HomeMy WebLinkAboutContract 43390-A6 (2)UNV
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SIXTH AMENDMENT TO CITY SECRETARY CONTRACT NO. 43390
WHEREAS, the City of Fort Worth ("Seller") and JJE Properties, Ltd. ( "Purchaser")
made and entered into City Secretary Contract No. 43390 (the "Contract");
WHEREAS, Section 6(a) of the Contract provides for a 60 day Option Period;
WHEREAS, Seller and Purchaser extended the Option Period by 14 days in the First
Amendment to the Contract effective September 7, 2012;
WHEREAS, the Survey and the updated Title Commitment showed certain
encroachments and an arch storm drain running under the building slab and more time is needed
to resolve these issues;
WHEREAS, Seller and Purchaser extended the Option Period by an additional 14 days in
the Second Amendment to the Contract effective September 21, 2012;
WHEREAS, Section3(b) of the Contract calls for Purchaser to obtain an updated survey
of the Property and states that the legal description of the Property in the Survey will be used in
all documents that require a legal description of the Property;
WHEREAS, the Survey by JB Davies, Inc. dated September 26, 2012 shows a more
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complete legal description of the Property along with certain encroachments thereto;
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WHEREAS, Seller and Purchaser extended the Option Period by an additional 14 days in
the Third Amendment to the Contract effective October 5, 2012 to resolve the encroachments to
the Property and to amend the Contract to provide for an updated legal description of the
Property as shown on the Survey;
WHEREAS, Seller and Purchaser agreed to extend the Option Period by an additional 14
days effective October 19, 2012 in the Fourth Amendment to the Contract ;
WHEREAS, Seller and Purchaser agreed to extend the Option Period by an additional 14
days effective November 2, 2012 and to extend the date of Closing until December 1, 2012 in the
Fifth Amendment;
WHEREAS, because the encroachment issues have not been resolved, Seller and
Purchaser desire to extend the Option Period until March 1, 2013, effective December 1, 2012.
NOW, THEREFORE Seller and Purchaser hereby agree to amend the Contract as follows:
I .
Section 6. Option Period, subsection (a) is hereby amended to read as follows:
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"(a) Notwithstanding anything to the contrary contained in this Contract, until
March 1, 2013 ("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)."
II.
Section 8. Closing Contingencies, subsection (a) is hereby amended to read as follows:
"(a) The closing ("Closing") of the sale of the Property by Seller to Purchaser
shall occur through the offices of the Title Company no more than 15 days
after the satisfaction of the following contingencies to Closing (`Closing
Contingencies"), but no later than April 1, 2013. The Closing Contingencies
are as follows:
(1) Any easements conveyed to the City will be at no cost to the City."
III.
Section 8. Closing Contingencies, subsection (c) is hereby amended to read as follows:
"(c) If any Closing Contingencies are not satisfied to Purchaser's satisfaction after
March 1, 2013 so that Purchaser is prepared to close on or before April 1, 2013
then Purchaser must terminate this Contract, and upon termination, Seller shall
retain the Earnest Money and any interest earned and neither pasty 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."
IV.
As Independent consideration of this extension, Purchaser will deliver $50.00 to Seller prior to
execution of this Amendment. The $50.00 is nonrefundable and will not be applied to the
Purchaser Price at Closing.
V.
This Sixth Amendment shall be effective as of December 1, 2012.
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VI.
All terms and conditions of the Contract not herein amended remain unaffected and in full force
and effect and are binding on the Parties and are hereby ratified by the Parties.
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SELLER:
City of Fort Worth
Fernando Costa, Assistant City Manager
Approved as to Le
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M'Pi2 ,&1 IA
Assistant City Atciney�
ality and Form
City SecretaryJ/
M&C L-1536
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PURCHASER:
JJE Properties, LTD., a Texas
Limited Partnership,
By: Property Company of Fort
Wo C, i General Partner
Jim
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OFFICIAL RECORD
CITY SECRETARY
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