2013-353s: \legal \our documents \ordinances \13 \rayzor westpark termination agreement ord.doc
ORDINANCE NO. 2013 -353
AN ORDINANCE OF THE CITY OF DENTON, TEXAS AUTHORIZING THE CITY
MANAGER, OR HIS DESIGNEE, TO EXECUTE A TERMINATION AGREEMENT (THE
"AGREEMENT ") BETWEEN RAYZOR INVESTMENTS, LTD., A TEXAS LIMITED
PARTNERSHIP AND WESTPARK GROUP, LP, A TEXAS LIMITED PARTNERSHIP
(COLLECTIVELY, THE "SELLER ") AND THE CITY OF DENTON, TEXAS ( "BUYER "),
AS ATTACHED HERETO AND MADE A PART HEREOF, TERMINATING THAT
CONTRACT DATED EFFECTIVE APRIL 19, 2011, CITY OF DENTON ORDINANCE NO.
2011 -063, RELATING TO THE SALE AND PURCHASE OF CERTAIN REAL PROPERTY
AND REAL PROPERTY INTERESTS LOCATED GENERALLY IN THE VICINITY OF
WESTERN BOULEVARD, BETWEEN AIRPORT ROAD AND JIM CHRISTAL ROAD,
DENTON, TEXAS; AND PROVIDING FOR AN EFFECTIVE DATE.
WHEREAS, the parties executed a certain written Contract with an effective date of
April 19, 2011 by City of Denton Ordinance No. 2011 -063, for the sale of real property and real
property interests located generally in the vicinity of Western Boulevard, between Airport Road
and Jim Christal Road in Denton, Texas;
WHEREAS, Buyer and Seller now desire to terminate all further obligations between
them arising out of said Contract and to release each other of and from any further performance
thereunder; and
WHEREAS, the City Council finds that the Agreement is in the public interest; NOW,
THEREFORE,
THE COUNCIL OF THE CITY OF DENTON HEREBY ORDAINS:
SECTION 1. The findings and recitations contained in the preamble of this ordinance are
incorporated herein by reference.
SECTION 2. The City Manager, or his designee, is hereby authorized to execute the
Agreement on behalf of the City.
SECTION 3. This ordinance shall become effective immediately upon its passage and
approval.
PASSED AND APPROVED this the _ day of �w i , 2013.
g
BURROUGIbJS, N , Y
ATTEST:
JENNIFER WALTERS, CITY SECRETARY
APPROVED AS TO LEGAL FORM:
ANITA BURGESS, CITY ATTORNEY
BY:
Page 2
TERMINATION AGREEMENT
STATE OF TEXAS §
COUNTY OF DENTON §
This Termination Agreement ( "Agreement ") is made and entered into on this 19th day of
December, 2013 ( "Effective Date "), by and between RAYZOR INVESTMENTS, LTD., a Texas
limited partnership ( "Rayzor "), WESTPARK GROUP, LP, a Texas limited partnership
( "Westpark "), and the CITY OF DENTON, a Texas municipal home rule corporation ('Buyer ").
Rayzor and Westpark are referred to herein collectively as "Seller ".
RECITALS:
A. Heretofore, the undersigned parties executed a certain written Contract with an
effective date of April 19, 2011, City of Denton Ordinance No. 2011 -063 ( "Contract "), for the
sale of real property located generally in the vicinity of Western Boulevard, between Airport
Road and Jim Christal Road in Denton, Texas, as further described therein.
B. Closing did not occur pursuant to the Contract.
C. Seller and Buyer now desire to terminate all further obligations between them
arising out of said Contract and to release each other of and from any further performance
thereunder.
AGREEMENTS:
NOW, THEREFORE, for and in consideration of the mutual covenants and agreements
contained herein, each of the undersigned parties for itself, its respective heirs, successors,
legal representatives and assigns agrees as follows:
1. The Contract is hereby terminated in all respects.
2. Seller releases Buyer and Buyer releases Seller of and from any and all
claims, debts, demands, causes of action, damages, injuries and liabilities
arising out of the above described Contract.
[Signature pages follow.]
Termination Agreement
IN WITNESS WHEREOF, the undersigned have executed this Agreement to be
effective as of the Effective Date.
RAYZOR:
RAYZOR INVESTMENTS, LTD., a Texas limited partnership
By: The Rayzor Company, a Texas corporation, its general partner
'
By.
Philip A. Bakery ice President
Date Executed: December 18tp2013
WESTPARK:
WESTPARK GROUP, LP, a Texas limited partnership
By: Westpark Group GP, LLC,
a Texas limited liability company
its general partner
By:
The Rayzor Company,
a Texas corporation
its sole member
Philip A. Bad r
Vice Presrd` t
Date Executed: December 18th 2013
[Buyer signature page follows below.]
Termination Agreement 2
BUYER:
Tt
Executed by Buyer on the day of December, 2013.
ATTEST: JENNIFER WALTERS, CITY SECRETARY
APPS "QED AYTO LEGAL FORM:
ANIT BURGESS, CITYATTORNEY
By:ty
Termination Agreement