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HomeMy WebLinkAbout2001-455ORDINANCE NO AN ORDINANCE APPROVING A REAL ESTATE CONTRACT BETWEEN THE CITY OF DENTON AND MILDRED M COCKRELL RELATING TO THE PURCHASE OF APPROXIMATELY 1 16 ACRES OF LAND BEING A TRACT CONVEYED TO JUDD D COCKRELL AND WIFE, MILDRED M COCKRELL BY DEED RECORDED IN VOLUME 343, PAGE 432 OF THE DEED RECORDS OF DENTON COUNTY, TEXAS, LOCATED IN THE B B B & C R R SURVEY, ABSTRACT NO 186, FOR USE AS DRAINAGE, AUTHORIZING THE EXPENDITURE OF FUNDS THEREFOR, AND PROVIDING AN EFFECTIVE DATE THE COUNCIL OF THE CITY OF DENTON, TEXAS HERBY ORDAINS SECTION 1 The City Manager is hereby authorized to execute a Real Estate Contract between the City and Mildred M Cockrell, in substantially the form of the Real Estate Contract which is attached hereto and made a part of this ordinance for all purposes, for the purchase of approximately 1 16 acres for use as drainage SECTION 2 The City Manager is authorized to make the expenditures as set forth in the attached Real Estate Contract SECTION 3 This ordinance shall become effective immediately upon its passage and approval g /� o/ PASSED AND APPROVED this the — day of hm, 2001 zt &ck— EULINE BROCK, MAYOR ATTEST JENNIFER WALTERS, CITY SECRETARY F-M m REAL ESTATE CONTRACT STATE OF TEXAS COUNTY OF DENTON THIS CONTRACT OF SALE is made by Mildred M Cockrell, widow of Judd M Cockrell (hereinafter referred to as "Seller") and CITY OF DENTON, TEXAS, a home rule municipality, of Denton, Denton County, Texas, (hereinafter referred to as "Purchaser"), 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 all that certain tract, lot or parcel of land described in the conveyance to Judd D Cockrell and wife, Mildred M Cockrell by deed recorded in Volume 343, Page 432 of the Deed Records of Denton County, Texas with all rights and appurtenances pertaining to the said property, including any right, title and interest of Seller in and to ad3acent streets, alleys or rights -of -way (all of such real prop- erty, rights, 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 total purchase price for the Property shall be the sum of Forty -Five Thousand Four Hundred and Seventy -Six Dollars and Sixty -Four Cents ($45,476 64) (the "Purchase Price") 2 Payment of Purchase Price The full amount of the Purchase Price shall be payable in cash at the closing PURCHASER'S OBLIGATIONS 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 1 Preliminary Title Report Within twenty (20) days after the date hereof, Seller, at Purchaser's sole cost and expense, shall have caused the Title Company (hereinafter defined) to issue a owner's policy commitment (the "Commitment") 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 Commitment that the condition of title as set forth in the Commitment is or is not satisfactory In the event Purchaser states the condition of title 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, 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 Purchaser may, at Purchaser's sole cost and expense, obtain a current survey of the Property, prepared by a duly licensed Texas land surveyor acceptable to Purchaser 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 ad3acent 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, at its option may elect to terminate this Agreement (in which event this Agreement shall be null and void), grant Seller, additional time to cure, or proceed to closing Purchaser's failure to give Seller this written notice shall be deemed to be Purchaser's acceptance of the survey PAGE 2 3 Seller's Compliance Seller shall have performed, ob- served, 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 OF SELLER 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, trespassers or other parties 2 Except for the prior actions of Purchaser, there is no pending or threatened condemnation or similar proceeding or assessment or suit, affecting title to 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 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 the seller's knowledge, there are no toxic or hazardous wastes or materials on or within the Property 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 Texas Title Company, 2215 S Loop 288, Suite 320, Denton, Texas 76205 on or before December 21, 2001, 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 the City of Denton a duly executed and PAGE 3 acknowledged General Warranty Deed conveying good and marketable title in fee simple to all of the Property, free and clear of any and all liens, encumbrances, conditions, 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, 2 Any exceptions approved by Purchaser pursuant to Purchaser's Obligations here- of, and 3 Any exceptions approved by Purchaser in writing 8 Deliver to Purchaser a Texas Owner's Policy of Title Insurance at Purchaser's sole expense, issued by Texas 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 fee simple title for the City of Denton to the Property sub)ect 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 Policy of Title Insurance, 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, 2 The exception as to restrictive cove- nants shall be endorsed "None of Record", 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" PAGE 4 C Deliver to Purchaser possession of the Property on the day of closing 2 Purchaser's Requirements Purchaser shall pay the consideration as referenced in the "Purchase Price" section of this contract at Closing in immediately available funds 3 Closing Costs Seller shall pay all taxes assessed by any tax collection authority through the date of Closing All other costs and expenses of closing in consummating the sale and purchase of the Property not specifically allocated herein shall be paid by Purchaser and Seller, except for Seller's attorney fees REAL ESTATE COMMISSION Seller and Purchaser represent and warrant to each other that neither has retained a broker for this transaction and that there are no broker or real estate fees due as a result of the consummation of this contract 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 by written notice delivered to seller 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 by written notice delivered to purchaser MISCELLANEOUS 1 Assignment of Agreement This Agreement may be assigned by Purchaser without the express written consent of Seller 2 Survival of Covenants Any of the representations, war- ranties, covenants, and agreements of the parties, as well as any rights and benefits of the parties, pertaining to a period of PAGE 5 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 Sound 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 pro- visions contained in this Agreement shall for any reason be held to be invalid, illegal, or unenforceable in any respect, said in- validity, illegality, or unenforceability shall not affect any other provision hereof, and this 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 sub3ect matter 8 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 PAGE 6 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 Purchaser within ten (10) days after Purchaser executes this Agreement and delivers same to Sel- ler, Purchaser shall have the right to terminate this Agreement upon written notice to Seller 13 Effective Date The term "Effective Date" means the latter of the dates on which this Contract is signed by either Sellers or Purchaser, as indicated by their signature below If the last party to execute this Contract fails to complete the date of execution below that party's signature, the date the Title Company acknowledges receipt of a copy of this fully executed contract is the Effective Date IN WITNESS WHEREOF, Seller and Purchaser have executed this contract as follows SELLER By Mildred M Cockrell Date STATE OF TEXAS COUNTY OF DENTON PURCHASER F-V4 Michael A Conduff City Manager 215 E McKinney Denton, Texas 76201 Date This instrument is acknowledged before me, on this day of_ , 2001 by Michael A Conduff, City Manager, of the City of Denton, a municipal corporation, known to me to be the PAGE 7 person and officer whose name is subscribed to the foregoing instrument and acknowledged to me that the same was the act of the sad City of Denton, Texas, a municipal corporation, that he was du3�y 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 Notary Public in and for the State of Texas STATE OF TEXAS COUNTY OF DENTON This instrument is acknowledged before me, on this day of , 2001 Mildred Cockrell Notary Public in and for the State of Texas TITLE COMPANY ACCEPTANCE AND ACKNOWLEDGEMENT The Title Company acknowledges receipt of the fully executed Contract on day of 2001 TITLE COMPANY Name Texas Title Company Address 2215 S Loop 288, Suite 320 Denton, Texas 76205 Telephone 940-382-8251 By Printed Name Title PAGE 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