The URL can be used to link to this page

Home My WebLink AboutContract 47502-A1CO CITY SECRETARY CONTRAST 7-14-/ NOTICE OF CONFIDENTIALITY RIGHTS: IF YOU ARE A NATURAL PERSON, YOU MAY REMOVE OR STRIKE ANY OR ALL OF THE FOLLOWING INFORMATION FROM ANY INSTRUMENT THAT TRANSFERS AN INTEREST IN REAL PROPERTY BEFORE IT IS FILED FOR RECORD IN THE PUBLIC RECORDS: YOUR SOCIAL SECURITY NUMBER OR YOUR DRIVER'S LICENSE NUMBER. AMENDMENT TO RELEASE OF POSSIBILITY OF REVERTER/PAYMENT OF PROCEEDS STATE OF TEXAS KNOW ALL MEN BY THESE PRESENTS: COUNTY OF TARRANT § This Amendment to Release of Possibility of Reverter/Payment of Proceeds ("Amendment") is entered into as of the last date signed below and is by and between the City of Fort Worth, a Texas municipal corporation ("City") and the Fort Worth Independent School District, a political subdivision of the State of Texas ("FWISD"). RECITALS AND DEFINITIONS WHEREAS, the City's Master Thoroughfare Plan has contemplated relief of traffic flow around West 7th Street, University Drive and West Lancaster Avenue since the 1990s, with plans for a right-of-way extension of Trail Drive (formerly known as Harley Avenue) to West Lancaster Avenue ("Trail Drive Extension"), as shown on the concept plan on Exhibit "A" to the City of Fort Worth Dedication of Trail Drive Right -of -Way Easement also entered into by and between the City and FWISD (the "Right -of -Way Easement"), so as to reduce traffic flow at the intersections of West Lancaster and University, and West 7th Street and University; WHEREAS, the Trail Drive Extension would traverse the Farrington Field Properties, owned by FWISD as described below, thereby requiring FWISD to grant an easement for a dedicated roadway ("Roadway") to City, as shown on the metes and bounds description ("Easement Property") attached as Exhibit "B" to the Right -of -Way Easement; WHEREAS, the Easement Property is mostly located on a 17.02 acre tract of land located at the southwest corner of the intersection of Lancaster Avenue and Foch Street, deeded to FWISD by the City on December 1, 1937 in a deed recorded in Volume 1348, Page 232, Tarrant County Real Property Records (the "Field House Property") attached as Exhibit "C" to the Right - of -Way Easement, which deed had a reverter benefitting the City upon sale or upon certain leases or rentals, and otherwise requiring FWISD to only lease or rent property for "parking, athletic, recreational, stadium and other general and similar purposes incidental to and in connection with" Farrington Field (the "Reverter"); AMENDMENT TO RELEASE OF POSSIBILITY OF REVERTER/PAYMENT OF PROCEEDS I:1049391019311121364 DOC OFFICIAL RECORD CITY SECRETARY FT. WORTH, TX Page 1 of 4 WHEREAS, the Easement Property is partially located on a 19 acre tract of land located at the southeast corner of the intersection of Lancaster Avenue and University Drive, deeded to FWISD by the City on February 28, 1936 in a deed recorded in Volume 1338, Page 601, Tan ant County Real Property Records (the "Stadium Property' ), which deed has no reverter benefitting the City, and in combination with the Field House Property comprise the "Farrington Field Properties;" WHEREAS, the City released the Reverter with regard to the Field House Property in that certain document titled: Release of Possibility of Reverter/Payment of Pr oceeds, entered into by and between the parties as of April 6, 2001, and recorded in Volume 14837, Page 364, Tarrant County Real Property Records ("Property Proceeds Agreement"), and in consideration of the release of Reverter, FWISD agreed to pay to the City an amount equal to a portion of the proceeds from a disposition of all or any part of the Field House Property as described in the Property Proceeds Agreement; WHEREAS, FWISD and the City entered into a Memorandum of Understanding (City Secretary Contract Number 47502) dated February 1, 2016 (the "MOU") to set forth the agreement of the parties related to the Trail Drive Extension; and WHEREAS, both the Right -of -Way Easement and this Amendment to the Property Proceeds Agreement are being entered into contemporaneously pursuant to the requirements of and in furtherance the purpose of the MOU. AMENDMENT TO RELEASE OF POSSIBILITY OF REVERTER/PAYMENT OF PROCEEDS, ("Property Proceeds Agreement' NOW, THEREFORE, in consideration of the sum of Ten Dollars and No/100 ($10.00) and other good and valuable consideration, including, in part, the contemporaneous execution by FWISD of the Right -of -Way Easement, the receipt and sufficiency of which are hereby acknowledged, the Property Proceeds Agreement is hereby amended and replaced in part as follows: 2.(c) "Net Proceeds" means the proceeds from a Disposition less (i) title insurance premiums, escrow and recording fees, and other reasonable and customary closing costs that are customarily paid by the seller (or borrower as the case may be) of commercial real property in Tarrant County, Texas, to the extent actually paid by FWISD; (ii) a reasonable and customary brokerage commission, to the extent actually paid by FWISD upon the closing of a Disposition; and (iii) the fair market value of any improvements on the date of Disposition whether such improvements consist of the existing Field House or parking improvements or any improvements to the Field House Property made after February 1, 2016. No other costs, expenses, or obligations may be assessed against Proceeds to arrive at the determination of the City's Share of Net Proceeds. AMENDMENT TO RELEASE OF POSSIBILITY OF REVERTER/PAYMENT OF PROCEEDS Page 2 of 4 I : \04939\0193\1121364. D O C 2.(d) "Subject Lease" means any lease other than a lease with a term of 20 years or less, including all renewals, extensions, and leases to any affiliate of the lessee. IN WITNESS WHEREOF, Grantor and Grantee have signed this instrument on the dates set forth below. CITY: CITY OF FORT WORTH, TEXAS By: Name: Sa'san Alanis Title: Assistant City Manager FWISD: FORT WORTH INDEPENDENT SCHOOL DISTRICT, a Texas political subdivision By: Name: Jacinto Ramos, Jr. Title: Board President Attested by. Allison Tidwell Assistant to d -) City 8e�*etary an, OFFICIAL RECORD CITY SECRETARY FT. WORTH, TX AMENDMENT TO RELEASE OF POSSIBILITY OF REVERTER/PAYMENT OF PROCEEDS I:\04939\0193\1121364.DOC Page 3 of 4 s :O -+✓w s s • •:• , ••••F ivrw:e• �e Stif I ne443, #444, ` vet.. �e00 "Neislbnf THE STATE OF TEXAS COUNTY OF TARRANT This instrument was acknowledged before me on the 31 day of 0 dreSA, , 2016, by Susan Alanis, the Assistant City Manager of the City of Fort Worth, Texas, a Texas municipal corporation. �e LINDA M. HIRR 4 Ik,P�� b�,�,,� LINGER .o . •• • _ ' 0 s Notary Public, State of Texas ;r,,•,�Pi�: Comm. Expires 02-02-2018 'ell se°F� +41ti0``�� Notary ID 124144 7 4 - 6 t THE STATE OF TEXAS COUNTY OF TARRANT § (i1CtiOL- `Yvl _ c/I cAth-n�� N ary Public for the State of Texa This instrument was acknowledged before me on the c(( dayof A`, •,fie mbc 2016, g � by Jacinto Ramos, Jr., the Board President of Fort Worth Independent School District, a Texas political subdivision. e t DAN/s4P., 10** **0 "ttp...0 4% eskst- i': S • Citv's Mailint Address: City of Fort Worth, Texas Attn: Susan Alanis, Assistant City Manager 1000 Throckmorton Street Fort Worth, Texas 76102 • <f.j Q.. C NotarvlPublic for the State of Texas AMENDMENT TO RELEASE OF POSSIBILITY OF REVERTER/PAYMENT OF PROCEEDS Page 4 of 4 :1049391019311121364. DO C