HomeMy WebLinkAboutResolution - 2022-R0162 - Commercial Real Estate Contract with Marc Shipton 4.12.22Resolution No. 2022-R0162
Item No. 7.12
April 12, 2022
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 Commercial Contract — Unimproved Property for the sale
of certain real property located at 9902 Milwaukee, 9908 Milwaukee & 6514 100th, Lubbock,
Lubbock County, Texas, by and between the City of Lubbock and Marc Shipton, 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; and
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 April 12, 2022
DANIEL M. POPE, MAYOR
ATTEST:
Rebec a Garza, City Secret
APPROVED AS TO CONTENT:
1c ' , cEachern, Assistant City Manager
APPROVED AS TO FORM:
Ryan Br oke, Assistant City Attorney
RES.Commercial Contract Unimproved Property, Marc Shipton
3,14.22
Resolution No. 2022-RO162
Contract 16389
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COMMERCIAL CONTRACT - UNIMPROVED PROPERTY
USE OF TINS FORM W PERSONSMO ARE NOT MEM MM OFTIN: TEXAS ASSOCIATION OF REALTORSA, RM IS NOTA M OMM.
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1. PARTIES: Seller agrees to sell and convey to Buyer the Properly described in Paragraph 2. Buyer agrees
to buy the Property from Seller for the sales price stated in Paragraph 3. The parties to this contract are:
Seller. City of Lubbock
Address:1314 Ave K . Lubbock, TX 79401
Phone: (806)559 2775 Zoltan E-mail: zfeketeD-mylubbock.com
Fax: Other:
Buyer. Marc Shipton and/or assigns
Address: 6306 Iola Ave, Lubbock, TX 79424-2730
Phone: (806)4414200 Brad E-mail: mshiptonAcrospropertiesinc.com
Fax: Other. RMO-crospropertiesinc.com: bworthlawftmati.com
2. PROPERTY:
A. "Property" means that real property situated in Lubbock County, Texas at
9902 Milwaukee; 9008 Milwaukee & 6514100th
(address) and that is legally described on the attached Exhibit or as follows:
BLK AK SEC 22 AB 749 N288.9' OF TR 61 A04 (6514100TH); BLK AK SEC 22 AS 749 N 131.950
OF TR 2 ACS:.802 (9908 MILWAUKEE); BLK AK SEC 22 AB 749 TR 5 ACS:.955(9902
MILWAUKEE) PER LCAD - SEE ATTACHED EXHIBIT
B. Seiler will sell and convey the Property together with:
(1) all rights, privileges, and appurtenances pertaining to the Property, including Seller's right, title, and
Interest in any minerals, utilities, adjacent streets, alleys, strips, gores, and rights -of --way;
(2) Seller's interest in all leases, rents, and security deposits for all or part of the Property; and
(3) Seller's interest in all licenses and permits related to the Property.
(Describe any exceptions, reservations, or restrictions in Paragraph 12 or an addendum.)
(if mineral rights are to be reserved an appropriate addendum should be attached.)
3. SALES PRICE:
A. At or before dosing, Buyer will pay the following sales price for the Property:
(1) Cash portion payable by Buyer at dosing ........................ $ 500,000.00
(2) Sum of all financing described In Paragraph 4 .................... $ T13D
(3) Sales price (sum of 3A(1) and 3A(2)) ........................... $ 500,000.00
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B. Adjustment to Sales Price: (Check (1) or (2) only.)
X (1) The sales price will not be adjusted based on a survey.
(2) The sales price will be adjusted based on the latest survey obtained under Paragraph 68.
a) The sales price is calculated on the basis of $
(1) square foot of ❑ total area ❑ net area.
(ii) acre of ❑ total area ❑ net area.
Per.
(b) 'Total area" means all land area within the perimeter boundaries of the Property. "Net area"
means total area less any area of the Property within:
❑(i) public roadways;
(ii) rights -of -way and easements other than those that directly provide utility services to the
El (iii) Property; and
(c) If the sales price is adjusted by more than % of the stated sales price, either party
may terminate this contract by providing written notice to the other party within days
after the terminating party receives the survey. If neither party terminates this contract or if the
variance is less than the stated percentage, the adjustment to the sales price will be made to
the cash portion of the sales price payable by Buyer.
4. FINANCING: Buyer will finance the portion of the sales price under Paragraph 3A(2) as follows:
❑X A. Third Party Financing: One or more third party loans in the total amount of $ TBD
This contract:
8 (1) is nd contingent upon Buyer obtaining third party financing.
(2) is contingent upon Buyer obtaining third party financing in accordance with the attached
Commercial Contract Financing Addendum (TXR 1931).
❑ B. Assum to ion: In accordance with the attached Commercial Contract Financing Addendum (TXR 1931),
Buyer will assume the existing promissory note secured by the Property, which balance at dosing will
be $
❑ C. Seller Financing: The delivery of a promissory note and deed of trust to Seller under the terms of the
attached Commercial Contract Financing Addendum (TXR 1931) in the amount of
5. EARNEST MONEY:
A. Not later than 3 days after the effective date, Buyer must deposit $ $5,000.00 as earnest
money with Western Title (title company)
at 4202 841th Lubbock, TX 79423 (address) Bob Brandt 806 T93-0704 (closer).
If Buyer fails to timely deposit the earnest money, Seller may terminate this contract or exercise any of
Seller's other remedies under Paragraph 15 by providing written notice to Buyer before Buyer deposits
the earnest money.
B. Buyer will deposit an additional amount of $ with the title company to be made
rt of the earnest money on or before:
(I) days after Buyers right to terminate under Paragraph 713 expires; or
Buyer will be in default if Buyer fails to deposit the additional amount required by this Paragraph 5B
within 3 days after Seller notifies Buyer that Buyer has not timely deposited the additional amount.
C. Buyer may instruct the time company to deposit the eamest money in an Interest-beering account at a
federally insured financial institution and to credit any interest to Buyer.
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S. TITLE POLICY AND SURVEY:
A. Title Policy:
(1) Seller, at Seller's expense, will furnish Buyer an Owner's Policy of Title Insurance (the title policy)
issued by any underwriter of the title company in the amount of the sales price, dated at or after
dosing, insuring Buyer against loss under the tide policy, subject only to:
(a) those title exceptions permitted by this contract or as may be approved by Buyer in writing; and
(b) the standard printed exceptions contained in the promulgated form of tide policy unless this
contract provides otherwise.
(2) The standard printed exception as to discrepancies, conflicts, or shortages in area and boundary
lines, or any encroachments or protrusions, or any overlapping improvements:
X (a) will not be amended or deleted from the tide policy.
(b) will be amended to read "shortages in areas" at the expense of ❑ Buyer ❑ Seller.
(3) Within 10 days after the effective date, Seller will furnish Buyer a commitment for title insurance
(the commitment) including legible copies of recorded documents evidencing title exceptions. Seller
authorizes the title company to deliver the commitment and related documents to Buyer at Buyer's
address. 7, t
sB. Survey: Within X days after the effective date:
❑X (1) Buyer will obtain a survey of the Property at Buyers expense and deliver a copy of the survey to
Seller. The survey must be made in accordance with the: (i) ALTAINSPS Land Tide Survey
standards, or (11) Texas Society of Professional Surveyors' standards for a Category 1A survey
under the appropriate condition. Seller will reimburse Buyer None (insert
amount) of the cost of the survey at closing, if dosing occurs.
❑ (2) Seller, at Sellers expense, will fumish Buyer a survey of the Property dated after the effective date.
The survey must be made in accordance with the: (i) ALTAINSPS Land Title Survey standards, or
(ii) Texas Society of Professional Surveyors' standards for a Category 1A survey under the
appropriate condition.
❑ (3) Seller will deliver to Buyer and the title company a true and correct copy of Sellers most recent
survey of the Property along with an affidavit required by the tide company for approval of the
existing survey. if the existing survey is not acceptable to the title company, ❑ Seller ❑ Buyer
(updating party), will, at the updating party's expense, obtain a new or updated survey acceptable
to the title company and deliver the acceptable survey to the other party and the title company
within 20 days after the title company notifies the parties that the existing survey is not acceptable
to the title company. The dosing date will be extended daily up to 20 days if necessary for the
updating party to deliver an acceptable survey within the time required. The other party will
reimburse the updating party (msert amount or percentage) of the cost
of the new or updated survey at dosing, if dosing occurs.
C. RWyer's Objections to the Commitment and Sun=:
(1) Within days after Buyer receives the last of the commitment, copies of the documents
evidencing the tide exceptions, and any required survey, Buyer may object in writing to matters
disclosed in the items if: (a) the matters disclosed are a restriction upon the Property or constitute a
defect or encumbrance to tide other than those permitted by this contract or liens that Seller will
satisfy at dosing or Buyer will assume at dosing; or (b) the items show that any part of the Property
lies in a special flood hazard area (an "A" or aW zone as defined by FEMA). If the commitment or
survey is revised or any new document evidencing a title exception is delivered, Buyer may object
to any new matter revealed in such revision or new document. Buyer's objection must be made
within the some number of days stated in this paragraph, beginning when the revision or new
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document is delivered to Buyer. If Paragraph 613(1) applies, Buyer is deemed to receive the survey
on the earlier of: (1) the date of Buyers actual receipt of the survey, or (ii) of the deadline specified
in Paragraph 6B.
(2) Seller may, but is not obligated to, cure Buyer's timely objections within 15 days after Seller
receives the objections. The dosing date will be extended as necessary to provide such time to
cure the objections. If Seller fails to cure the objections by the time required, Buyer may terminate
this contract by providing written notice to Seller within 5 days after the time by which Seller must
cure the objections. If Buyer terminates, the earnest money, less any independent consideration
under Paragraph 713(1), will be refunded to Buyer.
(3) Buyer's failure to timely object or terminate under this Paragraph 6C is a waiver of Buyers right to
object except that Buyer will not waive the requirements in Schedule C of the commitment.
7. PROPERTY CONDITION:
A. Present Condition: Buyer accepts the Property in its present condition except that Seller, at Sellers
expense, will complete the following before closing:
B. Feasibil Period: Buyer may terminate this contract for any reason within Z_ ( a� _ days after the
effective date (feasibility period) by providing Seller written notice of termination.
(1) Independent Consideration. (Check only one box and insert amounts.)
❑X (a) If Buyer terminates under this Paragraph 7B, the earnest money will be refunded to Buyer less
$ 100.00 that Seller will retain as independent consideration for Buyers
unrestricted right to terminate. Buyer has tendered the independent consideration to Seller
upon payment of the amount specified in Paragraph 5A to the title company. The Independent
consideration is to be credited to the sales price only upon dosing of the sale. If no dollar
amount is stated 113 this Paragraph 713(1 ) or if Buyer fails to deposit the_eamest money. Buyer
will not have the right to terminate under this Paragraph 78.
❑ (b) Not later than 3 days after the effective date, Buyer must pay Seller $
as independent consideration for Buyer's right to terminate by tendering such amount to Seller
or Sellers agent. If Buyer terminates under this Paragraph 7B, the earnest money will be
refunded to Buyer and Seller will retain the independent consideration. The independent
consideration will be credited to the sales price only upon dosing of the sale. If no dollar
Byer will not have the right to terminate under this Paragralh 7_8_.
(2) Feasibility Period Extension Prior to the expiration of the initial feasibility period, Buyer may extend
the feasibility period for a single period of an additional days by depositing additional
earnest money in the amount of $. with the title company. if no dollar
amount is stated in this Paragraph or if Buyer fails to timely deposit the additional eamest money,
the extension of the feasibility period will not be effective.
(1) During the feasibility period, Buyer, at Buyers expense, may complete or cause to be completed
any and all inspections, studies, or assessments of the Property (including all improvements and
factures) desired by Buyer.
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(2) Buyer must:
(a) employ only trained and qualified inspectors and assessors;
(b) notify Seller, in advance, of when the inspectors or assessors will be on the Property;
(c) abide by any reasonable entry rules or requirements of Seller;
(d) not interfere with existing operations or occupants of the Property; and
(a) restore the Property to its original condition if altered due to inspections, studies, or
assessments that Buyer completes or causes to be completed.
(3) Except for those matters that arise from the negligence of Seller or Seller's agents. Buyer is
responsible for any claim, liability, encumbrance, cause of action, and expense resulting from
Buyer's Inspections, studies, or assessments, including any property damage or personal injury.
Buyer will Indemnify, hold harmless, and defend Seller and Seller's agents against any claim
Involving a matter for which Buyer is responsible under this paragraph. This paragraph survives
termination of this contract.
(1) Delivery of Property Information: Within days after the effective date, Seller will deliver to
Buyer: (Check all that apply.)
❑ (a) copies of all current leases, including any mineral leases, pertaining to the Property, including
any modifications, supplements, or amendments to the leases;
❑ (b) copies of all notes and deeds of trust against the Property that Buyer will assume or that Seiler
will not pay in full on or before dosing;
❑ (c) copies of all previous environmental assessments, geotechnicai reports, studies, or analyses
made on or relating to the Property;
(d) copies property tax statements for the Property for the previous 2 calendar years;
(a) plats of the Property;
(f) copies of current utility capacity letters from the Property's water and sewer service provider;
and
❑ (g)
(2) Retum of Property Information: If this contract terminates for any reason, Buyer will, not later than
10 days after the termination date: (Check all that apply.)
❑ (a) return to Seller all those items described in Paragraph 7D(1) that Seller delivered to Buyer in
other than an electronic format and all copies that Buyer made of those items;
❑ (b) delete or destroy all electronic versions of those items described in Paragraph 7D(1) that Seller
delivered to Buyer or Buyer copied in any format; and
❑ (c) deliver to Seller copies of all inspection and assessment reports related to the Property that
Buyer completed or caused to be completed.
This Paragraph 7D(2) survives termination of this contract.
E. Contracts Affecting Operations : Until dosing, Seller. (1) will operate the Property in the same manner
as on the effective date under reasonably prudent business standards; and (2) will not transfer or
dispose of any part of the Property, any interest or right in the Property, or any of the personal property
or other items described in Paragraph 213 or sold under this contract. After the feasibility period ends,
Seller may not enter into, amend, or terminate any other contract that affects the operations of the
Property without Buyers written approval.
8. LEASES:
A. Each written lease Seller is to assign to Buyer under this contract must be in full force and effect
according to its terns. Seller may not enter into any new lease, fail to comply with any existing lease,
or make any amendment or modification to any existing lease without Buyer's written consent. Seller
(TXR-1002) 09.01-21 Initialed for Identiflcatlon by Salter and Buyer, Page S of 14
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must disclose, in writing, if any of the following exist at the time Seller provides the leases to the Buyer
or subsequently occur before closing:
(1) any failure by Seiler to comply with Seller's obligations under the leases;
(2) any circumstances under any lease that entitle the tenant to terminate the lease or seek any offsets
or damages;
(3) any advance sums paid by a tenant under any lease;
(4) any concessions, bonuses, free rents, rebates, brokerage commissions, or other matters that affect
any lease; and
(5) any amounts payable under the leases that have been assigned or encumbered, except as security
for loan(s) assumed or taken subject to under this contract.
B. EstopW Certificates: Within days after the effective date, Seller will deliver to Buyer estoppel
certificates signed not earlier than by each tenant that leases space
in the Property. The estoppel certificates must include the certifications contained in the current version
of TXR Form 1938 - Commercial Tenant Estoppel Certificate and any additional information requested
by a third party lender providing financing under Paragraph 4 if the third party lender requests such
additional information at least 10 days prior to the earliest date that Seller may deliver the signed
estoppel certificates.
9. BROKERS:
A. The brokers to this sale are:
Principal Broker. WestMark CommerciaUTCN Cooperating Broker:
Worldwide
Agent: Karen Higgins Agent
Address: 4105 84th Street
Lubbock, Tx 79423
Phone & Fax:180817812875
E-mail: khlaginst&westmarkcommercial-com
Ucense No.: 90003"
Address:
Phone & Fax
E-mail:
Ucense No.:
Principal Broker. (Check only one box) Cooperating Broker represents Buyer.
X represents Seller only.
represents Buyer only.
Is an intermediary between Seller and Buyer.
B. Fes: (Check only (1) or (2) below.)
(Complete the Agreement Between Brokers on page 14 only if (1) is selected.)
❑ (1) Seller will pay Principal Broker the fee specified by separate written commission agreement
between Principal Broker and Seller. Principal Broker will pay Cooperating Broker the fee specified
In the Agreement BetweenBrokersfound below the parties' signatures to this contract.
>;el
Q (2) At the dosing of this sale, %11 pay:
Principal Broker a total cash fee of:
❑ X 5.000 % of the sales price.
Cooperating Broker a total cash fee of..
H% of the sales price.
The cash fees will be paid in Lubbock County, Texas. Seiler authorizes
the title company to pay the brokers from the Seller's proceeds at dosing.
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NOTICE: Chapter 62, Texas Property Code, authorizes a broker to secure an eamed commission
with a lien against the Property.
C. The parties may not amend this Paragraph 9 without the written consent of the brokers affected by the
amendment.
10. CLOSING:
A. The date of the dosing of the sale (dosing date) will be on or before the later of:
(1) X 7 days after the expiration of the feasibility period.
(specific date).
(2) 7 days after objections made under Paragraph 6C have been cured or waived.
B. If either party fails to dose by the dosing date, the non -defaulting party may exercise the remedies in
Paragraph 15.
C. At dosing, Seller will execute and deliver, at Seller's expense, a ❑ general Q special warranty deed.
The deed must Include a vendor's lien if any part of the sales price is financed. The deed must convey
good and indefeasible title to the Property and show no exceptions other than those permitted under
Paragraph 6 or other provisions of this contract. Seller must convey the Property:
(1) with no liens, assessments, or other security interests against the Property which will not be
satisfied out of the sales price, unless securing loans Buyer assumes;
(2) without any assumed loans In default; and
(3) with no persons in possession of any part of the Property as lessees, tenants at sufferance, or
trespassers except tenants under the written leases assigned to Buyer under this contract.
D. At dosing, Seller, at Seller's expense, will also deliver to Buyer:
(1) tax statements showing no delinquent taxes on the Property;
(2) an assignment of all leases to or on the Property;
(3) to the extent assignable, an assignment to Buyer of any licenses and permits related to the
Property;
(4) evidence that the person executing this contract is legally capable and authorized to bind Seller,
(5) an affidavit acceptable to the title company stating that Seller is not a foreign person or, if Seller is
a foreign person, a written authorization for the title company to: (i) withhold from Seller's proceeds
an amount sufficient to comply with applicable tax law; and (ii) deliver the amount to the Internal
Revenue Service (IRS) together with appropriate tax forms; and
(6) any notices, statements, certificates, affidavits, releases, and other documents required by this
contract, the commitment, or law necessary for the closing of the sale and issuance of the title
policy, all of which must be completed by Seller as necessary.
E. At dosing, Buyer will:
(1) pay the sales price in good funds acceptable to the title company;
(2) deliver evidence that the person executing this contract is legally capable and authorized to bind
Buyer,
(3) sign and send to each tenant in a lease for any part of the Property a written statement that:
(a) acknowledges Buyer has received and is responsible for the tenants security deposit; and
(b) specifies the exact dollar amount of the security deposit;
(4) sign an assumption of all leases then in effect; and
(5) execute and deliver any notices, statements, certificates, or other documents required by this
contract or law necessary to dose the sale.
F. Unless the parties agree otherwise, the dosing documents will be as found in the basic forms in the
current edition of the State Bar of Texas Real Estate Forms Manual without any additional clauses.
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Property to be sold "AS IS WHERE IS". Buyer acknowledges that the property is unplatted and
located in a flood zone.
Buyer will pay ALL closing costs to include broker's fees, preparation of deed, escrow fee,
recording fees and other normal closing fees. Paragraph 13 is omitted from this contract.
O:
71.
14. PRORATIONS:
A. Pam:
(1) interest on any assumed loan, taxes, rents, and any expense reimbursements from tenants will be
prorated through the dosing date.
(2) If the amount of ad valorem taxes for the year in which the sale doses is not available on the
dosing date, taxes will be prorated on the basis of taxes assessed In the previous year. If the taxes
for the year in which the sale doses vary from the amount prorated at dosing, the parties will adjust
the proration when the tax statements for the year in which the sale doses become available. This
Paragraph 14A(2) survives dosing.
(3) If Buyer assumes a loan or is taking the Property subject to an existing lien, Seller will transfer ail
reserve deposits held by the lender for the payment of taxes, insurance premiums, and other
charges to Buyer at dosing and Buyer will reimburse such amounts to Seller by an appropriate
adjustment at dosing.
B. Rollback Taxes: If Sellers use or change in use of the Property before dosing results in the
assessment of additional taxes, penalties, or interest (assessments) for periods before dosing, the
assessments will be the obligation of the Seller. If this sale or Buyer's use of the Property after dosing
results in additional assessments for periods before dosing, the assessments will be the obligation of
Buyer. This Paragraph 148 survives dosing.
(TXR 1802) 0"1-21 Initiated for IderMadon by Seller and Buyer A-4 Page 8 of 14
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C. sent and Security Deposits: At dosing, Seller will tender to Buyer all security deposits and the following
advance payments received by Seller for periods after dosing: prepaid expenses, advance rental
payments, and other advance payments paid by tenants. Rents prorated to one party but received by
the other party will be remitted by the recipient to the party to whom it was prorated within 5 days after
the rent is received. This Paragraph 14C survives dosing.
15. DEFAULT:
A. If Buyer fails to comply with this contract, Buyer is in default and Seller, as Sellers sole remedy(ies),
may terminate this contract and receive the earnest money, as liquidated damages for Buyers failure
except for any damages resulting from Buyer's inspections, studies or assessments in accordance with
Paragraph 7C(3) which Seller may pursue; or
(Check If applicable)
El enforce specific performance, or seek such other relief as may be provided by law.
B. If, without fault, Seller is unable within the time allowed to deliver the estoppel certificates, survey or the
commitment, Buyer may:
(1) terminate this contract and receive the earnest money, less any independent consideration under
Paragraph 713(1), as liquidated damages and as Buyers sole remedy; or
(2) extend the time for performance up to 15 days and the dosing will be extended as necessary.
C. Except as provided in Paragraph 1513, if Seller fails to comply with this contract, Seller is in default and
Buyer may:
(1) terminate this contract and receive the earnest money, less any independent consideration under
Paragraph 713(1), as liquidated damages and as Buyer's sole remedy; or
(2) enforce specific performance, or seek such other relief as may be provided by law, or both.
16. CONDEMNATION: If before dosing, condemnation proceedings are commenced against any part of the
Property, Buyer may:
A. terminate this contract by providing written notice to Seller within 15 days after Buyer is advised of the
condemnation proceedings and the earnest money, less any independent consideration paid under
Paragraph 713(1), will be refunded to Buyer; or
B. appear and defend in the condemnation proceedings and any award will, at Buyers election, belong to:
(1) Seller and the sales price will be reduced by the same amount; or
(2) Buyer and the sales price will not be reduced.
17. ATTORNEYS FEES: If Buyer, Seller, any broker, or the title company is a prevailing party in any legal
proceeding brought under or with relation to this contract or this transaction, such party is entitled to
recover from the non -prevailing parties all costs of such proceeding and reasonable attorney's fees. This
Paragraph 17 survives termination of this contract.
18. ESCROW:
A. At dosing, the earnest money will be applied first to any cash down payment, then to Buyer's dosing
costs, and any excess will be refunded to Buyer. If no dosing occurs, the title company may require
payment of unpaid expenses incurred on behalf of the parties and a written release of liability of the
tide company from all parties.
B. If one party makes written demand for the earnest money, the title company will give notice of the
demand by providing to the other party a copy of the demand. If the title company does not receive
written objection to the demand from the other party within 15 days after the date the title company
sent the demand to the other party, the title company 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 the title company may pay the same to the creditors.
MM-1812) OMI 21 Inftled for Identilicetion by Seller and Buyer MS. Page 8 of 14
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C. The title company will deduct any independent consideration under Paragraph 7B(1) before disbursing
any earnest money to Buyer and will pay the independent consideration to Seller.
D. If the title company complies with this Paragraph 18, each party hereby releases the title company from
all claims related to the disbursal of the earnest money.
E. Notices under this Paragraph 18 must be sent by certified mail, return receipt requested. Notices to the
title company are effective upon receipt by the title company.
F. Any party who wrongfully fails or refuses to sign a release acceptable to the tide company within 7 days
after receipt of the request will be liable to the other party for: (1) damages; (ii) the earnest money, (III)
reasonable attorneys fees; and (iv) all costs of suit.
G. ❑ Seller ❑ Buyer Intend(s) to complete this transaction as a part of an exchange of like -kind properties
In accordance with Section 1031 of the Internal Revenue Code, as amended. All expenses in
connection with the contemplated exchange will be paid by the exchanging party. The other party will
not incur any expense or liability with respect to the exchange. The parties agree to cooperate fully and
in good faith to arrange and consummate the exchange so as to comply to the maximum extent
feasible with the provisions of Section 1031 of the Internal Revenue Code. The other provisions of this
contract will not be affected in the event the contemplated exchange fails to occur.
19. MATERIAL FACTS: To the best of Seller's knowledge and belief: (Check only one box.)
❑ A. Seller is not aware of any material defects to the Property except as stated in the attached Commercial
Property Condition Statement (TXR-1408).
❑ B. Except as otherwise provided in this contract, Seller is not aware of:
(1) any subsurface: structures, pits, waste, springs, or improvements;
(2) any pending or threatened litigation, condemnation, or assessment affecting the Property;
(3) any environmental hazards or conditions that materially affect the Property;
(4) whether the Property is or has been used for the storage or disposal of hazardous materials or
toxic waste, a dump site or landfill, or any underground tanks or containers;
(5) whether radon, asbestos containing materials, urea formaldehyde foam insulation, lead -based
paint, toxic mold (to the ,extent that it adversely affects the health of ordinary occupants), or other
pollutants or contaminants of any nature now exist or ever existed on the Property;
(6) any wetlands, as defined by federal or state law or regulation, on the Property;
(7) any threatened or endangered species or their habitat on the Property;
(8) any present or past infestation of wood -destroying insects in the Property's improvements;
(9) any contemplated material changes to the Property or surrounding area that would materially and
detrimentally affect the ordinary use of the Property;
(10)any condition on the Property that violates any law or ordinance.
(Describe any exceptions to (1)-(10) in Paragraph 12 or an addendum.)
20. NOTICES: All notices between the parties under this contract must be in writing and are effective when
hand -delivered, mailed by certified mail return receipt requested, or sent by facsimile transmission to the
parties addresses or facsimile numbers stated in Paragraph 1. The parties will send copies of any notices
to the broker representing the party to whom the notices are sent.
❑A. Seller also consents to receive any notices by e-mail at Seller's e-mail address stated in Paragraph 1.
X B. Buyer also consents to receive any notices by e-mail at Buyer's e-mail address stated in Paragraph 1.
21. DISPUTE RESOLUTION: The parties agree to negotiate in good faith in an effort to resolve any dispute
related to this contract that may arise. If the dispute cannot be resolved by negotiation, the parties will
submit the dispute to mediation before resorting to arbitration or litigation and will equally share the costs
of a mutually acceptable mediator. This paragraph survives termination of this contract. This paragraph
does not preclude a party from seeking equitable relief from a court of competent jurisdiction.
(=-1802) 09.01 21 Initialed for IdatOiflcation by Seller and Buyer Page 10 of 14
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Commercial Contract- Unimproved Property concerning 9M Miiweukae! 9a08 Milwaukee & 65141(MM
22. AGREEMENT OF THE PARTIES:
A. This contract is binding on the parties, their heirs, executors, representatives, successors, and
permitted assigns. This contract is to be construed In accordance with the laws of the State of Texas.
If any term or condition of this contract shall be held to be invalid or unenforceable, the remainder of
this contract shall not be affected thereby.
B. This contract contains the entire agreement of the parties and may not be changed except in writing.
C. If this contract is executed in a number of identical counterparts, each counterpart is an original and all
counterparts, collectively, constitute one agreement.
D. Addenda which are part of this contract are: (Check all that apply.)
(1) Property Description Exhibit Identified in Paragraph 2;
(2) Commercial Contract Financing Addendum (TXR 1931);
(3) Commercial Property Condition Statement (TXR 1408);
(4) Commercial Contract Addendum for Special Provisions (TXR-1940);
(5) Notice to Purchaser of Real Property in a Water District (MUD);
(6) Addendum for Coastal Area Property (TXR-1915);
(7) Addendum for Property Located Seaward of the Gulf Intracoastal Waterway (TXR 1916);
(8) Information About Brokerage Services (TXR-2501);
(9) Information About Mineral Clauses in Contract Forms (TXR 2509);
(10) Notice of Obligation to Pay Improvement District Assessment (TXR-1955, PID); and
X (11) Property Exhibit
x (12) Exhibit A
(Note: Counsel for Texas REALTORSO has determined that any of the foregoing addenda which are promulgated by the
Texas Real Estate Commission (TREC) or published by Texas REALTORSO are appropriate for use with this form.)
E. Buyer p may ❑ may not assign this contract. If Buyer assigns this contract, Buyer will be relieved
of any future liability under this contract only if the assignee assumes, in writing, all obligations and
liability of Buyer under this contract.
23. TIME: Time is of the essence in this contract. The parties require strict compliance with the times for
performance. If the last day to perform under a provision of this contract falls on a Saturday, Sunday, or
legal holiday, the time for performance is extended until the end of the next day which is not a Saturday,
Sunday, or legal holiday.
24. EFFECTIVE DATE: The effective date of this contract for the purpose of performance of all obligations is
the date the tide company receipts this contract after all parties execute this contract.
25. ADDITIONAL NOTICES:
A. Buyer should have an abstract covering the Property examined by an attorney of Buyers selection, or
Buyer should be furnished with or obtain a tide policy.
B. If the Property is situated in a utility or other statutorily created district providing water, sewer, drainage,
or flood control facilities and services, 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 fees of the
district before final execution of this contract.
C. Notice Required by §13.257, Water Code: `The real property, described below, 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
M R-1802) 09-0121 Initiated for Idendcdon by Seller and Buyer M. Page 11 of 14
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Commerdal Contildt - Unimproved Property concerning I909 Milwaukew 9009 Milwaukee R 6514100th
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 purchaser 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 the notice or at
dosing of purchase of the real property." The real property is described in Paragraph 2 of this contract.
D. If the Property adjoins or shares a common boundary with the tidally influenced submerged lands of
the state, §33.135 of the Texas Natural Resources Code requires a notice regarding coastal area
property to be included as part of this contract (the Addendum for Coastal Area Property (TXR 1915)
may be used).
E. If the Property is located seaward of the Gulf Intracoastal Waterway, §61.025, Texas Natural
Resources Code, requires a notice regarding the seaward location of the Property to be included as
part of this contract (the Addendum for Property Located Seaward of the Gulf Intracoastal Waterway
(TXR-1916) maybe used).
F. If the Property is located outside the limits of a municipality, the Property may now or later be included
in the extra4erritorial jurisdiction (ETJ) 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 ETJ. To
determine if the Property is located within a municipality's ETJ, Buyer should contact all municipalities
located in the general proximity of the Property for further information.
G. Brokers are not qualified to perform property inspections, surveys, engineering studies, environmental
assessments, or inspections to determine compliance with zoning, governmental regulations, or laws.
Buyer should seek. experts to perform such services. Buyer should review local building codes,
ordinances and other applicable laws to determine their effect on the Property. Selection of experts,
inspectors, and repairmen is the responsibility of Buyer and not the brokers. Brokers are not qualified
to determine the credit worthiness of the parties.
H. 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
I. LICENSE HOLDER DISCLOSURE: Texas law requires a real estate license holder who is a
party to a transaction or acting on behalf of a spouse, parent, child, business entity in which
the license holder owns more than 10%, or a trust for which the license holder acts as a
trustee or of which the license holder or the license holder'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:
J. PUBLIC IMPROVEMENT DISTRICTS: If the Property is in a public improvement district, Seller must
give Buyer written notice as required by §5.014, Property Code. An addendum containing the required
notice shall be attached to this contract.
26. CONTRACT AS OFFER: The execution of this contract by the first party constitutes an offer to buy or sell
the Property. Uniesp the other party accepts the offer by 6:00 p.m., in the time zone in which the Property
S is located, on 20• z , the offer will lapse and become null and void.
(TXR 1802) 09.01-21 Irdlieled for ldentlAoatlon by Seller and Buyer W, Page 12 of 14
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Commerdal Contract- Unimproved Property conceming 9902 Milwaukee: 9008 Milwaukee & 05141 OOth
READ THIS CONTRACT CAREFULLY. The brokers and agents make no representation or
recommendation as to the legal sufficiency, legal effect, or tax consequences of this document or
transaction. CONSULT your attorney BEFORE signing.
Seller: ccb of Lubbock
By: L�-j :��
By (signature): _
Printed Name: DANIEL M. POPE,
Tide: MAYOR
By.
By (signature):
Printed Name: Jesica McF.achern
Tide: Assistance City Manager
(TXR4802) 09-01-21
Buyer -Marc Shioton and/or assigns
By:
By (signature):
Printed Name:
Tide: Mn&
By:
By (signature):
Printed Name: Ran o0
title: Assistant Cit
S Attorne
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Page 13 of 14
Commercial Contract -Unimproved Properly concerning 9902 MIkyauk e* gooa Mit"ukee& 65141 OOth
"REEMENT BETWEEN BROKERS
(use only if Paragraph 98(f) is effedve)
Principal Broker agrees to pay (Cooperating Broker) a
fee when the Principal Brokers fee is received. The fee to be paid to Cooperating Broker will be:
$ , or
• of the sales price, or
• of the Principal Broker's fee.
The titre company is authorized and directed to pay Cooperating Broker from Principal Broker's fee at closing.
This Agreement Between Brokers supersedes any prior offers and agreements for compensation between
brokers.
Principal Broker.
Cooperating Broker.
By: BY
sellers attorney.
Address:
Phone & Fax:
ATTORNEYS
Buyers attorney: Ryan Brooke, Psistant City Attorney
Address:
Phone & Fax: - --775-3307
E-mail: Email: rbrooke@mylubbock.us
Seller's attorney requests copies of documents. Buyer's attorney requests copies of documents,
notices, and other information: notices, and other information:
8 the tide company sends to Seller. B the title company sends to Buyer.
Buyer sends to Seller. Seller sends to Buyer.
ESCROW RECEIPT
The title company acknowledges receipt of:
A. the contract on this day (effective date);
B. earnest money in the amount of $ in the form of
on
Title company:
By:
Assigned file number (GF#):
Address:
Phone & Fax:
E-mail:
(TXR 1802) 09-01 21 Page 14 of 14
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Proposed Sale of Three Parcels of City of Lubbock
Property (3.161 Acres Total) Located West of Milwaukee Ave
Between 98th St and 100th St, Section 22, Block AK
Proposed Property for Sale
R32360
41,600 Sq Ft
0.955 AC
Proposed Property for Sale
R86789
61,158 Sq Ft
1.404 AC
.U.NS_UENO1 ID.ED
Feet
0 100 200 300 400
As required by Chapter 2051, Geospatlal Date Products of the Government Code, this product is for Informational purposes
and may not have been prepared for or be suitable for legal, engineering, or surveying purposes. it does not represent an
on 11"round survey and represents only the approximate relative location of property boundaries.
1:
' Proposed Property for Sale
R86736
34,935 Sq Ft
0.802 AC
Lubbock
TEXAS
Digital Orthophotoxraphv - April. 2020
Resolution 2022_
F, R0162
/ /vll
2022021800 0 PGS DEED
I I I I rpi IM, )I'm I W: 1, W. %'�Iw 01%wl 11111
GF#87456 Return to: western Title Company
NOTICE OF CONFIDENTIALITY RIGHTS: IF YOU ARE A NATURAL PERSON, YOU MAY REMOVE OR
STRIKE ANY OR ALL OF THE FOLLOWING INFORMATION FROM ANY INSTRUMENT THAT
TRANSFERS AN INTEREST IN REAL PROPERTY BEFORE IT IS FILED FOR RECORD IN THE PUBLIC
RECORDS: YOUR SOCIAL SECURITY NUMBER OR YOUR DRIVER'S LICENSE NUMBER.
STATE OF TEXAS §
COUNTY OF LUBBOCK §
SPECIAL WARRANTY DEED
Date: May 4, 2022
Grantor: CITY OF LUBBOCK, TEXAS, a municipal corporation
Grantee: DENIM SKY CAPITAL, LTD., a Texas limited partnership
Grantee's Mailing Address:
6306 Iola Avenue
Lubbock, Lubbock County, Texas 79424
Consideration: TEN AND NO/100 DOLLARS ($10.00) and other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged.
Property (including any improvements): Attached hereto as Exhibit "A" and incorporated herein by reference.
Reservations from Conveyance: None
Exceptions to Conveyance and 'Warranty:
Rights incident to the ownership and lessees of the minerals reserved in Volume 327, Page 167, Deed Records,
Lubbock County, Texas.
Rights incident to the ownership and lessees ofthe minerals reserved in Volume 1240, Page 134, Deed Records,
Lubbock County, Texas.
Rights incident to the ownership and lessees of the minerals reserved in instrument recorded June 2, 2011 under
County Clerk File No. 2011017786, Official Public Records, Lubbock County, Texas.
Oil, Gas and Mineral Lease dated June 11, 2012, between HAROLD G. BARRETT and wife, PATSY
BARRETT, as Lessor and DALE RESOURCES, L.L.C., as Lessee, recorded June 21, 2012 under County Cleric
File No. 2012024390, Official Public Records, Lubbock County, Texas, together with all rights incident thereto
Rights of tenants in possession under any unrecorded leases.
Visible and apparent easements on or across the Property.
Special Warranty Deed
City of Lubbock - Denim Sky Capital, Ltd. Page 1 of 2
All leases, grants, exceptions or reservations of coal, lignite, oil, gas, or other minerals, together with all rights,
privileges, and immunities relating thereto, appearing in the Public Records whether listed
Grantor, for the Consideration and subject to the Reservations from Conveyance and the Exceptions to
Conveyance and Warranty, grants, sells, and conveys to Grantee the Property, together with all and singular the rights
and appurtenances thereto in any way belonging, to have and to hold it to Grantee and Grantee's heirs, successors, and
assigns forever. Grantor binds Grantor and Grantor's heirs and successors to warrant and forever defend all and singular
the Property to Grantee and Grantee's heirs, successors, and assigns against every person whomsoever lawfully claiming
or to claim the same or any part thereof when the claim is by, through, or under Grantor but not otherwise, except as to
the Reservations from Conveyance and the Exceptions to Conveyance and Warranty.
When the context requires, singular nouns and pronouns include the plural.
CITY OF LUBBOCK, TEXAS, a municipal
corporaion_
B y'
_
JESICAA HERN, Assistant Ci anager
STATE OF TEXAS §
COUNTY OF LUBBOCK §
Acknowledged before me, the undersigned notary on this day of May, 2022, by JESICA McEACHERN,
Assistant City Manager of CITY OF LUBBOCK, TEXAS, a municipals corporation, in the capacity therein stated.
ROBERT A. #DT
* NOWY Public, Stat,lTexa,5
22-2-024
Special Warranty Deed
City of Lubbock - Denim Sky Capital, Ltd.
ry rumic, daze or i exas
Page 2 of 2
TRACT 1:
FIELD NOTES on a 0.954 acre tract out of Section 22, Block AK, Lubbock County, Texas and also out of the 3.893
acre tract described in Lubbock County Clerk File Number (CCFN) 2011017786 and further described as follows:
BEGINNING at a found 3/4" square pipe in the North line of the 3.893 acre tract for the Northwest corner of this tract,
which by deed calls bears S 01' 50' 43" W, 374.04 feet and N 88' 07' 59" W, 320.1 feet from the Northeast corner of
Section 22;
'THENCE S 88006' 18" E(Texas North Central Zone Bearing Basis), with the North line of the 3.893 acre tract, 264.96
feet to a found 1 /2" iron rod with yellow cap in the West proposed Right of Way line of Milwaukee Avenue for the
Northeast corner of this tract;
THENCE S 01 050'44" W with the said proposed Right of Way line, 156.81 feet to a set 1/2" iron rod with green cap
marked RPLS 4460 for the Southeast corner of this tract;
THENCE N 88008' 14" W, with the North line of a 0.799 acre tract also surveyed the same date, 264.93 feet to a set 1/2"
iron rod with green cap for the Southwest corner of this tract;
THENCE N 01049' 55" E, with the East line of a 1.402 acre tract surveyed the same date, 156.96 feet to the PLACE
of BEGINNING and containing 0.954 acres.
TRACT 2:
FIELD NOTES on a 0.799 acre tract out of Section 22, Block AK, Lubbock County, Texas and also out of the 3.893
acre tract described in Lubbock County Clerk File Number (CCFN) 2011017786 and further described as follows:
COMMENCING at a found 3/4" square pipe in the North line of the 3.893 acre tract for the Northwest corner of this
tract, which by deed calls bears S 01 ° 50' 43" W, 374.04 feet and N 88' 07' 59" W, 320.1 feet from the Northeast corner
of Section 22;
THENCE S 01 to 49' 55" W (Texas North Central Zone Bearing Basis), 156.96 feet to a set 1 /2" iron rod with green cap
marked RPLS 4460 for the Southwest corner of a 0.954 acre tract surveyed the same date and the Northwest and
BEGINNING corner of this tract;
THENCE S 88008'14" E, with the South line of the 0.954 acre tract, 264.93 feet to a set 1/2" iron rod with green cap
in the West proposed Right of Way line of Milwaukee Avenue for the Northeast corner of this tract;
THENCE S 01 050'44" W with the said proposed Right of Way line, 116.85 feet to a cut "X" in concrete for the most
Easterly Southeast corner of this tract;
THENCE S 460 51' 15" W, 21.21 feet to a cut "X" in concrete for the most Southerly Southeast corner of this tract;
THENCE N 8 8008' 14" W. with the North line of 100th Street, 249.89 feet to a set 1/2 " iron rod with green cap for the
Southwest corner of this tract;
THENCE N 01 049' 55" E, with the East line of a 1.402 acre tract surveyed the same date, 131.85 feet to the PLACE
of BEGINNING and containing 0.799 acres.
TRACT 3:
FIELD NOTES on a 1.402 acre tract out of Section 22, Block AK, Lubbock County, Texas and also out of the 3.893
acre tract described in Lubbock County Clerk File Number (CCFN) 2011017786 and further described as follows:
BEGINNING at a found 3/4" square pipe in the North line of the 3.893 acre tract for the Northwest corner of this tract,
which by deed calls bears S 01 ° 50' 43" W, 374.04 feet and N 880 07' 59" W, 320.1 feet from the Northeast corner of
Section 22;
THENCE S 01 °49' 55" W (Texas North Central Zone Bearing Basis), with the West line of a 0.954 acre tract and a 0.799
acre tract, both surveyed the same date, 288.80 feet to a set 1 /2" iron rod with green cap marked RPLS 4460 for the
Southeast corner of this tract;
THENCE N 88008' 14" W, with the North line of 100th Street, 211.54 feet to a found 3/4" square pipe for the Southwest
corner of this tract;
THENCE N 01049' 1 8" E, with the West line of the 3.893 acre tract, 288.62 feet to a found 1 /2" iron rod with yellow cap
for the Northwest corner of this tract;
THENCE S 8801 F 17" E, with the North line of the 3.893 acre tract, 211.59 feet to the PLACE of BEGINNING and
containing 1.402 acres.
Uff 01[t141111 :4 1 417,
OFFICIAL PUBLIC RECORDS
O i
Kelly Pinion County Clerk
Lubbock County TEXAS
05/05/2022 10:65 AM
FEE: $38.00
2022021800