HomeMy WebLinkAboutResolution - 2005-R0312 - Amendment To Contract - Tidwell & Hone - Purchase Of Groundwater Right - 07_14_2005Resolution No. 2005-RO312
July 14, 2005
Item 25B
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, a First Amendment to
Contract of Sale for Groundwater Rights by and between the City of Lubbock (as Buyer)
and Frank Tidwell and Shane H. Hone (collectively, as Seller) regarding the purchase of
groundwater rights in Bailey County, Texas. Said First Amendment to Contract of Sale is
attached hereto and incorporated in this Resolution as if fully set forth herein and shall be
included in the minutes of the Council.
Passed by the City Council this 14th day of
ATTEST:
Rebec a Garza, City Secretary
APPROVED AS TO CONTENT:
Ches Carthel, Water Planning Engineer
APPROVED AS TO FORM:
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Richard K. Casner, First Assistant City Attorney
as/ccdocs/Tidwell-Hone. I" Amend COS.res
July 8, 2005
Resolution No. 2005-RO312
FIRST AMENDMENT TO CONTRACT OF SALE
FOR
GROUNDWATER RIGHTS
THIS First Amendment to Contract of Sale f*V�
undwater Rights (the
"Amendment") is made and entered into this A24* day t2005, by and between
Frank Tidwell ("Tidwell"), Shane H. Hone ("Hone") (Tidd Hone arecollectively
referred to herein as the "Seller"), and the City of Lubbock, a Texas home -rule municipal
corporation (the "Buyer").
WHEREAS, pursuant to that certain Contract of Sale for Groundwater Rights (the
"Original Contract"), dated on or about February 10, 2005, Resolution No. 2005-R0067,
Seller agreed to sell, and Buyer agreed to buy, certain groundwater and easement rights
as more particularly described in the Original Contract (the "Property");
WHEREAS, the Original Contract provided that the monetary consideration to be
paid by the City for the Property was to be paid to the Seller, jointly;
WHEREAS, Tidwell and Hone have made a separate agreement among
themselves regarding the consideration to be paid by the Buyer for the property;
WHEREAS, due to such separate agreement, Buyer is to pay all of the monetary
consideration provided in the Original Contract to Tidwell;
WHEREAS, Hone expressly stipulates and agrees that the separate agreement
between Tidwell and Hone regarding the division of the proceeds payable under the
Original Contract constitutes sufficient consideration for the covenants and conveyance
obligations of Hone under the Original Contract;
WHEREAS, Seller has encountered some difficulty in curing the Buyer's
Objections to the Commitment and Survey, as such terms are defined in the Original
Contract, and Buyer desires to provide additional time to Seller to cure such Objections;
WHEREAS, Buyer and Seller hereby amend the Original Contract as follows:
Section 2.01 of the Original Contract is hereby deleted in its entirety and
replaced with the following:
2.01 The "Purchase Price (herein so called) to be paid by Buyer to
Tidwell, Tidwell and Hone having entered into a separate
agreement regarding the division of such proceeds, for the sale and
conveyance of the Property shall be Thirty Thousand Thirteen and
No/100 Dollars ($30,013). The Purchase Price shall be payable by
First Amendment to Contract of Sale.Hone
Page I of 3
Buyer to Tidwell, in cash, cashier's check or personal check, at
close of the transaction contemplated hereby (the "Closing").
2. Section 3.03 of the Original Contract is hereby deleted in its entirety and
replaced with the following:
3.03 On or before thirty (30) days after Buyer's receipt of the last of the
Commitment, Documents, and Survey, Buyer shall provide to
Seller written notice of any objections to the Commitment and
Survey (the "Objections"). Notwithstanding anything contrary
herein, all items set forth in Schedule C of the Commitment shall
be satisfied by Seller at or prior to Closing. Seller shall cure the
Objections on or before August 1, 2005. In the event Seller is
unable or unwilling to cure all Objections within said time period,
if said time period is not extended, Buyer may, at its election,
either (a) terminate this Contract in its entirety by giving Seller
written notice and have the Earnest Money returned to it; (b)
extend the cure period an additional thirty (30) days; or (c) waive
any such uncured Objections and proceed to Closing.
3. Section 6.01 of the Original Contract is hereby deleted in its entirety and
replaced with the following:
6.01 Closing shall be held at the office of the Title Company (or such
other location as may be mutually agreed upon by Seller and
Buyer) on or before fifteen (15) days following Seller's cure or
Buyer's written waiver of the Objections, as set forth in Section
3.03.
4. Except as expressly amended herein, the Original Contract shall remain
valid and subsisting as originally provided.
IN WITNESS WHEREOF, this First Amendment to Contract has been duly
executed by the parties hereto as of the date first written above.
Frank Tidwell
Shane H. Hone
First Amendment to Contract of Sale.Hone
Page 2 of 3
CITY OF LUBBOCK
CDOUGAL, MAYOR
ATTEST:
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Rebecca Garza, City Secretary
APPROVED AS TO CONTENT:
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Ches Carthel, Water Planning Engineer
APPROVED AS TO FORM:
Richard Casner, First Assistant Ci y Attorney
Richard/Tidwell.Amend to Contract of Sale.Hone
June 21, 2005
First Amendment to Contract of Sale.Hone
Page 3 of 3