HomeMy WebLinkAboutResolution - 2021-R0293 - Contract 15970 with WW Porter Investments - Sell of 1502 Vanham Ave 8.24.21Resolution No. 2021-R0293
Item No. 7.9
August 24, 2021
RESOLUTION
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF LUBBOCK:
THAT the Mayor of the City of Lubbock is hereby authorized and directed to execute for and
on behalf of the City of Lubbock, a One to Four Family Residential Contract (Resale) for the
sale of certain real property located at 1502 Vanham, Wilson, Lynn County, Texas, by and
between the City of Lubbock and WW Porter Investments, and all related documents. Said
Contract is attached hereto and incorporated in this resolution as if fully set forth herein and
shall be included in the minutes of the City Council;
THAT the City Council finds it to be in the best interest of the citizens of the City of
Lubbock in order to expedite the performance of city business, to delegate authority to
execute any necessary or related documents associated with this conveyance to the City
Manager of the City of Lubbock, or his designee.
Passed by the City Council on August 24, 2021
DANIEL M. POPE, MAYOR
ATTEST:
0
Rebe ca Garza, City Secr a
APPROVED AS TO CONTENT:
Jesica c achern, Assistant City Manager
APPROVED AS TO FORM:
Ry Br ke, Assistant City Attorney
RES. Real Estate Sales Contract 1502 Vanham, Wilson
8.10.21
Resolution No. 2021-R0293
1 1-10-2020
PROMULGATED BY THE TEXAS REAL ESTATE COMMISSION (TREC)
,I,C ONE TO FOUR FAMILY RESIDENTIAL CONTRACT (RESALE) 12t
NOTICE: Not For Use For Condominium Transactions
1. PARTIES: The parties to this contract are City of Lubbock
(Seller) and WW Porter Investments (Buyer).
Seller agrees to sell and convey to Buyer and Buyer agrees to buy from Seller the Property defined
below.
2. PROPERTY: The land, improvements and accessories are collectively referred to as the
Property (Property).
A. LAND: Lot Block See Special Provisions _
Addition, City of Wilson County of Lynn
Texas, known as 1502 Vanham 79381-1983
(address/zip code), or as described on attached exhibit.
B. IMPROVEMENTS: The house, garage and all other fixtures and improvements attached to the
above -described real property, including without limitation, the following permanently installed
and built-in items, if any: all equipment and appliances, valances, screens, shutters,
awnings, wall-to-wall carpeting, mirrors, ceiling fans, attic fans, mail boxes, television
antennas, mounts and brackets for televisions and speakers, heating and air-conditioning units,
security and fire detection equipment, wiring, plumbing and lighting fixtures, chandeliers, water
softener system, kitchen equipment, garage door openers, cleaning equipment, shrubbery,
landscaping, outdoor cooking equipment, and all other property attached to the above
described real property.
C. ACCESSORIES: The following described related accessories, if any: window air conditioning
units, stove, fireplace screens, curtains and rods, blinds, window shades, draperies and rods,
door keys, mailbox keys, above ground pool, swimming pool equipment and maintenance
accessories, artificial fireplace logs, security systems that are not fixtures, and controls for: (i)
garage doors, (ii) entry gates, and (iii) other improvements and accessories. "Controls" includes
Seller's transferable rights to the (i) software and applications used to access and control
improvements or accessories, and (ii) hardware used solely to control improvements or
accessories.
D. EXCLUSIONS: The following improvements and accessories will be retained by Seller and
must be removed prior to delivery of possession:
E. RESERVATIONS: Any reservation for oil, gas, or other minerals, water, timber, or other
interests is made in accordance with an attached addendum.
3. SALES PRICE:
A. Cash portion of Sales Price payable by Buyer at closing .............................................. $ 58,000.00
B. Sum of all financing described in the attached: L j Third Party Financing Addendum,
jJ Loan Assumption Addendum, J Seller Financing Addendum ................................. $
C. Sales Price (Sum of A and B)....................................................................................... $ 58,000.00
4. LEASES: Except as disclosed in this contract, Seller is not aware of any leases affecting
the Property. After the Effective Date, Seller may not, without Buyer's written consent, create a
new lease, amend any existing lease, or convey any interest in the Property. (Check all applicable
boxes)
❑ A. RESIDENTIAL LEASES: The Property is subject to one or more residential leases and the
Addendum Regarding Residential Leases is attached to this contract.
❑ B. FIXTURE LEASES: Fixtures on the Property are subject to one or more fixture leases (for
example, solar panels, propane tanks, water softener, security system) and the Addendum
Regarding Fixture Leases is attached to this contract.
❑ C. NATURAL RESOURCE LEASES: "Natural Resource Lease" means an existing oil and gas,
mineral, water, wind, or other natural resource lease affecting the Property to which Seller is a
party.
❑(1) Seller has delivered to Buyer a copy of all the Natural Resource Leases.
(2) Seller has not delivered to Buyer a copy of all the Natural Resource Leases. Seller shall
provide to Buyer a copy of all the Natural Resource Leases within 3 days after the Effective
Date. Buyer may terminate the contract within days after the date the Buyer
receives all the Natural Resource Leases and the earnest money shall be refunded to
Buyer.
Initialed for identification by B
and Seller
TREC N0_ 20-15
WestAlark Companies, 410."4th Street Lubbock TX 79423 Phone. (906) 794-6000 Fax 1502 Vanham Ave
Angela Smith Produced with Lone Wotf Transactions (zipForm Edition) 231 Shearson Cr. Cambridge, Ontario. Canada N1 T 1J5 www.twolf.com
Contract Concerning 1502 Vanham, Wilson, TX 79381-1983 Page 2 of 11 11-10-2020
(Address of Property)
5. EARNEST MONEY AND TERMINATION OPTION:
A. DELIVERY OF EARNEST MONEY AND OPTION FEE: Within 3 days after the Effective Date, Buyer
must deliver to Lubbock Abstract 82nd as escrow agent, at 4505 82nd
St UNIT 1, Lubbock, TX 79424 (address): $ 1,000.00
as earnest money and $100.00 as the Option Fee. The earnest money and Option
Fee shall be made payable to escrow agent and may be paid separately or combined in a single
payment.
(1) Buyer shall deliver additional earnest money of $ to escrow agent
within days after the Effective Date of this contract.
(2) If the last day to deliver the earnest money, Option Fee, or the additional earnest money
falls on a Saturday, Sunday, or legal holiday, the time to deliver the earnest money, Option
Fee, or the additional earnest money, as applicable, is extended until the end of the next
day that is not a Saturday, Sunday, or legal holiday.
(3) The amount(s) escrow agent receives under this paragraph shall be applied first to the
Option Fee, then to the earnest money, and then to the additional earnest money.
(4) Buyer authorizes escrow agent to release and deliver the Option Fee to Seller at any time
without further notice to or consent from Buyer, and releases escrow agent from liability for
delivery of the Option Fee to Seller. The Option Fee will be credited to the Sales Price at
closing.
B. TERMINATION OPTION: For nominal consideration, the receipt of which Seller acknowledges,
and Buyer's agreement to pay the Option Fee within the time required, Seller grants Buyer the
unrestricted right to terminate this contract by giving notice of termination to Seller within
7 days after the Effective Date of this contract (Option Period). Notices under this
paragraph must be given by 5:00 p.m. (local time where the Property is located) by the date
specified. If Buyer gives notice of termination within the time prescribed: (i) the Option Fee will
not be refunded and escrow agent shall release any Option Fee remaining with escrow agent to
Seller; and (ii) any earnest money will be refunded to Buyer.
C. FAILURE TO TIMELY DELIVER EARNEST MONEY: If Buyer fails to deliver the earnest money
within the time required, Seller may terminate this contract or exercise Seller's remedies under
Paragraph 15, or both, by providing notice to Buyer before Buyer delivers the earnest money.
D. FAILURE TO TIMELY DELIVER OPTION FEE: If no dollar amount is stated as the Option Fee or if
Buyer fails to deliver the Option Fee within the time required, Buyer shall not have the
unrestricted right to terminate this contract under this paragraph 5.
E. TIME: Time is of the essence for this paragraph and strict compliance with the time for
performance is required.
6. TITLE POLICY AND SURVEY:
A. TITLE POLICY: Seller shall furnish to Buyer at X❑ Seller's ❑ Buyer's expense an owner policy of title
insurance (Title Policy) issued by Lubbock Abstract (Title Company) in the
amount of the Sales Price, dated at or after closing, insuring Buyer against loss under the
provisions of the Title Policy, subject to the promulgated exclusions (including existing building and
zoning ordinances) and the following exceptions:
(1) Restrictive covenants common to the platted subdivision in which the Property is located.
(2) The standard printed exception for standby fees, taxes and assessments.
(3) Liens created as part of the financing described in Paragraph 3.
(4) Utility easements created by the dedication deed or plat of the subdivision in which the
Property is located.
(5) Reservations or exceptions otherwise permitted by this contract or as may be approved
by Buyer in writing.
(6) The standard printed exception as to marital rights.
(7) The standard printed exception as to waters, tidelands, beaches, streams, and related
matters.
(8) The standard printed exception as to discrepancies, conflicts, shortages in area or
boundary lines, encroachments or protrusions, or overlapping improvements:
e(i) will not be amended or deleted from the title policy; or
(ii) will be amended to read, "shortages in area" at the expense of ❑ Buyer ❑ Seller.
(9) The exception or exclusion regarding minerals approved by the Texas Department of
Insurance.
B. COMMITMENT: Within 20 days after the Title Company receives a copy of this contract, Seller
shall furnish to Buyer a commitment for title insurance (Commitment) and, at Buyer's expense,
legible copies of restrictive covenants and documents evidencing exceptions in the Commitment
(Exception Documents) other than the standard printed exceptions. Seller authorizes the Title
Company to deliver the Commitment and Exception Documents to Buyer at Buyer's address
shown in Paragraph 21. If the Commitment and Exception Documents are not delivered to
Buyer within the specified time, the time for delivery will be automatically extended up to 15
days or 3 days before the Closing Date, whichever is earlier. If the Commitment and Exception
Documents are not delivered within the time required, Buyer may terminate this contract and
the earnest money will-4a refunded to Buver.
Initialed for identification by Buye aP� and Seller
TREC NO. 20-15
Produced with Lone Wolf Transactions (ziffonn Edition) 231 Shearson Cr. Cambridge, Ontario, Canada NIT 1.15 www.twolf.com 1502 Vanham Ave
Contract Concerning 1502 Vanham Wilson TX 79381-1983 Page 3 of 11 11-10-2020
(Address of Property)
C. SURVEY: The survey must be made by a registered professional land surveyor acceptable to the
Title Company and Buyer's lender(s). (Check one box only)
❑ (1) Within days after the Effective Date of this contract, Seller shall furnish to Buyer and
Title Company Seller's existing survey of the Property and a Residential Real Property
Affidavit promulgated by the Texas Department of Insurance (T-47 Affidavit). If Seller fails to
furnish the existing survey or affidavit within the time prescribed, Buyer shall
obtain a new survey at Seller's expense no later than 3 days prior to Closing Date.
If the existing survey or affidavit is not acce table to Title Company or Buyer's lender(s),
Buyer shall obtain a new survey at ❑ Seller's L] Buyer's expense no later than 3 days prior to
Closing Date.
❑ (2) Within _ days after the Effective Date of this contract, Buyer shall obtain a new survey
at Buyer's expense. Buyer is deemed to receive the survey on the date of actual receipt or
the date specified in this paragraph, whichever is earlier.
❑ (3) Within days after the Effective Date of this contract, Seller, at Seller's expense shall
furnish a new survey to Buyer.
D. OBJECTIONS: Buyer may object in writing to defects, exceptions, or encumbrances to title:
disclosed on the survey other than items 6A(1) through (7) above; disclosed in the
Commitment other than items 6A(1) through (9) above; or which prohibit the following use or
activity: single family residence
Buyer must object the earlier of (i) the Closing Date or (ii) - 3 days after Buyer receives the
Commitment, Exception Documents, and the survey. Buyer's failure to object within the time
allowed will constitute a waiver of Buyer's right to object; except that the requirements in
Schedule C of the Commitment are not waived by Buyer. Provided Seller is not obligated to
incur any expense, Seller shall cure any timely objections of Buyer or any third party lender
within 15 days after Seller receives the objections (Cure Period) and the Closing Date will be
extended as necessary. If objections are not cured within the Cure Period, Buyer may, by
delivering notice to Seller within 5 days after the end of the Cure Period: (i) terminate this
contract and the earnest money will be refunded to Buyer; or (ii) waive the objections. If
Buyer does not terminate within the time required, Buyer shall be deemed to have waived the
objections. If the Commitment or Survey is revised or any new Exception Document(s) is
delivered, Buyer may object to any new matter revealed in the revised Commitment or Survey
or new Exception Document(s) within the same time stated in this paragraph to make
objections beginning when the revised Commitment, Survey, or Exception Document(s) is
E
delivered to Buyer.
TITLE NOTICES:
(1) ABSTRACT OR TITLE POLICY: Broker advises Buyer to have an abstract of title covering the
Property examined by an attorney of Buyer's selection, or Buyer should be furnished with or
obtain a Title Policy. If a Title Policy is furnished, the Commitment should be promptly
reviewed by an attorney of Buyer's choice due to the time limitations on Buyer's right to
object.
(2) MEMBERSHIP IN PROPERTY OWNERS ASSOCIATION(S): The Property []is ❑X is not subject
to mandatory membership in a property owners association(s). If the Property is subject to
mandatory membership in a property owners association(s), Seller notifies Buyer under
§5.012, Texas Property Code, that, as a purchaser of property in the residential community
identified in Paragraph 2A in which the Property is located, you are obligated to be a
member of the property owners association(s). Restrictive covenants governing the use and
occupancy of the Property and all dedicatory instruments governing the establishment,
maintenance, or operation of this residential community have been or will be recorded in
the Real Property Records of the county in which the Property is located. Copies of the
restrictive covenants and dedicatory instruments may be obtained from the county clerk.
You are obliaated to nay assessments to the property owners association(s) The
amount of the assessments is subject to change Your failure to pay the
assessments could result in enforcement of the association's lien on and the
foreclosure of the Prooertt
Section 207.003, Property Code, entitles an owner to receive copies of any document that
governs the establishment, maintenance, or operation of a subdivision, including, but not
limited to, restrictions, bylaws, rules and regulations, and a resale certificate from a
property owners' association. A resale certificate contains information including, but not
limited to, statements specifying the amount and frequency of regular assessments and the
style and cause number of lawsuits to which the property owners' association is a party,
other than lawsuits relating to unpaid ad valorem taxes of an individual member of the
association. These documents must be made available to you by the property owners'
association or the association's agent on your request.
If Buyer is concerned about these matters, the TREC promulgated Addendum for
Property Subject to Mandatory Membership in a Property Owners Association(s)
should be used.
(3) STATUTORY TAX DISTRICTS: If the Property is situated in a utility or other statutorily
created district providing water, sewer, drainage, or flood control facilities and services,
Initialed for identification by Buyer] UPI and Seller TREC NO. 20-15
Produced with Lone Wolf Transactions (zipForm Edition) 231 Shearson Cr. Cambridge, Ontario, Canada NIT US www.twolf.com 1502 Vanham Ave
Contract Concerning 1502 Vanham, Wilson, TX 79381-1983 Page 4 of 11 11-10-2020
(Address of Property)
Chapter 49, Texas Water Code, requires Seller to deliver and Buyer to sign the statutory
notice relating to the tax rate, bonded indebtedness, or standby fee of the district prior to
final execution of this contract.
(4) TIDE WATERS: If the Property abuts the tidally influenced waters of the state, §33.135,
Texas Natural Resources Code, requires a notice regarding coastal area property to be
included in the contract. An addendum containing the notice promulgated by TREC or
required by the parties must be used.
(5) ANNEXATION: If the Property is located outside the limits of a municipality, Seller notifies
Buyer under §5.011, Texas Property Code, that the Property may now or later be included
in the extraterritorial jurisdiction of a municipality and may now or later be subject to
annexation by the municipality. Each municipality maintains a map that depicts its
boundaries and extraterritorial jurisdiction. To determine if the Property is located within a
municipality's extraterritorial jurisdiction or is likely to be located within a municipality's
extraterritorial jurisdiction, contact all municipalities located in the general proximity of the
Property for further information.
(6) PROPERTY LOCATED IN A CERTIFICATED SERVICE AREA OF A UTILITY SERVICE PROVIDER:
Notice required by §13.257, Water Code: The real property, described in Paragraph 2, that
you are about to purchase may be located in a certificated water or sewer service area,
which is authorized by law to provide water or sewer service to the properties in the
certificated area. If your property is located in a certificated area there may be special costs
or charges that you will be required to pay before you can receive water or sewer service.
There may be a period required to construct lines or other facilities necessary to provide
water or sewer service to your property. You are advised to determine if the property is in a
certificated area and contact the utility service provider to determine the cost that you will
be required to pay and the period, if any, that is required to provide water or sewer service
to your property. The undersigned Buyer hereby acknowledges receipt of the foregoing
notice at or before the execution of a binding contract for the purchase of the real property
described in Paragraph 2 or at closing of purchase of the real property.
(7) PUBLIC IMPROVEMENT DISTRICTS: If the Property is in a public improvement district,
§5.014, Property Code, requires Seller to notify Buyer as follows: As a purchaser of this
parcel of real property you are obligated to pay an assessment to a municipality or county
for an improvement project undertaken by a public improvement district under Chapter 372,
Local Government Code. The assessment may be due annually or in periodic installments.
More information concerning the amount of the assessment and the due dates of that
assessment may be obtained from the municipality or county levying the assessment. The
amount of the assessments is subject to change. Your failure to pay the assessments could
result in a lien on and the foreclosure of your property.
(8) TRANSFER FEES: If the Property is subject to a private transfer fee obligation, §5.205,
Property Code, requires Seller to notify Buyer as follows: The private transfer fee obligation
may be governed by Chapter 5, Subchapter G of the Texas Property Code.
(9) PROPANE GAS SYSTEM SERVICE AREA: If the Property is located in a propane gas system
service area owned by a distribution system retailer, Seller must give Buyer written notice
as required by §141.010, Texas Utilities Code. An addendum containing the notice approved
by TREC or required by the parties should be used.
(10) NOTICE OF WATER LEVEL FLUCTUATIONS: If the Property adjoins an impoundment of
water, including a reservoir or lake, constructed and maintained under Chapter 11, Water
Code, that has a storage capacity of at least 5,000 acre-feet at the impoundment's normal
operating level, Seller hereby notifies Buyer: "The water level of the impoundment of water
adjoining the Property fluctuates for various reasons, including as a result of: (1) an entity
lawfully exercising its right to use the water stored in the impoundment; or (2) drought or
flood conditions."
7. PROPERTY CONDITION:
A. ACCESS, INSPECTIONS AND UTILITIES: Seller shall permit Buyer and Buyer's agents access
to the Property at reasonable times. Buyer may have the Property inspected by inspectors
selected by Buyer and licensed by TREC or otherwise permitted by law to make inspections.
Any hydrostatic testing must be separately authorized by Seller in writing. Seller at Seller's
expense shall immediately cause existing utilities to be turned on and shall keep the utilities
on during the time this contract is in effect.
B. SELLER'S DISCLOSURE NOTICE PURSUANT TO §5.008, TEXAS PROPERTY CODE (Notice):
(Check one box only)
8 (1) Buyer has received the Notice.
(2) Buyer has not received the Notice. Within days after the Effective Date of this
contract, Seller shall deliver the Notice to Buyer. If Buyer does not receive the Notice,
Buyer may terminate this contract at any time prior to the closing and the earnest money
„
Initialed for identification by Buye F and Seller TRFC NO 20-15
Produced with Lone Wolf Transactions (zipForm Edition) 231 Shearson Cr. Cambridge, Ontano, Canada NIT 1.15 www.lwolf.com 1502 Vanham Ave
Contract Concerning 1502 Vanham1Wilson, TX 79381-1983 Page 5 of 11 11-10-2020
(Address of Property)
will be refunded to Buyer. If Seller delivers the Notice, Buyer may terminate this contract for
any reason within 7 days after Buyer receives the Notice or prior to the closing, whichever first
occurs, and the earnest money will be refunded to Buyer.
0 (3) The Seller is not required to furnish the notice under the Texas Property Code.
C. SELLER'S DISCLOSURE OF LEAD -BASED PAINT AND LEAD -BASED PAINT HAZARDS is required
by Federal law for a residential dwelling constructed prior to 1978.
D. ACCEPTANCE OF PROPERTY CONDITION: "As Is" means the present condition of the Property
with any and all defects and without warranty except for the warranties of title and the
warranties in this contract. Buyer's agreement to accept the Property As Is under Paragraph
7D(1) or (2) does not preclude Buyer from inspecting the Property under Paragraph 7A, from
negotiating repairs or treatments in a subsequent amendment, or from terminating this
contract during the Option Period, if any.
(Check one box only)
X (1) Buyer accepts the Property As Is.
(2) Buyer accepts the Property As Is provided Seller, at Seller's expense, shall complete the
following specific repairs and treatments:
(Do not insert general phrases, such as "subject to inspections" that do not identify specific
repairs and treatments.)
E. LENDER REQUIRED REPAIRS AND TREATMENTS: Unless otherwise agreed in writing, neither
party is obligated to pay for lender required repairs, which includes treatment for wood
destroying insects. If the parties do not agree to pay for the lender required repairs or
treatments, this contract will terminate and the earnest money will be refunded to Buyer. If
the cost of lender required repairs and treatments exceeds 5% of the Sales Price, Buyer may
terminate this contract and the earnest money will be refunded to Buyer.
F. COMPLETION OF REPAIRS AND TREATMENTS: Unless otherwise agreed in writing: (i) Seller
shall complete all agreed repairs and treatments prior to the Closing Date; and (ii) all required
permits must be obtained, and repairs and treatments must be performed by persons who are
licensed to provide such repairs or treatments or, if no license is required by law, are
commercially engaged in the trade of providing such repairs or treatments. At Buyer's
election, any transferable warranties received by Seller with respect to the repairs and
treatments will be transferred to Buyer at Buyer's expense. If Seller fails to complete any
agreed repairs and treatments prior to the Closing Date, Buyer may exercise remedies under
Paragraph 15 or extend the Closing Date up to 5 days if necessary for Seller to complete the
repairs and treatments.
G. ENVIRONMENTAL MATTERS: Buyer is advised that the presence of wetlands, toxic substances,
including asbestos and wastes or other environmental hazards, or the presence of a threatened
or endangered species or its habitat may affect Buyer's intended use of the Property. If Buyer
is concerned about these matters, an addendum promulgated by TREC or required by the
parties should be used.
H. RESIDENTIAL SERVICE CONTRACTS: Buyer may purchase a residential service contract from a
residential service company licensed by TREC. If Buyer purchases a residential service
contract, Seller shall reimburse Buyer at closing for the cost of the residential service contract
in an amount not exceeding $ . Buyer should review any residential service
contract for the scope of coverage, exclusions and limitations. The purchase of a residential
service contract is optional. Similar coverage may be purchased from various
companies authorized to do business in Texas.
8. BROKERS AND SALES AGENTS:
A. BROKER OR SALES AGENT DISCLOSURE: Texas law requires a real estate broker or sales
agent who is a party to a transaction or acting on behalf of a spouse, parent, child, business
entity in which the broker or sales agent owns more than 10%, or a trust for which the
broker or sales agent acts as a trustee or of which the broker or sales agent or the broker or
sales agent's spouse, parent or child is a beneficiary, to notify the other party in writing
before entering into a contract of sale. Disclose if applicable:
B. BROKERS' FEES: All obligations of the parties for payment of brokers' fees are contained in
separate written agreements.
9. CLOSING:
A. The closing of the sale will be on or before August 24 2021 or within 7 days
after objections made under Paragraph 6D have been cured or waived, whichever date is later
(Closing Date). If either party fails to close the sale by the Closing Date, the non -defaulting
party may exercise the remedies contained in Paragraph 15.
B. At closing:
(1) Seller shall execute and deliver a general warranty deed conveying title to the Property to
Buyer and showing no additional exceptions to those permitted in Paragraph 6 and furnish
tax statements or certificates showing no delinquent taxes on the Property.
(2) Buyer shall pay the Sales Price in good funds acceptable to the escrow agent.
Initialed for identification by Buyer! WPI and Seller TREC NO. 20-15
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Contract Concerning 1502 Vanham Wilson, TX 79381-1983 Page 6 of 11 11-10-2020
(Address of Property)
(3) Seller and Buyer shall execute and deliver any notices, statements, certificates, affidavits,
releases, loan documents and other documents reasonably required for the closing of the
sale and the issuance of the Title Policy.
(4) There will be no liens, assessments, or security interests against the Property which will not
be satisfied out of the sales proceeds unless securing the payment of any loans assumed
by Buyer and assumed loans will not be in default.
10. POSSESSION:
A. BUYER'S POSSESSION: Seller shall deliver to Buyer possession of the Property in its present or
required condition, ordinary wear and tear excepted: Q upon closing and funding according
to a temporary residential lease form promulgated by TREC or other written lease required by
the parties. Any possession by Buyer prior to closing or by Seller after closing which is not
authorized by a written lease will establish a tenancy at sufferance relationship between the
parties. Consult your insurance agent prior to change of ownership and possession because
insurance coverage may be limited or terminated. The absence of a written lease or
appropriate insurance coverage may expose the parties to economic loss.
B. SMART DEVICES: "Smart Device" means a device that connects to the internet to enable
remote use, monitoring, and management of: (i) the Property; (ii) items identified in any Non -
Realty Items Addendum; or (iii) items in a Fixture Lease assigned to Buyer. At the time Seller
delivers possession of the Property to Buyer, Seller shall:
(1) deliver to Buyer written information containing all access codes, usernames, passwords,
and applications Buyer will need to access, operate, manage, and control the Smart
Devices; and
(2) terminate and remove all access and connections to the improvements and accessories
from any of Seller's personal devices including but not limited to phones and computers.
11. SPECIAL PROVISIONS: (Insert only factual statements and business details applicable
to the sale. TREC rules prohibit license holders from adding factual statements or business
details for which a contract addendum, lease or other form has been promulgated by TREC for
mandatory use.) Tracts 3 & 4, League 4, WM. D. Green's Subdivision
12. SETTLEMENT AND OTHER EXPENSES:
A. The following expenses must be paid at or prior to closing:
(1) Expenses payable by Seller (Seller's Expenses):
(a) Releases of existing liens, including prepayment penalties and recording fees; release of
Seller's loan liability; tax statements or certificates; preparation of deed; one-half of
escrow fee; and other expenses payable by Seller under this contract.
(b) Seller shall also pay an amount not to exceed $ to be applied in the
following order: Buyer's Expenses which Buyer is prohibited from paying by FHA, VA,
Texas Veterans Land Board or other governmental loan programs, and then to other
Buyer's Expenses as allowed by the lender.
(2) Expenses payable by Buyer (Buyer's Expenses): Appraisal fees; loan application fees;
origination charges; credit reports; preparation of loan documents; interest on the notes
from date of disbursement to one month prior to dates of first monthly payments;
recording fees; copies of easements and restrictions; loan title policy with endorsements
required by lender; loan -related inspection fees; photos; amortization schedules; one-half
of escrow fee; all prepaid items, including required premiums for flood and hazard
insurance, reserve deposits for insurance, ad valorem taxes and special governmental
assessments; final compliance inspection; courier fee; repair inspection; underwriting fee;
wire transfer fee; expenses incident to any loan; Private Mortgage Insurance Premium
(PMI), VA Loan Funding Fee, or FHA Mortgage Insurance Premium (MIP) as required by the
lender; and other expenses payable by Buyer under this contract.
B. If any expense exceeds an amount expressly stated in this contract for such expense to be
paid by a party, that party may terminate this contract unless the other party agrees to pay
such excess. Buyer may not pay charges and fees expressly prohibited by FHA, VA, Texas
Veterans Land Board or other governmental loan program regulations.
13. PRORATIONS: Taxes for the current year, interest, maintenance fees, assessments,
dues and rents will be prorated through the Closing Date. The tax proration may be calculated
taking into consideration any change in exemptions that will affect the current year's taxes. If
taxes for the current year vary from the amount prorated at closing, the parties shall adjust the
prorations when tax statements for the current year are available. If taxes are not paid at or prior
to closing, Buyer shall pay taxes for the current year.
os
Initialed for identification by Buyeli 10 and Seller TREC NO. 20-15
Produced with Lone Wolf Transactions (zipForm Edition) 231 Shearson Cr. Cambridge. Ontario, Canada NIT 1.15 www.lwolf.com 1502 Vanham Ave
Contract Concerning _ 1502 Vanhamison TX 79381-1983 Page 7 of 11 11-10-2020
(Address of Property)
14. CASUALTY LOSS: If any part of the Property is damaged or destroyed by fire or other
casualty after the Effective Date of this contract, Seller shall restore the Property to its previous
condition as soon as reasonably possible, but in any event by the Closing Date. If Seller fails to do
so due to factors beyond Seller's control, Buyer may (a) terminate this contract and the earnest
money will be refunded to Buyer (b) extend the time for performance up to 15 days and the
Closing Date will be extended as necessary or (c) accept the Property in its damaged condition
with an assignment of insurance proceeds, if permitted by Seller's insurance carrier, and receive
credit from Seller at closing in the amount of the deductible under the insurance policy. Seller's
obligations under this paragraph are independent of any other obligations of Seller under this
contract.
15. DEFAULT: If Buyer fails to comply with this contract, Buyer will be in default, and Seller
may (a) enforce specific performance, seek such other relief as may be provided by law, or both,
or (b) terminate this contract and receive the earnest money as liquidated damages, thereby
releasing both parties from this contract. If Seller fails to comply with this contract, Seller will be
in default and Buyer may (a) enforce specific performance, seek such other relief as may be
provided by law, or both, or (b) terminate this contract and receive the earnest money, thereby
releasing both parties from this contract.
16. MEDIATION: It is the policy of the State of Texas to encourage resolution of disputes
through alternative dispute resolution procedures such as mediation. Any dispute between Seller
and Buyer related to this contract which is not resolved through informal discussion will be
submitted to a mutually acceptable mediation service or provider. The parties to the mediation
shall bear the mediation costs equally. This paragraph does not preclude a party from seeking
equitable relief from a court of competent jurisdiction.
17. ATTORNEY'S FEES: A Buyer, Seller, Listing Broker, Other Broker, or escrow agent who
prevails in any legal proceeding related to this contract is entitled to recover reasonable attorney's
fees and all costs of such proceeding.
18. ESCROW:
A. ESCROW: The escrow agent is not (i) a party to this contract and does not have liability for the
performance or nonperformance of any party to this contract, (ii) liable for interest on the
earnest money and (iii) liable for the loss of any earnest money caused by the failure of any
financial institution in which the earnest money has been deposited unless the financial
institution is acting as escrow agent. Escrow agent may require any disbursement made in
connection with this contract to be conditioned on escrow agent's collection of good funds
acceptable to escrow agent.
B. EXPENSES: At closing, the earnest money must be applied first to any cash down payment, then to Buyer's
Expenses and any excess refunded to Buyer. If no closing occurs, escrow agent
may: (i) require a written release of liability of the escrow agent from all parties; and (ii)
require payment of unpaid expenses incurred on behalf of a party. Escrow agent may deduct
authorized expenses from the earnest money payable to a party. "Authorized expenses' means
expenses incurred by escrow agent on behalf of the party entitled to the earnest money that
were authorized by this contract or that party.
C. DEMAND: Upon termination of this contract, either party or the escrow agent may send a
release of earnest money to each party and the parties shall execute counterparts of the
release and deliver same to the escrow agent. If either party fails to execute the release, either
party may make a written demand to the escrow agent for the earnest money. If only one party
makes written demand for the earnest money, escrow agent shall promptly provide a copy of
the demand to the other party. If escrow agent does not receive written objection to the
demand from the other party within 15 days, escrow agent may disburse the earnest money to
the party making demand reduced by the amount of unpaid expenses incurred on behalf of the
party receiving the earnest money and escrow agent may pay the same to the creditors. If
escrow agent complies with the provisions of this paragraph, each party hereby releases escrow
agent from all adverse claims related to the disbursal of the earnest money.
D. DAMAGES: Any party who wrongfully fails or refuses to sign a release acceptable to the
escrow agent within 7 days of receipt of the request will be liable to the other party for (i)
damages; (ii) the earnest money; (iii) reasonable attorney's fees; and (iv) all costs of suit.
E. NOTICES: Escrow agent's notices will be effective when sent in compliance with Paragraph 21.
Notice of objection to the demand will be deemed effective upon receipt by escrow agent.
19. REPRESENTATIONS: All covenants, representations and warranties in this contract survive
closing. If any representation of Seller in this contract is untrue on the Closing Date, Seller will be
in default. Unless expressly prohibited by written agreement, Seller may continue to show the
Property and receive, negotiate and accept back up offers.
20. FEDERAL TAX REQUIREMENTS: If Seller is a "foreign person," as defined by Internal
Revenue Code and its regulations, or if Seller fails to deliver an affidavit or a certificate of non -
foreign status to Buyer that Seller is not a "foreign person," then Buyer shall withhold from the
sales proceeds an amount sufficient to comply with applicable tax law and deliver the same to the
Internal Revenue Service together with appropriate tax forms. Internal Revenue Service
regulations require filing written reports if currency in excess of specified amounts is received in
the transaction.
Initialed for identification by Buyed WPI and Seller TREC NO. 20-15
Produced with Lone Wolf Transactions (zipForm Edition) 231 Shearson Cr Cambridge, Ontario, Canada N1T 1J5 www.lwolf.com 1502 Vanham Ave
uocuSign tnvelope lu: 3419A649-3993-4135-SF3A-EBOSDE755559
Contract Concerning 1502 Va_ n_ hard 1Nilson- TX 79381-1983
(Address of Property)
Page 8 of 11 11-10-2020
21. NOTICES: All notices from one party to the other must be in writing and are effective
when mailed to, hand -delivered at, or transmitted by fax or electronic transmission as follows:
To Buyer at: Tre>�P__.. _ _ To Seller at: Angela Smith
WW Porter Investments
Phone:
E-mail/Fax:
E-mail/Fax-
WestMark Realtors
Phone: Lt306)d96.5216
E-mail/Fax: asmit_ h@westmarkrealtors.com
E-mail/Fax:
22. AGREEMENT OF PARTIES: This contract contains the entire agreement of the parties
and cannot be changed except by their written agreement. Addenda which are a part of this
contract are (Check all applicable boxes):
❑ Third Party Financing Addendum
❑ Seller Financing Addendum
❑ Addendum for Property Subject to
Mandatory Membership in a Property
Owners Association
[] Buyer's Temporary Residential Lease
❑ Loan Assumption Addendum
❑ Addendum for Sale of Other Property by
Buyer
❑ Addendum for Reservation of Oil Gas
and Other Minerals
❑ Addendum for "Back -Up" Contract
❑ Addendum for Coastal Area Property
`] Addendum for Authorizing Hydrostatic
Testing
L] Addendum Concerning Right to
Terminate Due to Lender's Appraisal
❑ Environmental Assessment, Threatened
or Endangered Species and Wetlands
Addendum
❑ Seller's Temporary Residential Lease
❑ Short Sale Addendum
❑ Addendum for Property Located Seaward
of the Gulf Intracoastal Waterway
❑ Addendum for Seller's Disclosure of
Information on Lead -based Paint and Lead -
based Paint Hazards as Required by
Federal Law
❑ Addendum for Property in a Propane Gas
System Service Area
[] Addendum Regarding Residential Leases
❑ Addendum Regarding Fixture Leases
❑ Other (list):
23. CONSULT AN ATTORNEY BEFORE SIGNING: TREC rules prohibit real estate license
holders from giving legal advice. READ THIS CONTRACT CAREFULLY.
Buyer's
Attorney is:
Phone:
Fax:
E-mail:
Seller's
Attorney is: Ryan Brooke, Assistant City Attorney
Phone: 806-775-2222
Fax:
806-775-3307
E-mail: rbrooke@mylubbock.us
larWlrvlr uy ouy@riL, -- ana bener TREC NO.
Produced with Lone Woof Transactions jepForm Edition) 231 Shearson Cr. Cambridge. Ontario. Canada NIT 1J5 26TINLA= 1502 Vsahem Ave
Docu ftn tnvefope ID: 3419A649-3993.4135.8F3A-EB08DE755559
Contract Concerning., 1502 Vanharn, Wilson, TX_ 793814983 Page 9 of 11 11-10.2020
(Address of Property)
EXECUTED the day of _ __ , (Effective Date).
(BROKER: FILL IN THE DATE OF FINAL ACCEPTANCE.)
0o..6q..d by
NJ palw I"WS 8/5/2021
orter investments
Buyer
CITY OF LUBBOCK
DANIEL M. POPE, MAYOR
T:
Rebe a Garza, City Secre ary
AP E A ON ENT:
Jesica c achern, Assistance City Manager
APPROVED AS TO FOR
Ry r ke, Assistant City4[a�
TREC NO.20-15
Produced with Lone WW Transwians (zipForm Edilan) 231 Shaeraw Cr Cambridge Ontario, Canada NIT IA www.6N&Ax m 1502 Vanbam Ave