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2016-422S:\Legal\Our Documents\ordinances\16\®rdinance - SLF 11 Cole Properties 29 444 acre Real Estate Sales Contract.doc ORDINANCE •' . 2016-422 '� 1 111 11, � • ' • � ' 1 • .R R � •, . CouncilWHEREAS, the City of Denton ("City") made a bona fide offer to the Owner to purchase the Property Interests pursuant to Ordinance No. 2016-011; passed and approved by the City of Denton on 1 • WHEREAS, City is amenable to the counteroffer, and finds that it is in the best interest to agree to same; NOW, THEREFORE, SECTION 1, The City Manager, or his designee, is hereby authorized (a) to execute for and on behalf of the City (i) the Real Estate Sales Contract, by and between the by and between SLF 11 Cole Property, L.P., a Texas limited partnership (the "Seller"), and the City of Denton, Texas, (the "Purchaser"), in the form attached hereto and made a part hereof as Exhibit "A", with purchase price of 111111 and other consideration,plus costsand expenses,all as prescribed _ Real Estate Sales• . • other documents necessaryfor transactionthe • - -• by _ Real - • . •) to make expenditures in accorda •- • - •. of Real Estate SalesContract. SECTION• article, paragraph,phrase,. •• in this ordinance, or application thereofto any persons or - -a invalid or unconstitutional by a couof • r -jurisdiction,• • affect the validity of forcethe remaining portions of this ordinance; the City Council declares that it would have ordained such remaining portion despite such invalidity, and such remaining portion shall remain in full and effect, SECTION 3. This ordinance shall become effective immediately upon its passage and approval. PASSED AND APPROVED this the day of J -016, 11 WATTS, lAYOR APPROVED AS TO LEGAL FORM: ANITA BURGESS, CITY ATTORNEY t By: ". This REAL ESTATE SALES CONTRACT ("Contract") is made and entered into by SLF II Cole Property, L.P., a Texas limited partnership ("Seller"), and City of Denton, a Texas home -rule municipal corporation ("Purchaser") to be effective as of the later of the two dates this Contract is executed by Seller and Purchaser (the "Effective Date"). I t1i 011111 WHEREAS, the Purchaser is acquiring fee simple title to certain land in connection with the Denton Enterprise Airport West Parallel Runway Project (the "Project"); WHEREAS, by letter dated March 18, 2016, Purchaser notified Seller that it would be acquiring the Property (defined below) from Seller by eminent domain to be used for the public use for municipal airport purposes for the Project; and WHEREAS, the parties have entered into this Contract to document the conveyance of the Property to Purchaser in lieu of condemnation; In consideration of these recitals, the mutual covenants, agreements, and obligations stated below, and other good and valuable consideration, the receipt and sufficiency of which are acknowledged, Seller and Purchaser agree as follows: SALE 1 PURCHAQ 1.1. Property. Subject to the terms and conditions set forth in this Contract, Purchaser agrees to purchase from Seller, and Seller agrees to sell to Purchaser the Property described in the Special Warranty Deed attached hereto as Exhibit "A" (the ".Property"). 2.1. PurchKise Price. The purchase price for the Property ("Purchase Price") is Three Hundred and Fifty Thousand Dollars and No Cents ($350,000.00) which Purchaser will deliver to Seller through escrow at the Title Company on the Closing Date in immediately available funds. Page I of 15 - Real Estate Sales Contract (City of Denton/SLF II Cole Property) 2.2. Earnest Purchaser shall deposit the sum of Twenty -Five Thousand Dollars and No Cents ($25,000.00), as Earnest Money (the "Earnest Money") with the Title Company within fourteen (14) calendar days after the Effective Date hereof. All interest earned thereon shall become part of the Earnest Money and shall be applied or disposed of in the same manner as the original Earnest Money deposit, as provided in this Contract. If the purchase contemplated hereunder is consummated in accordance with the terms and provisions hereof, the Earnest Money, together with all interest earned thereon, shall be applied to the Purchase Price at Closing. In all other events, the Earnest Money, and the interest accrued thereon, shall be disposed of by the Title Company as provided in this Contract. If Purchaser fails to timely deposit the Earnest Money, Seller may, at Seller's option, terminate this Contract by sending a written termination notice to Purchaser at any time before Purchaser deposits the Earnest Money, in which event the parties will have no further rights or obligations under this Contract (except for any that expressly survive the termination hereof). INN In MAO 1 ' 3.1. Survey. Purchaser has obtained, at Purchaser's expense, an ALTA/NSPS land title survey of the Property prepared by KSA Engineers, a surveyor selected by Purchaser, in form and content approved by Purchaser. The Survey shall be certified to Purchaser, Seller and the Title Company. 3.2. Title Policy. Purchaser, at Purchaser's sole cost and expense, has obtained a title insurance commitment, and may obtain a standard Texas Owner's Policy of Title Insurance, for the Property, issued by the Title Company. 4.1. Feasibility Review of the Properly=. Based on appraisals, tests, examinations, studies, investigations and inspections of the Property commissioned by Purchaser, that Purchaser deemed necessary or desirable, including but not limited to studies or inspections to determine the existence of any environmental hazards or conditions, performed at Purchaser's sole cost, Purchaser finds the Property suitable for Purchaser's purposes. 5.1. AS IS. Purchaser represents and warrants to Seller that it has made an independent inspection and evaluation of the Property and acknowledges that Seller has made no statements or representations concerning the present or future value of the Property, or the condition, including the environmental condition, of the Property. SELLER MAKES NO REPRESENTATIONS OR WARRANTIES, EXPRESSED, STATUTORY, OR IMPLIED, AS TO THE VALUE, QUALITY, QUANTITY, PHYSICAL AND ENVIRONMENTAL CONDITION OF THE PROPERTY AND/OR MATERIALS CONTAINED OR LOCATED IN, ON OR UNDER THE PROPERTY, THE NATURE OF Page 2 of 15 - Real Estate Sales Contract (City of Denton/SLF II Cole Property) THE PAST OR HISTORIC USE OF THE PROPERTY, AND/OR MERCHANTABILITY OR FITNESS FOR PURPOSE OF ANY OF THE PROPERTY, INCLUDING BUT NOT LIMITED TO REPRESENTATIONS AND WARRANTIES REGARDING MATTERS OF TITLE, UTILITIES, BODIES OF WATER, FLOOD PLAIN, WETLANDS, AVAILABILITY OF ACCESS, OR COMPLIANCE WITH APPLICABLE LAWS. Purchaser will acquire and accept the Property at Closing, "AS IS, WHERE IS, and WITH ALL FAULTS." Purchaser further acknowledges that it has relied solely upon its independent evaluation and examination of the Property, and public records relating to the Property and the independent evaluations and studies based thereon. Seller makes no warranty or representation as to the accuracy, completeness or usefulness of any information furnished to Purchaser, if any, whether furnished by Seller or any third party. Seller assumes no liability for the accuracy, completeness or usefulness of any material furnished by Seller, if any, and/or any other person or party. Reliance on any material so furnished is expressly disclaimed by Purchaser, and shall not give rise to any cause, claim or action against Seller. IM IM -41-1 PON 6.1. ClosinLy Date and Place. The consummation of the transaction contemplated by this Contract ("Closing") will take place on December 29, 2016 (the "Closing Date") in the offices of Reunion Title ("Title Company"), at 2745 Wind River Lane, Denton, Texas 76210, through an escrow with the Title Company, as escrowee. On the Closing Date, Seller shall deliver to Purchaser (through the Title Company as escrow closing agent) a duly executed Special Warranty Deed for the Property in the form attached hereto as Exhibit "A", which will be recorded by the Title Company in the Real Property Records of Denton County, Texas. 6.2. Real Estate Taxes, Ad valorem taxes relating to the Property for calendar year 2016 shall be prorated between Seller and Purchaser to the Closing Date, with Seller's prorated amount to be submitted by Seller to the Denton County Tax Assessor as of the Closing Date, based upon the assessed value in effect during such time, with agricultural and open space exemptions applied. Ad valorem tax relating to the Property for calendar year 2016 shall be tendered under Texas Property Tax Code Section 26.11, with Seller paying for those ad valorem taxes attributable to the period of time prior to and through the Closing Date. Notwithstanding the foregoing, in no event will Seller be responsible for ad valorem taxes relating to the Property for any calendar year after calendar year 2016, or for any ad valorem taxes relating to the Property in the event that the assessed value of the Property does not reflect an open space exemption, all such ad valorem taxes (if any) for any period of time after calendar year 2016 or assessed without an open space exemption shall be the responsibility of Purchaser. 6.3. Rollback Taxes. In accordance with Section 5.010(x) of the Texas Property Code, as amended, Seller hereby notifies Purchaser of the following: Page 3 of 15 - Real Estate Sales Contract (City of Denton/SLF II Cole Property) If for the current ad valorem tax year the taxable value of the land that is the subject of this Contract is determined by a special appraisal method that allows for appraisal of the land at less than its market value, the person to whom the land is transferred may not be allowed to qualify the land for that special appraisal in a subsequent tax year and the land may then be appraised at its full market value. In addition, the transfer of the land or a subsequent change in the use of the land may result in the imposition of an additional tax plus interest as a penalty for the transfer or the change in the use of the land. The taxable value of the land and the applicable method of appraisal for the current tax year is public information and may be obtained from the tax appraisal district established for the county in which the land is located. While owned by Seller, the Property was subject to an exemption or special appraisal method as agricultural or open -space land. Pursuant to Texas Property Tax Code Sections 23.760(2) and (3), no rollback taxes are due in connection with the sale of the Property by Seller to Purchaser or due to a change in use after the Closing. Seller is not responsible for any rollback taxes with respect to the Property. 6.4. ('frits of Closin 3. Each party is responsible for paying the legal fees of its counsel, in negotiating, preparing, and closing the transaction contemplated by this Contract. Purchaser is responsible for paying all other fees, costs and expenses related to Closing. DEFAULTSARTICLE 7 7.1. Seller's Defaults and Purchaser's Remedies. If Seller fails to close this Contract for any reason except Purchaser's default, Seller will be in default and Purchaser may elect one of the following, as Purchaser's sole and exclusive remedy: (1) If, and only if, Seller's default is a failure or refusal by Seller to convey the Property to Purchaser as required by this Contract, then Purchaser may seek specific performance of Seller's obligations under this Contract. If Purchaser elects to enforce specific performance hereunder, however, it must (i) file suit therefor in the appropriate court within thirty (30) days after the scheduled Closing Date (and Purchaser's failure to do so will constitute a waiver of the remedy of specific performance hereunder), and (ii) maintain the Earnest Money with the Title Company (as escrow agent) during the pendency of any such action; or (2) Purchaser may terminate this Contract by written notice to Seller and receive a return of the Earnest Money, in which event the parties will have no further rights or obligations under this Contract (except for any that expressly survive the termination hereof). 7.2. Purchaser's Default and Seller's Remedies. If Purchaser fails to close this Contract for any reason except Seller's default, Purchaser will be in default and Seller may, as Seller's sole and exclusive remedy, terminate this Contract by written notice to Purchaser and Page 4 of 15 - Real Estate Sales Contract (City of Denton/SLF II Cole Property) immediately receive the Earnest Money as liquidated damages for Purchaser's breach of this Contract. If Seller so terminates this Contract, then the parties will have no further rights or obligations under this Contract except for Purchaser's obligation to cause the Earnest Money to be paid to Seller (and except for any other rights and obligations that expressly survive the termination hereof). The foregoing shall not limit Seller's rights and remedies in the event of a post -closing default or breach by Purchaser with respect to an obligation of Purchaser that survives Closing, in which event Seller may pursue specific enforcement and/or any other remedy available at law or in equity. 8.1. Notice. All notices, demands, requests, and other communications required hereunder shall be in writing, delivered by hand delivery, by reputable overnight courier service (such as Fedex or UPS) or by United States Mail, and shall be deemed to be delivered and received, upon the earlier to occur of (a) the date delivered if provided by hand delivery, (b) one (1) business day after being deposited with a reputable overnight courier service (such as Fedex or UPS) for next day delivery and (c) the date of the deposit with the United States Postal Service, registered or certified, return receipt requested, postage prepaid, addressed as follows: SELLER: SLF II Cole Property, L.P. c/o Stratford Land 5949 Sherry Lane, Suite 1750 Dallas, Texas 75225 Attn: Jason Cooper Copies to: For Seller: Allan S. Katz Hudnall P.C. 5949 Sherry Lane, Suite 1750 Dallas, Texas 75225 PURCHASER: City of Denton Paul Williamson Real Estate and Capital Support 901-A Texas Street Denton, Texas 76209 For Purchaser: Trey Lansford, Deputy City Attorney City Attorney's Office 215 E. McKinney Denton, Texas 76201 8.2. Goycrrnh g Law .in(] V'entic. This Contract is being executed and delivered and is intended to be performed in the State of Texas, the laws of Texas governing the validity, construction, enforcement and interpretation of this Contract. THIS CONTRACT IS PERFORMABLE IN, AND THE EXCLUSIVE VENUE FOR ANY ACTION BROUGHT WITH RESPECT HERETO, SHALL LIE IN DENTON COUNTY, TEXAS. 8.3. Entirety and Amendments. This Contract and that certain Right of Entry Page 5 of 15 - Real Estate Sales Contract (City of Denton/SLF II Cole Property) Agreement entered into between the parties dated August 28, 2015 embodies the entire agreement between the parties and supersedes all prior agreements and understandings, if any, related to the Property, and may be amended or supplemented only in writing executed by the party against whom enforcement is sought. 8.4 Parties Bound. This Contract is binding upon and inures to the benefit of Seller and Purchaser, and their respective devisees, heirs, successors and assigns. Notwithstanding the foregoing, Purchaser may not assign this Contract or any rights or interests hereunder without Seller's prior written consent. Any attempted assignment in violation of this paragraph shall be null and void and of no effect whatsoever. 8.5. Time _isof the Essence. It is expressly agreed between Purchaser and Seller that time is of the essence with respect to this Contract. Strict compliance with the times for performance is required. 8.6. Exhibits. The Exhibits which are referenced in, and attached to this Contract, are incorporated in and made a part of, this Contract for all purposes. 8.7. Contract Execution. This Contract may be executed in any number of counterparts, all of which taken together shall constitute one and the same agreement, and any of the parties hereto may execute this Agreement by signing any such counterpart. 8.8. Flood Plain Permit. Purchaser, on behalf of itself and its successors and assigns, agrees to reasonably cooperate with Seller and Seller's successors and assigns on any application or permit desired by Seller or its successors or assigns to FEMA on the portion of the Hickory Creek flood plain area that is contained within the Property. Seller acknowledges that Purchaser's cooperation in any FEMA application or permit will not in any way limit Purchaser's use of the Property. Seller agrees that any application or permit to FEMA on the portion of the Hickory Creek flood plain area that is contained within the Property must be in compliance with the Denton Development Code. The covenants in this paragraph shall survive Closing and shall expire on the date that is five (5) years after the Closing Date under this Contract. 8.9. Authority. Seller represents and warrants to Purchaser that Seller has all requisite partnership power and authority to enter into and perform this Contract and to consummate the transactions contemplated herein, that each person executing this Contract on behalf of Seller has all requisite authority to do so, and that this Contract, when executed and delivered by Seller, will constitute the valid and binding agreement of Seller, enforceable against Seller in accordance with its terms. Purchaser represents and warrants to Seller that Purchaser has all requisite power and authority to enter into and perform this Contract and to consummate the transactions contemplated herein and all necessary actions have been taken to obtain such power and authority, that each person executing this Contract on behalf of Purchaser has all requisite authority to do so, and that this Contract, when executed and delivered by Purchaser, will constitute the valid and binding agreement of Purchaser, enforceable against Purchaser in accordance with its terms. Page 6 of 15 - Real Estate Sales Contract (City of Denton/SLF II Cole Property) 8.10. Contract as Offer. The execution of this Contract by Seller constitutes an offer to sell the Property. Unless, within sixty (60) days after the date of execution of this Contract by Seller, this Contract is accepted by Purchaser by signing the offer and delivering a fully executed copy to Seller, the offer of this Contract will be deemed automatically withdrawn. --- This space left blank intentionally --- Page 7 of 15 - Real Estate Sales Contract (City of Denton/SLF II Cole Property) SLF II COLE PROPERTY, L.P., a Texas limited partnership By: The Stratford Company, L.P., a Texas limited partnership, its General Partner By: Stratford Management, Inc., a Texas Corporation, its General Partner By:�' i Ine: Mar ester tlrg Title, gee si end Signed on the 6j h_ day of Q , 2016. Page 8 of 15 - Real Estate Sales Contract (City of Denton/SLF II Cole Property) PURCHASER: CITY OF ILEI TON, a Texas home -rule municipal corporation By: 11oward N&utin, [nte fill Cly Manager, under the authority of City of Denton Ordinance No. 20 YP - Signed on the day of P(Z, 201 . ATTEST: Jennifer Walters, City Secretary r Anita Bp `gess, C'7ty 7n Page 9 of 15 - Real Estate Sales Contract (City of Denton/SLF 11 Cole Property) ACCEPTANCE BY TITLE COMPANY The undersigned title company, Reunion Title, referred to in this Contract as the Title Company, acknowledges receipt of a fully executed copy (or executed counterparts) of the Contract, and accepts the obligations of the Title Company as stated in the Contract. TITLE COMPANY: Reunion Title By: Signature Printed Name President Signed on the - day of. , 201__ Page 10 of 15 - Real Estate Sales Contract (City of Denton/SLF 11 Cole Property) Exhibit "A" Deed STATE OF TEXAS § § KNOW ALL MEN BY THESE PRESENTS: COUNTY OF DENTON § That SLF Il Cole Property, L.P., a Texas limited partnership ("Grantor"), for and in consideration of the sum of TEN AND NO/100 DOLLARS ($10.00), and other good and valuable consideration to Grantor in hand paid by the City of Denton, Texas, a Texas Home Rule Municipal Corporation (herein called "Grantee"), 215 E. McKinney, Denton, Texas 76201, the receipt and sufficiency of which are hereby acknowledged and confessed, has GRANTED, SOLD and CONVEYED, and by these presents does GRANT, SELL and CONVEY, unto Grantee all the real property in Denton County, Texas being particularly described on Exhibit "A", attached hereto and made a part hereof for all purposes, and being located in Denton County, Texas, together with any and all rights or interests of Grantor in and to adjacent streets, alleys and rights of way and together with all and singular all of Grantor's right, title and interest in and to any improvements and fixtures thereon and all other rights and appurtenances thereto, less aixd except and expressly excluding, however, the mineral estate pertaining thereto (including all oil, gas, hydrocarbon substances and other minerals, and all rights, privileges and appurtenances pertaining to the mineral estate, and all proceeds and royalties payable from production thereof), which mineral estate was previously severed pursuant to a prior recorded instrument or instruments of public record (collectively, the "Property"). Exceptions to conveyance and warranty ("Exceptions"): This conveyance of the Property, however, is made and accepted subject and subordinate to any and all easements, encumbrances, rights-of-way, mineral and royalty grants and reservations and related agreements, oil, gas and mineral leases, covenants, conditions and restrictions, and other matters duly recorded in the Denton County Clerk's Office relating to the Property and all matters that are visible and apparent on the ground and/or that would be disclosed by an accurate survey or physical inspection of the Property. Grantor hereby assigns to Grantee, without recourse or representation, any and all claims and causes of action that Grantor may have for or related to any defects in, or injury to, the Page 11 of 15 - Real Estate Sales Contract (City of Denton/SLF 11 Cole Property) Property. It is understood and agreed that Grantor has not made and is not making and hereby specifically disclaims any warranties, representations or guarantees of any kind or character, express or implied (or arising by operation of law), oral or written, past, present or future, with respect to or in any way related to or concerning the Property or its suitability for any particular purpose or use, including, but not limited to, warranties or representations as to zoning, tax consequences, physical or environmental conditions, availability of access, ingress or egress, operating history or projections, valuation, governmental approvals, governmental regulations, compliance with applicable laws, or any other similar matter or thing relating to or affecting the Property, including, without limitation, (i) the value, condition, merchantability, marketability, profitability, suitability, habitability, or fitness for a particular use or purpose of the Property, or (ii) the manner or quality of the Property. Grantee has been provided the opportunity to and shall be deemed to have made such legal, factual or other inquiries or investigations as it deemed necessary, desirable or appropriate with respect to the Property. Grantor hereby transfers and conveys to Grantee, and Grantee hereby accepts the Property "AS IS, WHERE IS, AND WITH ALL FAULTS". TO HAVE AND TO HOLD the Property, together with all and singular the rights and appurtenances thereto in anywise belonging unto Grantee and Grantee's successors and assigns forever; and Grantor does hereby bind Grantor and Grantor's successors and assigns to WARRANT AND FOREVER DEFEND all and singular the Property unto Grantee and Grantee's successors and assigns, against every person whomsoever lawfully claiming or to claim the same or any part thereof when the claim is by, through, or under Grantor but not otherwise, subject, however, to the Exceptions. Page 12 of 15 - Real Estate Sales Contract (City of Denton/SLF II Cole Property) EXECUTED the day of, 201 SLF II COLE PROPERTY, L.P. a Texas limited partnership By: The Stratford Company, L.P., a Texas limited partnership, its General Partner `t 1 THE STATE OF TEXAS § COUNTY OF DALLAS § By: Stratford Management, Inc., a Texas Corporation, its General Partner By:_ Name: Title: This instrument was acknowledged before me on , 201_ by of Stratford Management, Inc., a Texas corporation, general partner of The Stratford Company, L.P., a Texas limited partnership, general partner of SLF II Cole Property, L.P., a Texas limited partnership, on behalf of said limited partnership. Upon Filing Return To: The City of Denton Engineering Attn: Paul Williamson 901-A Texas Street Denton, Texas 76209 Notary Public, State of Texas Property Tax Bills To: City of Denton Finance Department 215 E. McKinney Street Denton, Texas 76201 Page 13 of 15 - Real Estate Sales Contract (City of Denton/SLF II Cole Property) Exhibit "A" To Special Warranty Deed Legal Description BEING 29.444 acres of land, situated in the J. McDonald Survey, A-873, Denton County, Texas, and being of a 2049.00 acre tract (Tract 1) which was conveyed to SLF II Cole Properties, LP., by an instrument recorded under Document Number 2005-12276, Denton County Deed Records, said 29.444 acres of land being more particularly described by metes and bounds as follows: BEGINNING at 1/2 inch iron rod with a plastic cap found at the Northeast corner of the above mentioned Tract 1, the same being the Northwest corner of a 24.73 acre tract which was conveyed to the City of Denton by an instrument recorded in Volume 871, Page 137, DCDR, and also being in the South boundary line of a 331.94 acre tract which was conveyed to the City of Denton by an instrument recorded in Volume 305, Page 216, DCDR; THENCE South 00 degrees 25 minutes 00 seconds West, along the West boundary line of said 24.73 acre tract, the same being an East boundary line of said Tract 1, a distance of 949.73 feet to a 1/2 inch iron rod found for corner; THENCE South 89 degrees 40 minutes 07 seconds East, continuing along a common line between said Tract 1, and said 24.73 acre tract, a distance of 144.92 feet to a 1/2 inch iron rod found for corner; THENCE South 00 degrees 22 minutes 53 seconds West, continuing along a common line between said Tract 1 and said 24.73 acre tract, passing the Southwest corner of said 24.73 acre tract, the same being the Northwest corner of a 13.89 acre tract which was conveyed to the City of Denton by an instrument recorded in Volume 871, Page 137, DCDR, and continuing along the common line between said Tract 1, and said 13.89 acre tract, a distance of 699.75 feet to a 1/2 inch iron rod found at the Southwest corner of said 13.89 acre tract the same being the Northwest corner of a 31.107 acre tract which was conveyed to the City of Denton by an instrument recorded under Document Number 94-80071013, DCDR; THENCE South 08 degrees 38 minutes 04 seconds West, along the common line between said Tract 1, and said 31.107 acre tract, a distance of 120.43 feet to a 1/2 inch iron rod with a plastic cap stamped "KSA ENG" set for corner, a 1/2 inch iron rod found at the Southwest corner of said 31.107 acre tract, bears South 08 degrees 38 minutes 04 seconds West, 890.05 feet; THENCE North 89 degrees 39 minutes 41 seconds West, a distance of 917.78 feet to a 1/2 inch iron rod with a plastic cap stamped "KSA ENG" set for corner; THENCE North 08 degrees 52 minutes 10 seconds East, a distance of 1719.02 feet to a 1/2 inch iron rod with a plastic cap stamped "KSA ENG" set at an angle point; Page 14 of 15 - Real Estate Sales Contract (City of Denton/SLF II Cole Property) THENCE North 00 degrees 08 minutes 11 seconds East, a distance of 69.49 feet to a 1/2 inch iron rod with a plastic cap stamped "KSA ENG" set at the point of intersection with a North boundary line of said Tract 1, the same being the South boundary line of the aforementioned 331.94 acre tract, a 1/2 inch iron rod with a plastic cap found at the Southwest corner of said 331.94 acre tract bears, North 89 degrees 34 minutes 10 seconds West, 1079.07 feet; THENCE South 89 degrees 34 minutes 10 seconds East, along the South boundary line of said 331.94 acre tract, 537.30 feet to the PLACE OF BEGINNING and containing 29.444 acres of land, more or less. Page 15 of 15 - Real Estate Sales Contract (City of Denton/SLF II Cole Property)