1993-184E:\WPD0CS\0RD\SMITH.0
ORDINANCE NO. ~3 77/L 7
AN ORDINANCE OF THE CITY OF DENTON, TEXAS, AUTHORIZING THE CITY
MANAGER TO EXECUTE AN AGREEMENT BETWEEN THE CITY OF DENTON AND J.B.
SMITH TO PURCHASE PROPERTY; 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 authorized to execute a
Real Estate Contract between the City of Denton and J.B. Smith for
the purchase of property, under the terms and conditions contained
in said Agreement, which is attached hereto and made a part hereof,
and is authorized to execute any other document which may be
associated with the purchase of said property.
SECTION II. That the City Council hereby authorizes the expen-
diture of funds in the amount of $150,000.00 for the purchase of
said property and any closing costs, including the cost of property
survey, as specified in the agreement.
SECTION III. That this ordinance shall become effective immed-
iately upon its passage and approval.
PASSED AND APPROVED this the day of 1993.
ATTEST:
JENNIFER WALTERS, CITY SECRETARY
BY: ,
APP AOVD A TO LEGAL FORM:
DEBRA A. DRAYOVITCH, CITY ATTORNEY
BY:
C
+ ® TEXAS ASSOCIATION OF REAL'T'ORS 0
03-17-92
ONE TO FOUR FAMILY RESIDENTIAL EARNEST MONEY CONTRACT (RESALE)
a:. ALL CASH, ASSUMPTION, THIRD PARTY CONVENTIONAL OR SELLER FINANCING
PROMULGATED BY TIIE TEXAS REAL ESTATE COMMISSION (TREC)
NOTICE: Not For Use For Condominium Transactions
1. PARTIES: 7-R. SMTTH (Seller) agrees to sell
and convey to CTTY OF DENTON (Buyer) and Buyer
agrees to buy from Seller the property described below.
2. PROPERTY: Lot , Block A 1330A
Addition, City of DENTON DENTON County, Texas,
known as 1 641 MAYHTT.T, ROAD DENTON TEXAS (Address), or as described on attached
exhibit, together with the following items, if any: curtains and rods, draperies and rods, valances, blinds, window shades, screens,
shutters, awnings, wall-to-wall carpeting, mirrors fixed in place, ceiling fans, attic fans, mail boxes, television antennae and
satellite dish, permanently installed heating and air conditioning units and equipment, built-in security and fire detection equipment,
lighting and plumbing fixtures, water softener, built-in kitchen equipment, garage door openers with controls, built-in cleaning
equipment, all swimming pool equipment, shrubbery, permanently installed outdoor cooking equipment, built-in fireplace screens
and all other property owned by Seller and attached to the above described real property except the following property which is
not included:
All property sold by this contract is called the "Property." The Property jJ is ® is not subject to mandatory membership in an
owners' association and its assessments and requirements.
3. SALES PRICE:
A. Cash portion of Sales Price payable by Buyer $ $150 000.00
B. Sum of notes described below (excluding any private mortgage insurance [PMI] premium) $ $000.000.00
C. Sales Price (Sum of A and B) $ $150, 000.00
4. FINANCING: The portion of Sales Price not payable in cash shall be paid as follows: (Check applicable boxes below)
A. ASSUMPTION:
❑ (1) Buyer shall assume the unpaid principal balance of a first lien promissory note payable to
which unpaid balance at closing will be
$ The total current monthly payment including principal, interest and reserve deposits is
$ Buyer's initial payment shall be the first payment due after closing.
❑ (2) Buyer shall assume the unpaid principal balance of a second lien promissory note payable to
which unpaid balance at closing will be
$ . The total current monthly payment including principal, interest and reserve deposits is
$ Buyer's initial payment shall be the first payment due after closing.
Buyer's assumption of an existing note includes all obligations imposed by the deed of trust securing the note.
If the unpaid balance(s) of any assumed loan(s) as of the closing date varies from the loan balance(s) stated above, the
cash payable at closing ❑ sales price shall be adjusted by the amount of any variance; provided, if the total principal
balance of all assumed loans varies in an amount greater than $350.00 at closing, either party may terminate this contract
and the Earnest Money shall be refunded to Buyer unless either party elects to eliminate the excess in the variance by an
appropriate adjustment at closing. If the noteholder requires (a) payment of assumption costs in excess of $
in (1) above or $ in (2) above and Seller declines to pay such excess, or (b) an increase in the interest
rate to more than % in (1) above, or % in (2) above, or (c) any other modification of the loan documents,
Buyer may terminate this contract and the Earnest Money shall be refunded to Buyer. A vendor's lien and deed of trust to
secure assumption shall be required which shall automatically be released on execution and delivery of a release by noteholder.
If Seller is released from liability on any assumed note, the vendor's lien and deed of trust to secure assumption shall not be
required.
NOTICE TO BUYER: The monthly payments, interest rates or other terms of some loans may be adjusted at or after closing
by the lender. If you are concerned about the possibility of future adjustments, do not sign the contract without examining
the notes and deeds of trust.
NOTICE TO SELLER: Your liability to pay the note assumed by Buyer will continue unless you obtain a release of liability.
If you are concerned about future liability, you should use the TREC Release of Liability Addendum.
B. THIRD PARTY FINANCING:
❑ (I) A third party first lien note of $ (including any financed PMI premium), due in fall in
001A , / A
Initialed for identification by
(TAR-036) Rev. 3/92
and
TREC NO. 20-1
One to Four Family Residential Earnest Money Contract Concerning 1 641 MAVHTT ROAD Page Two 03-17-92
(Address of Property)
year(s), with interest not to exceed % per annum for the first ycir(s)
of the loan. The loan shall be ❑ with ❑ without PMI.
(2) A third party second lien note of $ , due in full in year(s), with interest not
to exceed % per annum for the first year(s) of the loan.
C. TEXAS VETERANS' HOUSING ASSISTANCE PROGRAM LOAN:
A Texas Veterans' Housing Assistance Program Loan (the Program Loan) of $ for a period
of at least years at the interest rate established by the Texas Veterans' Land Board at the time of closing.
❑ D. SELLER FINANCING: A promissory note from Buyer to Seller of $ , bearing %
interest per annum, secured by vendor's and deed of trust liens, in accordance with the terms and conditions set forth in
the attached TREC Seller Financing Addendum. If an owner policy of title insurance is furnished, Buyer shall furnish
Seller with a mortgagee policy of title insurance.
❑ E. CREDIT APPROVAL ON ASSUMPTION OR SELLER FINANCING: Within days from the effective date of
this contract, Buyer shall deliver to Seller documentation which Seller deems sufficient to establish Buyer's
creditworthiness for assumption approval or seller financing. If Buyer's documentation is not delivered within the specified
time, Seller may terminate this contract by notice to Buyer within 5 days after expiration of the time for delivery, and
the Earnest Money shall be paid to Seller. If this contract is not so terminated, Seller shall be deemed to have accepted
Buyer's credit. If the documentation is timely delivered, and Seller determines in Seller's sole discretion that Buyer's
credit is unacceptable, Seller may terminate this contract by notice to Buyer within 5 days after expiration of the time for
delivery and the Earnest Money shall he refunded to Buyer. If Seller does not so terminate this contract, Seller shall be
deemed to have accepted Buyer's credit. Buyer hereby authorizes any credit reporting agency to furnish to Seller at
Buyer's sole expense copies of Buyer's credit reports.
Within days from the effective date of this contract Buyer shall apply for all third party financing or noteholder's approval
of any assumption and shall make every reasonable effort to obtain financing or assumption approval. Financing or assumption
approval shall be deemed to have been obtained when Buyer has satisfied all of lender's financial conditions. If financing (including
any financed PMI premium) or assumption approval is not obtained within days from the effective date hereof, this
contract shall terminate and the Eamest Money shall be refunded to Buyer.
Each note to be executed hereunder shall be secured by vendor's and deed of trust liens.
5. EARNEST MONEY: Buyer shall deposit $ $1.000 as Earnest Money with SAFFnn TTTT F nnMPANY
(Address), as Escrow Agent, upon exaeution of this contract by both parties. ❑ Additional Earnest Money of $
shall be deposited by Buyer with the Escrow Agent on or before 19 . If Buyer fails to deposit
the Earnest Money as required by this contract, Buyer shall be in default.
TITLE POLICY, ABSTRACT AND SURVEY:
® A. TITLE POLICY: Seller shall furnish to Buyer at Seller's expense an Owner Policy of Title Insurance (the Title Policy)
issued by SAFECO T TT F COMPANY (the Title Company) in the
amount of the Sales Price, dated at or after closing, insuring Buyer against loss under the provisions of the Title Policy,
subject to the promulgated exclusions (including existing building and zoning ordinances) and the following exceptions:
(1) Restrictive covenants common to the platted subdivision in which the Property is located.
(2) The standard printed exception for standby fees, taxes for the current and subsequent years, and subsequent
assessments for prior years due to changes in land usage or ownership.
(3) Liens created as part of the financing described in Paragraph 4.
(4) Utility easements created by the dedication deed or plat of the subdivision in which the Property is located.
(5) Reservations or exceptions otherwise permitted by this contract or as may be approved by Buyer in writing.
(6) The standard printed exception as to discrepancies, conflicts, shortages in area or boundary lines,
encroachments or protrusions, or overlapping improvements.
(7) The standard printed exception as to marital rights.
(8) The standard printed exception as to waters, tidelands, beaches, streams, and related matters.
Seller, at Seller's expense, shall deliver to Buyer within 20 days after the effective date of this contract a commitment for
Title Insurance (the Commitment) and at Buyer's expense, legible copies of restrictive covenants and documents evidencing
exceptions in the Commitment other than the standard printed exceptions. Buyer shall have 5 days after the receipt of the
Commitment to object in writing to matters disclosed in the Commtment. Buyer may not object to items 6A(I) through
(8) above unless Buyer determines that any such item prohibits the following use or activity:
B. ABSTRACT OF TITLE: Seller shall furnish to Buyer at Seller's expense an Abstract of Title certified by an abstract
company (a) from the sovereignty to the effective date of this contract (Complete Abstract) and (b) supplemented to
the Closing Date (Supplemental Abstract). Seller shall deliver the Complete Abstract to Buyer within 20 days after
Initialed for identification by Buyer VJ• y and
TREC NO. 20-1
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One to Four Family Residential Earnest Money Contract Concerning 1641 MAYBILL ROAD Page Three 03-17-92
(Address of Property)
the effective date of this contract. The Complete Abstract and Supplemental Abstract shall be examined at Buyer's expense
by an attorney selected by Buyer. Buyer shall have 20 days after the receipt of the Complete Abstract to object in writing
to matters disclosed in the Complete Abstract.
E] C. SURVEY REQUIRED: Within days after loan approval if a third-party loan is involved, or if no third-party loan
is involved, within days from the effective date of this contract, Seller shall furnish to Buyer at Buyer's expense
a plat of a current survey identifying the Property by metes and bounds or platted lot description. The survey shall be
prepared by a Registered Professional Land Surveyor acceptable to the Title Company and any lender. The plat shall
contain the surveyor's certificate that: (a) the survey was made and staked on the ground and comers are marked with
permanent monuments; (b) the plat shows the location of all improvements, highways, streets, roads, railroads, rivers,
creeks or other waterways, fences, easements and rights-of-way on or contiguous to the Property with all easements and
rights-of-way referenced to their recording information; (c) there are no discrepancies or conflicts in boundaries, or visible
encroachments, except as shown on the plat; (d) the Property does or does not lie in the 100-year Floodplain, and any
portion lying within the Floodplain has been designated on the plat; (e) the survey is true and correct; and (f) the plat sets
forth the dimensions and total area of the Property. Buyer shall have 5 days after the receipt of the plat to object in writing
to all matters shown on the plat which constitute defects or encumbrances to title; however, utility easements created by
the dedication deed or plat of the subdivision in which the Property is located shall not be a basis for objections.
Buyer's failure to object under Paragraph 6A, 6B or 6C within the time allowed shall constitute a waiver of Buyer's right to
object; except that the requirements in Schedule C of the Commitment shall not be deemed to have been waived. If objections are
made by Buyer or any third party lender, Seller shall cure the objections within 15 days from the date Seller receives them and
the Closing Date shall be extended as necessary. If objections are not cured by the extended Closing Date, this contract shall
terminate and the Earnest Money shall be refunded to Buyer unless Buyer elects to waive the objections.
NOTICE TO SELLER AND BUYER:
(I) Broker advises Buyer to have an Abstract covering the Property examined by an attorney of Buyer's selection, or Buyer
should be furnished with or obtain a Title Policy.
(2) If a Tide Policy is famished, the Commitment should be promptly reviewed by an attorney of Buyer's choice due to the time
limitations on Buyer's right to object.
(3) If the Property is situated in a utility or other statutorily created district providing water, sewer, drainage, or flood control
facilities and services, Chapter 50 of the Texas Water Code requires Seller to deliver and Buyer to sign the statutory notice
relating to the tax rate, bonded indebtedness, or standby fee of the district prior to final execution of this contract.
PROPERTY CONDITION: (Check one box only)
® A. Buyer accepts the Property in its present condition, subject only to lender required repairs and the following repairs:
F1 B. Buyer accepts the Property in its present condition subject to lender required repairs and those repairs designated by Buyer
pursuant to the attached Property Condition Addendum.
REPAIR OBLIGATIONS WHICH APPLY TO A AND B: Seller shall pay for only those repairs required by A or B. Seller shall
pay the cost of turning on utilities for inspections and reinspections. Buyer shall pay for inspections, reinspections, reports and
certificates.
If the cost of treatment and repairs resulting from termites or other wood-destroying insects will not exceed $ 0 and if
the cost of all other repairs will not exceed $ 0 , Seller shall complete the treatment and repairs prior to the Closing Date.
Within 7 days after receipt of all inspection reports and Buyer's designation of repairs, Seller shall notify Buyer as to the cost
of repairs and whether Seller will pay any excess costs. If Seller fails to notify Buyer or refuses to pay the excess costs, Buyer
may (a) pay the excess costs, (b) accept the limited repairs, unless prohibited by lender, or (c) terminate this contract and the
Earnest Money shall be refunded to Buyer. Buyer shall notify Seller of Buyer's election within 5 days after Buyer is notified of
Seller's refusal to pay excess costs. If Seller fails to notify Buyer, Buyer shall notify Seller of Buyer's election within 12 days after
Seller receives all inspection reports and Buyer's designation of repairs. Buyer's failure to make a timely election shall be deemed
as Buyer's election to accept the Property with the costs of treatment and repair limited to the maximum amounts stated above.
If the total cost of treatment and repairs exceeds 5% of the Sales Price and Seller agrees to pay all treatment and repair costs,
Buyer may (a) accept the Property with the completed treatment and repairs, or (b) terminate this contract and the Earnest Money
shall be refunded to Buyer. Buyer shall make this election within 5 days after Seller notifies Buyer of Seller's willingness to
pay all costs of treatment and repair. Buyer's failure to make such election within the 5-day period shall be deemed as Buyer's
election to accept the completed repairs.
If Seller fails to complete any agreed repairs, Buyer may, in addition to the remedies provided in Paragraph 15, do so and Seller
shall be liable up to the maximum agreed amount which shall be deducted from the sales proceeds or collected from Seller at
closing.
001A
/ p
Initialed for identification by Buyk16_ / / V' and Seller V . / TREC N~0. 20-1
(TAR-036) Rev. 3/92
One to Four Family Residential Earnest Money Contract Concerning 1641 PIAYHILL ROAD DENTON TEXAS Page Four 03-17-92
(Address of Property)
8. BROKER'S FEE: WTT T TAMS AND LTTT T TAMS RFAT TORS
(Listing Broker) represents Seller. Any other broker is:
® Listing Broker's subagent representing Seller; or
Buyer's agent.
Seller shall pay Listing Broker as specified by separate agreement between Listing Broke and Seller. In the event of Buyer's
default, Listing Broker shall receive one-half of any Earnest Money which Seller receiv der pt, 15, not to exceed the
amount of the fee specified in the separate agreement. Escrow nt 's a orized a ed to.pay Listing Broker said fee.
9. CLOSING: The closing of the sale shall be on or before 44w /-5 19 ~.3 , or within 7 days after
objections to title and survey have been cured, whichever date is later (the Closing Da however, iffinancing or assumption
approval has been obtained pursuant to Paragraph 4, the Closing Date shall be extended up to 15 days only if necessary to
comply with lender's closing requirements (for example, survey, insurance policies, property repairs, closing documents).
If either party fails to close this sale by the Closing Date, the non-defaulting party shall be entitled to exercise the remedies
contained in Paragraph 15. At closing Seller shall furnish tax statements showing no delinquent taxes, a Supplemental Abstract,
when applicable, showing no additional title exceptions, and a General Warranty Deed conveying good and indefeasible title
subject only to those exceptions permitted in Paragraph 6.
10. POSSESSION: Seller shall deliver possession of the Property to Buyer on FEBRUARY_ 10. 1994
in its present or required repaired condition, subject to the dollar limitations of Paragraph 7, ordinary wear and
tear excepted. Any possession by Buyer prior to closing or by Seller after closing that is not authorized by a temporary lease
form promulgated by TREC or required by the Parties shall establish a landlord-tenant at sufferance relationship between the
parties. Consult your insurance agent prior to change of possession as insurance coverage may be lindted or terminated.
11. SPECIAL PROVISIONS: [tnsert only factual statements and business details applicable to this sale. A licensee shall not add to
a promulgated earnest money contract form factual statements or business details for which a contract addendum, lease or other
form has been promulgated by TREC for mandatory use. 22 TAC §537.11 (d).]
12. SALES EXPENSES: The following expenses shall be paid at or prior to closing:
A. Appraisal fees shall be paid by N/A
B. The total of loan discount and buydown fees (excluding any Texas Veterans' Housing Assistance Program Participation Fee)
shall not exceed N/A % of the loan of which Seller shall pay the first N/A % and Buyer shall pay the remainder.
C. Seller's Expenses: Releases of existing liens, including prepayment penalties and recording fees; release of Seller's loan lia-
bility; lax statements or certificates; preparation of deed; one-half of escrow fee; preparation and recording of deed of trust
to secure assumption; Texas Veterans' Housing Assistance Program Participation Fee not to exceed $ N/A ; owner
title policy guaranty unit recoupment fees; and other expenses stipulated to be paid by Seller under other provisions of this
contract.
D. Buyer's Expenses: Loan application, origination and commitment fees; loan assumption costs; lender required expenses
incident to new loan(s): (for example, PMI premium, preparation of loan documents, survey, recording fees, tax service
and research fees, warehouse or underwriting fees, copies of restrictions and easements, amortization schedule, premiums
for mortgagee title policies and endorsements required by lender, credit reports, photos; mortgagee title policy guaranty
and recoupment fees); required premiums for flood and hazard insurance; required reserve deposit for insurance premiums
and ad valorem taxes; interest on all monthly installment payment notes from date of disbursements to (1) month prior to
dates of first monthly payments; customary Program Loan costs for Buyer; one-half of escrow fee; and other expenses
stipulated to be paid by Buyer under other provisions of this contract.
E. PMI premium not to exceed $ N/A shall be paid by Buyer, and ❑ paid in cash at closing ❑ added to
the amount of the loan.
F. If any sties expense exceeds the amount stipulated to be paid by either party, either party may terminate this contract unless
either party agrees to pay such excess. In no event shall Buyer pay charges and fees expressly prohibited by the Texas
Veteran's Housing Assistance Program or other government loan program regulations.
001A
Initialed for identification by Buyer /jr and Seller ~1/ µ X TREC NO. 20-1
09-28-93 01:15PM FROM WMS & WMS REALTORS
102
One to Four Family Residential Earnest Money Contract Concerning 1641 MAYEILL ROAD DENTON, TEXAS Page Four 03-17-92
(Address of Properly)
8. BROKER'S FEE: WTT T TAMS ANT) WTI T TAMq RPAI TOPq
(Listing Broker) represents Seller. Any other broker is:
® Listing Broker's subagent representing Seller; or
E] Buyer's agent.
Seller shall pay Listing Broker as specified by separate agreement between Listing Broke and e~' ff,~. event of Buyer's
default, Listing Broker shall receive one-half Earnest Money which Seller raceiv der regraph 15, not to exceed the
amount of the fee specified in the separate w rat 's a orizeJ an ed to pay Listing Broker said fee.
9. CLOSING: The closing of the sale shall be or e 5 19 L3 or within 7 days after
objections to title and survey have been cureJ, whiuhevar date is later (the Closing Da however, if financing or ns.nunpriort
approval has been obtained pursuant to Paragraph 4, the Closing Date shall be extended up to 15 days only if necessary to
comply with lender's closing requirements (for example, survey, insurance policies, property repairs, closing documents).
If either party fails to close this sale by the Closing Date, the nun-defaulting party shall be entitled to exercise the remedies
contained in Paragraph 15. At closing Seller shall furnish tax statements showing no delinquent taxes, a Supplemental Abstract,
when applicable, showing no additional title exceptions, and a General Warranty Deed conveying good and indefeasible title
subject only to those exceptions permitted in paragraph 6. OR BEFORE AT THE DISCRETION 0 ER)-,e,
10. POSSESSION: Seller shall deliver possession of the Property to Buyer or?) FFBRUARY 10. 199ls
in its present or required repaired condition, subject to the dollar limitations of Paragraph 7, e Wmarywcnr and
tear excepted. Any possession by Buyer prior to closing or by Seller after closing that is not authorized by a temporary lease
form promulgated by TREC or required by the Parties shall establish a landlord-tenant at sufferance relationship between the
parties. Consult your insurance agent prior to change of possession as buurmtce coverage may be lintired or terminated,
11. SPECIAL PROVISIONS: (Insert only factual statements and business details applicable to this sale. A licensee shall not add to
a promulgated earnest money contract fortn factual statements or business details for which a contract addendum, lease or other
form has been promulgated by TREC for mandatory use. 22 TAC §537.11 (d).]
12. SALES EXPENSES: The following expenses shall be paid at or prior to closing:
A. Appraisal fees shall be paid by N/A
B. The total of loan discount and buydown fees (excluding any Texas Veterans' Mousing Assistance Program Participation Fee)
shall not exceed N/A % of the loan of which Seller shall pay the first N/A % and Buyer Shull pay the remainder.
C. Seller's Expenses: Releases of existing liens, including prepayment penalties and recording fees; release of Seller's loan lia-
bility; tax statements or certificates; preparation of deed; one-half of escrow fee; preparation and recording of deed of trust
to secure assumption; Texas Veterans' Housing Assistance Program Participation Fee not to exceed $ N/A ; owner
title policy guaranty and recoupment fees; and other expenses stipulated to be paid by Seller under other provisions of this
contract.
D. Buyer's Expenses: Loan application, origination and commitment fuss; loan assumption costs; lender required expenses
incident to new loan(s): (for example, PMI premium, preparation of loan documents, survey, recording fees, tax service
and research fees, warehouse or underwriting fees, copies of restrictions and easements, amortization schedule, premiums
for mortgagee title policies and endorsements required by lender, credit reports, photos; mortgagee title policy guaranty
and recoupment fees); required premiums for flood and hazard insurance; required reserve deposit for insurance premiums
and ad valorem taxes; interest on all monthly installment payment notes from date of disbursements to (1) month prior to
dates of first monthly payments; customary Program Loan costs for Buyer; one-half of escrow fee; and other expenses
stipulated to be paid by Buyer trader other provisions of this contract.
E. PMI premium not to exceed $ N/A shall be paid by Buyer, and 0 paid in cash at closing l] added to
the amount of the loan,
F. If any sales expense exceeds the amount stipulated to be paid by either party, either party may terminate this contract unless
either party agrees to pay such excess. In no event shall Buyer pay charges and fees expressly prohibited by the Texas
Veteran's Housing Assistance Program or other government loan program regulations.
OOIA
One to Four Family Residential Earnest Money Contract Concerning 1 041 NtAYHILL ROAD DENTON TEXAS Page Five 03-17-92
(Address of Property)
13. PRORATIONS: Flood and hazard insurance premiums, taxes for the current year, interest, maintenance fees, assessments
and rents shall be prorated through the Closing Date. However, if a loan is assumed and the lender maintains an escrow account
for the payment of taxes and insurance, the above items E-] shall ❑ shall not be prorated. Whether or not prorations are made,
the escrow account shall be transferred to Buyer without any deficiency. If prorations are made Buyer shall reimburse Seller
for the amount in the transferred account. If prorations are not made, the escrow account shall be transferred to Buyer without
reimbursement to Seller. If a transfer is permitted by the insurance carrier, the insurance policy in force shall shall not
be transferred to Buyer. Buyer shall be obligated to pay taxes for the current year, and if the insurance policy in force is not
transferred, Buyer shall pay the premium for a new policy.
14. CASUALTY LOSS: If any part of the Property is damaged or destroyed by fire or other casualty loss, Seller shall restore the
Property to its previous condition as soon as reasonably possible, but in any event by the Closing Date. If Seller is unable to do
so without fault, Buyer may either (I) terminate this contract and the Earnest Money shall be refunded to Buyer (2) extend the
time for performance up to 15 days and the Closing Date shall be extended as necessary or (3) accept the Property in its
damaged condition and accept an assignment of insurance proceeds. Provisions of the Texas Property Code to the contrary shall
not apply.
15. DEFAULT: If Buyer fails to comply with this contract, Buyer shall be in default, and Seller may either (a) enforce specific
performance, seek such other relief as may be provided by law, or both, or (b) terminate this contract and receive the Earnest
Money as liquidated damages, thereby releasing both parties from this contract. If Seller is unable without fault within the time
required to make any non-casualty repairs or deliver the Commitment, Survey or the Complete Abstract, Buyer may either
terminate this contract and receive the Earnest Money as the sole remedy or extend the time for performance up to 15 days and
the Closing Date shall be extended as necessary. If Seller fails to comply with this contract for any other reason, Seller shall
be in default and Buyer may either (1) enforce specific performance, seek such other relief as may be provided by law, or both,
or (2) terminate this contract and receive the Eames( Money, thereby releasing both parties from this contract.
16. ATTORNEY'S FEES: If Buyer, Seller, Listing Broker, Other Broker or Escrow Agent is a prevailing party in any legal
proceeding brought under or with relation to this contract, such party shall be entitled to recover from the non-prevailing party
all costs of such proceeding and reasonable attorney's fees.
17. ESCROW: The Earnest Money is deposited with Escrow Agent with the understanding that Escrow Agent is not (a) a party
to this contract and does not have any liability for the performance or non-performance of any party to this contract, (b) liable
for interest on the Earnest Money or (c) liable for any loss of Earnest Money caused by the failure of any financial institution in
which the Earnest Money has been deposited unless the financial institution is acting as Escrow Agent. If either party makes
demand for the payment of the Earnest Money, Escrow Agent has the right to require from all parties and brokers a written release
of liability of Escrow Agent for disbursement of the Earnest Money. Any refund or disbursement of Earnest Money under this
contract shall be reduced by the amount of unpaid expenses incurred on behalf of the party receiving the Earnest Money, and
Escrow Agent shall pay the same to the creditors entitled thereto. At closing, the Earnest Money shall be applied first to any cash
down payment, then to Buyer's closing costs and any excess refunded to Buyer. Demands and notices required by this paragraph
shall be in writing and delivered by hand delivery or by certified mail, return receipt requested.
18. REPRESENTATIONS: Seller represents that as of the Closing Date (a) there will be no liens, assessments, Uniform Commercial
Code or other security interests against the. Property which will not be satisfied out of the Sales Price unless securing payment of
any loans assumed by Buyer and (b) assumed loans will be without default. If any representation in this contract is untme on the
Closing Date, this contract may be terminated by Buyer and the Earnest Money shall be refunded to Buyer. All representations
contained in this contract and an agreement for mediation shall survive closing.
19. NOTICES: All notices shall be in writing and effective when delivered at the addresses shown below.
20. FEDERAL TAX REQUIREMENT: If Seller is a "foreign person", as defined by applicable law, or if Seller fails to deliver an
affidavit that he is not a "foreign person", then Buyer shall withhold from the sales proceeds an amount sufficient to comply with
applicable tax law and deliver the same to the Internal Revenue Service together with appropriate tax forms. IRS regulations
require filing written reports if cash in excess of specified amounts is received in the transaction.
21. NOTICE TO PARTIES: It is the policy of the State of Texas to encourage the peaceable resolution of disputes through alternative
dispute resolution procedures. Therefore, if a dispute arises in relation to this contract which cannot be resolved in good faith
through informal discussion, the parties are encouraged to submit the dispute to mediation as set forth in an addendum either
approved by TREC or required by the parties.
22. AGREEMENT OF PARTIES: This contract contains the entire agreement of the parties and cannot be changed except by
their written agreement. Addenda which are a part of this contract are (list): AOFNCY DT9C OSURE STATEMENT
OWNER'S DTSCLOSURE STATEMENT
Initialed for identification by Buyer and Seller TREC NO. 20-1
(fAR-036) Rev. 3/92
One to Four Family Residential Earnest Money Contract Concerning 1 641 MAYATT.1. ROAD T)F.NTf1N, TFXAR Page Six 03-17-92
(Address of Property)
23. CONSULT YOUR ATTORNEY: Brokers cannot give legal advice. This is intended to be a legally binding contract. READ IT
CAREFULLY. If you do not understand the effect of this contract, consult your attorney BEFORE signing.
Buyer's \ Seller's
Attorney: Attorney:
EXECUTED in ultiple originals the day, 19 (THE EFFECTIVE DATE).
(CE F1 N Tf~ AT F F/NAL A ANCE AND THEMES' A RESS
t
Buyer Seller
Buyer Seller
Buyer's Address Phone No. Seller's Address Phone No.
The form of this contract has been approved by the Texas Real Estate Commission. Such approval relates to
this contract form only. No representation is made as to the legal validity or adequacy of any provision in any
specific transaction. It is not suitable for complex transactions. Extensive riders or additions are not to be
used. (03-92) TREC NO. 20-1. This form replaces TREC NO. 20-0.
AGREEMENT BETWEEN BROKERS
Listing Broker agrees to pay WILLIAMS AND WILLIAMS REALTORS , Other
Broker, a fee of 6 of the total sales price when the Listing Broker's fee described in Paragraph 8 is received.
Escrow Agent is authorized and directed to pay Other Broker from Listing Broker's fee at closing.
SAME
Other Broker License No.
By
Other Broker's Address
Phone No.
WILLIAMS & WTT.TTAMS, RFAT'LQg$ 11152311
Listing Broker License No.
By: ANNA BLALOCK
7730 N FI,M RENTON, TEX42 76291
Listing Broker's Address Phone No.
RECEIPT
Receipt of ❑ Contract and $ Earnest Money in the form of
is acknowledged and is accepted subject to the terns and conditions of the Earnest Money Contract.
Escrow Agent: By:
Date: 19
Address
City State Zip Code
TREC NO. 20-1
TRACT I
ALL that certain lot, tract or parcel of land lying and being
situated in the County of Denton, State of Texas, and being a part
of a certain 42.5 acre tract of land which was conveyed by warranty
deed dated January 10, 1953, from N. A. Lowe and wife, Bertha Lowe,
to W.A. Coyle and wife Ruth Coyle, as shown of record in Volume
385, page 177, of the Deed Records of Denton County, Texas, said
land being out of the Gideon Walker Survey Abstract No. 1330, and
being more particularly described as follows:
BEGINNING at a 60 penny nail which is driven in the center line of
a public road whose width is 60 feet and being at the northwest
corner of the W.A. Coyle 42.5 acre tract, said point being in the
west boundary line of the Gideon Walker Survey, Abstract No. 1330;
THENCE north 890 291 20" east along the north boundary line of the
past mentioned 42.5 acre tract, a distance of 430.985 feet to a
point for the northeast corner of tract herein described;
THENCE south 030 31' west and parallel with the west boundary line
of the past mentioned 42.5 acre tract, 506.51 feet to a stake for
the southeast corner of tract herein described;
THENCE south 890 29' 20" west and parallel with the north boundary
line of the past mentioned 42.5 acre tract, a distance of 430.985
feet to a 60 penny nail driven in the center line of a north and
south public road, and being in the west boundary line of the 42.5
acre tract and in the west boundary line of the Gideon Walker
Survey, Abst. No. 1330, and being the southwest corner of tract
herein described;
THENCE north 03° 21' east along the west boundary line of the
Gideon Walker Survey and along the west boundary line of the 42.5
acre tract a distance of 506.51 feet to point of beginning and
containing in all 5 acres of land.
TRACT II
ALL that certain lot, tract or parcel of land lying and being
situated in the County of Denton, State of Texas, and being a part
of a certain 42.5 acre tract of land which was conveyed by Warranty
Deed dated January 10, 1953, from N.A. Lowe and wife, Martha Lowe,
shown of record in Vol. 385, page 177, Deed Records of Denton
County, Texas, said land being out of the Gideon Walker Survey,
Abstract No. 1330, and being more particularly described as
follows:
BEGINNING at a point in the center line of a public road and in the
west boundary line of the Gideon Walker Survey at a point that is
506.51 feet south 30 211 west of the northwest corner of said 42.5
acre tract and at the southwest corner of a 5 acre tract this day
deeded by W.A. Coyle and wife, Ruth Coyle, to J.B. Smith, and wife,
Molley Frances Smith;
THENCE north 890 29' 20" east 430.985 feet along the south line of
said 5 acre tract to its southeast corner;
THENCE south 30 21' west 163.45 feet for corner;
THENCE west 430.75 feet to the west line of said 42.9 acre tract
and said survey line;
THENCE north 30 21' west 159.60 feet to the place of beginning, and
containing 1.59453? acres of land, more or less.
SAVE & EXCEPT
TRACT I
ALL that certain tract or parcel of land situated in the Gideon
Walker Survey, Abst. No. 1330, Denton County, Texas, being part of
a certain tract deeded by N.A. Lowe et ux to W.A. Coyle et ux on
January 10, 1953, recorded in Volume 385, page 177, Deed Records of
Denton County, Texas, and being more particularly described as
follows:
BEGINNING at the northwest corner of said 42.3 acre tract at the
intersection of the middle of Mayhill Road, same being the west
boundary line of said Walker Survey with the middle of a public
road going east;
THENCE south 880 22' east with the middle of said public road and
north line of said 42.5 acre tract 215.9 feet to a corner;
THENCE south 30 51' west 172.7 feet to a steel pin;
THENCE north 880 22' west with a
to a corner of the west line of
Walker Survey in Mayhill Road;
fence most of the way 214.9 feet
said 42.5 acre tract and of said
THENCE north 30 35' east with said line 172.7 feet to the place of
beginning, containing in all 0.853 acres of land.
TRACT II
ALL that certain tract or parcel of land situated in the Gideon
Walker Survey, Abstract 1330, Denton County, Texas being part of a
certain 42.5 acre tract deeded by N. A. Lowe et ux to W.A. Coyle et
ux on January 10, 1953, recorded in Volume 385, Page 177, Deed
Records of said County, and being more particularly described as
follows:
BEGINNING at the northeast corner of a 0.353 acre tract out of the
northwest corner of said 42.5 acre tract in the middle of a public
road at a point south 880 22' east 215.9 feet from the northwest
corner of said 42.5 acre tract.
THENCE south 880 22' east with the north line of said 42.5 acre
tract 215.0 feet to a corner;
THENCE south 30 51' west with a fence 172.7 feet to a steel pin.
THENCE north 880 22' west 215.0 feet to a steel pin at the
southeast corner of said 0.853 acre tract;
THENCE north 30 51' east 172.7 feet to the place of beginning
containing in all 0.852 acre of land.
AEE0028C/8
SAFECO GF# 30606.MH
2251
Prepared by the State Bar of Texas for use by lawyers only.
Revised 10-85
01985 by the State Bar of Texas
WAPJUNW DEED
Date: October 18, 1993
Grantor: J. B. SMITH, INDIVIDUALLY AND AS SOLE DEVISEE OF THE ESTATE OF MELLEY H. SMITH,
DECEASED
Grantor's mailing address: IINCLUDING COUNTY)
Grantee: THE CITY OF DENTON, TEXAS
Grantee's mailing address: (INCLUDING COUNTY) 215 E. McKinney St.
Denton, Texas 76202
Consideration:
The sum of Ten and No/100 -($10.00) and other good and valuable consideration, and the further consideration of:
ALL CASH
Property: (INCLUDING ANY IMPROVEMENTS)
All that certain tract or parcel of land out of the GIDEON WALKER SURVEY, ABSTRACT NO. 1330,
Denton County, Texas, being more particularly described on Exhibit "A" attached hereto.
RESERVATIONS FROM AND EXCEPTIONS TO CONVEYANCE AND WARRANTY:
This conveyance is made and accepted subject to any and all easements, reservations, restrictions, conditions and matters
of record as same may affect the herein described property.
Grantor, for the consideration and subject to the reservations from and exceptions to conveyance and warranty,
grants, sells, and conveys to Grantee the property, together with all and singular the rights and appurtenances thereto in any
wise belonging, to have and hold it to Grantee, Grantee's heirs, executors, administrators, successors, or assigns forever.
Grantor binds Grantor and Grantor's heirs, executors, administrators, and successors to warrant and forever defend all and
singular the property to Grantee and Grantee's heirs, executors, administrators, successors, and assigns against every person
whomsoever lawfully claiming or to claim the same or any part thereof, except as to the reservations from and exceptions
to conveyance and warranty.
When context requires singular nouns and pronouns include the plural.
Grantee herein assumes all taxes for the year 1993.
NQ 0
J. B. TH, INDIVIDUALLY AND AS SOLE DEVISEE OF
THE ESTATE OF MELLEY H. SMITH, DECEASED
(ACKNOWLEDGEMENT)
STATE OF TEXAS
COUNTY OF DENTON
This instrument was acknowledged before me on the day of October, 1993, by J. B. SMITH,
INDIVIDUALLY AND AS SOLE DEVISEE OF THE ESTATE OF MELLEY H. SMITH~DECEASED.
Notary's
MARK HANNAH, JR.
NOTARY PUBLIC
State of Texas
'+rh orl6iY Comm. Exp. 10.17-96
AFTER RECORDING RETURN TO: PREPARED IN THE LAW OFFICE OF:
THE CITY OF DENTON, TEXAS NORMA LEA BEASLEY
216 E. McKinney St. 1610 PACIFIC AVENUE
Denton, Texas 76202 DALLAS, TX 76201
EXHIBIT "A"
All that certain lot, tract or parcel of land lying and being situated in the County of Denton,
State of Texas, and being a part of a certain 42.5 acre tract of land which was conveyed by
warranty deed dated January 10, 1953, from N. A. Lowe and wife, Bertha Lowe to W. A.
Coyle and wife, Ruth Coyle, as shown of record in Volume 385, page 177, of the Deed
Records of Denton County, Texas, said land being out of the GIDEON WALKER SURVEY,
Abstract No. 1330, and being more more particularly described as follows:
BEGINNING at a 60 penny nail which is driven in the center line of a public road whose width
is 60 feet and being at the Northwest corner of the W. A. Coyle 42.5 acre tract, said point
being in the West boundary line of the Gideon Walker Survey, Abstract No. 1330;
THENCE North 89 degrees 29 minutes 20 seconds East along the North boundary line of the
past mentioned 42.5 acre tract, a distance of 430.985 feet to a point for the Northeast corner
of tract herein described;
THENCE South 03 degrees 31 minutes West and parallel with the West boundary line of the
past mentioned 42.5 acre tract, 506.51 feet to a stake for the Southeast corner of tract
herein described;
THENCE South 89 degrees 29 minutes 20 seconds West and parallel with the North boundary
line of the past mentioned 42.5 acre tract a distance of 430.985 feet to a 60 penny nail
driven in the center line of a north and south public road, and being in the west boundary line
of the 42.5 acre tract and in the west boundary line of the Gideon Walker Survey, Abst. No.
1330, and being the Southwest corner of tract herein described;
THENCE North 03 degrees 21 minutes East along the West boundary line of the Gideon
Walker Survey and along the West boundary line of the 42.5 acre tract a distance of 506.51
feet to the POINT OF BEGINNING. and containing in all 5 acres of land.
NOTE: This Company does not represent that the above acreage or square footage
calculations are correct.
nnlvrlnelslDVr M, HICI1 E,TR 1,r ME RENT oh'II I:inuat,e-,'j MOM lily Ef)fC11t c 11,4L
1}s ➢ATF,1fIt XAS
CCL~nCF1 F0iCDl1 c ire PJUm^.r -'a )146
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at(°artl{{yy lha9ih1311'SPNmG~I C'~ y
4he r:.wapd tltotlme e48mDod heGeon IlY rt t, «nd a a° d~Y.Teta, 4lut n11YA
OCT 2 2 1993
I
/
CDDPdY;
DERV CD:ctIIV1K1EXAS
11 J
4
4'°~'•....... ~;Jy,}
Filed for Record in:
DENTON COUNTY, TX
HONORABLE TIM HODOES
/COUNTY CLERK
On 1993/10/22
At 9:54A
Number: 93-R0074964
Type : WD 15.00
REAL ESTATE CONTRACT
STATE OF TEXAS
COUNTY OF DENTON
THIS CONTRACT OF SALE is made by and between RUTH INEZ COYLE
(hereinafter referred to as "Seller") and CITY OF DENTON, TEXAS, a
home rule municipality, of Denton, Denton County, Texas, (hereinaf-
ter 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, the tract of land containing ap-
proximately 1 060 acres of land situated in Denton County, Texas,
being more particularly described in Exhibit A attached hereto and
incorporated herein by reference for all purposes together with all
and singular the rights and appurtenances pertaining to the prop-
erty, including any right, title and interest of Seller in and to
adjacent 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 per-
sonal property situated on and attached to the Property, for the
consideration and upon and subject to the terms, provisions, and
conditions hereinafter set forth However, it is expressly under-
stood that the Seller may, at her own expense prior to delivery of
possession of the Property, remove the following listed items from
the Property
1 A well house
2 A cook stove and refrigerator
3 All drapes
4 A butane tank
PURCHASE PRICE
1 Amount of Purchase Price The purchase price for the
Property shall be the sum of SEVENTY-FIVE THOUSAND DOLLARS
($75,000 00)
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
actions contemplated hereby are
of the following conditions any
in part by Purchaser at or prio
r hereunder to consummate the trans-
subject to the satisfaction of each
of which may be waived in whole or
r to the closing
1 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 pre-
liminary 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 re-
ceives the Title Report that the condition of title as set forth in
the title binder is or is not satisfactory, and in the event Pur-
chaser 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 shall be forthwith
returned by the Title Company to Purchaser, otherwise, this con-
dition shall be deemed to be acceptable and any objection thereto
shall be deemed to have been waived for all purposes
2 Survey Upon written request by Purchaser delivered to
Seller contemporaneously with Purchaser's delivery of an executed
original of this Agreement, Seller shall within twenty (20) days
from the date hereof, at Purchaser'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 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 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
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, or trespassers
2 Except for the prior actions of Purchaser, there is no
pending or threatened condemnation or similar proceeding or asses-
sment 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
3 Seller has complied with all applicable laws, ordinances,
regulations, statutes, rules and restrictions relating to the
Property, or any part thereof
4 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
(RCTA), as amended, and the Comprehensive Environmental Response
Compensation and Liability Act (CERCLA), as amended In the event
any such toxic or hazardous wastes or materials are found upon the
Property, Seller shall be responsible for the expense of removal of
these wastes or materials upon receipt of written notice of the
presence of these wastes or materials
CLOSING
The closing shall be held at the office of Republic Title
Company, Denton, Texas, on or before October 15, 1993, or at such
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
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, easements,
assessments, and restrictions, except for the following
PAGE 3
I 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
B Deliver to Purchaser a Texas Owner's Title Policy at
Seller's sole expense, issued by Republic Title Company,
Denton, Texas, (the "Title Company") in Purchaser's favor
in the full amount of the purchase price, insuring Pur-
chaser's fee simple title to the Property subject only to
those title exceptions listed in 'losing Requirements here-
of, 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 Seller,
2 The exception as to restrictive cove-
nants shall be endorsed "None of Record",
3 The exception as to the lien 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"
C Deliver to Purchaser possession of the Property on or
before January 1, 1994 From the date of Closing until
January 1, 1994, Seller will be allowed to continue to
reside in the house located at 4616 Foster Road, Denton,
Texas, if she should desire
2 purchaser's Requirements Purchaser shall pay the full
cash purchase price to Seller at Closing in immediately available
funds
3 Closing costs Through the date of Closing, Purchaser
shall only be responsible for the payment of taxes assessed by the
City of Denton and, Seller shall pay all other taxes assessed by
any other tax jurisdiction through the date of Closing Any taxes
PAGE 4
imposed, assessed or arising because of a change of use of the
Property after closing shall be paid by Seller, save and except
taxes so imposed by the City of Denton, which taxes shall be paid
by Purchaser
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
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, war-
ranties, 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, addres-
sed to Seller or Purchaser, as the case may be, at the address set
forth beneath the signature of the party
4 Texas Law to AnRly, 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
PAGE 5
Denton County, Texas
5 Parties Bound This Agreements 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 ~qal 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 subject 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 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 five (5) 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
DATED this day of JCP}ember , 1993
SELLER
~~n4
UT INEZ COYL
4616 Foster R d, Dent 4 Texas 76208
PAGE 6
PURCHASER
THE CITY i
8
D'
215 E
Denton
STATE OF TEXAS
COUNTY OF DENTON
YB D/ENNTON, TEXAS
J HARRELL, City Manager
McKinney Str et
, Texas 7620
This instrument was acknowledged before me on %o ws~_r a9 /943
b RUTH INEZ COYLE
C Y PUBL C N AND FOR TEXA
STATE OF TEXAS
COUNTY OF DENTON
Th s instrument is acknowledged before me, the on
CI by LLOYD V HARRELL, 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 acknowl-
edged 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 resolution of the City Council of
the City of Denton and that he executed the same as the act of the
said city for purpose and consideration therein expressed, and in
the capacity therein stated
4NOTA&BLAIC IN AND FOR EXAS
ATTEST
JENNIFER WALTERS, CITY SECRETARY JFAMME SCOTT
g`~r v
NOW MIBUQ SURE OF 0I8
My cumMMW FEWNes Me ch S1 10
005
BY 1
AP ED A TO LEGAL FORM
DE A YOVITCH, CITY ATTORNEY
BY
PAGE 7
EXHIBIT A
ALL that certain lot, tract, or parcel of land situated in the G
Walker Survey A-1330 Denton County, Texas and being the remainder
of a "called" 42 5 acre tract shown by deed from N A Lowe and
wife, Bertha Lowe to W A Coyle and wife, Ruth Coyle dated January
10, 1953 and recorded in Volume 385, Page 177 of the Deed Records
of Denton County and being more particularly described by metes and
bounds as follows,
BEGINNING at a 3/8 inch iron pin set in the center of Foster Road
at a point north 880 12' 03" west 321 63 feet from the northeast
corner of said Coyle tract (Deed calls "west"), said beginning
point also being the northwest corner of a tract shown by Deed to
Robert H Matzinger wife, Frances Matzinger, recorded in Volume
574, Page 77 Deed Records,
THENCE south 20 07' 00" west with Matzinger's west line and along
a tree line 230 73 feet to a fence corner post at the most
northerly northeast corner of a tract shown by deed to Judy M Kay
recorded in Volume 1046, Page 428 Deed Records,
THENCE north 880 30' 37" west with a fence 202 12 feet to a fence
corner post (Kay's Deed calls north 880 28' 29" west with a fence
202 38 feet) at the northwest corner of Kay's tract and in the east
line of a tract shown by deed to George J Kay and Judy M Kay
recorded in Volume 970, Page 277 Deed Records,
THENCE north 30 21' 00" east with the east line of the last
mentioned Kay tract 231 91 feet to a 3/8 inch iron pin set at the
northeast corner of said Kay tract and in the center of Foster Road
in the north line of the "called" 42 5 acre Coyle tract,
THENCE south 880 12' 03" east with the north line of said Coyle
tract 197 11 feet to the Point of Beginning and containing 1 060
acres of land
AEE0028C
GF#93R07758 DT1
Date October 12, 1993
1
Grantor} Ruth Inez Coyle
Grantors Mailing Address
(includ ng county)
WARRANTY DEED
GranteeL City of Denton, Texas 07LUC)
Grantee's Mailing Address 215 E McKinney
(including county) Denton, Denton County, Texas 76201
~I
Consideration
For and in consideration of the sum of TEN AND N01100 DOLLARS
($10 00) and other good and valuable consideration, the
receipt and adequacy of which are hereby acknowledged
Propertly (including any improvements)
All th t certain lot, tract, or parcel of land situated in the G
WalkeraSurvey A-1330 Denton County, Texas and being the remainder
of a "called" 42 5 acre tract shown by deed from N A Lowe and
wife, Bertha Lowe to W A Coyle and wife, Ruth Coyle dated January
10, 1953 and recorded in Volume 385, Page 177 of the Deed Records
of Den on County and being more particularly described on the
Exhibi "A" attached hereto and made a part hereof for all
purpos s
Reservations from and Exceptions to Conveyance and Warranty
T is conveyance is made and accepted subject to all easements,
reserv bons, conditions, covenants and restrictive covenants as
the sa a appear of record in the office of the County Clerk of the
county in which the property is situated, to the extent that the
same apply to subject property and remain in effect
G antor, for the consideration and subject to the reservations
from aid exceptions to conveyance and warranty, grants, sells, and
conveys to Grantee the property, together with all and singular the
rights and appurtenances thereto in any wise belonging, to have and
hold it to Grantee, Grantee's heirs, executors, administrators,
successors, or assigns forever Grantor binds Grantor and
Granto 's heirs, executors, administrators, and successors to
warrant and forever defend all and singular the property to Grantee
and Grantee's heirs, executors, administrators, successors, and
assigns against every person whomsoever lawfully claiming or to
claim the same or any part thereof, except as to the reservations
from aid exceptions to conveyance and warranty
W en the context requires, singular nouns and pronouns include
the pl ral
it
411u Inez Coyl
E:\WPD0CS\0RD\SMITH.0
T
ORDINANCE NO. 2
AN ORDINANCE OF THE CITY OF DENTON, TEXAS, AUTHORIZING THE CITY
MANAGER TO EXECUTE AN AGREEMENT BETWEEN THE CITY OF DENTON AND J.S.
SMITH TO PURCHASE PROPERTY; 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 authorized to execute a
Real Estate Contract between the City of Denton and J.B. Smith for
the purchase of property, under the terms and conditions contained
in said Agreement, which is attached hereto and made a part hereof,
and is authorized to execute any other document which may be
associated with the purchase of said property.
SECTION II. That the City Council hereby authorizes the expen-
diture of funds in the amount of $150,000.00 for the purchase of
said property and any closing costs, including the cost of property
survey, as specified in the agreement.
SECTION III. That this ordinance shall become effective immed-
iately upon its passage and approval. //'ll~~
PASSED AND APPROVED this the day of , 1993.
ATTEST:
JENNIFER WALTERS, CITY SECRETARY
_
BY:
APP OVED A TO LEGAL FORM:
DEBRA A. DRAYOVITCH, CITY ATTORNEY
BY:
TEXAS ASSOCIATION OF REALTORS"' ~0
03-17-92
C ONE TO FOUR FAMILY RESIDENTIAL EARNEST MONEY CONTRACT (RESALE)
ALL CASH, ASSUMPTION, THIRD PARTY CONVENTIONAL OR SELLER FINANCING
PROMULGATED BY THE TEXAS REAL ESTATE COMMISSION (TREC)
NOTICE: Not For Use For Condominium Transactions
1. PARTIES: .T-R. SMTTH (Seller) agrees to sell
and convey to CTTY OF DENTON (Buyer) and Buyer
agrees to buy from Seller the property described below.
2. PROPERTY: Lot , Block A 1330A
Addition, City of DENTON , DENTON County, Texas,
known as 1 641 MAYHTT.T. ROAT) D .NTON. TEXAS (Address), or as described on attached
exhibit, together with the following items, if any: curtains and rods, draperies and rods, valances, blinds, window shades, screens,
shutters, awnings, wall-to-wall carpeting, mirrors fixed in place, ceiling fans, attic fans, mail boxes, television antennae and
satellite dish, permanently installed heating and air conditioning units and equipment, built-in security and fire detection equipment,
lighting and plumbing fixtures, water softener, built-in kitchen equipment, garage door openers with controls, built-in cleaning
equipment, all swimming pool equipment, shrubbery, permanently installed outdoor cooking equipment, built-in fireplace screens
and all other property owned by Seller and attached to the above described real property except the following property which is
not included:
All property sold by this contract is called the "Property." The Property ❑ is ® is not subject to mandatory membership in an
owners' association and its assessments and requirements.
3. SALES PRICE:
A. Cash portion of Sales Price payable by Buyer $ $150,000, 00
B. Sum of notes described below (excluding any private mortgage insurance 1PMIj premium) $ $000.000.00
C. Sales Price (Sum of A and B) $_$150,000.00
4. FINANCING: The portion of Sales Price not payable in cash shall be paid as follows: (Check applicable boxes below)
r-1 A. ASSUMPTION:
❑ (1) Buyer shall assume the unpaid principal balance of a first lien promissory note payable to
which unpaid balance at closing will be
$ The total current monthly payment including principal, interest and reserve deposits is
$ Buyer's initial payment shall be the first payment due after closing.
(2) Buyer shall assume the unpaid principal balance of a second lien promissory note payable to
which unpaid balance at closing will be
$ . The total current monthly payment including principal, interest and reserve deposits is
$ Buyer's initial payment shall be the first payment due after closing.
Buyer's assumption of an existing note includes all obligations imposed by the deed of trust securing the note.
If the unpaid balance(s) of any assumed loan(s) as of the closing date varies from the loan balance(s) stated above, the
❑ cash payable at closing sales price shall be adjusted by the amount of any variance; provided, if the total principal
balance of all assumed loans varies in an amount greater than $350.00 at closing, either party may terminate this contract
and the Earnest Money shall be refunded to Buyer unless either party elects to eliminate the excess in the variance by an
appropriate adjustment at closing. If the noteholder requires (a) payment of assumption costs in excess of $
in (1) above or $ in (2) above and Seller declines to pay such excess, or (b) an increase in the interest
rate to more than % in (1) above, or % in (2) above, or (c) any other modification of the loan documents,
Buyer may terminate this contract and the Earnest Money shall be refunded to Buyer. A vendor's lien and deed of trust to
secure assumption shall be required which shall automatically be released on execution and delivery of a release by noteholder.
If Seller is released from liability on any assumed note, the vendor's lien and deed of must to secure assumption shall not be
required.
NOTICE TO BUYER: The monthly payments, interest rates or other terms of some loans may be adjusted at or after closing
by the lender. If you are concerned about the possibility of future adjustments, do not sign the contract without examining
the notes and deeds of trust.
NOTICE TO SELLER: Your liability to pay the note assumed by Buyer will continue unless you obtain a release of liability.
If you are concerned about future liability, you should use the TREC Release of Liability Addendum.
F~ B. THIRD PARTY FINANCING:
❑ (1) A third party first lien note of $ (including any financed PMI premium), due in full in
001A n
Initialed for identification by
and Seller
TREC NO. 20-1
(TAR-036) Rev. 3/92
ar.
One to Four Family Residential Earnest Money Cono act Concerning 1 641 MAYHTT. ROAD Page Two 03-17-92
(Address of Property)
year(s), with interest not to exceed % per annum for the first your(s)
of the loan. The loan shall be ❑ with ❑ without PMI.
(2) A third party second lien note of $ , due in full in year(s), with interest not
to exceed % per annum for the first year(s) of the loan.
❑ C. TEXAS VETERANS' HOUSING ASSISTANCE PROGRAM LOAN:
A Texas Veterans' I lousing Assistance Program Loan (the Program Loan) of $ for a period
of at least years at the interest rate established by the Texas Veterans' Land Board at the time of closing.
❑ D. SELLER FINANCING: A promissory note from Buyer to Seller of $ , bearing %
interest per annum, secured by vendor's and deed of trust liens, in accordance with the terms and conditions set forth in
the attached TREC Seller Financing Addendum. If an owner policy of title insurance is furnished, Buyer shall famish
Seller with a mortgagee policy of title insurance.
E. CREDIT APPROVAL ON ASSUMPTION OR SELLER FINANCING: Within days from the effective date of
this contract, Buyer shall deliver to Seller documentation which Seller deems sufficient to establish Buyer's
creditworthiness for assumption approval or seller financing. If Buyer's documentation is not delivered within the specified
time, Seller may terminate this contract by notice to Buyer within 5 days after expiration of the time for delivery, and
the Earnest Money shall he paid to Seller. If this contract is not so terminated, Seller shall be deemed to have accepted
Buyer's credit. If the documentation is timely delivered, and Seller determines in Seller's sole discretion that Buyer's
credit is unacceptable, Seller may terminate this contract by notice to Buyer within 5 days after expiration of the time for
delivery and the Earnest Money shall be refunded to Buyer. If Seller does not so terminate this contract, Seller shall be
deemed to have accepted Buyer's credit. Buyer hereby authorizes any credit reporting agency to furnish to Seller at
Buyer's sole expense copies of Buyer's credit reports.
Within days from the effective date of this contract Buyer shall apply for all third party financing or noteholder's approval
of any assumption and shall make every reasonable effort to obtain financing or assumption approval. Financing or assumption
approval shall be deemed to have been obtained when Buyer has satisfied all of lender's financial conditions. If financing (including
any financed PMI premium) or assumption approval is not obtained within days from the effective date hereof, this
contract shall terminate and the Earnest Money shall be refunded to Buyer.
Each note to be executed hereunder shall he secured by vendor's and deed of trust liens.
5. EARNEST MONEY: Buyer shall deposit $ $1,000 as Earnest Money with sAFFCO TTTT,R COMPANY
(Address), as Escrow Agent, upon execution of this contract by both parties. ❑ Additional Earnest Money of $
shall be deposited by Buyer with the Escrow Agent on or before 19. If Buyer fails to deposit
the Earnest Money as required by this contract, Buyer shall be in default.
6. TITLE POLICY, ABSTRACT AND SURVEY:
® A. TITLE POLICY: Seller shall furnish to Buyer at Seller's expense an Owner Policy of Title Insurance (the Title Policy)
issued by SAFECO TTTT,E COMPANY (the Title Company) in the
amount of the Sales Price, dated at or after closing, insuring Buyer against loss under the provisions of the Title Policy,
subject to the promulgated exclusions (including existing building and zoning ordinances) and the following exceptions:
(1) Restrictive covenants common to the platted subdivision in which the Property is located.
(2) The standard printed exception for standby fees, taxes for the current and subsequent years, and subsequent
assessments for prior years due to changes in land usage or ownership.
(3) Liens created as part of the financing described in Paragraph 4.
(4) Utility easements created by the dedication deed or plat of the subdivision in which the Property is located.
(5) Reservations or exceptions otherwise permitted by this contract or as may be approved by Buyer in writing.
(6) The standard printed exception as to discrepancies, conflicts, shortages in area or boundary lines,
encroachments or protrusions, or overlapping improvements.
(7) The standard printed exception as to marital rights.
(8) The standard printed exception as to waters, tidelands, beaches, streams, and related matters.
Seller, at Seller's expense, shall deliver to Buyer within 20 days after the effective date of this contract it commitment for
Title Insurance (the Commitment) and at Buyer's expense, legible copies of restrictive covenants and documents evidencing
exceptions in the Commitment other than the standard printed exceptions. Buyer shall have 5 days after the receipt of the
Commitment to object in writing to matters disclosed in the Commitment. Buyer may not object to items 6A(I) through
(8) above unless Buyer determines that any such item prohibits the following use or activity:
B. ABSTRACT OF TITLE: Seller shall furnish to Buyer at Seller's expense an Abstract of Title certified by an abstract
company (a) from the sovereignty to the effective date of this contract (Complete Abstract) and (b) supplemented to
the Closing Date (Supplemental Abstract). Seller shall deliver the Complete Abstract to Buyer within 20 days after
Initialed for identification by Buyer V. 1Y, and Seller~\ 1~ X TREC NO. 20-1
One to Four Family Residential Earnest Money Contract Concerning 1641 MAYHILL ROAD Page Three 03-17-92
(Address of Property)
the effective date of this contract. The Complete Abstract and Supplemental Abstract shall be examined at Buyer's expense
by an attorney selected by Buyer. Buyer shall have 20 days after the receipt of the Complete Abstract to object in writing
to matters disclosed in the Complete Abstract.
C. SURVEY REQUIRED: Within days after loan approval if a third-party loan is involved, or if no third-party loan
is involved, within days from the effective date of this contract, Seller shall famish to Buyer at Buyer's expense
a plat of a current survey identifying the Property by metes and bounds or platted lot description. The survey shall be
prepared by a Registered Professional Land Surveyor acceptable to the Title Company and any lender. The plat shall
contain the surveyor's certificate that: (a) the survey was made and staked on the ground and corners are marked with
permanent monuments; (b) the plat shows the location of all improvements, highways, streets, roads, railroads, rivers,
creeks or other waterways, fences, easements and rights-of-way on or contiguous to the Property with all easements and
rights-of-way referenced to their recording information; (c) there are no discrepancies or conflicts in boundaries, or visible
encroachments, except as shown on the plat; (d) the Property does or does not lie in the 100-year Floodplain, and any
portion lying within the Floodplain has been designated on the plat; (e) the survey is true and correct; and (f) the plat sets
forth the dimensions and total area of the Property. Buyer shall have 5 days after the receipt of the plat to object in writing
to all matters shown on the plat which constitute defects or encumbrances to title; however, utility easements created by
the dedication deed or plat of the subdivision in which the Property is located shall not be a basis for objections.
Buyer's failure to object under Paragraph 6A, 6B or 6C within the time allowed shall constitute a waiver of Buyer's right to
object; except that the requirements in Schedule C of the Commitment shall not be deemed to have been waived. If objections are
made by Buyer or any third party lender, Seller shall cure the objections within 1S days from the date Seller receives them and
the Closing Date shall be extended as necessary. If objections are not cured by the extended Closing Date, this contract shall
terminate and the Earnest Money shall be refunded to Buyer unless Buyer elects to waive the objections.
NOTICE TO SELLER AND BUYER:
(1) Broker advises Buyer to have an Abstract covering the Property examined by an attorney of Buyer's selection, or Buyer
should be furnished with or obtain a Title Policy.
(2) If a Title Policy is furnished, the Commitment should be promptly reviewed by an attorney of Buyer's choice due to the time
limitations on Buyer's right to object.
(3) If the Property is situated in a utility or other statutorily created district providing water, sewer, drainage, or flood control
facilities and services, Chapter 50 of the Texas Water Code requires Seller to deliver and Buyer to sign the statutory notice
relating to the tax rate, bonded indebtedness, or standby fee of the district prior to final execution of this contract.
PROPERTY CONDITION: (Check one box only)
® A. Buyer accepts the Property in its present condition, subject only to lender required repairs and the following repairs:
E] B. Buyer accepts the Property in its present condition subject to lender required repairs and those repairs designated by Buyer
pursuant to the attached Property Condition Addendum.
REPAIR OBLIGATIONS WHICH APPLY TO A AND B: Seller shall pay for only those repairs required by A or B. Seller shall
pay the cost of turning on utilities for inspections and reinspections. Buyer shall pay for inspections, reinspections, reports and
certificates.
If the cost of treatment and repairs resulting from termites or other wood-destroying insects will not exceed $ 0 and if
the cost of all other repairs will not exceed $ 0 , Seller shall complete the treatment and repairs prior to the Closing Date.
Within 7 days after receipt of all inspection reports and Buyer's designation of repairs, Seller shall notify Buyer as to the cost
of repairs and whether Seller will pay any excess costs. If Seller fails to notify Buyer or refuses to pay the excess costs, Buyer
may (a) pay the excess costs, (b) accept the limited repairs, unless prohibited by lender, or (c) terminate this contract and the
Earnest Money shall be refunded to Buyer. Buyer shall notify Seller of Buyer's election within 5 days after Buyer is notified of
Seller's refusal to pay excess costs. If Seller fails to notify Buyer, Buyer shall notify Seller of Buyer's election within 12 days after
Seller receives all inspection reports and Buyer's designation of repairs. Buyer's failure to make a timely election shall be deemed
as Buyer's election to accept the Property with the costs of treatment and repair limiter] to the maximum amounts stated above.
If the total cost of treatment and repairs exceeds 5% of the Sales Price and Seller agrees to pay all treatment and repair costs,
Buyer may (a) accept the Property with the completed treatment and repairs, or (b) terminate this contract and the Earnest Money
shall be refunded to Buyer. Buyer shall make this election within 5 days after Seller notifies Buyer of Seller's willingness to
pay all costs of treatment and repair. Buyer's failure to make such election within the 5-day period shall be deemed as Buyer's
election to accept the completed repairs.
If Seller fails to complete any agreed repairs, Buyer may, in addition to the remedies provided in Paragraph 15, do so and Seller
shall be liable up to the maximum agreed amount which shall be deducted from the sales proceeds or collected from Seller at
closing.
001A /
Initialed for identification by Buyer/} V / V and Seller V. ,k / \ TREC N K). 20-1
(TAR-036) Rev. 3/92
One to Four Family Residential Earnest Money Contract Concerring 1641 MAYHILL ROAD DENTON, TEXAS Page Four 03-17-92
(Address of Properly)
8. BROKER'S FEE: WTI I TAMS ANII WILLIAMS REALTORS
(Listing Broker) represents Seller. Any other broker is:
® Listing Broker's subagent representing Seller; or
❑ Buyer's agent.
Seller shall pay Listing Broker as specified by separate agreement between Listing Broke and Seller. In the event of Buyer's
default, Listing Broker shall receive one-half of any Earnest Money which Seller receiv der Paragraph 15, not to exceed the
amount of the fee specified in the separate agreement. Escrow rut is authorized an ed to ay Listing Broker said fee.
9. CLOSING: The closing of the sale shall be on or before ~S 19 70 , or within 7 days after
objections to title and survey have been cured, whichever date is later (the Closing Da however, iffinancing or assumption
approval has been obtained pursuant to Paragraph 4, the Closing Date shall be extended up to 15 days only if necessary to
comply with lender's closing requirements (for example, survey, insurance policies, property repairs, closing documents).
If either party fails to close this sale by the Closing Date, the non-defaulting party shall be entitled to exercise the remedies
contained in Paragraph 15. At closing Seller shall furnish tax statements showing no delinquent taxes, a Supplemental Abstract,
when applicable, showing no additional title exceptions, and a General Warranty Deed conveying good and indefeasible title
subject only to those exceptions permitted in Paragraph 6.
10. POSSESSION: Seller shall deliver possession of the Property to Buyer on FEBRUARY. 10, 1994
in its present or required repaired condition, subject to the dollar limitations of Paragraph 7, ordinary wear and
tear excepted. Any possession by Buyer prior to closing or by Seller after closing that is not authorized by a temporary lease
form promulgated by TREC or required by the Parties shall establish a landlord-tenant at sufferance relationship between the
parties. Consult your insurance agent prior to change of possession as insurance coverage may be limited or terminated.
11. SPECIAL PROVISIONS: (Insert only factual statements and business details applicable to this sale. A licensee shall not add to
a promulgated earnest money contract form factual statements or business details for which a contract addendum, lease or other
form has been promulgated by TREC for mandatory use. 22 TAC §537.11 (d).1
12. SALES EXPENSES: The following expenses shall be paid at or prior to closing:
A. Appraisal fees shall be paid by N/A
B. The total of loan discount and buydown fees (excluding any Texas Veterans' Housing Assistance Program Participation Fee)
shall not exceed N/A % of the loan of which Seller shall pay the first N/A % and Buyer shall pay the remainder.
C. Seller's Expenses: Releases of existing liens, including prepayment penalties and recording fees; release of Seller's loan lia-
bility; tax statements or certificates; preparation of deed; one-half of escrow fee; preparation and recording of deed of trust
to secure assumption; Texas Veterans' I lousing Assistance Program Participation Fee not to exceed $ N/A ; owner
title policy guaranty and recoupment fees; and other expenses stipulated to be paid by Seller under other provisions of this
contract.
D. Buyer's Expenses: Loan application, origination and commitment fees; loan assumption costs; lender required expenses
incident to new loan(s): (for example, PMI premium, preparation of loan documents, survey, recording fees, tax service
and research fees, warehouse or underwriting fees, copies of restrictions and easements, amortization schedule, premiums
for mortgagee title policies and endorsements required by lender, credit reports, photos; mortgagee title policy guaranty
and recoupment fees); required premiums for flood and hazard insurance; required reserve deposit for insurance premiums
and ad valorem taxes; interest on all monthly installment payment notes from date of disbursements to (1) month prior to
dates of first monthly payments; customary Program Loan costs for Buyer; one-half of escrow fee; and other expenses
stipulated to be paid by Buyer under other provisions of this contract.
E. PMI premium not to exceed $ hl /A shall be paid by Buyer, and paid in cash at closing E] added to
the amount of the loan.
F. If any sales expense exceeds the amount stipulated to be paid by either party, either party may terminate this contract unless
either party agrees to pay such excess. In no event shall Buyer pay charges and fees expressly prohibited by the Texas
Veteran's Housing Assistance Program or other government loan program regulations.
001A
Initialed for identification by Buyer v/'(/. /1F and Seller I ~A TREC NO. 20-1
09-28-93 01:15PM FROM WMS & WMS REALTORS
°02
Ono to Four Family Residential Earnest Money Contract Concerning .1641 MAYHILL ROAD DENTON, TEXAS Page Four 03-17-92
(Address or Property)
8, BROKER'S FEE;_ WIT I 14Mq ANT) WTT T TAMC RFAT'I'ORS
(Listing Broker) represents Seller. Any other broker is:
® Listing Broker's subagent representing Seller; or
Buyer's agent.
Seller shall pay Listing Broker as specified by separate agreement between Listing #Da); d SeAYe~ n tits event of Buyer's
default, Listing Broker shall receive one-half Earnest Money which Seller rer C7 agraph 15, not to exceed the
amount of the fee specified in the separate w nt 's a oriu>d y Listing Broker said fee.
9. CLOSING: The closing of the sale shall be or or within 7 days after
objections to title and survey hove been rd, whichever date is later (the Closing wever, if financing or
ns.nunpriml
approval has been obtained pursuant to Paragraph 4, the Closing Dale shall be extended up to 15 days only if necessary to
comply with lender's closing requirements (for example, survey, insurance policies, property repairs, closing documents).
If either party fails to close this sale by the Closing Date. the non defaulting party shall be entitled to exercise tile ronledics
contained in Paragraph 15. At closing Seller shall furnish tax statements showing no delinquent taxes, a Supplemental Abstract,
when applicable, showing no additional title exceptions, and a General Warranty Dead conveying good and indefeasible title
subject only to those exceptions permitted in paragraph 6. OR BEFORE AT THE DISCRETION 0 ERVI/ j
10. POSSESSION: Seller shall deliver possession of the Property to Buyer or?) FEBRUARY 10. 199¢ Q h
in its present or required repaired condition, subject to the dollar limitations of Paragraph ) inary'wear and
tear excepted. Any possession by Buyer prior to closing or by Seller after closing that is not authorized by a temporary lease
form promulgated by TREC or required by the Parties shall establish a landlord-tenant at sufferance relationship between the
parties. consult your insurance agent prior ro change of possession ra insurance coverage may be limited or ternibinted.
11. SPECIAL PROVISIONS: [Insert only factual statements and business details applicable to this sale. A licensee shall not add to
a promulgated earnest money contract form factual statements or business details for which a contract addendum, lease or other
form has been promulgated by TREC for mandatory use, 22 TAC §537.11 (d).]
12. SALES EXPENSES: The following expenses shall be paid at or prior to closing:
A. Appraisal fees shall be paid by N/A
B. The tolid of loan discount and buydown fees (excluding any Texas Veterans' Housing Assistance Program Participation Fee)
shall not exceed N/A % of the loan of which Seller shall Puy the first N/A % and Buyer shall pay the remainder.
C. Seller's Expenses: Releases of existing liens, including prepayment penalties and recording fees; release of Seller's loan lia-
bility; tax statements or certificates; Preparation of deed; one-half of escrow fee; preparation and recording of deed of trust
to secure assumption; Texas Veterans' Housing Assistance Program Participation Fee not to exceed $ N/A ; owner
title policy guaranty and recoupment fees; and other expenses stipulated to be paid by Seller under other provisions of this
contract.
D. Buyer's Expenses: Loan application, origination and commitment fees; loan assumption costs; lender required expenses
incident to new loan(s): (for example, PMI premium, preparation of loan documents, survey, recording fees, tax service
and research fees, warehouse or underwriting fees, copies of restrictions and easements, amortization schedule, premiums
for mortgagee title policies and endorsements required by lender, credit reports, photos; mortgagee title policy guaranty
and recoupment fees); required premiums for flood and hazard insurance; required reserve deposit for insurance premiums
and ad valorem taxes; interest on all monthly installment payment notes from date of disbursements to (1) month prior to
dates of first monthly payments; customary Program Loan costs for Buyer; one-half of escrow fee; and other expenses
stipulated to be paid by Buyer under other provisions of this contract.
E. PMI premium not to exceed $ N/A shall be paid by Buyer, and 1] paid in cash at closing 1] added to
the amount of the loan.
F. If any sales expense exceeds the amount stipulated to be paid by either party, either party may terminate this contract unles's
either party agrees to pay such excess. In no event shall Buyer pay charges and fees expressly prohibited by the Texas
Veteran's Housing Assistance Program or other government loan program regulations.
OOIA
One to Four Family Residential Earnest Money Contract Concerning 1 641 IrIAYIIII.E ROAD DENTON TEXAS Page Five 03-17-92
(Address of Property)
13. PRORATIONS: Flood and hazard insurance premiums, taxes for the current year, interest, maintenance fees, assessments
and rents shall be prorated through the Closing Date. However, if a loan is assumed and the lender maintains an escrow account
for the payment of taxes and insurance, the above items Q shall shall not be prorated. Whether or not prorations are made,
the escrow account shall be transferred to Buyer without any deficiency. If prorations are made Buyer shall reimburse Seller
for the amount in the transferred account. If prorations are not made, the escrow account shall be transferred to Buyer without
reimbursement to Seller. If a transfer is permitted by the insurance carrier, the insurance policy in force E] shall Elshall not
be transferred to Buyer. Buyer shall be obligated to pay taxes for the current year, and if the insurance policy in force is not
transferred, Buyer shall pay the premium for a new policy.
14. CASUALTY LOSS: If any part of the Property is damaged or destroyed by fire or other casualty loss, Seller shall restore the
Property to its previous condition as soon as reasonably possible, but in any event by the Closing Date. If Seller is unable to do
so without fault, Buyer may either (1) terminate this contract and the Earnest Money shall be refunded to Buyer (2) extend the
time for performance up to 15 days and the Closing Date shall be extended as necessary or (3) accept the Property in its
damaged condition and accept an assignment of insurance proceeds. Provisions of the Texas Property Code to the contrary shall
not apply.
15. DEFAULT: If Buyer fails to comply with this contract, Buyer shall be in default, and Seller may either (a) enforce specific
performance, seek such other relief as may be provided by law, or both, or (b) terminate this contract and receive the Earnest
Money as liquidated damages, thereby releasing both parties from this contract. If Seller is unable without fault within the time
required to make any non-casualty repairs or deliver the Commitment, Survey or the Complete Abstract, Buyer may either
terminate this contract and receive the Earnest Money as the sole remedy or extend the time for performance up to 15 days and
the Closing Date shall be extended as necessary. If Seller fails to comply with this contract for any other reason, Seller shall
be in default and Buyer may either (1) enforce specific performance, seek such other relief as may be provided by law, or both,
or (2) terminate this contract and receive the Earnest Money, thereby releasing both parties from this contract.
16. ATTORNEY'S FEES: If Buyer, Seller, Listing Broker, Other Broker or Escrow Agent is a prevailing party in any legal
proceeding brought under or with relation to this contract, such party shall be entitled to recover from the non-prevailing party
all costs of such proceeding and reasonable attorney's fees.
17. ESCROW: The Earnest Money is deposited with Escrow Agent with the understanding that Escrow Agent is not (a) a party
to this contract and does not have any liability for the performance or non-performance of any party to this contract, (b) liable
for interest on the Earnest Money or (e) liable for any loss of Earnest Money caused by the failure of any financial institution in
which the Earnest Money has been deposited unless the financial institution is acting as Escrow Agent. If either party makes
demand for the payment of the Earnest Money, Escrow Agent has the right to require from all parties and brokers a written release
of liability of Escrow Agent for disbursement of the Earnest Money. Any refund or disbursement of Earnest Money under this
contract shall be reduced by the amount of unpaid expenses incurred on behalf of the party receiving the Earnest Money, and
Escrow Agent shall pay the same to the creditors entitled thereto. At closing, the Earnest Money shall be applied first to any cash
down payment, then to Buyer's closing costs and any excess refunded to Buyer. Demands and notices required by this paragraph
shall be in writing and delivered by hand delivery or by certified mail, return receipt requested.
18. REPRESENTATIONS: Seller represents that as of the Closing Date (a) there will be no liens, assessments, Uniform Commercial
Code or other security interests against the Property which will not be satisfied out of the Sales Price unless securing payment of
any loans assumed by Buyer and (b) assumed loans will be without default. If any representation in this contract is untrue on the
Closing Date, this contract may be terminated by Buyer and the Earnest Money shall be refunded to Buyer. All representations
contained in this contract and an agreement for mediation shall survive closing.
19. NOTICES: All notices shall be in writing and effective when delivered at the addresses shown below.
20. FEDERAL TAX REQUIREMENT: If Seller is a "foreign person", as defined by applicable law, or if Seller fails to deliver an
affidavit that he is not a "foreign person", then Buyer shall withhold from the sales proceeds an amount sufficient to comply with
applicable tax law and deliver the same to the Internal Revenue Service together with appropriate tax forms. IRS regulations
require filing written reports if cash in excess of specified amounts is received in the transaction.
21. NOTICE TO PARTIES: It is the policy of the State of Texas to encourage the peaceable resolution of disputes through alternative
dispute resolution procedures. Therefore, if a dispute arises in relation to this contract which cannot be resolved in good faith
through informal discussion, the parties are encouraged to submit the dispute to mediation as set forth in an addendum either
approved by TREC or required by the parties.
22. AGREEMENT OF PARTIES: This contract contains the entire agreement of the parties and cannot be changed except by
their written agreement. Addenda which are a part of this contract are (list): AGENCY DISCLOSURE STATEMENT
OWNER'S DISCLOSURE STATEMENT
Initialed for identification by Buyer and Seller TREC NO. 20-1
(TAR-036) Rev. 3/92
One to Four Family Residential Earnest Money Contract Concerning 1 641 MAYHTT T ROAD DENTON, TEXAR Page Six 03-17-92
(Address of Property)
23. CONSULT YOUR ATTORNEY: Brokers cannot give legal advice. This is intended to be a legally binding contract. READ IT
CAREFULLY. If you do not understand the effect of this contract, consult your attorney BEFORE signing.
Buyer's Seller's
Attorney: Attorney:
EXECUTED in I Itiple originals the clay 19 (THE EFFECTIVE DATE).
(BnRR0X,E FI N T11E DAT F FINAL A ANCE AND THE ES' A RESS
U,J t
Buyer Seller
Buyer Seller
Buyer's Address Phone No. Seller's Address Phone No.
The form of this contract has been approved by the Texas Real Estate Commission. Such approval relates to
this contract form only. No representation is made as to the legal validity or adequacy of any provision in any
specific transaction. It is not suitable for complex transactions. Extensive riders or additions are not to be
used. (03-92) TREC NO. 20-1. This form replaces TREC NO. 20-0.
AGREEMENT BETWEEN BROKERS
Listing Broker agrees to pay WILLIAMS AND WILLIAMS REALTORS , Other
Broker, a fee of 6 of the total sales price when the Listing Broker's fee described in Paragraph 8 is received.
Escrow Agent is authorized and directed to pay Other Broker from Listing Broker's fee at closing.
SAME WILLIAMS & WTT T TAMS, RFAT TnRC X1152311
Other Broker License No. Listing Broker License No.
Other Broker's Address
Phone No
By: ANNA BLALOCK d ~
?7-M N RIM ZTENTCTN, TEXAS 76291
Listing Broker's Address Phone No.
RECEIPT
Receipt of ❑ Contract and ❑ $ Earnest Money in the form of
is acknowledged and is accepted subject to the terms and conditions of the Earnest Money Contract.
Escrow Agent: By:
Date: 19
Address
City State Zip Code
TREC NO. 20-1
TRACT I
ALL that certain lot, tract or parcel of land lying and being
situated in the County of Denton, State of Texas, and being a part
of a certain 42.5 acre tract of land which was conveyed by warranty
deed dated January 10, 1953, from N. A. Lowe and wife, Bertha Lowe,
to W.A. Coyle and wife Ruth Coyle, as shown of record in Volume
385, page 177, of the Deed Records of Denton County, Texas, said
land being out of the Gideon Walker Survey Abstract No. 1330, and
being more particularly described as follows:
BEGINNING at a 60 penny nail which is driven in the center line of
a public road whose width is 60 feet and being at the northwest
corner of the W.A. Coyle 42.5 acre tract, said point being in the
west boundary line of the Gideon Walker Survey, Abstract No. 1330;
THENCE north 890 29' 20" east along the north boundary line of the
past mentioned 42.5 acre tract, a distance of 430.985 feet to a
point for the northeast corner of tract herein described;
THENCE south 030 31' west and parallel with the west boundary line
of the past mentioned 42.5 acre tract, 506.51 feet to a stake for
the southeast corner of tract herein described;
THENCE south 890 291 20" west and parallel with the north boundary
line of the past mentioned 42.5 acre tract, a distance of 430.985
feet to a 60 penny nail driven in the center line of a north and
south public road, and being in the west boundary line of the 42.5
acre tract and in the west boundary line of the Gideon Walker
Survey, Abst. No. 1330, and being the southwest corner of tract
herein described;
THENCE north 030 211 east along the west boundary line of the
Gideon Walker Survey and along the west boundary line of the 42.5
acre tract a distance of 506.51 feet to point of beginning and
containing in all 5 acres of land.
TRACT II
ALL that certain lot, tract or parcel of land lying and being
situated in the County of Denton, State of Texas, and being a part
of a certain 42.5 acre tract of land which was conveyed by Warranty
Deed dated January 10, 1953, from N.A. Lowe and wife, Martha Lowe,
shown of record in Vol. 385, page 177, Deed Records of Denton
County, Texas, said land being out of the Gideon Walker Survey,
Abstract No. 1330, and being more particularly described as
follows:
BEGINNING at a point in the center line of a public road and in the
west boundary line of the Gideon Walker Survey at a point that is
506.51 feet south 30 21' west of the northwest corner of said 42.5
acre tract and at the southwest corner of a 5 acre tract this day
deeded by W.A. Coyle and wife, Ruth Coyle, to J.B. Smith, and wife,
Molley Frances Smith;
THENCE north 890 29' 20" east 430.985 feet along the south line of
said 5 acre tract to its southeast corner;
THENCE south 30 21' west 163.45 feet for corner;
THENCE west 430.75 feet to the west line of said 42.9 acre tract
and said survey line;
THENCE north 30 21' west 159.60 feet to the place of beginning, and
containing 1.59453? acres of land, more or less.
SAVE & EXCEPT
TRACT I
ALL that certain tract or parcel of land situated in the Gideon
Walker Survey, Abst. No. 1330, Denton County, Texas, being part of
a certain tract deeded by N.A. Lowe et ux to W.A. Coyle et ux on
January 10, 1953, recorded in Volume 385, page 177, Deed Records of
Denton County, Texas, and being more particularly described as
follows:
BEGINNING at the northwest corner of said 42.3 acre tract at the
intersection of the middle of Mayhill Road, same being the west
boundary line of said Walker Survey with the middle of a public
road going east;
THENCE south 880 22' east with the middle of said public road and
north line of said 42.5 acre tract 215.9 feet to a corner;
THENCE south 30 51' west 172.7 feet to a steel pin;
THENCE north 880 22' west with a
to a corner of the west line of
Walker Survey in Mayhill Road;
fence most of the way 214.9 feet
said 42.5 acre tract and of said
THENCE north 30 35' east with said line 172.7 feet to the place of
beginning, containing in all 0.853 acres of land.
TRACT II
ALL that certain tract or parcel of land situated in the Gideon
Walker Survey, Abstract 1330, Denton County, Texas being part of a
certain 42.5 acre tract deeded by N. A. Lowe et ux to W.A. Coyle et
ux on January 10, 1953, recorded in Volume 385, Page 177, Deed
Records of said County, and being more particularly described as
follows:
BEGINNING at the northeast corner of a 0.353 acre tract out of the
northwest corner of said 42.5 acre tract in the middle of a public
road at a point south 880 22' east 215.9 feet from the northwest
corner of said 42.5 acre tract.
THENCE south 880 22' east with the north line of said 42.5 acre
tract 215.0 feet to a corner;
THENCE south 30 51' west with a fence 172.7 feet to a steel pin.
THENCE north 880 22' west 215.0 feet to a steel pin at the
southeast corner of said 0.853 acre tract;
THENCE north 30 51' east 172.7 feet to the place of beginning
containing in all 0.852 acre of land.
AEE0028C/8
SAFECO GF# 30606.MH
2251
Prepared by the State Bar of Texas for use by lawyers only.
Revised 10-85
01985 by the Stare Bar of Texas
WARRANTY DEED
Date: October 18, 1993
Grantor: J. B. SMITH, INDIVIDUALLY AND AS SOLE DEVISEE OF THE ESTATE OF MELLEY H. SMITH,
DECEASED
Grantor's mailing address: (INCLUDING COUNTY)
Grantee: THE CITY OF DENTON, TEXAS
Grantee's mailing address: (INCLUDING COUNTY) 215 E. McKinney St.
Denton, Texas 76202
Consideration:
The sum of Ten and No/100 --($10.00) and other good and valuable consideration, and the further consideration of:
ALL CASH
Property: (INCLUDING ANY IMPROVEMENTS)
All that certain tract or parcel of land out of the GIDEON WALKER SURVEY, ABSTRACT NO. 1330,
Denton County, Texas, being more particularly described on Exhibit "A" attached hereto.
RESERVATIONS FROM AND EXCEPTIONS TO CONVEYANCE AND WARRANTY:
This conveyance is made and accepted subject to any and all easements, reservations, restrictions, conditions and matters
of record as same may affect the herein described property.
Grantor, for the consideration and subject to the reservations from and exceptions to conveyance and warranty,
grants, sells, and conveys to Grantee the property, together with all and singular the rights and appurtenances thereto in any
wise belonging, to have and hold it to Grantee, Grantee's heirs, executors, administrators, successors, or assigns forever.
Grantor binds Grantor and Grantor's heirs, executors, administrators, and successors to warrant and forever defend all and
singular the property to Grantee and Grantee's heirs, executors, administrators, successors, and assigns against every person
whomsoever lawfully claiming or to claim the same or any part thereof, except as to the reservations from and exceptions
to conveyance and warranty.
When context requires singular nouns and pronouns include the plural.
Grantee herein assumes all taxes for the year 1993.
e
J. B. TH, INDIVIDUALLY AND AS SOLE DEVISEE OF
THE ESTATE OF MELLEY II. SMITH, DECEASED
(ACKNOWLEDGEMENT)
STATE OF TEXAS
COUNTY OF DENTON
This instrument was acknowledged before me on the
INDIVIDUALLY AND AS SOLE DEVISEE OF THE ESTATE OF MELLEY H. S'Notary's
NIIFI
MARK HANNAH, JR.
NOTARY PUBLIC
State of Texas
N~"cooseira Comm. Exp. 10-17.96
AFTER RECORDING RETURN TO:
THE CITY OF DENTON, TEXAS
216 E. McKinney St.
Denton, Texas 76202
4111
_ day of October, 1993, by J. B. SMITH,
PREPARED IN THE LAW OFFICE OF:
NORMA LEA BEASLEY
1610 PACIFIC AVENUE
DALLAS, TX 76201
EXHIBIT "A"
All that certain lot, tract or parcel of land lying and being situated in the County of Denton,
State of Texas, and being a part of a certain 42.5 acre tract of land which was conveyed by
warranty deed dated January 10, 1953, from N. A. Lowe and wife, Bertha Lowe to W. A.
Coyle and wife, Ruth Coyle, as shown of record in Volume 385, page 177, of the Deed
Records of Denton County, Texas, said land being out of the GIDEON WALKER SURVEY,
Abstract No. 1330, and being more more particularly described as follows:
BEGINNING at a 60 penny nail which is driven in the center line of a public road whose width
is 60 feet and being at the Northwest corner of the W. A. Coyle 42.5 acre tract, said point
being in the West boundary line of the Gideon Walker Survey, Abstract No. 1330;
THENCE North 89 degrees 29 minutes 20 seconds East along the North boundary line of the
past mentioned 42.5 acre tract, a distance of 430.985 feet to a point for the Northeast corner
of tract herein described;
THENCE South 03 degrees 31 minutes West and parallel with the West boundary line of the
past mentioned 42.5 acre tract, 506.51 feet to a stake for the Southeast corner of tract
herein described;
THENCE South 89 degrees 29 minutes 20 seconds West and parallel with the North boundary
line of the past mentioned 42.5 acre tract a distance of 430.985 feet to a 60 penny nail
driven in the center line of a north and south public road, and being in the west boundary line
of the 42.5 acre tract and in the west boundary line of the Gideon Walker Survey, Abst. No.
1330, and being the Southwest corner of tract herein described;
THENCE North 03 degrees 21 minutes East along the West boundary line of the Gideon
Walker Survey and along the West boundary line of the 42.5 acre tract a distance of 506.51
feet to the POINT OF BEGINNING. and containing in all 5 acres of land.
NOTE: This Company does not represent that the above acreage or square footage
calculations are correct.
AMY CI'OdISIOY tlE7 lNI'HICN .F'iTA PS f . CqU G6LLIT I GI C-i
OF II ft CNIbLL( IFfGi filYitL~..f U i
IN I J nH dOlft L Pr.4t0' Cl.fl J LlASY.
T}r YtT[DtTFHAS
Dp +IYhFOFNtCtdl
❑mm 1 eHIN I-iatthi Ir rarer F'r u~ r 1 ~ iodmt ~I OPGEJ inYe
t!>a ae onm ullmm°~mpmG hn,ean M' n
OCT 2 2 1993
lee;
DENTDid CDUIdTY, TEXAS ry+.., „.,R •af,
Filed for Record in:
DENTON COUNTY, TX
HONORABLE HODGES
/COUNTY CLERK
On 1993/10/22
At 9:54A
Number: 93-80074964
Type : WD 15.00