HomeMy WebLinkAboutResolution - 3754 - Right Of Way Offer - First Interstate Bank Of Arizona - Airport Clear Zone - 11_14_1991Resolution No. 3754
November 14, 1991
Item #21
JWF:da
RESOLUTION
WHEREAS, the City Council of the City of Lubbock finds that the land
hereinafter described is needed for public purposes, to -wit: the development
of an airport clear zone; NOW THEREFORE:
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF LUBBOCK:
SECTION 1. THAT the Right -of -Way Department of the City of Lubbock is
hereby authorized and directed to make an offer on behalf of the City in the
amount of $105,000 to First Interstate Bank of Arizona as Trustee of the
Oscar and Corinne Palmer Trust, for the purchase by the City of a tract of
land to be used as set forth in the preamble hereof, and being further
described as follows:
A tract of land out of Section 2, Block 0-3 being further
described as follows:
BEGINNING at a point in the South perimeter fence of the South
Plains Army Air Field, said point being 50 feet north and 1702.5
feet east of the S.W. corner of Section 2, Block D-3, Lubbock
County, Texas.
THENCE east along said south perimeter fence 50 feet from and
parallel to the south line of said Section 2, a distance of
1168.53 feet to a point.
THENCE north a distance of 352.65 feet to a point; said point
being on an east -west line along the north edge of a loading
dock for warehouses included in this tract.
THENCE west along the north edge of said docks a distance of
1278.53 feet to a point in the east property line of Avenue H
(as said avenue is described and located on the South Plains
Army Air Field plat dated May 6, 1944, and approved by H.O.
Bordelon, Commanding Officer), said property line being 25 feet
east of the center line of said street.
THENCE south along the said east property line of said Avenue H
a distance of 214.65 feet to a point.
THENCE east a distance of 110 feet to a point.
THENCE south a distance of 138 feet to the point of beginning.
SECTION 2. THAT said purchase is to be accomplished by the Right -of -
Way Department
SECTION 3. THIS Resolution authorizes the mayor to sign the attached
sales contract.
Passed by the City Council this 14th day of November 1991.
ATTEST:
.....0 . . -j-, .,..,, ,
APPROVED AS TO CONTENT:
6Z, 9
095`cy, ig t-o - ay gent
APPROVED AS TO FORM:
Wort4 Fullihgim, Assistant
Cit At orney
- 2 -
Resolution #3754
TEXAS ASSOCIATION OF REALTORS@....
'COMMERCIAL EARNEST MONEY CONTRACT
First Interstate Bank of Arizona, as Trustee of
TIfIS CONTRACT OF SALE is made by and between Oscar & Corinne Palmer Trust
hereafter referred to as "Seller" and The City o r t +bbock , hereafter referred to as
"Buyer" upon the terms, provisions and conditions set forth herein.
1. PURCHASE AND SALE. Seller agrees to sell and convey to Buyer and Buyer agrees to buy from Seller the following prop-
erty situated in Lubbock Courtly, T►r.=, ! ^^ ' aq Bluefield Road &,_,._�Av nu H. Lnbboek- TUbbock County
Texas. (address).
2. PROPERTY. Lot , Block See Exhibit A Addition, City of
or as described ort attached Exhibit "A", together with all and singular the rights and
appurtenances pertaining to the property, including any right, title, and interest of Seller in and to adjacent streets, alleys or rights
of way. All of such real property, rights. and appurtenances being hereinafter referred to as the "Property", together with any
improvements. fixtures. and personal property situated on and attached to the Property, including but not limited to the following-
3. CONTRACT SALES PRICE.
A. Cash down payment payable at closing (including earnest money) .................... S 105,000.00
B. Sum of all notes described in Paragraph 4 below ........................................ S
C. Other........................................................................................... S
D. Sales Price (Sum of A. B. and C)........................................................... $ 105.000.00
A. ASSUMPTION: Buyer shall assume the unpaid balance of that promissory note payab to
dated . 19 _ , yer shall
pay the installment pa) ment due after the date of closing. The assumed principal balance at closing will be S
allowing for an agreed S variance. The cash payable at closing shall be adjusted for the amoun such variance.
Buyer shall apply for assumption approval, if necessary or required. within days from the effecti to of this contract
and shall make every reasonable effon to obtain the same. if the variance exceeds S or existing interest rate is
increased above %•or Buyer is required to pay an assumption fee in excess of S , or assumption approval
cannot be obtained within days from the effective date hereof, this contract may be inated at Buyer's option and
the Earnest Money shall be refunded to Buyer without delay.
B TIIIRD PARTY FINANCING: This contract is subject to approval of a loan for yer by a third party in the amount of
j payable at intervals f'or not less than years within the initial interest eau not to
exceed 96 per annum, and with each principal and interest instalimcn of to exceed $j ] including
interest I ] plus interest, for the first years of the loan. Buyer sh apply for the loan within days from
the effective date of this contract and shall make every reasonable effort t obtain approval. If the loan has not been approved
within days from the effective date hereof, this contract sh terminate and the Earnest Money shall be refunded to .
Buyer without delay.
C. SELLER FINANCING: Buyer shall execute a pro )ssory note or notes to Seller in the principal sum of
S bearing 96 inters per annum, and payable: (Check 1.2 or 3 be
" ( ] 1. In one payment due after the date of the note with interest payable.
] 2. Installments of S j ] including interest I I plus interest beginning
• after the date of the note and eon ' uing at intervals thereafter for years when the
entire balance of the note sh due and payable.
[ j 3. Interest only in Installments for the first years and thereafter in installments
of S ( ] including interest j ] plus interest beginning intervals
thereafter for years when the entire balance of the note is due and payable.
D.-OTHER FINANCI
A Seller financed note may be prepaid in whole or in part at any time without penalty. The lien securing payment of such note
4*13 any loan assumed pun&a-94Q,���.
* S. EARNEST MONEY. ,
A. S 1,000.00 is herewith tendered and is to be deposited as Earnest Monty with
Service Title Company (Downtown) ..as Escrow Agent. Additional Earnest Money, if any, shall be depos•
ited with the Es -row Agent on or before , 19 _ , in the amount of Earnest
Money is deposited with the Escrow Agent with the understanding that Escrow Agent (i) does not assume or have any liability for
performance or nonperformance of any party (ii) has the right to require the receipt, release and authorization in writing of all
panics before paying the deposit to any party and (iii) is not liable for interest or other charge on the funds held. If any party
unreasonably fails to agree in writing to an appropriate release of Eamest Money, then such party shall be liable to the other parties
to the extent provided in paragraph 14. At closing, Earnest Money shall be applied to any cash down payment required, next to
Buyers dosing costs and any excess refunded to Buyer. Before Buyer shall be entitled to refund of Earnest Money, any actual
expenses incurred or paid on Buyer's behalf shall be deducted therefrom and paid to the creditors entitled thereto. "
B. [ ] Yes I xtq No. The parties herein agree that the Earnest Money shall be deposited in An ' account at
bearing interest at the highest obtainable rate and the interest shall be credited to
Earnest money to be deposited within three (3) business days upon acceptance by"buyer-
(TAR-020) 2/!t5 _ PRxr 1 of Pirn.::.
6. PROPERTY CONDITION/INVFS IGAT1ON.
QIX ] A. Buyer accepts the Property in "as is" condition.
[ I B. Buyer accepts the Property subject to the [ I Property Condition and/or [ ] Investigation Addcndums attached
hereto.
7. SURVEY AND TITLE BINDER. '
A. Survey
[ ] I. No survey is required.
[ xa] 2. Seller shall furnish to Buyer within ten (10) days from the effective date of this contract, Seller's existing survey of the
Property data! June 12 , 19 _78 .
[ [ 3. Within days after the date of this contract, Seller shall, [ ]at Seller's expense [' ]at Buyer's
expense, deliver or cause to be delivered to Buyer and Title Company a copy of a current -on -the -ground survey
.,.("Survey") of the Property made by a duly licensed survcycr reasonably acceptable to Buyer and in a form acceptable
to Buyer and the Title Company issuing the title commitment and Owners Policy of Title Insurance required herein.
If the survey exception (except as to shortages in area) is to be deleted herein, the additional expense ror such deletion
shall be paid by ncc Survey shall show acreage or square feet, acpss to the property, the
location of all improvements. rights of way, casements, encroachments, streets. roads, water courses. or fences on or
adjacent to the Property, if any. If this contract does not close through no fault of Seller, in addition to the other rights
of Seller hereunder. Buyer shall pay for the Survey.
[ ] i.) If the price of the Property, pursuant to Paragraph 3, is based upon price per acre, then the Survey shall reflect
the total acreage.
[ J ii.) if the price of the Property. pursuant to Paragraph 3, is based upon price per square foot, then the Survey shall
reflect the total square footage.
B. Within 10 days after the date or this contract. Seller shall, at Seller's expense, deliver or cause to be
delivered to Buyer.
(1) A title commitment ("Title Binder") covering the Property binding the Title Company to issue a Texas Owners Policy of
Title Insurance on the standard form of policy prescribed by the Texas State Board of Insurance at the closing in the full
amount of the purchase price; and
(2) True, correct. and legible copies of any and all instruments referred to in the Title Binder as constituting exceptions or
restrictions upon the title of Seller. if requested by Buyer in writing within 5 days of receipt of the title
commitment.
(3) A U.C.C. lien search. if applicable.
8. APPROVAL PERIOD AND TITLE.
A. Buyer shall have 10 days after the receipt of both the Survey and Title Binder to review same and to deliver
in writing to Seller such objections as Buyer may have to anything contained therein. Any such item to which Buyer shall not
object shall be deemed to be accepted by Buyer. If there are objections by Buyer. Seller shall in good faith attempt to satisfy same
prior to closing. but Seiler shall not be required to incur any cost to do so. If title objections are disclosed, Seller shall have
days to cure same. If Seller delivers written notice to Buyer on or before closing date that Seller is unable to satisfy such objections,
or if. for any reason. Seller is unable to convey title in accordance with Section 8(B) below. Buyer may either waive such objections
and accept such title as Seller is able to convey or terminate this contract by written notice to Seller and Earnest Money shall be
refunded with no Broker's fee due. Zoning ordinances and a lien for current taxes shall not be valid objections to title
B.SSe1I epresents and warrants to Buyer that at the closing Seller will have and will convey to Buyer good and marketable
title by Warranty Deed subject only to liens securing debt created, assumed or taken subject to as part of the consideration,
taxes ror the current year. and any other reservations, easements, discrepancies in boundries, encroachments, restrictions or
exceptions previously approved by Buyer in accordance with Paragraph 8.A. Delivery or the Title Policy pursuant to Section 10
below shall be deemed to fulfill all duties of Seller as to the sufficiency of title required hereunder, provided however, Seller shall
not thereby be released from the warranties of Seller's Deed.
9. NOTICE TO BUYER. At the time of the execution of this contract. Broker has advised and hereby advises Buyer, by this
writing. that Buyer should be furnished with or obtain a policy of title insurance or if an abstract covering the Property is provided
in lieu thereof. Buyer should have said abstract examined by an attorney of Buyer's own selection.
10. CLOSING.
A. The closing of the sale (the Closing Datc) shall be on or before # , 19 -u- r
B. At the closing. Seller shall deliver to Buyer. (i) a General Warranty Deed (with Vendor's Lien retained if not a cash
purchase) conveying the Property. subject only to liens securing debt created, assumed or existing as part of the consideration. taxes
for the current year. and any other reservations or exceptions previously approved by Buyer in accordance with Paragraph 8.A.; (ii)
An Owner's Policy of Title Insurance (the "Title Policy") issued by Service Title Company in full amount
of the Sales Price, dated as of closing, insuring Buyers fee simple title to the Property to be good and indefeasible subject only to
those title exceptions permitted herein, or as may be approved by Buyer in writing, and the standard printed exceptions contained
in the usual form of the Title Policy. provided, however. (a) the exception as to area and boundaries shall be in accordance with
Paragraph 7.A.3.. (b) the exception as to restrictive covenants shall be endorsed "None of Record or, if of record, restrictive
covenants shall be referenced by appropriate recording information; (c) the exception as to taxes shall be limited to taxes for the
current year and subsequent years, and subsequent assessments for prior years due to changes in land usage or ownership. and (iii)
possession of the property.
C. At the closing. Buyer shall deliver to Seller (i) the cash portion of the sales price (the Earnest Money being applied (hereto)
and GO each note provided herein, if any. secured by Vendor's and Deed of Trust Liens.
D. Unless otherwise provided herein. costs for the Survey, the Title Policy, preparing Deed. all inspections, tax certificates.
reports and repairs required of Scller herein and % of escrow fee shall be Sellers expense. All other costs and expenses incurred in
connection %ith this contract «hich are not recited herein to he the obligation of Seiler. shall be the obligation of Buyer. Unless
otherwise paid. before Bud cr shall he entitled to refund of Earnest Money, any such costs and expenses shall he deducted therefrom
and paid to the creditors entitled thereto.
E. Rents and lease com missions interest. insurance. utility charges. personal property taxes and ad valorem taxes for the then
current year shall be prorated at the closing effective as of the date of closing. If for any reason utility charges cannot be accurately
—• determined at date ofclosing for proration purposes. Buyer may postpone proration of utility charges until after closing and at such
time as a statement for utility charge is received. Charges appearing on such statement shall then be prorated as of the date of
closing. and Seiler shall tender in cash the cost of all utility charges to the date of closing to Buyer upon demand. Any security
deposits held by Seller shall be, dcli%cred to Buyer. if the closing shall occur before the tax rate is fixed for the then current year, the
apportionment of the lases shall he upon the basis of the tax rate for the preceding year applied to the latest assessed valuation but
*30 days after acceptance by buyer. (TAR-02912/93.p.pe 7 of Payn
,_ -
23. TEXAS LAZY TO APPLY. This agreement shall be construed under and in accordance with the laws of the State of Texas,
and all obligations of the parties created hereunder are performable in Lubbock County, Texas.
24. LEGAL CONSTRUCTION. In case any one or more of the provisions contained in this contract shall for any reason be held
to be invalid, illegal, or unenforceable in any respect, such invalidity, illegality, or unenforceability shall not affect any other
provision hereof and this contract shall be construed as if such invalid, illegal, or unenforceable provision had never been
contained herein
25. TIME. Time is of the essence.
26. SPECIAL PROVISIONS. (This section to include additional factual data relevant to the sale which may include addendums.)
This purchase is subject to the removal by the Seller, at Seller's sole expense, any
underground storage tanks located on the subject property, this provision shall
survive after closing.
Any and all remedial activities required by the Environmental Protection Agency or
the Texas Water Commission to remove contamination caused by any= dndergroi�uci 8tu..%.
tanks will be at the sole cost of the Seller. This provision shall survive after
the closing of the sale.
Seller shall have the right to void this contract, if in the sole discretion of the
Seller, that the cost of any cleanup or remedial work required prohibits the Seller
from completing this sale.
Contract is subject to approval by the City Council of Lubbock, Texas.
27. CONSULT YOUR ATTORNEY. This is intended to be a legally binding contract. This contract constitutes the entire
agreement between the parties and their real estate agents, there being no oral agreements, representations, conditions, or
warranties, express or implied, in addition to this contract.
28. PRINCIPAL DISCLOSURE.
[ ] The Buyer of this property is a licensed real estate agent and is acting as a principal in this transaction.
[ ] The Seller of this property is a licensed real estate agent and is acting as a principal in this transaction.
EXECUTED by Seller on this the day of .19
BROKERS SELLER First Interstate Bank of Arizona
Westar Commercial Realty, Inc. 1312495-34 as Trustee of Oscar & Corinne Palmer Trust
LISTING OKER LICENSE NO. By.
c
By:
Title
Address
EXECUTED by Buyer on this the day of
By
CO -BROKER
Telephone
, l9 .
BUYER
City of Lubbock
LICENSE NO.
Title B. C. Mc INN, MAYOR
P.O. Box 2000 Lubbock, TX 79457 (806) 767-2010
Address Telephone
any difference in ad valorem taxes for the year of sale actually paid by Buyer shall be adjusted between the parties upon receipt of
written evidence of the payment thereof. If Seller has claimed the benefit of laws permitting a special use valuation for the purposes
of payment of ad valorem taxes on the property, the Seller represents that he was legally entitled to claim such benefits. If this sale
or Buyer's use of the property after closing results in the assessment of additional taxes for prior years, such additional taxes shall be
the obligation of the Buyer and such obligation shall survive closing.
F. If Buyer is to assume an existing loan, Buyer shall pay any transfer fee as provided in Paragraph 4. Buyer shall execute, at
the option and expense of Seller, a Deed of Trust to Secure Assumption with a Trustee named by Seller.
G. If the Property is situated within a utility district subject to the provisions of Section 50.301, Texas Water Code, then at or
prior to the closing, Seller agrees to give Buyer the written notice required by said Section and Buyer agrees to sign and
acknowledge the notice to evidence receipt thereof.
11. ESTOPPEL CERTIFICATE BY TENANTS. Seller shall deliver to Buyer an "estoppel certificate" signed by each tenant
leasing space in the property as of the date of closing stating (1) that no default exists under the terms of the lease agreement by
either Lessor or Lessee; (2) the amount of any rental payments made in advance, if any; (3) the amount of any security deposits
^:c,�C,'if any; (4) the amount of any offsets against rent, if any; and (5) that the tenant has no defenses against the payment of rent
accruing under the terms of his lease agreement. Seller shall, at closing, tender to Buyer the amount of any security deposits and
advance rental payments received. if any tenants present claims for offsets against rent or defenses against the payment of rent
which are unacceptable to Buyer, Buyer shall so notify Seller in writing. Seller shall promptly undertake to eliminate or modify
such unacceptable offsets or defenses. In the event Seller is unable to do so within days after receipt of written
notice. Buyer may terminate this agreement and Earnest Money shall be refunded with no Broker's fee due. Seller shall deliver to
Buyer all existing leases and service and/or warranty contracts applicable to the premises within of this contract.
Buyer shall have days from receipt of those contracts to disapprove of same in writing to Seller, and Buyer may
terminate this agreement and Earnest Money shall be refunded with no Broker's fee due. At closing the cost of any service and/or
warranty contracts shall be prorated.
12. BROKER'S FEES:
] X] A. Westar Commercial Realty. Inc. Listing Broker ( 5 96) and
Co -Broker ( %) as Real Estate Broker
(the Broker) has negotiated this sale and Seller agrees to pay Broker in Lubbock County, Texas, on
consummation of this sale a total cash fee of $ 5,250.00 or % of the total Sales Price or
as per separate written agreement, which Escrow Agent shall pay from the sale proceeds.
[ ] B. Seller agrees to pay Listing Broker the fee specified by separate agreement between Listing Broker and Seller. Escrow
Agent is authorized and directed to pay Listing Broker said fee from the sale proceeds.
13. CASUALTY LOSS. If, prior to Closing, any part of Property is damaged or destroyed by fire or other casualty loss. Seller shall
restore the same to its previous condition as soon as reasonably possible, but in any event by Closing Date; and if Seller is unable to
do so without fault, this contract shall terminate and Earnest Money shall be refunded with no Broker's fee due.
14. DEFAULT. If Buyer fails to comply herewith, Seller may either enforce specific performance or terminate this contract and
receive the Earnest Money as liquidated damages; one-half of which (but not exceeding the Broker's fee recited in Section 12) shall
be paid by Seller to Broker in full payment for Brokers services. If Seller is unable without fault to deliver Title Policy or to make
any non -casualty repairs required herein within the time herein specified, Buyer may either terminate this contract and receive the
Earnest Money as the sole remedy, and no Broker's fee shall be earned, or extend the time up to 15 days. If Seller fails to
comply herewith for any other reason, Buyer may (i) terminate this contract and receive the Earnest Money, thereby releasing
Seller from this contract (ii) enforce specific performance hereof and/or (iii) seek such other relief as may be provided by law. If
completion of sale is prevented by Buyer's default, and Seller elects to enforce specific performance, the Broker's fee is payable only
if and when Seller collects damages for such default by suit, compromise, settlement or otherwise, and after first deducting the
expenses of collection, and then only in amount equal to one-half of that portion collected, but not exceeding the amount of
Broker's fee.
15. CONDEMNATION. If any part of the Property is condemned prior to Closing Date, Seller shall promptly give Buyer written
notice of such condemnation and Buyer shall have the option of either applying the proceeds on a pro rata basis of any
condemnation award to reduce the Sales Price provided herein or declare this Contract terminated by delivering written notice of
termination to Seller and Earnest Money shall be refunded to Buyer with no Broker's fee due.
16. ATTORNEY'S FEES. Any signatory to this contract who is the prevailing party in any legal proceeding against any other
signatory brought under or with relation to this contract or transaction shall be additionally entitled to recover court costs and
reasonable attorney fees, and all other litigation expenses, including deposition costs, travel, and expert witness fees, from the non -
prevailing party. •
17. REPRESENTATIONS. In addition to other representations made herein, Seller represents that unless securing payment of
the Note, there will be no Title I liens, unrecorded liens or Uniform Commercial Code liens except those specified in paragraph 26
against any of the Property on Closing Date, that loan(s) will be without default, and reserve deposits will not be deficient. If any
representation above is untrue this contract may be terminated by Buyer and the Earnest Money shall be refunded without delay.
Representations shall survive closing.
18. NOTICES. Any notice or communication required or permitted hereunder shall be deemed to be delivered, whether actually
received or not, when deposited in the United States mail, postage fully prepaid, registered or certified mail, and addressed to the
intended recipient at the address on the signature page of this contract. Any address for notice may be changed by written notice
delivered as provided herein.
19. INTEGRATION. This contract contains the complete agreement between the parties and cannot be varied except by the
written agreement of the parties. The parties agree that there are no oral agreements, understanding, representations or warranties
which are not expressly set forth herein.
20. BINDING EFFECT. This contract shall be binding upon and inure to the benefit of the parties hereto and their respective
heirs, executors, representatives, successors and assigns where permitted by this contract. The effective date of this contract shall be
the date upon which the last party signs.
21. TERMINATION OF OFFER. Unless accepted by Seller, as evidenced by Seller's signature hereto and delivered to Buyer by
5:00 p.m., the 22nd day of November 199L, this offer to purchase shall be null and void and all parties
hereto shall stand relieved and released of any and all liability or obligations hereunder and all Earnest Money shall be returned to
Buyer.
22. ASSIGNMENT.
I ] A. Buyer may not assign this contract.
IX] B. Buyer may assign this Contract and all rights hereunder and shall be relieved of any future liability under this
Contract provided the assignee shall assume in writing all the obligations of Buyer hereunder.
(TAR-029) 2/85 Page 3 or 1 Papea
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