HomeMy WebLinkAboutContract 46620 CITY SECRETARY
CONTRACT NO.
CONTRACT OF SALE AND PURCHASE
(Sale by City of Fort Worth)
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 Assistant City Manager ("Seller")
and FORT WORTH HOUSING FINANCE CORPORATION, a Texas housing finance
corporation ("Purchaser") as of September 25, 2014 ("Effective Date"). Seller and Purchaser
may be referred to individually as a"Party" and jointly as the "Parties".
RECITALS
1. Seller is the owner of 21 platted lots in the Diamond Hill-Jarvis Neighborhood
(individually referred to herein as a "Lot", and collectively referred to as the "Property"),
as shown and more particularly described on the attached Exhibit "A", incorporated
herein for all purposes.
2. Seller acquired the property with United States Department of Housing and Urban
Development ("HUD") Community Development Block Grant ("CDBG") funds.
3. Purchaser desires to purchase the Property in order to construct approximately 21 single
family houses ranging from approximately 1,200 square feet to 1,800 square feet (the
"houses") to be sold to low-to-moderate income buyers in accordance with federal
requirements for property acquired with CDBG funds and with the requirements set forth
herein. Purchaser will use HOME Investment Partnerships Program ("HOME") grant
funds for the purchase of the Property and construction of the houses for sale to HOME-
eligible buyers.
4. Seller shall sell the Property directly to Purchaser in accordance with Section 272.001(g)
of the Texas Local Government Code.
5. The development of low and moderate income housing in the Diamond Hill-Jarvis
neighborhood serves a public purpose by assisting the City in meeting its strategic goal of
development of affordable housing.
6. Purchaser agrees to purchase the Property, subject to the terms and conditions hereinafter
set forth, including the right to terminate this Contract with no further obligation to Seller
as provided herein.
M AGREEMENT
M
< In consideration of the mutual covenants, representations, warranties and agreements
M contained herein, and for other good and valuable consideration, the receipt and adequacy of
which are hereby acknowledged, Seller and Purchaser agree as follows:
OFFICIAL RECORD
C4
CITY SECRETARY
N
FT. WORTH, TX
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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, subject to the terms and conditions set forth in this
Contract. The Property does not have to be conveyed in its entirety. Seller may sell and convey
the Property to the Purchaser or sell and convey a single Lot, as determined by the Purchaser. If
the Property is conveyed to the Purchaser in single Lots, the Lots shall be as described in Exhibit
"A", and shall be conveyed for the Lot Purchase Price (as defined below). If the Property is
conveyed to the Purchaser by Lot, no later than 15 days prior to Closing, Purchaser must provide
Seller with a survey of the Lot ("Lot Survey") which meets the requirements of the Survey in
Section 3(b). Each Lot shall be conveyed for the Purchase Price.
(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 (as defined below) that are not cured and that are subsequently
waived pursuant to Section 3 ("Permitted Encumbrances") and any express reservations
described herein.
(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: Seller shall convey any mineral
rights that Seller has in the Property to Purchaser. Seller acknowledges that because Seller
acquired the Property with CDBG funds, federal law requires Seller to include any mineral
interests in the Property that Seller may have acquired in the conveyance of the Property to
Purchaser. Purchaser acknowledges that because it will acquire the Property with HOME funds,
federal law requires that it must convey any mineral interests it receives from Seller to the buyers
of the houses.
(d) Purchaser shall resell the Lots to individuals or households earning 80% or less of
Area Median Income as determined by HUD ("Qualified Purchaser"), in accordance with
HOME requirements, which include an affordability period during which the house must be
occupied by the homebuyer as his or her principal residence in accordance with the HOME
regulations. If any house constructed on any purchased Lot is not resold to a Qualified Purchaser
or does not otherwise meet HOME requirements, Seller may terminate this Contract as to any
remaining unpurchased Lots, without any liability to the Purchaser, and in addition to any other
remedies Seller may have at law.
(e) Purchaser agrees to construct a single family house ranging from approximately
1,200 square feet to 1,600 square feet on each purchased Lot in accordance with HOME
requirements. This provision shall survive closing and the expiration or earlier termination of
this Contract. If any house is constructed on any purchased Lot that is not in accordance with the
HOME requirements, Seller may terminate this Contract as to any remaining unpurchased Lots,
without any liability to the Purchaser, and in addition to any other remedies Seller may have at
law.
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Section 2. Independent Contract Consideration, Purchase Price, and Earnest Money.
(a) Contemporaneously with the execution of this Contract, Purchaser hereby delivers
to Seller the amount of $100.00 ("Independent Contract Consideration") which amount the
Parties bargained for and agreed to as consideration for Seller's execution and delivery of this
Contract. This Independent Contract Consideration is in addition to and independent of any
other consideration or payment provided for in this Contract, is nonrefundable, and shall be
retained by Seller notwithstanding any other provision of this Contract. In the event Purchaser
purchases the Property, the Independent Contract Consideration shall be credited to the Purchase
Price (as hereinafter defined) of the first Lot.
(b) The purchase price for the Property is a total of$132,000.00 ("Purchase Price").
The Lot purchase price ("Lot Purchase Price") for each Lot payable by Purchaser to Seller in
cash at Closing (defined below) is $6.285.71 per Lot.
(c) Within 5 days after the execution and delivery of this Contract by Seller to
Purchaser, Purchaser shall deliver to Title Company (as defined below in) a check payable to the
order of Title Company or other means of funding reasonably satisfactory to Seller earnest
money in the amount of $1,000.00 ("Earnest Money"). Purchaser's failure to deposit the
Earnest Money as provided herein shall entitle Seller to void this Contract. The Earnest Money
shall secure Purchaser's performance of its closing obligations stated in this Contract. Title
Company shall hold the Earnest Money in escrow and deliver it in accordance with the
provisions of this Contract.
Section 3. Title Commitment and Survey.
(a) Within 30 days after the Effective Date, Purchaser may 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 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) Purchaser may, at its sole cost and expense obtain a survey ("Survey") of the
Property. If Seller has a survey of the Property, it will furnish a copy to Purchaser.
(c) If the Title Commitment 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 15 days after receipt of the Title Commitment and all documents referred to
in the Title Commitment, specifying Purchaser's objections ("Objections"), if any. If Purchaser
gives such notice to Seller, Seller shall use its best efforts to cure the Objections, but shall be
under no obligation to do so.
(d) If Purchaser gives notice of Objections and Seller does not cure the Objections,
cause the Title Commitment to be amended to give effect to matters that are cured, and give
Purchaser written notice thereof within the fifteen 15 day period following receipt of the notice
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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, Purchaser shall be entitled to the return of the Earnest Money, and neither Party
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.
Section 4. Review Reports. Seller shall deliver to Purchaser without recourse or
warranty any environmental or engineering reports and studies in Seller's possession concerning
the Property ("Reports") within 5 days after the Effective Date.
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 19809
AS AMENDED, AND REGULATIONS PROMULGATED THEREUNDER.
PURCHASER FURTHER ACKNOWLEDGES AND AGREES THAT HAVING BEEN
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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 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.
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(c) The provisions of Section 5(a) shall survive the Closing (defined below).
Section 6. Option Period.
(a) Notwithstanding anything to the contrary contained in this Contract, until 1 year
after the Effective Date ("Option Period"), the following is a condition precedent to Purchaser's
obligations under this Contract:
i. 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 below).
ii. Satisfactory completion of environmental review and receipt by the
City of a release of funds from HUD under 24 CFR Part 58 for
Purchaser's intended use of the Property.
iii. Purchaser must have a fully executed HOME contract with the
City for the HOME funds to construct a house on a Lot prior to
Closing on such Lot.
(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, Purchaser shall be entitled to the return of the Earnest Money and neither
Party shall have any further rights or obligations under this Contract.
(c) If Purchaser does not terminate this Contract prior to the expiration of the Option
Period, then the Earnest Money shall become non-refundable to Purchaser except in the event of
Seller's default in the performance of Seller's obligations under this Contract, and Title
Company shall release the Earnest Money to Seller at any time thereafter upon request by Seller.
(d) The provisions of this Section 6 control all other provisions of this Contract.
(e) The Parties agree that the Option Period may be extended for one additional 1
year period with the payment of$100.00 by Purchaser to Seller as additional consideration for
the extension of the Option Period. The Option Period will not be extended upon expiration
without a written amendment signed by the Parties and the payment of the additional
consideration.
(f) This Contract will terminate at the end of the Option Period and neither Party
shall have any further rights or obligations under this Contract.
Section 7. Tests. Purchaser, at Purchaser's sole cost and risk, shall have the right to go on to
the Property, to make inspections, surveys, test borings, soil analyses, and other tests, studies and
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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. In the event this
transaction does not close for any reason whatsoever, Purchaser shall release to Seller any and all
independent studies or results of Tests obtained during the Option Period.
Section 8. Closing Contingencies.
(a) The closing ("Closing") of the sale of the Property by Seller to Purchaser shall
occur through the office of the Title Company. The Closing Contingencies are as follows:
Satisfactory completion of environmental review and receipt by City of a release
of funds from HUD under 24 CFR Part 58 for Purchaser's intended use of the
Property.
Purchaser must have a fully executed HOME contract with the City for the
HOME funds to construct a house on a Lot before Closing on that Lot.
(b) If any Closing Contingencies are not satisfied to Seller's or Purchaser's
satisfaction, as the case may be, so that Purchaser is prepared to close, then Seller must terminate
this Contract, and upon the termination, Seller shall return any remaining Earnest Money and any
interest earned-and neither Party will have any further rights or obligations hereunder; however,
the Closing may be extended if the Closing Contingencies are not satisfied if the Parties agree to
in writing to such extension.
Section 9. Closing. Closing shall occur no later than 2 years from the Effective
Date unless otherwise agreed to in writing by the Parties.
(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 to existing
easements, rights-of-way, and prescriptive rights, whether of
record or not, and with the precise form of the Deed to be
determined pursuant to Section 11 below;
(ii) Any other instrument or document necessary for Title Company to
issue the Owner Policy in accordance with Section 9(a)(3) below.
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(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 such
other means of funding acceptable to Seller, in an amount equal to the Purchase
Price, adjusted for closing costs and prorations.
(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 for the Property 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) The Earnest Money shall be credited to the Purchase Price at the Closing.
(5) Seller and Purchaser shall each pay their respective attorneys' fees.
(6) 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 costs.
(b) Ad valorem and similar taxes and assessments, if any, relating to the Property
shall be prorated between Seller and Purchaser as of the Closing, based on estimates of the
amount of taxes that will be due and payable on the Property during the calendar year in which
the Closing occurs. As soon as the amount of taxes and assessments on the Property for that year
is known, Seller and Purchaser shall readjust the amount of taxes to be paid by each party with
the result that Seller shall pay for any taxes and assessments applicable to the Property up to and
including the date of Closing, and Purchaser shall pay for those taxes and assessments applicable
to the Property after the Closing. The provisions of this Section 9(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.
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.
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Section 11. ClosinE Documents. No later than 2 days prior to the Closing, Seller shall
deliver to Purchaser a copy of the Special Warranty Deed, which is subject to Purchaser's
reasonable right of approval.
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, and (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 With a copy to:
1000 Throckmorton Street Leann Guzman
Fort Worth, Texas 76102 City Attorney's Office
Attention: Cynthia Garcia City of Fort Worth
1000 Throckmorton
Fort Worth, Texas 76102
(c) The address of Purchaser under this Contract is:
Fort Worth Housing Finance Corporation
1000 Throckmorton Street
Fort Worth, Texas 76102
Attention: Cynthia Garcia
With a copy to:
Vicki Ganske
City Attorney's Office
City of Fort Worth
1000 Throckmorton
Fort Worth, Texas 76102
(d) From time to time either Party may designate another address or telecopy number
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
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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, and Title Company shall deliver the Earnest Money to Seller as
liquidated damages, free of any claims by Purchaser or any other person with respect thereto. It
is agreed that the Earnest Money to which the Seller is entitled hereunder is a reasonable forecast
of just compensation for the harm that would be caused by Purchaser's breach and that the harm
that would be caused by such breach is one that is incapable or very difficult of accurate
estimation, and that the payment of these sums upon such breach shall constitute full satisfaction
of Purchaser's obligations hereunder.
(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 whereupon the
Earnest Money shall be returned to Purchaser and neither party hereto shall have any further
rights or obligations hereunder.
(c) If either Seller or Purchaser becomes entitled to the Earnest Money upon
cancellation of this Contract in accordance with its terms, Purchaser and Seller covenant and
agree to deliver a letter of instruction to the Title Company directing disbursement of the Earnest
Money to the Party entitled thereto.
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 attempted assignment
without written permission of the other Party shall be void.
Section 16. Time of the Essence. It is expressly agreed that time is of the essence with
respect to this Contract.
Section 17. Takin1l Prior to Closin1j. 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 whereupon the remaining Earnest Money shall
be returned to Purchaser, 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. Governin14 Law. This Contract shall be governed by and construed in
accordance with the laws of the State of Texas.
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Section 19. 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 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, as the case may be,
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.
[SIGNATURES APPEAR ON THE FOLLOWING PAGE]
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This Contract is executed as of the Effective Date.
SELLER: CITY OF FORT WORTH, TEXAS
By:
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Fernando Costa, Assistant City Manager
ATTEST Q �f?oty
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ary J. se , Secretary $, 00
M&C 7 8 Date: 9/23/2014 AFXAS0�*
APPROVED AS TO LEGALITY AND FORM
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Leann D. Guzman
Senior Assistant City Attorney
PURCHASER:
FORT WORT HOUSING FINANCE CORPORATION
By:
Cynthia arcia, Assistant General Manager
OFFICIAL RECORD
CITY SECRETARY
FT. WORTH,TX
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By its execution below, Title Company acknowledges receipt of the Earnest Money described in
this Contract and agrees to hold and deliver the same and perform its other duties pursuant to the
provisions of this Contract.
TITLE COMPANY:
By:
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CFW Sale to FWHFC Page 13 of 15
Hardy Street SF Infill Rev. 4/24/2015
EXHIBIT "A"
PROPERTY DESCRIPTION
Street Address Legal Description
3600 Eagle Nest Lot 7, Block 4-R, Jarvis Heights Apartments Addition, an Addition to the
Street City of Fort Worth, Tarrant County, Texas, according to the Plat recorded
in County Clerk's File No. D213160719, of the Official Public Records,
Tarrant County, Texas
3601 Eagle Nest Lot 7, Block 3-R, Jarvis Heights Apartments Addition, an Addition to the
Street City of Fort Worth, Tarrant County, Texas, according to the Plat recorded
in County Clerk's File No. D213160719, of the Official Public Records,
Tarrant County, Texas
3608 Eagle Nest Lot 6, Block 4-R, Jarvis Heights Apartments Addition, an Addition to the
Street City of Fort Worth, Tarrant County, Texas, according to the Plat recorded
in County Clerk's File No. D213160719, of the Official Public Records,
Tarrant County, Texas
3609 Eagle Nest Lot 6, Block 3-R, Jarvis Heights Apartments Addition, an Addition to the
Street City of Fort Worth, Tarrant County, Texas, according to the Plat recorded
in County Clerk's File No. D213160719, of the Official Public Records,
Tarrant County, Texas
3616 Eagle Nest Lot 5, Block 4-R, Jarvis Heights Apartments Addition, an Addition to the
Street City of Fort Worth, Tarrant County, Texas, according to the Plat recorded
in County Clerk's File No. D213160719, of the Official Public Records,
Tarrant County, Texas
3617 Eagle Nest Lot 5, Block 3-R, Jarvis Heights Apartments Addition, an Addition to the
Street City of Fort Worth, Tarrant County, Texas, according to the Plat recorded
in County Clerk's File No. D213160719, of the Official Public Records,
Tarrant County, Texas
3624 Eagle Nest Lot 4, Block 4-R, Jarvis Heights Apartments Addition, an Addition to the
Street City of Fort Worth, Tarrant County, Texas, according to the Plat recorded
in County Clerk's File No. D213160719, of the Official Public Records,
Tarrant County, Texas
3625 Eagle Nest Lot 4, Block 3-R, Jarvis Heights Apartments Addition, an Addition to the
Street City of Fort Worth, Tarrant County, Texas, according to the Plat recorded
in County Clerk's File No. D213160719, of the Official Public Records,
Tarrant County, Texas
3632 Eagle Nest Lot 3, Block 4-R, Jarvis Heights Apartments Addition, an Addition to the
Street City of Fort Worth, Tarrant County, Texas, according to the Plat recorded
in County Clerk's File No. D213160719, of the Official Public Records,
Tarrant County, Texas
3633 Eagle Nest Lot 3, Block 3-R, Jarvis Heights Apartments Addition, an Addition to the
Street City of Fort Worth, Tarrant County, Texas, according to the Plat recorded
in County Clerk's File No. D213160719, of the Official Public Records,
Tarrant County, Texas
3640 Eagle Nest Lot 2, Block 4-R, Jarvis Heights Apartments Addition, an Addition to the
Street City of Fort Worth, Tarrant County, Texas, according to the Plat recorded
in County Clerk's File No. D213160719, of the Official Public Records,
Tarrant County, Texas
3641 Eagle Nest Lot 2, Block 3-R, Jarvis Heights Apartments Addition, an Addition to the
Street City of Fort Worth, Tarrant County, Texas, according to the Plat recorded
in County Clerk's File No. D213160719, of the Official Public Records,
Tarrant County, Texas
3648 Eagle Nest Lot 1, Block 4-R, Jarvis Heights Apartments Addition, an Addition to the
Street City of Fort Worth, Tarrant County, Texas, according to the Plat recorded
in County Clerk's File No. D213160719, of the Official Public Records,
Tarrant County, Texas
3649 Eagle Nest Lot 1, Block 3-R, Jarvis Heights Apartments Addition, an Addition to the
Street City of Fort Worth, Tarrant County, Texas, according to the Plat recorded
in County Clerk's File No. D213160719, of the Official Public Records,
Tarrant County, Texas
3601 Hardy Lot 14, Block 4-R, Jarvis Heights Apartments Addition, an Addition to
Street the City of Fort Worth, Tarrant County, Texas, according to the Plat
recorded in County Clerk's File No. D213160719, of the Official Public
Records, Tarrant County, Texas
3609 Hardy Lot 13, Block 4-R, Jarvis Heights Apartments Addition, an Addition to
Street the City of Fort Worth, Tarrant County, Texas, according to the Plat
recorded in County Clerk's File No. D213160719, of the Official Public
Records, Tarrant County, Texas
3617 Hardy Lot 12, Block 4-R, Jarvis Heights Apartments Addition, an Addition to
Street the City of Fort Worth, Tarrant County, Texas, according to the Plat
recorded in County Clerk's File No. D213160719, of the Official Public
Records, Tarrant County, Texas
3625 Hardy Lot 11, Block 4-R, Jarvis Heights Apartments Addition, an Addition to
Street the City of Fort Worth, Tarrant County, Texas, according to the Plat
recorded in County Clerk's File No. D213160719, of the Official Public
Records, Tarrant County, Texas
3633 Hardy Lot 10, Block 4-R, Jarvis Heights Apartments Addition, an Addition to
Street the City of Fort Worth, Tarrant County, Texas, according to the Plat
recorded in County Clerk's File No. D213160719, of the Official Public
Records, Tarrant County, Texas
3641 Hardy Lot 9, Block 4-R, Jarvis Heights Apartments Addition, an Addition to the
Street City of Fort Worth, Tarrant County, Texas, according to the Plat recorded
in County Clerk's File No. D213160719, of the Official Public Records,
Tarrant County, Texas
3649 Hardy Lot 8, Block 4-R, Jarvis Heights Apartments Addition, an Addition to the
Street City of Fort Worth, Tarrant County, Texas, according to the Plat recorded
in County Clerk's File No. D213160719, of the Official Public Records,
Tarrant County, Texas
M&C Review Page I of 4
Official site of the City of Fort Worth,Texas
CITY COUNCIL AGENDA Far H
COUNCIL ACTION: Approved on 9/23/2014
DATE: 9/23/2014 REFERENCE C-27008 LOG NAME: 17HFCHARDYLOTS
NO.:
NOW PUBLIC
CODE: C TYPE: CONSENT HEARING:
NO
SUBJECT: Authorize Change in Use and Expenditure of$1,300,000.00 of HOME Investment
Partnerships Program Grant Funds to the Fort Worth Housing Finance Corporation in the
Form of a Subordinate Loan for Development of Up to Twenty-One Single Family
Houses for the Hardy Street Single Family Infill Project Located in the Diamond Hill-Jarvis
Neighborhood, Authorize Execution of a Contract, Authorize Sale of the Twenty-One
Platted Lots to the Fort Worth Housing Finance Corporation for the Development in the
Amount Not to Exceed $132,000.00, in Accordance with Section 272.001(g) of the Texas
Local Government Code, and Authorize Substantial Amendment to the City's 2007-2008,
2008-2009 and 2010-2011 Action Plans (COUNCIL DISTRICT 2)
RECOMMENDATION:
It is recommended that the City Council:
1. Authorize a substantial amendment to the City's 2007-2008, 2008-2009 and 2010-2011 Action
Plans;
2. Authorize the City Manager, or his designee, to substitute funding years in order to meet United
States Department of Housing and Urban Development commitment, disbursement and expenditure
deadlines;
3. Authorize the change in use and expenditure of$1,300,000.00 in prior years HOME Investment
Partnerships Program Grant funds to the Fort Worth Housing Finance Corporation in the form of a
subordinate loan for the development of the Hardy Street Single Family Infill Project, a development
of up to twenty-one houses located on Eagle Nest Street and Hardy Street;
4. Authorize the City Manager, or his designee, to execute a conditional commitment with the Fort
Worth Housing Finance Corporation for a five-year subordinate deferred forgivable loan that
conditions funding on, among other things, satisfactory completion of HOME requirements;
5. Authorize the City Manager, or his designee, to execute a contract with the Fort Worth Housing
Finance Corporation for the construction and completion of the project for a term beginning on the
date of execution of the contract and ending five-years from the date of execution;
6. Authorize the City Manager, or his designee, to amend the contract for up to two one year
extensions if the Fort Worth Housing Finance Corporation requests an extension and such extension
is necessary for completion of the project;
7. Authorize the City Manager, or his designee, to amend the contract if necessary to achieve project
goals provided that the amendment is within scope of the project and in compliance with City policies
and applicable laws and regulations governing the use of federal grant funds;
8. Authorize the direct sale of twenty-one platted properties located on Eagle Nest Street and Hardy
Street to the Fort Worth Housing Finance Corporation, in accordance with Section 272.001(g) of the
Texas Local Government Code, in the amount not to exceed $132,000.00; and
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M&C Review Page 2 of 4
9. Authorize the City Manager, or his designee, to execute and record the appropriate instruments
conveying the properties to complete the purchase and sale.
DISCUSSION:
The City Council authorized a total amount of$1,658,724.00 in Community Development Block Grant
(CDBG) funds for the Hardy Street Single Family Infill Housing Development (Development) (M&C G-
16852, M&C C-24117, M&C G-16884, M&C G-17714 and M&C C-26054). The Development
consists of acquisition of 3601 and 3617 Hardy Street, demolition of an existing structure and
installation of infrastructure for the 21 single family lots. The tracts have been replatted into 21 lots
(Properties) to be sold to a homebuilder to construct quality, affordable and accessible housing in the
Diamond-Hill Jarvis neighborhood. On June 10, 2014, (M&C C-26825) the City Council authorized
the sale of three lots to HMH Lifestyles, LP d/b/a HistoryMaker Homes (HistoryMaker), as the
homebuilder to purchase and construct the houses. However, HistoryMaker decided not to proceed
with the project due to higher priority developments available with more lots for home construction.
On August 26, 2014, the Board of the Fort Worth Housing Finance Corporation (HFC) agreed to be
the Developer for the project and approved all necessary actions to complete the acquisition and the
construction of the 21 single-family houses. The houses will be either three bedroom/two bath or four
bedroom/two bath houses, ranging in size from 1,400 to 1,875 square feet. The houses will be sold
to homebuyers earning 80 percent or less of the Area Median Income as determined by the United
States Department of Housing and Urban Development (HUD). Buyers must meet all HOME
Program requirements, including applying for and receiving at least $1,000.00 in down payment
and/or closing cost assistance from the City's Homebuyer Assistance Program (HAP) and must
occupy the unit as their primary residence for the length of the affordability period.
The City will enter a contract with the HFC for$1,300,000.00 of the City's HOME funds to be used for
acquisition of the properties, as described below and for part of the construction costs for the
project. The HOME funds will be in the form of a forgivable deferred payment loan. If the houses are
all sold to HOME-eligible buyers who occupy the units for the length of the affordability period, the
loan will be forgiven.
Staff recommends the following contract and loan terms:
1. Houses must be sold six months after completion to HOME-eligible buyers who obtain at least
$1,000.00 of HAP loan funds;
2. The length of the affordability period for the houses will be either 5, 10 or 15 years depending
upon the amount of HOME funds provided to the buyer;
3. Secure performance and repayment of HOME funds in the case of default by homebuyer or
Developer with a recorded deed of trust; and
4. Five-year contract and loan term with HFC; and
5. HFC's loan is forgiven if all HOME requirements and contract terms are met.
The expenditure of HOME funds is conditioned upon the following:
1. Satisfactory completion of an environmental review pursuant to 24 CFW part 58; and
2. Authorization to use grant funds from HUD.
In accordance with the HOME regulations, 24 CFR Part 92 et seq., the purpose of this project is to
benefit low and very low-income citizens by providing them with affordable housing. A public
comment period on the change in use of these HOME funds was held from August 22, 2014 to
September 22, 2014. Any comments are maintained by the Housing and Economic Development
Department in accordance with federal regulations. The Action Plan funding year may vary and be
substituted based on the principle of First In, First Out (FIFO) in order to expend the oldest grant
funds first.
Staff recommends selling the property to the HFC for the project. The sales price is $132,000.00 for
all 21 lots. The HFC is responsible for all closing costs on this transaction. The City advertised the
intent to sell the property in the Fort Worth Star-Telegram on August 24, 2014, August 31, 2014,
September 7, 2014 and September 14, 2014.
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M&C Review Page 3 of 4
Address Le al Description
3600 Eagle Nest Street Jarvis Heights Apartments Addition, Block 4-R
Lot 7
3601 Eagle Nest Street Jarvis Heights Apartments Addition, Block 3-R
Lot 7
3608 Eagle Nest Street Jarvis Heights Apartments Addition, Block 4-R
Lot 6
3609 Eagle Nest Street Jarvis Heights Apartments Addition, Block 3-R
Lot 6
3616 Eagle Nest Street Jarvis Heights Apartments Addition, Block 4-R
Lot 5
3617 Eagle Nest Street Jarvis Heights Apartments Addition, Block 3-R
Lot 5
3624 Eagle Nest Street Jarvis Heights Apartments Addition, Block 4-R
Lot 4
3625 Eagle Nest Street Jarvis Heights Apartments Addition, Block 3-R
Lot 4
3632 Eagle Nest Street Jarvis Heights Apartments Addition, Block 4-R
Lot 3
3633 Eagle Nest Street Jarvis Heights Apartments Addition, Block 3-R
Lot 3
3640 Eagle Nest Street Jarvis Heights Apartments Addition, Block 4-R
Lot 2
3641 Eagle Nest Street Jarvis Heights Apartments Addition, Block 3-R
Lot 2
3648 Eagle Nest Street Jarvis Heights Apartments Addition, Block 4-R
Lot 1
3649 Eagle Nest Street Jarvis Heights Apartments Addition, Block 3-R
Lot 1
3601 Hardy Street Jarvis Heights Apartments Addition, Block 4-R
Lot 14
3609 Hardy Street Jarvis Heights Apartments Addition, Block 4-R
Lot 13
3617 Hardy Street Jarvis Heights Apartments Addition, Block 4-R
Lot 12
3625 Hardy Street Jarvis Heights Apartments Addition, Block 4-R
Lot 11
3633 Hardy Street Jarvis Heights Apartments Addition, Block 4-R
Lot 10
3641 Hardy Street Jarvis Heights Apartments Addition, Block 4-R
Lot 9
3649 Hardy Street Jarvis Heights Apartments Addition, Block 4-R
Lot 8
This project is located in COUNCIL DISTRICT 2, Mapsco 48Z.
FISCAL INFORMATION/CERTIFICATION:
The Financial Management Services Director certifies that funds are available in the current operating
budget, as appropriated, of the Grants Fund.
TO Fund/Account/Centers FROM Fund/Account/Centers
GR76 539120 005206181640 $1,000,000.00 GR76 539120 005206181070 $400,000.00
GR76 539120 005206271640 $179,440.54 GR76 539120 005206181160 $55,000.00
GR76 539120 017206461640 $120,559.46 GR76 539120 005206181360 $545,000.00
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M&C Review Page 4 of 4
GR76 539120 005206271990 $179,440.54
GR76 539120 017206461990 $120.559.46
Submitted for City Manager's Office by: Fernando Costa (6122)
Originating Department Head: Jay Chapa (5804)
Additional Information Contact:
Cynthia Garcia (8187)
Bette Chapman (6125)
ATTACHMENTS
http://apps.cfwnet.org/council_packet/mc review.asp?ID=20264&councildate=9/23/2014
RESOLUTION NO. FWHFC-2014-13
FORT WORTH HOUSING FINANCE CORPORATION
A RESOLUTION APPROVING A CONTRACT WITH THE CITY OF FORT
WORTH FOR$1,300,000 IN HOME FUNDS FOR THE HARDY STREET
SINGLE FAMILY INFILL DEVELOPMENT IN THE DIAMOND HILL-JARVIS
NEIGHBORHOOD,APPROVE PURCHASE OF 21 LOTS FROM THE CITY OF
FORT WORTH AND APPROVE ALL RELATED ACTIONS REQUIRED FOR
HOUSING DEVELOPMENT
WHEREAS, the City Council of the City of Fort Worth ("City") has adopted
development and revitalization of the City's affordable housing stock as a strategic goal
and City citizens and the City Council have determined that quality, accessible,
affordable housing is needed for moderate, low and very low income City citizens;
WHEREAS, the City Council established the Fort Worth Housing Finance
Corporation (the "Corporation") in 1979 pursuant to Chapter 394, Texas Local
Government Code,to facilitate housing initiatives in the City, including but not limited to
issuing tax exempt bonds, developing and promoting housing, and assisting low to
moderate income City citizens in acquiring quality, accessible, affordable housing
through lending and construction activities;
WHEREAS, the City receives grant funds from the United States Department of
Housing and Urban Development ("HUD") through the HOME Investment Partnerships
Program ("HOME"), with which the City promotes activities that expand the supply of
affordable housing and develop partnerships with neighborhood-based non profit housing
organizations to benefit low- and very low-income City citizens by providing them with
affordable housing;
WHEREAS, the City desires to enter into a contract with the Corporation for the
use of up to $1,300,000.00 in City's HOME funds to acquire 21 lots located on Eagle
Nest Street and Hardy Street in the Diamond Hill-Jarvis neighborhood from the City of
Fort Worth for the construction of up to 21 single family houses for sale to HOME-
eligible buyers;
WHEREAS, the Board desires to approve and accept a contract with the City of
Fort Worth for the use of$1,300,000 in City HOME funds for the Hardy Street Single
Family Infill Development, approve the Corporation acting as developer for the project,
approve the purchase of 21 lots from the City for the project, approve the sale of the
n houses at negotiated prices to HOME-eligible buyers, and approve all actions necessary
m for single family affordable housing development related to the project.
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n
co
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FWHFC RESOLUTION 2014-13
PAGE 2
NOW THEREFORE, BE RESOLVED BY THE BOARD OF DIRECTORS
OF THE FORT WORTH HOUSING FINANCE CORPORATION:
1. THAT the Board approves the execution and delivery of a contract ("Contract")
by and between the City of Fort Worth("City") and the Corporation for up to $1,
300,000.00 in the City's HOME funds in order to provide funding for the Hardy
Street Single Family Infill Development and for the Corporation to undertake all
activities necessary to fulfill the terms of the Contract and the requirements of the
HOME Regulations for affordable housing development.
2. THAT the Board approves the purchase of 21 lots located on Eagle Nest Street
and Hardy Street listed on Exhibit "A" from the City of Fort Worth for the
appraised value of each lot, along with the payment of up to $3,000.00 in closing
costs per lot.
3. THAT Jesus J. Chapa, General Manager of the Corporation, or Cynthia Garcia,
Assistant General Manager of the Corporation, are each authorized to execute and
deliver the Contract for and on behalf of the Corporation along with any related
documents necessary to implement the Contract, and each may extend, modify
and amend the Contract, provided any such extensions, modifications and
amendments are in compliance with City Ordinances, requirements for use of
HOME funds and the goals and purposes of the Corporation as amended from
time to time.
4. THAT Jesus J. Chapa, General Manager of the Corporation, or Cynthia Garcia,
Assistant General Manager of the Corporation, are each authorized to accept the
deeds for the lots, and execute and deliver the closing statements for and on
behalf of the Corporation along with any related documents necessary to complete
the purchase the lots.
5. THAT the Board approves all actions necessary for the Corporation to act as
developer of the Hardy Street Single Family Infill Development, and Jesus J.
Chapa, General Manager of the Corporation, or Cynthia Garcia,Assistant General
Manager of the Corporation, are each authorized to take all actions necessary to
develop single family affordable housing on the lots for sale to HOME-eligible
buyers in order to fulfill the Corporation's obligations under the Contract,
including but not limited to executing and delivering contracts with a general
contractor, subcontractors, material men, suppliers, and professionals such as
architects,surveyors, and engineers.
6. THAT Jesus J. Chapa, General Manager of the Corporation, or Cynthia Garcia,
Assistant General Manager of the Corporation, are each authorized to take all
actions necessary to sell the houses to HOME-eligible buyers in accordance with
the terms of the Contract, including without limitation: (i) determine the sales
price of the houses to facilitate their sale to HOME-eligible buyers; (ii) execute
FWHFC RESOLUTION 2014-13
PAGE 3
and deliver a listing agreement with a licensed real estate broker for the sale of the
houses; (iii) execute and deliver purchase and sale contracts for the houses at a
negotiated sales price, and (iv) execute and deliver the deeds for the completed
houses, the closing statements for the sale of the houses and any related
documents necessary to complete the sale the houses to HOME-eligible buyers in
accordance with the terms of the Contract.
7. THAT the Board approves the payment of the net sales proceeds from the sale of
the houses to the City to the extent required by the Contract and the HOME
Regulations.
8. THAT to the extent any of the actions to develop the lots as authorized by these
Resolutions have already been taken by the Corporation, Jesus J. Chapa or
Cynthia Garcia, the Board hereby ratifies and confirms such actions as the valid
actions of the Corporation effective as of the date such action was taken.
9. THAT this Resolution takes effect on the date of its adoption.
AND IT IS SO RESOLVED.
Adopted August 26,2014.
FORT WORTH HOUSING FINANCE CORPORATION
By:
alvador Espino, Pr ident
FWHFC RESOLUTION 2014-13
PAGE 4-EXHIBIT"A"
EXHIBIT "A"
LOTS TO BE PURCHASED FOR THE
HARDY STREET SINGLE FAMILY INFILL DEVELOPMENT
Eagle Nest Street Lots Hardy Street Lots
3600 Eagle Nest Street 3601 Hardy Street
3601 Eagle Nest Street 3609 Hardy Street
3608 Eagle Nest Street 3617 Hardy Street
3609 Eagle Nest Street 3625 Hardy Street
3616 Eagle Nest Street 3633 Hardy Street
3617 Eagle Nest Street 3641 Hardy Street
3624 Eagle Nest Street 3649 Hardy Street
3625 Eagle Nest Street
3632 Eagle Nest Street
3633 Eagle Nest Street
3640 Eagle Nest Street
3641 Eagle Nest Street
3648 Eagle Nest Street
3649 Eagle Nest Street