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HomeMy WebLinkAboutResolution - 090976C - Contract Of Sale - Auto Realty Co - 09_09_1976KJ/nh Ole 996c 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 a revised CONTRACT OF SALE between the CITY OF LUBBOCK and AUTO REALTY CO, INC., 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. Passed by the City Council this 9th day of September, 1976. ROY B SS, MAYOR ATTEST: Treva Phillips, ity Secretary -Treasurer APPROVED AS TO FORM: Fred O. Senter, Jr., City Attornef j ` ICE Preparecy the State Bar of Texas for use by Lawyers oT�y. 5-74-1OM ' �� NOT 1 N To select the proper form, fill In blank spaces, strike out form provisions or insert °L'`-D E special terms constitutes the practice of law. No 'itandardjomrmeet all t _ requirements. I VOL 1489 PA6 N WARRANTY DEED WITH VENDOR'S LIEN THE STATE OF TEXAS KNOW ALL MEN BY THESE PRESENTS: COUNTY OF LUBBOCK That AUTO REALTY COMPANY, a Texas.corporation, acting herein by and through its duly authorized officers, HARRY MORRIS and GEORGE E. MORRIS,' of the County of Lubbock and State of Texas for and in consideration of the following: 1. Forty Thousand Dollars ($40,000.00) in cash, the receipt of which is hereby acknowledged and confessed; 2. The execution and delivery by the grantee herein -of its one certain promissory note of even date herewith in the principal sum of $349,820.00 payable to the order of grantor, in the City of Lubbock, Texas, bearing interest from date thereof at the rate of seven (7) percent per annum, matured unpaid principal and interest to bear interest at the rate of ten (10) percent per annum from maturity until paid, principal and interest being due and payable in annual installments of $40,000.00 each, the first of said installment payments to be due and payable on the / ='day of September, 1977, and a like installment payment to be due.and payable on the / day of September each year thereafter until the whole of said sum, with interest, has been duly paid, interest being calculated on the unpaid principal to the date of each installment paid and the payment credited, first, to the discharge of the interest accrued and the balance to the reduction of principal, said note providing for acceleration of maturity in the event of default and for ten (10) percent attorney's fees, the payment of which note is secured by the vendor's lien herein retained, and is additionally secured by a deed of trust of even date herewith to CHARLES L. WATERS Trustee, have GRANTED, SOLD AND CONVEYED, and by these presents do GRANT, SELL AND CONVEY unto THE CITY OF LUBBOCK, TEXAS, a municipal home -rule corporation, of the Cuunty of Lubbock and State of Texas , all of the following described real property in Lubbock County, Texas, to -wit: All of Lots One (1) through Ten (10), Block Seventy -Two (72), Original Town of Lubbock, Lubbock County, Texas; All of Lots Five (5) through Fourteen (14), Eighteen (18) and Nineteen (19), Block Seventy —One (71), Original Town of Lubbock, Lubbock County, Texas; All of Lots Seventeen (17) and Eighteen (18), Block Seventy — Two (72), Original Town of Lubbock, Lubbock County, Texas; All of Lot Sixteen (16), Block Seventy —Two (72), Original Town of Lubbock, Lubbock County, Texas. TO HAVE AND TO HOLD the above described premises, together with all and singular the rights and appurtenances thereto in anywise belonging unto the said grantee ,its successors xhekkand assigns gdrantor do s assigns forever; an // xiu heereby bind its successors and / to WARRANT AND FOREVER DEFEND all and singular the said premises unto the said grantee , its successors kdaxand assigns, against every person whomsoever lawfully claiming or to claim the same or any part thereof. But it is expressly agreed that the VENDOR'S LIEN, as well as the Superior Title in and to the above described premises, is retained against the above described property, premises and improvements until the above described note and all interest thereon are fully paid according to the face, tenor, effect and reading thereof, when this Deed shall become absolute. EXECUTED this day of i•- ~ SE 1 c: k7'�EST : GEORGE E MORRIS Secretary September , A. D. 1976 AUTO REALTY COMPANY .---•----------•--------------- . --••------ -- -- --------------•-----------•-----•----------------•-__ .. BX RRY MC3 S;-"g-resi8�rit;---------•--- va 1480 PA005 -VOL 1489 -PA6�30( (Acknowledgment) 1 THE STATE OF TEXAS l COUNTY .OF q.) Before me, the undersigned authority, on this day personally appeared known to me to be the person ............. whose name ....................... subscribed to the foregoing instrument, and acknowledged to me that .......... he ------- executed the same for the purposes and consideration therein expressed. Given under my hand and sea] of office on this the day of , A. D. 19 -••-----•-- Notary Public in and for County, Texas. (Acknowledgment) THE STATE OF TEXAS 1 COUNTY OF I Before me, the undersigned authority, on this day personally appeared known to me to be the person, _.......... -whose name ...................... subscribed to the foregoing instrument, and acknowledged to me that --------- he --•_ --- executed the same for the purposes and consideration therein expressed. Given under my hand and seal of office on this the day of , A. D. 19 Notary Public in and for (Acknowledgment) THE STATE OF TEXAS COUNTY OF Before me, the undersigned authority, on this day personally appeared County, Texas. known to me to be the person. ............ whose name________ ____ ____ subscribed to the foregoing instrument, and acknowledged to me that he ___ - executed the same for the purposes and consideration therein expressed. Given under my hand and sea] of office on this the day of , A. D. 19 _ —----•--------------•---------•-------unty--,— -T--exa--s. •- Notary Public in and for Co-- (4tprpotate acknowledgment) .THE STATE OF TEXAS 1 COUNTY OF LUBBOCK 1 .Before me, the undersigned authority, on this day personally appeared HARRY MORRIS President ',-� Of AUTO REALTY COMPANY a corporation , known to aie to be the person whose name is subscribed to the foregoing instrument, and acknowledged to me that he executed the same for • .he purposesf nd'tonsideration therein expressed, in the capacity therein, stated and as the act and deed of said corporation., Given under my hand and seal of office on this the / day of September , A. D. 1976 _ C.. 0, SEAL N u 'c in and for LubbOCk County, Texas. STATE OF TEXAS F COUNTY OF LUBBOCK —lifr 1MI IM3 IM1:bnwnl waa FILED an Ifn CI! r � R �i`+"•r t'• .nd •.I Ac :t.TO 31�mpd hr �O �Y IM Md YNf dbly C• 7' :::4F:O.OEJ in A. Volume end P.C. el tM RECORDS W ,� Rodiroon AFL✓` _,_ _ ..''�� C pYwR 21�b��i'4t` 5EP 15 1976 Cy r. r. 1• .: 3 3 .. ... S' LUBBOCK bOVM O a w �n ino C q Qq F 3 a d F., Z $ z H A w w a x w a a. a VOL 1489 Pa,00 7. VOL1489 PAGE308 22g9s CGrsrMEo RELEASE OF TEXAS DEED OF TRUST RECORREAS, Small Business Administration is the owner and holder of a certain Deed of s hereihafter described, recorded in the office of County Clerk of County, State of , Date of Lien Recorded Grantor in Deed of Trust Amount Instrument Book Page(s) Auto Realty Company $100,000.00 8-20-70 515 485 which Deed of Trust covers the following described real estate situated in Lubbock County, State of Texas , to wit: Lots Five (5), Six (6), Seven (7), Eight (8), Nine (9), Ten (10), Eleven (11), Twelve (12), Thirteen (13), and Fourteen (14), in Block Seventy-one (71), Original Town of Lubbock, Lubbock County, Texas, and buildings. WHEREAS, the Note and indebtedness referred to in said lien instrument have been fully paid and satisfied; NOW, THEREFORE, KNOW ALL MEN BY THESE PRESENTS: That the Small Business Administration, in consideration of payment and satisfaction of said indebtedness, does hereby discharge and release said land from any and all liens created by virtue of said Note and indebted- ness in the instrument referred to above, as well as all such other right, title, lien, whether express or implied, or claim in and to said land as may have been created by or arisen from the transaction above mentioned, This Release is executed and delivered pursuant to the delegations of authority published in the Federal Registers on March 12, 1975 ( 40 F.R. 11657 ) and on ( F.R. ), the contents of which publications are to be judically noticed pursuant to 44 U,S,C., Section 307. IN WITNESS WHEREOF, this instrument is executed this �*A,/-day of ,1976. SMALL BUSINESS ADMINISTRATION By ( t :)Chief, Portfolio Management Division STATE OF TEXAS ) COUNTY OF LUBBOCK ) BEFORE ME, the undersigned, a Notary Public in and for said County and State, on this day personally appeared J. W. Gilbert known to me to be Chief, Portfolio Management Division, Lubbock Office , of the Small Business Administration and the person whose name is subscribed to the foregoing instrument and he acknowledged to me that the same was the act of the Small Business Administration and that he executed the same as the free act and deed of the Small Business es and consideration therein expressed, and in the capacity N9bbo Public in and for ",._. LCounty, SEAL "� State of Texa$ ')Csao S,/v4 C ,� , �- Cli My commission expires: 41 � t!' 1_' :Iif L. f.fJtiJ DAL VI Form 97 (4-1970) PREVIOUS AREA EDITIONS ARE OBSOLETE (F.P, V) REF: ND 535-2 THE STATE OF TEXAS X COUNTY OF LUBBOCK X CONTRACT OF SALE This is a contract whereby AUTO REALTY CO., INC., acting herein by and through its duly authorized officers, HARRY MORRIS and GEORGE E. MORRIS, herein called Seller, agree to sell to the CITY OF LUBBOCK, TEXAS, a municipal home -rule corporation, herein called Buyer, who agrees to purchase, upon the terms and provisions hereof, the following described real property in its present condition situated in Lubbock County, Texas, to -wit: All of Lots 1 through 10, Block 72, Original Town of Lubbock, Lubbock County, Texas; All of Lots 5 through 14, 18 and 19, Block 71, Original Town of Lubbock, Lubbock County, Texas; All of Lots 17 and 18, Block 72, Original Town of Lubbock, Lubbock County, Texas; All of Lots 16, Block 72, Original Town of Lubbock, Lubbock County, Texas. The total sales price is Three Hundred Eighty -Nine Thousand Eight Hundred Twenty Dollars ($389,820.00), payable as follows: 1. The sum of Forty Thousand Dollars ($40,000.00) in cash to be paid to Seller by Buyer on or before the date of closing. 2. The execution and delivery by Buyer of Buyer's one certain promissory note in the principal sum of $349,820.00, dated as of the date of closing and pay- able to the order of Seller, bearing interest at the rate of seven (7) percent per annum and payable in fourteen (14) annual installments of Forty Thousand Dollars ($40,000.00) each, the first of such install- ments to be paid on September 1, 1977, in the amount of Forty Thousand Dollars ($40,000.00) and a like installment payment to be due and payable on the lst day of September of each year thereafter, for a period of fourteen (14) years and until the full amount of the note is paid. The note to be executed by Buyer hereunder shall be non- negotiable and secured by a vendors lien and deed of trust with power of sale upon said property and with the usual covenants and provisions as to taxes, hazard insurance, acceleration of maturity on account of default and for attorneys' fees and such non- negotiable note and deed of trust with the Trustee named by Seller, are to be upon current forms of the State Bar of Texas or at Seller's election upon forms meeting the approval of the hereinafter named attorneys. The furnishing of such non- negotiable note and deed of trust and the recording thereof shall be at the expense of Buyer. Seller is to furnish Buyer a complete abstract of title to the above described property with tax certificates showing no delinquent taxes (current taxes, insurance, and rent, if any, to be prorated to day of closing). A general warranty deed to be recorded at Buyer's expense, conveying good and marketable title subject only to any liens to be created or assumed hereunder and the following: 1. Present restrictions, if any, against the property; 2. Existing building and zoning ordinances, if any. The abstract of title to be furnished to Buyer shall be cer- tified by a reputable abstractor or abstractors to a current date and delivered to Buyer within fifteen (15) days from date hereof, and Buyer shall have thirty (30) days from the date of receipt thereof within which to have the abstracts examined and a written report made thereon, a copy of which report shall be delivered to Seller within that time, pointing out any objections to title made by Buyer, and no objection thereto shall be considered unless so pointed out. If no valid objections to the title are so pointed out, the sale is to':be,closed not later than September 1, 1976. If any valid objections to the title are so pointed out, Seller shall have a reasonable time, not exceeding 120 days from the date of delivery to Seller of the written report pointing out the objections to title, in which to cure and remove such objections and close the sale. Time is of the essence of this contract. upon failure of Buyer to ';comply herewith, Seller may at its option enforce specific performance. If title is found objection- able and is not cleared within the time herein provided, -or upon failure of Seller to comply herewith for any other reason, Buyer may either enforce specific performance hereof or seek such other relief as may be provided by law. The hydraulic lifts located upon the above described property and located within one of the buildings upon the above described 2 property belong to the present tenant. If the lifts are removed from the premises from the tenant, it is agreed that the floor shall be restored by Seller and be delivered in -,.a normal condition. This contract shall be closed and possession delivered on or before September 15,1976, unless Seller is unable to secure possession from the present tenant. Seller contracts and agrees that it will use due diligence in securing possession from the present tenant in order to deliver possession to Buyer herein on or before September 15, 1976. Executed in multiple copies this' day of— , 1976. SELLER: AUTO REALTY CO., INC. ATTEST: HARRY MORRIS, President GEORGE E. MORRIS, Secretary CITY OF LUBBOCK, TEXAS ROY BASS, Mayor ATTEST: APPROVED: FRED SENTER, Attorney fo the City of Lubbock CHARLES L. WATERS, Attorney for Auto Realty Co., Inc. 3 RELEASE OF TEXAS DEED OF TRUST WHEREAS, Small Business Administration is the owner and holder of a certain Deed of Trust hereinafter described, recorded in the office of County Clerk of County, State of Date of Lien Recorded Grantor in Deed of Trust Amount Instrument Book Page(s) Auto Realty Company $100,000.00 8-20-70 515 485 which Deed of Trust covers the following described real estate situated in Lubbock County, State of Texas , to wit: Lots Five (5), Six (6), Seven (7), Eight (8), Nine (9), Ten (10), Eleven (11), Twelve (12), Thirteen (13), and Fourteen (14), in Block Seventy-one (71), Original Town of Lubbock, Lubbock County, Texas, and buildings. WHEREAS, the Note and indebtedness referred to in said lien instrument have been fully paid and satisfied; NOW, THEREFORE, KNOW ALL MEN BY THESE PRESENTS: That the Small Business Administration, in consideration of payment and satisfaction of said indebtedness, does hereby discharge and release said land from any and all liens created by virtue of said Note and indebted- ness in the instrument referred to above, as well as all such other right, title, lien, whether express or implied, or claim in and to said land as may have been created by or arisen from the transaction above mentioned. This Release is executed and delivered pursuant to the delegations of authority published in the Federal Registers on March 12, 1975 ( 40 F.R. 11657 ) and on ( F.R. ), the contents of which publications are to be judically noticed pursuant to 44 U.S.C., Section 307. IN WITNESS WHEREOF, this instrument is executed this Az?tday of ' ,1976. SMALL BUSINESS ADMINI�SSTTRATION By ( t :)Chief, Portfolio Management Division STATE OF TEXAS ) COUNTY OF LUBBOCK ) BEFORE ME, the undersigned, a Notary Public in and for said County and State, on this day personally appeared J. W. Gilbert known to me to be Chief, Portfolio Management Division, Lubbock Office , of the Small Business Administration and the person whose name is subscribed to the foregoing instrument and he acknowledged to me that the same was the act of the Small Business Administration and that he executed the same as the free act and deed of the Small Business Administration for the purposes and consideration therein expressed, and in the capacity therein stated. GIVEN UNDER MY HAND and seal of office this the /-1/ day of 1976 . No y Public in and for Lubbock County, State of Texas My commission expires: DAL VI Form 97 (4-1970) PREVIOUS AREA EDITIONS ARE OBSOLETE (F.P. V) REF: ND 535-2 NOTHEPrepared by the State Bar of Texas for use by Lawyers only. To select the proper form, fill in blank spaces, strike out form provisions or insert special teens constitutes the prac•tfce of law. No 'standard form- can meet all requirements. i REAL ESTATE LIEN NOTE $349,820.00The CiofLbbock Lubbock Texas, September ty u For value received, h)WKxyXXX rotxra, as principals, promise to pay to the order of Auto Realty_Compan, a Texas corporation, / ., 1976.. in the City of...............Lubbock, Lubbock ......... Texas, the sum of ...... .............. ..... Thre.e.. Hundred-. Forty-Ni.ne.. Thousand . Eight-..Hundred-.T.wenty Dollars in legal and lawful money of the United States of America. with interest thereon from date hereof until maturity at the rate of ......... seven.......... ................. per cent (_ .7.. `:l per annum: the interest payable annually _ as it. aecr"§atured unpaid principal and interest shall bear interest at the rate of ten per cent (107) per annum from date of maturity wail paid. This note is due and payable as follows, to -wit: 14 equal annual installments of $40,000.00 each, including ,,}}nterest, the first of such installments to be due and payable on the /.4,;1 day of September, 1977, and a like installment shall be due and payable on the same day of each succeeding September thereafter until paid. Each in— stallment shall be applied first to the payment of accrued interest due on the unpaid principal balance and the remainder of each installment shall be applied to the reduction of unpaid principal. It is expressly provided that upon default in the punctual payment of this note or any part thereof, principal or interest, as the same shall become due and payable, the entire indebtedness secured by the hereinafter mentioned lien shall be matured, at the option of the holder; and in the event default is made in the prompt payment of this note when clue or declared due, and the same is placed in the hands of an attorney- for collec- tion, or suit is brought on same, or the same is collected through Probate, Bankruptcy- or other judicial pro- ceedings, then the makers agree and promise to pay- ten percent (101•r) additional on theamount of principal and interest then owing, as attorney's fees. Each maker, surety and endorser of this note expressly waives all notices, demands for payment, presenta- tions for payment, notices of intention to accelerate the maturity, protest and notice of protest, as to this note andas to each, every and all installments hereof. Payment hereof is secured by a vendor's lien expressly retained in deed of even date herewith executed by Auto Realty Company to the makers hereof upon the hereinafter described real property and is additionally secured by a deed of trust thereon to Charles L. Waters, Trustee, covering the follow— ing described property: All of Lots 1 through 10, Block 72, Original Town of Lubbock,. Lubbock County, Texas; All of Lots 5 through 14, 18 and 19, Block 71, Original Town of Lubbock, Lubbock County, Texas; All of Lots 17 and 18, Block 72, Original Town of Lubbock, Lubbock County, Texas; All of Lot 16, Block 72, Original Town of Lubbock, Lubbock County, Texas. i Secretary THE 115 LUBBOCK By: Roy Bass, Mayor Prepared by the State Bar of Texas for use by Lawyers only. Revised 12-15.75 To select the proper form, fell in blank spaces. strike out four[ provisions or insert NOTICE special terms constitutes the practice of law. No "standard form" can meet all requirements. DEED OF TRUST THE STATE OF TEXAS KNOW ALL hiEty' BY THESE PRESENTS: COUNTY OF LUBBOCK That THE CITY OF LUBBOCK, TEXAS, acting herein by and through its duly authorized mayor, or ........ Lubbock ________ County, Texas, hereinafter called Grantors (whether one or more) for the purpose of securing the indebtedness hereinafter described, and in consideration of the sum of TEN DOLLARS (S 10.00) to us in hand paid by the Trustee hereinafter named, the receipt of which is hereby acknowledged, and for the further consideration of the uses, purposes and trusts hereinafter set forth, have granted, sold and conveyed, and by these presents do grant, sell and convey unto —CHARLES_ L.__ WATERS................... Trustee, of____---------------.-Trl?-bbaCk..... County, Texas, and his substitutes or successors, all of the following described property situated in ............ .------- Lubbock ........................... County, Texas, to -wit: All of Lots One (1) through Ten (10), Block Seventy -Two (72), Original Town of Lubbock, Lubbock County, Texas; All of Lots Five (5) through Fourteen (14), Eighteen (18) and Nineteen (19), Block Seventy -One (71), Original Town of Lubbock, Lubbock County, Texas; All of Lots Seventeen (17) and Eighteen (18), Block Seventy - Two (72), Original Town of Lubbock, Lubbock County, Texas; All of Lot Sixteen (16), Block Seventy -Two (72), Original Town of Lubbock, Lubbock County, Texas. TO HAVE AND TO HOLD the above described property, together with the rights, privileges and appurtenances thereto belonging unto the said Trustee, and to his substitutes or successors forever. And Grantors do hereby bind themselves, their heir, executor, administrators and assigns to warrant and forever defend the said premises unto the said Trustee, his substitutes or successor and assigns forever, against the claim, or claims, of all persons claiming or to claim the same or any part thereof. This conveyance, however, is made in TRUST to secure payment of . .one _ promissory note of even date herewith in the principal sum of -------- _THREE_ . HUNDRED FORTY—NINE THOUSAND EIGHT_. HUNDRED ••........-•-.. . TWENTY. .............. --.-----.--Dollars(53.4.9,S2D-.D-Q------r_.-) executed by Grantors, payable to the order of ..........AUTO-..REALTY..CQMP.ANY......................................................... •..................•-•--•-------•--------•-----•----......--•---..............-----•-----------•------•---------------........-..----••--•----------------------- --- in the City of_.._Ljk)26QCk....................................................... LltbboOk----------------- County, Texas as follows, to -wit: The sum of $40,000.00 to be due and payable on the 14 day of September, 1977, and a like installme9�t payment in the amount of $40,000.00 to be due and payable on the �,at_ day of September each year thereafter for a period of fourteen (14) years until the full amount of the principal and interest is paid, bearing interest as therein stipulated, providing for acceleration of maturity and for Attorney's fees; Should Grantors do and perform all of the covenants and agreements herein contained, and make prompt payment of said indebtedness as the same shall become due and payable, then this conveyance shall become null and void and of no further force and effect, and shall be released at the expense of Grantors, by the holder thereof, hereinafter called Beneficiary (whether one or more). Grantors covenant and agree as follows: That they are lawfully seized of said property, and have the right to convey the same; that said property is free from all liens and encumbrances, except as herein provided. To protect the title and possession of said property and to pay when due all taxes and assessments now existing or hereafter levied or assessed upon said property, or the interest therein created by this Deed of Trust, and to preserve and maintain the lien hereby created as a first and prior lien on said property including any improvements hereafter made a part of the realty. To keep the improvements on said property in good repair and condition, and not to permit or commit any waste thereof;Yo keep said buildings occupied so as not to impair the insurance carried thereon. To insure and keep insured all improvements now or hereafter created upon said property against loss or damage by fire and windstorm, and any other hazard or hazards as may be reasonably required from time to time by Beneficiary during the term of the indebtedness hereby secured, to the extent of the original amount of the indebtedness hereby secured, of to the extent of the full insurable value of said improvements, whichever is the lesser, in such form and with such Insurance Company or Companies as may be approved by Beneficiary, and to deliver to Beneficiary the policies of such insurance having attached to said policies such mortgage indemnity clause as Beneficiary shall direct; to deliver renewals of such policies to Beneficiary at least ten (I0) days before any such insurance policies shall expire; any proceeds which Beneficiary may receive under any such policy, or policies, may be applied by Beneficiary, at his option, to reduce the indebtedness hereby secured, whether then matured or to mature in the future, and in such manner as Beneficiary may elect, or Beneficiary may permit Grantors to use said proceeds to repair or replace all improvements damaged or destroyed and covered by said policy. That in the event Grantors shall fail to keep the improvements on the property hereby conveyed in good repair and condition, or to pay promptly when due all taxes and assessments, as aforesaid, or to preserve the prior lien of this Deed of Trust on said property, or to keep the buildings and improvements insured, as aforesaid, or to deliver the policy, or policies, of insurance or the renewal thereof to Beneficiary, as aforesaid, then Beneficiary may, at his option, but without being required to do so, make such repairs, pay such taxes and assessments, purchase any tax title thereon, remove any prior liens, and prosecute or defend any suits in relation to the preservation of the prior lien of this Deed of Trust on said property, or insure and keep insured the improvements thereon in an amount not to exceed that above stipulated; that any sums which may be so paid out by Beneficiary and all sums paid for insurance premiums, as aforesaid, including the costs, expenses and Attorney fees paid in any suit affecting said property when necessary to protect the lien hereof shall bear interest from the dates of such payments at ten per cent (107o) per annum, and shall be paid by Grantors to Beneficiary upon demand, at the same place at which the above described note is payable, and shall be deemed a part of the debt hereby secured and recoverable as such in all respects. That in the event of default in the payment of any installment, principal or interest, of the note hereby secured, in accordance with the terms thereof, or of a breach of any of the covenants herein contained to be performed by Grantors, then and in any of such events Beneficiary may elect, Grantors hereby expressly waiving presentment and demand for payment. to declare the entire principal indebtedness hereby secured with all interest accrued thereon and all other sums hereby secured immediately due and payable, and in the event of default in the payment of said indebtedness when due or declared due, it shall thereupon, or at any time thereafter, be the duty of the Trustee, or his successor or substitute as hereinafter provided, at the request of Beneficiary, (which request is hereby conclusively presumed) to enforce this trust; and after advertising the time, place and terms of the sale of the above described and conveyed property, then subject to the lien hereof, for at least twenty-one t2l) days preceding the date of sale by posting written or printed notice thereof at the Courthouse door of the county where said real property is situated, which notice may be posted by the Trustee acting, or by any person acting for him, and the Beneficiary Ithe holder of the indebtedness secured hereby) has, at least twenty-one i21) days preceding the date of sale, served written or printed notice of the proposed sale by certified mail on each debtor obligated to pay the indebtedness secured by this Deed of Trust according to the records of Beneficiary, by the deposit of such notice, enclosed in a postpaid wrapper, properly addressed to such debtor at debtor's most recent address as shown by the records of Beneficiary, in a post office or official depository under the care and custody of the United States Postal Service, and sell the above described property, then subject to the lien hereof, at public auction in accordance with such notice at the Courthouse door of the county where such real property, then subject to the lien hereof, is situated (provided where said real property, then subject to the lien hereof, is situated in more than one county the notice to be posted as herein provided shall be posted at the Courthouse door of each of such counties where said real property is situated, and said above described and conveyed property, then subject to the lien hereof, may be sold at the Courthouse door of any one of such counties, and the notices so posted shall designate the county where the property will be sold), on the first Tuesday in any month between the hours of ten o'clock A.M. and four o'clock P.1%1., to the highest bidder for cash, selling all of the property as an entirety or in such parcels as the Trustee acting may elect, and make due conveyance to the Purchaser, or Purchasers, with general warranty binding Grantors, their heirs and assigns; and out of the money arising from such sale, the Trustee acting shall pay first, all the expenses of advertising the sale and making the conveyance, including a commission of five per cent (5%) to himself, which commission shall be due and owing in addition to the Attorney's fees provided for in said note, and then to Beneficiary the full amount of principal, interest, Attorney's fees and other charges due and unpaid on said note and all other indebtedness secured hereby, rendering the balance of the sales price, if any, to Grantors, their heirs or assigns: and the recitals in the conveyance to the Purchaser or Purchasers shall be full and conclusive evidence of the truth of the matters therein stated, and all prerequisites to said sale shall be presumed to have been performed, and such sale and conveyance shall be conclusive against Grantors, their heirs and assigns. It is agreed that in the event a foreclosure hereunder should be commenced by the Trustee, or his substitute or successor, Beneficiary may at any time before the sale of said property direct the said Trustee to abandon the sale, and may then institute suit for the collection of said note, and for the foreclosure of this Deed of Trust lien; it is further agreed that if Beneficiary should institute a suit for the collection thereof, and for a foreclosure of this Deed of Trust lien, that he may at any time before the entry of a final judgment in said suit dismiss the same, and require the Trustee, his substitute or successor to sell the property in accordance with the provisions of this Deed of Trust. Beneficiary shall have the right to purchase at any sale of the property, being the highest bidder and to have the amount for which such property is sold credited on the debt then owing. Beneficiary in any event is hereby authorized to appoint a substitute trustee, or a successor trustee, to act instead of the Trustee named herein without other formality than the designation in writing of a substitute or successor trustee; and the authority hereby conferred shall extend to the appointment of other successor and substitute trustees successively until the indebtedness hereby secured has been paid in full, or until said property is sold hereunder, and each substitute and successor trustee shall succeed to all of the rights and powers of the original trustee named herein. In the event any sale is ma;! � of the above described property, or any portion thereof, under the terms of this Deed of Trust, Grantors, their heirs and assigns, shall forthwith upon the.making of such sale surrender and deliver possession of the property so sold to the Purchaser at such sale, and in the event of their failure to do so they shall thereupon from and after the making of such sale be and continue as tenants at will of such Purchaser, and in the event of their failure to surrender possession of said property upon demand, the Purchaser, his heirs or assigns, shall be entitled to institute and maintain an action for forcible detainer of said property in the Justice of the Peace Court in the Justice Precinct in which such property, or any part thereof, is situated. It is agreed that the lien hereby created shall take precedence over and be a prior lien to any other lien of any character' whether vendor's, materialmen's or mechanic's lien hereafter created on the above described property, and in the event the proceeds of the indebtedness secured hereby as set forth herein are used to pay off and satisfy any liens heretofore existing on said property, then Beneficiary is, and shall be, subrogated to all of the rights, liens and remedies of the holden of the in- debtedness so paid. It is further agreed that if Grantors, their heirs or assigns, while the owner of the hereinabove described property, should commit an act of bankruptcy, or authorize the filing of a voluntary petition in bankruptcy, or should an act of bankruptcy be committed and involuntary proceedings instituted or threatened, or should the property hereinabove described be taken over by a Receiver for Grantors, their heirs or assigns, the note hereinabove described shall, at the option of Beneficiary, immediately become due and payable, and the acting sfcustee may then proceed to sell the same under the provisions of thic Deed of Trust. As further security for the payment of the hereinabove described indebtedness, Grantors hereby transfer, assign, and convey unto Beneficiary all rents issuing or to hereafter issue from said real property, and in the event of any default in the payment of said note or hereunder, Beneficiary, his agents and representatives, is hereby authorized, at his option, to collect said rents, or if such property is vacant to rent the same and collect the rents, and apply the same, less the reasonable costs and experses of collection thereof, to the payment of said indebtedness, whether then matured or to mature in the future, and in such manner as Beneficiary may elect. The collection of said rents by Beneficiary shall not constitute a waiver of his right to accelerate the maturity of said indebtedness nor of -his right to proceed with the enforcement of this Deed of Trust. 1t is agreed that an extension, or extensions, may be made of the time of payment of all, or any part, of the indebtedness secured hereby, and that any part of the above described real property may be released from this lien without altering or affecting the priority of the lien created by this Deed of Trust in favor of any junior encumbrancer, mortgagee or purchaser, or any person acquiring an interest in the property hereby conveyed, or any part thereof; it being the intention of the parties hereto to preserve this lien on the property herein described and all improvements thereon, and that may be hereafter constructed thereon, first and superior to any liens that may be placed thereon, or that may be fixed, given or imposed by law thereon after the execution of this instrument notwithstanding any such extension of the time of payment, or the release of a portion of said property from this lien. In the event any portion of the indebtedness hereinabove described cannot be lawfully secured by this Deed of Trust lien on said real property, it is agreed that the first payments made on said indebtedness shall be applied to the discharge of that portion of said indebtedness. Beneficiary shall be entitled to receive any and all sums which may become payable to Grantors for the condemnation of the hereinabove described real property, or any part thereof, for public or quasi -public use, or by virtue of private sale in lieu thereof, and any sums which may be awarded or become payable to Grantors for damages caused by public works or construction on or near the said property. All such sums are hereby assigned to Beneficiary, who may, after deducting therefrom all expenses actually incurred, including attorneys fees, release same to Grantors or apply the same to the reduction of the indebtedness hereby secured, whether then matured or to mature in the future, or on any money obligation hereunder, as and in such manner as Beneficiary may elect. Beneficiary shall not be, in any event or circumstances, liable or responsible for failure to collect, or exercise diligence in the collection of, any such sums. Nothing herein or in said note contained shall ever entitle Beneficiary, upon the arising of any contingency whatsoever, to receive or collect interest in excess of the highest rate allowed by the laws of the State of Texas on the principal indebtedness hereby secured or on any money obligation hereunder and in no event shall Grantors be obligated to pay interest thereon in excess of such rate. If this Deed of Trust is executed by only one person or by a corporation the plural reference to Grantors shall be held to include the singular and all of the covenants and agreements herein undertaken to be performed by and the rights conferred upon the respective Grantors named herein, shall be binding upon and inure to the benefit of not only said parties respectively but also their respective heirs, executors, administrators, grantees, successors and assigns. Grantors Expressly represent that this Deed of Trust and the Note hereby secured are given for the following purpose, to -wit The indebtedness, the payment of which is hereby secured, is in part pay- ment of the purchase price of the real property. herein described, and is also secured by a vendor's lien thereon retained in deed of even date herewith to the undersigned, and this deed of trust is given as additional security for the payment of said indebtedness. EXECUTED this ! &,f day of September A. D. 19 7 S CITY OF LUBBOCK, TEXAS By: t WW f CUSS . Roy Bass, Mayor ATTEST: Secretary / (Acknowledgment) THE STATE OF TEXAS i COUNTY OF s Before me, the undersigned authori- %on this day personally appeared known to me to be the person ------------- whose name ................. subscribed to the foregoing instrument, and acknowledged to me that ........ he...--..-- executed the same for the purposes and consideration therein expressed. Given under my hand and seal of office on this the day of , A. D. 19 ..........................•-•--.....--------•--------•---------..--------*.—....•--• ----------....... Notary Public in and for County, Texas. (Acknowledgment) THE STATE OF TEXAS COUNTY OF Before me, the undersigned authority, on this day personally appeared .known to me to be the person ............. whose name .................. subscribed to the foregoing instrument, and acknowledged to me that ......... he ........ executed the same for the purposes and consideration therein expressed. Given under my hand and seal of office on this the day of , A. D. 19 ----------------------------------------------------------------------------•-----•---•,"---- ---• Notary Public in and for County, Texas. F � o» 0 � w F O W w W O 1 W a W F Q (Corporate acknowledgment) THE STATE OF TEXAS COUNTY OF LUBBOCK Gi O w U ts. w 0 3 Q w F F z x z F a w x w a < a a a w Before me, the undersigned authority, on this day personally appeared ROY BASS Mayor of THE CITY OF LUBBOCK, TEXAS, a municipal hojue-rule corpporat a corporation, known to one to be the person whose name is subscribed to the foregoing instrument, and acknowledged to ni'e that he executed the same for the purposes and consideration therein expressed, in the capacity therein stated and as the act and deed ofsX1xx> ix the City of Lubbock,Texas. Given under my hand and seal of office on this the % - dayembA. D. 19 7 6 .... . Notary ublic in and for OCk Count Texas.