1988-0682176L
NO 29- °e
AN ORDINANCE APPROVING A CONTRACT PROVIDING FOR THE PURCHASE OF
REAL PROPERTY FROM JUSTIN STATE BANK, AND PROVIDING FOR AN
EFFECTIVE DATE
THE COUNCIL OF THE CITY OF DENTON HEREBY ORDAINS
SECTION I That the City Council of the City of Denton,
Texas, approves the contract providing for the purchase of the
real property described in the contract attached hereto, between
the City of Denton and Justin State Bank
SECTION II That the City Council authorizes the Mayor and
City Manager to execute any and all documents necessary to
consummate the purchase of real property in accordance with the
contract
SECTION III That this ordinance shall become effective
imme iate y upon its passage and approval
PASSED AND APPROVED this they day of , 1988
/L' F
STEPHE S, MAY'
ATTEST
4JNIqI'. W LT RS, CITY SECRETARY
APPROVED AS TO LEGAL FORM
DEBRA ADAMI DRAYOVITCH, CITY ATTORNEY
BY
2176L
THE STATE OF TEXAS §
COUNTY OF DENTON §
CONTRACT FOR PURCHASE OF REAL PROPERTY
This agreement is made on the day of , 1988,
by and between the City of Denton, Texas, a mun c pal corporation,
hereinafter referred to as Purchaser, and Justin State Bank of
Justin, Texas, hereinafter referred to as Seller
it is agreed as follows
1 Agreement To Sell and Purchase Seller agrees to sell to
City an City agrees to purchase rom Seller, upon the terms and
for the consideration set forth in this agreement, all that cer-
tain real property (hereinafter called the "property"), situated
in the City of Denton, County of Denton, State of Texas and
described as follows
All that certain lot, tract or parcel of land
situated in the E Morris Survey, Abstract 868, City
of Denton, Denton County, Texas and being a part of
the land conveyed by Sarah Dickie Gualt, et al, to
Alex Dickie, Jr , on August 15, 1961, as recorded in
Volume 471, Page 649, Deed Record of said County, and
being more particularly described as follows
BEGINNING at a point in the middle of Woodrow Lane in
the West Boundary line of said Morris Survey, same
being the East Boundary line of the J Brock Survey,
Abstract 55, said point also being the Southwest
corner of Tract Three mentioned in the above
described deed,
THENCE North 0°21' East, with said survey lines and
along the center of said Woodrow Lane, 472 41 feet to
a point for corner,
THENCE North 89°57'23" East, 911 45 feet to a point
for a corner,
THENCE South 0°21' West 496 5 feet to a point for
corner in a fence line and in the South line of the
above mentioned Tract Three,
THENCE North 86°49'42" West, with a fence 439 57 feet
to an angle in said fence,
THENCE South 89°53'18" West, along and near a fence,
472 41 feet to the Place of Beginning, and containing
in all 10 0 acres of land
Less the following described property
All that certain 4 00 acre tract or parcel of land
situated in the E Morris Survey, Abstract No 868,
City and County of Denton, Texas, said tract being
occupied on the ground as the tract shown by deed to
Ralph Burton, Trustee, As recorded in Volume 767,
Page 387, of the Deed Records of Denton County,
Texas, and being more particularly described as
follows
BEGINNING, for the southwest corner of the tract
being described herein at a point in the middle of
Woodrow Lane, said point being in the occupied and
apparent West line of the said E Morris Survey,
THENCE North O1°26'10" West with the center of said
road 364 07 feet to a point for corner,
THENCE North 88°10'20" East a distance of 481 06 feet
to an iron pin set for the northeast corner of this
tract,
THENCE South 01°26'10" East 360 43 feet to a fence
for the southeast corner of this tract,
THENCE South 87°44'20" West with said fence 481 1
feet to the point of beginning
2 Escrow Agent Title USA Insurance Corporation of 531 North
Locust Street, City of Denton, Texas, is hereby designated as
escrow agent and the Purchaser, on execution of this agreement,
shall pay the escrow fee
3 Purchase Price The total purchase price of Twenty-Two
Thousand Five Hundred Dollars ($22,500 00), which sum shall be
the sole compensation due Seller for any and all claims of any
description whatever arising out of the Purchaser's acquisition
or use of the property for public purposes, is to be payable to
Title USA Insurance Corporation, as escrow agent as follows
(a) One Thousand and No/100 Dollars ($1,000 00) on
the execution of this agreement, payable to Title
USA Insurance Corporation as earnest money
(b) The balance, in cash at closing on delivery to
the escrow agent of a general warranty deed with
full covenants, duly executed in proper form for
PAGE 2
recording so as to convey to the Purchaser a good and
marketable record and title to the land free and clear
of all recorded and unrecorded liens, assessments,
leases, taxes, and encumbrances, restrictions and
conditions, except public easements and rights-of-way
of record Purchaser shall take possession on the
date of closing
4 Title Insurance Policy The Seller agrees, prior to the
closing, to procure at the Purchaser's cost, from Title USA
Insurance Corporation or another title company of Seller's choice
acceptable to the Purchaser, a preliminary title report agreeing
to ensure marketable title to the Purchaser in the full amount of
the purchase price and to obtain such policy to be issued by Title
USA Insurance Corporation, or such other approved title company
5 Effect of Defective Title Should the title prove
defective m e op n on o t e Purchaser's attorney, then such
defect shall be pointed out in writing by letter delivered to the
Seller after the delivery of such preliminary title report, and
the Seller shall have thirty (30) days thereafter in which to
cure such defects or, if agreed to by Purchaser in writing, prior
to closing
6 Fees Char es and Costs The Purchaser shall pay all
recording tees, t t e searches, reconveyance fees, trustees'
fees, forwarding fees for any full reconveyance of any deed of
trust, and the premium charged for any policy of title insurance
arising out of this transaction Seller shall be responsible for
the payment of all delinquent ad valorem property taxes, along
with penalty and interest thereon, and the payment of ad valorem
taxes for the current tax year, prorated to the date of closing
7 Inability to Conve Title In the event Seller is unable
and title to the land as
to convey goo an mar eta Title
provided for herein in the opinion of the Purchaser, then this
agreement shall terminate and any amount tendered by Purchaser
shall be returned to Purchaser
8 Closing Date The transactions shall be closed on or
before one hundred eighty (180) calendar days from the date of
acceptance of this agreement by the Seller and Purchaser, or at
such other time as the parties may mutually agree, at the office
of the escrow agent or at such other location as is mutually
agreeable to the parties herein
9 Integration This agreement constitutes the entire
agreement between the parties and neither party relies upon any
warrants or representation not contained herein
PAGE 3
In witness whereof, the parties have executed this agreement
on the date first above written
CITY OF DENTON, PURCHASER
BY c/
Y STEPHENS, MAYO
ATTEST
=77 W L ERS, CITY SECRET Y
VED AS TO LEGAL FORM
DEBRA ADAMI DRAYOVITCH, CITY ATTORNEY
BY
O - `Y~
V-"
BY
TITL
PAGE 4
JUSTIN STATE BANK, SELLER
THE STATE OF TEXAS §
COUNTY OF DENTON § ~ 41c"
T s instrument was ack wledged before me on the day
of , 1988 by egiefts, Mayor of the Cry of
Denton, Texas, a Municipal Corporation, on behalf of said
Municipal Corporation
a~*' AANETTE SCOTT
• No hb k, a Tens
%no My CommMxkn Expires Memo 9. 1889
My Commission expires
THE STATE OF TEXAS §
COUNTY OF DENTON §
NO PUBLIC, STATE OF TEXAS
This instrument was acknowledged before me on 17th day of
March , 1988 by Howard Young r President
of Justin State Bank
4 ~'g- ` u'-CtLo~'Sharon Crawford
SHARON CRAWFORO NOTARY PUBLIC, ATE OF TEXAS
j My commission expires 1:2!~
My remission expires
PAGE 5