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HomeMy WebLinkAboutContract 46368 CITY SECRETARY C OMTR 4CT NO. CONTRACT OF SALE AND PURCHASE THIS CONTRACT OF SALE AND PURCHASE ("Contract") is made and entered into by and between the CITY OF FORT WORTH, TEXAS, a home rule Municipal Corporation of the State of Texas, acting by and through its duly authorized City Manager or Assistant City Manager("Purchaser") and Casalegria, L.P., ("Seller") as of the date on which this Contract is executed by the last to sign of Seller and Purchaser("Effective Date"). AGREEMENT In consideration of the mutual covenants in this Contract, Seller and Purchaser agree as follows: Section 1. Sale and Purchase. (a) Seller agrees to sell and convey to Purchaser and Purchaser agrees to purchase and accept from Seller, on and subject to the terms and conditions set forth in this Contract, 7 residential lots located in the River Gardens Addition (collectively, the "Land"), which Land is more particularly described on the attached Exhibit "A", which is attached hereto and incorporated herein by reference for all purposes, together with (i) all buildings, fixtures, structures and improvements thereon; (ii) any strips or gores between the Land and all abutting properties; (iii) all roads, alleys, rights-of-way, easements, streets and ways adjacent to or serving the Land and rights of ingress and egress thereto,whether surface, subsurface or otherwise; (iv)any land lying in the bed of any street,road or access way, opened or proposed, in front of, at a side of or adjoining the Land,to the centerline of such street, road or access way; (v)all of Seller's rights,titles and interest, if any, in and to all water rights or any kind or character pertaining to the Land; and (vi) all licenses, interests, and rights appurtenant to the Land. The Land and Items (i)-(vi) are collectively referred to as the "Property". (b) Seller shall convey the Property to Purchaser free and clear of all liens, claims, easements, rights-of-way, reservations, restrictions, encroachments, tenancies, and any other encumbrances (collectively, the "Encumbrances") except the Encumbrances appearing in the Title Commitment and the Survey (hereinafter defined) that are not cured and that are subsequently waived pursuant to Section 3 ("Permitted Encumbrances"). (c) Notwithstanding anything to the contrary, Seller hereby retains and reserves from this conveyance (and the Property does not include) for itself, and its successors and assigns, any and all interest in any and all oil, gas and other minerals in, on, or under the Land; provided, however, Seller hereby waives and relinquishes access to any use of the surface of the Property. 0 Section 2. Independent Contract Consideration and Purchase Price. c� Q (a) Contemporaneously with the execution of this Contract, Purchaser delivers to Seller a check in the amount of$50.00 ("Independent Contract Consideration") as independent consideration Wfor Seller's execution, delivery and performance of this Contract. This Independent Contract Consideration is in addition to and independent of any other consideration or payment provided for in this v Contract, is non-refundable, and shall be retained by Seller notwithstanding any other provision of this w CFW Purchase from Casalegria,L.P. FOFFICIAL RECORD Eastgate Park CRETARY Page 1 of 14 RTH,TX - ELEIV ED ]AN 2 6 �0 Contract; however, upon Closing (as hereinafter defined), the Independent Contract Consideration shall be applied as a credit toward the Purchase Price(as hereinafter defined). (b) Contemporaneously with the execution of this Contract, Purchaser shall deposit into escrow with the Title Company (as hereinafter defined), the sum of Ten Thousand and 00/100 Dollars ($10,000.00) ("Earnest Money"). The Earnest Money will be held in escrow and delivered by Title Company in accordance with the provisions of this Contract, and if the sale and purchase of the Property closes under this Contract, the Earnest Money will be applied toward the Purchase Price (as hereinafter defined). The Earnest Money will be placed in an interest-bearing account by Title Company as directed by Purchaser,with all interest accruing to Purchaser prior to Closing. (c) The purchase price("Purchase Price")for the Property,payable by Purchaser to Seller at Closing(as hereinafter defined), is ONE HUNDRED TWELVE THOUSAND and 00/100 DOLLARS ($112,000.00). Seller has determined that the Purchase Price reflects the current fair market value of the Property. Section 3. Title Commitment and Survey. (a) Within 15 business days after the Effective Date, Purchaser shall obtain at Purchaser's sole cost and expense, a Commitment for Title Insurance ("Title Commitment") from Alamo Title Company, Telephone: 817-921-1215, Attention: Lavonne S. Keith (the "Title Company"). The Title Commitment shall be effective as of a date which is on or after the Effective Date, showing Seller as the record title owner of the Land, and shall show all Encumbrances and other matters, if any, relating to the Property. The Title Company shall also deliver contemporaneously with the Title Commitment legible copies of all documents referred to in the Title Commitment, including but not limited to, plats, reservations,restrictions, and easements. (b) If Seller has a survey of the Property or one which includes the Property as part of the survey, then within 10 business days after the Effective Date of this Contract, Seller shall provide to Purchaser a copy of said survey ("Existing Survey"). If Purchaser wishes to update and/or recertify the Existing Survey, or in the event there is no Existing Survey, Purchaser shall have the option to request a new survey be performed, and the new Survey or the update of the Existing Survey shall be at Purchasers own expense. The description of the Property prepared as a part of the Existing Survey, or new survey as the case may be (hereinafter referred to generally as the "Survey"), will be used in all of the documents set forth in this Contract that require a legal description of the Property. (c) Purchaser shall have a period of time ("Title Review Period") commencing on the Effective Date and ending 15 business days after the first date on which Purchaser has received both the Title Commitment(and exception instruments)and the Survey, in which to notify Seller in writing of any objections("Objections")Purchaser has to any matters shown on the Title Commitment or the Survey. (d) Seller shall have the option, but not the obligation, to remedy or remove all Objections (or agree irrevocably in writing to remedy or remove all such Objections at or prior to Closing)during the period of time (the "Cure Period") ending on the tenth business day after Seller's receipt of Purchaser's notice of such Objections. Except to the extent that Seller cures, or agrees in writing to cure, such Objections during the Cure Period, Seller shall be deemed to have elected not to cure such matters. If Seller is, or is deemed to be, unable or unwilling to remedy or cause the removal of any Objections (or agree irrevocably to do so at or prior to Closing) within the Cure Period, then either (i) this Agreement CFW Purchase from Casalegria,L.P. Eastgate Park Page 2 of 14 may be terminated in its entirety by Purchaser by giving Seller written notice to such effect during the period of time(the "Termination Period")ending on the fifth business day following the end of the Cure Period, and the Escrow Agent shall return the Earnest Money to Purchaser and the parties shall be released of further obligations under this Agreement;or(ii) any such Objections may be waived by or on behalf of Purchaser,with Purchaser to be deemed to have waived such Objections if notice of termination is not given within the Termination Period. Any title encumbrances or exceptions which are set forth in the Title Commitment or the Survey and to which Purchaser does not object within Title Review Period (or which are thereafter waived or deemed to be waived by Purchaser) shall be deemed to be permitted exceptions(the "Permitted Exceptions")to the status of Seller's title to the Property. (d) Any other provision herein to the contrary notwithstanding, (i)all exceptions disclosed in the Title Commitment(or any subsequent commitment)which are liens and arise on or after the Effective Date of this Agreement; and may be cured within thirty (30) days; and are not attributable to actions by Purchaser, not to exceed ten percent (10%) of the Purchase Price, ("New Title Defect") and (ii) all Objections that Seller agrees in writing to cure at or prior to Closing(collectively,the "Mandatory Cure Items") shall be satisfied, cured or removed by Seller, at Seller's sole cost and expense, at or prior to Closing. In the event a New Title Defect arises in an amount in excess of ten percent of the Purchase Price, and Purchaser is unwilling to accept such matter as a Permitted Exception, then Purchaser shall give Seller notice of such New Title Defect. If Seller is not required to cure the New Title Defect under this Section, because either the cost of such cure would exceed ten percent(10%) of the Purchase Price or take longer than thirty(30)days to accomplish, or is not a lien, or Seller elects not to cure such New Title Defect, then Purchaser shall have the right to terminate this Agreement and receive a refund of the Earnest Money, less the Independent Consideration. Section 4. Due Diligence Documents. Within 10 business days after the Effective Date, Seller shall deliver to Purchaser for Purchaser's review (i) any and all tests, construction plans, studies and investigations relating to the Property and the operation and maintenance thereof, including, without limitation, any soil tests, engineering reports or studies, and any Phase I or other environmental audits, reports or studies of the Property; (ii) any and all information regarding condemnation notice(s), proceedings and awards affecting the Property; and (iii) all proposed or existing private covenants, conditions and restrictions, of which the Property will be a part and any other private agreements affecting the use or development of the Property. Section 5. Tests. Purchaser, at Purchaser's sole cost and risk, shall have the right to go on to the Property, including the Improvements,to make inspections, surveys,test borings, soil analysis, and other tests, studies and surveys, including without limitation, environmental and engineering tests, borings, analysis, and studies ("Tests"). Any Tests shall be conducted at Purchaser's sole expense. At the conclusion of the Tests, the Property will be restored by Purchaser, at Purchaser's sole expense, to at least a similar condition as before the Tests were conducted. In the event this transaction does not close for any reason whatsoever,the Purchaser shall release to Seller any and all independent studies or results of Tests obtained during the Option Period(as defined below). Section 6. Option Period. (a) Notwithstanding anything to the contrary contained in this Contract, until 90 days after the Effective Date ("Option Period"), the following is a condition precedent to Purchaser's obligations under this Contract: CFW Purchase from Casalegria,L.P. Eastgate Park Page 3 of 14 Purchaser being satisfied in Purchaser's sole and absolute discretion that the Property is suitable for Purchaser's intended uses, including, without limitation, Purchaser being satisfied with the results of the Tests(defined in Section 5 above). (b) If Purchaser is not satisfied in Purchaser's sole and absolute discretion as to the condition precedent described in Section 6(a) above, Purchaser may give written notice thereof to Seller on or before the end of the Option Period, whereupon this Contract shall terminate. Upon such termination,the Earnest Money (including all interest earned thereon) will be returned to Purchaser, the Contract will terminate, and neither party shall have any further rights or obligations under this Contract. (c) The provisions of this Section 6 control all other provisions of this Contract. (d) The parties agree that the Option Period will not be extended upon expiration without a written amendment signed by both parties. Section 7. Closing Deadline. The closing ("Closing") of the sale of the Property by Seller to Purchaser shall occur through the office of the Title Company on or before 15 days after the expiration of the Option Period. Section 8. Closing. (a) At the Closing, all of the following shall occur, all of which are deemed concurrent conditions: (1) Seller, at Seller's sole cost and expense, shall deliver or cause to be delivered to Purchaser the following: (i) A Special Warranty Deed ("Deed"), fully executed and acknowledged by Seller, conveying to Purchaser good and indefeasible fee simple title to the Property subject only to the Permitted Encumbrances, but containing a reservation of the mineral rights, with the precise form of the Deed to be determined pursuant to Section 10 below; (ii) A Non-Foreign Person Affidavit, in form and substance reasonably satisfactory to Purchaser, fully executed and acknowledged by Seller, confirming that Seller is not a foreign person or entity within the meaning of Section 1445 of the Internal Revenue Code of 1986, as amended; (iii) Evidence of authority to consummate the sale of the Property as is contemplated in this Agreement or as Purchaser or the escrow agent may reasonably request; and (iv) Any other instrument or document necessary for Title Company to issue the Owner Policy in accordance with Section 8(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 federally wired funds or a certified or cashier's check or such other means of funding acceptable to Seller, in an amount equal to the Purchase Price, adjusted for closing costs and prorations. CFW Purchase from Casalegria,L.P. Eastgate Park Page 4 of 14 (3) Title Company shall issue to Purchaser, at Seller's sole cost and expense, an 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 Encumbrances, and the standard printed exceptions included in a Texas Standard Form Owner Policy of Title Insurance; provided, however, the printed form survey exception shall be limited to "shortages in area," the printed form exception for restrictive covenants shall be deleted except for those restrictive covenants that are Permitted Encumbrances, there shall be no exception for rights of parties in possession, and the standard exception for taxes shall read: "Standby Fees and Taxes for the year of Closing and subsequent years, and subsequent assessments for prior years due to change in land usage or ownership"; (4) Seller and Purchaser shall each pay their respective attorneys' fees. (5) Purchaser shall pay the costs of recording the Deed and all other costs customarily borne by buyers of real property in Tarrant County, Texas. (b) Purchaser will qualify for exemption from ad valorem taxation for the Property, and no ad valorem taxation shall accrue after the date of Closing. Therefore, any ad valorem taxes assessed against the property for the current year shall be for the period of time the Property was owned by Seller, and based on estimates of the amount of taxes that will be due and payable on the Property during the current year, Seller shall pay for any taxes and assessments applicable to the Property up to and including the date of Closing. As soon as the amount of taxes and assessments on the Property for the current year is known, Seller shall pay any additional amount of taxes to be paid for any taxes and assessments applicable to the Property up to and including the date of Closing. The provisions of this Section 8(b) survive the Closing. (c) Upon completion of the Closing, Seller shall deliver possession of the Property to Purchaser, free and clear of all tenancies of every kind except those disclosed in the Permitted Encumbrances. Section 9.1 Seller's Representations. Seller hereby represents and warrants to Purchaser, as of the Effective Date and as of the Closing Date, except as otherwise disclosed in written notice from Seller to Purchaser at or prior to Closing,that: (a) Seller's Authority. This Contract has been duly authorized by requisite action and is enforceable against Seller in accordance with its terms; neither the execution and delivery of this Agreement nor the consummation of the sale provided for herein will constitute a violation or breach by Seller of any provision of any agreement or other instrument to which Seller is a party or two which Seller may be subject although not a party, or will result in or constitute a violation or breach of any judgment, order, writ, junction or decree issued against or binding upon Seller or the Property; (b) No Pending Proceedings. There is no action, suit, proceeding or claim affecting the Property or any portion thereof, or affecting Seller and relating to the ownership, operation,use or occupancy of the Property, pending or being prosecuted in any court or by or before any federal, state, county or municipal department, commission, board, CFW Purchase from Casalegria,L.P. Eastgate Park Page 5 of 14 bureau o agency or other governmental entity and no such action, suit, proceeding or claim is threatened or asserted; (c) Seller is Not a Foreign Person. Seller is not a foreign person or entity as defined in Section 1445 of the Internal Revenue Code of 1986, as amended, and Purchaser is not obligated to withhold any portion of the Sales Price for the benefit of the Internal Revenue Service; (d) No Insolvency Proceedings. No attachment, execution, assignment for the benefit of creditors, receivership, conservatorship or voluntary or involuntary proceedings in bankruptcy or pursuant to any other debtor relief laws is contemplated or has been filed by or against Seller or the Property, nor is any such action pending by or against Seller or the Property; (e) Contract Obligations. Except as otherwise disclosed in the Title Commitment, no lease, contract or agreement exists relating to the Property or any portion thereof which is not terminable at will or upon not more than 30 days' prior notice except tenant leases; (f) No Competing Rights. No person, firm or entity, other than Purchaser, has any right to purchase, lease or otherwise acquire or possess the Property or any part thereof, (g) No Regulatory Violations. To the best of Seller's knowledge, the Property is not in breach of any law, ordinance or regulation, or any order of any court or any federal, state, municipal or other governmental department, commission, board, bureau, agency or instrumentality wherever located, including, without limitation, those relating to environmental matters and hazardous waste, and no claim, action, suit or proceeding is pending or, to the best of Seller's knowledge and belief, threatened against or affecting Seller or affecting the Property, at law or in equity, or before or by any federal, state, municipal or other governmental department, commission, board, bureau, agency or entity wherever located, with respect to the Property or the Seller's present use and operation of the Property; and (h) No Hazardous Materials. To the best of Seller's knowledge, (i) all required federal, state and local permits concerning or related to environmental protection and regulation for the Property have been secured and are current; (ii) Seller is and has been in full compliance with such environmental permits and other requirements regarding environmental protection under applicable federal, state or local laws, regulations or ordinances; (iii) there is no pending action against Seller under any environmental law, regulation or ordinance and Seller has not received written notice of any such action or possible action; (iv) there is not now, nor has there been in the past, any release of hazardous substances on, over, at, from, into or onto any facility at the Property, as such terms are understood under the Comprehensive Environmental Response, Compensation and Liability Act; and (v) Seller does not have actual knowledge of any environmental condition, situation or incident on, at or concerning the Property that could reasonably be expected to give rise to an action or to liability under any law, rule, ordinance or common law theory governing environmental protection. Section 9.2 Purchaser's Representations. Purchaser acknowledges that Purchaser will have independently and personally inspected the Property and that Purchaser has entered into this Agreement based upon its ability to make such examination and inspection. The Property is to be sold to and accepted by Purchaser at Closing in its then present condition, "AS IS, WITH CFW Purchase from Casalegria,L.P. Eastgate Park Page 6 of 14 ALL FAULTS, AND WITHOUT ANY WARRANTY WHATSOEVER, EXPRESS OR IMPLIED," (other than the representations and warranties expressly set forth in this Agreement and in any deed or other instrument delivered at Closing); specifically (without limiting the generality of the foregoing), without any warranty of (i) the soil conditions existing at the Property for any particular purpose or developmental potential, (ii) the presence or absence of any hazardous substances or matter in or on the Property, (iii) compliance of the Property with any applicable laws, regulations or other governmental requirements, or (iv) the accuracy of any information provided by Seller to Purchaser, other than Seller has no current, actual knowledge that such information contains any information that is materially incorrect. EXCEPT AS EXPRESSLY SET FORTH HEREIN AND ANY INSTRUMENT DELIVERED AT CLOSING, SELLER MAKES NO REPRESENTATIONS OR WARRANTIES OF ANY KIND TO PURCHASER, INCLUDING, WITHOUT LIMITATION, THE PHYSICAL CONDITION OF THE PROPERTY OR ITS SUITABILITY FOR ANY PARTICULAR PURPOSE OR OF MERCHANTABILITY. Each party acknowledges that the other party hereto has relied and will rely on the representations and warranties of the other in executing this Agreement and in closing the purchase and sale of the Property pursuant to this Agreement, and Seller, during the term of this Agreement, agrees to notify Purchaser promptly in the event that Seller obtains knowledge of any change affecting any of such representations and warranties. Until and unless Seller's warranties and representations shall have been qualified and modified as appropriate by any such additional information provided by Seller to Purchaser, Purchaser shall continue to be entitled to rely on Seller's representations and warranties set forth in this Agreement, notwithstanding any contrary information resulting from any inspection or investigation made by or on behalf of Purchaser. All of the representations and warranties contained in this Section 9.1 and Section 9.2, as so qualified and modified, shall survive for a period of one(1)year after closing. Section 10. Seller's Covenants. (a) Updating of Information. Seller acknowledges that Purchaser will rely upon the Title Commitment, Survey, Due Diligence documents and other materials delivered by Seller to Purchaser hereunder to satisfy itself with respect to the condition and operation of the Property, and Seller agrees that, if Seller discovers that the information contained in any of the materials delivered to Purchaser hereunder is inaccurate or misleading in any respect,then Seller shall promptly notify Purchaser of such changes and supplement such materials. (b) Prohibited Activities. During the term of this Agreement, Seller shall not, without the prior written consent of Purchaser, which consent Purchaser shall have no obligation to grant and which consent, if granted, may be conditioned in such manner as Purchaser shall deem appropriate in the sole discretion of Purchaser: (i) grant any licenses, easements or other uses affecting any portions of the Property; (ii) permit any mechanic's or materialman's lien to attach to any portion of the Property; (iii) place or permit to be placed on, or remove or permit to be removed from, the Property any trees, buildings, structures or other improvements of any kind; or (iv) excavate or permit the excavation of the Property or any portion thereof. (c) Cooperation in Permitting Activities. During the term of this Agreement, Seller will cooperate with Purchaser in such manner and at such times as Purchaser may request in obtaining subdivision, zoning or rezoning, site plan development, building permit and other CFW Purchase from Casalegria,L.P. Eastgate Park Page 7 of 14 approvals required for Purchaser's proposed use, including without limitation, signing such applications for such approvals and other instruments as may be required or authorizing Purchaser to sign such applications or instruments as Seller's agent or both. Purchaser shall bear the costs and expenses of obtaining all such approvals except for attorneys' fees that Seller may consider necessary in connection with reviewing such applications and instruments, which shall be borne solely by Seller. In the event Purchaser terminates this Contract, and/or fails to close the sale of the Property contemplated herein, Purchaser shall transfer and assign all applications, permitting requests and all other such approvals and instruments to Seller and execute any and all such documents required to effectuate such transfer and assignment. Section 11. 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. Section 12. Closing Documents. No later 15 days prior to the Closing, Seller shall deliver to Purchaser copies of the closing documents customarily prepared by sellers of real property in Tarrant County,Texas(including but not limited to the Deed)for Purchaser's reasonable right of approval Section 13. 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 parry 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 Buyer under this Contract is: City of Fort Worth With a copy to: 1000 Throckmorton Street Leann D. Guzman Fort Worth,Texas 76102 City Attorney's Office Attention: Bette Chapman City of Fort Worth 1000 Throckmorton Telephone: 817-392-6125 Fort Worth,Texas 76102 Fax(817)392-7328 Telephone: (817)392-7600 Fax (817)392-8359 (c) The address of Seller under this Contract is: Casalegria, L.P. With a copy to: 720 N. Post Oak Road#500 John Rentz Houston,Texas 77024 Boxer Property Mgmt. Corp. Attn: Justin Segal 720 N. Post Oak Rd. #500 Telephone: 713-777-7368 Telephone: 713-777-7368 Fax: 713-780-9708 Fax: 713-780-9708 CFW Purchase from Casalegria,L.P. Eastgate Park Page 8 of 14 (d) From time to time either party may designate another address or fax number under this Contract by giving the other party advance written notice of the change. Section 14. 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 hereunder. At that time, the Title Company is instructed to deliver the Earnest Money to Seller as liquidated damages and agreed upon damages. Purchaser and Seller acknowledge that they have discussed the impracticality and extreme difficulty of fixing the actual damages to Seller in the event of Purchaser's default. The parties agree that the amount of the Earnest Money represents a reasonable estimate of the actual damages Seller would incur in the case of such a default by Purchaser, and Seller intends that Purchaser be able to limit its potential liability to Seller in the event that this transaction fails to close. (b) If(1) Seller fails or refuses to timely consummate the sale of the Property pursuant to this Contract at Closing, (2) at the Closing any of Seller's representations, warranties or covenants contained herein is not true or has been breached or modified, or (3) Seller 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 either: (i) terminate this Contract by giving written notice thereof to Seller prior to or at the Closing and neither party hereto shall have any further rights or obligations hereunder; at that time, the Title Company is instructed to return the Earnest Money (including all interest earned thereon)to Purchaser; (ii) waive, prior to or at the Closing, the applicable objection or condition and proceed to close the transaction contemplated hereby in accordance with the remaining terms hereof; or (iii) enforce specific performance of Seller's obligations under this Agreement. Section 15. Survival of Obligations. To the extent necessary to carry out the terms and provisions hereof, the terms, conditions, warranties, representations, obligations and rights set forth herein shall not be deemed terminated at the time of the Closing, nor shall they merge into the various documents executed and delivered at the time of the Closing. All representations and warranties by the parties to this Contract shall expire one year after Closing. Section 16. 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. CFW Purchase from Casalegria,L.P. Eastgate Park Page 9 of 14 Section 17. Assigns. This Contract inures to the benefit of and is binding on the parties and their respective legal representatives, successors, and assigns. Neither party may assign its interest under this Contract without the prior written consent of the other party. Section 18. 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 19. Governing Law. This Contract shall be governed by and construed in accordance with the laws of the State of Texas. Section 20. Performance of Contract. The obligations under the terms of the Contract are performable in Tarrant County, Texas, and any and all payments under the terms of the Contract are to be made in Tarrant County, Texas. Section 21. Venue. Venue of any action brought under this Contract shall be in Tarrant County, Texas if venue is legally proper in that County. Section 22. 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 23. Business Days/Effective Date. If the Closing or the day for performance of any act required under this Contract falls on a Saturday, Sunday, or legal holiday, then the Closing or the day for such performance, as the case may be, shall be the next following regular business day. The date on which the Title Company receipts a copy of the Contract is the"Effective Date." Section 24. Counterparts. This Contract may be executed in multiple counterparts, each of which will be deemed an original,but which together will constitute one instrument. Section 25. Terminology. The captions beside the section numbers of this Contract are for reference only and do not modify or affect this Contract in any manner. Wherever required by the context, any gender includes any other gender,the singular includes the plural,and the plural includes the singular. Section 26. Construction. The parties acknowledge that each party and its counsel have reviewed and revised this Contract and that the normal rule of construction to the effect that any ambiguities are to be resolved against the drafting party is not to be employed in the interpretation of this Contract or any amendments or exhibits to it. Section 27. Attorney's Fees. If any action at law or in equity is necessary to enforce or interpret the terms of this Contract, the prevailing party or parties are entitled to reasonable attorneys' fees, costs and necessary disbursements in addition to any other relief to which such party or parties may be entitled. [SIGNATURES APPEAR ON THE FOLLOWING PAGE] CFW Purchase from Casalegria,L.P. Eastgate Park Page 10 of 14 CFW Purchase from Casalegria,L.P. Eastgate Park Page 11 of 14 This Contract is EXECUTED as of the Effective Date, SELLER: Casalegria,L.P., a Texas limited partnership By: Casalegria Property, L.L.C., its general partner By: Name: Ju 'n Segal Title: Manager PURCHASER: CITY OF FORT WORTH,TEXAS By: �� Name: Fernando Costa Assistant City Manage Att ty ecretary $ M&c — ?j� 0000000 Date: /;2 APPROVED AS TO LEGALITY AND FORM 1) xv� s start City Attorney / OFFICIAL RECORD CITY SECRETARY CFW Purchase from Casalegria,L.P. FT.WORTH,TX Eastgate Park Page 12 of 14 By its execution below, Title Company agrees to perform its other duties pursuant to the provisions of this Contract. TITLE COMPANY: By: Name: Title: Date: CFW Purchase from Casalegria,L.P. Eastgate Park Page 13 of 14 EXHIBIT "A" Description of Property Lots 13-19,Block 1 of River Gardens Addition, an Addition to the City of Fort Worth, Tarrant County, Texas, according to the Plat thereof recorded in Cabinet A, Slide 8981 of the Plat Records of Tarrant County, Texas. Official site of the City of Fort Worth,Texas CITY COUNCIL AGENDA FORTWORT111 COUNCIL ACTION: Approved on 1212/2014 DATE: 12/2/2014 REFERENCE NO.: **L-15736 LOG NAME: 17EASTGATE CODE: L TYPE: CONSENT PUBLIC NO NO SUBJECT: Authorize Acquisition of Seven Lots Located in the River Gardens Addition Near the Intersection of Carswell Access Road and River Hill Lane from Casalegria L.P., for the Creation of the EastGate Neighborhood Park for$116,000.00 Plus $20,000.00 for Closing Costs and Dedicate the Property as Parkland (COUNCIL DISTRICT 7) RECOMMENDATION: ' It is recommended that the City Council: 1. Authorize acquisition of seven residential lots, approximately 1.0 acre, located in the River Gardens Addition near the intersection of Carswell Access Road and River Hill Lane from Casalegria L.P., for the creation of the EastGate Neighborhood Park for$116,000.00 plus $20,000.00 for closing costs; 2. Authorize the acceptance and recording of the appropriate instruments; and 3. Dedicate the property as parkland upon conveyance. DISCUSSION: Staff recommends acquiring approximately 7 residential lots, approximately 1.0 acre, from Casalegria L.P., for the creation of a park to serve the citizens in an underserved area of the City. The City will pay the costs to survey the property before conveyance. The total purchase price of the property is $116,000.00 and an additional $20,000.00 for closing costs. The legal description is as follows: Grantor _ Legal Description Amount Approximately 1.0 acre of land located in the Casalegria L.P. River Gardens Addition, Lots 13-19, Block 1, $116,000.00 Fort Worth, Tarrant County, Texas Estimated Related Closing Costs $ 20.000.00 Total __ -- - -�-J� $136,000.00 The annual cost to maintain this parkland is estimated to be $2,758.00. This property is located in COUNCIL DISTRICT 7, Mapsco 60Q. FISCAL INFORMATION/CERTIFICATION: The Financial Management Services Director certifies that funds are available in the current capital budget, as appropriated, of Park Dedication Fees Fund and in the current operating budget, as Page 1 of 2 appropriated, of the General Fund. TO Fund/Account/Centers FROM Fund/Account/Centers GG01 539120 0807031 $2,758.00 1) C281 541100 807900243741 $136,000.00 Submitted for City Manager's Office by: Fernando Costa (6122) Originating Department Head: Jay Chapa (5804) Richard Zavala (5711) Additional Information Contact: Cynthia Garcia (8187) David Creek (5744) ATTACHMENTS EastGate Park.pdf ri Page 2 of 2