Loading...
1999-214AN ORDINANCE APPROVING A REAL ESTATE CONTRACT BETWEEN THE CITY OF DENTON AND BEL AIR DEVELOPMENT, [NC, RELATING TO THE PURCHASE OF 9 290 ACRES OF LAND FOR THE BUILDING OF A DRAINAGE DETENTION POND PURSUANT TO COOPER CREEK AND PEC 4 MASTER REGIONAL DRAINAGE STUDY PLAN, AUTHORIZING THE EXPENDITURE OF FUNDS THEREFORE, AND PROVIDING AN EFFECTIVE DATE THE COUNCIL OF THE CITY OF DENTON, TEXAS HEREBY ORDAINS SECTION I That the City Manager xs hereby authorized to execute a Real Estate Contract between the Ctty and Bel A~r Development, Inc, ~n substantially the form of the Real Estate Contract which ts attached to and made a part of thts ordinance for all purposes, for the purchase of 9 290 acres of land for the bmldlng of a drainage detentton pond pursuant to Cooper Creek and PEC 4 Master Regtonal Drmnage Study Plan .~._F,d~_TJ.Q_N_~ That the Ctty Manager ts authorized to make the expenditures as set forth tn the attached Real Estate Contract ~ That this ordinance shall become effecttve ~mmedmtely upon ars passage and approval /ff~ PASSED AND APPROVED thts the day of ,1999 JAC~ ATTESTi JENNIFER WALTERS, CITY SECRETARY APPROVED AS TO LEGAL FORM HERBERT L PROUTY, CITY ATTORNEY REAL ESTATE CONTRACT STATE OF TEXAS COUNTY OF DENTON THIS CONTRACT OF SALE Is made by and between Bel A~r Development, LTD (hereinafter refen'ed to as "Seller") and CITY OF DENTON, TEXAS, a home nde mumclpahty, of Denton, Denton County, Texas, (heremaiter referred to as "Purchaser"), upon the terms and conchtions set forth herem PURCHASE AND SALE 1 Seller hereby sells and agrees to convey, and Purchaser hereby purchases and agrees to pay for all that certain tract, lot or parcel of land consisting cfa 9 290 acre tract of land, more or less, as described m Exlmblt "A", together vath all rights and appurtenances pertaining to the smd property, mcludmg any right, t~tle and interest of Seller m and to adjacent streets alleys or rights-of-way (all of such real property, rights, and appurtenances bemg hereinafter referred to as the "Property"), together w~th any unprovements, fixtures, and personal property situated on and attached to the Property, for the consideration and upon and subJect to the terms, provisions, and conthtions berema/ter set forth PURCHASE PRICE 1 Amount of Purchase Price The purchase price for the Property (9 290-acre tract) shall be the sum of One Hundred Thousand Dollars and No Cents ($100,000 00) 2 Payment of Purchase Price. The full amount of the Purchase Price shall be payable m cash at the closmg. PURCHASER'S OBLIGATIONS The obhgations of Purchaser hereunder to consummate the transactions contemplated hereby are subject to the setisfact~on of each of the following conthtions any of wluch may be waived m whole ur m part by Purchaser at or pnor to the closmg 1 Prehmmarv Title Reoort. W~thm twerlty (20) days after the date hereof, Seller, at Seller's sole cost and expense, shall have caused the Title Company (hereinafter defined) to ~ssue an owne?s policy comrmtment (the "Comrmtment") accompamed by copies of all recorded documents relating to easements, rights-of- way, otc, affecting the Property Purchaser shall g~ve Seller wntten notice on or before the expuation of ten (10) days a/ter Purchaser receives the Commitment that the conthtion oft~tle as set fotfla m the Commitment ~s or is not satisfaetory In the event Purchaser states the oenthtlon ofutle is not satisfactory, Seller shall, at Seller's opt]on, promptly undertake to eliminate or modify all unacceptable matters to the reasonable sat]sfactton of Purchaser Purchaser understands that Seller Is under no obhgat]on to cure any t]tle defects complained of by Purchaser stated m Purchaser's written not]ee to Seller as prowded m tins paragraph In the event Seller ~s unable to do so vathm ten (10) days after receipt of written not]ce, tlus Agreement shall thereupon be null and veld for all purposes, otherwise, flus cond~t]on shall be deemed to be acceptable and any objact]on thereto shall be deemed to have been wmved for all purposes 2 Survey Seller shall, at Seller's sole cost and expense, obtain a current survey of the Property, prepared by a duly hcensed Texas land surveyor acceptable to Purchaser The survey shall be staked on the ground, and shall show the location of all nnprovements, lu~hways, streets, roads, rmlroads, rivers, creeks, or other water courses, fences, easements, and rights-of-way on or adjacent to the Property, if any, and shall cont~m the surveyor's certlficat]on that there are no encroachments on the Property and shall set forth the number of total acres comprtsmg the Property, together vath a metes and bounds descnpt]un thereof Purchaser w~ll have ten (10) days after receipt of the survey to rewew and approve the survey In the event the survey ~s unacceptable, than Purchaser shall within the ten- (10) day pe~od' ~ve Seller written not]ce of flus fact Seller shall, at Seller's option, promptly undertake to elunmate or modL~ the unacceptable port]ons of the survey to the reasonable sat]sfact]ons of Purchaser In the event Seller is unable to do so w~thm ten (10) days at~er receipt of written not]ce, Purchaser may terminate flus Agreement, and the Agreement shall thereupon be null and vo~d for all purposes Purchaser's fmlure to g~ve Seller flus vmtten not~ce shall be deemed to be Purchaser's acceptance of the sur~ey 3 Seller's Comnhance. Seller shall have performed, observed, and comphed with all of the covenants, agreements, and condlt]ons required by flus Agreement to be performed, observed, and compiled w~th by Seller prior to or as of the closing REPRESENTATIONS AND WARRANTIES OF SELLER Seller hereby represents and warrants to purchaser, to the best of its current knowledge, as follows, wluch representat]ons and warrant]as shall be deemed made by Seller to Purchaser also as of the closing date 1 There are no parties m possession of any pomon of the Property as lessees, tenants at sufferance, or trespassers 2 Except for the prior act]ons of Purchaser, there is no pending or threatened condemnat]on or similar proceeding or assessment or stat, affecting ufle to the Page 2 of 6 Property, or any part thereof, nor to the best knowledge and belief of Seller is any such procoedmg or assessment contemplated by any governmental authority 3 Seller has complied w~th all apphcable laws, ordinances, regulations, statutes, rules and restrictions relatmg to the Property or any part thereof 4 To the best oftbe Seller's knowledge, there are no toxic or hazardous wastes or materials on or w~thm the Property Such toxic or hazardous wastes or materials include, but are not hrmted to, bnT~rdous materials or wastes as same are defined by the Resource Conservation and Recovery Act (RCRA), as amende~ and the Comprehensive Environmental Response Compensation and Liability Act (CERCLA), as amended CLOSING The clusmg shall be held at the office of Title Resources, 1112 Dallas Drive, State 402, Denton, Texas, on or before ,1999, (wluch date is hereto referred to as the "clusmg date") CLOSING KEQUIREMENTS I Seller's Reaun~ra~nts. At the ¢lusmg Seller shall A Deliver to Pu~ha~' a daly executed and acknowledged G~neral Warranty Doed conveying good and marketable title m fee simple to all of the Prop~, free and clear of any and all liens, encumbrances, conthUons, as~ssments, and restnc~ons, except for thc follovang 1 General real estate taxes for the year of clusmg and subsequent years not yet du~ and payable, and 2 Any exceptions approved by Purchaser pursuant to Purch~er's Oblmatio~s herenf, and 3 Any exceptions approved by Purchaser m writing B Deliver to PurchA.~er a Texas owner's Policy of Title Insurance at Seller's sole expense, issued by Title Resources, Denton, Texas, (the "Title Company"), m Purchaser's favor m the full amount of the purchase Imce, msonng Purchaser's foe sunple title to the Property subject only to those title exceptions hsted m Closing Reamrements hereof, such other exceptions as may be approved m writing by Purchaser, and the standard printed exceptions contained m the usual form of Texas Owner's Policy of Title Insurance, provided, however Page 3 of 6 1 The boundary and survey exceptions shall be deleted fi' roqmred by Purchaser, and if so required, the costs associated vath same shall be borne by Seller, 2 The excepUon as to restncUve covenants shall be endorsed "None of Record", 3. The exceptmn as to liens encumbenng the Property shall be endorsed "None of Record" other than those set forth m "Purchaser's Obheations" 4 The exception for taxes shall be hrmted to the year of closing and shall be endorsed "not yet due and payable" C Deliver to Purchaser possession of the Property on the day of closmg 2 Purchaser's Requirements. Purchaser shall pay the consideration as referenced m the "Purchase Price" section of tlus contract at Closmg m immediately aviulable 3 Closmu Costs. Seller ~h~!l pay all taxes assessed by any tax junsthction through the date of the Closing All other costs and expenses of closing m consummating the sale and purchase of the Property not specifically allocated hereto shall be prod by Seller REAL ESTATE COMlVlISSION Any real estate commissions occasioned by the consummation ofttus Agreement shall be the sole responsibility of Seller, to the extent Seller has agreed to pay any such real estate commission m writing, and Seller agrees to mdemmfy and hold Purchaser harmless from any and all claims for any such cormmsslons BREACH BY SELLER In the event Seller shall fail to fully and t~mely perform any of its obhgat~ons hereunder or shall fall to consummate the sale of the Property except Purchaser's default, Purchaser as its sole and exclusive remedy may either enforce specific performance of tlus Agreement or terminate this Agreement by wntten notice delivered to Seller BREACH BY PURCHASER In the event Purchaser should fall to cons~mmate the purchase of the Property, the concht~ons to Purchaser's obhgat~ons set forth m PURCHASER'S OBLIGATIONS having been satisfied and Purchaser being m default, Seller as its sole and exclusive remedy may enforce Page 4 of 6 specific performance of flus Agreement, or termmate flus Agreement by written notice delivered to Purchaser MISCELLANEOUS PROVISIONS 1 +~SSl_munent of Anreement. This Agreement may not be assigned by Purchaser without the express written consent of Seller 2 f Co Any of the representations, warranties, covenants, and agreements of the parties, as well as any rights and benefits of the parties, pertaining to a period of tune following the closing of the transactions contemplated hereby shall survive the closing and shall not be merged thereto 3. Notice. Any notice reqmred or permitted to be delivered hereunder shall be deemed received when sent by Umted States mall, postage prepaid, certified mail, return receipt requested, addressed to Seller or Purchaser, as the case may be, at the address set forth beneath the mgnature of the party 4. Texas Law to An~lv. Th~s Agreement shall be construed under and m accordance with the laws of the State of Texas, and all obligations of the pamas created hereunder are performable m Denton County, Texas 5. Pitrt~es Bound. This Agreement shall be binding upon and inure to the benefit of the parties and thetr respective legal representatives, successors and assigns where perrmtted by th~s Agreement 6 ~ In case any one or more of the provisions contained m flus Agreement shall for any reason be held to be invalid, illegal, or unenforceable m any respect, smd mvahdlty, illegality, or unenforceablhty shall not affect any other provision hereof, and flus Agreement shall be construed as if the invalid, illegal, or unenforceable provision had never been contained hereto 7 Pl't0t Anreements Sup_ erseded. Tlus Agreement consUtutes the sole and only agreement of the parties and supersedes any prior understandings or written or oral agreements between the parties respecting the wiflun subject matter 8 Time of Essence Tune is oftha essence m flus Agreement 9 Gender. Words of any gander used m flus Agreement shall be held and construed to include any other gender, and words m the singular l'~nmber shall be held to include the plural, and vice versa, unless the context requires otherwise 10 Compliance. In accordance w~th the reqmrements of the Texas Real Estate License Act, Purchaser Is hereby advised that it should be furnished with or obtain a policy of title msurenoe or Purchaser should have the abstract covenng the Property examined by an attorney of Purchaser's own selection Page 5 of 6 11 Time Limit In the event a fully executed copy of flus Agreement has not been returned to Purchaser within ten (10) days after Purchaser executes this Agreement and delivers same to Seller, Purchaser shall have the right to terminate this Agreement upon written notice to Seller DATED tins ~/~ day of ..-"~u ~E .1999 PURCHASER BE~ ~I~ELOPMENT, LTD THE~TY OF DENTON, TEXAS C~ty ~ageff -- 215 E' Mc~ey Denton, Tex~ 76201 ATTEST ~ER W~TERS, CITY SEC~T~Y ~PROVED AS TO LEG~ FO~ HE~ERT L PROUTY, CITY ATTO~Y THE STATE OF TEXAS § COUNTY OF DENTON § This instrument was acknowledged before me on th~s the .~r~ day of '~-~u kl E ~1999by M T Akhavlzadeh ~oe~eo~ooe~oe~o~q~ Notary Pubhc,"ffi arf~ ffff the State orrexas ~C~"-_ ¢lq~,m0P~tlm ¢ 0~,.$ ~ My Commmmon Expires Page 6 of 6 EXHIBIT A Samuel M~Crar.,ken eun~ey Febru~ 5 1999 Abstra=t No 7~8 JobNo 98-110 D~mton County, T~as City of Denton Texas DESCRIPTION BEING A 9 290 ACRE PARCEL OF LAND. SITUATED IN THE SAMUEL McCRACKEN SURVEY. ABSTRACT NO 708. DENTON COUNTY. TEXAS. SAID TRACT BEING PART OF A 94 061 ACRE TRACT OF LAND AB DEEDED TO BEL AIR DEVELOPMENT. LTD. FROM TED ZADEH ON AUGUST 8. 1997. AS RECORDED IN INSTRUMENT NO 087088. OF THE DEED RECORDS OF DENTON COUNTY. TEXAS SAID PARCEL BEING ALL OF LOT 1. BLOCK 'D' OF THE PROPOSED BEVERLY PARK ESTATE8 PHASE II ADDITION SAID 9 290 ACRE PARCEL BEING MORE PARTICULARLY DESCR~IBED BY METES AND BOUNDS AS FOLLOWS BEGINNING at a ,=-inch iron md found, being a southwest comer of Beverly Park Estates Phase I. an addition to the city of Denton. Texas. as recorded In Cabinet "O". Slide 306. DRDCT. same point being the southwest comer of Lot 16. Block "B". THENCE along the west lines of sa~d Beverly Park Estates Phase I the following slx (6) ~ourses and distances S 85054' 39" E. a distance of 140 15 feet to a '/'=-inch ;ron rod found. N 87°06' 08" E. a distance of 70 20 feet to a '/'=-inch ~ron rod found. 8 20022' 59" W. a distance of 112 38 feet to a .~mch ~ron rod found. S 03018' 08" E. a distance of 168 48 feet to a ,=-tach ~ron md found. S 59043' 31" E. a distance of 199 52 feet to a Y=-tnch ~ron rod found, and S 00°53' 53" E. a distance of 153 77 feet to a point, sa~d point being in the proposed north right- of-way line of Kings Row (variable width dgM-of-way). THENCE N 87°59. 12" W. leaving said common line and crossing said 94 061 acre tract, with said proposed right-of-way line a distance of 694 51 feet to a point, smd point being m the west line of smd 94 061 acrs tract, same being the east line of Caml~tdge Square Subdivmion. an addition to the cay of Denton. Texas. as recorded in Volume 4. Page 38. DRDCT. THENCE along the west line of said 94 081 acre tract, being the east line of said Cambridge Subdivision the following four (4) courses and distances N 02028' 48" E. a distance of 117 85 feet to point. N 87°31' 12" W. a distance of 96 53 feet to a point. Along a cu;ve to the dght. having a radius of 101 91 feet. a delta angle of 52016' 04". an arc distance of 92 97 feet and having a chord that bears N 81 °23' 14" W. a d~stance of 89 78 feet to a point, and N 35 ° 15' 12" W. a distance of 568 31 feet to a point. THENCE leaving said common line and crossing said 94 061 acre tract with the south line of the proposed Block "B" of said Proposed Beverly Estates Phase II the following eight (8) courses and distances Samual Id=Cra=Yen Survey February 5, 1~ Abstract No 708 JobNo ~6-110 Denton County, Texas C~ of Denton, Texas N 41 °55' 02" E, a d;stance of 50 44 feet to a point, 57000' 31" E, a dlstan~ of 97 45 feet to a point, 68032' 05" E, a distance of 97 24 feet to a point, 49036' 14" E, a distance of 61 81 feet to a point, 34°43' 51" E, a distan~ of 162 58 feet to a po;nt, 89056' 34" E, a distance of 164 36 feet to a point, 44056. 52" E, a distan~ of 166 56 feet to a point, and 85054' 39" E, a distance of 210 24 feet to the POINT OF BEGINNING and containing 9 290 aores of land mom of less Basis of bearing for this descnption ;s the Te~s State Plane Coordinate System, North central Zone