HomeMy WebLinkAboutResolution - 4671 - Option Contract & Memo - Housing Authority - Hub Homes - 12_08_1994Resolution No. 4671
December 8, 1994
Item ill
RESOLUTION
BE 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 directed to
execute for and on behalf of the City of Lubbock an Option Contract and Memorandum of
Option by and between the City of Lubbock and the Housing Authority of the City of
Lubbock, attached hereto, 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.
Passed by the City Council this 8 'C day oir�, December , 1994.
VID R. LAD(GSTONJUAYOR
ATTEST:
betty VA. JofirfAn, City Secretary
APPROVED AS TO CONTENT:
Ed Bucy, Right-of-Wa Agent
APPROVED AS TO FORM:
442U V-
Harold Willard, Assistant City Attorney
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November21,1994
Resolution No. 4671
December S, 1994
Item #7
STATE OF TEXAS
COUNTY OF LUBBOCK §
KNOW ALL MEN BY THESE PRESENTS:
OPTION CONTRACT
This Option Contract is made this 8th day of December , 1994,
in Lubbock County, Texas, by the Housing Authority of the City of Lubbock referred to in
this Option Contract as "Optionor," and the City of Lubbock, Texas, a home rule
municipality, referred to in this Option Contract as "Optionee."
Whereas, Optionor is the owner of real property in Lubbock County, Texas,
referred to in this Option Contract as "the Property" and further described as follows:
The Property known as Hub Homes, located South of 3rd Street, North of
4th Street, West of I-27 and East of Avenue F.
Whereas, Optionee desires to acquire the option to purchase, without becoming
obligated to purchase, the Property at an agreed price and under specific terms and
conditions; and
Whereas, the parties have executed a Memorandum of Option concurrently with
the execution of this Option Contract containing a summary of this Option Contract,
which memorandum is to be recorded, and which is incorporated herein by reference and
made a part hereof;
NOW THEREFORE, it is agreed as follows:
Grant of Option
For the consideration expressed in Numbered Paragraph 3 of this Option Contract,
Optionor hereby grants to Optionee the option to purchase the Property described
above at the price and under the terms contained herein.
Option Period
2. This option shall commence on November 17, 1994, and continue in effect until
5:00 p.m. on January 31, 1995. Prior to the end of this period, the Optionor at the
request of the Optionee is willing to negotiate terms to extend the: option for an
additional ninety (90) days.
This option is granted in consideration of Optionee's payment to Optionor the sum
of Two Hundred Fifty and No/100 ($250.00) Dollars payable by check drawn to
the order of Optionor, receipt of which is hereby acknowledged.
In further consideration of the granting of this option, Optionee shall obtain and
deliver at its own expense to Optionor, before or during the option period, a preliminary
title report covering the Property. Optionee shall then give notice, before or concurrently
with the exercise of the option, that the condition of the title as set forth in the title binder
is or is not satisfactory; and in the event that Optionee states that the condition of such
title is not satisfactory, Optionor shall promptly undertake to eliminate or modify all
unacceptable matters to the reasonable satisfaction of Optionee. In the event Optionor is
unable to do so within thirty (30) days after receipt of written notice, Optionor will refund
the sum paid by Optionee for this contract and this option shall be null and void.
Purchase Price
4. The purchase price for the Property shall be $314.925.00 in the event that
Optionee exercises its option to purchase the Property. The consideration paid
herein shall be applied against the purchase price. This price will be paid in cash at
the time of closing.
Forfeiture of Consideration
If Optionee fails to exercise this option before its expiration, the consideration paid
herein shall be retained by Optionor.
Exercise of Option
6. This option may be exercised by Optionee depositing written notice to such effect
in the United States mail before the date and time of expiration of the option
period as stated in Numbered Paragraph 2 herein. The giving of such notice shall
create a binding contract of purchase and sale between the parties hereto. All
costs of the sale shall be paid by the Optionee.
Notices
Any notice, tender or delivery to be given hereunder by either party to the other
may be effected by personal delivery in writing or by registered or certified mail,
postage prepaid, return receipt requested. Mailed notice shall be addressed as set
forth below, but either Optionee or Optionor may change their addresses by
written notice in accordance with this paragraph.
To the Optionor:
Mr. Oscar A. Sharpe
Executive Director
Housing Authority of the City of Lubbock
515 N. Zenith
Lubbock, Texas 79403
To the Optionee:
Ed Bucy
Right -of -Way Agent
City of Lubbock
P. O. Box 2000
Lubbock, Texas 79457
Binding Effect
8. This option shall be binding on Optionor, its successors and assigns.
Upon execution of this option, Optionor will allow Optionee access to and on the
Property to conduct feasibility and environmental studies.
Option Contrad — Housing Authority of the City of Lubbock Page 2
Executed this 8th
County, Texas.
day of December , 1994, at Lubbock
OPTIONOR: HOUSING AUTHORITY OF
THE CITY OF LUBBOCK
OSCAR A. SHARPE,
EXECUTIVE DIRECTOR
ATTEST:
k(- C�-J�
etty 14. Johnsody City Secretary
APPROVED AS TO CONTENT:
<� 6
Ed Bucy, Right- f--Way Agent
APPROVED AS TO FORM:
min" V�&�
Harold Willard, Assistant City Attorney
STATE OF TEXAS
COUNTY OF LUBBOCK
BEFORE ME, a Notary Public, on this day personally appeared OSCAR A.
SHARPE, known to me to be the person whose name is subscribed to the foregoing
instrument and acknowledged to me that he executed the same for the purposes and
consideration therein expressed, in the capacity therein stated, and as the act and deed of
the Housing Authority of the City of Lubbock.
Given under my hand and seal of office this 2C)A day of /VaVE-q l - , 1994.
Not Public Lubbock County, Texas
EDWARD WtISON OIlCY � � n tY,
Nalary all"
$,a" a4 Is"
My Gin I.W. WIM 11-21.9
My Commission Expires:
Option Contract - Housing Authority of the City of Lubbock Page 3
STATE OF TEXAS
COUNTY OF LUBBOCK
BEFORE ME, a Notary Public, on this day personally appeared DAVID R.
LANGSTON, 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 Mayor for the City of
Lubbock, Texas, for the purposes and consideration therein expressed, and as the act and
deed of said City.
Given under my hand and seal of office this 8th day of December 1994.
LM IBEM IAfAU=
N 1 Flo 111R1� No ary Public, Lubbock County, Texas
I-OaM -- --@- - - - i-- - ti16
My Commission Expires: 10/23/96
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rev. November 21,1994
Option Contract — Housing Authority of the City of Lubbock Page 4
Resolution No. 4671
December 8, 1994
Item (7
MEMORANDUM OF OPTION
STATE OF TEXAS
COUNTY OF LUBBOCK
This Memorandum of Option is executed concurrently with an Option Contract,
and both this Memorandum and the Option Contract constitute an agreement between the
Housing Authority of the City of Lubbock, referred to herein as "Optionor," and the City
of Lubbock, Texas, a home rule municipality, referred to herein as "Optionee," concerning
the following real property situated in Lubbock County, Texas:
Property known as Hub Homes, located South of 3rd Street, North of 4th
Street, West of I-27, and East of Avenue F.
For valuable consideration described in the Option Contract, Optionor hereby
grants to Optionee the exclusive right and option to buy the above described property at a
price and under the terms and conditions expressed in the Option Contract. This option
shall expire on January 31, 1995, and, unless exercised or extended prior to the above date
of expiration, Optionee shall have no further interest in the property.
Executed this 2- 1 4ci day of Aovim 6S t , 1994, in Lubbock
County, Texas.
OPTIONOR: HOUSING AUTHORITY OF
THE CITY OF LUBBOCK
OSCAR A. SHARPE,
EXECUTIVE DIRECTOR
ATTEST:
&-, a QZ,
eJohnsoit City Secretary
APPROVED AS TO CONTENT:
Ed Bucy, Right-Sf-Way Agent
APPROVED AS TO FORM:
N
Harold Willard, Assistant City Attorney
STATE OF TEXAS
COUNTY OF LUBBOCK
BEFORE ME, a Notary Public, on this day personally appeared OSCAR A.
SHARPE, known to me to be the person whose name is subscribed to the foregoing
instrument and acknowledged to me that he executed the same for the purposes and
consideration therein expressed, in the capacity therein stated, and as the act and deed of
the Housing Authority of the City of Lubbock.
Given under my hand and seal of office this 2 4SZ day of 1994.
ego0
'`� EDWARD WILSO:1�71
f\ �j JW-f-ry PlA k. 11tN
STATE OF TEXAS
COUNTY OF LUBBOCK
Notary Public, Lubbock County, Texas
My Commission Expires: li I- 4 f
BEFORE ME, a Notary Public, on this day personally appeared DAVID R.
LANGSTON, 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 Mayor for the City of
Lubbock, Texas, for the purposes and consideration therein expressed, and as the act and
deed of said City.
Given under my hand and seal of office this 8th day of December 1994.
10 Iry Comm Expires IM96
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rev. November 21.1994
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Notary Public, Lubbock County, Texas
My Commission Expires: 10/23/96
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Ad Sucy R-O-W
395'79
MEMORANDUM OF OPTION
STATE OF TEXAS
COUNTY OF LUBBOCK
Resolution No. 4671
December 8, 1994
Item #7 voL 4750PAGE207
This Memorandum of Option is executed concurrently with an Option Contract,
and both this Memorandum and the Option Contract constitute an agreement between the
Housing Authority of the City of Lubbock, referred to herein as "Optionor," and the City
of Lubbock, Texas, a home rule municipality, referred to herein as "Optionee," concerning
the following real property situated in Lubbock County, Texas:
Property known as Hub Homes, located South of 3rd Street, North of 4th
Street, West of I-27, and East of Avenue F.
For valuable consideration described in the Option Contract, Optionor hereby
grants to Optionee the exclusive right and option to buy the above described property at a
price and under the terms and conditions expressed in the Option Contract. This option
shall expire on January 31, 1995, and, unless exercised or extended prior to the above date
of expiration, Optionee shall have no further interest in the property.
Executed this 21�1 4c► day of Nov rr t b&L , 1994, in Lubbock
County, Texas.
OPTIONOR: HOUSING AUTHORITY OF
THE CITY OF LUBBOCK
SEAL
OSCAR A. SHARPE,
EXECUTIVE DIRECTOR
ATTEST:
etty M. Johnso4 City Secretary
APPROVED AS TO CONTENT:
Ed Bucy, Right -of --Way Agent
APPROVED AS TO FORM:
"-Z�u
Harold Willard, Assistant City Attorney
t it
VOL 4750PAGE2C8
STATE OF TEXAS §
COUNTY OF LUBBOCK §
BEFORE ME, a Notary Public, on this day personally appeared OSCAR A.
SHARPE, known to me to be the person whose name is subscribed to the foregoing
instrument and acknowledged to me that he executed the same for the purposes and
consideration therein expressed, in the capacity therein stated, and as the act and deed of
the Housing Authority of the City of Lubbock.
Given under my hand and seal of office this ?.j%L�i day of �/uV� MrSs2 , 1994.
EDWARD WILSON BUCY
NN..y Publec sta4. r1 Tuna
Mh' Cs .1.1 n &pl— 11.11.9s
� or
STATE OF TEXAS
COUNTY OF LUBBOCK
SEAL r>
Notary Public, Lubbock County Texas
My Commission Expires: Ii t, 1 9s
BEFORE ME, a Notary Public, on this day personally appeared DAVID R
LANGSTON, 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 Mayor for the City of
Lubbock, Texas, for the purposes and consideration therein expressed, and as the act and
deed of said City.
Given under my hand and seal of office this Sth day of December , 1994.
SEAL
LARI BETH WALKER Q
el
101 -------- NodryPuD9C, SMe aETitxss Notary Public, Lubbock County, Texas
My Comm. Expires *23.96
My Commission Expires: 10 / 23 / 9 6
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m. November 21, 1994
FILED FOR riECORD
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t..Ci�..i✓�s� CLL��.Gny.'7'i�
STATE OF TEXAS
COUNTY OF LUBBOCK nt was FILED OnthO
I hereby cwm the the'St"M eon hr me and was dutV
dace and at the time stamped bfS
RECORDED
L bbo i coanth and
-S _ uamaed ai►�rem' b5 A0i
DEC 15 1994
1 W441u, AAZIZC�
UA
rY CLERK
�i ' LUSEOCKCOUNTY. T 1LS