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HomeMy WebLinkAboutContract 45391 (2)CITY SECRETARY±t) 361 1 NTRACT Sao.„�_. REAL ESTATE CONTRACT By this Real Estate Contract (the "Contract"), the Hurst -Euless -Bedford Independent School District (hereinafter called "Seller") hereby sells and agrees to convey to the City of Fort Worth (hereinafter called "Purchaser") and Purchaser hereby buys and agrees to pay for the real estate in the City of Fort Worth, Tarrant County, Texas, as more particularly described on the attached Exhibit A-1 and cross -hatched on the attached Exhibit A-2, together with all and singular the rights and appurtenances pertaining thereto including, but not limited to, any right, title and interest of the Seller in and to adjacent streets, alleys, rights -of -way, and any other rights, and appurtenances, such real estate, rights and appurtenances being herein referred to as the "Property." Notwithstanding anything contained in this Contract to the contrary, Seller reserves and retains all of its interest in the oil, gas and other minerals in and under and that may be produced from the Property (collectively, "Minerals"); provided, however, that Seller and Seller's successors and assigns shall not have the right of ingress and egress over the surface of the Property for the purpose of mining, drilling, exploring, or developing the Minerals or for any other purpose. Nothing contained herein shall be construed, however, as preventing or restricting Seller and Seller's successors and assigns from: (i) pooling or unitizing the mineral estate reserved by Seller with land other than the Property, or (ii) exploring, developing or producing the Minerals by directional or horizontal drilling under the Property from well sites located on tracts other than the Property or from mines that open on land other than the Property provided these uses in no manner interfere with either Purchaser's use of the surface or the subsurface support for any improvements constructed on the Property. Such mineral reservation shall be reserved in the deed and shall be a Permitted Encumbrance. This Contract is also subject to the following terms and conditions: 1. The purchase price for the Property shall be $260,000.00, payable in cash at Closing (hereafter defined). Within three business days after the effective date of this Contract, Purchaser will place in escrow with Alamo Title Company, 2900 South Hulen Street, Suite 30, Fort Worth, Texas 76109, Attention Bari Davidson, Escrow Officer (the "Title Company"), earnest money in the amount of $10,000.00 (the "Earnest Money") and deliver to the Title Company the $100.00 Review Period Fee discussed in paragraph 11 of this Contract. The Earnest Money is to be applied to the purchase price at Closing and the Review Period Fee is to be paid to Seller pursuant to paragraph 11. 2. Seller is not required to provide a survey other than as specified in paragraph 12. 3. Within 20 days after the effective date of this Contract, Seller, at Seller's expense, shall cause to be furnished to Purchaser a current title commitment for a Texas REAL ESTATE CONTRACT RECEIVP:b FEB 14 ft ii\\1Hk'C) ir' PAGE 1 RECEIVED FEB 2 8 2014 ' r Owner's Title Insurance Policy issued through the Title Company, setting forth the state of title of the Property and all exceptions, together with legible copies of all instruments and documents referred to as title exceptions which would appear in the Owner's Policy, when issued (collectively, the "Title Commitment'). Purchaser shall have a period of 15 days after receipt of the Title Commitment to review such documents. In the event any items that appear in the Title Commitment are unacceptable to Purchaser, then Purchaser shall within said 15-day period notify Seller in writing of such fact. Seller shall have 10 days from receipt of Purchaser's notice to eliminate or modify such unacceptable exceptions to the satisfaction of Purchaser. In the event Seller is unwilling or unable to do so, Seller will so notify Purchaser in writing and within 10 days from Purchaser's receipt of Seller's notification, Purchaser shall have the option to accept title subject to such matters, or terminate this Contract by written notice to Seller and the harnest Money shall be refunded in full to Purchaser. 4. Seller agrees to furnish Purchaser at Closing at Seller's expense the Texas Owner's Title Policy in the amount of the purchase price of the Property issued by the Title Company, insuring fee simple title in Purchaser's favor to the Property and containing no exceptions other than those set out in the Title Commitment and accepted by Purchaser, and the standard printed exceptions; provided however: a. The exception as to restrictive covenants shall be endorsed "None of Record" or shall specify any such exceptions by volume and page; b. The exception as to the lien for taxes shall be endorsed "Not Due and Payable"; c. The exception for visible and apparent easements shall be deleted. 5. Based on the current, actual knowledge of Seller, without duty of investigation, Seller makes the following representations* a. As of the Closing there shall be no adverse parties in possession of the Property. b. As of the Closing there shall be no leases covering the surface of the Property. c. Seller shall have, as of the Closing, good, indefeasible title to the Property. d. Seller has made no agreement with any governmental body other than Purchaser that any part of the Property will be deeded for streets or other public use e. There are no condemnation proceedings before any court, bureau, administrative body or otherwise and Seller has no notice or knowledge that any such proceeding REAL ESTATE CONTRACT PAGE 2 is contemplated involving the Property, except as may be described in this Contract. f. There are no actions, suits or proceedings pending, or to the knowledge of the Seller threatened, against or affecting the Property or any portion thereof, or relating to the ownership thereof, before any court or before or by any federal, state, county, or municipal department, commission, board, bureau, or agency or other governmental instrumentality. g. Seller has no notice or knowledge of any default or breach under any covenant, condition, restriction, right-of-way, or easement affecting the Property or any portion thereof. Seller has full power to enter into this Contract and to consummate the sale provided for herein. From the date of this Contract until the Closing Seller will pay, as and when due, all interest and principal and all deposits and other charges payable under any existing liens, if any, and will fully comply with all of the provisions thereof. No default or breach exists under any existing note or existing liens. Seller has not received any notice from the holder of any existing note claiming that any such default or breach exists. 6. In the event the Seller is unable to convey title to the Property in accordance with this Contract, Purchaser may, at its option, terminate this Contract by written notice delivered to Seller on or prior to the scheduled Closing date, and receive a refund of its Earnest Money, which shall be returned to Purchaser by the Title Company without any further authorization from Seller, and neither party shall have any further liabilities to the other. 7. In the event that Seller should fail to consummate this Contract for any other reason, except Purchaser's default, Purchaser may: (a) terminate this Contract by written notice delivered to Seller and receive a refund of its Earnest Money and neither party shall have any further liabilities to the other; or (b) enforce specific performance of this Contract. 8. In the event that Purchaser should fail to consummate this Contract for any reason except Seller's default or the termination of the Contract pursuant to the terms hereof, Seller may: (a) terminate this Contract by written notice delivered to Purchaser and retain the Earnest Money as liquidated damages as Seller's remedy for the breach of this Contract, and neither party shall have any further liabilities to the other (the parties agree that just compensation for the harm that would be caused by a default by Purchaser cannot be REAL ESTATE CONTRACT PAGE 3 accurately estimated or would be very difficult to accurately estimate, and that the Earnest Money is a reasonable forecast of just compensation to Seller for the harm that would be caused by Purchaser s default); or (b) enforce specific performance of this Contract. 9. If the Contract is not terminated as permitted herein, the Closing shall take place on or before 30 days after the completion of the Review Period discussed in paragraph 11 of this Contract, and shall take place at the offices of the Title Company (the "Closing"). At the Closing, Purchaser shall pay Seller the purchase price of the Property as provided in Paiagraph 1 (as reduced by the Earnest Money to be delivered to Seller) Seller shall deliver to Purchaser the Owner's Title Policy as specified herein and a Special Warranty Deed in appropriate form to convey the Property to Purchaser, free and clear of any liens or encumbrances except those expressly permitted hereby. Seller will deliver possession of the Property at Closing. 10. Seller and Purchaser are political subdivisions of the State of Texas and therefore exempt from ad valorem and similar taxes and assessments. All Closing costs such as, without limitation, recording and escrow fees shall be divided equally between Seller and Purchaser. 11. It is understood and agreed that Purchaser will have 90 days after the effective date of this Contract (the "Review Period") to gather and complete information, as Purchaser deems necessary, pertaining to the general engineering, marketability, financing, usefulness and feasibility of the Property. During the Review Period, Purchaser and its agents shall have the right of access and entry upon the Property to make inspections, surveys, borings, soil tests and otherwise examine and investigate the condition of the Property including, but not limited to, rights -of -way, elevation, topography, drainage, soil and substrata conditions, environmental conditions, curb cuts, esplanade cuts and access to proposed and existing roads In the event Purchaser, in its sole discretion, determines that the Property is unsatisfactory, Purchaser shall have the right to terminate this Contract by giving written notice to Seller before expiration of the Review Period If Purchaser does terminate this Contract, the Title Company shall immediately return all of the H arnest Money deposit to Purchaser without any additional authorization from Seller. The Title Company may deliver the $100.00 Review Period Fee to the Seller which is separate consideration for the Review Period, at any time after the effective date of this Contract regardless as to whether the Contract is terminated or consummated. If this Contract is terminated pursuant to this paragraph, Purchaser, at its expense, shall repair and restore any damage done to the Property caused by Purchaser's tests or inspections. 12. Within five business days after the effective date of this Contract, Seller shall provide Purchaser with copies of the following, if any, to the extent same aie in Seller's REAL ESTATE CONTRACT PAGE 4 possession (collectively, the "Information")* existing surveys of the Property performed by registered public surveyors or engineers, oil and/or gas lease agreements or drilling agreements affecting the Property or any lands adjacent to the Property, environmental or engineering studies of the Property, development plans for the Property and appraisals of the Property. If this Contract is terminated before Closing, Purchaser will return the Information to Seller. The Information may not be used by Purchaser or by its contractors or agents other than to evaluate its proposed purchase of the Property. Purchaser acknowledges that any Inforrrration supplied or made available by Seller about the Property, and any and all other matters concerning the condition, suitability, integrity, marketability, compliance with law, or other attributes or aspects of the Property, are furnished to Purchaser solely as a courtesy. Purchaser acknowledges that Seller has neither verified the accuracy of any statements or other matters contained in the Information nor any method used to compile neither the Information nor the qualifications of those preparing the Infonuation. Seller makes no representations or warranties about, and assumes no responsibility for, the accuracy or completeness of the Information 13. (a) Purchaser expressly acknowledges that the Property is being sold and accepted AS -IS, WHERE -IS, and, except as expressly set forth herein, Seller makes no representations or warranties with respect to the physical condition or any other aspect of the Property, including, without limitation, (i) the structural integrity of any improvements on the Property, (ii) the manner, construction, condition, and state of repair or lack of repair of any of such improvements (iii) the conformity of the improvements to any plans or specifications for the Property, including but not limited to any plans and specifications that may have been or which may be provided to Purchaser, (iv) the conformity of the Property to past, current or future applicable zoning or building code requirements or the compliance with any other laws, rules, ordinances, or regulations of any government or other body, (v) the financial earning capacity or history or expense history of the operation of the Property, (vi) the nature and extent of any right-of-way, lease, possession, lien, encumbrance, license, reservation, condition, or otherwise, (vii) the existence of soil instability, past soil repairs, soil additions or conditions of soil fill, susceptibility to landslides, sufficiency of undershoring, sufficiency of drainage (viii) whether the Property is located wholly or partially in a flood plain or a flood hazard boundary or similar area, (ix) the existence or non-existence of asbestos underground or above ground storage tanks, hazardous waste or other toxic or h azardous materials of anv kind or any other environmental condition or whether the Property is in compliance with applicable laws. rules and regulations, (x) the Property's investment potential or resale at any future date, at a profit or otherwise, (xi) any tax consequences of ownership of the Property or (xii) any other matter whatsoever affecting the stability, integrity, other condition or status of the land or any buildings or improvements situated on all or part of the Property (collectively, the "Property Conditions"), and Purchaser h ereby unconditionally and irrevocably waives any and all actual or potential rights Purchaser might have regarding any form of warranty, express or implied or arising by operation of law, including, but in no way limited to anv warranty of condition, h abitability, merchantability or fitness for a particular purpose relating to the Property, its REAL ESTATE CONTRACT PAGE 5 improvements or the Property Conditions, such waiver being absolute, complete, total and unlimited in any way. (b) Purchaser acknowledges that the Property may not be in compliance with all regulations, rules, laws and ordinances that may apply to the Property or any part thereof and the continued ownership, maintenance, management and repair of the Property ( `Requirements"). Purchaser shall be solely responsible for any and all Requirements, Property Conditions, and all other aspects of the Property, whether the same shall be existing as of the Closing Date or not. To the fullest extent permitted by law, Purchaser hereby waives any and all rights and benefits for any action. claim. demand, or losses from or against Seller which it now has, or in the future may have. conferred upon it by virtue of any applicable state. federal, or local law, rule, or regulation as a result of any alleged inaccuracy or incompleteness of the Information or otherwise relating to the purchase of the Property, including, without limitation, (i) the provisions of the Deceptive Trade Practices -Consumer Protection Act of the State of Texas. (ii) any other comparable statute of the State of Texas, and (iii) any environmental law, rule. or regulation whether federal, state or local. including, without limitation. the Comprehensive Response,, Compensation and Liability Act of 1980 (42 U.S.C. §&9601 et seq.) as amended by the Superfund Amendments and Reauthorization Act of 1986 and any analogous federal or state laws, including without limitation. the Texas Solid Waste Disposal Act. With respect to Purchaser's waiver of the above, Purchaser represents and warrants to Seller that: (a) Purchaser is not in a significantly disparate bargaining position; (b) Purchaser is represented by legal counsel in connection with the sale contemplated by this Contract; and (c) Purchaser is knowledgeable and experienced in the purchase, operation, ownership refurbishing and sale of commercial seal estate, and is fully able to evaluate the merits and risks of this transaction. As part of the provisions of this section, but not as a limitation thereon, Purchaser hereby agrees, represents and warrants that the matters released herein are not limited to matters which are known or disclosed In this connection, to the extent permitted by law, Purchaser hereby agrees, represents, and warrants that it realizes and acknowledges that factual matters now unknown to it may have given or may hereafter give rise to causes of action, claims, demands, debts, controversies, damages, costs, losses and expenses which are presently unknown, unanticipated and unsuspected, and Purchaser further agrees, represents and warrants that the waivers and releases herein have been negotiated and agreed upon in light of that realization and that Purchaser nevertheless hereby intends to release, discharge and acquit Seller from any such unknown causes of action, claims, demands, debts, controversies, damages, costs, losses and expenses which might in any way be included in the waivers and matters released as set forth in this Section above. Purchaser further hereby assumes the risk of changes in applicable laws and regulations relating to past, present and future environmental conditions on the Property. (c) Seller expressly agrees that this Paragraph 13 shall not negate in any way the liability imposed upon Seller for the representations included in Paragraph 5 of this Contract. REAL ESTATE CONTRACT PAGE 6 (d) Notwithstanding anything to the contrary, all of the terms and provisions of Paragraphs 5 and 13 shall survive the Closing 14. Unless otherwise provided herein, any notice, tender, or delivery to be given hereunder by either patty to the other must be in writing and may be effected by personal delivery oz overnight postal service delivery or overnight courier such as FedEx, and shall be deemed received as of the date of personal delivery. Such notices shall be sent to the following addresses or at such other address as either party may designate from time to time by written notice to the other: SELL hR: Hurst- huless-Bedford Independent School District Attn: Steve Chapman, Superintendent 1849 Central Drive Bedford, Texas 76022 With a copy to: James M. Whitton Brackett & hllis, P.C. 100 Main Street Fort Worth, Texas 76102-3090 Attorneys for Seller PURCHASER City of Fort Worth Attn: Cynthia Garcia 1000 Throckmorton Street Fort Worth, Texas 76102 With a copy to: City Attorney's Office Mtn* Leann D. Guzman 1000 Throckmorton Street Fort Worth, Texas 76102 Attorneys for Purchaser 15. This Contract shall not be assigned without the prior written approval of Seller. Upon an approved assignment, this Contract shall inure to the benefit of and be binding upon the parties hereto and their respective heirs, legal representatives, successors, and assigns. 16. This Contract embodies the complete agreement between the parties hereto and cannot be varied or terminated except by the written agreement of the parties. 17. Seller and Purchaser hereby represent and warrant to each other that neither party has engaged the services of any agent, broker or other similar party in connection with REAL ESTATE CONTRACT PAGE 7 this transaction. Nevertheless, Purchaser has been and is hereby advised that Purchaser should have the abstract covering the Property examined by an attorney of Purchaser's selection or that Purchaser should be furnished with a policy of title insurance. By Purchaser's execution of this Contract, Purchaser acknowledges that Purchaser has been so advised in compliance with The Texas Real Estate License Act. 18. Time is of the essence in the perfouuance of this Contract. 19. All covenants contained herein shall survive the Closing hereof, except any covenants which are expressly modified or waived in writing on or prior to the Closing date. 20. Miscellaneous Provisions a. This Contract and the exhibits attached hereto constitute the entire agreement between Seller and Purchaser, and there are no other covenants, agreements, promises, terms, provisions, conditions, undertakings, or understandings, either oral or written, between them concerning the Property other than those herein set forth. No subsequent alteration, amendment, change, deletion or addition to this Contract shall be binding upon Seller or Purchaser unless in writing and signed by both Seller and Purchaser. b. All of the provisions of this Contract are hereby made binding upon the personal representatives, successors, and assigns of both parties hereto. Where required for proper interpretation, words in the singular shall include the plural; the masculine gender shall include the neuter and the feminine, and vice versa. c. If any provision hereof is for any reason unenforceable or inapplicable, the other provisions hereof will remain in full force and effect in the same manner as if such unenforceable or inapplicable provision had never been contained herein. d. This Contract may be executed in any number of counterparts, each of which will for all purposes be deemed to be an original, and all of which are identical. e. This Contract shall be constzued under and in accordance with the laws of the State of Texas. All of the obligations contained in this Contract are performable in Tarrant County Texas. Seller and Purchaser hereby consent that venue of any action brought under this Contract shall be in Tarrant County, Texas. f. In the event either Purchaser or Sellei should bring suit against the other in respect to any matters provided for in this Contract, the prevailing party shall be entitled to recover from the other party reasonable attorneys' fees in connection with such suit. REAL ESTATE CONTRACT PAGE 8 g. Each person executing this Contract, by his execution hereof, represents and warrants that he is fully authorized to do so and that no further action or consent on the part of the party for whom he is acting is required to make this Contract effective and enforceable against such party following such execution. h. In addition to the acts and deeds recited herein and contemplated to be performed at the Closing, Seller and Purchaser agree to perform such other acts and to execute and/or deliver such other instruments and documents as either Seller or Purchaser, or their respective counsel, may reasonably require in order to effect the intents and purposes of this Contract. Further, Seller and Purchaser each agree to deliver to the Title Company affidavits and such other assurances as may reasonably be necessary or required to enable the Title Company to issue the policy of title insurance as contemplated by this Contract. i. The effective date of this Contract shall be the date it has been signed by both parties and the Earnest Money has been delivered to the Title Company. This Contract is executed by Purchaser on thi City of Fort Worth By: itonsas44 �.�-. Printed Name: Title: 201i APPROVED AS TO FORM AND LEGALITY: /21 jig /lA M 4211/WI?124L- 4'sistant City Attornegr oFFICIML ECORD ©NV SECRETARY !F?f w€aTh,TX REAL ESTATE CONTRACT PAGE 9 By: 425962 This Contract is executed by Seller on this day of , 201 . Hurst -Euless -Bedford Independent School District A _P i ./e rel/S.7"--> Steve Chapman, Superintendent of Schools REAL ESTATE CONTRACT PAGE 10 EXHIBIT A-1 Tract 1: A one -acre tract of land, more or less, situated in the W. R Loving Survey, Abstract 944, Tarrant County, Texas, identified in the records of the Tarrant Appraisal District as Account Number 04671724, Geo-reference A 944-6B. Tract 2: A one -acre tract of land, more or less, situated in the W. R Loving Survey, Abstract 944, Tarrant County, Texas, being more particularly described in a deed from Joe Woods and wife, 011ie Woods, to the Euless Independent School District, dated March 28, 1952 and recorded in Volume 2416, Page 273, Real Property Records of Tarrant County, Texas. Tract 3: A one -acre tract of land, more or less, situated in the W. R. Loving Survey, Abstract 944, Tarrant County, Texas, and being more particularly described in a deed from Roger Coleman and wife, Annie Myrtle Coleman, to the Hurst -Euless Independent School District, dated December 20 1962 and recorded in Volume 3760, Page 177, Real Property Records of Tarrant County, Texas. Tract 4 A one -acre tract of land, more or less, situated in the W. R. Loving Survey, Abstract 944, Tarrant County Texas, and being more particularly described in a deed from Simon Smith to the Hurst - Euless -Bedford Independent School District, dated February 20, 1963 and recorded in Volume 3779, Page 511, Real Property Records of Tarrant County, Texas. 430218-v1/12003-002000 1• Wont Apr:maul DW fcf Legend Deeds Boundary RECORDBOUNDARYTYPE Parcel Une - Parcel Split Line - Private Road ROW Unknovm —1 HIslodcLot AID 111. `= .41 School 2r.rdf City j Abstrocta L IJ County Water District Map created on: 4/9/2013 1 inch = 400 feet map location 1 I Palling Lh Ln 1 Reared Oak Lt laxaslos r! Lob Lally Ln a I Y Y G3 F It, I I 1 I Iierstnn Wombs Dr 01.711 TRa 1 TR ID 41 AC I ...Al 1C3 IAC inc 1,46 AO 14 • TR1tl • 1AO TR MCA 34110 I To 3A3 lA AC :.100 TR 7A taM/ AO tR CAA 30 TR Rau MI TR 101a 1.320 TR 103C SAT AC TR WI IAC TR N 1AC 711 RK IS AC «t_4 NUd� ,I3 40 3.900 Nitta' ;•.^: 0 , lee A . 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Authorize acquisition of approximately 4 0 acres of land located on the south side of Mosier Valley Road and west of Vine Street and Knapp Street from the Hurst -Euless Bedford Independent School District for the creation of the Mosier Valley Park for $260,000.00 plus $25,000.00 for closing costs; 2. Authorize the acceptance and recording of the appropriate instruments; and 3. Dedicate the property as parkland upon conveyance. DISCUSSION: Staff recommends acquiring approximately 4.0 acres of land from Hurst -Euless Bedford Independent School District for the development of a park to serve the citizens in an underserved area of the City to be named Mosier Valley Park. The city will pay the costs to survey the property before conveyance. The total purchase price of the property is $260,000.00 and an additional $25,000.00 for closing costs. The legal description is as follows: Grantor Hurst -Euless Bedford Independent School District Estimated Related Closing Costs Total Legal Descriation Approximately 4.0 acres of land located in the W.R. Loving Survey, Abstract No. 944, intending to be all of Tract 6B, Tract 6K, Tract 6S and Tract 6T, Tarrant County, Texas The annual cost to maintain this parkland is estimated to be $8,060.00. This property is located in COUNCIL DISTRICT 5, Mapsco 104H. Amount $260,000.00 $ 25.000.00 I $285,000.00 M&C Review Page 2 of 2 FISCAL INFORMATION/CERTIFICATION: The Financial Management Services Director certifies that funds are available in the current capital budget, as appropriated, of Park Dedication Fees Fund and in the current operating budget as appropriated, of the General Fund. TO Fund/Account/Centers Submitted for City Manaaer's Office bv: Oriainatina Department Head: Additional Information Contact: ATTACHMENTS Mosier Valley Park Site.pdf FROM Fund/Account/Centers 1) C281 541100 805900222241 $285.000.00 GG01 539120 808031 $8.060.00 Fernando Costa (6122) Jay Chapa (5804) Richard Zavala (5711) David Creek (5744) Cynthia Garcia (8187)