLC, in accordance with Section 272.001(b)(1) of the Texas Local Government Code for a total
purchase price of$18,450.00;'and
2. Authorize the City Manager or his designee to execute and record the appropriate instrument
conveying the property to complete the sale.
DISCUSSION:
The City of Fort Worth owns a fee-simple interest in the surplus property located at 15200 Frye Road. The
Property Management Department received a direct sale request from the interested buyer, Nirvana
Retirement Fund-II, LLC, to purchase the city-owned surplus property at fair market value. Nirvana
Retirement Fund-II, LLC, is the adjacent property owner to the city-owned surplus property. A direct sale
of this city-owned surplus property is allowed under Local Government Code 272.001 (b)(1) because the
parcel is encumbered with an existing easement and cannot be developed independently. The Planning
and Development Department has reviewed and zoned the property industrial. The property is not part of
the Centreport Option Tracts. This property has been reviewed by all departments and a determination
was made that the City does not need the property and deems the property surplus.
An independent appraisal of the surplus property was performed to establish Fair Market Value (FMV) in
the amount of$16,850.00. As part of the real estate transaction, the buyer has agreed to purchase the
property subject to any existing easements and encumbrances. As part of the process, the buyer has
performed due diligence on the property including a title search and obtained a survey of the surplus
property. 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 related closing costs, including a
$1,600.00 administrative and maintenance fee.
Property
Address FMV Purchase CFW
Legal Description price Fees Total Cost
TAD #
03770. 141
Logname: 21PM11) CFO FRYE SURPLUS PROPERTY SALE Page 1 of 2
15200 Frye Abstract 177, Tract 2 1,
Road Lorenzo D Burnett $16,850.00 $1,600.00 $18,450.00
Survey
This property is located in COUNCIL DISTRICT 5.
FISCAL INFORMATION / CERTIFICATION:
The Director of Finance certifies that the Property Management Department will be responsible for the
collection and deposit of funds.
FUND IDENTIFIERS (FIDs):
TO
Fund Department ccoun Project JProgram ctivity Budget Reference # moun
ID ID Year (Chartfield 2)
FROM
Fund Department ccoun Project Program ctivity Budget Reference # moun
ID ID Year (Chartfield 2)
CERTIFICATIONS:
Submitted for City Manager's Office by: Jay Chapa (5804)
Originating Department Head: Roger Venables (6334)
Additional Information Contact: Laura B Morales (2311)
ATTACHMENTS
1. FID Chart 15200 Frye Rd.pdf (CFW Internal)
2. Frye Road MC GIS Map.pdf (Public)
3. Nirvana Frye Rd 1295 Redacted.pdf (Public)
Loaname: 21PMD CFO FRYE SURPLUS PROPERTY SALE Paae 2 of 2