HomeMy WebLinkAboutContract 55852Secr�tary Cuntr�ct# 55852
CONTRACT OF SALC AND PURC1-IASL
(S.�i� uv c�ry �r r���c �v��•th ol' Lake �Vw•tl� Le�ised Lo�)
TI-1[S CONTRACT OF SALC AND PURCHASC ("Coi�irac�"� I� I11�ICIl; and en�ered into
by and between the CITY OF FORT WORTI-I, TCXAS, a Texas huine rule niunicipal curpuratiun,
acting by as�ci throubli its ciuly auth�rized City Mana�er or Assist�in� City Nlcina�er ("Seller") �in�l
Adam Telfurci ("P�u�chaser") as ot�April 26, 2021 ("CFtective Dat�").
RCCITALS
Seiler is the owner ofi the reai property only (exclusive of improvements) located at 4256
Lakewood Drive (the Propercy"), as sho�vii and more purticul�irly clescribecl oii tlic; uu�icl�e,cl
Exhibi� "A", incorpora�ed herein for all purposes.
2. Seller ancl Purchaser (as successor-in-interest co uribi�lal lessee) are parties to a�roun�i
lease for the Property dated Februai;v I, 1982, as ai�ie�icied by a lease assignmenl daled
October 24, 2016 (collectively, d�e "Lease Agi�eement"}.
The Lease Agreemen� provides Purchaser �vith an option �u purchase ("Up�ion"), pur�uun�
to Sectioi� 272.U01(h) of the Local Government Code, �u�d by execution of �his Contract,
Purchaser hereby exercises the Option:.
AGREEfv1ENT
ln considera�ion 0�' l�le 111U[US� covenants, represenitlllUllS, W�ll'I'�IIIUZ� �U1C� ilf�;l'el:lllt'Ill�
wntained herein, and f�r other good and valuable consider�ation, the re�eipt and adequacy uf 4vhi�h
are hereby acknowled�ed, Seller and Purchaser a�ree as follo�vs:
Sectiuu l. A�reeiuent ul' Sule anel Pw�ct�ase.
(a} Seller agrees �o sell and coilvey the Pruperty tu Purch<<s�i•, ancl Purch�i�er ��rees �u
pw•chase and accept the Pr�pe►•ty ti•om Seller, for the purchase E�ri�� �us delined belu�v), �ubje�t cu
che cerms and conditions set Forth in this Contracl.
(b) Seller shall convey the Propercy to Purc;haser flS-1S, as sei Cw•�h in Se�tiun 5.
(c) ln Seller's conveyance of the Property to P«s•chaser, the fulluwin�; ri�hts �►nd
interests sl�atl be reserved to Seller (or have previously been �-es�rvecl by Seller's predece�sor in
title), �ind such reservatiun is hereby �l��l'OV�CI fOC �lII �lll'��U5�5: �III I'I�III, litle, uncl int�r�st in ancl
to ��II oil, �as, �ind other minerals in and under the Property, it�any.
(d) An avi�ation easement is reserved on behalf of th� public tor fre� anel unobstruct�cl
passa�;e af aircraft over the subject property in th� navi�able airsp�►cc �I�OVC Cllt; Illllllllllllll altitud�s
uf tli�h� presrribecl by tecler�l re�;ula�iun�, includinb air5p�c� ile:��l�:�l �� �n�ur� s�it-�ty in tlic ��ik��Ft�
PUI'CIIA�C LUllil'.ICL �i2S�) Lak�wuuJ Urivr OFFICIAL RECORD
CITY SECRETARY
FT. WORTH, TX
an�l I�ulclin� ot�airccatt. Purchaser hereby releases Seller, it� uttic�rs, �i��n�s an�l einpluy��s ti-um
�u�y ancl al( claim and liability resultin� t'rom the noise, vibratiun, I'�in��s, clust Fuel, c;lectruitt�i�neti�
in��rf�r�nc�: �u��l lubri���nt p�u��icles un�l all uther et�tects, wl�c;�l��r �u�li �luin>> �ir� lur injury ur �c�i�l�
lU ��l:l'SUII UI' �Je:l'SV115 Uf Clama�es t� ur �al<in� of property, cu�isina uu� u�� ur in �unn���iun �vith th�
use ot'this easemenc, when such use is in complilnce with the rc:�ulatio��s ai��l �uiclelines ut the
Federal Aviation Administration, successor agency, or other bovernment�il au�hurity ��vith
jurisdiction over the matter.
(e) Seller shall retain ihe tullowin� easements ancl cu�y e�is�n�cn�s r�taine�l by Seller
will be at no cost to Seller: all existin� easements, whether ot� recur�l or n��, I<IIUWII UI' LIIIICIlU�VII.
(t) Pursuant to City of Fort Worth Code ofOrdinances Sectiun 35-3, Purchaser a�r�es
to connect to water and sanitary sewer lines it'available prior to Clusin�, or, it'nut �iv<<il<<bl� }�r•iur
to Closin�, as 5ooi� as pr��ticable alter �uch lines are made availt�bl�. "{'Isi� r�iluit'emenla �h�ill
sut'vive Closing.
Sectiun 2. Purcha5� Price.
The purchase price ("Purcha�e Price") ior the Proper�y, pciy��bl� by I'urchci�rr w S�fILr in
cash at Closin� (defined below), is FiFt,L,ThouSand and UU/IUU �lallar� t�SU,UUU). Sec�ion
272.U01(h) of the Local Governmen� Code renuires the Pro��erty �o be sold lor fair n�arke� value
of the land as determined by a certified app�•aiser, and pursuant �o an apprai�al obt�►ined by �dam
Telford, dated March 4�, 2U21, Seller has determined that �he Purchase P�'ice reflec�s �I�e c�irrent
l<<ir market value of lhe Propercy.
Sectiun 3. Title Cumiuihuent and SurveV.
(a) Within ffteeu (IS) days after the Effeccive Date, P�u�chaser shall ub�ai�� a�
Purchase►-'s sole co5t and ex�eilse (i) a Commitment for Ti�le lilsuc��nce and Ti�l� i'ulicy ("Ti�l�
Cu�»���ilmenl"� Il'U171 IIIZ TIII� CUlll��any ul�Pw•�ha�e�•'� chui�� �"Titl� Cun�pany"), ��t�in� lur�l� �I��
�taiu� �l� the, ti�le uf tl�e Prupecty and �howin� all lien�, �laini�, e�i��n��n��, ri�li��-ul=way,
reserv�ci�ns, res�ric�ions, encruachmen�s, �enancies, and any uther zi3eumbran�e� (�ull��tively, �he
"Encumbrances") and uther matters, iC any, relatin� w �he Pruperty; ancl �ii) �i I�bibl� cupy �l� �ill
documents refecred to in the Title Cummitment, includinb but nu� limiied w, plai�, rese�vatiuns,
restri�cions, and easemen�s.
(b) Within twenty-tive �25) day5 atter the Etiective Date, Purchaser n�ay ub�ain, a�
Purchaser's sole cost and expense, an updated s�u•vey ("Survey"} COl1�iSh11� Ot a plat und ti�ld
notes desccibing the Property, prepared pursua�it to a cu►'rent ut�-the-�rouncl stak�cl �urvey
perfurmed by a re�istered public siirveyor or en�ineer sutisfc�cwry w P�u�chaser attici Title
Cumpany. The Su►•vey shall (i) be certitiecl to Purchaser, ils succe:s�urs an�1 nssi�ns, �►ne1 Titl�
Company, (ii) cetlect the actual dimensions of ��nci the total n�imb�r �I' squar� feet wi�hin th�
Propei•ty, net ofany portion thereof lying �vithin a publicly dedicated roaclw��y or a utility e<<s�me►Zt,
(iii) identify any ri�hts-of-way, easements, or othec Encumbrances by r�fere►�ce to applicabl�
recording data, and (iv) inc;lude the Surveyor's registered n�ul�ber �►nd s�al, �uld th� date of th�;
Pw•chase Conn'�ict 4256 Lake�vou� Drive ��� 2
S�u�v�y. "I'h� CJ�SCI'I�)UU11 Uf Clll: Pruperty prep�u�eel �is u part �t�tl�t 5urv�y �vill b� us��l in all ul�tli�
�Iu�UIII�IIIS S�l tUflll IIl IIIIS CUIIU'u�t �li�it rrquir�s u I��al �les�riptiuii �I�tli� I'rup�r�y.
(c) lf the Title Commitment or Survey discloses a��y Li�cun�branc�s �r u�her m<<u�rs
th�lt are not acceptable to Purchaser in Purcl�aser's sole discretion, then Pur�has�r shall �ive Sell�r
written notice thereof withiii tive (5) days att�r i•eceipt of the Tiil� C�n�n�itmeiit, Surv�y ��nd �ill
ducuments referred tu in the Title Commitment, specifyinb Purch��ser's ubj�c�iun� ("Obje:�tiun�"j,
it any. It� Purc:haser �ives such nutic:e �u Seller, Seller may cure: tl�r Objectiun�, bu� �I�c�ll be un�l�r
nu ubli�ati�n w du so.
(d} lf Purch�iser �ives notice of� Objections and Selle�• �lues nuc cure �he Objectiuns,
cause the Tstle Commitment aiid Sw•vey to be amendeci to give effect tu m.itters thac cire cure�i,
ai�d give Purch�iser written notic;e thereot' within the tive (5} ci�iy p�riu�l lulluwii�� r�c�ipt �I� th�
nutice fram Purcha�er ("C�u•e Pc;riod"), P�u�ct�aser shall hav� �h� i�i�;ht �i�h�r �i) �o ��rmiiiu�� �I�is
Con�ract by giviiig �vricten i�o�ice ihereof to Seller at any ti►��e al'ter ilie e�pira�iun ul'such Cure
Period but prior lo lhe expiration uf the option period (as t1elin��l b�l��v), �in�l, upun su�h
terminatian, neither �arty here�o shall have any liu•ther rights or ubligcuion�; �r (ii) to �v��ive �he
Objec�ions and consummale the purchase uf che Pro��erty subjee:t tu th� Ubj��ti�n� �vhi�li sli�ill be
deemecl to be Permiued Encumbl���nces. Nut�vi�hstanclin� thc lur��uin� ��n�cn��, il� Sell�r ha�
commenced curing the Objeclions ancl i� �iiligen�ly pro�eculin� �h� aam�, �is llllCl'I11111�CI �y
Purchaser in Purchaser's sole discrecion, then Pw•chaser in Pu�•cl�a�er'� �ol� �li�cre�ion may �x��i�cl
the Cure Pel'f0C{ fOf �lll aI110U11L 0� C1111e P�u•chaser deems nece;�sary lor S�II�r iu c�u•e �he ��ime.
PURCHASCR ACKNOWLCDCES THAT A TERMINA'1'ION Ul� 'I'EIIS CUN'fRACT
PURSUANTTO'I'HLTCRIVIINATION RICHT IN THIS SEC'I'IUN 3(cl) UR ANY U'fl-ILIt
TCRMINEITION RICHT HCREIN WILL 6E A DC�AUL'I' l3Y LLSSLL UNULR 'I'1-IL
LCAS� AGRCEMCNT, AND PURCHASEit/L�SSEE �Y1LL THLN 6L SUf3JLCrl' '1'O
THE TERIVIINATION RICHT OF THE SELLE12lLCSSOR lN Tf-IC LLt�SC
AGREENIENT.
Sectiun 4. Review 12ipurts. DELETED BY AGIZEEVILNT UF TI-1L I'ARTIES.
Sectiun 5. Representatiuns, War►�a�ities, "AS 1S"
(�i) EXCEPT AS CXPRESSLY STATED IN THIS ACIt�CIVICN'T, PURCI-IASER
ACKNOWLEDGES AND ACRECS THAT SELLCR H�S NU'I' �VIAUL, UULS NU'f
lV1AKE AND SPECIFICALLY NL'GA1'ES ANU DISCLAiV1S AVl' ItL'PRLSLN�I'A"1'IONS,
WARRANTICS, P120N1ISES, COVLNANTS, ACRCLViL\'CS OR CUARf\N'1'lL'S O1�
ANY KII�'D OR CHARACTCR 1VHATSOEVER, WHCTHLR LXPItLSS OR INII'L1LD,
ORAL OR WRI�I'TEN, YAS�I', YRLSLN�I' OR FU`I'URL, U1�, AS,'I'U CUNCLRNINC UR
WITH RESPECT 1'O (A)'1'HE VALUL, NA'CURL, QUAL1'1'Y UR COnUI'I'IUN Ul� 'I'l-lL,
1'I20PLR1'Y INCLUDINC, WI'I'HOU'1' LIN(1'1'ATtON, '1'IIL. �•VA'1'l�:lt, SOIL f��U
CEOLOCY, (B) rl'HL INCONIL "l'O LiL ULRIVLU l�ltOM 'C1-Il; 1'ItOPLIt't'Y, (C) 'fl-lL
SUITABILITY Ol� rl'HE PROPLR7'Y I�OR ANY ANU ALL AC'1'IVI'I,ILS ANU USLS
WHICH PURCHASEIt MAY CONDUCT TNLRLON, (U) �l'I-IL COYI�YLIAnCL Ol� OR
6Y THL+' PROPCRI'Y OR ITS OPL12A1'ION Wl'CH ANY LA�VS, 1tULLS, ORUI�AnCLS
Olt REGULA7'IONS O1� ANY ANI'LICABLL COVLtZN�V1E�V'l'AL AU'1'I-IUltl't'1' Ult
BODY, {L) 'CHL HABI'l'AL31L17'1', IVILRCI-lAN'f'�1B1L1'I'Y, !VIAItICL'I'A131L1'I'Y,
Purch�ise Contract 4256 L�ike�vood Drive
p�. 3
PROI�ITA�31L1'1'Y Olt l�l'1'NLSS l�Olt A 1'fV2TICULAIt k'Uill'U�L UI� rl'I-IL PltUl'L:lt'I'1',
(F) THC MANNCR OR QUAL17'Y O� THC CONSrI'RUC`f10N UR �7A�1'LRIALS, II�
ANY, INCORPURATCU INTO THC PROPCRTY, (C} '1'I-IL ,V1AN\LR, QUAL!'i'Y,
S�l'ATC O� RCPAIR OR LACK U1� RLPAIR Ur'I'1-IL PRUI'LR'C1', UR (1-1) ANY U`l'1-ILIt
IVIf�7'TLIZ WITH ItL+'SI'LC'I' 'I'U '1'1-IL 1'RUI'LRrI'Y, AND Sl'LCII�'ICf1LLY, 'l'1-lA'l'
SLLLL+'R HAS NU'1' IVIAUL, DOLS NU'I' IVIAKC AND SPCCII�ICALLY DISCLf�1��IS ANY
R�PRESENTATIONS RCGAl2DINC COMPLIANCC WiTI-I ANY ChVIRONViLN'1'f1L
PROTECTION, POLLUTION OR LAND USC LAWS, RULLS, RLCULA'1'IUNS,
ORDERS OF RCQUIRENIENTS, INCLUDINC SOLID �VAS'1'L, AS ULF(nLU l3Y 'I'1-IL
U. S. CNVIRONNICNTAL NRO'fLC'f10N AGLNCI' [2LCULf�`l'IUNS A`1' �4U C.I�.R.,
Pf�RT 261, UR 1'HE UISPOSAL UR CXISTCNCC IN UR UN 7'F(L PRUPLR'1'Y, U1� ANl'
1-IAZARDOUS SUQSTANCC, AS D�rINCD [3Y '1'l-IL CON1PRLl-IL�SIVL
CNVIRONM�NTAL R�SPONSC COMPCNSATIUN AND LIAl31LITY ACrI' O� 19311, AS
AMENDED, AND RECULATIUNS PRUMULCATCD THCRLU�ULR. PURCI-IASLR
FURTHER ACKNOWLCDCCS AND ACRCES THA'!' HAVINC BLLN CIVLN 'I'1-IL
OPPORTUNITY TO INSPECT THE PROPERTY, PURCHt1SLlt IS RLLYINC SOLLLY
ON ITS OWN INVCSTICATION OF THC PROPCR'i'Y ANU NU'I' UN ANY
INFORIY[ATfON PROVIDCD OR TO QE PROVIDED BY SCLLCR. AS A IVIATLI2IAL
PART OF THE CONSIDERATION FOR THIS AGRECMLN't', SELLER AND
PURCHASER ACREC THAT PURCHASCR IS TAK[NC T1-Il: PRUPLR'l'Y "AS IS"
�VITH ANY ANU ALL LATLNT AND PATENT DLI�L+'C"1'S A\U "1'1-If�'f 'I'l-ILRL IS NU
WARRANTY BY SCLLER 'I'Hf�'1' THC PRUPLRTY 15 I�l'f I�UIt f� 1'f\R'I'ICULf�IZ
PURPOSE. PURCHASCR AGKNOWLCDGES THAT lT !S vU'I' RLLYINC UP.QN A�Y
REPRESENTATtONS, STATCIV�CNTS, ASSERTIONS OR �UN-ASSLIt'I'IUNS 131' 'f EIC
SCLLER WITH RESPCCT TO THC PROPERTY CONUITIUN, l3U'I' IS RLLYINC
SOLELY UPON ITS EXAIVIINATION OFTHC PROPL[2'I'Y. PUItCI-IASLRrI'AICLS'I'l-lL
PROPERTY UNDER THL LXPRESS UNDCRSTAND[nC 'ff-iLRL f1RL NU CtPItLSS
OR IMPLIED WARRANTIES (CXCEYT I'OR LlM1TCD tiVARIt�-�N'l'ILS Ur `1'1'1'LL S�T
rORTH IN THE CLOSING UOCUM�NTS). UPON CONVCYA�CC, AS 6LT�VCCN
SELLER AND PURCHAS�R, THE It1SK OF L1AB1L1TY OlZ L�CPLNSL FOIt
CNVIRONMENTAL PROBLEMS AFFECTINC THL P1201'LR'I'Y, CVCN Il� ARISINC
FROM EVENTS BEFORC CLUSINC, WILL BC THE SULL RLSNUV51131L1�fY Ul�
PURCHASCR, RECARDLESS OF WHETHER TH� ENV1RUNi�ILNTAL PRUI3LL'V1S
WEI2E KNOWN OR UNKNOWN AT CLOSING. ONCL CLOSINC HAS OCCUIZRCU,
PURCHASER INDEMNIFIES, HOLDS HARMLESS AND RELEASES SELLLI2 FIt0�1
LIABILITY FOR ENVIRONMENTAL PROBLEMS AFrCCrI'INC `l'HL PttOl'LRTY,
1NCLUDING, BUT NOT LIN11TCll TO, UNDE12 THL CO!�IPl2LHLNS1Vl:
LNVIRONMENTAL RESYONSE, COMYENSAI'ION ANU L1A131L1'fY AC�I'
("CERCLA"), THE 12ESOU12CL CONSERVATION AND RLCOVLI2Y AC'l' (12Cl2A),
THC TLXAS SOL1D WASTE UISPOSAL ACT OR �l'HL 'CL�S WA�I'LR COUL'.
PURCHASER INDEMNIFIES, HOLDS HARMLLSS ANll RLLLASLS SLLLLR I�ROVI
ANY LIABILI`I'Y FOR LNVIRON(VIEN'1'AL PItOBLL�IS Olt CONDI'1'IONS
AFFECI'iNG THE PROI'L+'R'1'Y A1Z1S1NG AS 'l'1-1L RLSUL'f OI� SLLLLIt'S O�VN
NECLIGENC�. OR 'I'liL NLGLIGLNCL' OI�' SLLLER'S ItLI'1tLS1:N'1'A'l'1VES, 13U'1'
NOT ANY WILLFUL AC`TS OR OLV11SSlONS 012 CROSS NLCLICLNCE Ol� SLLL�R
OR SELLCR'S RCYRLSCNTA7'1VLS. 1'URCHASLR INULNINII�ILS, 1-IULUS
Purchase Cunu'act 4256 Lake�vuu� Uriv�
p�. �+
1-IAR�ILESS f�ND RLLLASCS SLLLCR I�RO►VI AN1' LIf�l31L1`I'1' I�UIt
LNVIRUNIYIL:N'1'AL PRUl3LLNIS UR CUNDITIUNS f�1�I�l:C`I'I�C rl'I-II. PItUI'I�IZ'fl,
ARISING AS A RLSUL�I' OF 'I'1-1LURILS OF PRUDUC"I'S LlAlilLl7'Y f\NU S�l'ItIC1'
L[ABILITY, OR UNDCR NC��V LAVVS OR CHANCCS TO LXISTWC LE�WS 1:Nf1CrCLD
AFTCR CONV�YANCC DATC THAT WOULD UTH�RV1'1SL IIVIPOSL U� SCLLLR lN
THIS TYPC OF TRANSACTION NCW LIABILI'C[ES FUR LNVl12UNN1L�rl'AL
PROBLENiS OR CONDITIONS Af'l� LCTINC THL PROI'L12'l'Y. PRUVISIUNS U1� '1'1-IlS
SLCTIUN S�IALL SURVIVL THL CLOSING. IT lS UnUL:RS'l'UUU f�NU ACRLLU
TI-IATTHE PURCHASC P121CC HAS QEEN ADJUSTCD I3Y PRIUR NLCU'1'IA'1'IUN "1'U
R�FLECT THAT ALL OF THL PRUPCRTY IS SOLD f3Y SLLLLR ANU PURCI-If\SLU
BY PURCHASER SUBJCCT TO THC FOREGOINC. PURCI-IASCR ACICNO�VLLDCLS
AND �eecN'fS ALL T(-IL TLRIVIS ANll PROV[SIONS (3Y 1IIS ACCLP'1'�1NCL
HCRCUR.
b. The provisions oF Section 5(a) shall be incorporated into the Ueed.
c. The provisions of Seccion 5(a) shall survive the Closing.
Section 6. Option Period. DELETED I3Y AGREEMENT OF TNE PARTICS
Section 7. Tests. P�u•chaser, at Purchaser's sole co5� ancl ri�k, shall have �he righl to
make inspections, surveys, �est borinbs, soil analyses, fIIlCI o�her �es�s, s�u�lies �uid survc:�es,
including withoul limi�ation, environmen�al and engineerin� �e��s, boring�, analyses, si�e
assessments, and studies ("Tescs). Any Tests shall be conducted at Pw•chaser's sole risk ancl
expense, and PURCHASCR AGREES TO INDCMNIFY AND DLI� LNll SCLLLIt ANU'1'1-1L
PROPERTY FROM AN1' LICNS AND CLAIMS RESULTINC I�ROVI SUCH TLSTS. The
Pc�perty wi11 be re�wred by Pur�lia�er tu i�s uribin��l I:UlICI111V11 at I'ur�l�a��r'> >ul� �xp�ns�
Fullowin� any site work. Purchas�r �liall r�l�a�e �u Seller any an�1 LIII IIIIIC���IIII�III �IUIII�J UI' I'��LIII�
of Tests abtained durin� the Uption Periud.
Sectiun 8. Closin� Contin�encies. DELETED BY AGREEMENT U1= T1-IE PARTICS.
Section 9. Clusin .
(a} The closing of the sale of the Property by Se11er w Pur�haser ("CluSin�") sh�ll
occur thraugil the ofYice of che Title Conlpany no later tllan eigiiteen ( l�) �nonths �if�er the EFfeccive
Date. At the Closing, all of the following shall occur, a!1 ot� �vhich are deemed cuncurrent
cunditiotis:
(1) Seller, at Purchaser's sole cost and expense, shall deliv�r ur cuus� w be
delivered to Purchaser the following:
(i) A Sp��it�l W�arranty Ue�d �..U���I"), lully �x��ut��l �uu1
acki�owlcd��d by Sellei; conveyin� to Pur�h�i5�r �;ou� aiul incl�l�c�sibl� I��
simple lille lu tlle P►•�perty subject tu exis�iil�; ICIIUWII ur unkn�wi�
Purchase Contr�ct 4256 Lakewoo� Drive
p�. 5
easements, ri�hts-ot=�vay, and �rescriptiv� i-i�h�s, �vl��th�r ul� r��ur�l ur nut;
cont�lllllll� �A� I'eSel'V�iCIUI1S �lll'SL1c111I [0 SI;CIIUII I (�), (�I) <<n�l (e); (B) �h�
tollo�vin� st<<tenient as require�l by L�cal Guvernn��nt Cu�l� 272.UU I(I�),
"-fo prutect che public health, s<<tety, ur �v�ll'�u•� <<n�l tu rnsure <<n a�l�c�uutr
m�u�iripal water supply, the Property sul�! by tl�c City �f Furt Worth uncler
Loc�il Government Code 272.UU1(h) is not eli�ible fur �ind the o�vner is not
entitled to dle exemption provided by Sectiui� I I.142(a), Water Cude;" �ii�el
(C) the languabe required in Section 5, �vitl� the precise Fu►•m ot�tlie Deeci tu
be determined p�u•suant to Section I l belutiv;
(ii) Any other instr�unent oc doc�tment �uces5�u�y 1-ur Title Cump��ny to
issue the Owiler Policy in accordance 4vitl� Section 9(c�) (3) belu�v.
tL' �
�2) I'urcha�er, at Purcha�er'� �ole co5t aiicl expti>>�, �I�all �I�liv�r or �au�� t� b�
delivered to Seller �hrough the Title Compaity a certiii��l check or �uch u�her me<<n�
of tunding acceptable co Seller, in an amoun� eclu��l iu �he I'urchase Price, plus any
rent due and owing under the Lease Agreemei�t.
(3) The Title Comp�llly SI1�lII ISSLIe l0 PtFfCII�l�l;l', a� Pur�hasi;r's s�l� cu�� an�l
expen�e, �"1'exas Owi�ei• Policy ofTi�le Insw�ance �"U�vnrr I'oli�y") i»u��l by �I'itle
Company in the amoun� of the Purchase Price insurinb �ha�, al���r �he compl��iun ol�
the Closing, Purchasec is the owner of indefeasi�le fee 5imple �i�le �o �he Proper�y,
subject only to the Permitted.
(4) Seller ancl Purchaser shall each ��ay �heir resp���iv� a�wrn�y5' I�c�.
(5) Except as otheitivise provided herein, ��fi cuscs �u1d expen�es in cunnec�i�n
with CloSin�; shall be paid or borne by Purchasec includiii� ��vi�lwut limi�ation, Ti�le
Coinpany attorney and escrow or settlement fees, �osts of t�x cer�itica�es, survey
cos[s, and tille insuran�e poli�y cosls.
(6) Purehaser shall be respunsible fur all ad val�r�m ancl simil�u� �ax�s ancl
assessments, iFany, relatin�; w the Pruperty.
U�UII CUI1I��IZUU11 UI, IIIZ CIUS1114�, Seller shall cieliv�r pu��e��iun ul� the Prup�rcy w
Purchaser.
Section 10. A�euts. Seller and Piu'chaser each represent ai�d wan ant to th� oth�r thal it
has not e�lga�ed the services of any agent, broker, or other similar party in c�nne,ctiun �vich �his
transactian except the fullowin�: NA. PUI2CHASL'R Sl-IALL 13L SOLL:LY
RLSPONSIBLL FOR ANU SI-IALL INULIVWIFY SELLLR I�ItOM PAYNIL�V'I' Ol� A�Y
13ROKLRAGL FLLS OR COIV1i�11SSlONS.
Sectiou 11.
Sectiuii 12.
Closin� Docutnents.
Nutices.
Purcha�z C'outr���► 425G Lxke�vuu� Drivr
DELETED BY AGIZEENIENT OP TI-IL PAIZTIES.
p �. 6
(<<) Any nu�i�� un�l�r tl�i� CunU�a�t shall b� in �vritin� an�l sl��ill b� �I��ii���l w I�<<v� b��n
s�rv��l il'(i} clelivere�l in p�rsun w the �i�l�iress sec turtli bc:l�4v lu�� �I�� p<<rty tu �vl�uni �lic nu�i�� is
�iven, (ii) deliverecl in �ersun at the Closin� (it�that p�1C[y IS �)I'l;Si:ill a� tl�� Clusinb), (iii) plac��l in
the United States mail, return receipt requested, addressed to s�ich p�u-ty a� �he <«Iclress specilie�l
below, or (iv) deposited into the custody ot� Federal �xpress Corpuraci�n w be sent by I;c�lLa
Overni�ht Delivery or other reputable uverni�ht carrier for ne:xt �lay �I�liv�ry, �i�l�lre���cl t� tl��
pa►-ty at tlle address specitied below.
(b}
Tlle address ot� Sel ler under this Conu•act is:
City ui' Forl VVortl�
Propercy R9anagement Deparhnent
Attn: Nita Sl�inslcy
9UU Monroe Sh•eet, Suite 4UU
Fort Worth, Texas 76102
Will► �i cupy lu:
City ul' I�url Wurll�
c►�y ��rr��•►��y�5 c.�rr►«
l�CCII: LC�lllll CU'LI11�lI1
2UU '1'exas St�•eet
I�urt 11�urth, "I'ex.i� 7G1U2
�c}
The address ot� Pw•chaser under this Contracl is:
Adam Telford
4256 Lalcervood Driv�
F'ort Worth, TX 76135
(d) From time to time either parry may designate ano�her aciclress un�ler ihis Cunua�i
by giving the other party advance �vritten notice ofi�the change.
Section 13. Teruiinatiun, Dei'ault, and Ren�edies.
�a) If Purchaser fails or refuses to consummate the pi�rcha5e ut �h� Pr�periy pursuan�
�o this Cantract at dle Closin� for any reason other than tecminati�i� of il�is Contract by Purcl�aser
pursu�int to a right so co terminate ex�ressly set forth in lhis Conc�•aci ur Seller'S li�ilure to perlorm
Seller's abligatiuns uilde►• this Coiln•act, then Seller, as Seller's �ule und �x�lusive r�m�cly, �h��ll
have the ri�ht lu tei-minate this Cuncract by giving wcictei� nutice th�reul� w['u�'�h���er ����iu�� tu ur
<<t tl�e Ci�sin�, whereupon neither parcy hereto shall have tt�3y I'�u•ther ri�hts ur ubli�a�iuns.
NOTWITHSTANDING AIVYTHING HEREIN TO THL CONTRf�RY, PURCHASC(t
ACKNO�'LCDGCS THAT A TLRMINATION Or '1'HIS CON'1'ItAC'1' 1'URSUAN7' '('O
THL TCRMINATION RICHT 1N THLS SEC1'iON l3(��) OR ANY O"1'l-IEIt
'l'L:RM(Nf1'I'ION RIGH`l' t-IEl2EIN �V1LL BL A UL.I�AUL"1' l3Y LL:SSL:I: U\��IZ '1'IIli
LL.ASL: ACRELlV1LN�C, ANU NURCI-IASER/LLSSL:� �V1LL `I'l-11:n 13L: SU13J�C'1' `I'U
1'HC TE1tN11NA1'lON RIGHT Or THC SLLLLI2/LLSSOIt Iv '1'1-lL LLASL.
AGRLElV1ENT.
(b) If Selle►- fails or refuse� tu �uilsummat� the sal� ut th� Prup�r�y pursu�u�t �u tiiis
Cuntr��c� �i Closin� oi' ft1llS l0 �)l;l'tOflll any of Seller's other ubli};atiuii� h�r�uii�l�r �itl��r priur to �r
�t �he Closinb for any reason other than the termination uf this Cunn�uct by S�ller pursuun� w a
ri�lit su to lerminate expressly set forth in this C�ntcacl ur Purchaser's f<<ilw�e co perform
Purchase Contract �1256 Lakewuu� Drive ��� �
Purchaser's obli�clC1U115 1111CI1;f CI11S C�ntract, then Purchaser �I�cill liavr tli� ri�l�t tu t�rinin<<t� �lii�
C'ontra�t by �ivinb written nu�ice tl�er�ut� w Seller pri�r tu ur <<t �li� C'lu�in�. A leriuinuliun U�-
I'w•cl���ser uf tl�i5 Cun�r�ict due tu Seller's def<<ull will nul result in .� �lel'.iul� un�ler llie Le�isr
Ag��een�ent.
Seetiun 14. Cntire Conh•�et. "1'his Conti•act (incluclin� �h� <<u�ichccl �xhibic�) contain� tl�e
entire cuntract bet�veen Seller and Purchaser, and no oral sta�en�en�s �r priur writ�en niatter nut
specificalty incorporated herein is ut�any furce and ettec�. Nu nw�li►i�atiuns �u-� bin�lin� un �itlier
parry unless set fo►'th in �► document executed by that party.
Sectiun (5. Assi�ns. This Coiltract iuures to the benetit ut� anil is binclii�� un tl�e par�ies
and their respective legal representatives, successors, anci assigns. Any �ISSI�Tlllllellf must be
approved by Ciry of Fort Wor[h and this Cuntract cannot be a�si�n�:�i I��s th.�n 6U �l�iys priur w�h�
scheduled Closin�.
Section l6. Time ut'the Essence. It is expressly agreed tha< <ime is uf ihe essence with
respect ta this Contract.
Sectiun 17. Tal:in� Priur to Clusiu�. IF, prior co Clusin�, �h� I'rup�r�y or �llly �)uf11011
ihe►•eof becomes siibject to a taking by virtue of eminent doi��ain, Purchcuer may, ii� P�u-cha�er'�
sole discretion, either (i) terminate this Contract, aitd neither pa►•ty shall have any r�u•�he�� �•i�hts or
ob�igations hereunder, or (ii) proceed with the Closing of the tiansac�ioil �vi�h an adjusul�ent in ll�e
Purchase Price to rellecc the nec square footage of the Property alter �he takin�.
Sectiun 1t3. Covernin� La�v. This Conuac� shall be �u��ern��l by an�1 cuns�ru��l in
a�curdance with the laws uf dle State uf Texas.
Sectiun I9. Perfur�»auce uf Cuntract. The ubli�atiuns Ul1CI�l' lll� l�l'lll� uf th�
Cuntrac� are performable in T�lrrant Counly, Te�aS, and any �u�ci all p<<yni�n�� un�l�r �I�� t�rn» uf
�he Cont�•act are to be made in Tarran� Coun�y, Texa�.
Sectiun 20. Venue. Venue of �llly �lC11011 L�COII�Ilt Llll{�et' LIIIS CUlllf�lCl �IIiIII �l: lll T��rrant
Cuunty, Texas if venue is le�ally proper in tllal coun�y.
Secti�n 21. Severability. Il,illly �l'UVI51U11 U� lIl{S CUllll'ill;l I� Ill'IlI lU �l; IIIV�ili�l, ill�bal,
or unenfat•ceable in any respect, such invalidity, ille�ality, ar tn►enlur�eabilily will iw� all�ct uny
ocher �rovision, �1t1CJ CI1lS C011il'�iCC WIII �e CUIISCCUeCI 1S lt SIiCIl II1V�lIICI, ille�al, ur unei�lorceable
provisian had never been contained herein.
Secti�n 22. Business U�ys. It the Clusin� ur thi: day fur p�rl�riu�in�� �I�any act r���uir��l
uncler this Cuntract talls un a Satw�cl�iy, Suncl<<y, ur I��al huli�ic�y iur th� City �I I;�rt Wurth ur
fecleral holiclay, tlten the Closin}; or the cl�ly YOI' SLICII �el'tOCI11�111C�, as �I�� cas� muy be, sl�<<I I b� �h�
next following regular business day.
Sectiu�t 23. Multiule Counterparts. This Contcact m<<y b� �x��ut�cf in �►i�y Illllll��r �I
iclentical c��inte►'p�arts. [f so execu�ed, �ach �f such cuunterpart� i� w b� cl��m�cl an �ribiii�il fur all
Purch�tse Cuntract 4256 Lake�vood Drive
p�. �
purposes, and all such counterparts shall, collectively, constitute one agre ement, but, in 111.1king
proof of this Contract, it shall nor be necessary to produce or accou1ll tor more Lha11 011e :rnd1
cou11terpart.
This Contract is executed as of the Effective Date. SELLER: CITY OF FORT WORTH, TEXAS By;oa 7:19CDTJ
Dana Burghdoff, Assistant City Manager
Date: 5/24/21
Mary Kayser
City Secretary
M&C: L-15964
1295: NIA
APPROVED AS TO LEGALITY AND FORM
Assistant City Attorney
CONTRACT MANAGER
PURCHASER
AOAIVI TELFORO
B:
Adam Telford
By signing l acknowledge that l iun the person responsible fur the monitoring and administration
of this contract, including ensuring all performance and reporting requirements.
7'ud'..:.�.
Name: Nita Shinsky
Title: Land Agent
Purchase Contract 4256 Lakewoo<l Drive pg.'-)
By its ex�cutiun beluw, Tifl� C0111�)2llly �ICI<Il(?4VIelIf��S fl'�l:l�)l UI� llll� C'untra�t �in�l ci�rc�s tu I�ul�l
anei clelivee the same ancl perfurit� its clulies pursuant to lhe pruvisiuns �l� lhi5 C�ntr����.
TI'1'LL+' COIVIPANY:
By: Al�►mu Ti[le
Name: L��vuni�e Keilh
'I'itle: Cscru�v A��ent
D�ice:
I'hunc ti 17.921.73y3
,
l� a x
I'urchase Conu��ict 4256 Lakewuu�l Drive
p�. I u
Lzl►ibit .`A"
l'ru��erty Descriptiun
Lot 12, Block 9, Lal<e Worth Leases Addition, Tarrailt Co�u�ty, "fexas an�l utlierwise
known as 4256 Lakewood Drive, Fort Worth, Texas 7G 135.
�
,�
��� ` TIiE STATE OF TEXAS
� COUNTX OF TARRANT
�
l� ��
4.J
LEASE AGREEMENT
KNOW ALL MEN BY THESE PItESETITS:
' The City of Fort Worth, Lessor, a home-rule municipal coiporation situated in Tarrant County, Texas, (hereinafter
sometimes referred to�as "City") acting herein by and through �.• •�--r •• � n= .•:, , its duly authorized
A�K�„� Cyty Manager, and _ q,vh1 e Ffn{fmnn ,Lessee, hereby make and tnter into the following lease agree-
ment. �
I.
For and in consideration of the prompt payment by Lessee, when due, of aIF rents as herein provided, and funher
for and in consideration of the full and timely performance by Lessce of all of Lessee's duties and obligations in strict
compliance with the covenants, conditions and agreements herein contained, City hereby demises and leases to Lessee,
and Lesses hereby accepts from City, the following described real property for the term and uses and subject to the
conditions set forth herein:
?t 1 ' R r n '�t E+ • ,�,u - *ev
-- j �,�• r.at:n:r::nr
n. �wor
The term of the lease shall be :T{) years commencing r"-ryj=��n �, 1��;� and endin
Jnnu�try 31 70;T g
The City may offer five (5) year extensions to the term of the lease on each fifth anniversary of the lease. The Lessee
may refuse such extension by giving notice to the C1ty, in writing, within sizty (b0} days �fter receipt of notice of any
extension. .
III. LESSEE'S RIGHTS AND OBLIGATIONS
Lessee shall:
A, pay annual rertt to the City of Fort Worth in the sum of S "r�Y, n� , said rent payable in 12 equal
installments, one such installment due on the Grst of each month.
B. pay the rent due under this lease to the Assessor-Collector of Taxes for the City of Fort Worth, or other office
designated by the City.
C. nay rent for each y.ar after the frst y�ezr in en amoLnt thet shall be adiusted by eiehty percent (8f1%1 of the
change in the annual average of the Consumer Price Index U.S. City Average, "aII items" index, all urban consumers
(CPl-U) from the annual av�rage for the previous calendar year, as published by the Burcau of Labor Statistics for the
United States Dep'artment of I,abor, said adjustment to be computed by dividing the CPI-U for the most recent year
by the CPI-U for the immediately preceding year, subtracting one (1) from that quotient, multiplying that result by
eight-tenths (0.8), adding one (I) to that product, and multiplying that sum by thE rent for the previous year.
D. be able to use the leased land for residential and water recreationai purposts, in compliance with applicable
zoning ordinances. �
E. use and occupy the leased land, in compliance with the laws of the United States of America, the statutes af
the State of 7'exas, and the Charter and Ordinances of the City of Fort Worih, whether now in effeci or hereinafttr
adopted so Iong as any hereinafter adopted ordinance or charter provision is nat adopted solely for the purpose of
limiting the rights of Lessee and similarly situated Lessees.
F. accept the premises in their prescnt condition as being suitable for all purposts of this lease.
G. bt deemed to be an independent tcnant in possession of the premises aad responsible to all parties for his acts
and amissions with regard thereto, and the.City shall in no way be responsible for apy act or omission of the Lessec.
H. indemnify, hold harmless and defend the City, its officers, agents, and employees, from and against any and
all cIaims for damages or injury, including death, to persons or property arising out of or incident to the leasing or the
use ar�d occupancy of the leased land by Lessee, his guests or invitees.
I. indemnify, hold harmless and defend City from and against any and all mechanic's and materialmen's liens or
any other lien, claim or charge imposed upon the leased land or rising as a result of ariy conduct or activity by the
irasze or anyone on i►is benaii.
J. pravide and maintain suitable methods and means for the disposal of trash, body waste, and excreta, in com-
pliance with applicable sanitation laws and ordinances.
K. not drill, or dig any well on the leased land withoitt the prior written approval of the City nor use the water
from such well until it has been tested and approved by the appropriate suthorities.
L. noi commit, or allow to be committed, any waste on�the premises, nor create or allow any nuisance to exist on
the premises. .
M. not keep or permit any animals on ihe leased premises other than domesLicated dogs and cats.
IV. LESSOR'S WCH'I'S AND OBiIGATIONS
The City of Fort Worth shall: ' �
A. approve the sale, or assignment (hereinafter collectively assign�ent) of this lease or remaining term, provided
that: -
1. all amounts owed to the City hereunder and City ad valorem taxes are paid current to the date of such azsign-
ment; and .
���L.kJ .f.��L
2. the assignment is evidenced in writing;.and
3. in said assignment the assignee expressly accepts, assumes, and agrees to perform all terms, conditions and
limitations to be kept and perCormed by Lessee under this lease; and . •
4, said writing is executed and acknowledged in recordable form; and
5. said assignment is submitted to ihe City at the City Manager's ofFce or such other office designated by the
City Manager.
Within 10 days of receipt of the assignment the City. shall determine whether ihe assignment is in compliance with
provisions A-1 through A-5 above and notify both parties to said assignment if the assignment does not comply with
those provisions. The City shall acknowledge compliaqce with the above provisions on the face of said assignment,
and assignment shall then be recorded in the ofFce of the County Clerk of Tarrant County, Texas, at Lessee's ex-
pense. Compliance with the provisions set out above sha11 �relieve the Lessee from further liability under this lease.
B. have the right to inspect the leas�d premises for compliance with City of Fort Worth Minimum Building Stan-
dards Code,City Ordinance No. 8006,at the time of any sale or transfer. The G�ty shall notify the purchaser or assignee
in wriiing of any violations of said ordinance within 10 days of the submissian of a proposed assignment ta the City.
The parchaser or assignee shall not be issued a certificate of occupancy by the City until the requirements of such or-
dinance have been complied with. . . �
C. shali not convey, sell, or transfer its interest in the leased lanri without alIowing the Lessee the opportunity to ac-
quirt the leased land unless the conveyance, sale, or transfer is to a governmental entity with the power to condemn
the groperty for the purpose it is acquired. All transfers shall be subject to the compelitive bidding laws of the State of
Texas and the ordinances and charter of the City of Fort Worth.
D. provide yeazly statements of the rent due hereunder and in such statement specify the number of years remaining
in the term of this lease. •
E. have the right to enter upon the above described property at reasanable times and under reasonable cir-
cumatances for the purposes of examining and inspecting the leased land to determine whethc'r Lessee has complied
with his obligations hereunder. This provision shall not be construed to authorize entry into residences or other
buildings on the leased land except where such entry is specifically suthorized by the provisions of this lease, the
statutes of thc State of Texas, or the ordinances of the City of Fort Worth. ' �
F. warrant that Lessee will have quiet enjoyment and peaceful possession of the leased �land, and that the C�ty will
defend fhe Lessee in such quiet enjoyment and peaceful possession during the term of this lease.
G. The City Manager shall review this lease prior to each fifth anniversary and shall make recommendations to the
City Council regarding extensions.
V. LESSOR'S OPTIONS
�The City of Fort Worth may, in the event that Lessee shall give notice to the City that a financial hardship exists in
the psysnent uf rentals due hereunder, the City Managermay waive any portion of that year's rent after. consideration
of said hardship. Lessee shall have the right to present his request to the City Council of Fort Worth should the City
�Manager deny xhe requat. � "
Any rents waived as a result of such hardship and remaining unpaid shall constitute a lien against the Lessee's im-
prov�ments and such unpaid rents shall bear interest at thc current lega] rate.
Lesste may:
VI. LFSSEE'S OPTION5.
A. sell, assign, or sublet this lease or remaining term thereof.
B. construct ncw structures and enlarge existing structures on the leased [and provided that such construction is in
accardance with all applicable City Codes and Ordinances. .
C. make alterations, remodel, and make improvements to existing structures and the leased land, provided that
sueh actions shall be in accordance with applicable City Codes and Ordinaners.
D. terminate this lease without reimbursement for Lessoe's structures and improvements at any time by giving the
City 30 days notice of intention to terminate.
VII. EXPIRATION OF LEASE
f�l. LI�n� PRnirqtinn nf t�+[ EEF!?� of this lPaen �F:� !`it� �l�_ll �.�� �� :1�� ����y �� �..��6i :�il� iJ iiiC i,i8l �aPnci
vatue of any structures or improvements heretofore made or erected on the Ieased premises, except that payments for
any new structure and enlargements.to existing structures made or ciected during the fina135 years of the lease term
wiit be a pro rata amount based on the number of years the structure or improvements are in place or the number of
years remaining on the lease at the time said structure or improvemenfs were made, whichever is greater, times 2.86
percent, never to exceed 100% of the market value of the new structure and the enlargement to the ezisting structure.
B. Replacement of all or part of structures destroyed in whole or in part by fire, explosion or act of God are deemed
structures or improvements heretofore made or erected on the leased premises.
C. The City shall pay the Lessee the market value of the structura and improvements as defined above upon
possession of the property. Acceptance of the amount offered by the City doa not for•feit Lessee's right to dispute the
amount paid, nor shall any accepEance constitute a waiver of.any legal remedy L-essee may have to determine market
value. In the event that a courE of compeEeat jurisdiction determincs that the amount paid to the Lessee by the City is
in exeess of markel v,alue of such structures or improvements, tlie Lessee shall•promptly refund such eiccess to the City.
2.
. ., . � . 0 �3��.��ii :�� ��� �
. . ._.
�,_,� � ,.:---
VIII. TERMINATION OF LEASE
A. In the event the Lessee: � ,.
1. is iri arrears in the payment of the rents, or other amounts agreed to be paid under the terms of this lease; or
2. has failed to perform any obligation under this lease, then the City may give notice to the Lessee of termina-
fion of the ]ease by default, said notice to specify in detail lhe defaults upon which the termination would be based. 1n
said notice the Gtity shall demand that actions be taken within 45 days to cure the default or defaults upon which the
termination is based or the lease shall be terminated.
B. In the event of a default by Lessee, and said Lessee does not take action to cure the default within 45 days of the
riotice fram the City, the lease may be terminated and the City shall have no duty to reimburse the Lessee for struc-
tures or improvements to the leased land. The Lessee shall have the right to remove said structure, improvements, and
personal property within 90 days from the date of lease termination by dcfault, and shall vacate the leased land at the
end of said 90 days. All such property not removed within 90 days shall become the property of the Cyty.
C. ln the event rentals to be paid under the terms of this lease is not paid when due, an additional late penalty of
1.5%a per month shall be added to 'the amount due. '
D. Upan termination of this lease or expiration of the term of this lease, Lessec shall be entitled and authorized to
remove from th� premises all items of personal property belonging lo Lessee not permanently affixed to the realty and
all strucinres and imprbvements for which no reimbursement is made under the terms of this lease. •
1X. MORTGAGFS
A. So long as no default �xists under the terms of this lease, the Lessee or any Assignee may mortgage his leasehold
estate and improvemcnts situated thereon to secure a loan or loans of money actnally made, or that will be made, or
any extension or �enewal of the same. .
B. Such mortgage or deed of trust shall be in every respect subject, subservient and subordinate to•all the conditions
and covenants of this lease. .
C. ln the event oia default thai could result in the termination of this lease withaut reimburscment to I.essee for the
improvements and structures on the leased land, the City shall give notice to the mortgagee as is requir�d to be given io
the Lessee, and said mortgagee shall have the �right tb curt said defauli and/or gerfosm the terms and conditions of
this lease. � •
D. A mortgagee or trustee under a deed of trust shal] have the same right and gawer to assign this lease, in conjunc-
tion with a trnstee's sale or transfer to satisfy Lessee's obligation to a mortgagee, as does the Lessee under the terms of
this lease.
E. At any time the City is to pay the Lesse� for structuru or improvements on the leased land, the City shal! qive
notice to each mortgagee of that payment, and said mortgagee shall have the zight to receive payment For any
outstanding obligation secured by mortgage or deed of trust on the leasehold and improvements.
F. The City shall be required to give such notice onJy if the mortgagee has, in writing, informed the City of its in-
terest and has supplied an address for said notice.
X. OWNERSHIP OF IMPROVEMENTS
All structures and improvements situated on the leased land when this lease is entered into aze, and shall continue to
be, the property of the Lessee, and all improvements hereinafter made by the Lessee on the leased land shall be the
property of ihe Lessee.
JtI. SUCCESSORS IN INTEREST
A. In the event of the death of a Lessee, his successors and estate shall succeed to his interest under this lease, and
those entitled by law to succeed to thr Lessee's interest in ihe lease shall continue to cnjoy the rights and benefits
hereunder of the deceased Lessee;
B. In the event that the Lessee or his Assignee is adjudicated a bar►krupt, said Iease may be assigned os' provided
above, and any Assignee shall assume the duties and liabilities as set out above.
XII. VENUE
Venue of any action brought hereunder shall lie exclusively in Tarrant County, Texas.
. Xltl. NOTICE
A. Any notice required under this lease, unless otherwise speci6ed, shall be given by depositing in the United States
Mail as certified •mail, postage prepaid, addressed to the: �•
i. its�er's ur f,.ssignee`x at the add�tss snown �n titis Iease uniess said iessee or �ssigner nas iurnishad to [ht
City, in writing, instructions to mail notices to another address;
2. City Manager of the City of Fort Worth, City Hall, Fprt Worth, Texas;
3. Mongagee at the addras supplied to the City in writing for the mailing of such natice.
XIV. CONCLUSION
This instrument represents the entire agr�ement between the parties cbnceming thc leasing of the leased land and
shall be binding upon and shall tie to the benefit of the parties hereto, tNeir successors, assigns, and legal represen-
tatives, and all prior leases, assignments, or agreements of any nature concerning th� leased land or property situated
thereon are superseded by the tcrms of this lease. ,
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��D at ort W orth, Tarrant County, Texas, this ��� day of
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APPROVED�AS TO FORM�AND LEGALITY:
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STATE OF TE){AS §
COUNTY OF TARRANT §
CITY OF FORT WORTH
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BEFORE ME, the undersigned authority, a T�lotary Public in and• for tho State of Ttxas, on this day personally
appeared __ `�'?'�d^,l, o `712� ,�i
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subscribed to the foregoing instrument, and acknowledged to me that he executed the same as the act and deed of the
G�ty of Fort Worth, a municipal corporation of Tarrant County Texas, and as �d1.�. /i � `�� .�
thereaf, and for the purposes and consideration therein expressed and in the capacity therein s t� ���
�'GIVEN UNDER MY HAND AND SEAL OF OPFICE this 1� day of .�✓t-
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STA1'� OF 1'EXAS §
COUNTY OF T.ARRANT §
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Notary Public in and for
the State of Texas
BEFORE ME, the undersigned authority, a Notary Public in and for the Sfate of Texaz, on this day persona]!y
appeared S,: is1, � T'�-�i�fi0an ,known to me to be the person whose name is
subscribed to the foregoing instrument, �and acknowledged to me that he executed the same for the purposes and con-
sidcration therein expressed.
::�GIVEIV•.UNDER:MY HAND AND SEAL OF OFFICE this �' day of `'�fli`.i1 , A.D.
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10/13/2020
CITY COUNCIL AGENDA
Official site of the City of Fort Worth, Texas
FoR� H
COUNCIL ACTION: Approved on 11/8/2016
DATE: 11/8/2Q16 REFERENCE NO.: L-15964 LOG NAME: 21LAKESALES
CODE: L TYPE: NON-CONSENT PUBLIC HEARING: NO
SUBJECT: Authorize Contract for Sale with Current Residential Lessees of City-Owned Lake Worth
Lease Addition Lots for Fair Market Value and Authorize Contemporaneous Lease
Amendment to Provide for a Shorter Term and the Dispasi#ion of Improvements Upon
Expiration (COUNCIL DISTRICT 7)
RECOMMENDATlON:
It is recommended that the City Council authorize the City Manager or his designee to:
1. Enter into a Contract for Sale with current residential lessees of City fee-owned Lake Worth Lease
Addition platted residential lots for a sales price that is fair market value as determined by an
appraisal by a certified appraiser; and
2. Enter into a Lease Amendment, contemporaneously with the Con#ract for Sale, with current
residential lessees of City fee-owned Lake Worth Lease Addition lots to amend the lease to provide
for a shorter term and the disposition of the improvements upon expiration.
DISCUSSION:
In 2000, the City of Fort Worth mailed letters to Lake Worth Lease Addition lessees of record offering
an option to purchase the land if the leased lot met the specified canditions of (1) their lot(s) being
platted and (2) connection to either municipal water or sewer. Multiple lots could not be platted at that
time and the lessees of those properties were never offered the option to purchase due to
deficiencies assaciated with the property which caused non-compliance with platting requirements.
Additionally, some of the lessees on properties that met the conditions of the City's offer for the option
to purchase did no# enter into the Purchase Option Agreement with the City or lost the option due to
not adhering to the option Agreement conditions.
Lessees of platted and un-platted residential City-owned Lake Worth Lease Addition properties are
requesting to purchase the leased land on which they have put impravements. The current residential
leases expire in 2032 and per the lease terms the City is required ta purchase improvements at fair
market value at that time. The current residential Lake Worth Lease Addition lease terms do not
authorize the sale of the land to the current lessee or the extension of the lease.
This Mayor and Council Communication will provide for current lessees of residential City-owned lots
in the Lake Worth Lease Addition whose lots meet platting conditions, and who comply with the
conditions outlined below to be eligible to purchase their leased lot from the City at the fair market
value determined at time of the purchase.
Conditions of Purchase:
Property must be platted at the expense of the lessee.
Lessee must hire an approved appraiser to obtain a fair market value appraisal of the land to be
conveyed.
Lessee must execute a Lease Amendment that provides for a lease termination date that is the
earlier of (i) clasing on the purchase of the property or (ii) 18 months after the date of the
amendment at which time the improvements would become property of the City.
Lessee must execute a Purchase and Sale Agreement contemporaneously with the Lease
Amendment requiring a closing date of no more than 18 months from the date of execution.
M&C Review
apps.fortworthtexas.govlcouncil_packeUmc_review.asp?I D=22991 &councildate=11 /8/2016 1 /2
10/13/2020
M&C Review
All revenue from the sale of the land will be deposited in the Lake Warth Trust Fund to be used for
capital projects around the lake as approved by the Property Management Director.
This property is located in the COUNCIL DISTRICT 7, Mapsco 44, 45, 46, 58 and 59.
This M&C does not request approval of a contract with a business entity. However, if the 1295 form is
required, it will be provided by the lessee at the time of contract execution.
FISCAL INFORMATION/CERTIFICATION:
The Director of Finance certifies that Property Management Department will be responsible for the
collection and deposit of funds.
Fund Department Account Project Program Activity Budget Reference # Amount
ID ID Year Chartfield 2
Submitted for City Manager's Office by_
Originating Department Head:
Additional Information Contact:
ATTACHMENTS
LAKEWORTH RESIDENTIAL LEASES 8x11.pdf
Jay Chapa (5804)
Steve Cooke (5134)
Lester England (8053)
Jean Petr (8367)
apps.fortworthtexas.gov(council_packeUmc_review.asp?ID=22991 &councildate=ll/8/2016 2�2