HomeMy WebLinkAboutResolution - 092668F - Option Agreement - Walter W. Brand - Ellwood Place Addition - 09_26_1968M IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF LUBBOCK:
THAT the Mayor of the City of Lubbock be and is hereby authorized and
irected to execute for and on behalf of the City of Lubbock an Option Agreement in
3.vor of Walter W. Brand and wife Myrtle Brand, attached herewith which shall be
pread 'upon the minutes of the Council and as spread upon the minutes of this Counc
hall constitute and be a part of this Resolution as if fully copied herein in detail.
'assed by the City Council this 26i° day of September ('—'\ 1968. n
1PAIME s - �1tii� i
abenia Lowe, City Secretary -Treasurer
PPR OVED :
. 9ente'r, Jr., City
OPTION AGREEMENT
STATE OF TEXAS
KNOW ALL MEN BY Tk .E PRESENTS:
COUNTY OF LUBBOCK
This Agreement entered into this z95Z(day of 1988,
by and between the City of Lubbock, hereinafter known as the "City" and Walter
W. Brand and wife, Myrtle Brand hereinafter known as 'Owners",
'WITNESSETH
WHEREAS, the Owners are the record owners of certain real property
lying and being situated in the County of Lubbock, State of Texas, and being snore
particularly described as follows:
Lots Five (5) and Six (6), Block One (1), Ellwood Place
Addition, Installment No. 1 to the City of Lubbock,
Lubbock County, Texan; and
WHEREAS, the City had purchased of even date herewith from the owners
for the consideration of THIRTY SIX THOUSAND, TWO HUNDRED FIFTY AND
N0/100 ($36, 250. 00) DOLLARS portions of the above described portion property
to wit:
TRACT 1 That portion of Lot 6, Block i, Ellwood Place Addition,
Installment No. 1, to the City of Lubbock, Lubbock
County, Texas, described by metes & bounds as follows:
BEGINNING at the Southwest corner of said Lot 6,
Block 1, Ellwood Place Addition,
THENCE North 203.461 along and with the West boundary
line of said Lot 6 to a point on the South right-of-way line
of 19th Street, for the Northwest corner of this parcel,
THENCE in an Easterly direction 501 along and with the
South right-of-way line of 19th Street to a point for the
Noriheact corner of this parcel,
THENCE South 106.261 along and with the East boundary
line of said Lot 6 to a point, raid point being the inter-
section of the East boundary line of Lot 6 with a curve
bearing to the right, said curve having a radius of
492.71 feet and a chord distance of 102.75 feet,
THENCE Southwesterly on said curve to the right a chord
distance of 102.75 feet to a point, said point being the
intersection of thts curve with the South boundary line of
Lot 6, Block 1,
THENCE West 17.49 feet along and with the South line of
said Lot 6, Block 1, to the point of beginning.
Containing 8, 778.64 square feet or approximately . 202
acres.
TRACT 2 That portion of Lot 5, Block l,, Ellwood Place Addition,
Installment No. 1, to the City of Lubbock, Lubbock
County, Texas, described by motes and bounds as follows;
BEGINNING at a point on the West boundary line of Lot 5,
Block 1, Ellwood Place, said point being 97.44 feet North
of the Southwest corner of Lot 6, Block 1,
THENCE North a distance of 106.26 feet along and with the
West boundary line of Lot 5. Block 1, to a point, said
point being the intersection of the West boundary line of
Lot 5, Block 1, with the South right of way line of 19th
Street, for the Northwest corner of this parcel,
THENCE in an Easterly direction a distance of 11. 6 feet
along and with the South right-of-way line of 19th Street
to a point, said point being the intersection of the South
right-of-way line of 19th Street with a curve bearing to
the right, for the Northeast corner of this parcel,
THENCE southwesterly along said curve to the right having
a radius of 492.71 feet and a chord distance of 106.86 feet
to the point of beginning,
Containing 614. 1 square feet.
ad right-of-way for the construction of a proposed street, and
WHEREAS, the owners have remaining property adjoining and contiguous
to the tracts purchased by the City, and it is yet uncertain whether the City will
utilise the said tracts for rtght-of-way for the new proposed street, and
WHEREAS, it would be advantageous to the owners to purchase the said
tracts should the City abandon its plan for construction of the proposed street
upon the said tracts;
WHEREAS, the owners desire an option to purchase the said tracts in the
event the City does not have need for them.
NOW THEREFORE, KNOW ALL MEN BY THESE PRESENTS:
That the City in consideration of the sum of TWO HUNDRED FIFTY AND
NO/100 ($250.00) DOLLARS to it paid by the owners, in cash, the receipt and
sufficiency of all of which is here acknowledged, and in the mutual promises,
covenants and payments hereinafter provided do hereby promise, and covenant
as follows:
Owners may exercise the option of purchasing from the City the above des-
cribed tracts at any time before five (5) years from date, by written notice to the
City delivered personally, or mailed to the City Secretary, P. O. Box 2000,
Lubbock, Texas 79408, and by paying to the City the total purchase price of
THIRTY SIX THOUSAND, &NU N01100 ($96, 000. 00) DOLLARS, exclusive of the
consideration of $250.00 above stated for this option.
The City will deliver possession and marketable title to said tracts to the
owners and execute and deliver to owners a special warranty deed, upon due
exercise of this option and payment of the purchase price.
The owners' right to exercise the option is conditioned ;upofi_the. Cjty .Caurib}l,
by resolution, expressly determining that the City no longer has a need for the
tracts as right of way for the proposed street and following such action the owners
may, within the specified time remaining, exercise the option.
This agreement shall be binding upon the parties hereto and their respective
successors and assigns �and legal and personal representatives.
Executed thts_�' day of 1968 at Lubbock, Texas.
CITY OF LUBBOCK
By:
ATTEST: W. D. ROCKERS, JR. MAYOR
Laventa Lowe, City Secretary -Treasurer
APPROVED:
Fred O. Senter, Jr., City Attorney
THE STATE OF TEXAS {
COUNTY OF LUBBOCK
WALTER W. BRAND
MYRTLE BRAND
OWNERS
BEFORE ME, the undersigned authority, a Notary Public in and for said
County. Texas, on this day personally appeared W. D. ROGERS, JR., 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 and as MAYOR, for the purposes and consideration therein expressed,
and in the capacity therein stated.
GIVEN UNDER MY HAND AND SEAL OF OFFICE this day of
. 1968.
Notary Public, Lubbock County, Texas
THE STATE OF TEXAS f
COUNTY OF LUBBOCK i
BEFORE ME, the undersigned authority, a Notary Public, in and for said
County, Texas, on this day personally appeared WALTER W. BRAND and
MYRTLE BRAND, his wife, both known to me to be the persons whose names are
subscribed to the foregoing instrument, and acknowledged to me that they each
executed the same for the purposes and consideration therein expressed, and the
said MYRTLE BRAND, wife of the said WALTER W. BRAND, having been examined
by me privily and apart from her husband, andhhaving the same fully explained to
her, she, the said MYRTLE BRAND acknowledged such instrument to be her act
and deed and she declared that she had willingly signed the same for the purposes
and consideration therein expressed, and that she did not wish to retract it.
GIVEN UNDER MY HAND AND SEAL OF OFFICE this day of
1968.
Notary Public, Lubbock County, Texas