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21-549
ORDINANCE NO. 21-549 AN ORDINANCE OF THE CITY OF DENTON AUTHORIZING THE INTERIM CITY MANAGER TO EXECUTE A LISTING AGREEMENT WITH AXIS REALTY GROUP OF DENTON, INC. AND THE DENTON CHAMBER OF COMMERCE FOR THE SALE OF CERTAIN REAL PROPERTY AND IMPROVEMENTS COMPRISED OF A 0.449 ACRE TRACT LOCATED AT 414 WEST PARKWAY STREET, DENTON, TEXAS; AND PROVIDING AN EFFECTIVE DATE. WHEREAS, the City of Denton (the “City”) owns certain real property comprised of a 0.449 acre tract located at 414 W. Parkway St., Denton, Texas (the “Property”), as more specifically described and shown on Exhibit “A“ to the Listing Agreement defined hereafter and attached hereto; and WHEREAS, the City and the Denton Chamber of Commerce (the “Chamber”) entered into a ground lease for the Property, as amended, expiring August 31, 2048, and providing the right for the Chamber to construct a building and related improvements on the Property for its activities (the “Improvements”) and to own the Improvements during the term of the Chamber Lease (the “Chamber Lease”); and WHEREAS, the Chamber Lease provides that at the end of the term of the Chamber Lease, the Chamber’s ownership of the Improvements will end and the City will acquire full ownership of the Improvements free and clear of any indebtedness or obligations; and WHEREAS, the City and the Chamber desire to enter into a listing agreement in the form attached hereto as Attachment 1, and made a part hereof for all purposes, with Axis Realty Group of Denton, Inc., a real estate broker, to list for sale the Property and Improvements (the “Listing Agreement”); and WHEREAS, the Chamber is relocating its activities pursuant to a new lease with the City for space in the City’s Development Services building, and intends to terminate the Chamber Lease and relinquish its remaining leasehold interest in the Chamber Lease, including its ownership in the Improvements, prior to the closing of any sale of the Property and Improvements in exchange for receiving an allocation of the proceeds from the sale of the Property and Improvements in accordance with the Listing Agreement; and WHEREAS, the Chamber desires to list and sell, pursuant to a separate listing agreement with Axis Realty Group of Denton, Inc., two adjacent tracts, including a parking lot locally known as 413 West Congress St., Denton, Texas, owned by the Chamber (both tracts together herein called the “Additional Parking Tract”); and WHEREAS, the City and Chamber desire that the Property, Improvements, and the Additional Parking Tract be marketed together for a combined listing price of $995,000.00 pursuant to the terms of the Listing Agreement; and WHEREAS, City Council finds it is in the public interest to list the Property and Improvements for sale pursuant to the Listing Agreement; 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 as true and as if fully set forth in the body of this Ordinance. SECTION 2. The Interim City Manager, or her designee, is hereby authorized to execute the Listing Agreement on behalf of the City. SECTION 3. The Interim City Manager, or her designee, is further authorized to carry out all duties and responsibilities of the City pursuant to the Listing Agreement. SECTION 4. This Ordinance shall become effective immediately upon its passage and approval. The motion to approve this Ordinance was made by Mara +tO as WIL and seconded by -5e55P Da U iS . Th, O,di„,„„ w„ p„„d ,„d ,pp„„,d by th, following vote k - b: Ab, \// \// / V‘ Nay Abstain Absent Gerard Hudspeth, Mayor: Birdia Johnson, District 1 : Connie Baker, District 2: Jesse Davis. District 3 : John Ryan, District 4: Deb Armintor, At Large Place 5 : Paul Meltzer, At Large Place 6: \/ PASSED AND APPROVED thi, th, a3£dd,y ,f N\ah , 2021. m6SPEA ATTEST: ROSA RIOS, CITY SECRETARY ,11111111 . ZZ?/g ._ air? ? APPROVED AS TO LEGAL FORM: AARON LEAL, CITY ATTORNEY Attachment 1 AxIs Realty Group NORTH TEXAS COMMERCIAL ASSOCIATION OF REALTORS® EXCLUSIVE LISTING AGREEMENT FOR SALE OR LEASE This Agreement is entered into by the undersigned owner(s) (the "Owner") and broker (the "Broker") regarding the property described as 414 W Parkway $t, Dqntc,in, TX 76201 in Denton County, Texas, or as may be more particularly desaibed on any attached Exhibit "A", SURVEY AND/OR LEGAL DESCRIPTION, together with the improvements located upon he property and owned by Owner (collectively, the "Property"). Owner desires to retain the services of Broker to help Owner sell and/or lease the Property. For valuable consideration, Owner and Broker agree as follows: 1. Appointment. Owner appoints Broker as Owner’s agent for the Term (defined below), upon the terms and condition; in this Agreement, with 'the exclusive right to list and [check all appIIcable boxes] X sell the Property, and/or [] lease the Property. Broker will assist Owner in the marketing of the Property and in the negotiating of a sale or lease agreement with any prospective purchaser or tenant (the "Prospect"). Broker may cany out Broker' s duties under this Agreement through Broker's sales associates and other brokers ("Cooperating Brokers"). The term "sale" as used in this Agreement includes an exchange. 2. Listing Term. The term of this Agreement (the -Term") commences on its execution and will expire on September 30, 2021 _ (the "Expiration Date"). 3. Listing Price for Sale. The listing sales price of the Property is $ see ExhIbIt E 4. LIsting Rent and Terms for Lease. The listing rental and terms of the Property for lease are: Unless Owner agrees otherwise in a written lease, Owner will pay the following expenses [check all applicable boxes]'. full services provided to tenant; [] real estate taxes; [] property insurance premiums; [] common area maintenance:maintenance of roof, foundati& and structural soundness: []all utilities; []utilities except electricity; or none (absolute net lease).H 5. Professional Service Fee. a. Owner agrees to pay Broker a professional service fee (the "Fee") as set forth below [check all applicable boxes]: [X](1)Sale. (A) SIx PoInt Zero percent ( 6.000 %) of the Sales Price of the Property; or (B) $ . The term "Sales PrIce" means the gross sales price of the Property, including the value of any other property given in exchange. Owner shall pay the Fee or muse the Fee to be paid to Broker at the closing of the sale. D (ii) Lease.(A) the aggregate rental provided in the lease (the "Rental"); or (B) $ Owner shall pay the Fee or cause the Fee to be paid to Broker: [] one-half upon execution of a lease agreement and oneha# upon possession of the Property by the Prospect; or Kg1 - = If the Property is leased to a Prospect procured by a Cooperating Brcker, then the Fee will be increased to 150% of the amount specified above. percent (%) of b. The Fee is payable in the county in which the Property is located. Execution by the Owner of a contract or lease on any pHce1 rental or terms other than as listed in this Agreement will not preclude Broker from collecting the Fee based upon the actual price or rental. Owner will pay the Fee upon the sale, exchange, lease or transfer EX£LU$1M[LISIINQAGREEUENI ©Copyright 2014 NTCAR Form No. 4 (7-22-14) ==::CnHO’ :12 & tIn Ind InteR LIned with afmdB by zipL©x 19070 FInE # Ptwu 940.191.2947 F•x 940191.2948 We Road. Fn8€r. MieHgm 4H326 HMHLlgdLJZtIIZaRD 414 W Pat+ma) . of a legal or equitable interest in the Property (includIng a contract for deed) to a Prospect during the Term or durIng the Protection Period. In the event of an exchange of the Property, Broker may receive a professional service fee korn each of the parties to the transaction, and the amount of the Fee paid by Owner pursuant to any exchange will be determined by the greater of the listing sales price or the agreed value of the Property as set forth in the exchange agreement Owner authorizes any title company escrow officer, or any other per90n handling the dosing of any transactbn. to pay the Fee directly to Broker out of the proceeds at the closing. 6. Protac6on PerIod. As to transactions that close after the ExpIratIon Date, Owner will pay the Fee to Brokw upon the closing of a transaction with a Listed Prospect (defined below) if, within 180 days aRe- the Expiration Date (the "ProtectIon PerIod"), Owner (i) executes a aonbact af sale or exchange; (ii) executes a lease agreemenk or (iI) oaterwise agrees to transfer 8ny legal or equitable interest in the Property to a Listed Pr3specit. TIe term "LIsted Prospect" means a Prospect named wi a written list of Prospects with whom Broker has had contact, not to exceed 20 names, delivered to Owner within 10 days after the Exphation Date, provided Broker (or a Cooperating Broker) during the Term: O) procured the Prospect; 01) engaged in negoUaUons with the Prospect; or ait) showed the Property to the Prospect If there is a pending agreement to sell or lease the Property (a "Pending TransactIon") betwnn Owner and a Prospect, includIng a conUngenw oontract or an option agreement, and the Pending Transaction has ncH been closed and funded before the Expiration Date, then this Agreement will remain in effect as to the Pending Transadion until the earlier oF a) #re Pending Transaction closes and the Fee is paid to Broker; or (ii) the Pending Transaction expires or is terminated, and is not renewed or reInstated. The prospective purchaser or tenant in any Pending TransactIon will automatlally be deemed to be a Usted Prospect, in additIon to any that mIght be set forth on any list of Prospects Broker may deliver to owner. If Owner enters Into a listing agreement with another real estate broker with respec: to the Property after the ExpIration Date, then Owner shall exclude the Listed Prospects from the other broker's listing agreement during the ProtectIon Period. 7.Lease Renewal, Expansion or Sale. aa Renewal or ExpansIon. Owner shall pay to Broker an additional professional service Fee covering the full period of any renewal, expansion, or new lease if, pursuant to the terms of any lease executed by Owner and a Prosped for all or part of the Property (the "Lease") the Prospect, or the Prospufs successors or assigns under the Lease: a) exercises any right to renew the term of the Lease (whether contained in the Lease or in any amendment or other agreement); (ii) enters into a new lease with Owner for all or part of the Property; or (Iii) enters Into any lease, expansion, renewal or other rental agreement with Owner demi sing to the Prospect, or the Prospects successors or assigns, any premises or property located on or constitutIng any part of any parcel of property owned by Owner adjacent to the Property or in the same buIlding or project as the premises covered by the Lease. The additional Fee will be payable to Broker on the date of Fnssesslon of the premises or property (or the additIonal premises or property) by the Prospect, or the Prospect's successors or assigns. The additional Fee will be computed on the same basis as provided in $egjitm $ above as if a new lease had been made for the additional period of time and/or premIses. b,Sale to Tenant. K a tenant who was a Prospect under this Agreement, or a successor or assignee, purchases the Property at any time, whether pursuant to a purchase optIon contained in the Lease or otherwise, then Owner shall pay to Broker, at the closing of the sale, a professional servIce fee in cash equal to percent ( %) of the Sales Price. 8. Owner’s RepresentatIons. Owner represents to Broker and agrees as follows: a. THe. Owner: (i) is the sale fee simple owner of the Property; (ii) is authorized and has the capacity to execute and deliver this Agreement; (iii) has the right and authority to convey good and indefeaslble title to the Property; and ( tv) has the right and authority to sell and lease the Property. b. Legal ActIon. Own© shdl nanO Broker in wrtUng tf any actions are brought, or Owner receives any written noHces pertaining to, any foredosures, lien claIms, litigation, or condemnation proceedings with respect to the Property or any part of the Property. EXGLySiWLiSIiNaAGREEMENI ©CWyrlght 2014 NTCAR Form No. 4 (722-14) W Prodnd win 2JPFan© by apL®tx IKRO Finem Mle Road, FlasH Mk;Moan 40(126 wa 414 W Pad#ww. $ # h02ardoua oubstonoe in violation of applicable lows and regulation9. d. CooperatIon. Owner shall refer all inquiries about the Property to Broker, and Owner shall conduct negotiations with Prospects through Broker. e8 IndemnIty. Owner shall defend and indemnify Broker, Broker's sales associates and subagents against any liability and expense (including, but not limited to, reasonable attorney's fees) due to: (i) acts of third parties; (ii) death of, or personal injury to, any person on the Property; (iii) loss or damage to any personal or real property; (iv) vandalism, theft, accident, or casualty; (v) any incomplete, incorrect, misleading or inaccurate information furnished by Owner about the Property; (vi) concealment by Owner of any material information about the Property; and (vii) any other cause of damage or loss arising out of the marketing, showing, sale or lease of the Property, except for Broker’s gross negligence or willful misconduct. C Expenses. Owner will promptly pay, or reimburse Broker for, those expenses incurred by Broker on behalf of Owner in advertising and marketing the Property that are specifically authorized by Owner, after receipt by Owner of a written statement of the authorized expenses. 9. Cooperating Brokers. Owner authorizes Broker to cooperate with and use the services of Cooperating Brokers and their sales associates from time to time. Broker may share a portion of the Fee with Cooperating Brokers, including Cooperating Brokers who may be acting as agents for Prospects. Owner shall pay the fuN annunt of the Fee to Broker, and Broker may divide the Fee with Cooperating Brokers in proportions determined by Broker. 10. Broker-s AuthorIty. 8. Broker will use such marketing techniques and devote such time and effort on Owner's behalf as Broker reasonably deems appropriate and neCessary to attempt to achieve the timely sale or lease of the Property. Owner gives Broker the exclusive right to place advertising signs on the Property ald to remove all other real estate signs. Owner authorizes Broker to list the Property in a computer network. b. Broker is authorized to enter upon the Property at reasonable times to show the Property to Prospects, Cooperating Brokers, inspectors, agents and contractors c. Broker may use the listing information, Sales Price, Rental and terms information for Broker’s market evaluation, networking and appraisal purposes, and for disclosing to other persons as Broker may deem desirable, including disclosing the information in a computer network. +BRed}a Inchlp+ it- 11. 4h Miscellaneous. ae NotIces. Any noHce under this Agreement must be in writing and will be deemed ddivered on the earlier of: (i) actual receipt, if delivered in person or by messenger with evidence of delivery; (ii) receipt of a fae9imile ("Fax") with eonfirmotion of delivery; or (ii) upon deposit with the Unled States Postal Service, mail, return receIpt requested, postage prepaid, and property addressed to the intended recipient at the address set forth below. !!: iT:: b] Owner also consents to receive any notices by email. [8 Broker also consents to receive any notices by email. £X£LySly£Ll$11NQAGBEEMENI ©Copyrlght 20r4 NTCAR Form No. 4 (7'22-14) RDchGed wah zipFamO by zlpLoglx 18070 FIR€ea MIle Road. Fraser, MIchIgan 4H)26 M£2Lgaxagin 414 W ParkvaJ . Either party may change its address for noH a purposes by delivering written node of Rs new adcbess to the other party in the manner set forth above. b.RIght to Claim a LIen. Pursuant to Chapter 62 of the Texas Property Code, Broke- discloses Braker' s right to claim a lien based on this Agreement. Owner wIll Include a provision in any Lease as to which Broker is enUtled to a Fee pursuant to this Agreement that confirms the agreement to pay the Fee to Broker. Ce LlmltaUon of LIabIIIty. Broker's liability for Broker's breach of this Agreement, negligence, or otherwise, is iimKed to the return of the Fee, if any, paid to Broker pursuant to this Agreement. d.OptIons. If Owner enters into an option agreement to sell or lease aU or part of Ihe Property to a Prospect during the Term or during the Protection Period , and Owner collects pyments as onsideration for the optIon, then Owner shall pay to Broker, as option payments are receIved, a commissIon (the "Option CommIssIon") in Me amount of onethird (1/3) of each option payment as compensation earned by Broker for services rendered under this Agreement. Ttre Optbn CommIssIon will be norbrefundable if the Prospect does not exercIse he opUon, but if the Prospect exercises the option then the sum of the Option Commission paid to Broker win be credited toward Owner's obligation to pay the Fee to Brci<er upon the sale or lease of the Property en Transfer of Interest in Owner. If Owner is a coporation, IImited liability company, partnership or other entity, and the Property constitutes substantially all of the assets of Owner, then a transfer of a majority of the stock or oMer ownershIp interest in the entIty will constItute a sale for purposes of this Agreement. and Owner shall pay the Fee to Broker based upon the value of the consideration given for the owrership interest transferred. Tbis Agreement will continue in force after any such transfer, but the amount of any Fee paid to Broker as a re sun of any such transfer will be credited to the Fee payable to Broker upon any subsequent sale of the Property f. g # Related Persons. For purposes of this Agreement, any person or entity related to a Prospect or a Listed Prospect by family or business relationship will also be deemed to be a Prospect or Listed Prospect Legal Expenses. The prevailing party in any legal proceeding brought in relation tc this Agreement is entitled to recover from the other party reasonable attorneys' fees, pre-judgment interest as allowed by law, and costs of collection, in addition to the Fee and any other recovery the prevailing party may 3e entitled to receive, he Severabiliw. If any provision of thIs Agreement is bund by a court to be invalid or unenforceable, then the invalid or unenforceable prwision will be deemed to be deleted from this Agreement, and the remainder of this Agreement will continue to be vaIId and enforceable. 1.Binding Effect. This Agreement is bInding upon and for the benefit of the parties to this Agreement and their succ.essors1 heirs and permitted assigns. This Agreement may not be assigned by either party without the written consent of the other party. This Agreement cannot be modIfied or terminated except by a wrItten agreement executed by both parties. Each party acknowledges that they have reac this Agreement and have had an opportunity to revIew it wIth an attorney of theIr choice. J. k. Governing Law. Tbis Agreement will be governed by the laws of the State of Texas. Description of Property, if a more acalrate descrIptIon of the Property is set forth in any contract or Lease executed by Owner and any Prospect, or in any survey prepared pursuant to any contract or Lease, then the more accurate description will be deemed to be incorporated in thIs Agreement as the description of the Property, 1.InformatIon About Brokerage ServIces. Owner acknowledges receipt of the Information About Brokerage Services form attached to this Agreement as Fxhlblt "q ". EXCLUSIVE LI$TING AGREEMENT ©CopyHght 2014 NTCAR Farm No. 4 (742-14) ProducedwihdpFaw©by zitoOk laY70 FIReen URe Roall Fn8er. Mic+lgm48Q26 wwIiebB&gall 414 W PHtn© o # Wa onbeaKeehe+M®WB n. Exhibits. Any exhibits and addenda attached to this Agreement are incorporated as a part of this Agreement: aT Exhibit "N' - Survey and/or Legal Description n’HZ Exhibit "B" -btwnedia£Wd3$on8HpJWtwh@ Drainage Easement PF ExhIbIt "C" - Information About Brokerage Services ZHI Exhibit ''D" Dtoolooure Notioo Intentionally Omitted Bhit#! E - Listing Sales Price (Allocation Spreadsheet)Provisions. a. The Property is beIng IIsted and sold together wIth certaIn property owned by the Denton Chamber of Commerce known locally as 413 W. Congress, Denton, Texas (the “Chamber Property”) and the parties agree that the Property may not be sold apart from the Chamber Property unless agreed to in wrItIng by the CIty. The Property and the Chamber Property are Illustrated in ExhIbit E. b. The Property is being listed and will be conveyed subject to the CIty's reservatIon of an easement a8 descrIbed in ExhIbIt B. c. SectIon 8.aO) the word “solo” shall be deemed to be deleted unless and until the Denton Chamber of Commerce has terminated its lease on the Property. Upon the termInatIon of such lease on the Property, the Denton Chambor of Commerce shall no longer be an "Owner" under this Agreement. d. The Property is beIng IIsted and wIll bo conveyed “AS IS, WHERE IS" and the parties to tNs Agreement acknowledge that the CIty of Denton makes no representatIons, dIsclosures or exprus or ImpIIed warrantIes with respect to the condItIon of the Property or of any buildIngs or improvements thereon. SerIous Prospects and Buyers wIll be afforded the opportunIty to conduct reasonable due diligence, includIng Inspections, on the Property e. WIth respect to the CIty of Denton, Section 8.e. shall only apply to the extent permItted by appIIcable law and the provIsions of SectIon 8.e. shall be subject to any limItations on the amount of IIabIIIty and on the types of damages that may be awarded under applicable Texas law. t NothIng in thIs Agreement shall operate as, or be construed to be, a waIver of the CIty of Denton’s governmental Immunity or of any defenses or IImItations on IIabIIIty the CIty of Denton may be afforded under Texas Law. The CIty of Denton retains its governmental Immunity for any and all purposes in connection with thIs Agreement, IncludIng with respect to any and all claIms and remedIes. E 1 ex}opyright 2014 NTCAR FOrm No. 4 (7.22-14) W Produced with dpForm8 by 2lpLaglx IH)70 Flnwl UHe Road. Fraser. Mlctvgan 48Q26 D 414 W Parkway . ThIs Agreement is effective on the last date beneath the signatures below. OWNER:BROKER: By [SFgnafurel JIVA LeE Printed Name:a DTitle V'i FaTjIg frYKfnAddress: C2 /Phone F) Fax: 3Date 0 By [Signatunl: Printed Name: Alex Title: Owner / Broker CVn lea .jy Iba-fR Address: 212 S Elm St Denton, TX 76201 Telephone: (940)891.2947 Fax: Date:’ill?/2 ( OWNER: By ISignature1, Printed Name: jeff Reecer Title: Chnirrnan of the Board Address: Phone: PERMISSION TO USE: TtUs form is provided for use by members of the North Texas CommercIal As$odabon of ReaRors®. Inc. (-NTtAR'l. members of the North Texas Canmercial Association of Re81 Estate Prvfessbn8ts. Inc.. and other licensed users of an NTCAR e+ectnnic forms system. PermissIon is given to make lintRed copies of the current version of this form for use in a particular Texas real estate transaction. Please contact the NTCAR office to confirm you are using the current version of this form. Mass pmductbn, or repn>duction for enb. is not allowed without express permission. Any changes to this font must be made in a manner that is obvious. If any words are deleted. they must be lee in the form with a line dnv/n through them if changes are mech that are nof abv}aus. the person who made the change couU be subject to a claim of fraud or misnpresentatbn kx passing off an altered form as if it were the gFnuine NTCAFI farm. EXCLy$1VE LISTING AGREEMENT GEopyright 2014 NTCAR Form No. 4 (7-22-14) Prcxltx3d with zbFormOby zipLogix 18070 FtReen hale Rod. Fraser. ASdion 4a128 MULMMgaII 414 W P4rkwzJ . EXHIBIT “A" LEGAL DESCRIPTION BEING a o.ag acre traci of land sItuated in the Robert Beaumont Survey, Abstract No. 31 and the WIlliam NeIll Survey, Abstract No. 971, City of Denton, Denton County, Texas, and b&ng known as a pad of Lots 6 and 8, Block 1 per the Plat of Bartys AdditIon, a9 recorded in Volume Q, Pages 136 and 137 of the Deed R8aoNJs of Denton County, Texas, and also bing a part of that certain tract of land described in a Warranty Deed to the City of Denton, Texas, as reoord9d in Volume 572, Page 262 of the Deed RmaIds of Denton County, Texas, and being more particularly desaibed as follows: COMMENCING at a 112 Inch iron rod found for the Southeast earner of a called 0.258 acre tract of land described in a Deed to UnIted Through H.O.P.E. Inc., as recorded in Document No. 2015-114949 of the OfficIal Reoords of Denton County, Texas, same being the intersection of the West Bre of Bolivar Street (50' dghtof-way) WIth the North IIne of Parkway Street (a variable width right-of-way), from whIch a 1/2 inch iron rod capped -RPLS 4561" found for the North@ st oorner of saId 0.258 ace tract bears North 00'39'34- East a distance cf 74.97 feel; THENCE South 88%4’42- West along the North line of said Parkway Street, for a distance of 150.09 feet to a point for the Southeast corner of a called 1.37 acre tract of land ducdbed in a Deed to Adam C. Burkett, as recorded in Document No. 2004-5898 of the OfficIal Records of Denton County, Texas; THENCE North 87'44'21- West continuing along the North line of $akI Parkway Street, for a distanee of 56.57 feet to a 60d naII found for an angle poInt in the South line of saN 1.37 acre tracq THENCE North 80'32'16- West oontinuing along the North line of said Parkway Street, for a distance of 30.60 feet to a 80d nail R>und for the most Southerly SorRhwe st aorner af saId 1.37 acre tract; THENCE North 75'08'22- West continuing along the North line of said Parkway Street, for a distance of 70.93 feet to a 5/8 inch iron rod capped 'TNP- set for the POINT OF BEGINNING for the hereIn described tract THENCE North 72'2S'02" West continuing along the North IIne of sakJ Parkway Street, for a distance of 81 .46 feet to a 5/8 inch iron rod capped -TNP” set for the begInning of a curve to the leg; THENCE in a Northw8sterly direction, continuIng along the North line of said Parkway Street, and along said curve to the IeP having a central angle of 12'11'36-, a radius of 585.00 feet, a chord bearing of North 78'30'5 CP West, a chord distanoe af 124.26 feet and an arc length of 124.50 feet to an -X- cut in concrete set for the end at said curve: THENCE North 84'36'38- West continuIng along the North IIne of said Parkway Stroet, for a distan08 of 35.71 feet to a 5/8 inch iron rod capped 'TNP set for the South end of a flare in the East line of Carroll Boulevard (a vaaatHe wklb rigt-af-way); THENCE North 25'20'34- West along said flare in the East line of said Carroll Boulevard, for 8 distance of 23.11 feet to a 5/8 inch Iron rod capped -TNP set for the North end of said flare; THENCE North OO'OO'19- East along the East IIne of said Carroll Boulevard, for a distance of 78.59 feet to a M Inch iron rod capped -TNP" set for cornec THENCE North 9C'0(YOCY East departing the East line of said CarroN Boulevard, for a distance of 20.09 foot to a 5/8 Inch hon rod capped -TNP- set for comeR THENCE South 83'53'14- East for a distanoe of 87.21 feet to a 5/8 inch Iron rod capped -TNP- set for the begInning of a non.tangent curve to the right; DEN2tB22 - Chamber of Colllm8RIe SOle TIBet Page 1 of 3 # THENCE in a Southeastorty direction, along said non-tangent curve to Ihe right having a central angle of 02'45'OO-, a radius of 254.00 foot, a chord baadng of South 63'0CY41- East, a chord distance of 12.19 foot and an arc length of 1 2.19 feet to a 5/8 Inch iron rod capped 'TNP- set for the end of said curve: THENCE South 83'36'51- East for a distanoe of 11.47 feet to a 5/8 inch Iron rod capped -TNP- set for corner: THENCE South 06'22'29" West for a distance of 4.96 feet to a 5/8 inch iron rod cappod -TNP- set for the beginning of a non.tangent wwe to the right; THENCE in a Southeastedy direction, along saId non-tangent curve to the right having a 08ntral angle of 25'’0701-, a radIus of 254.00 feet, a chord bearing of South 46'15'33- East, a chord distance of 110.46 feet and an arc length of 1 1 1.35 feet to a 5/8 inch iron rod capped 'TNP" set for the end of said curve; THENCE South 33'42'02- East for a distance of 65.86 feet to the POINT OF BEGINNING, and containIng 0,449 acres of land, more or less. NOTES: f.Bearings are r8forenc8d to Grid North of tho Texas Coorx#nate System of 1983 {North C6nk81 Zorro 4202.' NAD83 {201 I} EPOCH 2010) as derived locally from RTK Network continuously operating nf8ronoe stations (CORS) via r08J time kin8m8Hc (RTK) survey methods. The distances shown heroon represent surface values uOlizing a surface adjustment Factor of I .000150630 to sea/o from grid to surface. 2.This legal desaipt ion is based on the Land nIe Survey and Plat prepared by Todd B. Tumor, R.P.L.S. No. 4859, dated December 21, 2020. no m. TuI ’P.L,i. No. 4859 nunn= Teague NaII & PerkIns, Inc. 3200 S. Interstate 35E, Suite 1429 Denton, Texas 76210 940.3834177 Date: December 21, 2020 #’ DEN20522 - Chamber of Commerce Sale Tract Page 2 d3 133815 UVAll08 VM-iJO'IH£)IU lag W sg oTT !!gig : 888 !!Z 8 O ChInIqI d ii ;;;!-q q 9 q ! ! ! q + re + q q AHItrI;gg: lae B ! !iilaHi!h.a !!U I k Out iTi IB 3 1: + g ;gJ + + q + q• auvA31rt08 110UUVO y eXHIBIT “B" DRAIHAGE EASEMENT BEING a 0.126 acre &act of land sItuated in the Rotnrt Beaumont Survey, Abstract No. 31 and the WIlliam Neill Swvey, Abstract No. 971, City of Denton, Dental County, Texas, and boing known as a part of Lot 6, Bkx;k 1 per the Plat of Barb's Addition, as recorded in Volume Q, Pages 136 and 137 of the Dead Racards of Denton County, Texas, and also being a part of that codain tract of land described in a Warranty Deed to the City of Denton, Texas, as nconJed in V(Hume 572, Page 262 of the Dud R800rd8 of Denton County, Tox8s, and being more p8diculady described as follows: COMMENCING at 8 1/2 inch iron rod found for the Southeast oorn8r of a called 0.258 acrB tract of land described in a Deed to UnIted Through H.O.P.E. Inc., as recorded in Dowment No. 201&114949 of the Official Records of Denton County, Texas, same being the int8rsocRion of the West IIne of Bolivar Street (50' right-of-way) with the North line of Parkway Street (8 variable width Hghtnf-way). from which a 1/2 Inch iron rod capped -FtPLS 4561- found for the North8ast umar of said 0,258 acre tract bears North 00'39'34- East a distance of 74.97 feet, THENCE South 88'24'42- West dong the North lino of said Parkway Street, for a distance of 150.09 feet to a point for the Southeast corner of a called 1.37 acre tract of land described in a D8ed to Adam C. Burkett, as rBCorded in Ooournent No. 20(U-5898 of the Official R80cxds of Denton County. Texas; THENCE North 87'4'f21- West wntinuing along the North line of said Parkway Street, for a distance of 56.57 feet to a 6CH nail found for an angle point in the South line of said 1.37 acre tract; THENCE North 80'32'16- West continuing along the North line of Md Parkway Street, for a distance of 30.60 foot to a 60d nail found for the most Southerly Southwest eom8r of said 1.37 acre tract; THENCE North 75'08'2Z West oonlinuing along the Noah line of said Parkway StInt, for a distance of 70.93 feet to a 5/8 inch iron rod capped TNP sat for the POINT OF BEGINNING for the heroin desaibed tract; THENCE Noah 72'25'0Z' West continuing along the North line of said Parkway Shoot, for a distance of 81.46 feet to a 5/8 inch iron rod capp8d TNP- set for the beginning of a curve to the left; THENCE in a Northwestedy direction, continuIng along the North line of said Parkway Street, and along said curve with a cuive to the left havhg o c8ntral 8ng8 af 01'18'42-, a radius of 585.00 feet, a chord bearing of North 73'{)+'23- West. a chord distanc6 af 13.39 f8et, and an arc length of 13.39 feet to a point for comer: THENCE North 14'Q8'56- West departing the North line of said Parkway Street, for a di8tance of la 5.86 feet to a 5/8 inch iron rod capped -TNP- set for the beginning of a non-tangent curve to the right; THENCE in a Southea$t8dy direction, along said non-tangent curve to the right having a central angle of 25'07'01-. a radius of 29+.00 foot, a chord bearing of South 46'lS33' East, a chord distance of 110.46 foot and an arc long WI of 111.35 foot to a 5/8 inch iron nd capped TNP- S8t fcx the end of said curve: THENCE South 33'42'02- East for a distance of 65.86 feet to the POINT OF BEGINNING, and oonbining 0.126 acres of land. amro or Ms. NOTES: 1.B88dng s an referenced to Grid North of the Texas Ccxrrrllnafo System of 1983 {North Central Zone 4202: NAD83 (201 t) EPOCH 2010} as derivuI locally Iron RTK Network ccxrtintnusly operating reforenae stations (CORS) via re81lnFg kinematic (RTK) suIVey methods' The c#stances stwwn henan npmsonl surface v8tues utiIIzing a surfno adjustment factor of 1.00015C1630 to scale bom grid to surface. this legal cbscripHon. Soo Page 2 of 2. a#,m4 T68gu8 N8ll & Perkins, Inc. 3200 S. Interstate 35E, Suite 1 129 Denton. Texas 76210 94G38b4177 Date: D8c8mtnr 21, 2020 W DEN20522 - Drainage E&$omont Page 1 cf 2 J ;; laIUIS uvA110a b + g E ! i : g B gEE ii gP B% {\\ <Og I- g: gigi ggg a g g-gg? CVb f g g a i It! g i i g ib i }el qC !I ? y-! Bg I {}:,ii ;3 J ;gd !!!BIg a AL) iii Eg' I I d iiI Baa+g +1 auvA31fl08 110UUVO (AVM-3VIH91U HraIM 31WIUVA> g $( I!\ x i111H ]F1:AEIiI I Iy 1G111t r o u P aH /h hr J BIrdI/a Information About Brokerage Services Texas law requires all real estate licensees to give the following information about brokerage services to prospective buyers, tenants, sellers and landlords. 11 /2/2015 tDUA tlOUgACIPIU TYPES OF REAL ESTATE LICENSE HOLDERS: • A BROKER is responsible for aH brokerage activities, including acts performed by sales agents sponsored by the broker. • A SALES AGENT must be sponsored by a broker and works with clients on behalf of the broker. A BROKER'S haNIMUM DUTIES REQUIRED BY LAW (A client is the person or party that the broker represents); • Put the interests of the client above all others, including the broker’s own interests; • Inform the client or any material information about the property or transaction received by the broker; • Answer the clients questions and present any after to or counteruffer frun the client; and • Treat all parties to a real estate transaction honestly and fairly. A LICENSE HOLDER CAN REPRESENT A PARTY IN A REAL ESTATE TRANSACTION: AS AGENT FOR OWNER (SELLER/LANDLORD): The broker becomes the property awner’s agent through an agreement with the owner. usually in a written listing to sell or property management agreement. An owner's agent must perform the broker’s mlnlmurn duties above and must inform the owner of any material information about the property or transaction known by the agent, including information disclosed to the agent or subagent by the buyer or buyer’s agent. AS AGENT FOR BUYER/TENANT: The broker becomes the buyer/tenant's agent by agreeing to represent the buyer, usually through a wrItten representaUon agnorIent. A buyer’s agent must perform tha broker’s minimum duties above and must inform the buyer of any materIal information about the property or transaction known by the agent. including information disclosed to the agent by the seller or seller’s agent AS AGENT FOR BOTH n INTERMEDIARY: To act as an intermediary between the parties the broker must first obtain the written agreement of each party to no transaction. The written agreement must state who will pay the broker and, in conspicuous bold or underlined pant, set forth the brokers obligations as an intermediary. A broker who acts as an intermediary: • Must treat all parties to the transaction imparlhW and fairly; • May, with the parges' written consent appoint a different license holder associated with the broker to each party (owner and buyer) to communicate with, provide opinions and advice to. and afry out the instructions of each party to the transaction • Must noc IInkSS spedfically authorized in writing to do so by the party. disclose: o that the owner wHI acoept a price less than the written asking price: a hat the buyer/tenant wiI pay a price greater than the pace submitted in a written offer and o any coincidental information or any other information that a party specifically instructs the broker in writing not to disclose, unless required to do so by law. AS suBAGENT: A license holder acts as a subagent when aiding a buyer in a transaction without an agreement to represent the buyer. A subagent can assist the buyer but does not represent the buyer and must place the Interests of the owner first TO AVOID DISPUTES, ALL AGREEMENTS BETWEEN YOU AND A BROKER SHOULD BE IN WRITING AND CLEARLY ESTA8USH: • The brokers dutIes and responsibilitIes to you, and your obligations under the representation agreement. • Wro will pay the broker fOr services provided to you. when payment will be made and how the payment will be calculated. LICENSE HOLDER CONTACT INFORMATION: This notice is being provided for information purTns%, it does not create an obligation for you to use the brokers services, Please acknowledge noeipt of this notice below and retain a cx>py for your records. AxIs Realty GraIjp of Denton, Inc. LIcensed Broker /Broker Firm Name or Primary Assumed Business Name Alex Payne Designated Broker af Firm Brad Andrus Linnsed SupervIsor of Sales Agent/ Associate Chase Traughber Sales Agent/Associate's Name 0670358 LIcense No.Email (940)891 .2947 Phone 0468927 License No 656647 License No. alex©}axisrealty.biz Email Errlail brad@axlsrealtV.bIz (940)881 .2947 PhoneM )891-2947 Phone 676426 License No.ae Buyer/Tenant/Seller/Landlord Initials ehase@axlsrealtVJ31z Email (940}891 .2947 Phone Date Regulated by the Texas Real Estate CommIssIon Information available at www.tree.texas.gov IABS 14 Ark Really Group, 212 S. Elm SIma thtrt08 TX 76201 ncxu: 940491 3947 Al,, P,y„ Reduced WIth apForm®byapLogix 18070 FIfteen MIle Road. Fraser. Mtdygan 48C126 m Fax 940891.2948 411 W Parkwa) . M Exhibit E 2 'T+t&I uaPdeefulopHn} 3 4 !Bdldl© t+ land V&IIte RatIO 5 6 :TonI Und V&he laY%) I :Total BuildIng velue IW) 8 9 10 It 12 !AcenBe q3 !BuIldIng Square FaatHe 14 ’Percent of Total Land Value rs : Land Value 16 !BuIldIng Val„e 17 18 }Component of IIst Price 19 20 {Split of Proceeds 21 A 8 C a $99$.000ao WaG Ust&uBn8ldoqua $199,000.00 $79qoao.m Flewtb parki@ Lat 0.49 414 W, Paf kwIV 0.449 7, 182 47.82% Mr15Il-al $796,mo.oo 5118% Slot 84452 $103,84452 ltXi% Chamber $©L15SJ8 saR$6 City/Charnber 22 23 &tIm8ledCh•mber Ptoc€ecb 24 i€£tirn8ted CIty Pr&ceed$ as 26 27 1If the properuessell for a total of 995,W th8t would mean tInt the ctnrnber Bris $103f6US2 for ItS .49 aaas ct hnd. 28 iPLUS SMS,777.74. wHat IS half at the $891, USA& 29 !Sale prhes 3txwe or below that shown U 82 WIll be 3djustedauord ing to ernbedded formulas. Percent of Total Pro c+eat 55.22% +4.78% $l03.nc52 $'US.S7L74 WS,SIr.14 Total Prtxetdt 5549,42226 $445,577,7+