HomeMy WebLinkAboutContract 45391 CITY SECRETARY
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REAL ES"I'A"FE CONTRACT
By this 'Real Estate Contract (,the "Contract"'), the urst-Euless-Bedford
Independent Scho District h rern;after called Seller" hereby sells and agrees to
convey to the City of Fort Worth (hereinafter called. "Purchaser") and Purchaser hereby.
buys and agrees to pay for the real estate in the City of Port Worth, Tarrant County,
l exas, as more particularly described on the attached Exhibit A-1 and cross-hatched on
the attached Exhibit A-2, together with all. and singular the rights and appurtenances
pertaining thereto including, but not limited to, any right, title and interest of the Seller in
and to adjacent streets, alleys, rights-of-way, and any other rights, and appurtenances,
such real estate, rights and appurtenances being herein referred to as the "Property."
Notwithstanding anything contained In this Contract to the contrary, Seller reserves and
retains all, of its interest in the Coil, gas, and other minerals in and under and that may he
produced from the Property (collectively, ".Minerals")-, prC vi eC , lh wever, that Seller and
Teller's successors and assigns shall not have the right of ingress and egress over the
surface of the Property for the purpose of raining, drilling, exploring, or developing the
Minerals or for any other purpose. Nothing contained herein shall he construed, however,
as preventing or restricting Seller and Seller's successors and assigns from. i) pooling, or
unitizing the mineral estate reserved by Seller with land other than the Property, or ii
exploring, developing or producing the Minerals by directional or horizontal. drilling
under the Property frorn well sites located on tracts other than the Property or from mines
that open on land. Other than the Property provided these uses in no manner interfere with
ether urchaser's of the surface or the subsurface
support for any i: 'provement"
constructed on the Property.. Such mineral reservation shall be reserved In the deed a. d
shall he a Pe fitted Encumbrance.
This Contract is also ;subject to, the following terns and conditions*.
1. The purchase price for the Property shall he $ payable in cash at
Closing (hereafter defined). Within three business days after the effective date of this
Contract, Purchaser will place in escrow with Alamo Title Company, 2900 South Helen.
Street, Suite 30, Fort Worth, Texas 61091, Attention Bari Davidson, Escrow Officer (the
"Title Company"), earnest money in the amount of$10,0100.00 (the "Earnest Money") and
deliver to the Title Company the ,$100.00 Review Period Fee discussed in paragraph 11 of
this Contract.ntract. The .earnest Money is to he applied to the purchase price at Closing and the
Review Period.Fee is to he paid to Seller pursuant to paragraph 11.
2. Seller is not required to provide a, survey other than as specified in
paragraph 12.
3. Within 20 Clays after the effective date of this Contract, Stiller, at Seller's
p Purchaser a current title commitment for a Texas
expense, shall cause to be fT�.rnislred to
REAL ESTATE...
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Uwner's Title Insurance Policy issued through the Title Company, setting forth the state of
title of the Property and all exceptions, together wim legible copies of all Instruments and
documents referred to as title exceptions which would, appear in the Owner's P,ollicy, when
issued (collectively, the "Title Conunitment"). Purchaser shall have a period of 15 days, after
receipt of the 1"itle Commitment to review such documents. In the event any items that
appear in the Title Conu-nitment are unacceptable to Purchaser, then Purchaser shall within.•
said 15-day period notify Seller in writing of such fact. Seller shall have 10 days, from receipt
of'Purchaser's, notice to eliminate or modify such unacceptable exceptions to the satisfaction
of Purchaser. In the event Seller is unwilli.ng or unable to do so, Seller will., so notify
Purchaser in writing and within 10 days from Purchaser's receipt of Seller's notification,
Purchaser shall have the o ti.on to accept title subject to such matters,, or terminate this
Contract by written notice to Seller and the Earnest Money shall be refunded in full.. to
Purchaser.
4. Seller agrees to ftimisih Purchaser at Closing at Seller's expense, the Texas
Owner's Title Policy in the amount of the purchase price of the Property *Issued by the Title
Company, insuring, fee simple title in Purchaser's favor to the Property and containing no
exceptions other than those set out in the "Fitle Commj*tment and accepted by Purchaser, and
the standard printed exceptions; provided howeven:
a. The exception as to restrictive covenants shall be endorsed one of Record"
or shall specify any such exceptions by volume and page;
b. The exiception. as to the lien for taxes shall be endorsed Not Due and
Payable";
C. The exception for visible and apparent easements shall be deleted.
5. Based on the current actual knowledge of Seller, wl'thout duty of investigation,
Seller makes the -following representations:
a. As,of the Closing there shall be no adverse, parties in possession,of the Property.
b. As of the Closing there shall be no leases,covering the surface of the Property.
C. Seller shall have, as of the Closing, good, indefeasible title to the Property.
d. Seller has made no agreement with any goven-u-nental body other than Purchaser
that any part of the Property will be deeded for streets or other public use.
e. There are no conden-ination proceedings before any court, bureau, administrative
body or otherwise and Seller has no notice or knowledge that any such proceeding
RE/%,L ESTATE CONTRACT PAGE 2
is contemplated involving the Property, except as may be described in this
Contract.
f 'there are no actions, Suits or proceedings pending, or to the knowledge of the
Seller threatened, against or affecting the Property or any portion thereof, or
relating to the ownership thereof, bef- ore any court or before or by any federal,
state,, county, or municipal department, comnussi,on, 'board, bureaLl. or agency or
other governmental instrumentality.
9. Seller has no notice or knowlecige of any del: ult or breachunder any covenant,
condition,, restriction, right-of-way, or easement aftecting, the Property or any
portion thereof.
h. Seller has full power to enter into this Contract and to consummate the sale
provided for herei.n.
i. From the date of this Contract until the Closing Seller will pay, as and when due,
all interest and principal and all deposits and other charges payable under any
existing liens, if any, and will billy comply with all of the provisions thereof No
default or breach exists under any existing note or existing hens. Seller has not
received any notice from the holder of any existing note claiming that any such
default or breach exists,.
6. In the event the Seller 1s, unable to convey title to the Property "in accordance
with this Contract, Purchaser may, at 'Its option, tem-iinate this Contract by written notice
delivered to Seller on or prior to -the scheduled Closing date, and receive a retunci of its
Earnest Money, which shall be returned to Purchaser by the 'Title Company without any
further authorization from Seller, and neither party shall have any further liabilities to the
other.
7. In the event that Seller should fall to consummate this, Contract for any other
reason, except, Purchaser's default, Purchaser may (a) terminate this Contract by written
notice delivered to Seller and receive a reruna of its Fan-iest Money and neither party shall
have any further liabilities to the other; orb en force specific perfon-nance of this Contract.
8. In the event -that Purchaser should fall to cons umn-late this Contract for any
reason except Seller's default or the termination of the Contract pursuant to the terms hereof,
Seller may: (a) terminate this Contract by written notice delivered to Purchaser and retain the
Earnest Money as liquidated damages as Seller's remedy for the breach of this Contract, and
neither party shall have any further liabilities to the other (the parties agree that just
el.
compensation for the harm that would be caused by a de fault by Purchaser cannot be
REAL ESTATE CONTRACT PAGE 3
accurately estimated or would be very difficult to accurately estimate, and that the Eamest
Money is a reasonable forecast of"Just compensation to Seller for the ham i that would be
caused,by Purchaser's default); or (b) enforce specific performance of this Contract.
9. Ifthe Contract is not terminated as permitted herein, the Closing shall, take
place on or before 30 days after the completion ref`the Review Pen*od discussed in paragraph
I I of this Contract, and shall take place at the offices of the 'l'itle Company (the `'Closing").
At the Closing, Purchaser shall pay Seller the purchase price of the Property as provided in
Paragraph I (as reduced by the Eamest Money to be delivered to S ell.er). Seller shall, deliver
to Purchaser the Owner's Title Policy as specified herein and a Special Warranty Deed in
appropriate lorm to convey the Property to Purchaser, free and clear of any lions or
encumbrances except those expressly pertnItted here' y, Seller will deliver possession of the
Property at Closing.
10. Seller and Purchaser are political subdivisions of the State of Texas and therefore
exempt from ad valorem and similar taxes and assessments. All Closing costs such as, without
limitation, recording and escrow fees shall be divided equally between Seller and Purchaser.
11. It is understood and agreed that Purchaser will have 90 days after the
effective date of this Contract (the "Review Period") to gather and complete information,
as Purchaser deems necessary, pertaining to the general engineering, marKet,ability,
t"inancing, usefulness and feasibility of the Property. During the Review Period, Purchaser
and its agents shall have the right of access and entry upon the Property to make
inspections, surveys, borings, soil tests, and otherwise examine and investigate the
condition of the Property including, but not limited to, rights-of-way, elevation,
topography, drainage, soid and substrata conditions, envi'rorunental conditions, curb cuts,
esplanade cuts and access to proposed and existing roads. Tn. the event Purchaser, in its
sole discretion, determines that the Property is unsatisfactory, Purchaser shall have the
right to terminate, this Contract by giving written notice to Seller before expiration of the
Review Period. If Purchaser does terminate this Contract, the Title Company shalt
immediately return all of the Earnest of deposit to Purchaser without any additional
authorization from Seller. The Title Company may deliver the $100.00 Review Period Fee
to -the Seller, which is separate consideration for the Review Period, at any time after the
effective date of thi's Contract regardless as to whether the Contract is terminated or
consummated. If this Contract is terminated pursuant to this paragraph, Purchaser, at its
expense, shall repair and restore any damage done to the Property caused by Purchas,er's,
tests or inspections.
12. Within five business, days after the effective date of this Contract, Seller shalt
provide Purchaser with copies of the following, if any, to the extent same are in Seller's
REAL STATE CONTRACT PAGE 4
improvements or the Property Conditions, such waiver being absolute, complete,, total and
unlimited in any way.
(b), Purchaser acknowledges that the Property may not be in compliance with all
regulations, rules, laws and ordinances that may apply to the Property or any part thereof and
the continued ownership.,, maintenance, management and repair of the Plroperty
("Requirements"). Purchaser shall be solely responsible for any and all Requirements,
Property Conditions, and all other aspects of the Property, whether the! same shall be existing
as of the Closing Date or not. To the fullest extent ermitteld by law, Purchaser her
waives, any and all rit!hts and benefits for any action, claim., demand, or losses from or
1 0
allinst Seller which it now has, or in the future may have conferred,up virtue of
_on it- I
any ap licable state,-federal local law, rule, or repulation as a result Of any alleged
inaccuracy or incompleteness of the Information or otherwise relatin the purchase of
the PoV
rer!j,lncluding without limitation (ij the prov
. isions of the Deceptive Trade
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Practices-Consumer Protection Act of the State of Texas any other compara,Die
statute of the State of Texas, and (Iii) any environmental lay rule or regulation whether
a
federal, state or local, includi without limitatio Comprehensive Response,
Ing,-------W1 i nj the
Compensation and dial ifli*!3Lhet of 1980 L42 U.S.C. §§9601 et se s amended by the
Su fund Amendments and Reauthorization Act of 1918,6 and an 3L, federal or
11 _gnalogous
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state laws, 'Including without limitation the texas Solid Waste Disposal Act. With respect
to Purchaser's waiver of the above,, Purchaser represents and warrants to Seller that,: (a)
Purchaser is not in a significantl position;disparate bargaining pos tion; (b), Purchaser is represented
by legal counsel in connection with the sale contern lated by this Contract; and (c) Purchaser
is I
is knowledgeable and experienced in the purchase, operation., ownership, refurbishing and sale
of coiTu-i-lercial real estate,, and is fully able to evaluate the merits and risks of this transaction.
As part of the provisions of this, section, but not as a limitation 'thereon, Purchaser hereby
agrees, represents and warrants, that the matters released herein are not limited to matters
which are known or disclosed. In this connection, to the extent permitted by law, Purchaser
hereby agrees, represents, and warrants that it realizes and acknowledges. that factual, matters
now unknown to it may have given or may hereafter give rise to causes of action, claims,
demands, debts,, controversies,, damages, costs, losses and expenses which are presently
unk.nown, unanticipated and unsuspected, and Purchaser further agrees,,, represents and
warrants that the waivers and releases, herein have been negotiated and agreed, upon in light of
that realization and that Purchaser nevertheless hereby intends to release, discharge and acquit
Seller from any such unknown causes of action, claims, demands, debts, controversies,
damages, costs, losses and expenses which might in any way be included in the waivers, and
matters released as set forth in this Section above. Purchaser further hereby assumes the risk of
changes in applicable laws and regulations relating to past, present and future enviromnental
conditions on the Property.
(c), Seller expressly agrees that this Paragraph 13 shall not negate in any way the
liability imposed upon Seller for the representations included in Paragraph 5 of this Contract.
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REAL ES]"ATE CONT'RACT PAGE 6
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(d) 'Notwithstanding anything to the contrary, all of 'the terms and previsions of
Paragraphs 5 and 13 shall survive the Closing.
14. unless otherwise provided herein any notice,
tender, or delivery to be given
hereunder by either patty to the ether east ben writing and may be effected by ersonal
delivery or overnight postal service do very or overnight courier such as F cdE , ,arid shall
be deemed received as of the date of personal delivery. Such notices shall he scat to -the
follo�wing, addresses or at such other address as either party may designate from time to
time by written notice to the other:
SELLER: I :urst-Euless-Bedford Independent School District
Attn.- Stew Chapman, S uperinten dent
849 Central Drive
Bedford, Texas 76022
With a copy to. James M. Whitton
Brackett & Ellis, P.C.
I OO Main Street
'Fort Werth, Texas 761102-310190
Attu cys for Seller
PURCHASER ASER City of Fort Worth
Attn Cynthia Garcia
10,00,04 "'I"hrockmorton, Street
Fort Worth, Texas 76102
With a copy to: City Attorney's Office
Attn.- Leann D. Guzman
1000 Throckmorton Street
Fort Worth, Texas 761.02
Attorneys for Purchaser
1.5. This Contract shall not be assigned without the prior written approval, of
Seller. tJpon an approved assignment, this Contract shall inure to the benefit of and he
binding upon the parties hereto and their respective heirs, legal representatives, successors,
and assigns.
16. This Contract embodies the complete agreement between the parties hereto:
and carinot be varied or terminated except by the written agreement ent of the parties..
17 Seller and Purchaser hereby represent and warrant to each other that neither
party has engaged the services, of any agent, broker or other similar party in connection with
REAL ESTATE CONTRACT PAGE 7
this transaction. 'Nevertheless, Purchaser has been and is hereby advised that Purchaser
should have the abstract coveriny, the Proper(y examined by an attorney of Purchaser's
selection or that Purchaser should b�e furnished with a Ob ICY Of title insurance. B
Purchaser's execution oft is Contract, Purchaser acknowledges that Purchaser has been
so advised in compliance with The Texas Real Estate License A t.
1.8. Time is of the essence in the performance of this Contract.
19. All covenants contained herein shall survive the Closing hereof, except any
covenants which are expressly modified or waived. I'D writing on or prior to the Closing date.
20. Miscellaneous Provisions:
a. 'This Contract and the exhibits attached hereto constitute the entire agreement
between Seller and Purchaser, and there are no other covenants, agr�eemen,ts,
promises, terms,, provisions, conditions, undertakings, or understandings, either
oral or written,,, between them con,ceming the Property other than those herein
set forth. No subsequent alteration, amendment, change, deletion or addition, to
this Contract shall be binding upon Seller or Purchaser unless in, writing a],,-,Id
signed by both Seller and Purchaser.
b. All of the provisions, of this Contract are hereby made binding upon the
personal representatives, successors,, and assigns of both parties hereto. Where
required for proper interpretation, words in the singular shall include the plural"
11
the masculine gender shall include the neuter and the feminine, and vice versa.
C. If any provision hereof* is for any reason unenforceable or 'inapplicable, the
other provisions, hereof w1.11 rernaln in full force and effect ire tie same manner
as if such unenforceable or inapplicable provision had never been contained
herein.
d. This Contract may be executed in any number of counterparts, each of which
will for all purposes be deemed to he an original, and all of which are identleal.
e. This Contract shall be construed under and in, accordance with the laws of the
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State o: 1'IN exas,. All of the obligations, contained in this Contract are
performable in Tarrant County, Texas. Seller and Purchaser hereby consent
that venue of any action brought under this Contract shall be in Tarrant County,
Texas.
f In the event either Purchaser or Seller should bring suit against the other in
respect to any matters provided for in this Contract, the prevailing party shall
be entitled to recover from the other party reasonable attorneys' fees in
connection with such suit.
R-EAL ESTATE NT "'T PAGE 8
9. Each person executing this Contract, by h execution hereof, represents and
warrants that he is fully authorized to do so and that no further action or
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consent on the pai-t of the party for whom he is acting is required to make this
Contract effective and enforceable against such party following such execution.
h. In addition to the acts and deeds recited herein and contemplated to be
performed at the Closing, Seller and Purchaser agree to perform such other acts
and to execute and/or deliver Such other instruments and documents as either
Seller or Purchaser, or their respective counsel, may reasonably require in order
to effect the intents and purposes of this Contract. Further, Seller and
Purchaser each agree to deliver to the Title Company affidavits, and such other
assurances, as may reasonably be necessary or required to enable the Title
Company,to issue the policy of title insurance as contemplated by this Contract.
i. The effective date of this Contract shall be the date it has been signed by both
parties and the Earnest Money has been delivered to the Title Company.
Al A A
This Contract is executed by Purchaser onthisdD day of 201
City offort Worth
By:
Printed Name:
Title:
APPROVED AS TO FORMAND LEGALITY:
4" 1111i411, A LAI
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sistant City Attornie�-
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its Secretary
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OFFICIAL RECORD
CITY SECRETARY
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REAL ESTATE CON'"FRACT PAGE 9
This Contract is exeCLIted bly Seller on this&7day of 2011
H s -:d e s-. ed d. Independent School District
Stieve Chapman,
Superintendent of Schools,
4251962
REAL ESTATE CONTRACT PAGE 10
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Tract 1.:
A one-acre tract of land, more or less, situated in the W. R. Loving Survey, Abstract 944, Tarrant
County, Texas, identified in the records of the Tarrant Appr i s .l District as Account Number
04671724 Cameo-reference A 9446 .
1
Tract 2
.one-acre tract of land, more or less, situated In the W, R, Loving Survey, Abstract 944, Tarrant
County, Texas, being more particularly described in a deed from Joe Woods and wife, Collie
Woods, t the Euless Independent School District, dated March 28, 1952 and recorded in
Volume 2416, Page 27311, Real Property Records of Tarrant County, Texas.
Tract 3
A one-acre tract of land, more or less, situated in the W. R, .loving Survey, Abstract, 944, Tarrant
County, Texas, and being more particularly described in a deed from roger Coleman and wife,
A_nnie
Myrtle Coleman, to the Hurst-Euless Independent School District, dated December 2 ,
9'62 and recorded in Volume 376,0, .tae 1 7, Real Property Records of Tarrant County, Texas.
Tract
A one- crc tract of land, more or less, situated in the W. R. Loving Survey, abstract 944, Tarrant
County, Texas, and being more particularly described in a deed from Simon Smith to the Hurst-
Euless-Bedford Independent School District, dated February 20, 1963 and recorded in Volume
3779, Page 511, Real Property Records of Tarrant County, Texas,
43021 -v1/12003-002000
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M&C Review Page I of 2
Official site of the City of Fort Worthi,Texas
FORT O H
CITY ONI CIL AGENDA
COUNCIL ACTION: Approved on 2/4,/2014,
DATE.: 2/4/'2014 REFERENCE L-1 5656 LOG NAME: 17MOSIERVALLEYPARK
NO.0-
CODE: L TYPE.- NON- PUBLIC NO
CONSENT HEARING-.-
SUBJECT: Authorize Acquisition of Approximately 4,.0 Acres of Land Located on the South Side of
Mosier Valley Road and West of Vine Street and Knapp Street from the Hurst-Euless-
Bedford Independent School District for the Creation of the Mosier Valley Park for
$260,000.00, Plus $25,0001.00 for Closing Costs and Died,icate the Property as Parkland
(COUNCIL DISTRICT 5)
RECOMMENDATION:
It is recommended that the City Council.-
1. Authorize acquisition of approximately 4.0 acres of land located on the south side of'Mosier Valley
Road and west of Vine Street and Knapp Street from the Hurst-Euless-Bedford Independent Scheel
District for the creation of the Meier Valley Park for $260,0001.00 plus $25,0100.00 for closilng costs;
2., Authorize the acceptance and recording of the appropriate instruments and
3. Dedicate the property as parkland upon conveyance.
DISCUSSION--.
Staff recommends acquiring approximately 4.0 acres of land from H u rst-E u less-Bedford Independent
School District for the development olf'a park to serve the citizens in an u,nderserved area of the City
to be named Mosier Valley Park. The city will pay the costs to survey the property before
conveyance.
The total purchase price, of the property is $2 0,000.00 and an additional $25,0100.010 for closing
costs,. The legal description is as follows-.
Grantor
=,=al Descr tior� Amount
Approximately 4" acre,acres of land located in the
Hurst-Euless-Bedford W.R. Loving Survey, Abstract No. 944,,
I ndeplendent School, intending to, be all of Tract 613, Tract 6K, Tract $260)000.00
District 6S and Tract 6T, Tarrant County, Texas
Estimated Related $ 25,000.00
Closing Costs
Tota 1 $285,000.001
The annual cost to maintain, this plarkland' is estimated to be $8,060.00.
This property is located in COUNCIL DISTRICT 5, Mapse,o 104H.
1 0 f, e *.4 4 0 0'_r�^ -.4 r . -.0 ,, y,I I �
..............111
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M&C Review Page 2 of 2
FISCAL INFORMATIONXERTIFICATION:
The Financial Management Services D�ire�ctor certifies that funds are available in the current capital
budget, as appropriated, of Park Dedication Fees Fund and in the current operating budget, as
appropriated, of the General Fund.
TO Fun d�/Acc t/Centers FROM Fund/Account/Centers
1) C281 541100 8059002222 1 $285,000.00
GG01 53912,0 8,081031 ILP60.00
Submitted for Cit,y Manager is, Office b y: Fernando Costa (6 122)
Orii-gi,nating Dgpartment Head: Jay Chapa (5804)
R,ichard Zavalai (5711)1
Addifional Information Contact.- David Creek (51744)
Cynthia Garcia (8187)
ATTACHMENTS
Mosier Valley Park S,it