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HomeMy WebLinkAbout065497 - Construction-Related - Contract - Murphy Holding Group, LLCcscn65497 CONTRACT OF SALE AND PURCHASE (Sale by City of Fort Worth of Lake Worth Leased Lot; 4154 Lakewood Drive) This CONTRACT OF SALE AND PURCHASE ("Contract") is made and entered into by and between the CITY OF FORT WORTH, a Texas home rule municipal corporation, acting by and through its duly authorized City Manager or Assistant City Manager ("Seller") and Murphy Holding Group, LLC, Timothy Murphy, Manager ("Purchaser") as of the date on which this Contract is executed by the last to sign of Seller and Purchaser ("Effective Date"). RECITALS 1. Seller is the owner of the real property only (exclusive of improvements) located at 4154 Lakewood Drive and more particularly described as Lot 22, Block 9, Lake Worth Lease Survey, an addition to the City of Fort Worth, Tarrant County, Texas, according to the plat thereof recorded in Cabinet A, Slide 7831, Plat Records, Tarrant County, Texas ("Property"). 2. Seller and Purchaser executed a 50-year Lease Agreement ("Lease") dated March 29, 1982 3. Purchaser, as successor -in -interest to original lessee, are parties to the Lease, as amended. 4. The Lease provides Purchaser with an option to purchase ("Option"), pursuant to Section 272.001(h) of the Local Government Code, and by execution of this Contract, Purchaser exercises the Option. AGREEMENT In consideration of the mutual covenants, representations, warranties and agreements contained herein, and for other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, Seller and Purchaser agree as follows: Section 1. Agreement of Sale and Purchase. a. Seller agrees to sell and convey the Property to Purchaser, and Purchaser agrees to purchase and accept the Property from Seller, for the purchase price (as defined below), subject to the terms and conditions set forth in this Contract. b. Seller shall convey the Property to Purchaser AS -IS, as set forth in Section 5. c. In Seller's conveyance of the Property to Purchaser, the following rights and interests shall be reserved to Seller (or have previously been reserved by Seller's predecessor in title), and such reservation is hereby approved for all purposes: all right, title, and interest in and to all oil, gas, and other minerals in and under the Property, if any. d. An avigation easement is reserved on behalf of the public for free and unobstructed passage of aircraft over the subject property in the navigable airspace above the minimum altitudes of flight prescribed by federal regulations, including airspace needed to ensure safety in the takeoff and landing of aircraft. Purchaser hereby releases Seller, its officers, agents and employees from any and all claim and liability resulting from the noise, vibration, fumes, dust fuel, electromagnetic interference and lubricant particles and all other effects, whether such claims are Contract of Sale and Purchase OFFICIAL RECORD page 1 of 11 (Murphy Holding Group LLC; Lot 22, Block 9) CITY SECRETARY FT. WORTH, TX for injury or death to person or persons or damages to or taking of property, arising out of or in connection with the use of this easement, when such use is in compliance with the regulations and guidelines of the Federal Aviation Administration, successor agency, or other governmental authority with jurisdiction over the matter. e. Seller shall retain the following easements and any easements retained by Seller will be at no cost to Seller: all existing easements, whether of record or not, known or unknown. f. Pursuant to Section 35-3, City of Fort Worth Code of Ordinances, Purchaser agrees to connect to water and sanitary sewer lines if available prior to Closing, or, if not available prior to Closing, as soon as practicable after such lines are made available. These requirements shall survive Closing. Section 2. Purchase Price. The purchase price ("Purchase Price") for the Property, payable by Purchaser to Seller in cash at Closing (defined below), is EIGHTY-FIVE THOUSAND DOLLARS ($85,000.00). Texas Local Government Code, Section 272.001(h) requires the Property to be sold for fair market value of the land as determined by a certified appraiser. Pursuant to an appraisal obtained by Robert Totten, dated August 29, 2025, Seller has determined that the Purchase Price reflects the current fair market value of the Property. Section 3. Title Commitment and Survey. a. Within fifteen (15) days after the Effective Date, Purchaser shall obtain at Purchaser's sole cost and expense (i) a Commitment for Title Insurance and Title Policy ("Title Commitment") from the Title Company of Purchaser's choice ("Title Company"), setting forth the status of the title of the Property and showing all liens, claims, easements, rights -of -way, reservations, restrictions, encroachments, tenancies, and any other encumbrances (collectively, the "Encumbrances") and other matters, if any, relating to the Property; and (ii) a legible copy of all documents referred to in the Title Commitment, including but not limited to, plats, reservations, restrictions, and easements. b. Within twenty-five (25) days after the Effective Date, Purchaser may obtain, at Purchaser's sole cost and expense, an updated survey ("Survey") consisting of a plat and field notes describing the Property, prepared pursuant to a current on -the -ground staked survey performed by a registered public surveyor or engineer satisfactory to Purchaser and Title Company. The Survey shall (i) be certified to Purchaser, its successors and assigns, and Title Company, (ii) reflect the actual dimensions of and the total number of square feet within the Property, net of any portion thereof lying within a publicly dedicated roadway or a utility easement, (iii) identify any rights -of -way, easements, or other Encumbrances by reference to applicable recording data, and (iv) include the Surveyor's registered number and seal, and the date of the Survey. The description of the Property prepared as a part of the Survey will be used in all the documents set forth in this Contract that requires a legal description of the Property. C. If the Title Commitment or Survey discloses any Encumbrances or other matters that are not acceptable to Purchaser in Purchaser's sole discretion, then Purchaser shall give Seller written notice thereof within five (5) days after receipt of the Title Commitment, Survey and all documents referred to in the Title Commitment, specifying Purchaser's objections ("Objections"), if any. If Purchaser gives such notice to Seller, Seller may cure the Objections but shall be under no obligation to do so. Contract of Sale and Purchase Page 2 of 11 (Murphy Holding Group LLC; Lot 22, Block 9) d. If Purchaser gives notice of Objections and Seller does not cure the Objections, cause the Title Commitment and Survey to be amended to give effect to matters that are cured, and give Purchaser written notice thereof within the five (5) day period following receipt of the notice from Purchaser ("Cure Period"), Purchaser shall have the right either (i) to terminate this Contract by giving written notice thereof to Seller at any time after the expiration of such Cure Period but prior to the expiration of the option period (as defined below), and, upon such termination, neither party hereto shall have any further rights or obligations; or (ii) to waive the Objections and consummate the purchase of the Property subject to the Objections which shall be deemed to be Permitted Encumbrances. Notwithstanding the foregoing sentence, if Seller has commenced curing the Objections and is diligently prosecuting the same, as determined by Purchaser in Purchaser's sole discretion, then Purchaser in Purchaser's sole discretion may extend the Cure Period for an amount of time Purchaser deems necessary for Seller to cure the same. PURCHASER ACKNOWLEDGES THAT A TERMINATION OF THIS CONTRACT PURSUANT TO THE TERMINATION RIGHT IN THIS SECTION 3(d) OR ANY OTHER TERMINATION RIGHT HEREIN WILL BE A DEFAULT BY LESSEE UNDER THE LEASE AGREEMENT, AND PURCHASER/LESSEE WILL THEN BE SUBJECT TO THE TERMINATION RIGHT OF THE SELLER/LESSOR IN THE LEASE AGREEMENT. Section 4. Review Reports. DELETED BY AGREEMENT OF THE PARTIES. Section 5. Representations, Warranties, "AS IS". a. EXCEPT AS EXPRESSLY STATED IN THIS AGREEMENT, PURCHASER ACKNOWLEDGES AND AGREES THAT SELLER HAS NOT MADE, DOES NOT MAKE AND SPECIFICALLY NEGATES AND DISCLAIMS ANY REPRESENTATIONS, WARRANTIES, PROMISES, COVENANTS, AGREEMENTS OR GUARANTIES OF ANY KIND OR CHARACTER WHATSOEVER, WHETHER EXPRESS OR IMPLIED, ORAL OR WRITTEN, PAST, PRESENT OR FUTURE, OF, AS, TO CONCERNING OR WITH RESPECT TO (A) THE VALUE, NATURE, QUALITY OR CONDITION OF THE PROPERTY INCLUDING, WITHOUT LIMITATION, THE WATER, SOIL AND GEOLOGY, (B) THE INCOME TO BE DERIVED FROM THE PROPERTY, (C) THE SUITABILITY OF THE PROPERTY FOR ANY AND ALL ACTIVITIES AND USES WHICH PURCHASER MAY CONDUCT THEREON, (D) THE COMPLIANCE OF OR BY THE PROPERTY OR ITS OPERATION WITH ANY LAWS, RULES, ORDINANCES OR REGULATIONS OF ANY APPLICABLE GOVERNMENTAL AUTHORITY OR BODY, (E) THE HABITABILITY, MERCHANTABILITY, MARKETABILITY, PROFITABILITY OR FITNESS FOR A PARTICULAR PURPOSE OF THE PROPERTY, (F) THE MANNER OR QUALITY OF THE CONSTRUCTION OR MATERIALS, IF ANY, INCORPORATED INTO THE PROPERTY, (G) THE MANNER, QUALITY, STATE OF REPAIR OR LACK OF REPAIR OF THE PROPERTY, OR (H) ANY OTHER MATTER WITH RESPECT TO THE PROPERTY, AND SPECIFICALLY, THAT SELLER HAS NOT MADE, DOES NOT MAKE AND SPECIFICALLY DISCLAIMS ANY REPRESENTATIONS REGARDING COMPLIANCE WITH ANY ENVIRONMENTAL PROTECTION, POLLUTION OR LAND USE LAWS, RULES, REGULATIONS, ORDERS OF REQUIREMENTS, INCLUDING SOLID WASTE, AS DEFINED BY THE U. S. ENVIRONMENTAL PROTECTION AGENCY REGULATIONS AT 40 C.F.R., PART 261, OR THE DISPOSAL OR EXISTENCE IN OR ON THE PROPERTY, OF ANY HAZARDOUS SUBSTANCE, AS DEFINED BY THE COMPREHENSIVE ENVIRONMENTAL RESPONSE COMPENSATION AND LIABILITY ACT OF 1980, AS AMENDED, AND REGULATIONS PROMULGATED THEREUNDER. PURCHASER FURTHER ACKNOWLEDGES AND AGREES THAT HAVING BEEN GIVEN THE OPPORTUNITY TO INSPECT THE PROPERTY, PURCHASER IS RELYING SOLELY ON ITS OWN INVESTIGATION OF THE PROPERTY AND NOT ON ANY INFORMATION PROVIDED OR TO Contract of Sale and Purchase Page 3 of 11 (Murphy Holding Group LLC; Lot 22, Block 9) BE PROVIDED BY SELLER. AS A MATERIAL PART OF THE CONSIDERATION FOR THIS AGREEMENT, SELLER AND PURCHASER AGREE THAT PURCHASER IS TAKING THE PROPERTY "AS IS" WITH ANY AND ALL LATENT AND PATENT DEFECTS AND THAT THERE IS NO WARRANTY BY SELLER THAT THE PROPERTY IS FIT FOR A PARTICULAR PURPOSE. PURCHASER ACKNOWLEDGES THAT IT IS NOT RELYING UPON ANY REPRESENTATIONS, STATEMENTS, ASSERTIONS OR NON -ASSERTIONS BY THE SELLER WITH RESPECT TO THE PROPERTY CONDITION BUT IS RELYING SOLELY UPON ITS EXAMINATION OF THE PROPERTY. PURCHASER TAKES THE PROPERTY UNDER THE EXPRESS UNDERSTANDING THERE ARE NO EXPRESS OR IMPLIED WARRANTIES (EXCEPT FOR LIMITED WARRANTIES OF TITLE SET FORTH IN THE CLOSING DOCUMENTS). UPON CONVEYANCE, AS BETWEEN SELLER AND PURCHASER, THE RISK OF LIABILITY OR EXPENSE FOR ENVIRONMENTAL PROBLEMS AFFECTING THE PROPERTY, EVEN IF ARISING FROM EVENTS BEFORE CLOSING, WILL BE THE SOLE RESPONSIBILITY OF PURCHASER, REGARDLESS OF WHETHER THE ENVIRONMENTAL PROBLEMS WERE KNOWN OR UNKNOWN AT CLOSING. ONCE CLOSING HAS OCCURRED, PURCHASER INDEMNIFIES, HOLDS HARMLESS AND RELEASES SELLER FROM LIABILITY FOR ENVIRONMENTAL PROBLEMS AFFECTING THE PROPERTY, INCLUDING, BUT NOT LIMITED TO, UNDER THE COMPREHENSIVE ENVIRONMENTAL RESPONSE, COMPENSATION AND LIABILITY ACT ("CERCLA"), THE RESOURCE CONSERVATION AND RECOVERY ACT (RCRA), THE TEXAS SOLID WASTE DISPOSAL ACT OR THE TEXAS WATER CODE. PURCHASER INDEMNIFIES, HOLDS HARMLESS AND RELEASES SELLER FROM ANY LIABILITY FOR ENVIRONMENTAL PROBLEMS OR CONDITIONS AFFECTING THE PROPERTY ARISING AS THE RESULT OF SELLER'S OWN NEGLIGENCE OR THE NEGLIGENCE OF SELLER'S REPRESENTATIVES, BUT NOT ANY WILLFUL ACTS OR OMISSIONS OR GROSS NEGLIGENCE OF SELLER OR SELLER'S REPRESENTATIVES. PURCHASER INDEMNIFIES, HOLDS HARMLESS AND RELEASES SELLER FROM ANY LIABILITY FOR ENVIRONMENTAL PROBLEMS OR CONDITIONS AFFECTING THE PROPERTY ARISING AS A RESULT OF THEORIES OF PRODUCTS LIABILITY AND STRICT LIABILITY, OR UNDER NEW LAWS OR CHANGES TO EXISTING LAWS ENACTED AFTER CONVEYANCE DATE THAT WOULD OTHERWISE IMPOSE ON SELLER IN THIS TYPE OF TRANSACTION NEW LIABILITIES FOR ENVIRONMENTAL PROBLEMS OR CONDITIONS AFFECTING THE PROPERTY. PROVISIONS OF THIS SECTION SHALL SURVIVE THE CLOSING. IT IS UNDERSTOOD AND AGREED THAT THE PURCHASE PRICE HAS BEEN ADJUSTED BY PRIOR NEGOTIATION TO REFLECT THAT ALL OF THE PROPERTY IS SOLD BY SELLER AND PURCHASED BY PURCHASER SUBJECT TO THE FOREGOING. PURCHASER ACKNOWLEDGES AND ACCEPTS ALL THE TERMS AND PROVISIONS BY HIS ACCEPTANCE HEREOF. b. The provisions of Section 5.a. shall be incorporated into the Deed. The provisions of Section 5.a. shall survive the Closing. Section 6. Option Period. DELETED BY AGREEMENT OF THE PARTIES. Section 7. Tests. Purchaser, at Purchaser's sole cost and risk, shall have the right to make inspections, surveys, test borings, soil analyses, and other tests, studies and surveys, including without limitation, environmental and engineering tests, borings, analyses, site assessments, and studies ("Tests"). Any Tests shall be conducted at Purchaser's sole risk and expense, and PURCHASER AGREES TO INDEMNIFY AND DEFEND SELLER AND THE PROPERTY FROM ANY LIENS AND CLAIMS RESULTING FROM SUCH TESTS. The Property will be restored by Purchaser to its original condition at Purchaser's sole expense following any site work. Purchaser Contract of Sale and Purchase Page 4 of 11 (Murphy Holding Group LLC; Lot 22, Block 9) shall release to Seller all independent studies or results of Tests obtained during the Option Period. Section 8. Closinq Contingencies... If at the time of Closing a final subdivision plat for the Lake Worth Leases Addition containing the Property has not been recorded, Closing shall be extended by successive, automatic thirty (30) day periods until such time as Seller can record the subdivision plat, as applicable. In such a case the parties agree to close within thirty (30) days after Seller has recorded the final subdivision plat. Notwithstanding the foregoing, if Seller is unable to record the final subdivision plat twelve (12) months from the original closing date, either party may terminate this agreement by giving ten (10) day notice thereof, neither party shall be liable to the other for damages, and this Contract shall become null, void, and of no further force or effect. Section 9. Closing. a. The closing of the sale of the Property by Seller to Purchaser ("Closing") shall occur through the office of the Title Company no later than eighteen (18) months after the Effective Date. At the Closing, all the following shall occur, all of which are deemed concurrent conditions: 1. Seller, at Purchaser's sole cost and expense, shall deliver or cause to be delivered to Purchaser the following: (a) A Special Warranty Deed ("Deed"), fully executed and acknowledged by Seller; conveying to Purchaser good and indefeasible fee simple title to the Property subject to existing known or unknown easements, rights -of - way, and prescriptive rights, whether of record or not; containing (A) reservations pursuant to Section 1(c), (d) and (e); (B) the following statement as required by Local Government Code 272.001(h), "To protect the public health, safety, or welfare and to ensure an adequate municipal water supply, the Property sold by the City of Fort Worth under Local Government Code 272.001(h) is not eligible for and the owner is not entitled to the exemption provided by Section 11.142(a), Water Code;" and (C) the language required in Section 5, with the precise form of the Deed to be determined pursuant to Section 11 below; (b) Any other instrument or document necessary for Title Company to issue the Owner Policy in accordance with Section 9(a) (3) below. 2. Purchaser, at Purchaser's sole cost and expense, shall deliver or cause to be delivered to Seller through the Title Company a certified check or such other means of funding acceptable to Seller, in an amount equal to the Purchase Price, plus any rent due and owing under the Lease Agreement. 3. The Title Company shall issue to Purchaser, at Purchaser's sole cost and expense, a Texas Owner Policy of Title Insurance ("Owner Policy") issued by Title Company in the amount of the Purchase Price insuring that, after the completion of the Closing, Purchaser is the owner of indefeasible fee simple title to the Property, subject only to the Permitted. 4. Seller and Purchaser shall each pay their respective attorneys' fees. Contract of Sale and Purchase Page 5 of 11 (Murphy Holding Group LLC; Lot 22, Block 9) 5. Except as otherwise provided herein, all costs and expenses in connection with Closing shall be paid or borne by Purchaser including without limitation, Title Company attorney and escrow or settlement fees, costs of tax certificates, survey costs, and title insurance policy costs. 6. Purchaser shall be responsible for all ad valorem and similar taxes and assessments, if any, relating to the Property. b. Upon completion of the Closing, Seller shall deliver possession of the Property to Purchaser. Section 10. Agents. Seller and Purchaser each represent and warrant to the other that it has not engaged the services of any agent, broker, or other similar party in connection with this transaction except the following: N/A. PURCHASER SHALL BE SOLELY RESPONSIBLE FOR AND SHALL INDEMNIFY SELLER FROM PAYMENT OF ANY BROKERAGE FEES OR COMMISSIONS. Section 11. Closing Documents. DELETED BY AGREEMENT OF THE PARTIES. Section 12. Notices. a. Any notice under this Contract shall be in writing and shall be deemed to have been served if (i) delivered in person to the address set forth below for the party to whom the notice is given, (ii) delivered in person at the Closing (if that party is present at the Closing), (iii) placed in the United States mail, return receipt requested, addressed to such party at the address specified below, or (iv) deposited into the custody of Federal Express Corporation to be sent by FedEx Overnight Delivery or other reputable overnight carrier for next day delivery, addressed to the party at the address specified below. b. The address of Seller under this Contract is: City of Fort Worth Property Management Department 100 Fort Worth Trail, FI 10 Fort Worth, Texas 76102 with a copy to: City of Fort Worth City Attorney's Office 100 Fort Worth Trail, FI 19 Fort Worth, Texas 76102 The address of Purchaser under this Contract is: Murphy Holding Group, LLC Attn. Tim Murphy 2140 Hall Johnson #102 Grapevine, Texas 76051 Contract of Sale and Purchase Page 6 of 11 (Murphy Holding Group LLC; Lot 22, Block 9) d. From time to time either party may designate another address under this Contract by giving the other party advance written notice of the change. Section 13. Termination, Default, and Remedies. a. If Purchaser fails or refuses to consummate the purchase of the Property pursuant to this Contract at the Closing for any reason other than termination of this Contract by Purchaser pursuant to a right so to terminate expressly set forth in this Contract or Seller's failure to perform Seller's obligations under this Contract, then Seller, as Seller's sole and exclusive remedy, shall have the right to terminate this Contract by giving written notice thereof to Purchaser prior to or at the Closing, whereupon neither party hereto shall have any further rights or obligations. NOTWITHSTANDING ANYTHING HEREIN TO THE CONTRARY, PURCHASER ACKNOWLEDGES THAT A TERMINATION OF THIS CONTRACT PURSUANT TO THE TERMINATION RIGHT IN THIS SECTION 13(a) OR ANY OTHER TERMINATION RIGHT HEREIN WILL BE A DEFAULT BY LESSEE UNDER THE LEASE AGREEMENT, AND PURCHASER/LESSEE WILL THEN BE SUBJECT TO THE TERMINATION RIGHT OF THE SELLER/LESSOR IN THE LEASE AGREEMENT. b. If Seller fails or refuses to consummate the sale of the Property pursuant to this Contract at Closing or fails to perform any of Seller's other obligations hereunder either prior to or at the Closing for any reason other than the termination of this Contract by Seller pursuant to a right so to terminate expressly set forth in this Contract or Purchaser's failure to perform Purchaser's obligations under this Contract, then Purchaser shall have the right to terminate this Contract by giving written notice thereof to Seller prior to or at the Closing. A termination by Purchaser of this Contract due to Seller's default will not result in a default under the Lease Agreement. Section 14. Entire Contract. This Contract (including the attached exhibits) contains the entire contract between Seller and Purchaser, and no oral statements or prior written matter not specifically incorporated herein is of any force and effect. No modifications are binding on either party unless set forth in a document executed by that party. Section 15. Assigns. This Contract inures to the benefit of and is binding on the parties and their respective legal representatives, successors, and assigns. Any assignment must be approved by Seller, and this Contract cannot be assigned less than 60 days prior to the scheduled Closing. Section 16. Time of the Essence. It is expressly agreed that time is of the essence with respect to this Contract. Section 17. Taking Prior to Closing. If, prior to Closing, the Property or any portion thereof becomes subject to a taking by virtue of eminent domain, Purchaser may, in Purchaser's sole discretion, either (i) terminate this Contract, and neither party shall have any further rights or obligations hereunder, or (ii) proceed with the Closing of the transaction with an adjustment in the Purchase Price to reflect the net square footage of the Property after the taking. Section 18. Governing Law. This Contract shall be governed by and construed in accordance with the laws of the State of Texas. Contract of Sale and Purchase Page 7 of 11 (Murphy Holding Group LLC; Lot 22, Block 9) Section 19. Performance of Contract. The obligations under the terms of the Contract are performable in Tarrant County, Texas, and all payments under the terms of the Contract are to be made in Tarrant County, Texas. Section 20. Venue. Venue of any action brought under this Contract shall be in Tarrant County, Texas if venue is legally proper in that county. Section 21. Severability. If any provision of this Contract is held to be invalid, illegal, or unenforceable in any respect, such invalidity, illegality, or unenforceability will not affect any other provision, and this Contract will be construed as if such invalid, illegal, or unenforceable provision had never been contained herein. Section 22. Business Days. If the Closing or the day for performance of any act required under this Contract falls on a Saturday, Sunday, or legal holiday for the City of Fort Worth or federal holiday, then the Closing or the day for such performance shall be the next following regular business day. Section 23. Multiple Counterparts. This Contract may be executed in any number of identical counterparts. If so executed, each of such counterparts is to be deemed an original for all purposes, and all such counterparts shall, collectively, constitute one agreement, but, in making proof of this Contract, it shall not be necessary to produce or account for more than one such counterpart. This Contract is executed as of the Effective Date. SELLER: CITY OF FORT WORTH, a Texas home -rule municipal corporation VMS,- YLA� Valerie Washington (Jul 8, 2026 10:30:09 CDT) Valerie Washington, Assistant City Manager Signed on the 8th day of .1111V 2026. 4F pORrnna poo 000ho9do Ov8 o=d° aaaa TEzp544 Attest: Jannette S. Goodall, City Secretary M&C: L-15964 1295: N/A Approved as to Form and Legality: L"'ffV_-C. coaiaM Larry Collister, Sr. Asst. City Attorney OFFICIAL RECORD CITY SECRETARY FT. WORTH, TX Contract of Sale and Purchase Page 8 of 11 (Murphy Holding Group LLC; Lot 22, Block 9) CONTRACT MANAGER By signing I acknowledge that I am the person responsible for the monitoring and administration of this contract, including ensuring all performance and reporting requirements. IR'er� Nita Shinsky (Jul 1, 2026 12:45:44 CDT) Nita Shinsky, Land Agent Contract of Sale and Purchase Page 9 of 11 (Murphy Holding Group LLC; Lot 22, Block 9) PURCHASER: MURPHY HOLDING GROUP, LLC TIMOTHY MURPHY, AUTHORIZED SIGNER Timothy J Murphy (Jun 18, 2026 15:55:50 CDT) Timothy Murphy, Authorized Signer Signed on the 18 day of June 2026. Contract of Sale and Purchase Page 10 of 11 (Murphy Holding Group LLC; Lot 22, Block 9) TITLE COMPANY RECEIPT By its execution below, Title Company acknowledges receipt of this Contract and agrees to hold and deliver the same and perform its duties pursuant to the provisions of this Contract. TITLE COMPANY: Alamo Title Robin Rogers, Escrow Agent Contract of Sale and Purchase Page 11 of 11 (Murphy Holding Group LLC; Lot 22, Block 9) LEASE AGREEMENT THE STATE OF TEXAS § COUNTY OF TARRANT § KNOW ALL MEN BY THESE PRESENTS: The City of Fort Worth, Lessor, a home -rule municipal corporation situated in Tarrant County, Texas, (hereinafter sometimes referred to as "City") acting herein by and through 14- 'r.1'1_' Ii its duly authorized Assit City Manager, and - 7;_„ P� Lessee, hereby make and enter into the following lease agree- ment. _ - I. For and in consideration of the prompt payment by Lessee, when due, of all rents as herein provided, and further for and in consideration of the full and timely performance by Lessee 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 Lessee hereby accepts from City, the following described real property for the term and uses and subject to the conditions set forth herein: TIV 2?9 TT= r .7 -.ay^ ..r yl�m _ � , c. 7,P-rn..r' AV'. � r�-4. 3M U. TERM The term of the Iease shall be 4 ^ years commencing 12 3 5$o and ending 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 City, in writing, within sixty (60) days after receipt of notice of any extension. III. LESSEE'S RIGHTS AND OBLIGATIONS Lessee shall: A. pay annual rent to the City of Fort Worth in the sum of $ 'j' ^ said rent payable in 12 equal installments, one such installment due on the first 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. pay rent for each year after the first year in an amount that shall be adjusted by eighty percent (80%) of the change in the annual average of the Consumer Price Index U.S. City Average, "all items" index, all urban consumers (CPI-U) from the annual average for the previous calendar year, as published by the Bureau of Labor Statistics for the United States Department of Labor, 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 (1) 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 recreational purposes, in compliance with applicable zoning ordinances. E. use and occupy the leased Iand, in compliance with the laws of the United States of America, the statutes of the State of Texas, and the Charter and Ordinances of the City of Fort Worth, whether now in effect or hereinafter adopted so long as any hereinafter adopted ordinance or charter provision is not adopted solely for the purpose of limiting the rights of Lessee and similarly situated Lessees. F. accept the premises in their present condition as being suitable for all purposes of this lease. G. be deemed to be an independent tenant in possession of the premises and responsible to all parties for his acts and omissions with regard thereto, and the City shall in no way be responsible for any act or omission of the Lessee. H. indemnify, hold harmless and defend the City, its officers, agents, and employees, from and against any and all claims for damages or injury, including death, to persons or property arising out of or incident to the leasing or the use and occupancy of the leased land by Lessee, his guests or invitees_ 1. 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 any conduct or activity by the Lessee or anyone on his behalf. J. provide and maintain suitable methods and means for the disposal of trash, body waste, and excreta, in com- pliance with applicable sanitation laws and ordifiances. K. not drill or dig any well on the leased land without the prior written approval of the City nor use the water from such well until it has been tested and approved by the appropriate authorities. L. not 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 the leased premises other than domesticated dogs and cats. TV. LESSOR'S RIGHTS AND OBLIGATIONS The City of Fort Worth shall: A. approve the sale, or assignment (hereinafter collectively assignment) 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 assign- ment; and 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 performed by Lessee under this Iease; and 4. said writing is executed and acknowledged in recordable form; and 5. said assignment is submitted to the City at the City Manager's office or such other office designated by the City Manager. Within 10 days of receipt of the assignment the City shall determine whether the 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 compliance with the above provisions on the face of said assignment, and assignment shall then be recorded in the office of the County Clerk of Tarrant County, Texas, at Lessee's ex- pense. Compliance with the provisions set out above shall relieve the Lessee from further liability under this lease. B. have the right to inspect the leased 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 City shall notify the purchaser or assignee in writing of any violations of said ordinance within 10 days of the submission of a proposed assignment to the City. The purchaser 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. shall not convey, sell, or transfer its interest in the leased land without allowing the Lessee the opportunity to ac- quire the leased land unless the conveyance, sale, or transfer is to a governmental entity with the power to condemn the prcperty for the purpose it is acquired. All transfers shall be subject to the competitive bidding Iaws of the State of Texas and the ordinances and charter of the City of Fort Worth. D. provide yearly 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 reasonable times and under reasonable cir- cumstances for the purposes of examining and inspecting the leased land to determine whether 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 authorized by the provisions of this lease, the statutes of the 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 City will defend the 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;ln the event that Lessee shall give notice to the City that a financial hardship exists in the payment of rentals due hereunder, the City Manager may 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 the request. Any rents waived as a result of such hardship and remaining unpaid shall constitute a lien against the Lessee's im- provements and such unpaid rents shall bear interest at the current legal rate. VI. LESSEE'S OPTIONS Lessee may: A. sell, assign, or sublet this lease or remaining term thereof. B. construct new structures and enlarge existing structures on the leased land provided that such construction is in accordance with all applicable City Codes and Ordinances. C. make alterations, remodel, and make improvements to existing structures and the leased land, provided that such actions shall be in accordance with applicable City Codes and Ordinances. D. terminate this lease without reimbursement for Lessee's structures and improvements at any time by giving the City 30 days notice of intention to terminate. VII. EXPIRATION OF LEASE A. Upon expiration of the term of this lease the City shall pay to the Lessee an amount equal to the then market value of any structures or improvements heretofore made or erected on the leased premises, except that payments for su u4ture and eniargements to existing structures made or erected during the final 35 years of the lease term will 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 Iease at the time said structure or improvements were made, whichever is greater, times 2.86 percent, never to exceed 10007o of the market value of the new structure and the enlargement to the existing 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 structures and improvements as defined above upon -r. of ;ptance of the amount offered by the City does not forfeit Lessee's right to dispute the amount paid, nor shall any acceptance constitute a waiver of any legal remedy Lessee may have to determine market value. In the event that a court of competent jurisdiction determines that the amount paid to the Lessee by the City is in excess of market value of such structures or improvements, the Lessee shall promptly refund such excess to the City. 2. VIIi. TERMINATION OF LEASE A. In the event the Lessee: 1. is in 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- tion of the lease by default, said notice to specify in detail the defaults upon which the termination would be based. In said notice the City 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 notice from 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 default, 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 City. C. In the event rentals to be paid under the terms of this lease is not paid when due, an additional late penalty of 1.556 per month shall be added to the amount due. D. Upon termination of this lease or expiration of the term of this lease, Lessee shall be entitled and authorized to remove from the premises all items of personal property belonging to Lessee not permanently affixed to the realty and all structures and improvements for which no reimbursement is made under the terms of this lease. IX. MORTGAGES A. So long as no default exists under the terms of this Iease, the Lessee or any Assignee may mortgage his leasehold estate and improvements situated thereon to secure a loan or loans of money actually made, or that will be made, or any extension or renewal 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. In the event of a default that could result in the termination of this lease without reimbursement to Lessee for the - improvements and structures on the leased land, the City shall give notice to the mortgagee as is required to be given to the Lessee, and said mortgagee shall have the right to cure said default and/or perform the terms and conditions of this lease. D. A mortgagee or trustee under a deed of trust shall have the same right and power to assign this lease, in conjunc- tion with a trustee'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 Lessee for structures or improvements on the leased land, the City shall give notice to each mortgagee of that payment, and said mortgagee shall have the right 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 only 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 are, 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 the Lessee. A_ In the event of the death of a Lessee, his successors and estate shall succeed to his interest under `aiiis lease, and those entitled by law to succeed to the Lessee's interest in the lease shall continue to enjoy the rights and benefits hereunder of the deceased Lessee; B. In the event that the Lessee or his Assignee is adjudicated a bankrupt, said lease may be assigned as provided above, and any Assignee shall assume the duties and liabilities as set out above. XIL VENUE Venue of any action brought hereunder shall lie exclusively in Tarrant County, Texas. XE I. NOTICE A. Any notice required under this lease, unless otherwise specified, shall be given by depositing in the United States Mail as certified mail, postage prepaid, addressed to the: 1. Lessee's or Assignee's at the address shown on this lease unless said Lessee or Assignee has furnished to the City, in writing, instructions to mail notices to another address; 2. City Manager of the City of Fort Worth, City Hall, Fort Worth, Texas; 3. Mortgagee at the address supplied to the City in writing for the mailing of such notice. XIV. CONCLUSION This instrument represents the entire agreement between the parties concerning the leasing of the leased land and shall be binding upon and shall be to the benefit of the parties hereto, their successors, assigns, and legal represen- tatives, and all prior leases, assignments, or agreements of any nature concerning the leased land or property situated thereon are superseded by the terms of this Iease. EXECUTED at Fort Worth, Tarrant County, Texas, this .198_. 3. of ATTEST APPRC3yED AS TO FORM AND LEGALITY: $v—. Ciiy Attorney STATE OF TEXAS § COUNTY OF TARRANT § C \OF FORT WORTH By �/ ✓, Lessee Thomas L. riZbreathi Jr. BEFORE ME, the undersigned authority, a Notary Public in and for the State of Texas, on this day personally appeared L'ii? r tiM v, `—MatE�E r known to me to be the person whose name is subscribed to the foregoing instrument, and acknowledged to me that he executed the same as the act and deed of the City of Fort Worth, a municipal corporation of Tarrant County Texas, and as e- 64, �77nmc q thereof, and for the purposes and consideration therein expressed and in the capacity therein state GIVEN UNDER MY HAND AND SEAL OF OFFICE this /I I� _ day of , A.D., I98--L .4 2—X5 -WT. Commtssion Expires:_ STATE OF TEXAS`" § COUNTY OF TARRANT § —�� Notary Public in and for the State of Texas BEFORE ME, the undersigned authority, a Notary Public in and for the State of Texas, on this day personally appeared T-,JMd ;G T. r TT2R7.A T1,e 7R 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- sideration therein expressed.. GIVEN I,hDER MY HAND AND SEAL OF OFFICE this � day of OctoberA.D. I9 jl,yZZr {sue " Notary Public in and for '= I the State of Texas vi My Commission Expires: 9 �S STATE OF TEXAS COUNTY OF TARRANT X 1982 On the n.}� day of Ortri,ar XXMM_, th)tX0X)tX)4XiAX*)t)t&6XUn Asst City Marager XX i,I.X%XRke City of Fort Worth, acting by and through ix Xi7jCXXXX)pr, entered into a certain agreement with TuNAt I. 271RRFATH- JR. Asst City Manager whereby the said City, acting through sa##X l2ilXXXAXXX.1PXXjC}CXpr, leased for a period of 5C years , Commencing on the let day ofFebruery , R9 _, and ending on the 11,%t day of,jar.i:ary XX-i12Q12_, the following described property: And; Lot 22 , Block q , Lake Worth Lease Survey WHEREAS, the said lease agreement contained certain covenants and conditions and was for a consideration ofSaven Hundred Fifty-TKo and Ho/100 - - - - Dollars 4 52. 00 ) Per yearAXx9! Xkft°X 7P,(X%XXXXXXXXXXXX)i XMXKW and WHEREAS, the above named original lessee has assigned said lease to: LUDWICK LUDWICK J _ rAR01 14EV49,Pt „x= CAROL L. LA=le NOW THEREFORE, Asst The City Council of the City of Fort Worth, acting by and through tye City Manager, does hereby consent to the assignment of the above described lease from 114nMA4 I _ GTI RREATH, JR. , LUDWICK LUDWICK to d CARn1 M7iWF;- Ft -,ix, CAROL A UUM$ , LUDWICK LUDWICK and the said, J rARnl M14 K_ et jjx. CAROL L KIYdMXi , in the consideration them of such consent and of the leasing tA)##A&X§tX#A*X of the above described premises, does hereby in all things assume all obligations contained in said original lease and does agree, covenant, promise to perform and abide by all the terms and conditions of said lease. As fee for this transfer and assignment, Assignee agrees to pay to the City of Fort Worth in advance the amount ollIM 4100.00. FYPCTTTF-T! ar Fort W1 rrh, Tarrant Cnuntv. Texas. this day of ""L , 19 o (Thoiras L. Gilbreath) Assignor (J. Carol bdI&d:%CK Assignee Caro L. LUDWICK CITY OF FORT WORTH c� �Y. Asst City Ma David vory THE STATE OF TEXAS COUNTY OF TARRANT X BEFORE ME, the undersigned authority, on this day personally appeared IHOMAS L. GILBREATH, JR. known to me to be the person whose name is subscribed to the foregoing instrument, and acknowledged to me that he or she executed the same for the purposes and consideration therein expressed, GIVEN UNDER MY HAND AND SEAL OF OFFICE, this day of ' A. D. 19_j�. Notary Public in and for Tarrant County, Texas THE STATE OF TEXAS X COUNTY OF TARRANT X BEFORE ME, the undersigned authority, on this day personally appeared LUDWICK LUDWICK J. CAROL UMIM et ux, CAROL L. UM'TN known to me to be the person whose name is subscribed to the foregoing instrument, and acknowledged to me that he or she executed the same for the purposes and consideration therein expressed. GIVEN rn?DFR MY HAND AND SEAL OF OFFICE, this � do of A. D. 19 v o ary Public in and for T ant County, Texas THE STATE OF TEXAS X COUNTY OF TARRANT X BEFORE ME, the undersigned authority on this day personally appeared DAVIC IVORY known to me to be the person whose name is subscribed to the foregoing instrument, and acknowledged to me that he executed the same n¢ the — . 1 aeea of thz City C;f :art a municipal corporation of Tarrant County, Texas, and as City Manager thereof, and for the purposes and consideration therein expressed and in the capacity therein stated, GIVEN UNDER MY HAND AND SEAL OF OFFICE this day of A. D. 19c . Notary Public in and'for Tarrant County Texas _ __ — 7— STATE OF TEXAS COUNTY OF TARRANT Know All Persons by These Presents: ASSIGNMENT WHEREAS, on the 4 day of October ,19 82 , the City of Fort Worth, acting by and through its duly authorized Assistant City Manager, entered into a cerfaiun lease agreement (the Lease) with _ Thomas L. Gilbreath, Tr. , whereby the City of Fort Worth leased for a period of 50 years, 0 months, commencing on the I day of February ,19 82 , and ending on _ anuary 31, 2032 at an annual rental rate of $ 752.00 , subject to the adjustments set forth in the Lease, the following described property: Lot(s) 22 Block 9 , Lake Worth Lease Survey, Tarrant County, Texas, and otherwise known as 4154 Lakewood Drive A copy of the Lease is attached hereto as Exhibit A and incorporated herein by reference as if set forth in full. AND WHERAS, the current LESSEE(S) under the Lease (X� Carol T. Ludwick , ASSIGNOR(S), desire to assign the Lease to (xx) MRMhv Holding Group, LLC, Timothy T. Murphy, Manager ASSIGNEE(S), pursuant to the provisions of Section IV(A) thereof. NOW THEREFORE, the City of Fort Worth, does hereby consent to the assignment of the Lease from ASSIGNOR(S), to ASSIGNEE(S). As consideration for the assignment of the Lease, ASSIGNEES) hereby expressly accept(s) and assume(s) all obligations and liabilities of ASSIGNOR(s) under the terms of the Lease and agree(s) to be bound by all the terms, provisions and covenants thereof. Specifically, ASSIGNEE(S) is/are aware, and acknowledge(s) receipt of Notice from LESSOR, that the ASSIGNORS) is/ in violation under the terms of the Lease with regard to: inadequacy of current septic system serving the lot; inadequacy of current water well serving the lot; x other :Houses need to be brought up to code or demolished within 45 days of assignment or lease will be terminated. Further, ASSIGNEES) is/are aware that ASSIGNEE(S) will be required to cure the aforementioned violation within forty-five (45) days of the date of the assignment or the Lease will be terminated by default, and ASSIGNEE(S) shall not be entitled to reimbursement by LESSOR for the value of the improvements on the property, if any. In addition, ASSIGNEE(S) acknowledge(s) that LESSOR is not obligated to extend the forty-five (45) day time period during which any violation under the Lease must be cured. Nothing contained herein shall be considered as altering or extending the forty-five (45) day time period or as releasing any claim or course of action LESSOR may have against ASSIGNOR(S) in connection with their obligations or liabilities under the terms of the Lease. 1 LESSOR'S consent to the assignment of the Lease is given with the understanding that all amounts owed to the City of Fort Worth, under the terms of the Lease, including rent, penalties, interest and ad valorem taxes, are paid and current to date. if ASSIGNOR(S) is/are not current on any and all obligations owed to LESSOR under the terms of the Lease, this Assignment if Null and Void and of no force and effect. ASSIGNEE(S) shall pay to LESSOR a one hundred twenty five dollar ($150.00) assignment fee to defer the administrative fees associated with this assignment. This Agreement may be executed in two or more counterparts, and it shall not be necessary that any one counterpart be executed by all of the parties hererto. Each fully or partially executed counterpart shall be deemed an original and all such counterparts taken together shall constitute one instrument. 1 IN WHEREOF, the parties hereto have executed this Agreement on the day of f , 20 / /1. ASSIGNOR Robert M.DtONbW/Brownrigg Guardian of the Estate of Carol J. Ludwick Robert M. tidv(�i�l / ownr i g g Guardian of the Estate of Carol J. Ludwick 101 Summit Avenue, Ste 1008 Fort Worth, TX 76102 (Address) 817/332-8808 LESSOR: The City of Fort Worth Assistant City Manager - Fernando Costa ASSIGNEE: 9 Murphy Holding Group, By: Timothy J. Murphy, col 2140 Hall Johnson Rd. Ste 102-201 Grapevine, TX 76051 (Phone No.) (Phone No.) RETURN RECORDED DOCUMENT TO: City of Fort Worth Lake Worth Property Management 927 Taylor Street Fort Worth, Texas 76102 2 STATE OF TEXAS COUNTY OF TARRANT BEFORE ME, the undersigned authority, personally appeared Timothy T. Murphy, Manager, known to me to be the person and officer whose name is subscribed to the foregoing Agreement, and acknowledged to me that the same was the act of the Murphy Holding Group, LLC, and that he/she executed the document as the act of said corporation for the purposes and consideration expressed therein and in the capacity stated. N UNDER MY HAND AND SEAL OF OFFICE this day of 20 L Z) JoAnn Gates Notary Public. State of Texas My Commission Expires April 11, 2014 STATE OF TEXAS § COUNTY OF TARRANT § Notaryc BEFORE ME, the undersigned authority, personally appeared Fernando Costa Assistant Cfty Manager known to me to be the person and officer whose name is subscribed to the foregoing Agreement, and acknowledged to me that the same was the act of the City of Fort Worth, a home -rule corporation, and that he/she executed the document as the act of said corporation for the purposes and consideration expressed therein and in the capacity stated. GIVEN UNDER MY HAND r SEAL OF OFFICE this ��d day of �f� MY Co!wM!sSlEXPIRES Notary Public - STATE OF TEXAS COUNTY OF TARRANT This instrument was acknowledged before me on the day of December, 2010 by Robert Brownrigg, as Temporary GuardiaryCarol Ludw an incapacitated person. NOTARY P IC, STATE OF TEXAS ` MY COMMISSION EXPIRES: PRINTED NAME OF NOTARY: Y.PV;., JoAnn Gates �j Notary Public, Slate of Texas i• Y V •.' My Commission Expires April 11, 2014 Erxchange: Authorized Users Only Page 1 of 1 Document Receipt Information Reference Number: 5507 - Assignment Instrument Number: D210306667 No of Pages: 3 Recorded Date: 12/13/2010 1:57:00 PM County: Tarrant Volume: Page: Recording Fee: 1$24.00 http://192.168.130.41/UINiewReceipt.aspx?DocumentId=4300095 12/14/2010 ElectronicalIv Recorded Tarrant County Texas Official Public Records 12/13/2010 1:57 PM D210306667 Suzanne Henderson STATE OF TEXAS § PGS 3 $24.00 Submitter: ACS § Know All Persons by These Presents: COUNTY OF TARRANT ASSIGNMENT W MILES, on the 4 day of October ,19,E2 , the City of Fort Worth, acting by and through its duly authorized Assistant City Manager, entered into a certain lease agreement (the Lease) with Thomas L Gilbreath, Tr. _ , whereby the City of Fort Worth leased for a period of 50 years, 0 months, commencing on the 1 day of ELbmA1y 19 62 , and ending on _ Tam !IU 31, 2032 at an annual rental rate of $ 752 00 subject to the adjustments set forth m the Lease, the following described property: Lot(s) 27- , Block 9 , Lake Worth Lease Survey, Tarrant County, Texas, and otherwise known as 4154 LQkewood Drive A copy of the Lease is attached hereto as Exhibit A and mcorporated herein by reference as of set forth in full. Ai4D l+iliERAS, tls• ouzrent LESSEE(S) under the Lease ( X) Carol T. Ludw:ck , ASSIGNOR(S), desire to assign the Lease to (roc) Murphy HoId�ng Group, LLC, Timothy T. Murphy, Manama ASSIGNEE(S), pursuant to the provisions of Section IV(A) thereof NOW THEREFORE, the City of Fort Worth, does hereby consent to the assignment of the Lease from ASSIGNOR(S), to ASSIMI EE(S). As consideration for the assignment of the Lease, ASSIGNEE(S) hereby expressly accept(s) and assume(s) all obligations and liabilities of ASSIGNOR(s) under the terms of the Lease and agree(s) to be bound by all the terms, provLsaons and covenants thereof. Specifically, ASSIGNEE(S) is/are aware, and acknowledge(s) receipt of Notice from LESSOR, that the ASSIGNOR(S) fs/are in violation under the terms of the Lease with regard to: inadequacy of current septic system serving the lot; inadequacy of current water well serving the lot; _ other Houses need to be brought up to code or demolished within 45 days of assignment or lease will be terminated Further, ASSIGNEE(S) is/are aware that ASSIGNEE(S) will be required to cure the aforementioned violation within forty-five (45) days of the date of the assignment or the Lease will be terminated by default, and ASSIGNEES) shall not be entitled to reimbursement by LESSOR for the value of the improvements on the property, if any. In addition,, ASSIGNEE(S) acknowledge(s) that LESSOR is not obligated to extend the forty-five (45) day tame period during which any violation under the Lease must be cured. Nothing contained herein shall be considered as altering or extending the forty-five (45) day time period or as releasing any claim or course of action LESSOR may have against ASSIGNOR(S) in connection with their obligations or liabilities under the berms of the Lease I 10/13/2020 M&C Review CITY COUNCIL AGENDA COUNCIL ACTION: Approved on 11/8/2016 Official site of the City of Fort Worth, Texas FoRTWoRm DATE: 11/8/2016 REFERENCE NO.: L-15964 LOG NAME: 21 LAKESALES 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 Disposition of Improvements Upon Expiration (COUNCIL DISTRICT 7) RECOMMENDATION: 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 Contract 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 conditions 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 associated 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 not 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 improvements. The current residential leases expire in 2032 and per the lease terms the City is required to 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) closing 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. apps.fortworthtexas.gov/council_packet/mc_review.asp? I D=22991 &cou ncildate=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 Worth 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. O Fund Department Account Project Program Activity Budget Reference # Amount ID ID Year (Chartfield 2) ROM 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 8xll.pdf Jay Chapa (5804) Steve Cooke (5134) Lester England (8053) Jean Petr (8367) apps.fortworthtexas.gov/council_packet/mc_review.asp? I D=22991 &councildate=11 /8/2016 2/2 FORT WORTH. City Secretary's Office Contract Routing & Transmittal Slip Contractor's Name: Lake Worth Leasehold Contract fro Purchase for Blk 9, Lot 22 Subject of the Agreement: CFW and Murphy Holding Group, LLC M&C Approved by the Council? * Yes 0 No ❑ If so, the M&C must be attached to the contract. Is this an Amendment to an Existing contract? Yes ❑ No 0 If so, provide the original contract number and the amendment number. Is the Contract "Permanent"? *Yes 0 No ❑ If unsure, see backpage for permanent contract listing. Is this entire contract Confidential? *Yes ❑ No 0 If only specific information is Confidential, please list what information is Confidential and the page it is located. Effective Date: July 8, 2026 If different from the approval date. Expiration Date: If applicable. Is a 1295 Form required? * Yes ❑ No ED *If so, please ensure it is attached to the approving M&C or attached to the contract. Project Number: If applicable. NA *Did you include a Text field on the contract to add the City Secretary Contract (CSC) number? Yes 0 No ❑ Contracts need to be routed for CSO processing in the followingorder: rder: 1. Katherine Cenicola (Approver) 2. Jannette S. Goodall (Signer) 3. Allison Tidwell (Form Filler) *Indicates the information is required and if the information is not provided, the contract will be returned to the department.