HomeMy WebLinkAboutResolution - 041168I - Option Contract - Marvin G. Mclarty Et Al - South 1_2 Of Section 3 Block O - 04_11_1968KJ :t04 it
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RESOLUTION
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF LUBBOCK:
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THAT the Mayor of the City of Lubbock be and is hereby authorized
and directed to execute for and on behalf of the City of Lubbock an Option
Contract for Purchase of Land, with Marvin G. McLarty, Jr., John DePauw
and John McLarty, attached herewith which shall be spread upon the minutes
of the Council and as spread upon the minutes of this Council shall constitute
and be a part of this Resolution as if fully copied herein in detail.
FORM APPROVED"
OPTION CONTRACT FOR PURCHASE OF LAND
THE STATE OF TEXAS X
KNOW ALL MEN BY THESE PRESENTS:
COUNTY OF LUBBOCK Z
THIS CONTRACT between MARVIN G. McLARTY, JR., JOHN DePAUW
and JOHN McLARTY of the County of Lubbock hereinafter called "Vendor"
and the CITY OF LUBBOCK, a home rule corporation, acting by and
through its Mayor, of the County of Lubbock, hereinafter called "Pur-
chaser", by which Vendor agrees to sell to Purchaser and Purchaser
agrees to buy from Vendor the property below described, WITNESSETH:
That Purchaser has agreed, and does hereby agree, to take
by conveyance from Vendor a certain tract of land situated in Lubbock,
Lubbock County, Texas, and described as follows:
A tract or parcel of land, being 72.36 acres of land,
more or less, out of the South One-half (S ') of Sec-
tion Number Three (3) in Block "O", E.L. & R.R. R.R.
Co. Survey, Lubbock County, Texas, described by metes
and bounds as follows:
BEGINNING at a 3/4" iron pipe set 1327 feet West and
248 feet North of the S.E. Corner of Section No. 3,
Block "O", for the S.E. Corner of this survey; said
pipe is in the North ROW line of East 19th Street
(New Highway) and the West line of McDonald Tract;
THENCE South 84 deg. 47 min. West 421.5 feet with
the North ROW line of Highway to a point;
THENCE South 88 deg. 2 min. West along a line 100
feet from and parallel to Center Line of Highway as
staked on the ground by the Texas Highway Dept. En-
gineers, 337.4 feet to a point;
THENCE North 74 deV. 00 min. West, 205.6 feet to a
point;
THENCE South 88 deg. 2 min. West along a line 150
feet from and parallel to the Highway Center Line
,as staked on the ground by the Texas Highway Dept.
Engineers, 131.5 feet to 1" iron pipe set at point
determined as Center of Creek by said Highway En-
gineers, the South -Southwest corner of this Survey;
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THENCE in a Northwesterly direction 337.5 feet
along Center of Creek bed to 3/4" iron pipe set for
an inside corner of this Survey;.
THENCE North 85 deg. 51 min. West, 640 feet to a
3/4" iron pipe set at the brow of a hill by large
post.set in deep in ground, a common corner for
city land and of this Survey;
THENCE North 11.2 feet to 3/4" iron pipe set for an
_inside corner of this Survey;
THENCE North 52 deg. 28 min. West, 488.3 feet to a
spike set near the foot of a cliff;
THENCE North 52 deg. 35 min. West, 637 feet to a
3/4" galvanized iron pipe set at fence corner by
City of Lubbock's Surveyor;
THENCE North 47 deg. 19 min. West, 414 feet to a
3/4" iron pipe set by City of Lubbock's Surveyor,
in the East line of Date Avenue; the West -South-
west corner of this Survey;
THENCE North along the East line of Date Avenue 229.95
feet to a 3/4" iron pipe set by City of Lubbock's Sur-
veyor; the Northwest corner of this Survey, from which
S.W. Corner of the Dickinson Tract bears North 75 feet;
THENCE East along the South line of East 14th Street,
380.7 feet to a 3/4" iron pipe set by City of Lubbock's
Surveyor, an inside corner of this survey;
THENCE North 15 feet to a 3/4" iron pipe, set for an
offset in East 14th Street and a corner of this sur-
vey;
THENCE East along the South line of East 14th Street,
1369.3 feet to a point, and 1392.3 feet in all to
3/4" iron pipe set in old North -South fence line and
in the West line of XSEL Radio Station tract; the.23
feet between the aforementioned point and pipe is
held in adverse possession, the North -Northeast corner
of this Survey;
THENCE South 493 feet with old fence and west line of
XSEL Radio Station Tract, to a 3/4" iron pipe set for.
the S.W. Corner of said Radio Tract, an inside corner
of this Survey. From which point bears West 23 feet,
which marks that portion of land held in adverse pos-
session;
THENCE East along South line of said.Radio Tract, 525
feet past 3/4" iron pipe, continuing East 775 feet
along South line of Simpson Tract to a 1" iron pipe
set in the West line of Magnolia Avenue for the S.E.
Corner of Simpson Tract, and the East -Northeast corner
of this survey, said distance being 1300 feet in all;
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THENCE South no deg. 08 min. East 1114.4 feet
along fence line to the place of BEGINNING, con-
taining 72.36 acres of land, more or'less.
SAVE AND EXCEPT a tract of 1.98 acres of land con-
veyed to L. F. Miller and F. D. Miller by Deed dated
June 4, 1954, recorded in Volume 535,-Page 581, Deed
Records of Lubbock County, Texas.
SAVE AND EXCEPT that tract of land heretofore con-
veyed by the said Homer Hall, John DePauw and John
McLarty to Don Cunningham and Calvin Beckham, con-
taining 3.908 acres of land, described in Warranty
Deed dated the 6th day of December, 1963, recorded
in Volume 971, Page 509 of the Deed Records of Lub-
bock County, Texas, to which said deed and the rec-
ord thereof reference is hereby made for a more
particular description of said excepted tract.
Purchaser hereby agrees to pay to Vendor the sum of
$15,000.00 for a 24 months option to purchase said above described
tract of land. The sum of $7,500.00 will be paid to Vendor by Pur-
chaser on or before the 16th day of April 1968, and
a like sum of $7,500.00 will be paid to Vendor by Purchase on or be-
fore the 16th day of April 1969. In the event Ven-
dor chooses to exercise its option to purchase the above described
tract of land, then Purchaser agrees to pay Vendor the additional sum
of $110,000.00 for said tract of land. It is agreed and understood
by and between Vendor and Purchaser that the total purchase price of
said tract of land is $125,000.00 and that Purchaser will receive
credit against said purchase price for the $15,000.00 paid by Purchaser
to Vendor for such option. In the event Purchaser exercises its option
to purchase the above described property, then Purchaser hereby agrees
to -pay to Vendor in cash the sum of $110,000.00 at the time said op-
tion is exercised.
2.
The cash payments made hereunder shall be taken as given
in consideration of an option, and the foregoing agreement shall be
treated as an option contract, so that Purchaser, at Purchaser's op-
tion, may either perform and require performance of this contract
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fully, or disAffirm, in which latter case the Vendor shall retain as
consideration for such 24 months option, the said cash payments of
$15,000.00 and no further liability or obligation in such case be
born, performed, or enforced by -either party hereto.
3.
Vendor agrees to furnish a complete abstract of title to
the above described property within five days after date of this con-
tract and Purchaser agrees, within ten days from the receipt of the
said abstract of title either to accept -the title as shown by said
abstract or to return it to the Vendor with the written objections
to the title. If any title objections are made, then the Purchaser
shall have a reasonable time to cure said objections and show good
and marketable title. Vendor agrees that when the title objections;
if any, have been cured to deliver a good and sufficient general
warranty deed properly conveying said property to said Purchaser ac-
cording to the terms of this option contract.
4.
All taxes are to be paid by Purchaser from the date this
instrument is executed until the two year option period has expired.
Purchaser agrees to pay to Vendor interest at the rate of six per-
cent per annum on the unpaid balance of $125,000.00.
IN TESTIMONY WHEREOF witness our hands this 15th day of
April, 1968,
MARVIrN G. McLARTY, JR.
S IV De AUW
ATTEST: LT MCLARTY
rl,
LAVENIA L06lPTE CITY OF LUBBOCK, by
City of Lubbock W. D. ROGERS, JR., Mayor
Secretary -Treasurer farm Approved
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Cityr Attorney
THE STATE OF TEXAS X
COUNTY OF LUBBOCK I
BEFORE ME, the undersigned authority, in and for said
County, Texas, on this day personally appeared MARVIN G. McLARTY,
JR., JOIjN DePAUW and JOHN McLARTY, known to me to be the persons
whose names are subscribed to the foregoing instrument, and ac-
knowledged to me that they executed the same for the purposes and
consideration therein expressed.
GIVEN UNDER MY HAND AND SEAL OF OFFICE this L�'day of
April, 1968.
N tary Public j and for
Lubbock County, Texas
THE STATE OF TEXAS X
COUNTY OF LUBBOCK X
BEFORE ME, a notary public in and for Lubbock County; Texas,
on this day personally appeared VT. D. ROGERS, JR., Mayor of the City
of Lubbock, known to me to be the person whose name is subscribed to
the foregoing instrument, and acknowledged to me that he executed the.
same as the act and deed of the City of Lubbock, Lubbock County, Texas,
and as the Mayor thereof, and for the purposes and considerations
therein expressed.
GIVEN UNDER MY HAND AND SEAL OF OFFICE this day of
1968.
Notary Public in and for
Lubbock County, Texas
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