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HomeMy WebLinkAboutResolution - 2005-R0313 - Amendment To Contract - Tidwell And Lepard - Purchase Of Groundwater Rights - 07_14_2005Resolution No. 2005-RO313 July 14, 2005 Item 25C 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 Robert L. Lepard and wife, Mary Kay Lepard (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: Rebe ca Garza, City Secretary APPROVED AFj TO CONTENT: Ches Carthel, Water Planning Engineer APPROVED AS TO FORM: Richard K. Casner, First Assistant City Attorney ml/ccdocs/Tidwell-Lepard.I' Amend COS.res July 8, 2005 Resolution No. 2005-RO313 FIRST AMENDMENT TO CONTRACT OF SALE FOR GROUNDWATER RIGHTS THIS First Amendment to Contract of St le for undwater Rights (the "Amendment") is made and entered into this day of 2005, by and between Frank Tidwell ("Tidwell"), Robert Lepard and wife, Mary ay Lepard (collectively, "Lepard") (Tidwell and Lepard are collectively 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-R0066, 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 Lepard 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, Lepard expressly stipulates and agrees that the separate agreement between Tidwell and Lepard regarding the division of the proceeds payable under the Original Contract constitutes sufficient consideration for the covenants and conveyance obligations of Lepard 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 Lepard having entered into a separate agreement regarding the division of such proceeds, for the sale and conveyance of the Property shall be Nine Thousand Nine Hundred Eighty -Seven and No/100 Dollars ($9,987). The Purchase Price shall be payable by Buyer to Tidwell, in cash, cashier's check or First Amendment to Contract of Sale.Lepard Page 1 of 3 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. First Amendment to Contract of Sale.Lepard Page 2 of 3 00, -M(W* .. . CITY OF ATTEST: MAYOR Dj-, *� -. " r.. Rebecca Garza, City Secretary APPROVED AS TO CONTENT: Ches Carthel, Water Planning Engineer APPROVED AS TO FORM: -,�e <n.. Richard Casner, First Assistant ' tt rney RichardMdwell. Amend to Contract of Salelepard June 21, 2005 First Amendment to Contract of Sale.Lepard Page 3 of 3