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18-1484OItDINnNCT� N0, 18-1484 AN ORDINANCL OP TI iC CI'T'Y OI� DLNTON ("CITY") AUTHORTZING THE CITY MANAG�R, OR HIS DCSIGNL.�, TO �X�CUTT' A CONTRACT OF SALE BY AND B�TWEEN JANDA LEGACY INVI;STMI;N I,S, LP ("OWNER"), AND THE CITY, REGARDING THC SALT' AND PURCIIASE OP FEC SIMPLE TO n 0.8123 ACRE TRACT, MOR� OR LESS, SITUATED IN TT-IF., I3.B.B. & C.R,R, CO. SURVEY, ABSTRACT NO. 192, D�NTON COUNTY, T�XAS POR THL PURCT-IASL PRIC� OP FOUR I-iUNDRED SE�1�N'TY-FIVE THOUSAND DOLLARS AND NO CENTS ($475,000.00), AS PRESCRIBED IN THE CONZ'RACT OF Sl1LL; �1U'1'HORIZING TI-iE EXPENDITUIZE OF I'UNDS THEREPOR; PROVIDINU FOR SLVLRABTLiTY AND AN EFFECTIVE DAT�. (Bonnie Brae — Phase 5 — Parcel 31) WHEREAS, tihe above-captioned tract, containing approximately 0.81 acre and located at 2300 Scripture Street (the "Property") is slated for partial acquisition and bisection of the residential structure situated thei�eupon, as a component part of the upcoining Bonnie Brae — North Widening and Improvements project — Phase 5(t11e "Project"); and WHEREAS, Janda Legacy Cnvestments, T,P, through JL1GP, its general partner, by Stephen Shannon, Manager ("Janda") agrees to sell the Property for the purchase price of Four Hundred Seventy-Five Thousand Dollars ($475,000.00); and WHEREAS, the City Council of the City of Denton hereby fnds that the Contract of Sale between the City and Janda serves a municipal and public use and is in the public interest; NOW, THEREFOR�, THE COUNCIL, OP TIiE CTTY OI' DLNTON HTRFBY ORDAINS: SECTION 1, The findings set forth in tlie preamble of this Ordinance are incorporated by reference into the body of this Ordinance as if fully set forth herein. SECTION 2. The City Manager, or his designee, is hereby authorized to execute the Contract of Sale, attached hereto as Exhibit "A" and incorporated herein by reference, and to carry out the duties and responsibilities of the City under the Contract of Sale, including the expenditure of funds as provided in the Contract. �,�;�� !�„�1�,�r The provisions of this ordinance are severable, and the invalidity of any phrase, clause, or pai1; of this ordinance shall izot afPect the validity or effectiveness of the remainder of the ordinance, SCC"TION 4. "1'his Ordinance shall become effective immediately upon its passage and _......... approval, The motion to approve this ordinance was made by �%OI-ff�t/ /��/,�/t/ and seeonded by ,, ��r h��s� �.: the ordinancc was passed and approved by the � � _..------ � following vote � � �' r�p4 �: Chris Watts, Mayor: Geraxd Hudspeth, District 1: Keely G. Briggs, District 2: Don Duff, District 3: John Ryan, District 4: Deb Armintor, At Large Place 5: Paul Meltzer, At Large Place 6: Abstain Absent z. � � � � .�, �� " � ' �.��:��.�.� �`.�°. �� __.r 2018. I� �.�a�l_°,I�� ,�^J M'�� l� �N° �f��.��4�i:�I::� t��i� �:�� r � �1��.� t�d. .,.�u..��° � ,,, � �..� � � � � �' �.�TTS M � � � ( "I-�I� � z.. � ........ , AYOR ATTEST: JENNIFER WALTERS, CITY SECRETARY B'Y: �, "�. � �,..w� .�.�"`�,� ��,,�.a. .��rv�� ............. � ^p„ APPROVED AS TO LEGAL FORM: AARON LEAL, CITY ATTORNEY ,�P �� _ � �� BY: �� .� - � � ._ � ,. � � � � _, ,� � � �„� ..., �. — � �. .�__a� e ..� STATE OF TEXAS § COUNTY OF DENTON § CONTRACT OF SALE NOTICE YOU, AS OWNER OF THE PROPERTY (AS DEFINED BELOW), HAVE THE RIGHT TO: (1) DISCUSS ANY OFFER OR AGREEMENT REGARDING THE CITY OF DENTON'S ACQUISITION OF THE PROPERTY WITH OTHERS; OR (2) KEEP THE OFFER OR AGREEMENT CONFIDENTIAL, UNLESS THE OFFER OR AGREEMENT IS SUBJECT TO CHAPTER 552, GOVERNMENT CODE. This Contract of Sale (the "Contract") is made this ��"�~ day of �� , 2018, effective as of the date of execution hereof by Buyer, as ��,�e�� herein (the "Effective Date"), by and between Janda Legacy Investments, LP (referred to herein as "Seller") and the City of Denton, a Texas Home Rule Municipal Corporation in Denton County, Texas (referred to herein as `Buyer"). RECITALS WHEREAS, Seller owns, or will own before closing, that certain tract of land being more particularly described on Exhibit "A," attached hereto and made a part hereof for all purposes, being located in Denton County, Texas (the "Land"); and WHEREAS, Seller desires to sell to Buyer, and Buyer desires to buy from Seller, the Land, together with any and all rights or interests of Seller in and to adjacent streets, alleys and rights of way and together with all and singular the improvements and fixtures thereon and all other rights and appurtenances to the Land (collectively, the "Property"). ARTICLE I SALE OF PROPERTY For the consideration hereinafter set forth, and upon the terms, conditions, and provisions herein contained, and subject to the reservations herein, Seller agrees to sell and convey to Buyer, and Buyer agrees to purchase from Seller, the Property. Purchaser acknowledges and understands that Seller does not have title to the Property, as of the Effective Date herein. However, Seller has property under contract to purchase. Upon closing of said contract, Seller will be the owner of the Property under this Contract. ,. • - � , � , < 1 �� ' 1�� I ' i, � i, ., ,. ., .:- '� ��- w �,-� �. w ,� - �. �, . .�,,��- : � � , � .� . . . � . � . � � ; 11 !� . '�� !11 1! . . .. . `. I �; � : . �� - � +�� •�� . �' . • ��. � 1� 1�� • . '� ! #!! 11 . . - * . . . � . -� .� . , � , , • 1 . � R- � . 1' - - • .. . - � .:- . 1 . • •. �. . . . . . �,, . . .� , .,_ .� .� , .* ,� • - � -� � . •� . �� . . • �- . �� . � - . � r� . � �� r •� �� - � � �� •� . � -� , _ . . • * . . - � . �-r� . � r �-� � . - � ., - � � • , -� . . �- � . -� . � �. . . . , � _ x � � . .� , +, . � . �,. _ , . . .. -w - .� . r. .�� -#' � -� � �. - ''�� - �� • , � ��- . .. . , . � . , � _ - - . -� - -� . �- w •• •� • r . . • •. . � � �-� r , ,: . � I 1 : ' 3.01 Title Cornmitrnent. 1 � •.� •� . R. .� . • •' -� �•� : - � � - - �. _ � , � . � . � _ � � ' ��- -r . # • � . .�� . � �- � -� � � � • ' - ' �� - �I : , � _ � ,, . �_ _ �� . � , , � .�,. , �. . . , ,.. ., • . - •. - - . • • . . � • r • � �� - - -• - . � r . . . � r' • ,, . . � , : � � • .' _ . � . , _ �,. � � . �. _ .�� •� .� r. � - .� � • * � � � - � . - • , •��' - s� . # . - -�� • �. - #��, -� _ � , , . <. # , . �. . .w: � -��- ,�� . ,, * � . � � _ . * . . . . . � , . 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' �''( � !', . , � ��' � i , � � � �. ' �,' � � ' � ' " !+ � r � ' ' ! " � �f' . � . � - *` ' � ��' � �'' �.1 � - w �' �� ' � I 1 Y' •• ,, � <� �' �. . . ��. � #i' `� !_ ': � �� w, � � . .��`, 1'�' 'w . r � ♦ � � . � . * 3.03 Review of Title Cornmitment, Survey and Exception Dacurnents. Buyer shall have a period of fifteen (15} calendar days (the "Title Review Period") commencing with the day Buyer receives the last of the Title Commitment, the Survey, and the Exception Dacuinents, in which to give written notice to Seller, specifying Buyer's abjectians to one or more of the items ("Objections"}, if any. All items set forth in the Schedule C of the Title Commitment, and all other items set forth in the Title Commitment which are required to be released or otherwise satisfied at ar prior to Closing, shall be deemed to be Objections without any action by Buyer. I'' 1 �'�, 1 I i �, �; . ' �' . ' ,I. •. . '- ' - • � l'� ! ' � �t •, � ' . + " �� " ! ." ' "' � - • . � " •' ' � #'� i ! i _ • * ' � �'' � . , ., . ! •, # . �' . . ' �• , . •'" � . � .�* � . . ' ' ' . • ' f' �� . '(, � . � . ', � ` '� t - � ! ' • � t . ' � ' ' � t Y . ' � ! ! . � . . � � � � ' � ' " � � � ' ' , � , . . . r # • . • . � � • ' ,'1 � ' ' # � � '• • '� ! ' " r # '�j ' �', • ' (. w•: i ' • �'' r • ' � .' .' ' � ' • � i . � . •" ` ! ` " i ' i ' � f' # • , (a) waiving the unsatisfied Objections by, and only by, notice in writing to Seller prior to Closing, in which event those Objections shall become Permitted Exceptions (herein so called), or (b) terminating this Cantract by notice in writing prior ta Closing and receiving back the Earnest Money, in which latter event Seller and Buyer shall have no further obligations, one ta the other, with respect to the subject matter of this Contract. I • ' i ' � ��+ - ��- . : . �'- � . � - �. . . , . . . �, w - ;. � - '� � - . - _ •s' � r- •� � : - , _ * . �- .� � . . • �. - . • � - � � . � � � � •' i ., � �. .� � . .. � . . � . � 1�• � ' * * . �_ � .�, .! � ' ' �� .' � . # . �. �� '• !' • t • • • # # " ' '! ''� # . . �' �� 1` f 'f * � 1 ' ' '•''� •' ' •"� • �. . .� . # # "� � 1�,. � �-• -�' '� 1�� i �#� '�1�, • .�� '• • � �', � .� ,, ' � . . * • 1 •''1 !` � . �, � # . � � ., - � � '�� ' w ' �' ' � # ' ' ' [ • w; �� ' ♦ � "� � 1 �� " ♦ - � i', - #..� '� '� •�� ''� � � . '; 1 ''; � ' ' � •...�. �' �' �� '��: • �� .. • • ��l��• ' .' �� ..... . ... 1.� .��.# � �.#.. • " ' . �',�• � �� ' �. . �• f.�• ! � �� •� �� # ., � 1 �' '� ' • '• (c) no exception will be permitted for "rights of parties in possession," unless otherwise agreed by Buyer; � � .- . . -� • : � . � � - - • .' � � , . .� . .� ♦ . - w - . � �`. r- - �' : - . •R • • . .� � t-- . - , • - � . � �' • ; � . � r, � � �; I � . . � . r, ' , �, • � � � • . • , � . . �r •. � �, : - �• -� � . - � • • • •� � : - . + �- - -� : - � - . � , � w - � • � � : • �- �� . , . . . �.-� • . . r- • + - - .- •. �. ..� . - ' � ♦ . ., . .. w� �. -• � .�r . . - • . . � � - - +��. � . r •• � • #� - ' sr- .. : . �-- - - . # �- .r - 1 � ,, # ' �' t • • � !' - � ' � •, - . . , � ., �, '' .,� � # • � i_ � '� .i i . � . # � . � � � ��. •� �" i � '�� i •',,� '� • � ♦ � � � • , + . � •�' .' � •' • � , . • �', •' � # ' � �!' � � ' �.: � �� .• . a: � ' .. �'. �.. 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' . �� _ # • � � � . . i • ' � � i # . . , !' . �' . • ' � . •', � . � • . • • � � � • � •' � • • � #�'�� ' � # � . - � - � � _ (iii} Not take, or omit to take, any action that would result in a vialation of the representations, warranties, covenants, and agreements of Seller. � ,: * • * . � . •- � � . ., �� . � * . ' � �- • �- . . �r ♦ r- . .� . � . ♦ . * '• . . . �- . • • � : - . • � .. . . �. .� � � , w . � . � - ,�- - • � � . � -. � . �,- . � . .. � , � -• . . • � . • • . . _ ♦ .�� . - . -� � . . t�- �- . - * • . � , , + # - '- -� � � • � � * C+� ; 1'[ ' • " � . `• .` i ' r ' r, •' # ! � �� ` * �, � • �" #' . 1 !' f'' ' #' - ,, �' * „ � � �, � � � � � � c ', � � ' l' � !' 1' ' , ! f � * S � i � � � •� ! * �'' � ' � a' • � � ' 1 i' � 1!,,' 1 1 1 i •' �' � I , • • . _ � � .�.' • r . � *,, + � � , Y-�' �,. �. ' � . � ` . . # • ' ■ ��' . Y . # "l ' . ' ' „ ��,' � ',. " "' �` _ � . . � �, � . . � . . , # - � _ 1 . � ' w � ' • . � , • � 1 + ., . f • � � � !' � . � *�., .. •.. �. ..: * ' ' f` �' � +: -�� .► ' ' �.. .. . • . .... # � �,... � ., �: � ..� . � . ��.... ♦ r. �... �..� � !. ! � , . . � � R... � ► � � .... �r �� t �r �� 1 �� c � � � c, t � � � � � � � � � r � � r � ,' � r � � � �, ' � � � � � , � � • � � , r �r �� • � r' , � ;�r �r � r� � � r � , � � � � c i � � � r r r � �, � , � �r�� r i - - . � "l+" .' . ' '! � . �* �,'�' �'' ' r . �, . * ' . . � �, . � ��'+ � �', � � ' ' �',• ' r + ! . � !�' � � " �`f" �' ' � � • • � � ` �� '1 ' "!' "' � •; ' f , • �' � � � ' • , ' # . • ^' . • � • _ � " #, ' ' * . ' � , • '^� • i ` . ' , 'w � . -I � , ' � #. . . - � � / ! ' � . � !' ' ' " � ' ' * , ' • . '. .' ' � � - . . ' . �' 1 � ' � ' f ' • ! � � � ' . " # . ' � . � � ... .. � '�.. , . � � � � .: � � s. '� ' . r: ! .: � �'�.. � ' ' �� s: r; �. �: ' a: . #�.'. � s + • 5.03 Snrvival Beyond Closing. Notwithstanding anything to the contrary contained in this Cantract, the representatians, warranties, covenants, and agreements af Seller and Buyer contained in this Contract shall survive the Closing, and shall not, in any circumstance, be merged with the Special Warranty Deed, as described in Article VII, Section 7.02(a). ,. 1 1 I " 1 �� r I ' � i � / � � , i C' • •, �. -• � r- � .- • , . . �. � , .� _ �- �• . • - # • * . , . �� `r� , - • � �_ y _� ,� � , -r � r- -� '� : - . - .w .� � �- � �- � .• � -• •- * . _ � � � . . [ (b) Seller cures or Buyer waives in writing, within the time periads specified in Article III, all af Buyer's Objections made in accordance with Article III. � (c) Seller shall have acquired title to the Property. 6.02 reach of Seller's epresentations, arranties, Covenants, and Agreements. Buyer is not obligated to perform under this Contract unless all representatians, warranties, covenants, and agreements af Seller contained in this Contract are true and correct or have been performed, as applicable, as of the Ciasing Date, except where specific reference is inade to another date. 6.03 Adverse Change. Buyer is not abligated ta perform under this Contract, if on the date of Closing, any portian of the Property has been condemned by an entity ather than Buyer, ar is the subject of condemnation, eminent domain, or other material proceeding initiated by an entity other than Buyer, or the Property, or any part thereof, has been materially or adversely impaired in any manner. 6.04 Review Period. Buyer is not obligated to perform under this Contract if Buyer delivers notice to Seller pursuant to Article IV, Section 4.01 that Buyer has deiermined that the Property is unsuitable to or for Buyer's purposes. 6.05 uyer's ight to aive Conditions Precedent. Notwithstanding anything contained in this Contract to the cantrary, Buyer may, at Buyer's aption, elect ta waive any of the conditions precedent to the performance af Buyer's obligations under this Contract by giving to the Seller, at any time prior to Closing, a written waiver specifying the waived candition precedent. 6.06 uyer's Ter inatian if Conditions Precedent Not Satisfied or Waived. If any of the conditions precedent to the perfarmance of Buyer's obligations under this Contract have not been satisfied by Seller ar waived by the Buyer, the Buyer may, by giving written notice to Seller, terminate this Contract. On Buyer's termination, the Earnest Money shall be immediately returned ta Buyer by the Title Company. The Seller shall, on written request from Buyer, pramptly issue the instructions necessary to instruct the Title Company to return to Buyer the Earnest Money and, thereafter, except as atherwise provided in this Contract, Buyer and Seller shall have na further obligations under this Contract, one to the ather. .• j 1 7.01 Date and Place of Closing. The Clasing (herein so called) shall take place in the offices of the Title Cainpany and shall be accomplished through an escrow to be established with the Title Company, as escrowee. The Closing Date (herein sometimes called}, shall be thirty (30) calendar days after the Effective Date, unless otherwise mutually agreed upon by Buyer and Seller. I� r• 1� •� � � , .: (a) Seller. At the Closing, Seller shall deliver or cause ta be delivered to Buyer or the Title Company, at the expense af the party designated herein, the following items: (i} The Title Policy, in the form specified in Article III, Section 3.05; (ii) The Special Warranty Deed, substantially in the form as attached hereto as Exhibit "B," subject only to the Permitted Exceptions, if any, duly executed by Seller and acknowledged; (iii) Other items reasonably requested by the Title Company as administrative requirements for consummating the Closing. O u er. At the Closing, Buyer shall deliver to Seller or the Title Company, the following items: - -� -• � . . . � � . . , . � . - � �, , - . � - � • - -� . - . , .� - � • • - -, � .�' -� . -� r . . � •. , .� . - -• � � + � * � , . � . , � , � . � � . + ♦ - • . � , -� r . ' . � w ' � - - - . ,�r . ,� � - r �, w � . � I .rw - � • • •' • ' , � I ',. � + - • '� + - . �- ,• -c r r � , -� •. .. . _ , � : - - �- � . ��. . � � . � - � - - . . * . r *�-' � - ,'- •. -, - • * .' • . �- r • , .� . �' � -r � -' - � - i- ♦ � . � - w , w - * . �. - . � , w - , w - .'• �., -, - � , w . ' �- - �- .w �. � � � � r - , � � , - w - �. w + � ' � • r . • - � ► � . - - r , # . � . + � . �- �. -� � - , • r , - � �� - . �� s � � �� . � - . � . � � �� - � *�- � - r - -r'c * . - •. -. -' - , •. � � - . - . � .. . • - �- �� . � � � . � , �. - � : . � .� � • -� - , - . w r � -. • - � . _- � . � ,.- � w . � � � r • � . �. - � * + , � : _ , �, � • . - - . - . • � r - • - r- �cc • - � _ - � _ �. - 7.04 Possessian at Closing. Possession of the Property shall be delivered to Buyer at Closing. I i � � � , r. . •� r ` # r.' � - -�.' -- � • -' -�! , � • -�. + , � 1 � ' - , . ! • ', - �'� -� 1' Contract. Seller is responsible for paying fees, costs, and expenses identified herein as being the responsibility of Seller. Buyer is responsible for paying all other fees, costs, and expenses related to Clasing. �� • 1 �� 1 ' 1 i � I 1 � : ' •� , � • �• , . . �'.. �- � . � -# - -• . * - r � - � � � . . (i) Any of Seller's warranties or representations contained in this Contract are untrue on the Closing Date; or (ii) Seller fails to meet, camply with, or perform any covenant, agreeinent, conditian precedent, or obligation on Seller's part required within the time limits and in the manner required in this Contract; or (iii} Seller fails to deliver at Clasing, the items specified in Article VII, Section 7.02(a) of this Contract for any reason other than a default by Buyer or termination of this Contract by Buyer pursuant to the terms hereof prior to Closing. � ; . . . . � . - • •- . �- • . : - . : - - -�'- � -r• . . . : - •''-�r � c�. • . � � . (i) Terminate this Contract by written notice delivered to Seller in which event the Buyer shall be entitled to a return of the Earnest Maney, and Seller shall, promptly on written request fram Buyer, execute and deliver any documents necessary to cause the Title Company to return to Buyer the Earnest Money; �� - #�� - � - �� . � -� � �� . . � . _ _ . � _ - - � � . . . ��. # � . � _ * � . . � , . - -� � w . r� � �� -� � . � � - � #� �� #�� - �� - � ., - - �� : - , � - . � r - • � , r -� � -� �, ' . . . • • � �_ . . r . �- . .r � . - . ; • �. .;- r. -• * . . _r - - . � . � -: . � �� ;. � .' . - � . ,� � : � -� * � - � - - � �� - . �� . . �� • .� � r�� . �� -� • ` . w � . . � r � � �• 1 ■ •�', i � i �'' . 1' � . i . ��' � 1' * . . �- '! , . . . ; 1 � ! ! # � �r ' ,� * � . � . �_ + ) _ '. �. * , . #` ' � � 1 � ! i � • ' `� f � • • • !' . . � , ,1 i' . •�',,. �• w � . . � . . ♦ ' L ! . . . .� � ' •'' . �,, . . # ' #� ',� �# ' . + • ,, - • � s ' . " * � � ' * ' �' ' •�' # i ' . � . . - � �`' . . � � � . � . + . � •. + � � . • � • � 1� _ .� �� . �,, � . . .� _ � - � 1 �', ' ' , , 1♦ ' ' ' � � �� '� ' ' •'� �. � . � . ., . � 1' ! ' �. �. + � ., � , � • ., . �+' r' , , ,;......,__ : 4 � 1 • � � , • �,. . � '�' ' . � • ' � + ! `� '� _ , t. . �. �. ..�.� . . � _ • � �'�' • _ .� 1 , � . . � +, , . � . 1 • • � � � _ �', . ` . ' . � � � ' �'',,• -�' � �' �' '� . '� '� ' �� f' 1 ! . ' �• ' * ♦`'�'� �1�� 1 • < � � _ _ • f� . '� 1 .�� ' ' ' . � 1�� ' w�� , ' � �� ' � '� �� #� � t'• . . . "� ' "� � ' � ^' '� . ' .' '�' ' 'I' � ' '!' ' C' ' f •� • -1 %# • ' � '�• 1 •��' ' '•' � � '# � �'�� . ' * . �; M� • � . � ;, �, � � � . � /' � ' . , , .. ,. . .. . �- r- � -. .1 �r '�! '' ' • 11 For Seller: :. 1 �- � .r'�.• �r.. � • ., � . . F�a�m� l��r��;��: Aaron Leal, City Attorney City Attarney's Office 215 E. McKinney Denton, Texas 76201 Telecopy: (940) 382-7923 ��° I � � � � • � .� � -� + -� �� t - - � �� _ •-�� - ��- • •� - . - �� - �- , • � - , � +�� - + . . • • • ' - * . . . � • �' - . � • • . � � . . r �. . � . 1 •' ' . �, �.* . � ., � ., � � , • ' . 9.03 Entirety and Amendments. This Contract 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 anly in writing executed by the party against whom enforcement is sought. 9.04 Parties ound. This Contract is binding upon and inures to the benefit of Seller and Buyer, and their respective devisees, heirs, successars, and assigns. If requested by Buyer, Seller agrees to execute, acknowledge, and recard a memorandum of this Contract in the Real Property Records of Denton County, Texas, imparting notice af this Cantract to the public. ' I - ' r � . �, .:- � . . •�- . • • • � � , : � , • •- . • • . - - •♦ . • • --� , . .. - -• • . -r � ,, _ � �, w - . : - , � - + , � � . •• � • ' • �- '° - .` : - •• • r• . � - • s + . . (a) Terminate this Contract and withdraw from this transaction withaut cast, abligation, or liability, in which case the Earnest Money shall be iinmediately returned to Buyer; or (b) Consummate this Contract, in which case Buyer, with respect to the Property, shall be entitled to receive (i} in the case of damage, all insurance proceeds, if any; and (ii) in the case of eminent domain, all proceeds paid for the Property related to the eminent domain proceedings. Buyer shall have ten (10) calendar days after receipt of written notificatian from Seller on the fnal settlement af all condemnation proceedings or insurance claims related to damage to the Property, in which ta make Buyer's election. In the event Buyer elects to close prior to such final settleinent, then the Closing shall � take place as provided in Article VII, above, and there shall be assigned by Seller to Buyer at Closing, in form and substance satisfactory to Buyer, all interests of Seller in and to any and all insurance proceeds or condemnation awards which may be payable to Seller on account of such event. In the event Buyer elects to close upon this Contract after tinal settlement, as described above, Closing shall be held five (5) business days after such final settlement. 9.06 Further Assurances. In addition to the acts and deeds recited in this Contract and contemplated to be performed, executed, and/or delivered by Seller and Buyer, Seller and Buyer agree to perform, execute, and/or deliver, or cause to be performed, executed, and/or delivered at the Closing or after the Closing, any further deeds, acts, and assurances as are reasonably necessary to consummate the transactions contemplated hereby. Notwithstanding anything to the contrary contained in this Contract and without limiting the general application of the provisions of Section 5.03, above, the provisions of this Article IX, Section 9.06 shall survive Closing. 9.07 Time is of the Essence. It is expressly agreed between Buyer and Seller that time is of the essence with respect to this Contract. 9.08 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. 9.09 Delegation of Authority. Authority to take any actions that are to be, or may be, taken by Buyer under this Contract, including without limitation, adjustment of the Closing Date, are hereby delegated by Buyer, pursuant to action by the City Council of Denton, Texas, to Todd Hileman, City Manager of Buyer, or his designee. 9.10 Contract Execution. This Contract of Sale 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. 9.11 Business Days. If the Closing Date or the day of performance required or permitted under this Contract falls on a Saturday, Sunday, or Denton County holiday, then the Closing Date or the date of such performance, as the case may be, shall be the next following regular business day. SELLER: Janda Legacy Investments, LP, a Texas limited partnership By: JLIGP, LLC, a Texas limited liability company Its general partner � By. � �� "�� Sk.�� mw. ... � __ � g �.. � 1�� R. Shannon, Mana er 13 Executed by Seller on the ^� � day of � � 2018. BUYER: � �, a�. �^�� .�, �� ''�� By ___ � , TODD 1 �� l_��d� i"�..�" ��`� "� �� ::i E��. Executed by Buyer on the ��'�� "� ,��, day of r 'k� �^ ,,� � � ��,a��%' �� "� 2018 � .. _ .... ATTEST: JENNIFER WALTERS, CITY SECRETARY � BY, � , , ��'.� �... �� .,� w , �.:�� .. Date. ��„+�M�",� �:� ,�.�._.,�' _, 2018. APPROVED AS TO LEGAL FORM: AARON LEAL, CITY ATTORNEY �� "��.�� . � � � �� ,��...�. � BY � � ,� �_ �� . w�� ,�� ..„ Date: ��,°'w �"� 2018. � ��. , 14 THIS AG EMENT HAS BEEN BOTH VIEWED AND APPROVED AS TO Financial and ��Nz�TM��e�n,�.��oi��u��1: :�„��.��. �„� Business terms ��.��°�' ��" �""' �'" � �� µ �„��° � ��,� � � � � �� ; . � � �� M � � � �,��" �' �"" �, �� ,.. ,� _x_ � � ��r�:.... ... . _:_ _ ---- --_.. 5��,�a��i i� , � .,,.� � Date: � � ,� � � � _ . . � � . � � �, � . . � r` � - � �. . � -�•. . _ � * � . _ .� �r � � . - � •. ,, _. w � r , • r- r� � � . . . r r � � � � , a �- •, • - r . '� • � � � # � . . � • � - � •1� -, * , . � .. . - ��- � •i• .: .; ' � . � #' ' � ' , • . ; . _ � r ' . *' . •' ' � ' � � � '�. '1 �' � � � �• !� #' � �` �' � • �' x Title: ' � • ► .. - 1 : 15 7� . i ; 'iy ` „ ;, ,f, ,, BEING a 0.8123-acre tract of land situated in the B.B.B. & C.R.R. Company Survey, Abstract No. 192, in the City of Dentan, Dentnn Cnunty, Texas, and being all of a called 0.8123 tract of land as described in a deed to Jimmy C. Brown and wife, Sue H. Brown, and recorded in Document No. 93-34471 of the Real Property Records of Denton County, Texas (R.P.R.D.C.T.), and being more p�rticularly described as follows: BEGINNING at an "X" Cut set at the southeast corner of said 0.8123-acre tract, and located at the intersection of the existing north right of way line of Scripture Street {variable width R.O.W.), with the existing west right of way line of Old Bonnie Brae Street (a called 5Q.00 foot R.O.W.); THENCE North 89°17'27" West, departing the existing west right of way line of said Old Bonnie Brae Street, and along the common existing north right of way line of said Scripture Street and the south line of said 0.8123-aere tract, a distance of 129.05 feet to an "7C" Cut set at the south end of a corner clip located at the intersection with Bonnie Brae Street (variable width R.O.W.); THENCE North 50°32'27" W�st, departing the existing north right of way line of said Scripture Street, and �long said corner clip a distance of 15.60 feet to a 1/2-inch irnn rod fnund at the intersection with the existing easterly right of way line of said Bonnie Brae Street, from which point a 3/4-inch iron rod found bears South 05°47'19" West, a distance of 0.44 fe�:t; THENCE North 11°47'27" West, along the common existing easterly right of way line of said Bonnie Brae Street and the westerly line of said 0.8123-acre tract, a distance of 22.76 feet to a 1/2-inch iran rod found at the beginning of a tangent cun►e to the right, having a radius of 337,01 fe�t, a central angle of 36°29'54", and a chord bearing and distance of North 06°27'11" East, 211.07 feet, from which point a 3/4-inch iron rod found bears North 18°45'S7° West, a distance of 0.34 feet; TWENCE in a northeasterly direction, along the last stated common line, and said curve to the right, an arc distance of 214.68 feet to a 1/2-inch iron rod found at the northwest corner nf said 0.8123-acre tract, and located in the southerly line of a called 32,684.11 square foot tract of land as described in a deed to the City of Denton, Texas, and recorded in Volume 931, Page 798 (R.P,R.D.C.T.); THENCE South 89�17'27" East, departing the existing easterly right nf way line of said Bonnie Brae Street, and along the common north line of said 0.8123-acre tract and the south line of said 32,684.11 square foot tract, a distance of 125.02 feet to a 3/8-inCh iron rad found at the intersection with the existing west right of way line of said Old Bonnie Brae Street, from which point a 3/4-inch iron rod fownd bears North 24°26'38" West, a distance of D.13 feet; tH�NCE South 00°42'33" West, departing the north line of said 32,684.11 square foot tract, and along the eommon east line of said 0.8123-acre tract and the existing west right of way line of said Old Bonnie Brae Street, a distance ofi 242.00 feet to the POINT OF BEGINNING, and containing 0.8123 acres of land, more or less. NOTE: This description is based on a Land Title Survey prepared by Marvin King, RPLS 5581, on September 10, 2098. Bearings are referenced to Grid North of the Texas Coordinate System of 1983 (North Central Zone 4202: NAD83 (2011) EPOCH 201 D) as derived locally from Western D�ta Systems Continuously Operating Reference Stations (CORS) via Real Time Kinem�trc (RTK) methods. The distances shown hereon represent svrtace values utilizing an Average Combination Factnr of 9.000�50630 to scale from grid to surface. ..� _��_.�� .., ; .;, � . . ,,, � 0 20 4d SCALE: 1" �- 40' � � � � � �� TM �r I �� ,�. �� / �� '�� I � �� ' .....,.. I �. � RAYZOR RANCH BOU"I'H •eC ^� � C . Y, PG. 470 P.R,D.C.T. ' � BLdCK 1 � I•` ��... � ` �' .. I....... �" � � � * � � � -.. 's�a�� .� ��N ' �d s� � � ��'°�� -�� "�°"�� ' � � � s � �,,C�� ^dN �� r��,ti� e�� C;��, 4�� x`?�r , � "� "" � �� ` �� c3 n �� ti �a �. a ��, � � ��,��'�`�_�� l� �,-�� ., � . .- . - �� ; : - ^� . . :■ �: ' : ; . � : I;, ii � ,��,, r� o, � t r/ � ti;� , �� , u �y �, , %r n �,i,,,, '�* �� .w ""��. �. ,�., r,, �r : ) ,� _�..�.... r� _.,�m�� a� �ar��s .. ,. � ::.... � �_ .� x _ __ _ _. x _�, a.� �I�V!�"' 0M. ��u��r � II � �� a•� • `� �crrs+�ru�rnnrn;r+ N�� S- „, �.�� 4�`P'1:�d'd� 510N w � W;�"r �.d � ' � Ik�� a� � d�� A�'iF�Pi ab �b AR�:+AJVd�M;, k��LTdt�d�P�l':;: BORD6R "'�»�� . . � � �. �P�fw7kw / �%Nt� �4"I B / �i 16°45'ST W, 0.�' / d �-�PM.�%"�.��7,t�! CONCRE7E ��'::7.�NY�C�' lY,R,M:l.. �i��"4J�'iP��l�'hh&�✓��Mlp WA i�N�� P.i��^�� —OFIE— � +; �+m.�u¢+rpxra� �—,v��a�,� , ��s 1�°' I'��'s� — . [�P � � �¢ t�ai Thr��h�bii for referenCe purpo56s only and � �'� �""" ""!r +i"" �"' ! d�� naP r�pr�s�nB a Boue�rlary Survey. Se� 3/4' �C� �� s c�•er�e� w, o.u� `�� 1�! �"�� "�� ALTAfRGS�71.nad 71f1� Su�+e�y pr�p�r�� bjr ,.� M�rmin Katrg, RP.L.�. 55b1 oas Smpf�rn '&�s'P� 90, 2QP98iar�c8ca�dsunr�yrin�uarrrn�el�n 'X'�UT', �'4 w„0.�.�"� �r^ 8ET Ll � �" ��P� �� r 1 qN �f"��"�P" W"�' 1�i.�° / WT F— ��L�W �1 m1 �"��"�i� V�M' �. i�'� tIURVE TABLE �1�,C�° � 3�7"�L��" I ��"`�'�d" . �.P�! � �"T'"��"" C:�� Y� � 2� �.�l7�°�.� ��"'��R� �R��,�i�fi��i"�`�A �N �7Y4_ _ L�' .... ��- �C9-f�_..��h Ll��._�fl�. �� N � �� 1,�'li Y��anl�m �k�xc� 17r1rr�, SwVMp 9'�4F CArax�Nwuww�� 1P�d wu c 7�'�D�'� / y SM�r.$�y�Wi"i`NNrk �pollCm.��.�.�ra''%rar'M '.O �dH/�, . . wµa«wr.Mwrgg?➢N�c c,�rr� , . �".&� M.4 �', �'drrrr Wa. ipAd'N'6d'41 � cz �, n 1 �,�� ✓ � ��'�� k ' ;'D�� „� l 'f� i' '.. t i� i ,� � , �i'q .� s �r�� r �;- r« �r �,' �, � y�'o ,l,,r ��, �� d� ��, -,� ; 4 , • ! > 1 � .: .,. . ., � +: 1 ' � ; � ! 1 1 1 . � � : . � . . . � . � . � � , , � � � � � , � � � � � � 1' . � , . � . . . . .�, , . ,>. 1'' ' i �' 1; 1.. . #, . � � �; . �, . � � . � ; � ' i '' � . � . �. . . � . �.�'�ljl� l\�i�/ :; . _�►� r'i 1J-11'J�fl� * I � 1 1; 1 I . � . ; �. , , �. • �. - _ � . . � . . , -�' . • � . [ � •- . • � � ' � • !1 �• '' '� 1 !! . • � �� . � . .�• � �-. � � . � . •'�.r� - � !� � . • . • - '' - •. � •� . � • - . -� . ., - �. ! . , + 1 - . . r . � - � . - . -� . � •��-w' , � _# - -• , ' � � ° • !' . r ' � � , r • . . � . _ ��, � • . r • • . -- , - -, r w�- �- � • - . �� •. , �'� r•� � r ` . . .� . , � . � .�- . �. - -� • . r �� + t �� . -�' �- � � . ��- . . r . • • �. � 1 ',... � . ��'� � �� •: � � - ... ' '. � . ' • ...... 1 * ,, .... � .:.. � t 1. 1 � �.: . . ... �: . � ��. c'. � • # ',.. � � w �; .�. .. ... � � r ..,: � � # � � � A • .' ! . , ., � .. . � �' • � • ! ' � � . . � � * � � . . � . + . * . � _ . . � . . � � � • 1 . ' #` � ! . • '• • . _ �,' # . �,'� ,# . 1. . � ��# ., r #�.� �� - . .1'�� . ' .� 1 •�� . � �� '' � � . '' m �.... . _ , ....... � � ' � �,.. ' ! � � ' � � .. � ..... , a�.. a.. � . . � ' • ! � - ' ��- w�• _ . . r : + . � � . �� - . - - - ♦ , . �. � . . � . --� . � �� ..�� - � , � . + • • • . r ��- .• • • . � . c . • � . • � , � , . . . . � •' ' ! � . . � � . - � + - �, , • - . � . - - - • �� . � � + . , . . . � - � �� ~� - . + � � , - . - � . � - •� - - . � ; •; �• . � � � � ! `• ! �. � I1 �' ., � . . . •. +. . �r •. r :��, � ' . . - r . • � � � �; � . *- .'� r. U -• ' . � .�. � ;1 1 . . • -r -• •- � - - � �� -•, �� w + '` � • • �- • + + . ., , � � f" /� ` � 'I. �� • � ��: � � . ' w . - � _ . � � - • ' ��., : • • �- � . �-�. !. � . . � � i � � /, , , ,,,,, ,ir,�� . .//€`i ,i . , %� BEING � 0.8123-acre tract of land situated in the B.B.B. & C.R.R. Company Survey, Abstract No. 192, in the City of Denton, Denton Cqunty, Texas, and being all of a called 0.8123 tract of land as described in a deed to Jimmy C. Brown and wife, Sue H. Brown, and recorded in Document No. 93-34471 of the Real Property Records of Denton County, Texas (R.P.R.D.C.T,), and being more particularly described as fallows: BEGINNING at an "X" Cut set at the southeast corner of said 0.8123-acre tract, and located at the intersection of the existing north right of way line af Scripture Street (variable width R.O.W.), with the existing west right of way line o# Old Bonnie grae Street (a called 50.00 foot R.O.W.); 7HENCE North 89°17'27" West, departing the exisfiing west right of way line of said Old Bonnie Brae Street, and along the common existing north right of way line of said Scripture Street and the south line of said 0.8123-aere tract, a distance of 129.05 feet to an "X" Cut set at the south end of a corner clip located at the inters�ction with Bonnie Br�e Street (variable width R.O.W.); 7HENCE North 50°32'27" West, departing the existing north right of way line of said Scripture Street, and along said corner clip a distance of 15.60 feet to a 1/2-inch iron rod found at the inter5ection with the existing easterly right of way line of said Bonnie Brae Street, from which point a 3/4-inch iron rod found bears South 05°47'19" West, a distance of 0.44 feet; THENCE North 11°47'27" West, along the common existing e�sterly right of way line of said Bonnie Brae Street and the westerly line of said 0.8123-acre tract, a distance of 22.76 feet to a 1/2-inch iron rod found at the beginning of a tangent curve to th� right, having a radius of 337.01 feet, a central angle of 36°29'S4", and a Ghord bearing and distance of North 06°27'11" East, 211.07 feet, from which point a 3/4-inch iron rod found bears North 1 B°45'57" West, a distance of 0.34 feet; 7HENCE in a northeasterly direction, along the last stated common lin�, and said curve to the right, an arc distance of 294,68 feet to a 1/2-inch iron rod found at the northwest corner of said 0.8123-acre tract, and located in the southerly line of e called 32,684.11 square foot tract of land as described in a deed to the City of Qenton, Texas, and recorded in Valume 931, Page 798 (R.P,R.D.C.T.); THENCE South 89°17'27" East, departing the existing easterly right of way line of said Bonnie Brae Street, and along the common north line of said 0.8123-acre tract and the south line of said 32,664.11 square foot tract, a distance of 125.02 feet to a 3/8-inch iron rod found at the intersection with the existing west right of way line of said Old Bonnie Brae Street, from which point a 3/4-inch iron rod found bears North 24°26'38" West, a distance ofi 0.13 feet; TH�NCE South 00°42'33" We�t, departing the north line of said 32,684.11 square foot tract, and along the common �ast line of said 0.8123-acre tract and the existing west right of way line of said Old Bonnie Brae Street, a distance of 242.00 feet to the POINT OF BEGINNING, and containing 0.8123 acres of land, more or less. NOTE: This descripiiorr is based on a Lar�d Title Survey prepared by Marvin King, RPLS 5581, on September 10, 7018. Bearings are referenced ta Grid North of the Texas Coordinafe System of 1983 (North Gentral Zone 4202: NAD83 (2011) EPOCH 2O10) �s derived locally from Western Data Systems Continuously Operating Reference Sfation� (CORS) via Real Time Kinematic (RTK) methods. The distances shown hereon represent surface values utilizing an Average Combination Facfor vf 1.000950630 fo scale from grid to surface. .r a.,.,..�,�,.,......�......�.� � O o Lo U SCALE: 1" = 40' / / / �� . / , � �� , � �� ' ' OR CH BOU7FI eC "� C . Y, RG. 470 � P.R,D.C.T. 1�', y�� "�t BLOCK 1 � I � `•� I Q � � �; Q 1 .".KJ� fi�Ff �� SICiN " � . . 1 � �� '�� pN,aA,y, drM_ .. .. . �`'� � ^y�4f �� „��t ��.�� : � �— � � � �,, �ti�,� � �� , � �x � ,� � �� °� �� s �� .,� �� Y:�.Yia (�j°"r9'��'" ��"�V��i�a�� °�' '� xr �r��,�� m��:a i��9 �° � sr�or s�av �a-� �� s�aa� ��3 7/2' IRF (� i � i � I � , ! • C �•I I � i�J/�` >� 1 � r ( �i , ! � y�� , , .� � � �. , ��, ;, ,� , ,. .., ,.�:!�,., :.� � . ; ,. . . . : �r r !. � , .. , '�,... F "' ..., / 'A ....�, . I � ' � !, .; � M � �� • �, ��.. � �.�.x , ....., �,��____..... _ � ..�x..��____�.� � � �� r�:�� a�v� �, � �; � '� � ��'�, r��+m�a:aa li t� � �� '� w��ur �. � rrcroura� ' �, r.�r� seoN � ��p "' � �"1`. ..., y. �""' ",.. �� r s�v � raEs�nENce .�n ,� �,.�u�5'� `L.,��k?^°�.. �: / ,. �4" I B 3 / �'e°assr w, n.aaa / � aroN � �r�a�rt�vr� wut �d �M*. /� � S 112' �8i � �. �� ,�4d�PP��rd� '"�� '� =. °�.' `""�" �Fi�9�-.� .r.^ ^�^^�i�^� — �� iY�ft L^'°�lda'�a`V' Por referen�a pur'Po anly �aur� �d" tlI�N� ��AI�� " """ �� i��_ �.� does naP r��sreseaaf a��und�ry Survep. S�e ��,��"�� 0.�° ALT�flACS/� Lnad Tdtle SUrv�y prepered by �� hRanrin King, f2 P L.S. ? on S�pP�mber ��`$ f 0, 201 B lar actuaf survey inforrna6on �� A^�� """° � SEr fcK �+'ALL �� '7'�` .. . dd�'G�F . DRA�E � � �%�'�' � � � � . �� ' ,� ' � i 7i�AN �,�'''� �"PC'l,�d»a, .��., .^ � � t C�urc" "`�Ti s° - SV'�'2JN ��n��+�'�" �"`–[;�+F�diV"'"��'� 4i9r�d'3 Y : � .� � ,��.. �� ziN� �' � � � ��.q,r�� .��.� � ��: � � � �� .��' N �t�`��^�w�r �'�.w�' (VARlABLE WIDTH RlGWT-OF-WA1� N.�� d �N��7^�a *'UW� ��.��" CURVE TABLE C�4Jyrv �. �� '�„�:;„'�qI ��y��y�' ry p��y ��(p�µ�y ��y�F��ym�yE.�,y��q�F�l�E»�C3 ��h9��'yLq) I�q,.,ry��nT�N ....,bw� �#�.iFJFIr ..,.��mk��.4✓�1� m1mF��RB�,� �lSJ'4dM�Y��pN�i'�.�.. ..... AG,11\�Pw...... m� 1 ��, � 1317 CeMre Place Cdvo, Sula 31'0 p�nlan,Taxa�76:05 ° V�0.8B9.4177 y�h 9AO.�B'J.90Z6 fR .trtpint.eam � , , T.B.P.L�.B. Firm Na.tODtY661 � . J�'i r�x �,�� nif � r�i l�,r � � � , • �- /-