1986-040NO Z9-1?o
AN ORDINANCE APPROVING A CONTRACT PROVIDING FOR THE EXCHANGE OF
REAL PROPERTY BETWEEN THE CITY OF DENTON AND A B P , JR ,
TRUSTEE, INVESTMENT NO 17, A JOINT VENTURE, 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 exchange of the real property
described in said contract attached hereto, between the City of
Denton and A B P , Jr , Trustee, Investment No 17, a ,joint
venture between A Ben Pinnell, Jr , and Zola C Pinnell
SECTION II
That the City Council authorizes the Mayor and City Manager
to execute any and all documents necessary to consummate the
exchange of real property in accordance with said contract
SECTION III
That this ordinance shall become effective immediately upon
its passage and approval
PASSED AND APPROVED this the S: day of , 1986
4i4D~ S T. IRTYUR
CITY OF DENTON, TEXAS
ATTEST
C LOTTE ALLEN, I -SECRETARY
CITY OF DENTON, TEXAS
APPROVED AS TO LEGAL FORM
DEBRA ADAMI DRAYOVITCH, CITY ATTORNEY
CITY OF DENTON, TEXAS
BY o
THE STATE OF TEXAS § CONTRACT FOR TRADE OF REAL PROPERTY
BETWEEN THE CITY OF DENTON AND
COUNTY OF DENTON § A B P , JR. TRUSTEE, INVESTMENT NO 17
This agreement is made on the day of ,
1986, between the City of Denton, Texas, a municipal corporation
("City"), and A B P , Jr , Trustee, Investment No 17,
("A B P a point venture consisting of A Ben Pinnell, Jr
and Zola C Pinnell, whose business address is Route 3, Box 135,
Denton, Texas 76201
the parties agree upon the following facts
On October 23, 1985, the City, by bid invitation (Bid Number
9541), advertised its intent to exchange 18 163 acres of real
property owned by the City for other real property of equal or
greater value
On December 2, 1985, A B P submitted a bid proposal to the
City offering to exchange 18 157 acres of real property owned by
A B P for the 18 163 acres owned by the City
"
On 7 , 1986, the City Council of City
accepted the 1 d proposal of A B P by approval of this
agreement in consideration of the mutual covenants of the
parties, who agree as follows
1 Property Described City will convey to A B P the real
property owned by it, described as follows
ALL that certain lot, tract or parcel of land lying and
being situated in the City and County of Denton, State of
Texas, and being part of the G Walker Survey, Abstract
No 1330, and also being part of tract one of the land as
conveyed from Felix W Callahan, et al to City of Denton
by deed dated January 10, 1982, and recorded in Volume
1181, Page 116 of the Deed Records of Denton County,
Texas, and more particularly described as follows
BEGINNING at the southwest corner of said tract one, said
point lying in the west boundary line of said Walker
Survey and in Mayhill Road,
THENCE north 2°58'37" east along said survey line and in
said road, a distance of 701 63 feet to a point for a
corner, said point lying 50 feet south of the northwest
corner of said tract,
THENCE south 88°06'15" east 50 feet south of and parallel
to the north boundary line of said tract, a distance of
1106 25 feet to a point for a corner,
THENCE south, a distance of 707 58 feet to a point for a
corner in the south boundary line of said tract,
THENCE north 87°49'09" west along the south boundary line
of said tract, a distance of 1142 91 feet to the place of
beginning and containing 18 1836 acres of land, more or
less
A B P will convey to City the real property owned by A B P ,
described as follows
Being a 18 157 acre tract of land lying in the Gideon
Walker Survey Abstract No 1330, Denton County, Texas,
same being a part of a called 97 785 acre tract described
in a deed to Anthony Scalise as recorded in Volume 647,
page 8 of the deed records of said county, same being set
out by metes and bounds description as follows
COMMENCING at a fence corner at the northwest corner of
said 97 785 acre tract,
THENCE S 86°01'32" E with the north line of said tract
and a fence a distance of 479 8 feet to the true place of
beginning,
THENCE continuing S 86°01'32" E a distance of 790 00 feet
to the northwest corner of a tract described in a deed to
the City of Denton, recorded in Volume 1169, page 687, of
the deed records of Denton County, Texas,
THENCE S 03°45'16" W with the west line of said City of
Denton tract a distance of 1045 71 feet to a corner in a
public road, also being on the south line of said 97 785
acre tract,
THENCE N 86°10'27" W with said road and said south line a
distance of 721 23 feet to the southwest corner of this
tract,
THENCE "north" a distance of 1050 09 feet to the place of
beginning
2 Deeds City shall convey its above-described property to
A B P by executing, acknowledging and delivering a special
warranty deed to A B P A B P shall convey fee simple title to
its property described above by executing, acknowledging and
delivering a general warranty deed to City, free and clear of
all encumbrances except as herein described
3 Closing All deeds shall be executed and delivered by
the parties and the entire exchange shall be completely
consummated within ninety (90) days of the execution of this
PAGE 2
agreement at a time and place mutually agreeable to both parties
4 Title Insurance Policy A B P shall, prior to closing,
procure at its cost, a preliminary title report from a title
company acceptable to City, agreeing to insure marketable title
to the City in an amount acceptable to City and to obtain at or
before closing a title policy on the property to be conveyed to
City insuring good and marketable title to the property in the
City
5 Effect of Defective Title After A B P has obtained a
preliminary title report of its property to be conveyed to City,
it shall submit same to the City for its inspection Should the
title prove defective, in the opinion of the City's attorney,
then the defect shall be pointed out to A B P in writing and
A B P shall use all diligence to correct the defect If the
defect is not corrected to the satisfaction of City prior to
closing, City may terminate this agreement
6 Taxes and Assessments Each party shall pay all taxes
and assessments on these respective properties to be exchanged
so that on the date of closing no taxes or assessments shall be
owed on the respective properties
7 Fees, Charges, Costs A B P shall pay all recording
fees, title searches, reconveyance fees, trustee fees, and title
policy premiums arising out of this agreement
8 Fencing Prior to closing, A B P shall erect a six foot
chain link fence with a three strand barbed wire top, of a type
and quality acceptable to City, along and outside the eastern
boundary of the property being exchanged by the City and
extending southerly along and inside the western boundary line
of the property being exchanged by A B P , as shown on Exhibit I
attached hereto
9 Default Should A B P fail to periorm in accordance
with the terms of this agreement, City may retain any monies
PAGE 3
submitted to the City with its bid
in witness whereof, the parties have executed this agreement
on the date first above written
CITY OF DENTON, TEXAS
BY
RI HARD 0 ST , MAYOR
ATTEST
CHARLOTTE ALLEN, CITY SECRETARY
CITY OF DENTON, TEXAS
APPROVED AS TO LEGAL FORM
DEBRA ADAMI DRAYOVITCH, CITY ATTORNEY
CITY OF DENTON, TEXAS
BY
0.
'YYI Lnnn
A B
NO
BY
P , JR , TRUSTEE, INVESTMENT
17 JOINT VENTURE
I AIA 2.J
BENBENPINNML, TRUSTEE
BY I~ &Z- -a-
A FINN ELL, TRUSTEE
PAGE 4
THE STATE OF TEXAS §
COUNTY OF DENTON §
this day of 1986, before
me 1 , , the undersigned Notary Public,
personally appeared c1arles Hopkins, Mayor Pro Tem , personally known
to me to be the person who executed the within instrument as
Mayor of the City of Denton, Texas, on behalf of the Municipal
Corporation therein named and acknowledged to me that the
corporation executed it
WITNESS my hand and official seal
/'hI,~LL9 l~yLo7~ w"
T Y PUBLIC, ST NTE 0 T X AS
THE STATE OF TEXAS g
COUNTY OF DENTON §
0 this day of 1986, before
me P/41/cm uniwir~6~J In , the undersigned Notary Public,
personally appeared A Ben Pinnell, Trustee, personally known to
me (or proved to me on the basis of satisfactory evidence) to be
the person who executed the within instrument on behalf of the
trust and acknowledged to me that the trustee executed it
NOTARY P BLIC, -STATE OF
THE STATE OF TEXAS §
COUNTY OF DENTON §
day of (I~z v 1986, before
On thia
me A, ui- un/ruiilGZ' lrl , the undersigned Notary Public,
personally appeared Zola C Pinnell, Trustee, personally known
to me (or proved to me on the basis of satisfactory evidence) to
be the person who executed the within instrument on behalf of
the trust and acknowledged to me that the trustee executed it
~~1 c
NOTARY PUBLIC, STATE CffjTEXAS
PAGE 5
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