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Contract 18299
AMENDMENT TO OPTION TO PURCHASE LAND O,TY ��� THE STATE OF TEXAS CONTRACT. N0_19_?_qq SECRETARY COUNTIES OF TARRANT } AND DALLAS } This Amendment to Option to Purchase Land (herein the "Amendment" ) is entered into by and between the City of Fort Worth, a municipal corporation (herein "Fort Worth" ) and CentrePort Venture, Inc . , a Texas corporation (herein "Venture, Inc . " ) . R E C I T A L S : A. On June 5, .1980, CentrePort Joint Venture (herein "CentrePort" ) and the City of Fort Worth entered into that certain Option. to''Purchase Land (herein the "Original Option" ) pursuant to which 'Fort Worth granted to CentrePort an option for the purchase of certain real property then owned by Fort Worth and located in Tarrant and Dallas Counties, Texas commonly known as the "Greater Southwest International Airport. " The Original Option is recorded in Volume 6943, Page 893 of the Deed Records, Tarrant County, Texas and in Volume 80126, Page 0777 of the Deed Records, Dallas County, Texas to which reference is hereby made for all purposes . B. On April 23, 1983, the Original Option was modified as part of an unrecorded Lease Termination Agreement (herein so called) executed among Fort Worth, CentrePort and American Airlines, Inc . to which reference is hereby made for all purposes . C. Effective as of June 5, 1988, CentrePort and Fort Worth further amended the Original Option to extend the Option Period through June 5, 1998; to modify the schedule of Option Payments; to increase the interest factor in the Original Option from seven and one-half percent (7 . 5%) to eight percent (8%) ; and to provide for Fort Worth' s use of the proceeds of one of the Option Payments for needed repairs to a portion of Trinity Boulevard. That amendment (herein the "Prior Amendment" ) is recorded in Volume k_Q 9468, Page 1451 of the Tarrant County Records, Tarrant County, Texas and in Volume 89013 , Page 1.713 of the Deed Records, Dallas County, Texas to which reference is hereby made for all purposes. D. By that certain Assignment of Option to Purchase Land (herein the "Prior Assignment") dated December 15, 1989, CentrePort transferred, assigned and conveyed to Centre Consolidated ,.._ Properties, Ltd. , (herein "CCP" ) all of its rights, interests and benefits under the Original Option, the Lease Termination Agreement . and the Prior Amendment and the same are now owned and held by CC_P. 0MCIAL RECORD CITY SECRETARY ET. WORTH, TEYL E. CCP has agreed to transfer to Venture, Inc all of its rights, interests and benefits under the Original Option, the Lease Termination Agreement, the Prior Amendment and the Prior Assignment. NCNB Texas National Bank ( "NCNB" ) has agreed to transfer to CentrePort Investment, Inc . ( "Investment, Inc . " ) all of its rights, interests and benefits under certain assignments given by CentrePort and CCP of their rights, interests and benefits under the Original Option, the Lease Termination Agreement, the Prior Amendment, and the Prior Assignment, which assignments are now held by NCNB as security for a loan in connection with the development of the land subject to the Original Option (the "Property" ) . Venture, Inc. and Investment, Inc . have required as a condition precedent to their acceptance of such transfers that the Original Option, as previously amended, be further amended to exclude those areas of the Property described on Exhibit "A" attached hereto (collectively, the "Excluded Property" ) from the provisions of Paragraph 6 of the Original Option; to provide for the investigation and remediation by Fort Worth of any Hazardous Substances (as defined below) in, on or under the Excluded Property; and to provide indemnification of Venture, Inc . (and its successors and assigns, including Investment, Inc . ) by Fort Worth for any liability or damages incurred by Venture, Inc . (or such successors and assigns) related to Hazardous Substances present, released or introduced in, on or under any portion of the Property during the period of Fort Worth' s ownership. F. Subject to and contemporaneously with the execution of this Amendment, CCP has, by an Assignment of Option to Purchase Land (the "CCP Assignment" ) of even date herewith, transferred, assigned and conveyed to Venture, Inc. all of CCP ' s rights, interests and benefits under the Original Option, the Lease Termination Agreement, the Prior Amendment and the Prior Assignment. Subject to and contemporaneously with the execution of this Amendment, NCNB has also, by an Assignment of Liens (the "NCNB Assignment" ) of even date herewith transferred, assigned and conveyed to Investment, Inc . all of NCNB ' s rights, interests and benefits under the assignments held by NCNB of the rights, interests and benefits of CCP and CentrePort. under the Original Option, the Lease Termination Agreement, the Prior Amendment and the Prior Assignment. Fort Worth acknowledges and agrees that Venture, Inc . and Investment, Inc . have paid substantial consideration to obtain the transfer, assignment and conveyance of the rights, interests and benefits described above, and in so doing have acted in reliance upon this Amendment. G. Fort Worth has previously delivered to Venture, Inc . and Investment, Inc. a certain Consent and Estoppel Agreement dated November 9, 1990 in connection with the transactions described herein. Fort Worth hereby ratifies and confirms such Consent and Estoppel Agreement and represents to Venture, Inc . and Investment, Inc . that the statements set forth therein are true and correct as of the date hereof. _ U V7 I' 10169 1157 H. Fort Worth acknowledges and agrees that, in entering into this Amendment, it has not relied upon any representations or warranties made by CCP, NCNB, Venture, Inc. , Investment, Inc . or any other party. I . The Original Option, the Lease Termination Agreement, the Prior Amendment, the Prior Assignment and the CCP Assignment are hereinafter referred to collectively as the "Option" . J. The parties hereto wish to further amend the Option. NOW, THEREFORE, for and in consideration of the premises and the mutual benefits to accrue to each of the parties hereto, the parties have agreed and do hereby further amend the Option as follows : 1 . Unless expressly stated otherwise, all capitalized terms used herein shall have the same meaning as ascribed to them in the Original Option. 2 . Effective on and after the date hereof, the provisions of Paragraph 6 of the Original Option shall no longer apply to the Excluded Property and Venture, Inc . shall have no right of possession or other rights or obligations provided in Paragraph 6 of the Original Option with respect to the Excluded Property or any portion thereof. Fort Worth shall have the exclusive right of possession and all other rights and obligations of ownership with respect to the Excluded Property so long as it remains subject to the Option and until such time as it is actually taken down and purchased pursuant to the Option. 3 . Fort Worth shall promptly commence to investigate the presence of Hazardous Substances on or about the Excluded Property and shall promptly take and diligently pursue all removal, remedial, monitoring or other response action necessary or desirable to remove the Hazardous Substances and to bring the Excluded Property into compliance with all Environmental Laws (as defined below) . Fort Worth shall keep Venture, Inc . , its successors and assigns, fully informed of all investigations and all removal, remedial, monitoring or other response action undertaken by Fort Worth at the Excluded Property. In the event that Fort Worth shall fail to perform its obligations hereunder, Venture, Inc . , its successors or assigns, shall have, in addition to the other remedies available at law or in equity, the right to enforce specific performance by Fort Worth. 4 . Fort Worth agrees (subject to and as limited by the last sentence of this paragraph) to indemnify and hold harmless Venture, Inc . , its successors and assigns, the direct and indirect owners thereof, and all of their officers, directors, employees, trustees, beneficiaries, agents and independent contractors, from and against and to reimburse them for, any claims, demands, causes of action, 3 j gipp.-yV L T. T1DR 11'M5 7 10169 1158 losses, damages, liabilities, costs and expenses (including attorneys fees and court costs) asserted against or incurred by them at any time or from time to time related to: (a) the presence, release or introduction of "Hazardous Substances" (as defined below) in, on or under the Property in excess of the maximum contaminant levels allowed by any local, state or Federal agency having jurisdiction over the Property, including but not limited to the reasonable cost of the removal, remediation or monitoring (whether by Venture, Inc. , its successors and assigns, or any other party) of Hazardous Substances in, on or under the Excluded Property to the extent such removal, remediation or monitoring is reasonably necessary to comply with the requirements of the Environmental Laws; (b) any action or proceeding by, or settlement with, any local, state or Federal agency having jurisdiction over the Property, including without limitation, any action or proceeding or settlement in which Venture, Inc . or its successors or assigns might be required to undertake or to pay the cost of any remediation, monitoring, removal, or other response action on the Property related to the release, introduction or presence of Hazardous Substances in, on or under the Property; or (c) any claim by any individual or non-governmental agency related to the presence, release, introduction, removal, remediation or monitoring of Hazardous Substances in, on or under the Property. The indemnification contained in this Amendment shall not cover any claim, demand, cause of action, loss, damage, liability, cost or expense incurred as a result of the release, threatened release, or introduction of a Hazardous Substance in, on or under the Property to the extent that (i) with respect to any portion of the Property, other than the Excluded Property, the Hazardous Substance in question was not present on the Property on the date hereof and (ii) with respect to any portion of the Excluded Property, the Hazardous Substance in question was not present on the Excluded Property on the date that the Excluded Property was purchased and taken down under the Option. As used herein, the term "Hazardous Substances" shall have the broadest meaning specified for regulated substances in any of the following Environmental Laws (herein so called) : the Comprehensive Environmental Response, Compensation and Liability Act of 1980 as amended by the Superfund Amendments and Reauthorization Act of 1986 (collectively "CERCLA" ) ; the Resource Conservation and Recovery Act of 1976 as amended by the Used Oil Recycling Act of 1980, the Solid Waste Disposal Act Amendments of 1980 and the Hazardous and Solid Waste Disposal Amendments of 1984 (collectively "RCRA" ) ; the Federal Clean Air Act (only to the extent it may apply to on-site remediation activities) ; the Texas Water Code; or the Texas Solid M Waste Disposal Act, as such statutes may be amended from time to U") time. The indemnification contained herein shall survive the purchase and taking of title to the Property by Venture, Inc . , its successors or assigns, shall survive the expiration or termination 4wrq ' n of the Option, and is absolute and without regard to any requirement that Venture, Inc . , its successors or assigns, prove . or establish fault on the part of Fort Worth about the violation or condition that results in liability to Venture, Inc . , its successors or assigns . Further, the indemnification contained herein shall in no way be deemed an admission by Fort Worth of any liability whatsoever to any governmental agency or third party regarding the subject matter of the indemnity nor shall it be deemed a waiver by Fort Worth of any rights, claims, demands, causes of action, remedies or defenses Fort Worth may have, now or in the future, against any governmental agency or third party regarding contamination or remediation of the Excluded Property. 5 . This Amendment shall not release, discharge, waive, or otherwise derogate from any obligations or liabilities of Fort Worth, or rights or remedies of Venture, Inc . , or either of their successors and assigns, . under applicable law; provided, however, that this Amendment shall supersede Section 26 . 3513 of' the Texas Water Code and any other provision of applicable law requiring Venture, Inc . , or its successors or assigns, to bear all or any portion of any claims, demands, causes of action, losses, damages, liabilities, costs or .expenses for which indemnity is to be provided by Fort Worth under this Agreement. Enforcement of this Amendment by any party benefitted by its terms shall not require the joinder of any party other than Fort Worth and the party seeking enforcement thereof. 6 . Except as amended hereby, the Option shall remain unchangedand in full force and effect. Thza s'"`Amendment' is made effective as of February 1991 . aya Jd `,JOOVClOpp P .' �.` THE CITY OF FORT WORTH, a Texas , V Zn municipal corporation ATTF By•Title: ;j C 1- 7, _r C ty';Secretaryr �. . :. Fort Worth, Texas, APPROVED AS`"TO FORM AND LEGALITY: Wade Adkins, City Attorney By: Assistant City//Attorney �✓ �/ i i�fi n S r ., Contract Authorization 10169 1 160 CENTREPORT VENTURE, INC. , a Texas corporation By: , _I Title: a. THE STATE OF TEXAS } } COUNTY OF TARRANT } his instrument was acknowledged before me this �D day of ✓f?NA�R� 1991 by D yip ) yut2l _, C17-V of THE CITY OF TORT WORTH, a Texas municip 1 corporation, on behalf of said corporation. SFIIFtLEY FERRELL ��L�'.y- �..Yit��.•�• NOTARY PUBLIC, STATE OF TEXAS Notary Public State of Texas �;F Q• r My oom"I'018n 6x0ire.t 2, 1992 THE STATE OF TEXAS } } COUNTY OF DALLAS } 4 This instrument was cknowledged before met is Ui" day of 1991 by of CENTREPOR VENTURE, INC. , a Te as corporation, on behalf of said corporation. NOTARY PUBLIC, STATE OF TEXAS ��caa��co©oa®co��caoc��� JAN CIBULKA Notary public, State of Texas MY Commission Expires 02-19-1992 ��a�o�oecmtx��c�c�oor�c�o9�cc�a Please Return to: g Gene L. McCoy; Carrington, Coleman, Sloman & Blumenthal 200 Crescent Court, Suite `1500 nnl I as m�+srac 7�gnl 10169 1 161 EXHIBIT °A" Excluded Property EkCLUDED PARCEL 1 BEING a tract of land situated in the John Burnett Survey, Abstract No. 178, the Vincent J. Hutton Survey, Abstract No. 6819 the James J. Goodman Survey, Abstract No. 5839 and the Lorenzo D. Burnett Survey, Abstract No. 1779 City of Fort Worth, Tarrant County, and the Lorenzo D. Burnett Survey, Abstract No. 16979 Dallas County, City of Irving, Texas and being more particularly described as follows: COWENCING at the intersection of the east R.O.W. tine of State Highway 360 (a var a e width public R.O.W.), and the north R.O.W. lire of a tract of land conveyed to the Cities of Dallas and Fort Worth, Texas, and known as ®Railtran4 (a 300 foot R.O.W.), formerly known as the C.R.I. and G. Railroad as recorded in Volume 7726, Page 1863, County Records, Tarrant County, Texas, and Volume 7726, Page 18489 Deed Records, Dallas County, Texas, said point being a 5/8 inch iron rod found according to the Final Plat of Area 2, Section 2, Block 2018, Cent port, as recorded in Volume 388/158, Page 69-70, C.R.T.C.T.; THENCE along said east right-of-way of State Highway 360 and the said west line of Area 2, Section 2, Block 2018, the following bearings and distances; THENCE North 29 0391420 West, 552.15 feet to a point for a corner; THENCE North 210101184 West, 101.12 feet to a point for a corner; THENCE North 24 051118° West, 280.25 feet to a point for a corner; THENCE North 16 052159" West, 278.82 feet to a point for a corner; THENCE North 17 053°394 West, 146.53 feet to a point at the northwest corner of saia inal Plat of Area 2, Section 2, Block 2018, and the southwest corner of the Final Plat of Area 2, Section It Block 201A, Centreport, as recorded in Volume 388/158, Page 68, C.R.T.C.T.; THENCE continuing along said east right-of-way of State Highway 360, and the sa west line, of Area 2, Section 1, Block 201A, the following bearings and distances; THENCE North 17053139a Waste 131.26 feet to a point for a corner; THENCE North 10 037 1180 West, 232.31 feet to a point for a corner; %MV, 0 Page 6 1 of � g 10169 1162 ENCE North 43 040142" East, 71.83 feet to a point set for a corner; THENCE North 030441180 Hest, 27.01 feet to a point at the northwest corner of 013 Area 2. Section 1, Block 201A, and the south R.O.H. line of Trinity Boulevard (a 120 foot public R.O.W.), said Trinity Boulevard being part of Area 3, Section 19 Centreport, as recorded in Volume 388/158, Pages 64-65, C.R.T.C.T.° THENCE continuing along said east right-of-way of State Highway 360, and the vast 'line of said Trinity Boulevard, passing through the survey line into the Vincent J. Hutton Survey, Abstract No. 681, the following bearings and distances; THENCE North 03 044'180 Hest, 133.88 feet to a point in the said east r g -of-way of State Highway 360, and the northwest corner of said Area 3, Section 1, (Trinity Boulevard), said corner also being a point of a non-tangent curve to the right having a radius of 90.00 feet; THENCE Northeasterly along said curve and along said east right-of-way of te 'Highway 360, and the north line of said Area 3, Section 1, (Trinity Boulevard), with a chord aring of North 88°28'590 East, 0.39 feet, through a central angle of 00014148", an arc distance of 0.39 feet to a point, said point also being the west line of Tract B. as recorded by deed to the City of Fort Worth in Volume 2037, Page 567, C.R.T.C.T.; THENCE continuing along said east right-of-way of State Highway 360, and the west ine of said Tract 0B", the following bearings and distances; THENCE North 03042125" West, 33.85 feet to a point for a corner; THENCE North 56 0121250 Hest, 97.36 feet to a point at the beginning of a curve S-Ve- right having a radius of 29689.79 feet; THENCE Northwesterly along said curve, with a chord bearing of North 000171450 Re-st,'-6.78 feet, through a central angle of 00 008140", an arc distance of 6.78 feet to a point for a corner; THENCE North 00 0131260 West, 173.23 feet to a point for a corner; HENCE South 89°46'34" Hest, 8.20 feet to a point for a corner; THENCE North 00®13126" West, 30.00 feet to a point for a corner; BENCE North 89®46134" East, 8.20 feet to a point for a corner;Y.---°.... ��� ppp gyg�ygy pg� Page 2 of 6 10 169 1163 TMENCE North 00013126m Mat, 516.08 feet to a point for a corner, said corner so ing the southeast corner -of a tract of land conveyed to Centre Consolidated Properties, LTD. , and known as Tract 186, Part 2 as recorded in Volume 97960 Page 19549 C.R.T.C.T.; THENCE continuing along a commn line between said City of Fort Worth Tract wffff7aind said Centre Consolidated Properties tract the following bearing and distances; ENCE North 52°36134" East, 119.20 feet to a point for a corner; THENCE North 120381260 West, 172.02 feet to a point for a corner; THENCE North 44 015126" West, 83.45 feet to a point for a corner in the east W.D.W. line of State Highway 360; THENCE continuing along a cmmn line between the east right-of-way of State Q ay 3609 and the west line of said City of Fort Worth Tract 106" the following bearings and distances; THENCE North 00 013126" West, 1,148.92 feet to a point for a corner; THENCE North 05°39'35® East, 131.40 feet to a point at the beginning of a curve to the right having a radius of 29834.79 feet; THENCE Northeasterly along said curve, with a chord bearing of North 06 001109" Us t,' 336.97 feet, through a central angle of 06 048'530, an arc distance of 337.17 feet to a point for a corner; THENCE North 09®251350 East, 609.27 feet to a point for a corner, said comer a so ing the southwest corner of a tract of land conveyed to Centre Consolidated Properties, LTD. , and known as Tract 186® Part 1 as recorded in Volume 9796, Page 1954, C.R.T.C.T.; THENCE continuing along a comn line between said City of Fort Worth Tract and said Centre Consolidated Properties tract the following bearings and distances; THENCE North 31 013149" East, 53.85 feet to a point for a come THENCE North 77 140149° East, 175.48 feet to a point for a corn r• THENCE North 32 022149" East, 184.62 feet to a point for corner,,• p �. I THENCE North 53037'11" West, 252.32 feet to a point for corner, said point ng the POINT OF BEGINNING; THENCE North 00 040155" East, 149.47 feet to the east right-of-way line of said 37.97360 and the point of curvature of a curve to the right having a delta of 08°59'28", a radius of 19879.85 feet and a long chord bearing and distance of North 18.59'57" East, 294.70 feet; Page 3 of 6 10169 1164 THENCE alwq said curve, an arc distance of 295.00 feet to the end of said curvo THENCE North 71 001115" East, leaving said right-of-way line, 626.28 feet to a PC n ; THENCE South 89 0191050 East, 160.00 feet to a point; THENCE South, 640.00 feet to a point; THENCE North 89.19 105" Most, 850.00 feet to the POINT OF BEGINNING and NING 448sO63 square feet or 10.286 acres of lan 9 more or less. 1s7��� �W'�E9UD lb�tl4�N4�� 1 {� I17 a tl�o O U tl�� �Ibsu Paige 4 of 6 10169 1 165+ CLUDhD PARCEL 2 BEING a 11.968 acre tract of land out of a tract of land being recorded as Block 313C, Area 3, Section 4, Centreport, as recorded in Volume 388/208, Page 60, C.R.T.C.T. and being more particularly described as follows: KGINNING at the northeast corner of said Block 313C, said point also being the northwest corner of Lot 1, Block 1, Southwest Airmotive Subdivision, as recorded in Volume 388/90, Page 24, C.R.T.C.T.; THENCE South 00 005'05" East, along the common lines of said tracts, 900.92 *et o a point; THENCE South 89 049'37" East, continuing along said lines, 449.69 feet to a p0 t; THENCE South 00 010123" Hest, leaving said lines, 356.77 feet to a point ocated in the north line of F.A.A. Boulevard, (a 92' right-of-way); THENCE North 89 042147" Hest, along said right-of-way line, 309.38 feet to the point of curvature of a curve to the right, having a delta of 27 01810411 , a radius of 958.00 feet and a long chord bearing and distance of N 76 003144" W, 452.18 feet; THENCE along said curve, an arc distance of 456.48 feet to the end of said curve; THENCE North 00 005'05" West, leaving said right-of-way line, 1,147.20 feet to a po nt; THENCE North 89 044107" East, along the north line' of said Block 313C, 300.00 Te—etio the POINT OF BEGINNING and CONTAINING 521,333 square fjA - o-r--11*.968 acres of land more or less. . �� cLUDED PARCEL 3 ���� ������ SING a 46.977 acre tract situated in the Lorenzo D. Burn tt Survey, Abstract 177—and the .Payton R. Splane Survey, Abstract 1454 in Tarrant County and in the Lorenzo D. Burnett Survey, Abstract No. 1697 and the Payton R. Splane Survey, Abstract No. 1731 in Dallas County and being of a portion of certain tracts of land conveyed to the City of Fort Worth by deed recorded in Volume 3439, Page 292, Volume 3520, Page 511 and Volume 4680, Page 133, County Records, Tarrant County, Texas and being recorded in Volume 5334 Page 203, Volume S486, Page 92, and Volume 5486, Page 102, County Records, Dallas County, Texas. Said 46.977 acre tract being more particularly described by metes and bounds as follows: BEGINNING at a 5/8 inch iron rod set for corner in the west right-of-way line of ounty Line Road (a 100 foot right-of-way), being the west line of a tract of land conveyed to the City of Grand Prairie as recorded by deed in Volume 771179 page 1711 of said Dallas County Records, and being in the Railtran south right-of-way tine (a 200 foot right-of-way at this point) formerly known as the C.R.I. and G. Railroad; Page 5 of 6 ING9 1 v � NCE South 01 002449' East, leaving said Railtran right-of-way line, and 0 owing along the west eight-of-way line of said County Line Road and the rest line of the City of Grand Prairie tract, 1106.57 feet to a 5/8 inch iron rod found for corner, being in the south line of a tract of land conveyed from J.I. Crouch to the City of Fort Worth in Volume 5486, Page 92 of said Dallas County Records and Volume 3520, Page 511 of said Tarrant County Records; ENCE South 89°41'05" West, leaving said west right-of-way line and along sa south line of said City of Fort Worth tract, 1893.17 feet to a 5/8 inch Iron pipe found for corner, said point being in the west line of the Payton R. Splane Survey, Abstract No. 1454 and the east line of a 187.5 acre tract of land (Parcel A) conveyed to J.J. Meeker, et a1 as described in deed recorded in Volume 6787, Page 790, of said Tarrant County Records; THENCE North 00 001'260 East, along said survey line and said east line of the eker tract, 571.02 feet to a 5/8 inch iron rod set for corner, said point being the northwest corner of said Payton R. Splane Survey, the northeast corner of a 8.465 acre tract of land conveyed to the City of Fort Worth by deed recorded in Volume 4468, Page 445, south line of the Lorenzo D. Burnett Survey, Abstract No. 177 and the south line of a 46.2 acre tract of land (Parcel 8) conveyed to J.J. Meeker, et al in said deed recorded in Volume 6787. Page 790; THENCE North 89 042'29" East, along the common survey line, 141.69 feet to a 973 Tnch iron rod set for corner, said point being the southeast corner of said 46.2 acre Meeker tract and the southwest corner of a tract of land conveyed from N. McGlothlin, et al to the City of Fort Worth by deed recorded in Volume 5334, Page 203 of said Dallas County Records and Volume 2439, page 292 of said Tarrant County cords; THENCE North 00 026'40" West, leaving said common survey line, and along the common property Line of said McGlothlin and Meeker tracts, 579.00 feet to a 5/8 inch iron rod set for corner, said point being in the aforementioned Railtran south right-of-way line; THENCE South 68 052'49" East, along said right-of-way line, 1,735.82 feet to M—WINT OF BEGINNING and CONTAINING 2,046,322 square feet or 46.977 acres of land, re or ess. Page 6 of 6 � 9 7 City of Fort Worth, Texas� Mayor and CouncilCommunication DATE NUMBER REFERENCE suBJECT: AMENDMENT OF CENTREPORT OPTION PAGE 1-29-91 C-12713 1 of 1 __ RECOMMENDATION: �1���' "L It is recommended that the City Council autze he Canager to exe- cute an amendment to Option to Purchase Land, which amends the original Centreport Option to provide for indemnification of the proposed assignee, entreport Venture, Inc., from and against liability for certain environ- mental risks. DISCUSSION: On January 15, 1991, the City Council approved M&C C-12695 authorizing the City Manager to sign an amendment to the original Centreport Option. Since that time, the proposed assignee, Centreport Venture, Inc., has requested certain substantive modifications to that amendment. These changes include the expansion of the property covered by the indemni- fication to include all of the option property not yet taken down under the original option, and includes a contractual commitment on the part of the City of Fort Worth to investigate and remediate any environmental problems with regard to those certain areas of the property which have had environ- mental concerns identified. WA:c 12amcent APPROVED BY OdTY COUNCIL .IAN 29 1991 City Secretary of the City of Fori Worth,Te,=0 SUBMITTED FOR IHt CITY MANAGER'S DISPOSITION BY COUNCIL: PROCESSED BY OFFICE BY: Mike Groomer 6122 ❑ APPROVED ORIGINATING ❑ OTHER (DESCRIBE) DEPARTMENT HEAD: Wade Adkins 7623 CITY SECRETARY FOR ADDITIONAL INFORMATION CONTACT: Da Vi d Yett 7619 DATE D191021236 CARRINGTON COLEMAN SLOMAN & BL 200 CRESCENT COURT #1500 GENE L MCCOY DALLAS, TX 75201 —W A R N I N G—THIS IS PART OF THE OFFICIAL RECORD--D O N O T D E S T R O Y F I L E D -- T A R R A N T C O U N T Y T E X A S S U Z A N N E H E N D E R S O N -- COUNTY CLERK O F F I C I A L R E C E I P T T 0: LAWYERS AMERICAN TITLE CO RECEIPT ,NO REGISTER PRINTED DATE TIME 191096139 DR91 02/08/91 15:03 INSTRUMENT, FEECD AMOUNT FILED TIME 1 D191021236 WD 25.00 910208 15:03 CK 8445 2 01 COPIES CC 13.00 C O P I E S T O T A L : DOCUMENTS: 01 F E E S: 38, 00 ron ENO ANY PROVISION WHICH RESTRICTS THE SALE RENTAL OR USE OF THE DESCRIBED REAL PROPERTY BECAUSE OF COLOR OR RACE IS INVALID AND UNFORCEABLE UNDER FEDERAL LAW, 10169 1168