HomeMy WebLinkAbout2007-266s:\our documents\ordinances\pacifie and carroll -excess row abandon and sale. doc
ORDINANCE NO. 2007-_,W
AN ORDINANCE OF THE CITY OF DENTON, TEXAS, AUTHORIZING AN
AGREEMENT FOR ABANDONING AND VACATING THOSE CERTAIN STREET
RIGHT-OF-WAY TRACTS OF LAND BEING APPROXIMATELY 0.222 ACRE AND
0.044 ACRE RESPECTIVELY AND BEING PORTIONS OF THE RIGHT-OF-WAY
OF CARROLL BOULEVARD AND PACIFIC STREET LOCATED AT THE
SOUTHERN TERMINUS OF SAID PACIFIC STREET AND AT THE NORTHEAST
CORNER OF CARROLL BOULEVARD AND EAGLE DRIVE, IN THE W. LOVING
SURVEY ABSTRACT NUMBER 959 1N THE CITY OF DENTON, DENTON
COUNTY, TEXAS; PROVIDING FOR EASEMENTS; PROVIDING FOR A QUIT
CLAIM DEED; AND PROVIDING AN EFFECTIVE DATE.
WHEREAS, the City of Denton has received a request from the adjoining
landowner, 518 Acme Ltd, a Texas limited partnership of Denton, Texas to vacate and
abandon certain street right-of-way tracts; and,
WHEREAS, staff has reviewed the requested abandonment and has recommended
approval; and
WHEREAS, the City Council of the City of Denton, Texas has determined that
the subject street right-of-way tracts are excess property, being no longer needed for
public use as street right-of-way; NOW, THEREFORE,
THE COUNCIL OF THE CITY OF DENTON HEREBY ORDAINS:
Section 1. The findings and recitations contained in the preamble of this ordinance
are incorporated herein by reference.
Section 2. The Excess ROW Abandonment and Sale Agreement between the City of
Denton and 518 Acme Ltd., in substantially in the form of the Agreement attached hereto
and made a part of the ordinance for all purposes (the "Agreement') is hereby approved.
Section 3. The City Manager, or his designee, is hereby authorized to execute on behalf
of the City a quit claim deed and or release instruments for the land tracts cited in the
Agreement attached hereto, as further evidence of this abandonment action, subject to the
conditions stated therein.
Section 3. This ordinance shall become effective immediately upon its passage and
approval.
Page 1
s1our documents\ordinances\pacif c and carroll - excess row abandon and salc.doc
PASSED AND APPROVED this � day of*q,01�2007.
(?-'-wy
PERR McNEILL, MAYOR
ATTEST:
JENNIFER WALTERS, CITY SECRETARY
BY:%. ITI -4 1
APPROVED AS TO LEGAL FORM:
EDWIN M. SNYDER, CITY ATTORNEY
BY:
Page 2
sAour documents\contr2cts\07\padflc street and Carroll boulevard - excess row aband and sale.doc
EXCESS ROW ABANDONMENT AND SALE AGREEMENT
THIS AGREEMENT is entered into effective as of the date set forth below by and
between the City of Denton, Texas, a home rule municipal corporation (the "City") and 518
Acme Ltd., a Texas limited partnership, (the "Adjoining Landowner").
WHEREAS, the Adjoining Landowner has made application requesting abandonment of
a 0.222 acre tract and a 0.044 acre tract, said 0.222 acre tract being a portion of the street right-
of-way of Pacific Street and a portion of excess land acquired by the City in conjunction with the
1970's era Carroll Boulevard Paving and Drainage Project, and said 0.044 acre tract being a
portion of what once was Pacific Street, of which the reversionary fee simple interest being
vested in 518 Acme Ltd., by virtue of deed, both tracts being described as Exhibit "A" and
Exhibit `B" respectively and attached hereto and made a part hereof, referred to collectively as
the "Street ROW Abandonment Tracts"; and
WHEREAS, the Adjoining Landowner agrees to dedicate easements for the provision of
existing utility facility infrastructure, namely a sanitary sewer easement as described and depicted
in Exhibit "C" and an electric and communication easement as described and depicted in Exhibit
"D", both attached hereto and made a part hereof, referred to collectively as the "Easement
Tracts'; and
WHEREAS, the City agrees to abandon the public's street right-of-way interests in the
Street. ROW Abandonment Tracts, upon the delivery by the Adjoining Landowner of the
Easement Tracts conveyance instruments and acceptance of same by City and by the payment
consideration amount of $78, 300.00, as receipt of fair market value of the Abandonment Tracts;
and
WHEREAS, the Adjoining Landowner shall pay all typical closing costs associated with
this transaction, including but not limited to escrow, certification, recording and surveying fees;
and,
WHEREAS the Adjoining Landowner is currently undertaking the further development
of its adjoining property, including the contemplated Abandonment Tracts upon its fulfillment of
fee ownership acquisition of same; and
WHEREAS the Adjoining Landowneranticipates near term platting activities and public
improvement requirements for the development undertaking; and
WHEREAS it is to the benefit of both parties for the Adjoining Landowner, in
conjunction with its required public improvement activities, to effectuate additional construction
improvements to provide for a dedicated right -turn lane, west bound Eagle Drive at its Carroll
Boulevard intersection, along Adjoining Landowner's Eagle Drive frontage, hereinafter referred
to as the "Additional Improvements'; and
WHEREAS the Adjoining Landowner has demonstrated that its costs the for "Additional
Improvements" is estimated to be $40,000 00; and
WHEREAS it is desirous by both parties for the Additional Improvements to occur,
therefore it is hereby stipulated that $40,000 00 of the payment consideration proceeds of the
$78,300.00 amount, shall be escrowed by the Title Company (the Escrowed Funds) and shall be
disbursed to the Adjoining Landowner upon construction of the Additional Improvements by the
Adjoining Landowner, or its successors and assigns, and formal acceptance by the City of the
Additional Improvements contemplated herein. The stipulated amount of $40,00000 is a fixed
amount to be disbursed in accordance with the terms herein with no provision for adjustment of
actual construction costs incurred by Adjacent Landowner, or its successors or assigns. Upon
fulfillment of the terms of disbursement of the stipulated amount of $40,000.00, the Adjoining
Landowner, or its successors or assigns shall make a formal request to the City for release of the
Escrowed Funds. The City shall provide a written order to the Title Company for the subject
disbursement in a timely manner; and,
WHEREAS, if the Adjoining Landowner, for any reason, does not effectuate the
construction of and acceptance by the City of the Additional Improvements contemplated herein
within two (2) years of the execution date of the 3-way Development Contract, inclusive of the
Additional Improvements, between the City of Denton and the Adjoining Landowner, or their
successors or assigns or 3 years to the day of the effective date of this Agreement, whichever date
is the latter in time, then the full amount of the Escrowed Funds, including interest, if any, shall
be immediately disbursed to the City at that time. In the event that the Adjoining Landowner
fails to provide the Additional Improvements within the time period stipulated above, the
Adjoining Landowner shall provide concurrent instructions to the Title Company endorsing
release to the City of the Escrowed Funds, such concurrent instructions shall not be unreasonable
withheld; and
WHEREAS, the existing communication and electric facilities being accommodated by
the above -mentioned easement conveyance, described and depicted in Exhibit "D", are subject to
near -term rearrangement by the contemplated platting and development activities of Adjoining
Landowner's property; and
WHEREAS, upon rearrangement of the communication and electric facilities, alternative
easement(s) shall be provided by platting activity or separate conveyance instrument(s) by the
Adjoining Landowner to the City of Denton; however, should the timing of the rearrangement of
the communication and electric facilities and the conveyance and acceptance of the respective
alternative easement(s) not occur within three '(3) years of the Effective Date of this Agreement,
then the formal abandonment action herein of the easement tract described and depicted in
Exhibit "D", shall be null and void and will require a formal petition for any future abandonment
action consideration by the City of Denton; and,
NOW, THEREFORE, for and in consideration of the mutual covenants contained herein
the City and the Adjoining Landowner hereby agree as follows:
1. The City abandons its street right-of-way interests in the Street ROW
Abandonment Tracts, subject to the fulfillment of the conditions stipulated herein.
Page 2
2. The City abandons its communication and electric easement rights in the easement
tract, described and depicted in Exhibit "D" herein, subject to the fulfillment of
the conditions stipulated herein, effective as of the date, if the condition
subsequent occurs, otherwise it shall be null and void as recited above.
3. The recitals hereinabove constitute a part of the substantive agreement of the
parties.
4. The City Council of the City and the Landowner have duly authorized this
Agreement and the execution of same by the officers or agents who have signed below on their
behalf.
In Witness Whereof, this, Agreement has been executed by the parties to be effective this
the �0 z�h day of 2007.
CITY OF DENTON
By. �
GEORGE . CAMPBELL, CITY MANAGER
ATTEST:
JENNIF ER WALTERS, CITY SECRETARY
BY:
APPROVED AS TO LEGAL FORM:
EDWIN M. SNYDER, CITY ATTORNEY
BY:
ADJOINING LANDOWNER:
518 ACME LTD., a Texas limited partnership
By: Trilogy Management, LLC, a Texas limited liability company, General Partner
BY:—
,/ "" . Strange, M aging Member
Page 3
TITLE COMPANY:
SENDERA TITLE OF FORT WORTH
Attn: Stacie Holbert
220 San Jacinto Boulevard, Suite 310
Denton, Texas 76205
Telephone: (940) 442-6103
Telecopy: (940) 442-6159
By:
Printed Name:
Title:
Agreement receipt date:
Page 4
EXHIBIT 'A'
PAGE 1 OF 2
35271
06/22/07
ALL THAT CERTAIN TRACT OR PARCEL OF LAND LYING AND BEING SITUATED IN THE
WM. LOVING SURVEY, ABSTRACT NUMBER 759, DENTON COUNTY, TEXAS, AND BEING
PART OF THE RIGHT-OF-WAY OF PACIFIC STREET, PART OF A TRACT DESCRIBED IN A
DEED TO THE CITY OF DENTON, RECORDED IN VOLUME 766, PAGE 783, DEED
RECORDS, DENTON COUNTY, TEXAS, AND BEING PART OF A TRACT DESCRIBED IN A
DEED TO THE CITY OF DENTON, RECORDED IN VOLUME 595, PAGE 96, DEED RECORDS,
DENTON COUNTY, TEXAS AND BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS:
BEGINNING AT A 1/2 INCH IRON PIN FOUND AT THE AT THE SOUTHEAST CORNER OF
SAID PACIFIC STREET RIGHT-OF-WAY AND THE SOUTHWEST CORNER OF A TRACT 2
DESCRIBED IN A DEED TO MICHAEL R. WEBB, RECORDED IN VOLUME 673, PAGE 239,
DEED RECORDS, DENTON COUNTY, TEXAS, AND ON THE NORTH LINE OF A TRACT 3
DESCRIBED IN A DEED TO MICHAEL R. WEBB, RECORDED IN VOLUME 673, PAGE 239,
DEED RECORDS, DENTON COUNTY, TEXAS;
THENCE NORTH 89 DEGREES 52 MINUTES 46 SECONDS WEST WITH THE SOUTH LINE
OF SAID PACIFIC STREET RIGHT-OF-WAY AND THE NORTH LINE OF SAID TRACT 3 TO'A
1/2 INCH IRON PIN WITH A YELLOW PLASTIC CAP STAMPED "METROPLEX 1849" SET AT
THE SOUTHWEST CORNER OF SAID PACIFIC STREET RIGHT-OF-WAY AND THE
NORTHWEST CORNER OF SAID TRACT 3, SAID PIN ALSO BEING THE SOUTHEAST
CORNER OF SAID CITY OF DENTON TRACT (VOL. 766, PG. 783) AND THE NORTHEAST
CORNER OF SAID CITY OF DENTON TRACT (VOL. 595, PG. 96);
THENCE SOUTH WITH THE WEST LINE OF SAID TRACT 3 AND THE EAST LINE OF SAID
CITY OF DENTON TRACT (VOL. 595, PG. 96). A DISTANCE OF 95.56 FEET TO A POINT FOR
CORNER ON THE WEST LINE OF SAID TRACT 3 AND THE EAST LINE OF SAID CITY OF
DENTON TRACT (VOL. 595, PG. 96);
THENCE SOUTH 89 DEGREES 51 MINUTES 16 SECONDS WEST, A DISTANCE OF 10.97
FEET TO A POINT FOR CORNER;
THENCE NORTH 44 DEGREES 50 MINUTES 25 SECONDS WEST, A DISTANCE OF 42.20
FEET TO A POINT FOR CORNER AND BEING THE BEGINNING OF A CURVE TO LEFT;
THENCE WITH SAID CURVE TO THE LEFT, HAVING A CENTRAL ANGLE OF 04 DEGREES
40 MINUTES 57 SECONDS, A RADIUS OF 1985.62 FEET, AN ARC LENGTH OF 162.28, AND
A CHORD BEARING NORTH 02 DEGREES 18 MINUTES 34 SECONDS WEST, A DISTANCE
OF 162.23 FEET TO A POINT FOR CORNER ON THE NORTH LINE OF SAID CITY OF
DENTON TRACT (VOL. 766, PG. 783) AND THE SOUTH LINE OF A TRACT DESCRIBED IN A
DEED TO DALE & CRAIG.IRWIN, RECORDED UNDER COUNTY CLERK'S FILE NUMBER 03-
188966, REAL PROPERTY RECORDS, DENTON COUNTY, TEXAS;
THENCE NORTH 89 DEGREES 40 MINUTES 45 SECONDS EAST WITH THE NORTH LINE
OF SAID CITY OF DENTON TRACT (VOL. 766, PG. 783), A DISTANCE OF 67.50 FEET TO A
POINT FOR CORNER ON THE EAST LINE OF SAID PACIFIC STREET RIGHT-OF-WAY AND
THE WEST LINE OF A TRACT DESCRIBED IN A DEED MICHAEL R. WEBB, RECORDED IN
VOLUME 631, PAGE 527, DEED RECORDS, DENTON COUNTY, TEXAS;
E7
THENCE SOUTH 00 DEGREES 07 MINUTES 14 SECONDS WEST WITH THE SAID WEST
RIGHT-OF-WAY LINE OF PACIFIC STREET, A DISTANCE OF 96.86 FEET TO THE POINT OF
BEGINNING AND CONTAINING IN ALL 0.222 ACRES OF LAND.
GAiiY t'.s. e
E7
N
LINE TABLE
Ll
N 8T52'46"
W
20.03'
L2
S 00.00'00"
W
95.56'
L3
S 89651'16"
W
10.97'
L4
N 44 50'25"
W
42.20'
L5
N 89640'45'
E
67.50'
L6
S 00'0714
W
96.86'
CURVE TABLL.
2 4'40'57"
R=1985.62'
L=162.28'
CH=140718'341H
162.23'
EXHIBIT IN
PAGE 2 OF 2
s�Rv�
mAo MICHAEL R. WEBB
Np. DALE & -188966 CRAIG IRWIN I VOLUME 631, PAGE 527
CFN 03DR
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TRACT 2
o MICHAEL R. WEBB
W G Cl p VOLUME 673, PAGE 239
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5z0 N IRON PIN RON PIN TRACT 3
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DATE 10/22/07
JE7�'N•JHR
JOB NO.3527
EXHIBIT B
PAGE 1 OF 2
35271
10/22/07
ALL THAT CERTAIN TRACT OR PARCEL OF LAND LYING AND BEING SITUATED IN THE
WM. LOVING SURVEY, ABSTRACT NUMBER 759. DENTON COUNTY, TEXAS, AND BEING
PART OF A CALLED TRACT 3 DESCRIBED IN A DEED TO MICHAEL R. WEBB, RECORDED
IN VOLUME 673, PAGE 239, DEED RECORDS, DENTON COUNTY, TEXAS, AND BEING
MORE PARTICULARLY DESCRIBED AS FOLLOWS:
BEGINNING AT A 1/2 INCH IRON PIN FOUND AT THE AT THE SOUTHEAST CORNER OF
PACIFIC STREET RIGHT-OF-WAY AND THE SOUTHWEST CORNER OF A CALLED TRACT 2
DESCRIBED IN A DEED TO MICHAEL R. WEBB RECORDED IN VOLUME 673, PAGE 239,
DEED RECORDS, DENTON COUNTY, TEXAS, ON THE NORTH LINE OF SAID TRACT 3;
THENCE SOUTH, A DISTANCE OF 95.47 FEET TO A POINT FOR CORNER ON THE SOUTH
LINE OF SAID TRACT 3 IN WEST EAGLE DRIVE;
THENCE SOUTH 89 DEGREES 51 MINUTES 16 SECONDS WEST, A DISTANCE OF 20.03
FEET TO A POINT ON THE WEST LINE OF SAID TRACT 3 AND THE EAST LINE OF A
TRACT DESCRIBED IN A DEED TO THE CITY OF DENTON. RECORDED IN VOLUME 595,
PAGE 96, DEED RECORDS, DENTON COUNTY, TEXAS;
THENCE NORTH WITH THE WEST.LINE OF SAID TRACT 3, A DISTANCE OF 95.56 FEET TO
A 1/2 INCH IRON PIN WITH A YELLOW PLASTIC CAP STAMPED "METROPLEX 18491, SET
AT THE NORTHWEST CORNER OF SAID TRACT 3 AND THE SOUTHEAST CORNER OF
SAID TRACT 2;
THENCE SOUTH 89 DEGREES 52 MINUTES 46 SECONDS EAST WITH THE NORTH LINE
OF SAID TRACT 3 AND THE SOUTH LINE OF SAID TRACT 2, A DISTANCE OF 20.03 FEET
TO THE POINT OF BEGINNING AND CONTAINING IN ALL 0.044 ACRES OF LAND.
E5
a
LINE TABLE
L1 S
00'00'00" W
95.47'
L2 S
89'51216" W
20.03'
L3 N
00'00'00' E
95.56'
14 S
89'52'4V E
20.03'
EXHIBIT B
PAGE 2 OF 2
DALE & CRAIG IRWIN
CFN 03-188966
RPR
«
MICHAEL R. WEBB
VOLUME 631, PAGE 527
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CONCRETE
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MARKER 0 FIRE POWER
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VARIABLE WIDTH RIGHT-OF-WAY
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EXHIBIT C
PAGE 7 OF 2
35271
10/22/07
ALL THAT CERTAIN TRACT OR PARCEL OF LAND LYING AND BEING SITUATED IN THE
WM. LOVING SURVEY, ABSTRACT NUMBER 759, DENTON COUNTY, TEXAS, AND BEING
PART OF A TRACT DESCRIBED IN A DEED TO THE CITY OF DENTON, RECORDED IN
VOLUME 766, PAGE 783, DEED RECORDS, DENTON COUNTY, TEXAS, AND BEING PART
OF A CALLED TRACT 3 DESCRIBED IN A DEED TO MICHAEL R. WEBB, RECORDED IN
VOLUME 673, PAGE 239, DEED RECORDS, DENTON COUNTY, TEXAS, AND BEING MORE
PARTICULARLY DESCRIBED AS FOLLOWS:
BEGINNING AT A PK NAIL SET AT A POINT FOR CORNER ON THE SOUTH LINE OF SAID
TRACT 3 IN WEST EAGLE DRIVE;
THENCE WEST IN EAGLE DRIVE, A DISTANCE OF 16.00 FEET TO A POINT FOR CORNER
ON THE SOUTH LINE OF SAID TRACT 3,
THENCE NORTH, A DISTANCE OF 215.77 FEET TO THE NORTH LINE OF SAID CITY OF
DENTON;
THENCE NORTH 89 DEGREES 40 MINUTES 45 SECONDS EAST WITH THE NORTH LINE
OF SAID CITY OF DENTON TRACT, A DISTANCE OF 16.00 FEET;
THENCE SOUTH, A DISTANCE OF 215.86 FEET TO THE POINT OF BEGINNING AND
CONTAINING IN ALL 0.080 ACRES OF LAND.
E1&F2
N
LINE TABLE
L1
N
90'00'00" w
16.00'
L2
N
00'00'00' E
215.77'
W
N
89'40'45" E
16.00'
L4
S
00'00'00' W
215.86'
EXHIBIT C
PAGE 2OF2
DALE & CRAIG IRWIN
CFN 03-188966.
RPR
CITY OF DEMON
VOLUME 766. PAGE 783
RPR
L2
CITY OF DEMON
VOL. 595, PG. 96
ON RPR
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TEL HONE
LINE
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VOWME 631, PAGE 527
FOUND 112"
3 IRON PIN
3
CONCRETE
FOUNDATION
I� TELEPHONE
I LINE
MARKER -y'ONCREfE. .
i SOUNDATION
I
L4 TRACT 2
MICHAEL R. WEBB
OWE VOLUME 67LE 03, PAGE 239
FFOUND IPT
IRON PIN
Gam, TRACT 3 .,
MICHAEL R. WEBB
I I REVOLUME 673,, PAGE 239
DR
1 W I I WZ N
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L ,
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"` JRHH �"' MRKJ"'A" 1 40 1"" 10/22/07 V , No.35271 1
EXHIBIT
PAGE 1 OF 2
35271
10/22/07
ALL THAT CERTAIN TRACT OR PARCEL OF LAND LYING AND BEING SITUATED IN THE
WM. LOVING SURVEY, ABSTRACT NUMBER 759, DENTON COUNTY, TEXAS, AND BEING
PART OF THE RIGHT-OF-WAY OF PACIFIC STREET, PART OF A CALLED TRACT 3
DESCRIBED IN A DEED TO MICHAEL R. WEBB, RECORDED IN VOLUME 673, PAGE 239,
DEED RECORDS, DENTON COUNTY, TEXAS, AND PART OF A TRACT DESCRIBED IN A
DEED TO THE CITY OF DENTON, RECORDED IN VOLUME 766, PAGE 783, DEED
RECORDS, DENTON COUNTY, TEXAS BEING MORE PARTICULARLY DESCRIBED AS
FOLLOWS:
BEGINNING AT A PK NAIL SET ON THE SOUTH LINE OF SAID TRACT 3 IN WEST EAGLE
DRIVE;
THENCE WEST WITH THE SOUTH LINE OF SAID TRACT 3, A DISTANCE OF 10.00 FEET TO
A POINT FOR CORNER ON THE SOUTH LINE OF SAID TRACT 3 IN WEST EAGLE DRIVE;
THENCE NORTH, A DISTANCE OF 216.81 FEET TO A POINT FOR CORNER ON THE NORTH
LINE OF SAID TRACT 3 AND THE SOUTH LINE OF A TRACT DESCRIBED IN A DEED TO
THE CITY OF DENTON, RECORDED IN VOLUME 766, PAGE 783, DEED RECORDS,
DENTON COUNTY, TEXAS;
THENCE NORTH 89 DEGREES 40 MINUTES 45 SECONDS EAST A DISTANCE OF 10.20
FEET TO A 112 INCH IRON PIN FOUND ON THE EAST RIGHT-OF-WAY LINE OF PACIFIC
STREET AND THE WEST LINE OF A TRACT DESCRIBED IN A DEED TO MICHAEL R. WEBB,
RECORDED IN VOLUME 631, PAGE 527, DEED RECORDS, DENTON COUNTY, TEXAS;
THENCE SOUTH, A DISTANCE OF 70.75 FEET TO A POINT FOR CORNER ON THE WEST
LINE OF A TRACT 2 DESCRIBED IN A DEED TO MICHAEL R. WEBB, RECORDED IN
VOLUME 673, PAGE 239, DEED RECORDS, DENTON COUNTY. TEXAS:
THENCE SOUTH 12 DEGREES 31 MINUTES 38 SECONDS EAST, A DISTANCE OF 148.66
FEET TO A POINT FOR CORNER ON THE SOUTH LINE OF SAID TRACT 3 IN WEST EAGLE
DRIVE;
THENCE WEST WITH THE SOUTH LINE OF SAID TRACT 3, A DISTANCE OF 10.24 FEET TO
A POINT FOR CORNER ON THE SOUTH LINE OF SAID TRACT 3 IN WEST EAGLE DRIVE;
THENCE NORTH 12 DEGREES 31 MINUTES 38 SECONDS WEST, A DISTANCE OF 101.43
FEET TO A POINT FOR CORNER;
THENCE SOUTH, A DISTANCE OF 99.01 FEET TO THE POINT OF BEGINNING AND
CONTAINING IN ALL 0.078 ACRES OF LAND.
E6
N
LINE TABLE
L1
N
90'00'00"
W
10.00'
L2
N
00'00'00"
E
215.81'
L3
N
89'40'45"
E
10.20'
14
S
00'09'55"
W
70.75'
L5
S
12'31'38"
E
148,66'
L6
N
90 00'00"
W
10.24'
L7
N
12'31'38-
W
101 %'
L8
S 00'00'00"
W
99.01'
0 40 so
SCALE IN FEET
EXHIBIT D
PAGE 2OF2
DALE & CRAIG IRWIN
CFN 03-188966
RPR
s'Rv0
159 M
TELEPHONE
NE TELEPHO1
MARKER p 0 PEDESTAL
MICHAEL R. WEBB
VOWME 631, PAGE 627
DR
r"L3 FOUND 12•
IRON PIN CONCRETE
i L FOUNDATION
CONBR,EfE.
TELEPHONE
MADRKER
. L4 'CONCREi�'
TRACT 2
MICHAEL R. WEBB
VOWME 673, PAGE 239
r•_ r� DR
L2 ,WIRE MICHAELCR. WEBB
n ,.� VOLUME 673, PAGE 239
O1 DR
1 LS
L L 1
L�8'
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1W._40.
DATE 10/22/07
JE6rWN-JHR
JOB NO.3527
NOTICE OF CONFIDENTIALITY RIGHTS: IF YOU ARE A NATURAL PERSON,
YOU MAY REMOVE OR STRIKE ANY OR ALL OF THE FOLLOWING INFORMATION
FROM ANY INSTRUMENT THAT TRANSFERS AN INTEREST IN REAL PROPERTY
BEFORE IT IS FILED FOR RECORD IN THE PUBLIC RECORDS: YOUR SOCIAL
SECURITY NUMBER OR YOUR DRIVER'S LICENSE NUMBER.
QUIT CLAIM DEED
THE STATE OF TEXAS §
§ KNOW ALL MEN BY THESE PRESENTS:
COUNTY OF DENTON §
THAT The City of Denton (hereinafter referred to as the "Grantor"), in consideration of
the sum of One Dollar and No Cents ($1.00) and other good and valuable consideration in hand
paid by the 518 ACME LTD., a Texas limited partnership (the "Grantee"), the receipt of which
is hereby acknowledged, does by these presents, QUIT CLAIM unto Grantee, its successors and
assigns, all its right title and interest in and to those certain tracts or parcels of land lying in the
County of Denton and State of Texas, described and illustrated in Exhibit "A" and Exhibit "B"
attached hereto and made a part by reference (called the "Property").
TO HAVE AND TO HOLD all of Grantor's right, title and interest in and to the Property
unto the Grantee, its successors and assigns forever, so that neither Grantor nor its successors or
assigns shall have, claim or demand any right or title to the Property or appurtenances or any part
thereof.
Witness my hand, this the / '7"day of 2007.
By: �—
George C. Campbell
City Manager
ACKNOWLEDGMENT
THE STATE OF §
COUNTY OF a')E r 1L §
This instrument was acknowledged before me on j 7 2007
by George C. Campbell, City Manager.
EM
HOLIEY, Stete of Tezesssion ExpiresNotary Public, in and forthe State ofr O8, 2009 My Commission Expires: j,4., y -o /
c
PAGE 1 OF 2
35271
06/22/07
ALL THAT CERTAIN TRACT OR PARCEL OF LAND LYING AND BEING SITUATED IN THE WM. LOVING SURVEY,
ABSTRACT NUMBER 759. DENTON COUNTY, TEXAS, AND BEING PART OF THE RIGHT-OF-WAY OF PACIFIC
STREET, PART OF A TRACT DESCRIBED IN A DEED TO THE CITY OF DENTON. RECORDED IN VOLUME 766,
PAGE 783, DEED RECORDS, DENTON COUNTY, TEXAS, AND BEING PART OF A TRACT DESCRIBED IN A DEED
TO THE CITY OF DENTON, RECORDED IN VOLUME 595, PAGE 96, DEED RECORDS, DENTON COUNTY, TEXAS
AND BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS:
BEGINNING AT A 1/2 INCH IRON PIN FOUND AT THE AT THE SOUTHEAST CORNER OF SAID PACIFIC STREET
RIGHT-OF-WAY AND THE SOUTHWEST CORNER OF A TRACT 2 DESCRIBED IN A DEED TO MICHAEL R. WEBB,
RECORDED IN VOLUME 673, PAGE 239, DEED RECORDS, DENTON COUNTY, TEXAS, AND ON THE NORTH LINE
OF A TRACT 3 DESCRIBED IN A DEED TO MICHAEL R. WEBB, RECORDED IN VOLUME 673, PAGE 239, DEED
RECORDS. DENTON COUNTY. TEXAS:
THENCE NORTH 89 DEGREES 52 MINUTES 46 SECONDS WEST WITH THE SOUTH LINE OF SAID PACIFIC
STREET RIGHT-OF-WAY AND THE NORTH LINE OF SAID TRACT 3 TO A 1/2 INCH IRON PIN WITH A YELLOW
PLASTIC CAP STAMPED "METROPLEX 1849" SET AT THE SOUTHWEST CORNER OF SAID PACIFIC STREET
RIGHT-OF-WAY AND THE NORTHWEST CORNER OF SAID TRACT 3, SAID PIN ALSO BEING THE SOUTHEAST
CORNER OF SAID CITY OF DENTON TRACT (VOL. 766, PG. 783) AND THE NORTHEAST CORNER OF SAID CITY
OF DENTON TRACT (VOL. 595, PG. 96).
THENCE SOUTH WITH THE WEST LINE OF SAID TRACT 3 AND THE EAST LINE OF SAID CITY OF DENTON
TRACT (VOL. 595, PG. 96), A DISTANCE OF 95.56 FEET TO A POINT FOR CORNER ON THE WEST LINE OF SAID
TRACT 3 AND THE EAST LINE OF SAID CITY OF DENTON TRACT (VOL, 595, PG. 96).
THENCE SOUTH 89 DEGREES 51 MINUTES 16 SECONDS WEST, A DISTANCE OF 10.97 FEET TO A POINT FOR
CORNER;
THENCE NORTH 44 DEGREES 50 MINUTES 25 SECONDS WEST, A DISTANCE OF 42.20 FEET TO A POINT FOR
CORNER AND BEING THE BEGINNING OF A CURVE TO LEFT:
THENCE WITH SAID CURVE TO THE LEFT, HAVING A CENTRAL ANGLE OF 04 DEGREES 40 MINUTES 57
SECONDS, A RADIUS OF 1985.62 FEET, AN ARC LENGTH OF 162.28. AND A CHORD BEARING NORTH 02
DEGREES 18 MINUTES 34 SECONDS WEST, A DISTANCE OF 162.23 FEET TO A POINT FOR CORNER ON THE
NORTH LINE OF SAID CITY OF DENTON TRACT (VOL. 766, PG. 783) AND THE SOUTH LINE OF A TRACT
DESCRIBED IN A DEED TO DALE 8 CRAIG IRWIN. RECORDED UNDER COUNTY CLERK'S FILE NUMBER 03-
188966, REAL PROPERTY RECORDS, DENTON COUNTY. TEXAS:
THENCE NORTH 89 DEGREES 40 MINUTES 45 SECONDS EAST WITH THE NORTH LINE OF SAID CITY OF
DENTON TRACT (VOL. 766, PG, 783), A DISTANCE OF 67.50 FEET TO A POINT FOR CORNER ON THE EAST LINE
OF SAID PACIFIC STREET RIGHT-OF-WAY AND THE WEST LINE OF A TRACT DESCRIBED IN A DEED MICHAEL
R. WEBB, RECORDED IN VOLUME 631, PAGE 527, DEED RECORDS, DENTON COUNTY. TEXAS:
THENCE SOUTH 00 DEGREES 07 MINUTES 14 SECONDS WEST WITH THE SAID WEST RIGHT-OF-WAY LINE OF
PACIFIC STREET, A DISTANCE OF 96.86 FEET TO THE POINT OF BEGINNING AND CONTAINING IN ALL 0.222
ACRES OF LAND.
Gj. P� �t ....q�•-."Pn
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EXHIBIT
PAGE 2OF2
E
wM• �O\ 1\vo DALE
0CRAIG IRWIN
CFN PgS�RpG 66
RPR L5
UNE TABLE
L1
N
89'52'46"
W
20.03'
L2
S
00'00'00"
W
95.56'
L3
S
89'51'16"
W
10.97'
L4
N
44'50'25"
W
42.20'
L5
N
89'40'45"
E
67.50'
L6
S
o0'07'14"
W
96.86'
CURVE TABLE
&--04'40157"
R=1985.62'
L=162.28'
CH=NO2' 18'34"W
162.23'
w
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N
0
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VOLUME 631. PAGE 527
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mrnncrt e
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a MICHAEL R. WEBB
VOLUME 673, PAGE 239
DR
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—ENS Y,i
TRACT 3
MICHAEL R. WEBB
VOLUME 673, PAGE 239
DR
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INLET
_WEST EAGLE DRIVE
ASPHALT
VARIABLE WIDTH RIGHT-OF-WAY
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�''� : PSG ,�, • 9� •,9�
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940-387-0506 223 W. HICKORY, DENTON, TEXAS 76201 info@metroplexsurveying.com E7
WN. JHR CKD. MRKSCALE Iow=40• 1
DATE 10/22/07 JOB NO.35271
EXHIBIT B
PAGE 1 OF 2
35271
10/22/07
ALL THAT CERTAIN TRACT OR PARCEL OF LAND LYING AND BEING SITUATED IN THE
WM. LOVING SURVEY, ABSTRACT NUMBER 759, DENTON COUNTY, TEXAS, AND BEING
PART OF A CALLED TRACT 3 DESCRIBED IN A DEED TO MICHAEL R. WEBB, RECORDED
IN VOLUME 673, PAGE 239, DEED RECORDS, DENTON COUNTY, TEXAS, AND BEING
MORE PARTICULARLY DESCRIBED AS FOLLOWS:
BEGINNING AT A 1/2 INCH IRON PIN FOUND AT THE AT THE SOUTHEAST CORNER OF
PACIFIC STREET RIGHT-OF-WAY AND THE SOUTHWEST CORNER OF A CALLED TRACT 2
DESCRIBED IN A DEED TO MICHAEL R. WEBB RECORDED IN VOLUME 673, PAGE 239,
DEED RECORDS, DENTON COUNTY, TEXAS, ON THE NORTH LINE OF SAID TRACT 3;
THENCE SOUTH, A DISTANCE OF 95.47 FEET TO A POINT FOR CORNER ON THE SOUTH
LINE OF SAID TRACT 3 IN WEST EAGLE DRIVE.
THENCE SOUTH 89 DEGREES 51 MINUTES 16 SECONDS WEST, A DISTANCE OF 20.03
FEET TO A POINT ON THE WEST LINE OF SAID TRACT 3 AND THE EAST LINE OF A
TRACT DESCRIBED IN A DEED TO THE CITY OF DENTON, RECORDED IN VOLUME 595.
PAGE 96, DEED RECORDS, DENTON COUNTY, TEXAS.
THENCE NORTH WITH THE WEST LINE OF SAID TRACT 3, A DISTANCE OF 95.56 FEET TO
A 1/2 INCH IRON PIN WITH A YELLOW PLASTIC CAP STAMPED "METROPLEX 1849" SET
AT THE NORTHWEST CORNER OF SAID TRACT 3 AND THE SOUTHEAST CORNER OF
SAID TRACT 2,
THENCE SOUTH 89 DEGREES 52 MINUTES 46 SECONDS EAST WITH THE NORTH LINE
OF SAID TRACT 3 AND THE SOUTH LINE OF SAID TRACT 2, A DISTANCE OF 20.03 FEET
TO THE POINT OF BEGINNING AND CONTAINING IN ALL 0.044 ACRES OF LAND.
GAiiY W. HAMIPAETT
."o 1849
MP�%..
I SSX0 OQrli
E5
a
E
O
WM. I T
PgS.�Rp,G
LINE TABLE
L1
S
00'00'00" W
95.47'
L2
S
89'51'16" W
20.03'
L3
N
00'00'00" E
95.56'
L4
S
89'52'46" E
20.03'
PAGE 2 OF 2
DALE & CRAIG IRWIN
CFN 03-188966
RPR
501W
159
4
IRON PIN
9 J
U �
TRAFFIC
SIGNAL EO TRAFFl
VAULT
T EPHONE TELEPHON
o PEDESTAL
MAN ER PPOWE R
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MICHAEL R. WEBB
VOLUME 631. PAGE 527
DR
CONCRETE
- FOUNDATION
i• CONCRETE.
LINE
MARKER
°CONCREY�'
J t
POINT OF
S BEGINNING
L TRACT 2
MICHAEL R. WEBB
VOLUME 673, PAGE 239
DR
U 12
PIN
GUY
U) ' 1 WIRE
W
Q. 1p
lzr L1
CJ 1f
x
1C
TEL �NEO
—MARKET
C
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TRACT 3
MICHAEL R. WEBB
VOLUME 673, PAGE 239
DR
W� a
CONCRETE
FOUNDATION
INLET
L
_-WEST EAGLE DRIVE
ASPHALT
VARIABLE WIDTH RIGHT-OF-WAY
0 40 80 120 �E sTF F+9
P .o s�
...:.................:...
SCALE IN FEET GARY W HAIt IUM L;
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Surveying, Inc. S
V
40-387-0506 223 W. HICKORY, DENTON, TEXAS 76201 info@metroplexsurveying.com E5
WN_ JHR CKD. MRKSCALE 1go=40. DATE 10/22/07 JOB N0.352i1
ESCROW AGREEMENT
This Escrow Agreement is entered into this ` day of January, 2008, by and between
City of Denton, Texas, a home rule municipal corporation ("City"), 518 Acme Ltd., a Texas
limited partnership ("Acme"), and Sendera Title, Inc., a Texas corporation ("Escrow Agent").
This Escrow Agreement arises in connection improvements to be made as described in the Excess
Row Abandonment and Sale Agreement (the "_Agreement"), a copy of which is attached hereto as
EXHIBIT `B", which Agreement was made in connection with that certain transaction involving
the real property as described in EXHIBIT "A", attached hereto and incorporated by reference
herein (the "Prove ").
Escrow Agent hereby acknowledges receipt of the sum of $40,000.00 (the "Escrow
Funds") this day tendered to Escrow Agent. Escrow Agent is hereby authorized and instructed to
hold and disburse the Escrowed Funds in full upon Escrow Agent's receipt of a Release of
Escrow Funds (the "Release"), executed by both City and Acme, subject to the terms and
conditions provided in EXHIBIT "C". The Release must be in a form approved by Escrow
Agent.
IN WITNESS WHEREOF, the undersigned have executed this agreement, either in person
or by their duly authorized officers or agents, to be effective as of the date listed above.
Cam:
City of Denton, Texas,
a home rule municipal corporation
By: _ --
Name: George .Campbell, City anager
Address for Notice: 215 E. McKinney Street
Denton, Texas 76201
ATTEST:
JENNIFER WALTERS, CITY SECRETARY
APPROVED AS TO LEGALJjORM:
EDWIN M. SNYDER, CITY/ATTORNEY
-1-
Acme:
518 Acme Ltd.,
a Texas limited partnership
By: Trilogy Management, L.L.C.,
A Texas limited liability company,
its general partner
By:
Name:
J.V. Strange, Managing Member
Address for Notice: 2220 San Jacinto Blvd., Ste. 215
Denton, Texas 76205
Escrow Agent:
Sendera Title, Inc.
By:
Name:
Title:
Address for Notice: 4161 McKinney Avenue, Suite 301
Dallas, Texas 75204
-2-
EXHIBIT "Al"
PAGE 1 OF 4
35271
10/22/07
ALL THAT CERTAIN TRACT OR PARCEL OF LAND LYING AND BEING SITUATED IN THE
WM. LOVING SURVEY, ABSTRACT NUMBER 759, DENTON COUNTY, TEXAS, AND BEING
PART OF A CALLED TRACT 3 DESCRIBED IN A DEED TO MICHAEL R. WEBB, RECORDED
IN VOLUME 673, PAGE 239, DEED RECORDS, DENTON COUNTY, TEXAS, AND BEING
MORE PARTICULARLY DESCRIBED AS FOLLOWS
BEGINNING AT A 1/2 INCH IRON PIN FOUND AT THE AT THE SOUTHEAST CORNER OF
PACIFIC STREET RIGHT-OF-WAY AND THE SOUTHWEST CORNER OF A CALLED TRACT 2
DESCRIBED IN A DEED TO MICHAEL R. WEBB RECORDED IN VOLUME 673, PAGE 239,
DEED RECORDS, DENTON COUNTY, TEXAS, ON THE NORTH LINE OF SAID TRACT 3,
THENCE SOUTH, A DISTANCE OF 95,47 FEET TO A POINT FOR CORNER ON THE SOUTH
LINE OF SAID TRACT 3 IN WEST EAGLE DRIVE,
THENCE SOUTH 89 DEGREES 51 MINUTES 16 SECONDS WEST, A DISTANCE OF 20.03
FEET TO A POINT ON THE WEST LINE OF SAID TRACT 3 AND THE EAST LINE OF A
TRACT DESCRIBED IN A DEED TO THE CITY OF DENTON, RECORDED IN VOLUME 595,
PAGE 96, DEED RECORDS, DENTON COUNTY, TEXAS.
THENCE NORTH WITH THE WEST LINE OF SAID TRACT 3, A DISTANCE OF 95.56 FEET TO
A 1/2 INCH IRON PIN WITH A YELLOW PLASTIC CAP STAMPED "METROPLEX 1849" SET
AT THE NORTHWEST CORNER OF SAID TRACT 3 AND THE SOUTHEAST CORNER OF
SAID TRACT 2,
THENCE SOUTH 89 DEGREES 52 MINUTES 46 SECONDS EAST WITH THE NORTH LINE
OF SAID TRACT 3 AND THE SOUTH LINE OF SAID TRACT 2, A DISTANCE OF 20.03 FEET
TO THE POINT OF BEGINNING AND CONTAINING IN ALL 0.044 ACRES OF LAND.
..................... i.
GARY W. HAivIMETT
�...................
1849 ,P�;t
E5
a
PgS,�Rp,G
UNE TABLE
L1
S
00'00'00"
W
95.47'
L2
S
89'51'16"
W
20.03'
L3
N
00'00'00"
E
95.56'
L4
S
89'5246"
E
20.03'
PAGE 2 OF 4
DALE & CRAIG IRWIN
CFN 03-188966
RPR
IRON PIN
TRAFFIC
SIGNAL
'MA
(D TRAFFl
❑VAULT
PHONE 1 _--PHON
NE °PEDESTAL
ER 0 POWER
—E E --0-E
MICHAEL R. WEBB
VOLUME 631, PAGE 527
DR
CONCRETE
- FOUNDATION
'CONCRETE.
0 TELEPHONE
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40000
FOUND i.
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BEGINNING
® TRACT 2
MICHAEL R. WEBB
VOLUME 673, PAGE 239
DR
TRACT 3
MICHAEL R. WEBB
VOLUME 673, PAGE 239
DR
CONCRETE
FOUNDATION
S
-WEST EAGLE DRIVE _
ASPHALT
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SCALE IN FEET
Cy `®ivi t
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)WN. JHR CKD. nn�aai SCALE 1..®4®• DATE 10/22/07
INLET
—E
............. :.......
GARYW. HAMMETT
1 -. 5 /A 849 ,v
E5
11 NO.35271
EXHIBIT 'A'
PAGE 3 OF 4
35271
06/22/07
ALL THAT CERTAIN TRACT OR PARCEL OF LAND LYING AND BEING SITUATED IN THE WM. LOVING SURVEY,
ABSTRACT NUMBER 759. DENTON COUNTY, TEXAS, AND BEING PART OF THE RIGHT-OF-WAY OF PACIFIC
STREET, PART OF A TRACT DESCRIBED IN A DEED TO THE CITY OF DENTON, RECORDED IN VOLUME 766,
PAGE 783, DEED RECORDS, DENTON COUNTY, TEXAS, AND BEING PART OF A TRACT DESCRIBED IN A DEED
TO THE CITY OF DENTON, RECORDED IN VOLUME 595, PAGE 96, DEED RECORDS, DENTON COUNTY, TEXAS
AND BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS:
BEGINNING AT A 1/2 INCH IRON PIN FOUND AT THE AT THE SOUTHEAST CORNER OF SAID PACIFIC STREET
RIGHT-OF-WAY AND THE SOUTHWEST CORNER OF A TRACT 2 DESCRIBED IN A DEED TO MICHAEL R. WEBB,
RECORDED IN VOLUME 673, PAGE 239, DEED RECORDS, DENTON COUNTY, TEXAS, AND ON THE NORTH LINE
OF A TRACT 3 DESCRIBED IN A DEED TO MICHAEL R. WEBB, RECORDED IN VOLUME 673, PAGE 239, DEED
RECORDS, DENTON COUNTY, TEXAS;
THENCE NORTH 89 DEGREES 52 MINUTES 46 SECONDS WEST WITH THE SOUTH LINE OF SAID PACIFIC
STREET RIGHT-OF-WAY AND THE NORTH LINE OF SAID TRACT 3 TO A 112 INCH IRON PIN WITH A YELLOW
PLASTIC CAP STAMPED "METROPLEX 1849" SET AT THE SOUTHWEST CORNER OF SAID PACIFIC STREET
RIGHT-OF-WAY AND THE NORTHWEST CORNER OF SAID TRACT 3, SAID PIN ALSO BEING THE SOUTHEAST
CORNER OF SAID CITY OF DENTON TRACT (VOL. 766, PG. 783) AND THE NORTHEAST CORNER OF SAID CITY
OF DENTON TRACT (VOL. 595, PG. 96);
THENCE SOUTH WITH THE WEST LINE OF SAID TRACT 3 AND THE EAST LINE OF SAID CITY OF DENTON
TRACT (VOL. 595, PG, 96), A DISTANCE OF 95.56 FEET TO A POINT FOR CORNER ON THE WEST LINE OF SAID
TRACT 3 AND THE EAST LINE OF SAID CITY OF DENTON TRACT (VOL. 595, PG. 96).
THENCE SOUTH 89 DEGREES 51 MINUTES 16 SECONDS WEST, A DISTANCE OF 10.97 FEET TO A POINT FOR
CORNER;
THENCE NORTH 44 DEGREES 50 MINUTES 25 SECONDS WEST, A DISTANCE OF 42.20 FEET TO A POINT FOR
CORNER AND BEING THE BEGINNING OF A CURVE TO LEFT;
THENCE WITH SAID CURVE TO THE LEFT, HAVING A CENTRAL ANGLE OF 04 DEGREES 40 MINUTES 57
SECONDS, A RADIUS OF 1985.62 FEET, AN ARC LENGTH OF 162.28, AND A CHORD BEARING NORTH 02
DEGREES 18 MINUTES 34 SECONDS WEST, A DISTANCE OF 162.23 FEET TO A POINT FOR CORNER ON THE
NORTH LINE OF SAID CITY OF DENTON TRACT (VOL. 766, PG. 783) AND THE SOUTH LINE OF A TRACT
DESCRIBED IN A DEED TO DALE & CRAIG IRWIN, RECORDED UNDER COUNTY CLERK'S FILE NUMBER 03-
188966, REAL PROPERTY RECORDS, DENTON COUNTY, TEXAS;
THENCE NORTH 89 DEGREES 40 MINUTES 45 SECONDS EAST WITH THE NORTH LINE OF SAID CITY OF
DENTON TRACT (VOL. 766, PG. 783), A DISTANCE OF 67.50 FEET TO A POINT FOR CORNER ON THE EAST LINE
OF SAID PACIFIC STREET RIGHT-OF-WAY AND THE WEST LINE OF A TRACT DESCRIBED IN A DEED MICHAEL
R. WEBB, RECORDED IN VOLUME 631, PAGE 527, DEED RECORDS, DENTON COUNTY, TEXAS;
THENCE SOUTH 00 DEGREES 07 MINUTES 14 SECONDS WEST WITH THE SAID WEST RIGHT-OF-WAY LINE OF
PACIFIC STREET, A DISTANCE OF 96.86 FEET TO THE POINT OF BEGINNING AND CONTAINING IN ALL 0.222
ACRES OF LAND.
/ ���
� o:Q;�C'`S�F�y�n
GARY W.�FiAkl!'yYEI f
! 43 .......
E7
n
LINE TABLE
L1
N
89'52'46"
W
20.03'
L2
S
00'00'00"
W
95.56'
L3
S
89'51'16"
W
10.97'
L4
N
44'50'25"
W
42.20'
L5
N
89'40'45"
E
67.50'
L6
S
00.07' 14"
W
96.86'
CURVE TABLE
E-�04'40'57"
R=1985.62'
L=162.28'
CH=NO2' 18'34"W
162.23'
PAGE 4 OF 4
DALE & CRAIG IRWIN
Np.
CFN 03-188966
RPR L5
TRAFFIC
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VOLUME 631. PAGE 527
DR
CONCRETE
FOUNDATION
'CDN6RETE.
LINE
L6 MARKER
w °CONCREY�'
0
POINT OF
W BEGINNING
3o TRACT 2
MICHAEL R. WEBB
VOLUME 673, PAGE 239
DR
U 1/2"
PIN TRACT 3
MICHAEL R. WEBB
VOLUME 673, PAGE 239
DR
CONCRETE
FOUNDATION
S
E INLEr
E —E
_WEST EAGLE DRIVE _
ASPHALT
VARIABLE WIDTH RIGHT-OF-WAY
0 40 80 120
SCALE IN FEET
GAiv
M=-Mroplex
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940-387-0506 223 W. HICKORY, DENTON, TEXAS 76201 info@metroplexsurveying.com E7
WN. JHR CKD. MRK SCALE 1 11111=40• 1
DATE 10/22�®%
EXHIBIT B PAGE 1 OF 13
siour documents\contracts\07\pacific street and carro.. ooulevard - excess row @band and sale.doc
EXCESS ROW ABANDONMENT AND SALE AGREEMENT
THIS AGREEMENT is entered into effective as of the date set forth below by and
between the City of Denton, Texas, a home rule municipal corporation (the "City') and 518
Acme Ltd., a Texas limited partnership, (the "Adjoining Landowner").
WHEREAS, the Adjoining Landowner has made application requesting abandonment of
a 0.222 acre tract and a 0.044 acre tract, said 0.222 acre tract being a portion of the street right-
of-way of Pacific Street and a portion of excess land acquired by the City in conjunction with the
1970's era Carroll Boulevard Paving and Drainage Project, and said 0.044 acre tract being a
portion of what once was Pacific Street, of which the reversionary fee simple interest being
vested in 518 Acme Ltd., by virtue of deed, both tracts being described as Exhibit "A" and
Exhibit "B" respectively and attached hereto and made a part hereof, referred to collectively as
the "Street ROW Abandonment Tracts'; and
WHEREAS, the Adjoining Landowner agrees to dedicate easements for the provision of
existing utility facility infrastructure, namely a sanitary sewer easement as described and depicted
in Exhibit "C" and an electric and communication easement as described and depicted in Exhibit
` D", both attached hereto and made a part hereof, referred to collectively as the "Easement
Tracts"; and
WHEREAS, the City agrees to abandon the public's street right-of-way interests in the
Street ROW Abandonment Tracts, upon the delivery by the Adjoining Landowner of the
Easement Tracts conveyance instruments and acceptance of same by City and by the payment
consideration amount of $78, 300. , as receipt of fair market value of the Abandonment Tracts;
and
WHEREAS, the Adjoining Landowner shall pay all typical closing costs associated with
this transaction, including but not limited to escrow, certification, recording and surveying fees;
and,
WHEREAS the Adjoining Landowner is currently undertaking the further development
of its adjoining property, including the contemplated Abandonment Tracts upon its fulfillment of
fee ownership acquisition of same; and
WHEREAS the Adjoining Landowner anticipates near term platting activities and public
improvement requirements for the development undertaking; and
WHEREAS it is to the benefit of both parties for the Adjoining Landowner, in
conjunction with its required public improvement activities, to effectuate additional construction
improvements to provide for a dedicated right -turn lane, west bound Eagle Drive at its Carroll
Boulevard intersection, along Adjoining Landowner's Eagle Drive frontage, hereinafter referred
to as the "Additional Improvements'; and
WHEREAS the Adjoining Landowner has demonstrated that its costs the for "Additional
Improvements" is estimated to be $401000.00; and
EXHIBIT B PAGE 2 OF 13
WHEREAS it is desirous by both parties for the Additional Improvements to occur,
therefore it is hereby stipulated that $40,000 00 of the payment consideration proceeds of the
$78,300.00 amount, shall be escrowed by the Title Company (the Escrowed Funds) and shall be
disbursed to the Adjoining Landowner upon construction of the Additional Improvements by the
Adjoining Landowner, or its successors and assigns, and formal acceptance by the City of the
Additional Improvements contemplated herein. The stipulated amount of $40,000.00 is a fixed
amount to be disbursed in accordance with the terms herein with no provision for adjustment of
actual construction costs incurred by Adjacent Landowner, or its successors or assigns. Upon
fulfillment of the terms of disbursement of the stipulated amount of $40,000 00, the Adjoining
Landowner, or its successors or assigns shall make a formal request to the City for release of the
Escrowed Funds. The City shall provide a written order to the Title Company for the subject
disbursement in a timely manner; and,
WHEREAS, if the Adjoining Landowner, for any reason, does not effectuate the
construction of and acceptance by the City of the Additional Improvements contemplated herein
within two (2) years of the execution date of the 3-way Development Contract, inclusive of the
Additional Improvements, between the City of Denton and the Adjoining Landowner, or their
successors or assigns or 3 years to the day of the effective date of this Agreement, whichever date
is the latter in time, then the full amount of the Escrowed Funds, including interest, if any, shall
be immediately disbursed to the City at that time. In the event that the Adjoining Landowner
fails to provide the Additional Improvements within the time period stipulated above, the
Adjoining Landowner shall provide concurrent instructions to the Title Company endorsing
release to the City of the Escrowed Funds, such concurrent instructions shall not be unreasonable
withheld; and
WHEREAS, the existing communication and electric facilities being accommodated by
the above -mentioned easement conveyance, described and depicted in Exhibit "D", are subject to
near -term rearrangement by the contemplated platting and development activities of Adjoining
Landowner's property; and
WHEREAS, upon rearrangement of the communication and electric facilities, alternative
easement(s) shall be provided by platting activity or separate conveyance instrument(s) by the
Adjoining Landowner to the City of Denton; however, should the timing of the rearrangement of
the communication and electric facilities and the conveyance and acceptance of the respective
alternative easement(s) not occur within three (3) years of the Effective Date of this Agreement,
then the formal abandonment action herein 'of the easement tract described and depicted in
Exhibit "D", shall be null and void and will require a formal petition for any future abandonment
action consideration by the City of Denton; and,
NOW, THEREFORE, for and in consideration of the mutual covenants contained herein
the City and the Adjoining Landowner hereby agree as follows:
1. The City abandons its street right-of-way interests in the Street ROW
Abandonment Tracts, subject to the fulfillment of the conditions stipulated herein.
Page 2
EXHIBIT B PAGE 3 OF 13
2. The City abandons its communication and electric easement rights in the easement
tract, described and depicted in Exhibit "D" herein, subject to the fulfillment of
the conditions stipulated herein, effective as of the date, if the condition
subsequent occurs, otherwise it shall be. null and void as recited above.
3. The recitals hereinabove constitute a part of the substantive agreement of the
parties.
4. The City Council of the City and the Landowner have duly authorized this
Agreement and the execution of same by the officers or agents who have signed below on their
behalf.
In Witness Whereof, this �gre ent has been executed by the parties to be effective this
the `? day of f�if�{"� tali( 2007._
CITY OF DENTON
By:
GEORGE C. CAMPBELL, CITY MANAGER
ATTEST:
JENNIFER WALTERS, CITY SECRETARY
BY: r
APPROVED AS TO LEGAL FORM:
EDWIN M. SNYDER, CITY ATTORNEY
BY�
ADJOINING LANDOWNER:
518 ACME LTD., a Texas limited partnership
By: Trilogy Management, LLC, a Texas limited liability company, General Partner
BY: -,
J.V. Strange, anagingMember
Page 3
EXHIBIT B PAGE 4 OF 13
TITLE COMPANY:
SENDERA TITLE OF FORT WORTH
Attn: Stacie Holbert
220 San Jacinto Boulevard, Suite 310
Denton, Texas 76205
Telephone: (940) 442-6103
Telecopy: (940) 442-6159
By:
Printed Name:
Title:
Agreement receipt date:
Page 4
EXHIBIT B PAGE 5 OF 13
■
35271 PAGE 1 OF 2
06/22/07
ALL THAT CERTAIN TRACT OR PARCEL OF LAND LYING AND BEING SITUATED IN THE
WM. LOVING SURVEY, ABSTRACT NUMBER 759, DENTON COUNTY, TEXAS, AND BEING
PART OF THE RIGHT-OF-WAY OF PACIFIC STREET, PART OF A TRACT DESCRIBED IN A
DEED TO THE CITY OF DENTON, RECORDED IN VOLUME 766, PAGE 783, DEED
RECORDS, DENTON COUNTY, TEXAS, AND BEING PART OF A TRACT DESCRIBED IN A
DEED TO THE CITY OF DENTON, RECORDED IN VOLUME 595, PAGE 96, DEED RECORDS,
DENTON COUNTY, TEXAS AND BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS:
BEGINNING AT A 1/2 INCH IRON PIN FOUND AT THE AT THE SOUTHEAST CORNER OF
SAID PACIFIC STREET RIGHT-OF-WAY AND THE SOUTHWEST CORNER OF A TRACT 2
DESCRIBED IN A DEED TO MICHAEL R. WEBB, RECORDED IN VOLUME 673, PAGE 239,
DEED RECORDS, DENTON COUNTY TEXAS, AND ON THE NORTH LINE OF A TRACT 3
DESCRIBED IN A DEED TO MICHAEL R. WEBB, RECORDED IN VOLUME 673, PAGE 239;
DEED RECORDS, DENTON COUNTY, TEXAS;
THENCE NORTH 89 DEGREES 52 MINUTES 46 SECONDS WEST WITH THE SOUTH LINE
OF SAID PACIFIC STREET RIGHT-OF-WAY AND THE NORTH LINE OF SAID TRACT 3 TO'A
1/2 INCH IRON PIN WITH A YELLOW PLASTIC CAP STAMPED "METROPLEX 1849" SET AT
THE SOUTHWEST CORNER OF SAID PACIFIC STREET RIGHT-OF-WAY AND THE
NORTHWEST CORNER OF SAID TRACT 3, SAID PIN ALSO BEING THE SOUTHEAST
CORNER OF SAID CITY OF DENTON TRACT (VOL. 766, PG. 783) AND THE NORTHEAST
CORNER OF SAID CITY OF DENTON TRACT (VOL. 595, PG. 96);
THENCE SOUTH WITH THE WEST LINE OF SAID TRACT 3 AND THE EAST LINE OF SAID
CITY OF DENTON TRACT (VOL. 595, PG. 96), A DISTANCE OF 95.56 FEET TO A POINT FOR
CORNER ON THE WEST LINE OF SAID TRACT 3 AND THE EAST LINE OF SAID CITY OF
DENTON TRACT (VOL. 595, PG. 96);
THENCE SOUTH 89 DEGREES 51 MINUTES 16 SECONDS WEST, A DISTANCE OF 10.97
FEET TO A POINT FOR CORNER;
THENCE NORTH 44 DEGREES 50 MINUTES 25 SECONDS WEST, A DISTANCE OF 42.20
FEET TO A POINT FOR CORNER AND BEING THE BEGINNING OF A CURVE TO LEFT;
THENCE WITH SAID CURVE TO THE LEFT, HAVING A CENTRAL ANGLE OF 04 DEGREES
40 MINUTES 57 SECONDS, A RADIUS OF 1985.62 FEET, AN ARC LENGTH OF 162.28, AND
A CHORD BEARING NORTH D2 DEGREES 18 MINUTES 34 SECONDS WEST, A DISTANCE
OF 162.23 FEET TO A POINT FOR CORNER ON THE NORTH LINE OF SAID CITY OF
DENTON TRACT (VOL. 766, PG. 763) AND THE SOUTH LINE OF ATRACT DESCRIBED IN A
DEED TO DALE & CRAIG,IRWIN, RECORDED UNDER COUNTY CLERK'S FILE NUMBER 03-
188966, REAL PROPERTY RECORDS, DENTON COUNTY, TEXAS;
THENCE NORTH 89 DEGREES 40 MINUTES 45 SECONDS EAST WITH THE NORTH LINE
OF SAID CITY OF DENTON TRACT (VOL. 766, PG. 783), A DISTANCE OF 67,50 FEET TO A
POINT FOR CORNER ON THE EAST LINE OF SAID PACIFIC STREET RIGHT-OF-WAY AND
THE WEST LINE OF A TRACT DESCRIBED IN A DEED MICHAEL R. WEBB, RECORDED IN
VOLUME 631, PAGE 527, DEED RECORDS, DENTON COUNTY, TEXAS;
E7
EXHIBIT B PAGE 6 OF 13
THENCE SOUTH 00 DEGREES 07 MINUTES 14 SECONDS WEST WITH THE SAID WEST
RIGHT-OF-WAY LINE OF PACIFIC STREET, A DISTANCE OF 96.86 FEET TO THE POINT OF
BEGINNING AND CONTAINING IN ALL 0.222 ACRES OF LAND.
GA-RY Yi. iI
E7
EXHIBIT B PAGE 7 OF 13
N
5cj DALE & CRAG IRWIN
NOS'IYRP�� 11 �t—T__
UNE TABLE
L1
N
89'52'46" W
20.03'
L2
S
00'00.0o" W
95.56'
L3
S
89'51'16" W
10.97'
L4
N
44'50'25" W
42.20'
L5
N
8T40'45" E
67.50'
Ls
s
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9s.8s'
m
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VOLUME 631, PAGE 527
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VOLUME 673, PAGE 239
DR
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FOUND 12"
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WN JHR CKD. MRK SCALE 1.._40e DATE 10�22/07 JOB N0.35271
EXHIBIT B PAGE 8 OF 13
PAGE 1 OF 2
35271
10/22/07
ALL THAT CERTAIN TRACT OR PARCEL OF LAND LYING AND BEING SITUATED IN THE
WM. LOVING SURVEY, ABSTRACT NUMBER 759, DENTON COUNTY, TEXAS, AND BEING
PART OF A CALLED TRACT 3 DESCRIBED IN A DEED TO MICHAEL R. WEBB, RECORDED
IN VOLUME 673, PAGE 239, DEED RECORDS, DENTON COUNTY, TEXAS, AND BEING
MORE PARTICULARLY DESCRIBED AS FOLLOWS:
BEGINNING AT A 1/2 INCH IRON PIN FOUND AT THE AT THE SOUTHEAST CORNER OF
PACIFIC STREET RIGHT-OF-WAY AND THE SOUTHWEST CORNER OF A CALLED TRACT 2
DESCRIBED IN A DEED TO MICHAEL R. WEBB RECORDED IN VOLUME 673, PAGE 239,
DEED RECORDS, DENTON COUNTY, TEXAS, ON THE NORTH LINE OF SAID TRACT 3;
THENCE SOUTH, A DISTANCE OF 95.47 FEET TO A POINT FOR CORNER ON THE SOUTH
LINE OF SAID TRACT 3 IN WEST EAGLE DRIVE,
THENCE SOUTH 89 DEGREES 51 MINUTES 16 SECONDS WEST, A DISTANCE OF 20.03
FEET TO A POINT ON THE WEST LINE OF SAID TRACT 3 AND THE EAST LINE OF A
TRACT DESCRIBED IN A DEED TO THE CITY OF DENTON, RECORDED IN VOLUME 595,
PAGE 96, DEED RECORDS, DENTON COUNTY, TEXAS;
THENCE NORTH WITH THE WEST LINE OF SAID TRACT 3, A DISTANCE OF 95.56 FEET TO
A 1/21NCH IRON PIN WITH AYELLOW PLASTIC CAP STAMPED "METROPLEX 1849" SET
AT THE NORTHWEST CORNER OF SAID TRACT 3 AND THE SOUTHEAST CORNER OF
SAID TRACT 2;
THENCE SOUTH 89 DEGREES 52 MINUTES 46 SECONDS EAST WITH THE NORTH LINE
OF SAID TRACT 3 AND THE SOUTH LINE OF SAID TRACT 2, A DISTANCE OF 20.03 FEET
TO THE POINT OF BEGINNING AND CONTAINING IN ALL 0.044 ACRES OF LAND_
E5
EXHIBIT B PAGE 9 OF 13
21
E
Pg5 RP�T
LINE TABLE
L1 S
00.00'W W
95.47'
L2 S
89'51'16" W
20.03'
L3 N
00'00'00" E
95.56'
L4 S
89'52'46' E
20.03'
1
PAGE 2OF2
DALE & CRAIG IRWIN
CFN 03-188966
RPR
MICHAEL R. WEBB
VOLUME 631. PAGE 527
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VOLUME 673, PAGE 239
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EXHIBIT B PAGE 10 OF 13
PAGE 1 OF 2
35271
10/22/07
ALL THAT CERTAIN TRACT OR PARCEL OF LAND LYING AND BEING SITUATED IN THE
WM. LOVING SURVEY, ABSTRACT NUMBER 759, DENTON COUNTY, TEXAS, AND BEING
PART OF A TRACT DESCRIBED IN A DEED TO THE CITY OF DENTON, RECORDED IN
VOLUME 766, PAGE 783, DEED RECORDS, DENTON COUNTY, TEXAS, AND BEING PART
OF A CALLED TRACT 3 DESCRIBED IN A DEED TO MICHAEL R. WEBB, RECORDED IN
VOLUME 673, PAGE 239, DEED RECORDS, DENTON COUNTY, TEXAS, AND BEING MORE
PARTICULARLY DESCRIBED AS FOLLOWS:
BEGINNING AT A PK NAIL SET AT A POINT FOR CORNER ON THE SOUTH LINE OF SAID
TRACT 3 IN WEST EAGLE DRIVE;
THENCE WEST IN EAGLE DRIVE, A DISTANCE OF 16.00 FEET TO A POINT FOR CORNER
ON THE SOUTH LINE OF SAID TRACT 3;
THENCE NORTH, A DISTANCE OF 215.77 FEET TO THE NORTH LINE OF SAID CITY OF
DENTON.
THENCE NORTH 89 DEGREES 40 MINUTES 45 SECONDS EAST WITH THE NORTH LINE
OF SAID CITY OF DENTON TRACT, A DISTANCE OF 16.00 FEET;
THENCE SOUTH, A DISTANCE OF 215.86 FEET TO THE POINT OF BEGINNING AND
CONTAINING IN ALL 0.080 ACRES OF LAND.
OF
El&E2
EXHIBIT B PAGE 11 OF 13
N
LINE TABLE
Lt
N
90'00'00' W
16.00'
L2
N
00'00'00' E
215.77'
L3
N
89'40'45" E
16.00'
L4
S
00'00'00' W
215.86'
IBIT
PAGE 2 OF 2
DALE & CRAIG IRWIN
CFN 03-188966
RPR
CRY OF DEMON
VOLUME 766. PAGE 783
RPR
CITY OF DEMON
VOL 595, PG. 96
(^ RPR
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TELEPHONE
LINE
MARKE�TE�ONE
dddo PEDESTAL
POWI
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S S -
1-UUNU 1/2"y IRON PIN
MICHAEL R. WEBB
VOLUME 631, PAGE 527
CONCRETE
FOUNDATION
LINt
MARKER JONCRETE.
-EOUNQAIIOf✓
L4 TRACT 2
MICHAEL R. WEBB
POWER VOLUME 673, PAGE 239
(-POLE OR
FOUND I2
IRON PIN
TRACT 3
,WIRE MICHAEL R. WEBB
VOLUME
673, PAGE 239
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wrr. J RH cn- M RK SCM E 1.•=40. DaTE 1 U/22/07 JOB NO.35271
EXHIBIT B PAGE 12 OF 13
PAGE 1 OF 2
35271
10/22/07
ALL THAT CERTAIN TRACT OR PARCEL OF LAND LYING AND BEING SITUATED IN THE
WM- LOVING SURVEY, ABSTRACT NUMBER 759, DENTON COUNTY, TEXAS, AND BEING
PART OF THE RIGHT-OF-WAY OF PACIFIC STREET, PART OF A CALLED TRACT 3
DESCRIBED IN A DEED TO MICHAEL R. WEBB, RECORDED IN VOLUME 673, PAGE 239,
DEED RECORDS, DENTON COUNTY, TEXAS, AND PART OF A TRACT DESCRIBED IN A
DEED TO THE CITY OF DENTON, RECORDED IN VOLUME 766, PAGE 783, DEED
RECORDS, DENTON COUNTY, TEXAS BEING MORE PARTICULARLY DESCRIBED AS
FOLLOWS:
BEGINNING AT A PK NAIL SET ON THE SOUTH LINE OF SAID TRACT 3 IN WEST EAGLE
DRIVE;
THENCE WEST WITH THE SOUTH LINE OF SAID TRACT 3, A DISTANCE OF 10.00 FEET TO
A POINT FOR CORNER ON THE SOUTH LINE OF SAID TRACT 3 IN WEST EAGLE DRIVE;
THENCE NORTH, A DISTANCE OF 215.81 FEET TO A POINT FOR CORNER ON THE NORTH
LINE OF SAID TRACT 3 AND THE SOUTH LINE OF A TRACT DESCRIBED IN A DEED TO
THE CITY OF DENTON, RECORDED IN VOLUME 766, PAGE 783, DEED RECORDS,
DENTON COUNTY, TEXAS;
THENCE NORTH 89 DEGREES 40 MINUTES 45 SECONDS EAST A DISTANCE OF 10.20
FEET TO A 1/2 INCH IRON PIN FOUND ON THE EAST RIGHT-OF-WAY LINE OF PACIFIC
STREET AND THE WEST LINE OF A TRACT DESCRIBED IN A DEED TO MICHAEL R. WEBB,
RECORDED IN VOLUME 631, PAGE 527, DEED RECORDS, DENTON COUNTY, TEXAS;
THENCE SOUTH, A DISTANCE OF 70.75 FEET TO A POINT FOR CORNER ON THE WEST
LINE OF A TRACT 2 DESCRIBED IN A DEED TO MICHAEL R. WEBB, RECORDED IN
VOLUME 673, PAGE 239, DEED RECORDS, DENTON COUNTY, TEXAS;
THENCE SOUTH 12 DEGREES 31 MINUTES 38 SECONDS EAST, A DISTANCE OF 148.66
FEET TO A POINT FOR CORNER ON THE SOUTH LINE OF SAID TRACT 3 IN WEST EAGLE
DRIVE;
THENCE WEST WITH THE SOUTH LINE OF SAID TRACT 3, A DISTANCE OF 10.24 FEET TO
A POINT FOR CORNER ON THE SOUTH LINE OF SAID TRACT 3 IN WEST EAGLE DRIVE;
THENCE NORTH 12 DEGREES 31 MINUTES 38 SECONDS WEST, A DISTANCE OF 101.43
FEET TO A POINT FOR CORNER;
THENCE SOUTH, A DISTANCE OF 99.01 FEET TO THE POINT OF BEGINNING AND
CONTAINING IN ALL 0.078 ACRES OF LAND-
U
I E6
EXHIBIT B PAGE 13 OF 13
N
E
uNE TABLE
L1
N 90'00'W
W
10.00'
L2
N 00'00'00'
E
215.81'
L3
N 89'40'45"
E
10.20'
L4
S 00'09'55'
W
70.75'
L5
S 12'31'38"
E
148.66'
L6
N 90'00'00"
W
10.24'
L7
N I T31'38"
W
101.43'
LS
S 00'00'00"
W
99.01'
PAGE 2 OF 2
DALE & CRAIG IRWIN
CFN 03-188966
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MICHAEL R. WEBB
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oB NO.35271
EXHIBIT "C"
CONDITIONS AND STIPULATIONS FOR ESCROW AGREEMENT
I. This Escrow Agreement shall be liberally construed in the interest of, and for the protection
of, Escrow Agent. No implied covenants or obligations shall be enforceable against Escrow
Agent. Any general language contained herein shall not be construed to be limited by
specific language set forth herein. In the case of a conflict or ambiguity within this Escrow
Agreement, this Exhibit "C" Conditions and Stipulations shall control.
2. Escrow Agent is not a party to, and is not bound by or charged with notice of, any
agreement or document out of which this Escrow Agreement may arise. Escrow Agent shall
not be responsible for any loss or delay occasioned by the closure or insolvency of the
financial institution into which Escrow Agent deposited the Escrow Funds.
3. Escrow Agent shall not be responsible for the dishonor of any check, money order, draft,
negotiable instrument, or other financial document, received as Escrow Funds by Escrow
Agent under this Escrow Agreement.
4. Escrow Agent is not responsible or liable in any manner whatsoever for the sufficiency,
correctness, genuineness or validity of any agreement or document out of which this Escrow
Agreement may arise; nor is Escrow Agent liable in any manner for the identity nor
authority of any person executing the Escrow Agreement or any other document that may
arise out of this Escrow Agreement.
5. Escrow Agent shall not be responsible or liable for any loss, damage, or liability occasioned
by reason of Escrow Agent's duties or rights hereunder. The City and Acme hereby
indemnify and save Escrow Agent harmless from all liability, loss, damage, claims and
demands of any kind whatsoever, including payment of reasonable attorney's fees and
expenses, arising out of this Escrow Agreement.
6. Escrow Agent shall not be liable for any error of judgment or for any act done or omitted in
good faith, or for anything which Escrow Agent may in good faith do or refrain from doing
in connection herewith. Escrow Agent shall be fully indemnified by the City and Acme,
should Escrow Agent act upon any written notice, request, waiver, consent, certificate,
receipt, authorization, agreement, power of attorney, or other instrument which Escrow
Agent in good faith believes to be genuine and what it purports to be.
7. In the event of any disagreement whatsoever, or the presentation of adverse or conflicting
claims or demands or requests, Escrow Agent may, at its sole option, be entitled to refuse to
comply with any such claims or demands or requests during the continuance of such
disagreement or conflicting claims or requests and, in making such refusal, may refrain
from ordering any disbursements of the Escrow Funds or taking any other affirmative action
hereunder.
8. In the case of the situation described in paragraph seven (7) above, Escrow Agent may, at its
-3-
sole option, interplead the Escrow Funds, or any portion thereof, into the registry of a court
of competent jurisdiction. In so acting, Escrow Agent shall not become personally liable to
any party hereto, or any other person or entity or because of its failure to comply with any
request in connection with such disbursement or with such adverse or conflicting claims or
demands.
9. Escrow Agent shall have the authority to deduct or offset against the Escrow Funds the
following items: (1) Escrow Agent's reasonable attorney fees as provided under this Escrow
Agreement; and (2) Escrow Agent's loss, damage or expenses as provided under this
Escrow Agreement.
10. It is expressly agreed that the parties hereto may not assign, in whole or in part, or delegate
any of their respective rights, title, interest or duties hereunder without the written consent
of all parties hereto. It is expressly agreed that this Escrow Agreement is for the sole benefit
of the parties hereto and shall not be construed or deemed to be made for the benefit of any
third party or parties.
11. This Escrow Agreement and the obligations of the parties hereunder shall be interpreted,
construed and enforced in accordance with the laws of the State of Texas, and venue shall
lie in Denton County, Texas.
12. If any provision of this Escrow Agreement or the application thereof to any entity, person or
circumstance shall be invalid or unenforceable to any extent, the remainder of this Escrow
Agreement and the application of such provisions to other entities, person or circumstances
shall not be affected thereby and shall be enforced to the greatest extent permitted by law.
13. This Escrow Agreement contains the entire understanding between the parties hereto. No
variations, modifications or changes hereof shall be binding upon any party hereto unless set
forth in a document duly executed by all parties hereto.
14. With respect to the performance of all parties, time is of the essence in the performance of
this Escrow Agreement. Whenever used herein, the singular number shall include the plural,
the use of any gender shall include all genders. Obligations under this agreement shall be
binding upon the City and Acme. This Escrow Agreement shall be binding upon and
enforceable against the City, its administrators, legal representatives, successors, assigns or
trustees, and Acme, its administrators, legal representatives, successors, assigns or trustees.
15. All notices or other communications required or permitted to be given pursuant to this
Escrow Agreement shall be in writing and shall be considered as properly given if mailed
by first class United States mail, postage prepaid, registered or certified with return receipt
requested, or by delivering same in person to the intended addressee at the address
hereinabove specified. Notice so mailed shall be effective upon its deposit. Notice given in
any other manner shall be effective only if an when received by their addressee. It is agreed
that either party shall have the right to change its address for notice hereunder to any other
location within the continental United States by the giving of ten (10) days notice to the
other parties to this Escrow Agreement in the manner set forth hereinabove.
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