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HomeMy WebLinkAbout1998-182NOTE Amended by Ordinance No. 98-236. ORDINANCE NO AN ORDINANCE AUTHORIZING THE CITY MANAGER TO EXECUTE AN AGREEMENT ON BEHALF OF THE CITY OF DENTON WITH DIETER SCHWARZ, TERRABAIN, INC, AND NR & RJ PROPERTIES, L P , RELATING TO PURCHASE OF PROPERTY IN LAKEVIEW RANCH FOR A SEWER LIFT STATION AND STREET RIGHT-OF-WAY AND THE CONSTRUCTION OF CERTAIN PUBLIC IMPROVEMENTS, AUTHORIZING THE EXPENDITURE OF FUNDS THEREFOR, AND PROVIDING AN EFFECTIVE DATE THE COUNCIL OF THE CITY OF DENTON HEREBY ORDAINS SECTION I. That the City Manager is hereby authorized to execute an Agreement on behalf of the City of Denton with Dieter Schwarz, Terra/Bain, Inc and NR & RJ Properties, L P , substantially in the form of the attached Agreement which is incorporated herein for all purposes, relating to the purchase of property in Lakeview Ranch for a sewer lift station and street right-of-way, and the construction of water and sewer improvements and certain related improvements SECTION II That the City Manager is authorized to make the expenditure of funds as provided in the attached Agreement SECTION III That this ordinance shall become effective immediately upon its passage and approval PASSED AND APPROVED this the �tOh day of 1998 L ER, MAYOR ATTEST JENNIFER WALTERS, CITY SECRETARY I - / APPROVED TO LEGAL FORM HERBHERBERT L PROUTY,ATTORNEY BY ,LG1t i� Lc �r P WiaeTCryN.pLlUmprciimvY.\QE4uircx�98�tal�evlw R.M IXNmMaOor EXHIBIT E REAL ESTATE CONTRACT STATE OF TEXAS COUNTY OF DENTON THIS CONTRACT OF SALE is made by and between Dieter Schwarz, by and through his attomey-in-fact, NR & RJ Properties L P (hereinafter referred to as "Seller") and CITY OF DENTON, TEXAS, a home rule municipality, of Denton, Denton County, Texas, (hereinafter referred to as "Purchaser" or "City"), upon the terms and conditions set forth herein PURCHASE AND SALE Seller hereby sells and agrees to convey, and Purchaser hereby purchases and agrees to pay for, the tract of land containing approximately 4 33 acres of land situated in Denton County, Texas, in the vicinity of Lakeview Ranch to be used for sewer lift station purposes, and twenty (20) feet wide rights -of -way (ROW) along and adjacent to the eastern boundary of the sixty (60) feet wide ROW dedicated to the City in each phase of development of Lakeview Ranch for street ROW purposes, being more particularly described in Exhibit B attached hereto and incorporated herein by reference for all purposes together with all and singular the rights and appurtenances pertaining to the property, including but not limited to any right, title and interest of Seller in and to adjacent streets, alleys or rights -of -way, royalties and mineral rights (all of such real property, rights, water rights or rights to water, and appurtenances being hereinafter referred to as the "Property"), together with any improvements, fixtures, and personal property situated on and attached to the Property, for the consideration and upon and subject to the terms, provisions, and conditions hereinafter set forth PURCHASE PRICE 1 Amount of Purchase Price The purchase price for the Property shall be the sum of Thirty Thousand Dollars ($30,000) for Lot 67, Block 9 as reflected on preliminary plat approved April 23, 1997 and Ten Dollars ($10) per lineal foot for 20 feet wide street rights -of -way in Lakeview Ranch herein purchased not within Lot 67, Block 9 and existing street nghts-of-way being crossed 2 Payment of Purchase Price The amount of the Purchase Price shall be payable in cash incrementally at closings as envisioned in agreement between Purchaser and Terra/Bain, Inc, NR & RJ Properties, L P , and Dieter Schwarz adopted by City Ordinance on June 16, 1998 PRELIMINARY OBLIGATIONS OF THE PARTIES The obligations of Purchaser hereunder to consummate the transactions contemplated hereby are subject to the satisfaction of each of the following conditions any of which may be waived in whole or in part by Purchaser at or prior to the closing I Preliminary Title Report Within twenty (20) days after the date hereof, Seller, at SELLER'S SOLE COST AND EXPENSE, shall have caused the Title Company (hereinafter defined) to issue a preliminary title report (the "Title Report") accompanied by copies of all recorded documents relating to easements, nghts-of-way, etc, affecting the Property Purchaser shall give Seller written notice on or before the expiration of ten (10) days after Purchaser receives the Title Report that the condition of title as set forth in the title binder is or is not satisfactory, and in the event Purchaser states the condition is not satisfactory, Seller shall, at Seller's option, promptly undertake to eliminate or modify all unacceptable matters to the reasonable satisfaction of Purchaser In the event Seller is unable to do so within ten (10) days after receipt of written notice, this Agreement shall thereupon be null and void for all purposes and the Escrow Deposit, if any, shall be forthwith returned by the Title Company to Purchaser, otherwise, this condition shall be deemed to be acceptable and any objection thereto shall be deemed to have been waived for all purposes 2 Survey Contemporaneously with Purchaser's delivery of an executed original of this Agreement, Seller shall within twenty (20) days from the date hereof, at Seller's sole cost and expense, deliver to Purchaser a current survey of the Property, prepared by a duly licensed Texas land surveyor acceptable to Purchaser and Seller The survey shall be staked on the ground, and shall show the location of all improvements, highways, streets, roads, railroads, rivers, creeks, or other water courses, fences, easements, and rights -of -way on or adjacent to the Property, if any, and shall contain the surveyor's certification that there are no encroachments on the Property and shall set forth the number of total acres comprising the Property, together with a metes and bounds description thereof Purchaser will have ten (10) days after receipt of the survey to review and approve the survey In the event the survey is unacceptable, then Purchaser shall within the ten (10) day period, give Seller written notice of this fact Seller shall, at Seller's option, promptly undertake to eliminate or modify the unacceptable portions of the survey to the reasonable satisfaction of Purchaser In the event Seller is unable to do so within ten (10) days after receipt of written notice, Purchaser may terminate this Agreement, and the Agreement shall thereupon be null and void for all purposes and the Escrow Deposit, if any, shall be returned by the Title Company to Purchaser Purchaser's failure to give Seller this written notice shall be deemed to be Purchaser's acceptance of the survey 3 Seller's Compliance Seller shall have performed, observed, and complied with all of the covenants, agreements, and conditions required by this Agreement to be performed, observed, and complied with by Seller prior to or as of the closing REPRESENTATIONS AND WARRANTIES Seller hereby represents and warrants to Purchaser as follows, which representations and warranties shall be deemed made by Seller to Purchaser also as of the closing date 1 There are no parties in possession of any portion of the Property as lessees, tenants at sufferance, or trespassers PAGE 2 \\CH Rol Uwt9w 2 Except for the poor actions of Purchaser, there is no pending or threatened condemnation, litigation or similar proceeding or assessment affecting the Property, or any part thereof, nor to the best knowledge and belief of Seller is any such proceeding or assessment contemplated by any governmental authority or other party NR & RJ, L P and Dieter Schwarz have filed a declaratory judgment action against Land Advisors, Inc to have a $541,267 00 lien claim declared invalid and unenforceable 3 Seller has complied with all applicable laws, ordinances, regulations, statutes, rules and restrictions relating to the Property, or any part thereof 4 To the best of Seller's knowledge, based upon reasonable inquiry and investigation, there are no toxic or hazardous wastes or materials on or within the Property which require changes or remediation under applicable environmental laws Such toxic or hazardous wastes or materials include, but are not limited to, hazardous materials or wastes as same are defined by the Resource Conservation and Recovery Act (RCRA), as amended, and the Comprehensive Environmental Response Compensation and Liability Act (CERCLA), as amended CLOSING The closing shall be held at the office of American Title Company, 6029 Belt Line Road, Dallas, Texas, 75240, on or before , 1998, or at such title company, time, date, and place as Seller and Purchaser may mutually agree upon (which date is herein referred to as the "closing date ") CLOSING REQUIREMENTS Seller's Requirements At the closing Seller shall A Deliver to Purchaser a duly executed and acknowledged Special Warranty Deed conveying good and indefeasible title in fee simple to all of the Property, free and clear of any and all liens, encumbrances, conditions, easements, assessments, and restrictions, except for the following 1 General real estate taxes for the year of closing and subsequent years not yet due and payable, and 2 Any exceptions approved by Purchaser pursuant to Purchaser's Obligations hereof, and Any exceptions approved by Purchaser in writing 4 Any liens which are not excluded from the coverage provided to Purchaser by the Owner's title policy PAGE %WH LGLAVG"UNMRWM WwG %mC lm nvwW'Mhvw, R444WCl B Deliver to Purchaser at Seller's sole cost and expense a TEXAS OWNER'S TITLE POLICY at SELLER'S SOLE EXPENSE, issued by Lawyer's Title Insurance Corporation, by its agent, American Title Company, 6029 Belt Line Road, Suite 250, Dallas, Texas, 75240, or such title company as Seller and Purchaser may mutually agree upon, in Purchaser's favor in the full amount of the purchase price, insuring Purchaser's fee simple title to the Property subject only to those title exceptions listed in Closing Requirements hereof, such other exceptions as may be approved in writing by Purchaser, and the standard printed exceptions contained in the usual form of Texas Owner's Title Policy, provided, however 1 The boundary and survey exceptions shall be deleted if required by Purchaser and if so required, the costs associated with same shall be bome by Purchaser, and 2 The exception as to restrictive covenants shall be endorsed "None of Record", and 3 The exception for taxes shall be limited to the year of closing and shall be endorsed "Not Yet Due and Payable", and 4 The exception as to liens encumbering the Property shall be endorsed "None of Record", or to the extent any lien is described in the Policy and not released, the Policy shall be endorsed to provide that such lien shall not be an exception to the availability to Purchaser of full coverage as provided by the Policy C Deliver to Purchaser possession of the Property on the day of closing D Seller shall pay any rollback taxes attributable to the property and indemnifies and holds Purchaser harmless against the payment of such rollback taxes, if any 2 Purchaser's Requirements Purchaser shall pay the purchase pnce to Seller, incrementally at closings referenced on page 1 in immediately available funds 3 Closing Costs Through the date of Closing, Seller shall pay all taxes assessed by any taps junsdiction through the date of Closing Any taxes imposed, assessed or ansing because of a change of use of the Property after closing shall be paid by Seller All other costs and expenses of closing in consummating the sale and purchase of the Property not specifically allocated herein shall be equally shared by Purchaser and Seller PAGE .01 LGLWOLIWuN'GryI"M, DxummYKoev,tWshStbwwa Rul E.. REAL ESTATE COMMISSION Any real estate commissions occasioned by the consummation of this Agreement shall be the sole responsibility of Seller, and Seller agrees to indemnify and hold harmless Purchaser from any and all claims for these commissions BREACH BY SELLER In the event Seller shall fail to fully and timely perform any of its obligations hereunder or shall fail to consummate the sale of the Property except Purchaser's default, Purchaser may either enforce specific performance of this Agreement or terminate this Agreement BREACH BY PURCHASER In the event Purchaser should fail to consummate the purchase of the Property, the conditions to Purchaser's obligations set forth in PURCHASER'S OBLIGATIONS having been satisfied and Purchaser being in default Seller may either enforce specific performance of this Agreement, or terminate thus Agreement MISCELLANEOUS 1 Assignment of Agreement This Agreement may not be assigned by Purchaser without the express written consent of Seller 2 Survival of Covenants Any of the representations, warranties, covenants, and agreements of the parties, as well as any rights and benefits of the parties, pertaining to a period of time following the closing of the transactions contemplated hereby shall survive the closing and shall not be merged therein 3 Notice Any notice required or permitted to be delivered hereunder shall be deemed received when sent by United States mail, postage prepaid, certified maul, return receipt requested, addressed to Seller or Purchaser, as the case may be, at the address set forth beneath the signature of the party 4 Texas Law to Apply Tlus Agreement shall be construed under and in accordance with the laws of the State of Texas, and all obligations of the parties created hereunder are performable in Denton County, Texas 5 Parties Bound This Agreement shall be binding upon and inure to the benefit of the parties and their respective heirs, executors, administrators, legal representatives, successors and assigns where permitted by this Agreement 6 Legal Construction In case any one or more of the provisions contained in this Agreement shall for any reason be held to be invalid, illegal, or unenforceable in any respect, said invalidity, illegality, or unenforceability shall not affect any other provision hereof, and this PAGE 5 �KH LGLIVOLIWWe WULWu,Neil PenaM Agreement shall be construed as if the invalid, illegal, or unenforceable provision had never been contained herein 7 Prior Agreements Superseded This Agreement constitutes the sole and only agreement of the parties and supersedes any prior understandings or written or oral agreements between the parties respecting the within subject matter 8 Time of Essence Time is of the essence in this Agreement 9 Gender Words of any gender used in tlus Agreement shall be held and construed to include any other gender, and words in the singular number shall be held to include the plural, and vice versa, unless the context requires otherwise 10 Memorandum of Contract Upon request of either party, both parties shall promptly execute a memorandum of this Agreement suitable for filing of record 1 I Compliance In accordance with the requirements of the Texas Real Estate License Act, Purchaser is hereby advised that it should be furnished with or obtain a policy of title insurance or Purchaser should have the abstract covering the Property examined by an attorney of Purchaser's own selection 12 Time Limit In the event a fully executed copy of this Agreement has not been returned to Seller within tlurty (30) days after Seller executes this Agreement and delivers same to Purchaser, Seller shall have the right to terminate this Agreement upon written notice to Purchaser /99f . DATED this %l/ day of�,(�U9ie� -I� SELLERS Dieter Schwarz By NR & RJ Properties L P his attorney -in -fact By NR & RJ Properties G P , Inc its solNR `d� ral partner , By f Nicholas Raimondo, President APPROVED AS TO LEGAL FORM HERBERT L PROUTY, CITY ATTORNEY PURCHASER THF,CITY OF DENTON, TEXAS Ki(chael W Jez,� 215 E Mc nney Denton, xas 76201 PAGE %NCH LCLMLIwUtl q L%0.OxwbnnuManu,M9llkbxw, Rawl Ruwabn STATE OFF "-#i•s-COUNTY OFBtlITM ��*%--0 Tlus instrument was acknowledged before 4-99t by Nicholas Raimondo i9sf STATE OF TEXAS COUNTY OF DENTON r�t,rai�" N \ T,c o' % me on this 2C,� day of otary Public in and for State o9Vies Lei T Cabilin Notary PublPc, Third Judicial Circuit St,ito of 0,-viau Corrmarr or , m-s 7YOI/49 W his instrument is acknowledged before me, on this � day of 1999 by Michael w Jez, City Manager, of the City of Denton, a municipal $qrporation, known to me to be the person and officer whose name is subscribed to the foregoing instrument and acknowledged to me that the same was the act of the said City of Denton, Texas, a municipal corporation, that he was duly authorized to perform the same by appropriate ordinance of the City Council of the City of Denton and that he executed the same as the act of the said City for purposes and consideration therein expressed, and in theAacity therein stated �P. Avpywf ANN FORSYTHE Notary Public, State of Texas My Commission Expires N�'� � MAY 9, 2002 Notary Public State of Texas PAGE 7 %CH LOLWOLiWwa WUILWw ewwi" "EXHIBIT B" Page 1 of 6 ALL that certain lot, tract or parcel of land lying and being situated in the City and County of Denton, State of Texas in the M Forrest Survey, Abstract Number 417 and being a portion of that certain 30 199 acre "Tract 111, a portion of that certain 53 975 acre "Tract 311, a portion of that certain 131 353 acre "Tract 7", and a portion of that certain 242 422 acre tract, all described to Dieter Schwarz, Inc. in County Clerk's Document Number 94- R0045817, Real Property Records, Denton County, Texas and also being a portion of that certain 28 68 acre tract also described to Dieter Schwarz, Inc County Clerk's Document Number 93-R0064306, Real Property Records, Denton County, Texas and being a part of Lots 1 & 2, Block 12, and part of Lots 1, 2, 3, 4, 5, 6, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17 & 18, Block 9 and part of Lots 1 & 21, Block 8, and being all of Lot 67, Block 9, Lakeview Ranch, Phase 1, an addition to the City of Denton, recorded in Cabinet P, Page 363 of the Plat Records of Denton County, Texas and being more particularly described as follows Tract 1 BEGINNING at the northwest corner of Lot 1, Block 13 of Lakeview Ranch, Phase 1, an addition to the City of Denton, recorded in Cabinet P, Page 363 of the Plat Records of Denton County, Texas, THENCE South 870 39' 20" East along the north line of said Lot 1, Block 13 a distance of 20 01 feet to a point for corner, THENCE South 000 25' 08" West along the easterly line of the 20' R 0 W reserve as shown on said Lakeview Ranch, Phase 1 plat a distance of 180 28 feet to a point for corner, said point being the beginning of a curve to the left whose radius point bears South 890 34' 52" East a distance of 910 feet and whose central angle is 310 30' 03", THENCE southeasterly along the arc of said curve and along said R O W. reserve line, passing at 158 57 feet the south line of said Lot 1, Block 13 same being the north line of Lot 2, Block 13, continuing a total distance of 500 32 feet to a point for corner, THENCE South 310 04' 56" East along said R O W reserve line a distance of 78 69 feet to a point for orner, said point lying on the south line of said Lot 2, Block 13 and also being a point on the north right-of-way line of Appaloosa Drive, %HENCE South 580 55' 04" West along said lines a distance of 20 feet to a point for corner, said point bein,j the southwest corner of "EXHIBIT B" Page 2 of 6 said Lot 2, Block 13 and being the intersection of the east line of Lakeview Boulevard and the north line of Appaloosa Drive, THENCE North 310 04' 56" West along the west line of said Lot 2, Block 13, same being the east right-of-way line of Lakeview Boulevard a distance of 78.70 feet to the beginning of a curve to the right whose radius point bears North 580 55' 04" East a distance of 930 feet and whose central angle is 31' 30' 03" THENCE northwesterly along the arc of said curve and along the east right-of-way line of Lakeview Boulevard, passing at 352 80 feet the northwest corner of said Lot 2, Block 13, same being the southwest corner of said Lot 1, Block 13, continuing a total distance of 511 31 feet to a point for corner, THENCE North 000 25' 08" East along the west line of said Lot 1, Block 13 and the east right-of-way line of Lakeview Boulevard a distance of 180 95 feet to the POINT OF BEGINNING and containing 3513 acre of land Tract 2 BEGINNING at the northwest corner of Lot 1, Block 9, said Lakeview Ranch, phase 1; THENCE North 580 55' 04" East along the north line of said Lot 1, Block 9 and the south right-of-way line of Appaloosa Drive a distance of 20 feet to a point for corner, THENCE South 310 04' 56" East along the easterly line of the 20' R O W reserve as shown on said Lakeview Ranch, Phase 1 plat a distance of 70 feet to a point for corner, said point being the beginning of a curve to the right whose radius point bears South 580 55' 12" West a distance of 540 feet and whose central angle is 31° 30' 03", THENCE southeasterly along the arc of said curve and along said R 0 W reserve line, passing the common line of Lots 1 & 2, Block 9, said Lakeview Ranch, Phase 1, and continuing a total distance of 296 69 feet to a point for corner, said point lying on the common line of Lots 2 & 3, Block 9, said Lakeview Ran,^h 1, THENCE South 00' 25' 08" West along said R O W reserva line, passing the common lines of Lots 3, 4, 5 & 6, Block 9, said Lakeview Ranch, Phase 1, continuing a total distance of 1335 83 feet to a point for corner, said point also being the beginning of "EXHIBIT B" Page 3 of 6 a curve to the left whose radius point bears South 89° 34' 52" East a distance of 860 feet and whose central angle is 030 53' 14", THENCE,scutheasterly along said curve and said R.O W reserve a distance of 58 33 feet to a point for corner, said point lying on the south line of Lot 6, Block 9, said Lakeview Ranch, Phase 1, THENCE South 86° 31' 50" West along the south line of said Lot 6, Block 9, said Lakeview Ranch, Phase 1 a distance of 20 feet to a point for corner, said point being the southwest corner of said Lot 6, Block 9, said Lakeview Ranch, Phase 1, said point also lying on the east right-of-way line of Lakeview Boulevard, said point also being the beginning of a non -tangent curve to the right whose radius point bears North 86° 31' 54" East a distance of 880 feet and whose central angle is 03° 53' 14", THENCE northerly along the arc of said curve and along the west line of said Lot 6, Block 9, said Lakeview Ranch, Phase 1 and along east right-of-way line of Lakeview Boulevard a distance of 59 72 feet to a point for corner, THENCE North 00° 25' 08" East along said lines, passing the common corners of Lots 6, 5, 4, and 3, Block 9, said Lakeview Ranch, Phase 1, a distance of 1,335.83 feet to a point for corner, said point being the northwest corner of Lot 3, Block 9 and the southwest corner of Lot 2, Block 9, said Lakeview Ranch, Phase 1 and being the beginning of a curve the left whose radius point bears North 89° 34' 52" West a distance of 520 feet and whose central angle is 310 30' 03", THENCE northwesterly along the arc of said curve and along the west line of Lot 6, Block 9, said Lakeview Ranch, Phase 1 and the east right-of-way line of Lakeview Boulevard, passing the common corner of Lots 1 a 2, Block 9, said Lakeview Ranch, Phase 1, a distance of 285 89 feet to a point for corner, THENCE North 310 04' 56" West along the west line of Lot 1, Block 9, said Lakeview Ranch, Phase 1 and the east right-of-way line of Lakeview Boulevard a distance of 70 01 feet to the POINT OF BEGINNING and containing .8064 acre of land Tract 3 BEGINNING at the northwest corner of Lot 8, Block 9, said Lakeview Ranch, Phase 1, "EXHIBIT B" Page 4 of 6 THENCE North 73' 50' 26" East along the north line of said Lot 8, Block 9 a distance of 20 feet to a point for corner, THENCE South 160 09' 34" East along the easterly line of the 20' R O W. reserve as shown on said Lakeview Ranch, Phase 1 plat a distance of 84 45 feet to a point for corner, said point being the beginning of a curve to the right whose radius point bears South 730 50' 26" West a distance of 790 feet and whose central angle is 180 24' 38", THENCE southeasterly along the arc of said curve and along said R O W reserve line, passing the common line of Lots 8 6 9, Block 9, said Lakeview Ranch, Phase 1, and continuing a total distance of 253.85 feet to a point for corner, THENCE South 020 15' 04" West along said R 0 W reserve line, passing the common lines of Lots 9, 10, 11, 12, 13, 14, 15, 16, 17, and 18, Block 9, said Lakeview Ranch, Phase 1, continuing a total distance of 1,777 93 feet to a point for corner, said point also being the beginning of a curve to the left whose radius point bears South 87° 44' 56" East a distance of 460 feet and whose central angle is 17° 58' 29", THENCE southeasterly along said curve and said R 0 W reserve a distance of 144 31 feet to a point for corner, said point lying on the south line of Lot 18, Block 9, said Lakeview Ranch, Phase 1 and lying on the north right-of-way line of Stallion Drive, THENCE South 70° 33' 04" West along the south line of said Lot 18, Block 9, said Lakeview Ranch, Phase 1 and along the north right- of-way line of Stallion Drive a distance of 20 04 feet to a point for corner, said point being the southwest corner of said Lot 18, Block 9, said point also being the beginning of a non -tangent curve to the right whose radius point bears North 740 07' 17" East a distance of 480 feet and whose central angle is 18' 07' 48", THENCE northerly along the arc of said curve and along the west line of said Lot 18, Block 9, said Lakeview Ranch, Phase 1 and along east right-of-way line of Lakeview Boulevard a distance of 151 90 feet to a point for corner, THENk':E North 02° 15' 04" East along said line ,, passing the common corners of Lots 18, 17, 16, 15, 14, 13, 12, 11, 10, and 9, Block 9, said Lakeview Ranch, Phase 1, a distance of 1,777 93 feet to a point bor corner, said point being the beginning of a curve the left whose radius point bears North 870 44' 56" West a distance of 770 feet and whose central angle is 18° 24' 38", "EXHIBIT B" Page 5 of 6 THENCE northwesterly along the are of said curve and along the west line of Lot 9, Block 9, said Lakeview Ranch, Phase 1 and the east right-of-way line of Lakeview Boulevard, passing the common corner of Lots 9 & 8, Block 9, said Lakeview Ranch, Phase 1, a distance of 247 42 feet to a point for corner, THENCE North 16° 09' 34" West along the west line of Lot 8, Block 9, said Lakeview Ranch, Phase 1 and the east right-of-way lane of Lakeview Boulevard a distance of 84 45 feet to the POINT OF BEGINNING and containing 1 0381 acres of land Tract 4 BEGINNING at the northwest corner of Lot 1, Block 8, said Lakeview Ranch, Phase 1, THENCE North 700 33' 40" East along the north lane of said Lot 1, Block 9 and the south right-of-way lane of Stallion Drive a distance of 20.04 feet to a point for corner, said point being the beginning of a non -tangent curve to the left whose radius point bears North 660 47' 51" East a distance of 460 feet and whose central angle is 180 00' 55"; THENCE southeasterly along the arc of said curve and along the east lane of a 20' R 0 W reserve as shown on said Lakeview Ranch, Phase 1 plat, a distance of 144 64 feet to a point for corner, THENCE South 410 13' 04" East along said R O W reserve line, passing the common lines of Lots 1 & 21, Block 8, said Lakeview Ranch, Phase 1, continuing a total distance of 519 05 feet to a point for corner, said point also being the beginning of a curve to the right whose radius point bears South 480 46' 56" West a distance of 540 feet and whose central angle is 110 52' 08", THENCE southeasterly along said curve and said R O W reserve a distance of 111.86 feet to a point for corner, said point lying on the south line of Lot 21, Block 8, said Lakeview Ranch, Phase 1 and lying on the north right-of-way lane of Rodeo Drive, THENCE South 600 39' 04" West along said lines a distance of 20 feet to a point for corner, said point being the southwest corner of said Lot 21, Block 8, said Lakeview Ranch, Phase 1, said point being the beginning of a non -tangent curve to the left whose radius point bears South 60' 39' 04" West a distance of 520 feet and whose central angle is 110 52' 08", "EXHIBIT B" Page 6 of 6 THENCE northerly along the arc of said curve and along the west line of said Lot 6, Block 9, said Lakeview Ranch, Phase 1 and along east right-of-way line of Lakeview Boulevard a distance of 107 72 feet to a point for corner, THENCE North 41' 13' 04" West along said lines, passing the common corners of Lots 21, and 1, Block 8, said Lakeview Ranch, Phase 1, a distance of 519 05 feet to a point for corner, said point being the beginning of a curve the right whose radius point bears North 48° 46' 56" East a distance of 480 feet and whose central angle is 18° 10' 19", THENCE northwesterly along the arc of said curve and along the west line of Lot 1, Block 8, said Lakeview Ranch, Phase 1 and the east right-of-way line of Lakeview Boulevard a distance of 152 24 feet to the POINT OF BEGINNING and containing 3569 acre of land Tract 5 BEING all of Lot 67, Block 9 of Lakeview Ranch, Phase 1, an addition to the City of Denton, recorded in Cabinet P, Page 363 of the Plat Records of Denton County, Texas AMERICAN TITLE COMPANY A LANDAMEwcA COMPANY September 2, 1999 Mr Paul Williamson City of Denton, Texas - City Hall West 221 North Elm Street Denton, Texas 76201 RE Our GF #99 BC 540412-L (06) Real Estate Contract by and between Dieter Schwarz (NR & RJ Properties, L P ) ("Seller") and City of Denton, Texas ("Purchaser") — Lot 67, Block 9 and 5864 20 Linear Feet of R O W in Lakeview Ranch per Ordinance No 98-182 Dear Mr Williamson We are pleased to enclose Lawyers Title Insurance Corporation Owner Policy of Title Insurance No 90-00-522755 in the amount of $88,642 00 and issued by American Title Company together with the following documents 1) File stamped copy of Special Warranty Deed, 2) Duplicate original of Purchaser's Statement, and 3) Copy of Insuring Around Letter We appreciate the opportunity to be of service to you in this transaction Please do not hesitate to contact us if we can be of further service to you in this or any future matter Sincerely, Linda Williams Escrow Assistant to Randy Hopkins /lw Enclosures 6029 BELT LINE ROAD SUITE 250 DALLAS. TEXAS 75240 972 789 8400 FAX 972 789 8029 Issuing Alamo Tula Chicago Title Commonwealth Fidelity lawyers Title Old Republic Stewart Ticor Title Title Resources Transnation agent for the Insurance Insurance Land Title National Insurance National Title Title Insurance Guaranty Title following of Texas Company Insurance Title Corporation Insurance Guaranty Company Company Insurance undxwtllurs Company Insurance Company Company Company Company Laqiwyers itle Insurance Corporation NATIONAL HEADQUARTERS RICHMOND VIRGINIA OWNER POLICY NUMBER 90 - 00 - 522755 SUBJECT TO THE EXCLUSIONS FROM COVERAGE THE EXCEPTIONS FROM COVERAGE CONTAINED IN SCHEDULE B AND THE CONDITIONS AND STIPULATIONS LAWYERS TITLE INSURANCE CORPORATION a Virginia corporation herein called the Company Insures as of Date of Policy shown in Schedule A against loss or damage not exceeding the Amount of Insurance stated in Schedule A sustained or incurred by the Insured by reason of 1 Title to the estate or interest described in Schedule A being vested other than as stated therein 2 Any defect in or Ilan or encumbrance on the title, ;t 3 Any statutory or constitutional mechanic s contractor s, o¢ materiaimen s lien for labor or material having its inception on or before Date of Policy 4 Lack of a right of access to and from the land ` e 5 Lack of good and indefeasible title ' The Company also will, pay the costs, attorneys fees and expenses incurred in defense of the tale as insured but only to the extent provided in the Conditions and Stipulations IN WITNESS WHEREOF the Company has caused this policy to be signed and sealed to be valid when Schedule A is countersigned by an authorized officer or agent of the Company all in accordance with Its By Laws EXCLUSIONS FROM COVERAGE The following matters are expressly excluded from the coverage of this policy and the Company will not pay loss or damage costs attorneys fees or expenses which arise by reason of 1 (a) Any law ordinance or governmental regulation (including but not limited to budding and zoning laws ordinances or regulations) restricting regulating, prohibiting or relating to (I) the occupancy, use, or enjoyment of the land (if) the character dimensions or location of any improvement now or hereafter erected on the land, (III) a separation in ownership or a change in the dimensions or area of the land or any parcel of which the land is or was a part or (iv) environmental protection, or the effect of any violation of these laws ordinances or governmental regulations except to the extent that a notice of the enforcement thereof or a notice of a defect lien or encumbrance resulting from a violation or alleged violation affecting the land has been recorded in the public records at Date of Policy (b) Any governmental police power not excluded by (a) above except to the extent that a notice of the exercise thereof or a notice of a defect lien or encumbrance resulting from a violation or alleged violation affecting the land has been recorded in the public records at Date of Policy 2 Rights of eminent domain unless notice of the exercise thereof has been recorded in the public records at Date of Policy but not excluding from coverage any taking that has occurred prior to Date of Policy which would be binding on the rights of a purchaser for value without knowledge 3 Defects, liens encumbrances, adverse claims or other matters (a) created suffered, assumed or agreed to by the insured claimant (b) not known to the Company not recorded in the public records at Date of Policy but known to the insured claimant and not disclosed in writing to the Company by the insured claimant prior to the date the insured claimant became an insured under this policy (c) resulting in no loss or damage to the insured claimant, (d) attaching or created subsequent to Date of Policy (a) resulting in loss or damage that would not have been sustained if the insured claimant had paid value for the estate or interest insured by this policy 4 The refusal of any person to purchase, lease or lend money on the estate or interest covered hereby in the land described in Schedule A because of unmarketability of the title 5 Any claim which arises out of the transaction vesting in the person named in paragraph 3 of Schedule A the estate or interest insured by this policy by reason of the operation of federal bankruptcy, state insolvency or other state or federal creditors rights laws that is based on either (I) the transaction creating the estate or interest Insured by this Policy being deemed a fradulent conveyance or fradulent transfer or a voidable distribution or voidable dividend, (if) the subordination or recharacterization of the estate or interest insured by this Policy as a result of the application of the doctrine of equitable subordination or (III) the transaction creating the estate or interest Insured by this Policy being deemed a preferential transfer except where the preferential transfer results from the failure of the Company or its issuing agent to timely file for record the instrument of transfer to the insured after delivery or the failure of such recordation to impart notice to a purchaser for value or a judgment or lien creditor Policy 90 Texas Form T 1 it 1 93) Cover Sheet 035 0 090 62260 Owner Policy Form prescribed by State Board of Texas Department of Insurance !says ianoo to aBed lxau uo panulluoo t eyl uo eouwgwnoue jo uail jo w loalap ayl aquosap peps a6ewep jo ssol to looid eqi a6ewep jo 9601 841 01 eau 6wm6 $loe; a41 wepeOse lleqs luewielo poinsui oqi jape sAep 16 w4pm Auedwoo aql of pe4siwn; eq lleqs luewielo painsui a41 Aq of woms pie poubis abewep jo ssol to load a Auedwoo ay] papmoid uaeq ane4 suo4elndgS pue suoilipuoo oseyl;o g uogoeS japun pajwboi saalou ayl jells pue of uo4ippe ul 3OVWV0 uo sSOi dO dooEia S uogejad000 ions Buumbw siallew jo jallew eyl of piebei qpm uoge6gp Aue enuquoo jo elnoeswd pualop of uogebilgo io Alili4ep Aue Bw pnjow elewwiel lleqs Aoilod aq1 japun pwnsw eql of suoge6ilgo s Auedwoo eyl uonejadooa paiinbei oql 4siwnl of pwnsw aql to ainliel sy1 Aq soipnfwd si Auedwoo oql 11 painsui se lswelw Jo elelse eyl 01 apli O41 gsilgalse of olgejisep jo Ajessaoou aq Aew Auedwoo ayl;o uowido oql w legl loe jnlmej joglo Aue w (it) pie luaweples Burros;la jo 6wpaeowd jo uogoe ail Buipuelap jo bwlnossoid 'sesseupm 6wwelgo aOuepme 6ien00s 6w peeowd jo uwloe Aue w (p pie algeuosew Ile Auedwoo ayl aA16 Ila4s asuadxe s Auedwoo oql is painsui aql Auedwoo eqi Aq palsenbw janeueyM asodind siyl jol poinsui aqI to aweu aq1 'uwldo sli Is asn of Auedwoo ail pwied pue uiejegl sleadde Ile pue buipaaooid io u0110e ayl w asualap epmad jo elnnasoad os of lgbu 941 Auedwoo a41 0l oinoas IIe4s pwnsw a41 6ui peaowd jo uogoe Aue 10 esua;ap ail jol apmwd jo alnoaswd of Auedwoo eyl swinbw jo spwied Aogod siyl ajaym seseo Ile ul (p) jepio jo luewbpnf esjanpe Aue wojp leadde of uogajosip elos sp w 148u 041 saAlasw Alsswdxe pue uo4apsunf lualedwoo;o pnoo e Aq uogewwielep jnuq of uoge6gil Aue onwnd Aew Auedwoo aq1 Aoilod s14110 suotsmad oql Aq palliwied jo pambei se asualap e posodjelut jo uog0e ie 146nojq eneq lleqs Auedwoo Oil janeuayM (0) Apuobilip os op lleqs 1i ydwbejed si41 japun s146ij sp esiciaxe lleqs Auedwoo eqi ll Awjod siyl po uotsmoid Aue sAlBm jo Appgeil opeouoo Agaagl IOU 11e4s pue iepunaia4 elgeg eq lleqs U lou io jaglegm Aoilod sigl to swial aql japun uogoe elaudwdde Aue aNul, Aew Auedwoo aqi painsui eql of abewep jo ssol eonpw jo luenejd of io pwnsw se Isejelui io alalsa aql of ellq egl 4silgelse of olgejisop jo Ajessaoau aq Aew uowido sli ut legl lou jeglo Aue op of io 6wpaeowd io uogoe Aue alnoaswd pue elnlllsw of Isoo umo sli Is 1g6u eyl ane4 pe4s Auedwoo aqi (q) Aoilod sq Aq Iswe6a painsui lou siellew ebepe legl uoll0e to sasneo eso41 to asualap o41 w painsui eq1 Aq pwmow sasuedxa jo sisoo seal Aue Aed lou Ipm Auedwoo 941 lasunoo jaglo Aue to seal ail Aed lou Ilim pue jol ajgeg aq Iou lleqs pue uoil0e to sasneo palels esoyl of se poinsui eqi lies wdei of (esneo ajgauoseej jol loafgo of painsw eql 10 lgbu ay1 0l joefgns) eoio4o sli 10 lasunoo 10ejes 011g6u aqi eneq lleqs Auedwoo eqi Aoilod stgl Aq Iswe6e po)nsw jollew jaglo jo aouwgwnoue jo ueil loalap a Bw6epe uoiloe to sasneo palels asogl of se Aluo inq pwnsw se Iswalw jo ally aqi 01 esjanpe wia10 a sUasse Alied pj141 Aue goigm w uoileBgq w painsw ue 10 asualap aqI jol apiAad Ilegs Aelep elgeuoseejun Inoqlim pue Isoo umo sp le Auedwoo e41 suoilelndils pue suoilipuoo asagl to g uoiloeS w paweluoo suogdo eqi of loafgns pue poinsui aqi Aq lsonbw uallum uodn (a) 31VFIM003 01 INVWIVIO O35513141 d0 Alnd S14O11OV d0 NOI1nO3SONd 01MV 3SN3d3O b wajaq (A) 46nagl (i) to uogewgwoo e s>lepepun (1A) jo loalap jo wielo awenpe aouwgwnoue uail aqi 6w bje4osip luewnoop jeglo jo asealw a wnoas (A) 10e19p jo wia10 awenpe oweigwnoue uell ay1 jol uogdaoxa lnogpm aouemsw apil to (sei)Aalod a to eouenssi sp glim uoiloeuuoo ui Auedwoo aouejnsw alUl jagloue Almwepw (Al) ueol eqi 10 lunowe ayl Aoilod aebe6Uow e it jo AUedwd a41;o enjUA luwjno ey1 of jenbe lunowe us w eq of Aoilod pies loelep jo wielo ewenpa eouejgwnoua Usti a41 jol uogdaoxa 1no41im eoueinsui apil ;o Aopod a 'Aoilod sigl Aq painsui puej oql w lswalw io alelse eql to ieploq jo eaftbliow jeumo luonbasgns a of jo luewielo painsut eq1 of ensst'jolwagl ss6jego pue wwwaid aleudwdde;o luawAed uodn (m) Aopod slql w papiAwd se pwnsui oql Aliuwapuw (u) poinsw se alelse eqi of ellq egl woj110elep jo w1ej0 awenpe aouejgwnoua uail ail jeolo of a i peeowd kesseosu ail ainplsw (p suonoe Bwmopol oql to suo aNul pegs Auedwoo eqi pgeA si 10918p jo wielo ewanpe aouejgwnoue ueil eqi Is sepnlouoo Auedwoo eqj 11 uogeww slop sp jol suosew aqi jo pains U syl esmpe Apewpoads lleqs Auedwoo oql panssi sum Aoilod sigl 4oigm 411m uopOeuuoO ut uopoesuejl aqI 10 6wsolo ayl w passajppe esimieglo sera jo Aopod sigl Aq pw9no0 IOU si 1091ep jo wiel0 awenpe e0uwq wnoue 'ueg eg11e41 sepnlouoo Auedwoo a41;1 Aogod aqi japun 96je4o io wtelo s pwnsw eyl to Alipgenw io AppgeA 941 01 se uogewwelap s11 10 lawn elgeuoseei a wgpm buqum ui pwnsw eql Apgou lleqs Auedwoo eqi elnlels jo mel Aq pwjeq IOU pue pgeA si 109;19p jo wte10 ewenpa eouejq wnoue nap eqi jeyleym awwjalap of e6JUgO a41 e1014138nw Apdwwd lleqs Auedwoo eg1 Aoilod sigl to 96BJOAOO eqi wwl poldeoxe jo pepnloxa lou si leg! Aopod sigl Aq pajnsui puel sill w lswelut jo alelse agl of elpl w IOelep j9g1O jo wielo esjenpa aoueugwnoue uall a to uiway pwinbw se Auedwoo egl seipgou pwnsw ayl Aopod e41 to elep aql jalle ueyM aoipnfaid eql to luelxe a41 0l Aluo ue41 pue einlia; aqi Aq paoipnfad eq pegs Auedwoo aqi sselun Aoilod sigl japun painsui Aue jo s146u agl eoipnfejd eseo ou w pegs Auedwoo eyi Algou of empel Iegl JOAGM04 pepiAwdpelmbai si aoilou ldwwd goigm jol siegew jo japew will 01 pjebej glim aleuuwel pegs Auedwoo agl;o Allligetl Ile pwnsw e4l 01 se uaql Auedwoo e41 01 UOAI6 aq IOU pegs eoilou idwoad 11 Aoilod sigl to anjilA Aq slgeil eq Amu Auedwoo 9414oigm jol a6ewep jo ssol asneo lg6iw lagl pue pwnsw se leajelw jo alalsa 04101 epil e41 of eswnpe si leg! Isweiut jo epil to wielo Aue In jepunwe4 painsui ue of awoo pegs e6pelmou>I eseo if (11) jo moleq (e)q uonOeS w 41jo1 las se uoge6gq Aue ;o eseo w (i) 6ullum ul Apdwwd Auedwoo ayl Aplou pegs pwnsul eqI 1NVWIVlO o3HnSN1 AS MAIO 38 Ol WIVlO dO 3O11ON E poinsui aqi of UGA16 a6a6pow 48UOW asegojnd a Aq peinoas sseupolgepui ue (u) jo puel eqi w lswelw jo elelse ue (1) jegpe to pwnsul aql ww; jose4ojnd Aue 10 ions; ul aaop ul enulluoo IOU lleqs Aogod sjyi lswelw jo alelse aqp po eoueAenuo0 jo jepsuwl Aue w poinsui 941 Aq spew Alue,jem to slueuenoo po uosew Aq Aliligep eneq pegs painsui eql se Buol os Aluo jo pwnsw e43 wwl jesegwnd a Aq UBA16 e6e6 pow Asuow esegojnd a Aq pwnoss sseupelgapw ue sploq jo puej oql ui lswelw jo elelse ue sulelw poinsui eql se 6uol os Aluo pwnsui ue to jonel w Aogod to ale(] to se eojol w anwluoo lleqs Aoilod s14110 96MA03 04i 31111 dO 3ONVamm bolo 3ONVHnSNI d0 NOuvinN1114 Z pepuelui asn eqi jol sseooe jo Aoenbepe eyl wnssa IOU seop sseooe of se papmoid 96wenoo syi sseooe to uoilipuoo leasAgd aqi IOU pue puel aql of sseooe l0 1g6u Ie6al sseooe (6) pole0ol si puel e41 goigm w loulsip eqi jol pnoo iou;sip selels Pepin eqi, io Njai3 eqi io spjooei sw w pew suwj uop oeloid IeluewuOJIAua apnlout pays Oulu spjooaj otlgnd 06wen00 wojd suoisn10x3 ayl 10 (A1)(e)l uonOeS 01 loodsw gliM 96pe jmou� lnoglim pue enjeA joy wase4oind of Aliedwd law of bugajw sjepew 10 eOgou angoalswo Bwpedw to asodind ayl jol Aogod 10 ate0 Is selnlels alels japun pegsilgelse spioosi spio0w oggnd (1) juawnilsw Allinoes jeylo io 'peep Isml lswl;o peep ebabliow ebeBpow (a) Aogod sigl Aq poinsui si puel eql wwl pue of sseooe;o 1g6u a gotym of luelxe eyl liwil jo Appow lleqs uiway 6w4lou Inq shmialem jo sAem sauel sAelle senuene 'spew slewls Bwlinge m luawesee jo alalsa lswelw epq lg6u Aue jou V elnpegoS ul of pane;w jo paquosep ewe eg110 seutl aql puoAeq AUedwd Aue apnlow lou seop puel, wjal eqi AUedwd law alnlgsuoo mel Aq leyl olwegl paxille sluaw enadw pue'V elnpegoS w of poije;w jo paquosep puel eqI puel (p) pue! e4l Bu110e11e ejailaW 10 a011ou emlowlswo pedwi gotym spiwai jeglo Aue jo Aogod sjgl ul peullep se spjooei oilgnd aqI to uosew Aq poinsui ue of pelndwi eq Aew legn aoilou jo o6pa Imou>I amlonjlsuoo IOU eBpalmoq lenloe umoq jo abpelmouN (o) a6ewep jo ssol bwwjejo pwnsui us luewalo painsui (q) ;owagl sepeolouaq aq1 0l lsnil egl;o slsssa aql 10 lied jo Ile to uoilnquisip eql woy Buglnsai lsnil jo selswl a 01 lswelol w wosseoons eqi (1A) jo luownjlsw isnil uepum a w peweu selswl a to (s)eelsnil alnipsgns jo josseoons eqI (A) uollepinbil aleldwoo jo leiped uodn wnlueA iwol aqi po slesse aql to uognqulstp agl wwl Buglnsw ainluaA lwof a of 1S8jelul w wosseoons aqi (Al) uoilepinbll aleldwoo jo jellied uodn dlgswulied poliwil jo lweua8 egl to slesse egl;o uopnglilsip eql wojl Bwllnsw diyweuped paliwil jo lweue6 a 01 lsojalui ui sosseoons agl (m) elewwel IOU seop Inq sanlossjp golym digsjeuped papwil io lweue6 a of lsaialw w sosseoons digweuped aqj (tQ uogepinbg elejdwoo jo jellied uodn uogejodjoo aq1 10 slesse eqI ;o uognquistp aql jo uogeptlosuoo jo je6jew woy Buglnsw uogejodjoo a of Isejeiul w wosseoons eqi (i) bwmopol eqi uogapwg inogltm Allaobloads pue wosseoons Ajatonpq jo dtyweulied 'elejodjoo jo 'ui4 ;o ixau 'sengejueswdw jeuosied 'sjoAmjns seesmap seeinquistp sjteq of poliwq IOU Inq 6wpnlow esegojnd wojp pegsmbugsip se mel to uoiluiedo Aq poinsui peweu eql 10 lswelw eqi of paaoons oqm esogi painsui peweu aqi IsuieBa peg eneq pinom Auedwoo eql sesualep jo slg6u Aue of loelgns 'pue V elnpegoS w peweu painsui eqi pwnsw (a) ueew Aogod sjyl ul peen uegm swiel Bwmollol sql 137WU31 d0 NOWN613O SNOI1Vlndus oNV SNowaNOO CONDITIONS AND STIPULATIONS —CONTINUED title or other matter insured against by this policy that constitutes the basis of loss or damage and shall state, to the extent possible, the basis of calculating the amount of the loss or damage If the Company is prejudiced by the failure of the insured claimant to provide the required proof of loss or damage the Company s obligations to the insured under the policy shall terminate, including any liability or obligation to defend prosecute or continue any litigation, with regard to the matter or matters requiring such proof of loss or damage In addition, the insured claimant may reasonably be required to submit to examination under oath by any authorized representative of the Company and shall produce for examination, inspection and copying, at such reasonable times and places as may be designated by any autho razed representative of the Company, all records books ledgers, checks correspondence and memoranda whether bearing a date before or after Date of Policy which reasonably pertain to the loss or damage Further if requested by any authorized representative of the Company the Insured claimant shall grant its permission, in writing for any authorized repro sentative of the Companyito examine, inspect and copy all records books ledgers checks correspondence and memoranda in the custody or control of a third party which reasonably pertain to the loss or damage All information designated as confidential by the insured claimant pro vided to the Company pursuant to this Section shall not be disclosed to others unless in the reasonable judgment of the Company, it is necessary in the administration of the claim Failure of the insured claimant to submit for examination under oath produce other reasonably requested infor motion or grant permission to secure reasonably necessary information from third parties as required In this paragraph shall terminate any liability of the Company under this policy as to that claim 6 OPTIONS TO PAY OR OTHERWISE SETTLE CLAIMS, TERMINATION OF LIABILITY In case of a claim under this policy, the Company shall have the following additional options (a) To Pay or Tender Payment of the Amount of Insurance To pay or tender payment of the amount of insurance under this policy together with any costs attorneys fees and expenses incurred by the insured claimant which were authorized by the Company up to the time of payment or tender of payment and which the Company Is obligated to pay Upon the exercise by the Company of this option, all liability and obligations to the insured under this policy other than to make the payment required shall terminate including any liability or obligation to defend prosecute or continue any litigation and the policy shall be surrendered to the Company for cancellation (b) To Pay or Otherwise Settle With Parties Other than the Insured or With the Insured Claimant (i) to pay or otherwise settle with other parties for or in the name of an insured claimant any claim insured against under this policy together with any costs attorneys fees and expenses incurred by the insured claimant which were authorized by the Company up to the time of payment and which the Company is obligated to pay or (n) to pay or otherwise settle with the insured claimant the loss or damage provided for under this policy together with any costs attorneys fees and expenses incurred by the insured claimant which were authorized by the Company up to the time of payment and which the Company is obligated to pay Upon the exercise by the Company of either of the options provided for in paragraphs (b) (i) or (iI) the Company s obligations to the insured under this policy for the claimed loss or damage other than the payments required to be made sh II terminate Including any liability or obligation to defend prosecute or y;ontinue any litigation 7 DETERMINATION, OXTENT OF LIABILITY AND COINSURANCE This policy is a contract of indemnity against actual monetary loss or damage sustained or incurred by the insured claimant who has suffered loss or damage by reason of matters insured against by this policy and only to the extent hereml described (a) The liability of the Company under this policy shall not exceed the least of (i) the Amount of Insurance stated in Schedule A (u) the difference between the value of the insured estate or interest as insured and the value of the insured estate or interest subject to the defect, lien or encumbrance insured against by this policy at the date the insured claimant is required to furnish to Company a proof of loss or damage in accordance with Section 5 of these Conditions and Stipula lions (b) In the event the Amount of Insurance stated In Schedule A at the Date of Policy is less than 80 percent of the value of the insured estate or interest or the full consideration paid for the land whichever is less or if subsequent to the Date of Policy in improvement is erected on the land which increases the value of the insured estate or interest by at least 20 percent over the Amount of Insurance stated in Schedule A then this Policy is subject to the following (1) where no subsequent improvement has been made as to any partial loss the Company shall only pay the loss pro rate in the proportion that the amount of insurance at Date of Policy bears to the total value of the insured estate or interest at Date of Policy or (ii) where a subsequent improvement has been made as to any partial loss the Company shall only pay the loss pro rate in the proportion that 120 percent of the Amount of Insurance stated in Schedule A bears to the sum of the Amount of Insurance stated in Schedule A and the amount expended for the improvement The provisions of this paragraph shall not apply to costs attorneys fees and expenses for which the Company is liable under this policy and shall only apply to that portion of any loss which exceeds in the aggregate 10 percent of the Amount of Insurance stated in Schedule A (c) The Company will pay only those costs attorneys fees and expenses incurred in accordance with Section 4 of these Con ditions and Stipulations 8 APPORTIONMENT If the land described in Schedule A consists of two or more parcels that are not being used as a single site and a loss is established affecting one or more of the parcels but not all the loss shall be computed and settled on a pro rate basis as if the amount of insurance under this policy was divided pro rate as to the value on Date of Policy of each separate parcel to the whole exclusive of any improvements made subsequent to Date of Policy unless a liability or value has otherwise been agreed upon as to each parcel by the Company and the insured at the time of the issuance of this policy and shown by an express statement or by an endorsement attached to this policy 9 LIMITATION OF LIABILITY (a) If the Company establishes the title or removes the alleged defect lien or encumbrance or cures the lack of a right of access to or from the land all as insured or takes action in accordance with Section 3 or Section 6 in a reasonably diligent manner by any method including litigation and the completion of any appeals therefrom it shall have fully performed its obligations with respect to that matter and shall not be liable for any loss or damage caused thereby (b) In the event of any litigation including litigation by the Company or with the Company s consent the Company shall have no liability for loss or damage until there has been a final determi nation by a court of competent jurisdiction and disposition of all appeals therefrom adverse to the title as insured (c) The Company shall not be liable for loss or damage to any insured for liability voluntarily assumed by the insured in settling any claim or suit without the prior written consent of the Company 10 REDUCTION OF INSURANCE REDUCTION OR TERMINATION OF LIABILITY All payments under this policy except payments made for costs attorneys fees and expenses shall reduce the amount of the insur once pro tanto 11 LIABILITY NONCUMULATIVE It is expressly understood that the amount of insurance under this policy shall be reduced by any amount the Company may pay under any policy insuring a mortgage to which exception is taken in Schedule B or to which the insured has agreed assumed or taken subject or which is hereafter executed by an insured and which is a charge or lien on the estate or interest described or referred to in Schedule A and the amount so paid shall be deemed a payment under this policy to the insured owner 12 PAYMENT OF LOSS (a) No payment shall be made without producing this policy for endorsement of the payment unless the policy has been lost or destroyed in which case proof of loss or destruction shall be furnished to the satisfaction of the Company (b) When liability and the extent of loss or damage has been deli nitely fixed in accordance with these Conditions and Stipulations the loss or damage shall be payable within 30 days thereafter continued an remainder of cover sheaf CONDITIONS AND STIPULATIONS —CONTINUED 13 (a) The Company Right of Subrogation Whenever the Company shall have settled and paid a claim under this policy all right of subrogation shall vest in the Company unaffected by any act of the insured claimant The Company shall be subrogated to and be entitled to all rights and remedies that the insured claimant would have had against any person or property in respect to the claim had this policy not been issued If requested by the Company the insured claimant shall transfer to the Company all rights and remedies against any person or property neces sary In order to perfect this right of subrogation The insured claimant shall permit the Company to sue compromise or settle in the name of the insured claimant and to use the name of the insured claimant in any transaction or litigation involving these rights or remedies If a payment on account of a claim does not fully cover the loss of the insured claimant the Company shall be subrogated to these rights and remedies in the proportion that the Company s payment bears to the whole amount of the loss If loss should result from any act of the insured claimant as stated above that act shall not void this policy but the Company in that event shall be required to pay only that part of any losses insured against by this policy that shall exceed the amount if any lost to the Company by reason of the impairment by the insured claimant of the Company s right of subrogation (b) The Company Rights Against Non Insured Obligors The Company's right of subrogation against non insured obligors shall exist and shall include without limitation the rights of the insured to indemnities, guaranties other policies of insurance or bonds notwith standing any terms or conditions contained in those instruments that provide for subrogation rights by reason of this policy 14 ARBITRATION Unless prohibited by applicable law or unless this arbitration section is deleted by specific provision in Schedule B of this policy either the company or the insured may demand arbitration pursuant to the Title Arbitration Rules or the American Arbitration Association Arbitrable mat ters may include but are not limited to any controversy or claim between the Company and the Insured arising out of or relating to this policy any service of the Company in connection with its issuance or the breach of a policy provision or other obligation All arbitrable matters when the Amount of Insurance is $1 000 000 or less SHALL BE arbitrated at the request of either the Company or the Insured, unless the insured is an individual person (as distinguished from a corporation, trust partnership association or other legal entity) All arbitrable matters when the Amount of Insurance is in excess of the $1 000 000 shall be arbitrated only when agreed to by both the Company and the Insured Arbitration pursuant to this policy and under the Rules in effect on the date the demand for arbitration is made or at the option of the insured, the Rules In effect at Date of Policy shall be binding upon the parties The award may include attorneys fees only if the laws of the state in which the land is located permit a court to award attorneys fees to a prevailing party Judgment upon the award rendered by the Arbitrator(s) may be entered In any court having jurisdiction thereof The law of the situs of the land shall apply to an arbitration under the Title Insurance Arbitration Rules A copy of the Rules may be obtained from the Company upon request 15 LIABILITY LIMITED TO THIS POLICY POLICY ENTIRE CONTRACT (a) This policy together with all endorsements if any attached hereto by the Company is the entire policy and contract between the insured and the Company In interpreting any provision of this policy this policy shall be construed as a whole (b) Any claim of loss or damage whether or not based on negligence and which arises out of the status of the title to the estate or interest covered hereby or by any action asserting such claim shall be restricted to this policy (c) No amendment of or endorsement to this policy can be made except by a writing endorsed hereon or attached hereto signed by either the President a Vice President the Secretary, an Assistant Secretary or validating officer or authorized signatory of the Company 16 SEVERABILITY In the event any provision of the policy is held invalid or unenforceable under applicable law the policy shall be deemed not to include that provision and all other provisions shall remain in full force and effect 17 NOTICES, WHERE SENT All notices required to be given the Company and any statement in writing required to be furnished the Company shall include the number of this policy and shall be addressed to the Company at its corporate headquarters, 6630 West Broad Street, Richmond Virginia 23230 Mailing address Post Office Box 27567 Richmond Virginia 23261 Please include the number of this policy COMPLAINT NOTICE Should any dispute arise about your premium or about a claim that you have filed contact the agent or write to the Company that issued the policy If the problem is not resolved, you also may write the Texas Department of Insurance, P O Box 149091, Austin TX 78714 9091, Fax No (512) 475 1771 This notice of complaint procedure is for information only and does not become a part or condition of this policy IN WITNESS WHEREOF the Company has caused this policy to be signed and sealed to be valid when Schedule A is countersigned by an authorized officer or agent of the Company all in accordance with its By Laws Attest .. a-pyersZidejnsurance o@poration By �1 u Secretary President to0N-o�, Ef� �_ �?m> WCD a<0 C QNv -o m <0 O O ELL o w CDC m 3 N O y yCD p r a o CD 1 m Z V W o s= =Cfim`� `G o o N ^ o w< 'n 0 00 �p D0 <Ca C 0 5c: 2 n Ti *�O°m wmy or = co �0� omo�in Er a C = ��� o <D wD0 � C r o () Fw�ow O� a N =rnw irl V �> r cNCD E N C go � Z p a)DO CD ��� ° �.2c° N vZZ �m ss m-° N 'O C � 0 � .. � (D �0�-0 CD 0 CDC � �� .M a C7 atJ oc o P'7`D � o m a3 Z CD 5'0 0D r <os toy 2=o m �? a 7o= 90-00- 522755 CI 121 $*****88,642 00 $****904 00 1000 LAWYERS TITLE INSURANCE CORPORATION --------------------- OWNER POLICY OF TITLE INSURANCE CASE NUMBER DATE OF AMOUNT OF POLICY NUMBER POLICY INSURANCE 1999 BC 540412-L (006)/lw 8/24/1999 1.18PM $*****88,642 00 90-00- 522755 SCHEDULE A 1 Name of Insured• CITY OF DENTON, a Texas municipal corporation 2 The estate or interest in the land that is covered by this policy is FEE SIMPLE 3 Title to the estate or interest in the land is insured as vested in CITY OF DENTON, a Texas municipal corporation 4 The land referred to in this policy is described as follows See Exhibit A attached hereto and made a part hereof for all purposes AMERICAN TITLE COMPANY Countersigned autNDY'IZBQ I:O' ` RYFe Texas Owner's Policy T-1 (Rev 1-1-93) Valid Only If Schedule B Schedule A And Cover Page Are Attached AMERICAN TITLE COMPANY 6029 Beltline Road, Sub 250 Dallas, TX 76240 Randy Hopkins Phone:9721789.8416 Fax. VW89.8029 LAWYERS TITLE INSURANCE CORPORATION OWNER POLICY OF TITLE INSURANCE CASE NUMBER DATE OF POLICY NUMBER POLICY 1999 BC 540412-L (006)/lw 8/24/1999 90-00- 522755 EXHIBIT A TRACT I BEING a tract of land for a 20 0 foot wide Right of Way dedication out of Block 8, LAKEVIEW RANCH PHASE I ADDITION to the City of Denton per plat recorded in Cabinet P, �aqe 363, Deed Records, DENTON County, Texas, maid tract being a 20 0 foot wide strip adjacent to the East Right of Way line of Lakeview Blvd , (currently a 60 0 foot wide right of way) and being more particularly described by mates and bounds as follows BEGINNING at pa 5/8 inch Huitt Zollars capped steel rod being the SouthsRigthtgo£oWayy linea0f StallionhStre tay(a160e0ofootkwidewright ofnwayt;e said BEGINNING POINT also being the Northwest corner of Lot 1, said Block 8, THENCE North 70 degrees 33 minutes 03 seconds East along said South Right of Way line of Stallion Street, a distance of 20 04 feet to a point for corner being in a curve to the left whose radius bears North 66 degrees 47 minutes 44 seconds East 460 00 feet and whose chord bears South 32 degrees 12 minutes 40 seconds East a distance of 144 03 feet, THENCE along a line parallel to and 20 00 feet Easterly from the East Right of Way line of said Lakeview Blvd as follows ALONG said curve to the left through a central angle of 18 degrees 00 minutes 49 seconds an arc length of 144 62 feet to a point for corner, SOUTH 41 degrees 13 minutes 04 seconds East, a distance of 519 05 feet to a point for corner being the beginningg of a curve to the right whose radius bears South 48 degrees 46 minutes 56 eeconde West 540 00 feet and whose chord bears South 35 degrees 13 minutes 19 seconds East a distance of 112 82 feet, ALONG said curve to the right through a central angle of 11 degrees 59 minutes 32 seconds and an arc length of 113 02 feet to a point for corner on the North Right of Way line of Rodeo Drive (a 60 0 foot wide right of way); THENCE South 63 degrees 57 minutes 32 seconds West along said North Right of Way a distance of 20 03 feet to a 5/8 inch Huitt-Zollare capped steel rod being On the East Right of Way line of said Lakeview Blvd., and also being the Southwest corner of Lot 21, said Block 8, and also being in a curve to the left whose radius bears South 60 degrees 39 minutes 06 seconds West 520 00 feet and whose chord bears North 35 degrees 17 minutes 00 seconds West a distance of 107 53 feet, THENCE along said East Right of Way line of Lakeview Blvd as follows ALONG said curve to the left through a central angle opfo11 degrees for corner; e 52 minutes 10 seconds, an arc length of 107 72 feet to a NORTH 41 degrees 13 minutes 04 seconds West a distance of 519 05 feet to a ( CONT ON EXH. A, PAGi 2 ) Texas Owner's Policy T-1 (Rev 1-1-93) Valid Only If Schedule A B Exhibit A- Page 1 And Cover Page Are Attached LAWYERS TITLE INSURANCE CORPORATION OWNER POLICY OF TITLE INSURANCE CASE NUMBER DATE OF POLICY NUMBER POLICY 1999 BC 540412-L (006)/lw 8/24/1999 90-00- 522755 EXHIBIT A point for corner being the beginning of a curve to the right whose radius bears North 48 degrees 46 minutes 5 seconds East 480 00 feet and whose chord bears North 32 degrees 07 minutes 58 seconds West a distance of 151.59 feet, ALONG said curve to the right through a central angle of 18 degrees 10 minutes 13 seconds an arc length of 152 22 feet to the POINT OF BEGINNING and EMBRACING 15,596 square feet or 0 357 acre of land, more or lees TRACT II BEING a tract of land for a 20 0 foot wide Right of Way dedication out of Block 9, LAKEVIEW RANCH, PHASE I ADDITION to the Cityp of Denton per plat recorded in Cabinet P, Page 363, Deed Records, DENTON CountTexas, said tract being a 20 0 foot wide strip adjacent to the Ea et Rig4 of Way line of Lakeview Blvd , (currently a 60 0 foot wide right of way) and being more particularly described by metes and bounds as follows rsafcdiofppplinlrod being intersecting pointtosaiEastRight of eofLakvwBlvd and the sihEtNPpialfbepnitaore0ertfiLor1adfloc said BEG POINT gheNthwstcornotsiBk 9, THENCE North 58 degrees 55 minutes 04 seconds East alon said South Right of Way line of Appaloosa Ct , a distance of 20 00 feet to a point for corner; THENCE along a line garallel to and 20 00 feet Easterly from the East Right of Way line of said Lakeview Blvd as follows SOUTH 31 degrees 04 minutes 56 seconds East, a distance of 70 00 feet to a point for corner being the beginning of a curve to the right whose radius bears South 58 degrees 55 minutes 04 seconds West 540 00 feet and whose chord bears South 15 degrees 19 minutes 54 seconds East a distance of 293.16 feet, ALONG said curve to the right through a central angle of 31 degrees 30 minutes 03 seconds, and an arc length of 296 89 feet to a point, SOUTH 00 degrees 25 mintues 08 seconds West, a distance of 1335 83 feet to a point for corner being the beginning of a curve to the left whose radius bears South 89 degrees 34 minutes 53 seconds East 860 00 feet and whose chord bears South 07 degrees 52 minutes 14 seconds East a distance of 247 97 feet, ALONG said curve to the left through a central angle of 16 degrees 34 minutes 42 seconds an arc length of 248 84 feet to a point for corner, SOUTH 16 degrees 09 minutes 34 seconds East, a distance of 112 73 feet to the beginning of a curve to the rilht whose radius bears South 73 degrees 50 minutes 26 seconds West 790N EXH et and whose chord bears South 06 Texas Owner's Policy T-1 (Rev 1-1-93) Valid Only If Schedule A B Exhibit A- Page 2 And Cover Page Are Attached LAWYERS TITLE INSURANCE CORPORATION --------------------- OWNER POLICY OF TITLE INSURANCE --------------------- CASE NUMBER DATE OF POLICY NUMBER POLICY 1999 BC 540412-L (006)/lw 8/24/1999 90-00- 522755 EXHIBIT A degrees 57 minutes 15 seconds East a distance of 252 76 feet, ALONG said curve to the right through a central angle of 18 degrees 24 minutes 39 seconds, an arc length of 253 85 feet to a point for corner, SOUTH 02 degrees 15 minutes 04 seconds West, a distance of 1777 93 feet to a point for corner beanthe beginning of a curve to the left whose radius bears South 87 degrees h minutes 56 seconds East 460 00 feet and whose chord bears South 06 degrees 44 minutes 14 seconds East a distance of 143.74 feet, ALONG said curve to the left through a central angle of 17 degrees 58 minutes 37 eeconde, an arc length of 144 33 feet to a point for corner on the North Right of Way line of Stallion Street (a 60 0 foot wide right of way), THENCE South 70 degrees 33 minutes 04 eeconde Weet along said North Right of Way line, a distance of 20.04 feet to a 5/8 inch Hui t-Zollare capped steel rod being on the East Right of way line of said Lakeview Blvd and also being the Southwest corner of Lot 18, said Block 9, and also being in a curve to the right whose radius bears North 74 degrees 07 minutes 08 eeconde East 480.00 feet and whose chord bears North 06 minutes 48 minutes 54 seconds West 151.27 feet, THENCE along the East Right of Way line of Lakeview Blvd as follows ALONG said curve to the right through a central angle of 18 degrees 07 minutes 56 seconds, an arc length of 151 90 feet to a point for corner, NORTH 02 degrees 15 minutes 04 seconds East, a distance of 1777 93 feet to a point for corner beangg the beginning of a curve to the left whose radius bears North 87 degrees 44 minutes 56 seconds West 770 00 feet and whose chord bears North 06 degrees 57 minutes 15 seconds West a disatnce of 246 36 feet, ALONG said curve to the left through a central angle of 18 degrees 24 minutes 39 seconds, an arc length of 247 42 feet to a point for corner, NORTH 16 degrees 09 minutes 34 seconds West, a distance of 112 73 feet to a point for corner being the beginning of a curve to the right whose radius bears North 73 degrees 50 minutes 26 seconds East 880 00 feet and whose chord bears North 07 degrees 52 minutes 14 seconds West a distance of 253.74 feet, ALONG said curve to the rigth through a central angle of 16 degrees 34 minutes 42 seconds, an arc length of 254 62 feet to a point for corner, NORTH 00 degrees 25 minutes 08 seconds East, a distance of 1335 83 feet to a point for corner being the beginning of a curve to the left whose radius bears North 89 degrees 34 minutes 53 seconds West 520 00 feet and whose chord bears North 15 degrees 19 minutes 54 seconds West a distance of 282.31 feet, ALONG said curve to the left through a central an Is of 31 degrees 30 ( CONT ON EXH A, PAGE 4 i Texas Owner's Policy T-1 (Rev 1-1-93) Valid Only If Schedule A B Exhibit A- Page 3 And Cover Page Are Attached LAWYERS TITLE INSURANCE CORPORATION --------------------- OWNER POLICY OF TITLE INSURANCE CASE NUMBER DATE OF POLICY NUMBER POLICY 1999 BC 540412-L (006)/lw 8/24/1999 90-00- 522755 EXHIBIT A minutes 03 seconds, an arc length of 285 89 feet to a point for corner, NORTH 31 degrees 04 minutes 56 seconds West, a distance of 70 00 feet to the POINT OF BEGINNING and EMBRACING 84,763 square feet or 1 946 acres of land, more or lase TRACT III BEING a tract of land for a 20 0 foot wide Right of Way dedication out of Block 13, LAKEVIEW RANCH, PHASE I ADDITION to the City of Denton per plat recorded in Cabinet P, Page 363, Deed Records, DENTON Countyy Texas, said tract being a 20 0 foot wide strip ad]acent to the East Right of WaY line of Lakeview Blvd , (currently a 60 0 foot wide right of way) and being more particularly described by metes and bounds as follows. BEGINNING at pipa 5/y8 inch Huittt Zollars caped steel rod being the intersectinint of said East Right of Way line of Lakeview Blvd and the saidhBEGINNINGo OINTialsofbe3ngltheaSouthwest0cornertofiLotr2�,heard Block 13, THENCE along the East Right of Way line of said Lakeview Blvd as follows NORTH 31 degrees 04 minutes 56 seconds West, a distance of 78 70 feet to a point for corner being the beginning of a curve to the right whose radius bears North 58 degrees 55 minutes 04 seconds East 930 00 feet and whose chord bears North 15 degrees 19 minutes 54 seconds West a distance of 504 89 feet, ALONG said curve to the right through a central angle of 31 degrees 30 minutes 04 seconds, and an arc length of 511 31 feet to a point for corner, NORTH 00 degrees 25 minutes 08 seconds East, a distance of 180 95 feet to a 5/8 inch Huitt-Zollare capped steel rod being the Northwest corner of Lot 1, said Block 13, THENCE South 87 degrees 39 minutes 53 seconds East along the North line of said Lot 1, a distance of 20 01 feet to a point for corner, THENCE along a line parallel to and 20 00 feet Easterly from the East Right of Way line of said Lakeview Blvd , as follows SOUTH 00 degrees 25 minutes 08 seconds West a distance of 180 28 feet to a point for corner being the beginningg of a curve to the left whose radius bears South 89 degrees 34 minutes 52 seconds East 910 00 feet and whose chord bears South 15 degrees 19 minutes 54 seconds East a distance of 494.04 feet, ALONG said curve to the left through a central angle of 31 degrees 30 minutes 04 seconds, an arc length of 500 31 feet to a point for corner, CONT ON EXH A, PAGE 5 Texas Owner's Policy T-1 (Rev 1-1-93) Valid Only if Schedule A B Exhibit A- Page 4 And Cover Page Are AttaAed LAWYERS TITLE INSURANCE CORPORATION OWNER POLICY OF TITLE INSURANCE CASE NUMBER DATE OF POLICY NUMBER POLICY 1999 BC 540412-L (006)/lw 8/24/1999 90-00- 522755 EXHIBIT A SOUTH 31 degrees 04 minutes 56 seconds East a distance of 78 70 feet to a point for corner on the North Right of Way dine of said Appaloosa Ct , THENCE South 58 degrees 55 minutes 04 seconds West along said North Right of Way line a distance of 20.00 feet to the POINT OF BEGINNING and EMBRACING 15,302 square feet or 0 351 acre of land, more or less TRACT IV Beingg Lot 67 Block 9 of LAREVIEW RANCH( PHASE I, an Addition to the City of DENTONI DENTON County, Texas, according to the Plat thereof recorded in Cabinet P, Page 363, Map Records, DENTON County, Texas NOTE The Company is prohibited from insuring the area or quantity of the land described on Schedule A hereof Any statement in such legal description of the area or quantitp of land is not a regreeentation th t such area or quantity is correct, but is made only for information and/or identification purposes and does not override Item 2 of Schedule B hereof Texas Owner's Policy T-1 (Rev 1-1-93) Valid Only If Schedule A B Exhibit A- Page 5 And Cover Page Are AttaAed LAWYERS TITLE INSURANCE CORPORATION OWNER POLICY OF TITLE INSURANCE CASE NUMBER DATE OF POLICY NUMBER POLICY 1999 BC 540412-L (006)/lw 8/24/1999 90-00- 522755 SCHEDULE B This policy does not insure against lose or damage (and the Company will y not pay costs, attorne's fees or expenses) that arise by reason of the terms and conditions of the leases or easements insured, if any, shown in Schedule A and the following matters 1 The following restrictive covenants of record itemized below (the Company must either insert specific recording data or delete this exception) ITEM 1 OF SCHEDULE B IS HEREBY DELETED IN ITS ENTIRETY 2 Any discrepancies, conflicts or shortages in area or boundary lines, or any encroachments or protrusions, or any overlapping of improvements 3 Homestead or community property or survivorship rights, if any, of any spouse of any insured 4 Any titles or rights asserted by anyone, including but not limited to, persons the public, corporations, government or other entities, a to tidelands, or land: comprising the shores or beds of navigable or pperennial rivers and streams lakes, bays, gulfs or oceans, or b Eo lands beyond the line of the harbor or bulkhead lines as established or changed by any government or c to filled -in lands, or artificial islands, or d to statutory water rights, including riparian rights, or e to the area extending from the lane of mean low tide to the line of vegetation or the right of access to that area or easement along and across that. area 5 Standby fees, taxes and assessments by any taxing authority for the year 1999 and subsequent years, and subsequent taxes and assessments by any taxing authority for prior years due to change in land usage or ownership 6 The followin4 matters and all terms of the documents creating or offering evidence of the matters (We must insert matters or delete this exception ) The following easement(s) and/or building lines, as shown on plat recorded in Cabinet P, Page 363, Plat Records, DENTON County, Texas, to -wit -As set forth thereon AFFECTS ALL TRACTS 7 "Section 14 of the Conditions and Stipulations of this policy is hereb� deleted." Texas Owner's Policy T-1 (Rev 1-1-93) Valid Only If Schedule A Schedule B And Cover Page Are Attached 7yt GF Ql 15e SVd'/ia �L C06�2 Mailing Address of (rrantee City of Denton City Hall West 221 N Elm Denton, Texas 76201 THE STATE OF TEXAS COUNTY OF DENTON FILE STAMPED COPY KNOW ALL PERSONS BY THESE PRESENTS THAT, Lakeview Ranch, L P , a Texas limited partnership (hereinafter referred to collectively as "Grantor") for and in consideration of the sum of Ten and No/100 Dollars ($10 00) and other valuable consideration, the receipt and sufficiency of which consideration is hereby acknowledged, has GRANTED, SOLD and CONVEYED and by these presents does GRANT, SELL and CONVEY unto the City of Denton, a Texas municipal corporation (hereinafter referred to as "Grantee"), the following described property (the "Property"), to -wit The real property described on Exhibit "A" attached hereto and made a part hereof for all purposes, together with all of the easements, nghts-of-way, privileges, liberties, hereditaments, strips and gores, streets, alleys, passages, ways, waters, water courses, rights and appurtenances thereto belonging or appertaining, and all of the estate, right, title, interest, claims or demands whatsoever of Grantor therein and the streets and ways adjacent thereto, either in law or in equity, subject, however, to all liens, covenants, restrictions, easements, taxes, encumbrances or other matters of record TO HAVE AND TO HOLD the above described Property, together with any and all the rights and appurtenances thereto in anywise belonging to Grantor, unto the said Grantee, its successors, legal representatives and assigns FOREVER, and the Grantor does hereby bind itself and its legal representatives and successors to WARRANT AND FOREVER DEFEND all and singular the said Property unto the said Grantee, its successors, legal representatives and assigns, against every person whomsoever lawfully claiming or to claim the same or any part thereof, by, through or under the Grantor, but not otherwise EXECUTED as of the /,I day of August, 1999 Lakeview Ranch, L P , a Texas limited partnership By Lakeview Ranch G P , Inc , a Texas corporation, Gener/al Partne - By (, Nicholas Raimondo President SPECIAL WARRANTY DEED- Pop 1 ACKNOWLEDGMENT STATE OF PENNSYLVANIA BEFORE ME, the undersigned authority, on this day personally appeared Nicholas Raimondo, known to me to be the person whose name is subscribed to the foregoing instrument, and he acknowledged to me that he executed the same as the President of Lakeview Ranch G P , Inc , as the general partner of Lakeview Ranch, L P , for the purposes and consideration therein expressed GIVEN UNDER MY HAND AND SEAL OF OFFICE, this day of August, 1999 [SEAL] SPECIAL WARRANTY DEED Page 2 tea! [Notary Public] My Commission Expires ------------- Notarial sea Pudic Helen A Baumann, Notary GreensburCC Westmoreland county M CommisExpires March 5, toll ,� m er e'IFF; ania cso�iauen n Nataudn SPECIAL WARRANTY DEED Page 3 TRACT I: BEING a tract Of land for a 20 0 foot wide Right of Way dedication out of Block 8, LAKEVIEW RANCH, PHASE I ADDITION to the City of Denton per plat recorded in Cabinet P, Page 363, Deed Records, DENTON County, Texas; said tract being a 20 0 foot wide strip adjacent to the East Right of Way line of Lakeview Blvd., (currently a 60 0 foot wide right of way) and being more particularly described by metes and bounds as follows$ BEGINNING at a 5/8 inch Huitt 8ollare capped steel rod being the Intersecting point of said East Right of Way line of Lakeview Blvd and the South Right of Way line of Stallion Street (a 60.0 foot wide right of way) said BEGINNING POINT also being the Northwest corner of Lot 1, said Block 8; THENCE North 70 degrees 33 minutes 03 seconds East along said South Right of Way line of Stallion Street, a distance of 20 04 feet to a point for corner being in a curve to the left whose radius bears North 66 degrees 47 minutes 44 seconds East 460.00 feet and whose chord bears South 32 degrees 12 minutes 40 seconds East a distance of 144 03 feet; THENCE along a line parallel to and 20.00 feet Easterly from the East Right of Way line of said Lakeview Blvd. as follows: ALONG said curve to the left through a central angle of 18 degrees 00 minutes 49 seconds an arc length of 144 62 feet to a point for corner; SOUTH 41 degrees 13 minute■ 04 seconds East, a distance of 519.05 feet to a point for corner being the beginning of a curve to the right whose radius bears South 48 degrees 46 minutes 56 seconds West 540 00 feet and whose chord bears South 35 degrees 13 minutes 19 seconds East a distance of 112 82 feet; ALONG said curve to the right through a central angle of 11 degrees 59 minutes 32 seconds and an arc length of 113 02 feet to a point for corner on the North Right of Way line of Rodeo Drive (a 60.0 foot wide right of way), THENCE South 63 degrees 57 minutes 32 seconds West along said North Right of Way, a distance of 20.03 feet to a 5/8 inch Huitt-£ollars capped steel rod being on the East Right of Way line of said Lakeview Blvd., and also being the Southwest corner of Lot 21, said Block 8, and also being in a curve to the left whose radius bears South 60 degrees 39 minutes 06 seconds West $20 00 feet and whose chord bears North 35 degrees 17 minutes 00 seconds West a distance of 107.53 Peat; THENCE along said East Right of Way line of Lakeview Blvd as follows: ALONG said curve to the left through a central angle of it degrees 52 151.59 feet, ALONG said curve to the right through a central angle of 18 degrees 10 minutes 13 seconds, an arc length of 152 22 feet to the POINT OF BEGINNING and EMBRACING 15,556 square feet or 0.357 acre of land, more or less. TRACT Its BEING a tract of land for a 20.0 foot wide Right of Way dedication out of Block 9, LAREVIEW RANCH, PHASE I ADDITION to the City of Denton per plat recorded in Cabinet P, Page 363, Used Records, DENTON County, Texas; said tract being a 20.0 foot wide strip adjacent to the East Right of Way line of Lakeview Blvd., (currently a 60.0 foot wide right of way) and being more particularly described by Mateo and bounds as follows: BEGINNING at a 5/8 inch Huitt-Zollars capped steel rod being the intersecting point of said East Right of Way line of Lakeview Blvd. and the South Right of Way line of Appaloosa Ct (a 60 0 foot wide right of way) said BEGINNING POINT also being the Northwest corner of Lot 1 said Block 9; THENCE North 58 degrees 55 minutes 04 seconds East along said south Right of Way line of Appaloosa Ct., a distance of 20.00 feet to a Point for corner; TRENDS along a line parallel to and 20 00 feet Basterly from the East Right of Way line of said Lakeview Blvd. as follows' SOUTH 31 degrees 04 minutes 56 seconds East, a distance of 70 00 feet to a point for corner being the beginning of a curve to the right whose radius bears South 58 degrees 55 minutes 04 seconds West 540.00 feet and whose chord bears South 15 degrees 19 minutes 54 seconds East a distance of 293.16 feet; ALONG said curve to the right through a central angle of 31 degrees 30 minutes 03 seconds, and an arc length of 296.89 feet to A point; soUTH 00 degrees 25 mintuee 08 seconds west, a distance of 1335 83 feat to a point for corner being the beginning of a curve to the left whose radius bears South 89 degrees 34 minutes 53 seconds East 860.00 feet and whose chard bears South 07 degrees 52 minutes 14 seconds East a distance of 247.97 feet; ALONG said curve to the left through a central angle of 16 degrees 34 minutes 42 seconds an are length of 248.84 feet to a point for corner; SOUTH 16 degrees 09 minutes 34 seconds East, a distance of 112 73 feet to the beginning of a curve to the right whose radius bears South 73 degrees 5o minutes 26 seconds West 790.00 feet and whose chord bears South 06 degrees 57 minutes 15 seconds East a distance of 252.76 feet; ALONG said curve to the right through a central angle of 18 degrees 24 minutes 39 seconds, an arc length of 253 85 feet to a point for corner; ( continued ) SOUTH 02 degrees 15 minutes 04 seconds West, a distance of 1777 93 feet to a point for corner being the beginning of a curve to the left whose radius bears South 87 degrees 44 minutes 56 seconds East 460 00 feet and whose chord bears South 06 degrees 44 minutes 14 seconds East a distance of 143.74 feet; ALONG said curve to the left through a central angle of 17 degrees 58 minutes 37 seconds, an arc length of 144.33 feet to a point for corner on the North Right of Way line of Stallion Street (a 60 0 foot wide right of way); THENCE South 70 degrees 33 minutes 04 seconds West along said North Right of Nay line, a distance of 20.04 feet to a 5/8 inch Huitt-Zollars capped steal rod being on the East Right of Way lins of said Lakeview Blvd. and also being the Southwest corner of Lot 28, said Block 9, and also being in a curve to the right whose radius bears North 74 degrees 07 minutes 08 seconds Bast 480.00 feet and whose chord bears North 06 minutes 48 minutes 54 seconds West 151.27 feet; THENCE along the East Right of Way line of Lakeview Blvd as follows: ALONG said curve to the right through a central angle of 18 degrees 07 minutes 56 seconds, an are length of 151 90 feet to a point for corner; NORTH 02 degrees 15 minutes 04 seconds East, a distance of 1777.93 feet to a point for corner being the beginning of a curve to the left whose radius bears North 87 degrees 44 minutes 56 seconds West 770 00 feet and whose chord bears North 06 degrees 57 minutes 15 seconds West a ❑ieatnoe of 246 36 feet; ALONG maid curve to the left through a central angle of 18 degrees 24 minutes 39 seconds, an arc length of 247.42 feet to a point for corner; NORTH 16 degrees 09 minutes 34 seoonda Nest, a distance of 112 73 feet to a point for corner being the beginning of a curve to the right whose radius bears North 73 degrees 5o minutes 26 seconds Bast B80 00 feet and whose chord bears North 07 degrees 52 minutes 14 seconds West a distance of 263.74 feet; ALONG said curve to the rigth through a central angle of 16 degrees 34 minutes 42 seconds, an are length of 254 62 feet to a point for corner; NORTH 00 degrees 25 minutes 08 seconds East, a distance of 1335.83 feet to a point for corner being the beginning of a curve to the left whose radius bears North 89 degrees 34 minutes 53 seconds West 520.00 feet and whose chord bears North 15 degrees 19 minutes 54 seconds West a distance of 282.31 feet; ALONG said curve to the left through a central angle of 31 degrees 30 minutes 03 seconds, an arc length of 285 89 feet to a point for corner; NORTH 31 degrees 04 minutes 56 seconds West, a distance of 70,00 feet to the POINT OF BBGINNING and EMBRACING 84,763 square feet or 1.946 acres of land, more or lees ( continued ) TRACT IIII BEING a tract of land for a 20 0 foot wide Right of Way dedication out of Block 13, LAKEVIEW RANCH, PHASE I ADDITION to the city of Denton per plat recorded in Cabinet P, Page 363, Deed Records, DENTON County, Texas; said tract being a 20.0 foot wide strip adjacent to the East Right of Way line of Lakeview Blvd., (currently a 60.0 foot wide right of way) and being more particularly described by mates and bounds as follows: BEGINNING at a 5/8 inch Huitt Zollare taped steel rod being the intersecting point of said East Right of Way line of Lakeview Blvd. and the North Right of Way line of Appaloosa Ct (a 60.0 foot wide right of way), said BEGINNING POINT also being the southwest corner of Lot 2, said Block 13; THENCE along the East Right of Way line of said Lakeview Blvd. as follows: NORTH 31 degrees 04 minutes 56 seconds West, a distance of 78 70 feet to a point for corner being the beginning of a curve to the right whose radius bears North 58 degrees 55 minutes 04 seconds East 930.0D feet and whose chord bears North 15 degrees 19 minutes 54 seconds West a distance of 504.89 feet; ALONG said curve to the right through a central angle of 31 degrees 30 minutes 04 seconds, and an are length of 511.31 feet to a point for corner, NORTH 00 degrees 25 minutes 08 seconds East, a distance of 280 95 feat to a 5/8 inch Buitt-Sollars capped steel rod being the Northwest corner of Lot 1, said Block 13; THENCE South 87 degrees 39 minutes 53 seconds East along the North line of said Lot 1, a distance of 20.01 feet to a point for corner; THENCE along a line parallel to and 20 00 feet Easterly from the East Right of Way line of said Lakeview Blvd., as follows: SOUTH 00 degrees 25 minutes 08 seconds West a distance of 280 28 feet to a point for corner being the beginning of a curve to the left whose radius bears South 89 degrees 34 minutes 52 seconds East 910 OD feet and whose chord bears South 15 degrees 19 minutes 54 seconds East a distance of 494.04 feet; ALONG said curve to the left through a central angle of 31 degrees 30 minutes 04 seconds, an arc length of 500.31 feet to a point for corner; SOUTH 31 degrees 04 minutes 56 seconds Beat, a distance of 78 70 feet to a point for corner on the North Right of Way line of said Appaloosa ct.; THENCE South 68 degrees 55 minutes 04 seconds West along said North Right of Way line, a distance of 20.00 feet to the POINT OF BEGINNING and EMBRACING 15,302 square feet or 0 352 acre of land, more or less 4 Continued ) TRACT IVI Being Lot 67, Black 9 of LAREVIEW RANCH, PHASE I, an Addition to the City of DENTON, DENTON County, Texas, according to the Plat thereof recorded in Cabinet P, Page 363, May Records, DENTON County, Texas 't%:RiCAN TI1LE COMPANY 6029 Beltlme Road, Suite 250 �zilas, TX 75240 Fled for Record in: DENTON COUNTY TX CYNTHIA MITC14h i , COUNTY CLERK On Augg 24 1999 At 1:18pm Doc/Mum : 99-R0087163 Doc/Type : WD Recordinq: 19.00 Doi/Mgmt 6,00 Receippt N: 34583 DeputY - SHFLLEY INSURING AROUND LETTER " • •i 174 i rsi I'.• Re GF# 99 SC 540412-L. (06) Property Description See Exhibit "A" attached hereto and made a part hereof for all purposes. Dear Proposed Insured In connection with the captioned filed, you are hereby notified of the following item(s) M Uic's Lien by Affidavit executed by Land Advisors Inc agamst Dieter Schwarz. reputed owner, in the 9mount of $541 267 00. filed Febrnary 11 1998 recorded in Volume 4028, Page 878 Mechame'c Lien Records Denton County. Texas In connection therewith, one or more of the following has occurred Funds have been escrowed to assure the ultimate settlement of the above mentioned item(s), the company has previously issued a policy without taking exception to the item(s), or an indemnity has been delivered to and accepted by the title insurance company It is understood and agreed that the aforesaid Mechanic's and Materialman's Lien will not be an exception in the title policy issued to you in connection with the captioned filed, and notice of the Mechanic's and Materialman's Lien is given to you pursuant to Rule P-11, "Insuring Around", as set for in Section IV of the BASIC MANUAL OF RULES, RATES AND FORMS FOR THE WRITING OF TITLE INSURANCE IN THE STATE OF TEXAS Please affix your signature in the space provided for same below to indicate both your receipt of this notification and your consent to accept your title policy in accordance with the foregoing Very truly yours, AMERICAN TITLE COMPANY By WEVV,_ _M Liu LF Y (Au Linda Williams, Escrow Officer ACCEPTED AND AGREED CITY OF DENTON, TEXAS / By Its AMER=CAN rvxrvLE COMPANY CLO S = NG STATEMENT S HE ADE R DATE: August 20, 1999 SALE FROM: LAWIEN RANCH, L.P. PROPERTY: OF NO: 540422-L 0 TO: CITY OF DENTON PURCHASEPRICE ................................................... Prorations: Rent proration........... from 00/00/0000 ...through 00/00/0000 Charge: Amount: $.00 Days In Period: Tax proration............ from 01/O1/1999 ...through 08/20/1999 Charge: S Amount: $281.99 Days In Period: 365 from 00/00/0000 through 00/00/0000 Charge: Amount: $.00 Days In Period: from 00/00/0000 through 00/00/0000 Charge: Amount: $.00 Days In Period: Security Deposit $88,642.00 f f 179.24 F F f AME R =CAN T I TLE COMPANY PURCHASER • S S TATEME Mrr DATE August 20, 1999 SALE FROM LAKEVIEW RANCH, L P. GF NO 540412-L TO CITY OF DENTON PROPERTY. 20 FOOT RIGHT OF WAY IN LAXEVIEW RANCH CITY OF DENTON, TEXAS PURCHASEPRICE. ... ...... . .... .. ............... ... PLUS: CHARGES Filing Fees To County Clerk WD DT 10 50 UCC Other: Loan Charges G Fees To Orig Fee Credit Rpt Amort Sch Photos Appr Fee Loan Fee Loan Transfer or Assumption Fee Fees To Title Co. AMERICAN TITLE Title Policy -Owner Mortgagee Binder Escrow 250 00 Survey Amendment Fed Ex Additional Chains Cour Fees Endorsements Tax Carts: Survey Fee TO: Attorneys Fees: 30.00 Hazard Ins Prem To Tax/Ins Escrow With $ Months Amt Per Mth Total Tax Deposit Hazard Insurance Mortgage Insurance Other $ 88,642 00 $ 10 50 $ $ 250 00 $ 30.00 $ $ P Wrcd Gap LI l Our unending ON 98 192 doe ORDINANCE NO CONSIDER AN ORDINANCE AMENDING ORDINANCE NO 98-182 RELATING TO THE PURCHASE OF RIGHT-OF-WAY AND CONSTRUCTION OF PUBLIC IMPROVEMENTS IN LAKEVIEW RANCH TO SUBSTITUTE REVISED EXHIBITS "A" THROUGH "E" IN LIEU OF EXHIBITS "A" THROUGH "C" AND ADDING AN EXHIBIT "F" TO PROVIDE FOR REIMBURSEMENT OF THE COSTS OF CONDEMNATION FOR 183 ACRES OF LAND LOCATED IN THE M FORREST SURVEY, ABSTRACT NO 417 AUTHORIZED BY ORDINANCE NO 98-082, AND PROVIDING AN EFFECTIVE DATE THE COUNCIL OF THE CITY OF DENTON HEREBY ORDAINS SECTION I That the Agreement attached to Ordinance No 98-182, in which the City of Denton and Dieter Schwarz, through its Attomey-m-Fact, NR & RJ Properties, L P and Terra/Bain, Inc are parties, relating to the purchase of right-of-way and construction of public improvements in Lakeview Ranch, is hereby amended by substituting revised Exhibits A through C and adding an Exhibit F to provide for reimbursement of the costs of condemnation for 183 acres of land located in the M Forrest Survey, Abstract No 417, authorized by Ordinance No 98-082 SECTION II That this ordinance shall become effective immediately upon its passage and approval PASSED AND APPROVED this the day of 1998 JACI I ER, MAYOR ATTEST JENNIFER WALTERS, CITY SECRETARY BY APP ED AS 0 LEGAL FORM HERBERT L PROUTY, CITY ATTORNEY BY ,O�X[ f GL-1 t III OL WL I ulwMaepLLGL Our Uaummu Unux6 914rtw¢w rvLn. AGREEMENT AGREEMENT dated `t' , 1998 between the City of Denton ("City") and Dieter Schwarz by and through NR RJ Properties, L P , his attorney in fact ("Owner") WITNESSETH WHEREAS, Dieter Schwarz ("Owner") is the owner of certain land in Denton County, Texas, which is being developed ("Project") into residential lots and related amenities (to be known as LAKEVIEW RANCH), and WHEREAS, Terra/Bain, Inc, a Texas corporation ("Manager"), has been engaged by Owner to develop and market the Project, and WHEREAS, the Project will benefit the City, and the City and Owner reached certain agreements regarding assistance the City will provide in connection with development of the Project, NOW, THEREFORE, for good and valuable consideration, the receipt and adequacy of which is hereby acknowledged, the parties agree as follows 1 The City and Owner shall enter a written participation agreement for the oversizing of the Project's water and sewer mains larger than 10 inches in diameter The agreement shall follow the form typically used by the City 2 The City and Owner shall enter a written pro rata agreement for the collection of charges paid by persons connecting to or making use of such facility to serve their property in accordance with the provisions of the agreement The agreement shall follow the form typically used by the City 3 The City will make monthly payments for its share of the oversize facilities Manager shall submit monthly pay requests on forms provided by the City Manager's Engineer shall verify that the pay request is correct The request, along with the Engineers verification, will be submitted to the Engineering & Transportation Department The City will retain 10% of the total dollar amount until the Project is accepted 4 The Owner or his authorized Agent shall dedicate a sixty (60) foot wide ("Spine Road") nght-of-way through the entire Project The Spine Road alignment shall extend across the "adjacent" property north from the Project and connect to U S 380 as described by metes and bounds on Exhibit "A" — Page 1 and illustrated on Exhibit "A" — Page 2 The Owner shall negotiate an eighty (80) foot wide right-of-way across the adjacent property and cause to be dedicated (on the dedication document form provided by City) said right-of-way free and clear of any and all liens, debts, taxes, or other encumbrances effecting title of the tract being dedicated In the event Owner is unable to negotiate the purchase of said right-of-way, the City will pursue condemnation of the nght-of-way identified in Ordinance No 98-082 per the obligations of the Owner and City identified in Exhibit F which is attached hereto and made a part hereof for all purposes The proposed Spine Road alignment from the "adjacent" property north from the Project through Phase I of the Project and including the alignment from south end of Phase I to Mill Street, shown on the plat attached as Exhibit "B" hereto Exhibit "C" attached is the description of the proposed 20' right-of-way to be purchased by city out of Phase I and Exhibit "D" attached is the description of the proposed 80' nght-of-way from the south end of Phase I to Mill Street The exact Spine Road alignment through subsequent phases of the Project shall be determined at the time the preliminary plat or plats describing such additional phases are approved by the City, provided, however, that the City shall be entitled to an additional twenty (20') feet wide stnp of land along and adjacent to the eastern boundary of such Spine Road as a reserved right-of-way 5 The survey for the rights -of -way shall be prepared by a duly licensed Texas Land Surveyor and at the direction and cost of the Owner, his Agents or Managers Specific Field Note Descriptions shall be prepared by said surveyor and reviewed by all parties prior to closing 6 The City and Owner shall enter a Real Estate contract, (attached as Exhibit "E") within ten (10) days from the date the approved plat of the first phase is filed for record with the Denton County Clerks Office The contract will be for the City to purchase Lot 67, Block 9, per preliminary plat referenced in paragraph 7 below and the right-of-way reserve within the Project The purchase price for said Lot 67 shall be $30,000 00 The purchase price for the right-of-way reserve shall be $10 per lineal foot This price shall be for the phases being final platted now, as well as for all future phases until the entire Project is complete This amount shall be fixed and deemed as adequate consideration in the event of Spine Road realignment Initially the City will purchase 6,626 lineal foot of right-of-way reserve It shall begin at the north line of the Project and run south of Cooper Creek at Tnmty Road The City shall deliver one fully executed copy of the contract to the title company of the City's choice Upon the final platting of fixture phases, the Owner or its assigns shall sell said twenty (20') feet right-of-way reserve to the City of Denton for each phase prior to final acceptance of public improvement for that phase 7 The City agrees to construct a lift station on Lot 67, Block 9 The lift station will have sufficient capacity to serve all of the Lakeview Ranch Development (Rancho del Lago) as it was laid out in the preliminary plat approved April 23, 1997 8 The Owner hereby agrees to fully remove and dispose of the existing bridge and drainage structure that lies within that section of Trinity Road within the boundaries of said Lot 67, Block 9 The timing of this removal and disposal shall coincide with the future development phase south of and adjacent to Lot 67, Block 9 and the related abandonment and closure of Tnmty Road 9 The Owner and Manager hereby agree that the City of Denton Electric Utilities shall be the sole provider of electric service within the boundaries of the Project Page 2 10 This agreement may not be assigned without the express written consent of Owner and City 11 This agreement shall be construed under and in accordance with the laws of the State of Texas, and all obligations of the parties created hereunder are performable in Denton County, Texas 12 This agreement constitutes the sole and only agreement of the parties and supersedes any prior understandings or written or oral agreements between the parties respecting the within subject matter 13 This agreement shall be filed in the Deed of Records of Denton County and shall constitute a covenant running with the land EXECUTED this AL day of CIL4,_, 1998 CITY OF DENTON, TEXAS ATTEST JENNIFER WALTERS, CITY SECRETARY G^ PROVE AS TO LEGAL FORM HERBERT L PROUTY, CITY ATTORNEY � z�� TED BENAVIDES, CITY MANAGER OWNER DIETER SCHWARZ By NR & RJ Properties, L P , his attorney -in -fact By NR & RJ Properties G P , Inc its sole general partner I VA WINI%� r Page 3 TUV.1N.T4V:I 3 TERRA/BA4N, INC A TEXAS ORPORA ION STATE OF TEXAS COUNTY OF DENTON § This instrument was acknowledged before me on the 4 day of 1946 , by Ted Benavides, City Manager of the City of Denton, a municipal c oration, on behalf of said corporation f,'"""�a� ANN FORSYTHE Notary Public, State of Texas My Commlaion 60m Not Public, State of xas ;;T,,,,"�' MAY 8, 2002 STATE OF TEXAS COUNTY OF DENTON 41, Tlus instrument was acknowledged before me on the f day of 19 q`j , by (� I , of Terra/Bain, Inc, a Texas Co oration �,r►'' •�y CHRISTINE A DICK Notary Public State of TexasC�— �," •�" Comm. Expires'2.2001 Notary Public, State of Texas STATE OF TEXAS COUNTY OF DENTON This instrument was acknowledged before me on the day of —z—u 19 , by Nicholas Raimondo, President of NR & RJ Properties, G P , Inc CHRISTINE A DICK Notary Public StatComm. Expires 9-2.2001 cLz-, -sue A b I� _1�-- Notary Public, State of Texas Page 4 07/02/98 12 05 IAX 8L72516645 TT RRA LOMPANIIS IM 06 EXHIBIT "A" - PAGE 1 80' ROW PROPERTY DESCRIPTION Being a tract or parcel of land situated in the M Forest Survey, Abstracted number 417, Denton Country, Texas Said tract or parcel being a potion of that certain "Tract 3", a 59 996 acre tract as described from Ron I Hoyl to First Gibraltar Bank by deed recorded in Volume 2936, Page 631, Deed Records, Denton County, Texas, and also being a portion of Lot 6, Block A of the subdivision of said M Forest Survey as recorded in Volume 50, Page 236 of said Deed Records, said tract or parcel being more particularly described by metes and bounds as follows COMMENCING at a %s" iron rod found for the Northwest corner of said First Gibraltar Bank tract and also being the Northwest comer of that certain tract deeded to Ralph T Bullard in Volume 1521, Page 948 of said Dead Records, same also being on the south nght-of-way line of U S highway 380, THENCE North 81029'04" East, 183 18' to a concrete TxDOT ROW found on said South right- of-way line and the North line of said First Gibraltar Bank tract for a point of intersection, THENCE North 87007'46" East, 100 55' to a''/n" iron rod set with cap on said South nght-of-way line and the North line of said First Gibraltar Bank tract for comer, THENCE North 81033'32" East, 31 6l'to a %_" iron rod set with cap on said South tight -of -way line in the North hie of said First Gibraltar Bank tract for the POINT OF BEGINNING, THENCE North 81°33'32" East, 80 00' to a W' iron rod set with cap on said South nght-of-way line and the North line of said Fuss Gibraltar Bank tract for comer, THENCE South 08°43'20" East, 795 67' to a %" iron rod set with cap for a point of curvature, THENCE along the arc of a curve to the right, having a radius of 1240 00', a central angle of 09°08'27", a tangent of 99 13', and a are length of 197 83' to a %' iron rod set with cap for a point of tangency, THENCE South 00025'09" West. 10 79' to a'/." iron rod sat with cap for comer, said iron rod also being on the South line of said Fust Gibraltar Bank tract and the North line of that certain Tract 1, recorded in County Clerks Record No 94-045817, of said Dead Records, THENCE North 87039'53" Weal, 80 04' to a K' iron rod set for comer on the South line of said First Gibraltar Bank tract and the North line of said Tract 1, THENCE North 00-25'09" East, 8 10' to a'h" iron rod set with cap for a point of curvature, THENCE along the arc of a curve to the left, having a radius of 1160 00', a central angle of 09008'2711, a tangent of 92 73', and a arc length of 185 071to a W' iron rod set with cap for a point of tangency. THENCE North 08943'20" West, 796 06' to the POINT OF BEGINNING and CONTAINING 79,740 square feet, or 183 acres of land area, more or lose, within these metes and bounds 07/02/98 12 05 I-AX 8172516645 TERRA COMPANIIS ICI-LI TER/JAMESON EXHIBIT "A" — PAGE 2 N I GHWAY ^580 U S NBI )3 !2 E _ ena f .Of 90 Ne\ Yen N9TG7 .8 49 0! E _ — t i d0 -55 ♦ r�tt NBI 18 IL : s I I NBIS 3632' F N I I ' I / 0ay4Pa�se � y��0 G, ' SCALE I'=100 ppyQd I OJyL'Q4t O'a� 4 1 �yPp ooy old' 4 I I RIGHTS OF WAY DEDICATION / 79 740 SQ Fr 83 ac 1 I /yi L I O• 0708 11 q. 190 00 L. 19 6! T. 99 IS I 92oT0T /7. 597'12 53 F 59 20 T rre u 1 75 �40V�rd�L �.��pC.�.li,I NT90 9•r / I 0�ay 04`1L 2` 1 1 L 011 O4i- �' i P'' P� MST 39 ] r �I 90 r y' N0P99 09 E EXHIBIT ' A' — PAGE 2 1 7B 80' R. 0. W. DEDICATION r-1 ! TysST FOR LAKEV I EW BOULEVARD c r C P 04 SITUATED IN THE M. FORREST SURVEY, ABST. NO. 4 1 7 MW LICHUMR JAMFSON CITY OF DENTONInM.Y... DENTON COUNTY, TEXAS `°""�"°°'" A.. "`�"' Yr v u....,Y a.........Y,..—..w..,aI'doorudory I;;. logo Z 07 1�_•,111111 r BLAGG ROAD MILLS RO EXHIBIT 'B' Limits of Phase I Final Plat 120 ROW Reserve by Separate Document) 80 ROW Dedication 160 • 20 ROW Reserve Purchase) Lot 67 Block 9, Phase I Future Spine Road Within the limits of the Project 07/02/98 12 05 FAX 8172516645 IGRRA COMMILS Z03 fY 11 De 05 52PM PUST LICHLITER/JRMESCH P 3 e EXHIBIT "C" - PAGE 1 PROPOSED 20' ROW DEDICA110N OF LAKEVIEW DRIVE AS SHOWN ON LAEMVIEW RANCH PHASE I FINAL PLAT Being a tract or parcel of land bituated in the Moreau Forrest Survey Abstract Number 417 Denton County, Texas, said tract or parcel being a portion of that certain 30 199 acre '"Tract 1 a portion of that certain 53 975 acre "Tract 3" a portion of that certain 131 353 acre 'Tract 7", and a portion of that Lertam 242 422 acre tract , all described to Dieter Schwarz Inc in County Clerk s Document Number 94-045817, Deed Records Denton County, Texas and also being a portion of that certain 28 68 acre tract also described to Dieter Schwarz, Inc in County Clerk's Document Number 93-0064306 of said Deed Records, and being more particularly described by metes and bounds as follows COMMENCING at the northwest corner of said "Tract 7", same being on the south line of that certain tract described to R B M land Cc Ltd by document recorded in Volume 1783, Page 790 of said Deed Records, and also being the northeast coiner of that certain tract described to John Powell Walker by document recorded in County Clerk's Number 93-0034125 of said Deed Records, THENCE South 87'39'53' East, 599 99 feet on the north line of said `Tract 7", same being the south line of said R B M Land Cc Ltd tract to the POINT OF BEGINNING, THENCE South 87039'53" East, 20 01 feet, continuing on paid common line to a point for corner, THENCE South 00'25'08" West, 180 28 feet to the beginning of a curve to the left, THENCE 500 31 feet along said curve to the left, having a radius of 910 00 feet, a central angle of 31'30'03", and a chord bearing and distance of South 15' 19'54" East, 494 04 feet to a point of tangency, THENCE South 31 °04'56"East, 208 70 feet to the beginning of a curve to the right, THENCE 296 89 feet along said curve to the right, having a radius of 540 00 feet, a central angle of 31 °30'03", and a chord beartag and distance of South 15' 19'54 East, 293 16 feet to a point of tangency, THENCE South 00*25108" West, 1335 83 feet to the beginning of a curve to the left, THENCE 248 84 feet along said curve to the left, having a radius of 260 00 feet, a central angle of 16034'41", and a chord bearing and distance of South 07052' 13" East, 247 97 feet to a point of tangency, THENCE South 16009'34" East, 112 73 feet to the beginning of a curve to the right, THENCE 253 95 feet along said curve to the right, having a radius of 790 00 feet, a central angle 07/02198 12 05 IAX 8L72516645 IERRA COMPANII'S Q 04 nay 11 '98 05 53PM RUST LICHLITER/JRMESON R 4,6 EXHIBIT "C" - PAGE 2 of 18`2438", and a chord bearing and distance of South 06057'15 East, 252 76 feet to a point of tangency, THENCE South 02015'04" Wcst, 1777 93 feet to a the beginning of a curve to the left THENCE 348 99 along said curve to the left, having a radius of 460 00 teet, a central angle of 43 02808" and a chord bearing and distance of South 19029u0" East, 340 68 feet to a point of tangency, THENCE South 41' 1304" East, 519 05 feet to the beginning of a curve to the right, THENCE 317 47 feet along said curve to the right, having a radius of 540 00 feet, a central angle of 33 *41105", and a chord bearing and distance of South 2402232" East, 312 92 feet to a point for comer, THENCE South 82°3545" West, 20 00 feet to a point for comer, THENCE 305 67 feet along the a curve to the left, having a radius of 520A0, a central angle of 33 040'47", and a chord bearing and distance of North 24022'41" West, 30129 feet to a point of tangency, THENCE North 41613104" West, 519 05 feet to the beginning of a curve to the right, THENCE 364 17 feet along said carve to the right, having a radius of 480 00 feet, a central angle of 43 °2808" and a chord bearing and distance of North 19°291D0" West, 355 49 feet to a point of tangency, THENCE North 02 01510411 East, 1777 93 feet to the beginning of a curve to the left, THENCE 247 42 feet along said curve to the left, having it radius of 770 00 feet, a central angle of 18'2438", and a chord bearing and distance of North 06°57'15" West, 246 36 feet to a point of tangency, THENCE North 1660934" West, 112 73 feet to the beginning of a curve to the right, THENCE 254 62 feet along said curve to the right, having a radius of 880 00 feet, a central angle of 1603441", and a chord bearing and distance of North 07652*13" West, 253 74 feet to a point of tangency, THENCE North 00°25DS" East, 1335 83 feet to the beginning of a curve to the left, having a radius of 520 00 feet, a central angle of 31'30D3", and a chord bearing and distance of North 15 ° 1934" West, 282 31 feet to a point of tangency, THENCE North 3100456' West, 208 70 feet to the beginning of a curve to the nght, having a radius of 930 00 feet, a central angle of 31"30D3", and a chord bearing and distance of North 07/07/98 14 OL RAC 8172516645 IIRRA COMPANfrs IM04 EXHIBIT "C" - PAGE 1561923411 West, 504 89 feet to a point of tangency) TiM= North 00°25'08" Best, 180.95 foot to the POINT OF BEGINNING and CONTAINING 122,051 equate teat or 2 80 acres of 1a0d amg4 more or lees, within these metes and bounds Brian C. Wright Registered PkaftsionN Lmd Surveyor License No. 4560, Stm of Tease L'1PROR=SWURVEYIRANCRaaDLNTSVJMW20Ff NTS v d N0934Uf/&-Ul-l-DI-1 ISf1M 4ki62 It a6, L0 Vlr 07/02/98 l2 OS 11AX 8172516645 TERRA (,OMPAN119 U 05 -Uti 1t S8 1- 43PM RUST LICHLITER/JPMESDN P EXHIBIT "D" PROPOSED 80' ROW DEDICATION LAKEVIEW BOULEVARD Being a tract or parcel of land situated in the Forrrest Moreau Survey, Abstract Number 417, Denton County, Texas, same being a portion of that certain tract described to Dieter Schwarz by deed recorded in County Clerks No 94-045817, Deed Records, Denton County, Texas Said tract or parcel also being an 80 foot right -of way of which 40 feet is located on each side of the following centerline being harem described by metes and bounds as follows COMMENCING at the northwest corner of the Damn D Haskmi; tract, as recorded in County Clerks No 97.0001578, Deed Records, Denton County, Texas, a 1 /2" iron rod found, THENCE South 0202111" West. 79.51 feet to a point for corner, THENCE South 82°27 24" West, 52.07 feet to the POINT OF BEGINNING, THENCE along a curve to the right, having a radius of 500 00 feet, a central angle of 09007'53", and a chord beating and distance of South 02°58'40" East, 79,60 feet to a point of tangency, THENCE South 01 °35' 17" West, 254 35 feet to a point of curvature; THENCE along a curve to the right having a radius of 500 00 feet, a central angle of 28°21'35" and a chord bearing and distance of South 15046'15" West, 243 02 feet to a point of tangency, THENCE South 29057'13" West, 326.54 feet to a point of curvature, THENCE along a curve to the left having a radius of 500 00 feet, a central angle of 24°54'02" and a chord beams and distance of South 17030112" West, 215 59 feet to the endpoint, said point also being on or near the north right-of-way line of Mills road (a public road) Said tract or parcel containing 90,032 square feet or 2 067 acres of land area, more or lees, within these metes and bounds EXHIBIT E REAL ESTATE CONTRACT STATE OF TEXAS COUNTY OF DENTON THIS CONTRACT OF SALE is made by and between Dieter Schwarz, by and through lus attorney-m-fact, NR & RJ Properties L P (hereinafter referred to as "Seller") and CITY OF DENTON, TEXAS, a home rule municipality, of Denton, Denton County, Texas, (hereinafter referred to as "Purchaser" or "City"), upon the terms and conditions set forth herein PURCHASE AND SALE Seller hereby sells and agrees to convey, and Purchaser hereby purchases and agrees to pay for, the tract of land containing approximately 4 33 acres of land situated in Denton County, Texas, in the vicinity of Lakeview Ranch to be used for sewer lift station purposes, and twenty (20) feet wide rights -of -way (ROW) along and adjacent to the eastern boundary of the sixty (60) feet wide ROW dedicated to the City in each phase of development of Lakeview Ranch for street ROW purposes, being more particularly described in Exhibit B attached hereto and incorporated herein by reference for all purposes together with all and singular the rights and appurtenances pertaining to the property, including but not limited to any right, title and interest of Seller in and to adjacent streets, alleys or rights -of -way, royalties and mineral rights (all of such real property, rights, water rights or rights to water, and appurtenances being hereinafter referred to as the "Property"), together with any improvements, fixtures, and personal property situated on and attached to the Property, for the consideration and upon and subject to the terms, provisions, and conditions hereinafter set forth PURCHASE PRICE 1 Amount of Purchase Price The purchase price for the Property shall be the sum of Thirty Thousand Dollars ($30,000) for Lot 67, Block 9 as reflected on preliminary plat approved April 23, 1997 and Ten Dollars ($10) per lineal foot for 20 feet wide street rights -of -way in Lakeview Ranch herein purchased not within Lot 67, Block 9 and existing street rights -of -way being crossed 2 Payment of Purchase Price The amount of the Purchase Price shall be payable in cash incrementally at closings as envisioned in agreement between Purchaser and Terra/Bain, Inc , NR & RJ Properties, L P , and Dieter Schwarz adopted by City Ordinance on June 16, 1998 PRELIMINARY OBLIGATIONS OF THE PARTIES The obligations of Purchaser hereunder to consummate the transactions contemplated hereby are subject to the satisfaction of each of the following conditions any of which may be waived in whole or in part by Purchaser at or prior to the closing I Preliminary Title Report Within twenty (20) days after the date hereof, Seller, at SELLER'S SOLE COST AND EXPENSE, shall have caused the Title Company (hereinafter defined) to issue a preliminary title report (the "Title Report") accompanied by copies of all recorded documents relating to easements, rights -of -way, etc , affecting the Property Purchaser shall give Seller written notice on or before the expiration of ten (10) days after Purchaser receives the Title Report that the condition of title as set forth in the title binder is or is not satisfactory, and in the event Purchaser states the condition is not satisfactory, Seller shall, at Seller's option, promptly undertake to eliminate or modify all unacceptable matters to the reasonable satisfaction of Purchaser In the event Seller is unable to do so within ten (10) days after receipt of written notice, this Agreement shall thereupon be null and void for all purposes and the Escrow Deposit, if any, shall be forthwith returned by the Title Company to Purchaser, otherwise, this condition shall be deemed to be acceptable and any objection thereto shall be deemed to have been waived for all purposes 2 Survey Contemporaneously with Purchaser's delivery of an executed original of this Agreement, Seller shall within twenty (20) days from the date hereof, at Seller's sole cost and expense, deliver to Purchaser a current survey of the Property, prepared by a duly licensed Texas land surveyor acceptable to Purchaser and Seller The survey shall be staked on the ground, and shall show the location of all improvements, highways, streets, roads, railroads, rivers, creeks, or other water courses, fences, easements, and nghts-of-way on or adjacent to the Property, if any, and shall contain the surveyor's certification that there are no encroachments on the Property and shall set forth the number of total acres comprising the Property, together with a metes and bounds description thereof Purchaser will have ten (10) days after receipt of the survey to review and approve the survey In the event the survey is unacceptable, then Purchaser shall within the ten (10) day period, give Seller written notice of this fact Seller shall, at Seller's option, promptly undertake to eliminate or modify the unacceptable portions of the survey to the reasonable satisfaction of Purchaser In the event Seller is unable to do so within ten (10) days after receipt of written notice, Purchaser may terminate this Agreement, and the Agreement shall thereupon be null and void for all purposes and the Escrow Deposit, if any, shall be returned by the Title Company to Purchaser Purchaser's failure to give Seller this written notice shall be deemed to be Purchaser's acceptance of the survey 3 Seller's Compliance Seller shall have performed, observed, and complied with all of the covenants, agreements, and conditions required by this Agreement to be performed, observed, and complied with by Seller prior to or as of the closing REPRESENTATIONS AND WARRANTIES Seller hereby represents and warrants to Purchaser as follows, which representations and warranties shall be deemed made by Seller to Purchaser also as of the closing date 1 There are no parties in possession of any portion of the Property as lessees, tenants at sufferance, or trespassers PAGE 2 �\CH LOL\VOLIWIYePAgNLLOLAw OummY\CooC�cY\9�8ehwve ReY PAYe Eoc 2 Except for the prior actions of Purchaser, there is no pending or threatened condemnation, litigation or similar proceeding or assessment affecting the Property, or any part thereof, nor to the best knowledge and belief of Seller is any such proceeding or assessment contemplated by any governmental authority or other party NR & RJ, L P and Dieter Schwarz have filed a declaratory judgment action against Land Advisors, Inc to have a $541,267 00 lien claim declared invalid and unenforceable 3 Seller has complied with all applicable laws, ordinances, regulations, statutes, rules and restrictions relating to the Property, or any part thereof 4 To the best of Seller's knowledge, based upon reasonable inquiry and investigation, there are no toxic or hazardous wastes or materials on or within the Property winch require changes or remedtation under applicable environmental laws Such toxic or hazardous wastes or materials include, but are not limited to, hazardous materials or wastes as same are defined by the Resource Conservation and Recovery Act (RCRA), as amended, and the Comprehensive Environmental Response Compensation and Liability Act (CERCLA), as amended CLOSING The closing shall be held at the office of Title Company, , Denton, Texas, on or before 1998, or at such title company, time, date, and place as Seller and Purchaser may mutually agree upon (which date is herein referred to as the "closing date") CLOSING REQUIREMENTS 1 Seller's Requirements At the closing Seller shall A Deliver to Purchaser a duly executed and acknowledged Special Warranty Deed conveying good and indefeasible title in fee simple to all of the Property, free and clear of any and all liens, encumbrances, conditions, easements, assessments, and restrictions, except for the following 1 General real estate taxes for the year of closmg and subsequent years not yet due and payable, and 2 Any exceptions approved by Purchaser pursuant to Purchaser's Obligations hereof, and 3 Any exceptions approved by Purchaser in wntmg 4 Any liens which are not excluded from the coverage provided to Purchaser by the Owner's title policy PAGE 3 „Cx wuVOLWhu *pl\Al.�.Cauw Sw hw=aeu aria. me B Deliver to Purchaser at Seller's sole cost and expense a TEXAS OWNER'S TITLE POLICY at SELLER'S SOLE EXPENSE, issued by Title Company, , Denton, Texas, (the "Title Company"), or such title company as Seller and Purchaser may mutually agree upon, in Purchaser's favor in the full amount of the purchase price, insuring Purchaser's fee simple title to the Property subject only to those title exceptions listed in Closing Requirements hereof, such other exceptions as may be approved in writing by Purchaser, and the standard printed exceptions contained in the usual form of Texas Owner's Title Policy, provided, however 1 The boundary and survey exceptions shall be deleted if required by Purchaser and if so required, the costs associated with same shall be borne by Purchaser, and 2 The exception as to restrictive covenants shall be endorsed "None of Record", and 3 The exception for taxes shall be limited to the year of closing and shall be endorsed "Not Yet Due and Payable", and 4 The exception as to liens encumbering the Property shall be endorsed "None of Record", or to the extent any lien is described in the Policy and not released, the Policy shall be endorsed to provide that such lien shall not be an exception to the availability to Purchaser of full coverage as provided by the Policy C Deliver to Purchaser possession of the Property on the day of closing D Seller shall pay any rollback taxes attributable to the property and indemnifies and holds Purchaser harmless against the payment of such rollback taxes, if any 2 Purchaser's Requirements Purchaser shall pay the purchase price to Seller, incrementally at closings referenced on page 1 in immediately available funds 3 Closing Costs Through the date of Closing, Seller shall pay all taxes assessed by any tax jurisdiction through the date of Closing Any taxes imposed, assessed or ansing because of a change of use of the Property after closing shall be paid by Seller All other costs and expenses of closing in consummating the sale and purchase of the Property not specifically allocated herein shall be equally shared by Purchaser and Seller PAGE 4 „C" LGLWOLI%*MdWp"LO oxumeeuMcAMMWN wm RajE 9tloc REAL ESTATE COMMISSION Any real estate commissions occasioned by the consummation of this Agreement shall be the sole responsibility of Seller, and Seller agrees to indemnify and hold harmless Purchaser from any and all claims for these commissions BREACH BY SELLER In the event Seller shall fail to fully and timely perform any of its obligations hereunder or shall fail to consummate the sale of the Property except Purchaser's default, Purchaser may either enforce specific performance of this Agreement or terminate this Agreement BREACH BY PURCHASER In the event Purchaser should fail to consummate the purchase of the Property, the conditions to Purchaser's obligations set forth in PURCHASER'S OBLIGATIONS having been satisfied and Purchaser being in default Seller may either enforce specific performance of this Agreement, or terminate this Agreement MISCELLANEOUS 1 Assignment of Agreement This Agreement may not be assigned by Purchaser without the express written consent of Seller 2 Survival of Covenants Any of the representations, warranties, covenants, and agreements of the parties, as well as any rights and benefits of the parties, pertaining to a period of time following the closing of the transactions contemplated hereby shall survive the closing and shall not be merged therein 3 Notice Any notice required or permitted to be delivered hereunder shall be deemed received when sent by United States mail, postage prepaid, certified mail, return receipt requested, addressed to Seller or Purchaser, as the case may be, at the address set forth beneath the signature of the party 4 Texas Law to Apply This Agreement shall be construed under and in accordance with the laws of the State of Texas, and all obligations of the parties created hereunder are performable in Denton County, Texas 5 Parties Bound This Agreement shall be binding upon and inure to the benefit of the parties and their respective heirs, executors, administrators, legal representatives, successors and assigns where permitted by this Agreement 6 Legal Construction In case any one or more of the provisions contained in this Agreement shall for any reason be held to be invalid, illegal, or unenforceable in any respect, said invalidity, illegality, or unenforceability shall not affect any other provision hereof, and this PAGE 5 \WHL LWOLIWYaEWepUALW" Dxom®uMou=MW hw U81 &YIa tlao Agreement shall be construed as if the invalid, illegal, or unenforceable provision had never been contained herein 7 Prior Agreements Superseded This Agreement constitutes the sole and only agreement of the parties and supersedes any prior understandings or written or oral agreements between the parties respecting the within subject matter Time of Essence Time is of the essence in this Agreement 9 Gender Words of any gender used in this Agreement shall be held and construed to include any other gender, and words in the singular number shall be held to include the plural, and vice versa, unless the context requires otherwise 10 Memorandum of Contract Upon request of either party, both parties shall promptly execute a memorandum of this Agreement suitable for filing of record 11 Compliance In accordance with the requirements of the Texas Real Estate License Act, Purchaser is hereby advised that it should be furnished with or obtain a policy of title insurance or Purchaser should have the abstract covering the Property examined by an attorney of Purchaser's own selection 12 Time Limit In the event a fully executed copy of this Agreement has not been returned to Seller withm thirty (30) days after Seller executes this Agreement and delivers same to Purchaser, Seller shall have the right to terminate this Agreement upon written notice to Purchaser DATED this day of SELLERS Dieter Schwarz By NR & RJ Properties L P his attorney -in -fact By NR & RJ Properties G P , Inc its sole general partner By Nicholas Raimondo, President APPROVED AS TO LEGAL FORM HERBERT L PROUTY, CITY ATTORNEY FV1 PURCHASER THE CITY OF DENTON, TEXAS Ted Benavides, City Manager 215 E McKinney Denton, Texas 76201 PAGE 6 ,CH WL\V u velW "LW Uz=mu O rcU9Mhwm Rem F 0, STATE OF TEXAS COUNTY OF DENTON This instrument was acknowledged before me on this day of , 1998 by Nicholas Raimondo Notary Public in and for State of Texas STATE OF TEXAS COUNTY OF DENTON This instrument is acknowledged before me, on this day of , 1998 by TED BENAVIDES, City Manager, of the City of Denton, a municipal corporation, known to me to be the person and officer whose name is subscribed to the foregoing instrument and acknowledged to me that the same was the act of the said City of Denton, Texas, a municipal corporation, that he was duly authorized to perform the same by appropriate ordinance of the City Council of the City of Denton and that he executed the same as the act of the said City for purposes and consideration therein expressed, and in the capacity therein stated PAGE 7 Notary Public in and for State of Texas ncx LOLML14har "LW o %M= .cnnesWcwr m U4 W tl TH-Rc IS US 380 o EXHIBIT 'B' G TO REAL ESTATE CONTRACT O G: r f— Z_ 0_ t— BLAGG ROAD MILLS ROAD Limits of Phase I Final Plot (20 ROW Reserve by Separate Document) 80' ROW Dedication (60 • 20 ROW Reserve Purchase) Lot 67 Block 9, Phase I "'-%kl Future Spine Road within the limits ' ■u�1\`I �Oi �ME0r0*00 of the Project gn a � 1101 sue, bra r� s ■wit ,+ EXHIBIT F THE STATE OF TEXAS § OBLIGATION OF THE CITY OF DENTON AND NR & RJ PROPERTIES, L. P, REGARDING CONDEMNATION OF R-O-W AND PAYMENT OF THE COUNTY OF DENTON § COST OF CONDEMNATION WHEREAS, Dieter Schwarz by and through NR & RJ Properties, L P (NR & RJ), his attorney in fact, desires the City of Denton to promote safe vehicle traffic movement and economic development by providing NR & RJ and neighboring property owners access to U S 380 at Lakeview Boulevard, and WHEREAS, Article 3, Section 52-a of the Texas Constitution and Section 380 001, Tex Loc Govt Code provide the promotion of economic development is a public purpose and Section 251001, TEX LOC GOV'T CODE, provides public safety and extending streets are a public purpose, and WHEREAS, NR & RJ will provide for and pay the cost of the R-O-W easement and the cost of constructing two (2) lanes of Lakeview Boulevard from Lakeview Ranch to U S 380 if the City will purchase such easement through negotiation or condemnation, and WHEREAS, NR & RJ has been unable to obtain the easement necessary to provide for the off -site street facilities required, and WHEREAS, NR & RJ has requested, in accordance with the State law, that the City use its power of emment domain to obtain the off -site easement so that the required improvements to Lakeview Boulevard may be completed, and WHEREAS, the condemnation of the land for Lakeview Boulevard would be in the public interest and for a public purpose, NOW, THEREFORE, WITNESSETH: In consideration of the mutual covenants and promises of each, agree as follows I. Attorney's Services. The City Attorney, with approval of NR & RJ, shall retain local counsel to provide the legal services to institute and pursue proceedings in emment domain to acquire an off -site easement as identified in Ordinance 98-082 The City Attorney shall assist local counsel in preparing all petitions, motions, notices, and other legal documents necessary to mitiate and prosecute condemnation proceedings H. Payment of Condemnation Costs by NR & RJ. All filing fees and courts costs, appraiser, expert witness, and local counsel fees, condemnation awards, recording fees and or other cost or fees resulting from the condemnation shall be paid by NR & RJ, except as otherwise provided for herem III. Payment of Acquisition Cost by NR & RJ NR & RJ agrees that it will pay the award for the condemnation made either by the Special Commissioners, or on appeal, by judgment of the court Should the condemnation case be non -suited or dismissed at NR & RJ's request, at any time prior to the entering of a judgment in this matter, NR & RJ agrees to pay any costs assessed by the court against City including, but not limited to, attorney and expert witness fees of the condemnee IV. Appeal of Commissioner's Award. If, by reason of the amount of the award made, NR & RJ is obligated to pay in satisfaction of the award any amount in excess of market value for the easement, then NR & RJ may request, in writing within ten days of said award, that City appeal the award made Upon such request and the City's determination that the award was excessive, the City may, in fulfillment of its sovereignty duties and obligations within its sole discretion, authorize an appeal of the award If, after NR & RJ requests such appeal, City appeals the award made, NR & RJ shall pay all cost of such appeal Upon final judgment of such appeal, NR & RJ shall pay the judgment of the appellant court If City should appeal such award in the absence of such request by NR & RJ, NR & RJ shall not be liable to City for the cost of such appeal or the amount of any judgment resulting from the appeal in excess of the trial court's judgment V. Hold Harmless. NR & RJ agrees that the acquisition of land provided for in this agreement is for the sole purpose of allowing NR & RJ and neighboring property owners to promote economic development and safe traffic movement by providing access to U S 380 from Lakeview Boulevard NR & RJ agrees to hold the City harmless from, and shall indemnify City for, anyi claim, loss or damage arising or resulting from any act of NR & RJ, its agents, employees, contractors, or representatives, in pursuing the negotiation and condemnation of the easement and constructing Lakeview Boulevard NR & RJ further agrees that it shall not make any claim against City, or hold City liable, for any loss or damage suffered or incurred by NR & RJ as a result of any interruption or delay in condemning or acquiring any property necessary for NR & RJ to complete any required off -site roadway improvements resulting from any legal challenge to the right of City to condemn the land specified in this agreement, or any other delay which results from any cause not within the reasonable control of City \\[N WNWLl1�nrsM\awc\SAL\Our OocunxnNlOonCiecwVl\NR i w Agv..n.nc Cee PAGE 2