Loading...
HomeMy WebLinkAboutResolution - 2005-R0413 - Contract - Sylvin And Pauline Schoppa - One To Four Family Residential Contract - 09_08_2005Resolution No. 2005-RO413 September 8, 2005 Item 14 RESOLUTION 11 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 One to Four Family Residential Contract between the City of Lubbock and Sylvin R. Schoppa and wife, Pauline Schoppa, regarding a tract of land out of Section 73, Block A, Lubbock County, Texas, and any other related documents. Said One to Four Family Residential Contract 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 8th day of AL, MAY UK ATTEST: Reb cca Garza, City Secretary APPROVED AS TO CONTENT: L�J i Ed Bucy Right -of -Way Agent APPROVED AS TO FORM: Z: � �� �- Richard K. Casner First Assistant City Attorney mllccdocsl Schoppa Contract. res August 19, 2005 2005. A r`T NJ(-) 000 -6 304 PROMULGATED BY THE TEXAS REAL ESTATE COMMISSION (TREC) 01-06-03 ONE TO FOUR FAMILY RESIDENTIAL CONTRACT (RESALE) 1. PARTIES: Sylvin R. sell and convey to CAY c Buyer agrees to buy from NOTICE: Not For Use For Condominium Transactions choppy and wife, Pauline Schoppa ler the Property described below. (Seller) agrees to ____(Buyer) and 2. PROPERTY: -�described on Exhibit "A", A. LAND: Lei attact d t reto --- ' Addition, City uf €ourrtp,Texers, known as the-ScbWpa House (address/zip code), or as described on attached exhibit. B. IMPROVEMENTS: The house, garage and all other fixtures and improvements attached to the above -described real property, including without limitation, the following permanently installed and built-in items, if any: all equipment and appliances, valances, screens, shutters, awnings, wall-to-wall carpeting, mirrors, ceiling fans, attic fans, mail boxes, television antennas and satellite dish system and equipment, heating and air-conditioning units, security and fire detection equipment, wiring, plumbing and lighting fixtures, chandeliers, water softener system, kitchen equipment, garage door openers, cleaning equipment, shrubbery, landscaping, outdoor cooking equipment, and all other property owned by Seller and attached to the above described real property. C. ACCESSORIES: The following described related accessories, if any: window air conditioning units, stove, fireplace screens, curtains and rods, blinds, window shades, draperies and rods, controls for satellite dish system, controls for garage door openers, entry gate controls, door keys, mailbox keys, above ground pool, swimming pool equipment and maintenance accessories, and artificial fireplace logs. D. EXCLUSIONS: The following improvements and accessories will be retained by Seller and excluded. Now The land, improvements and accessories are collectively referred to as the "Property". 3. SALES PRICE: A. Cash portion of Sales Price payable by Buyer at closing .................. $ IT- 000.00 S. Sum of all financing described below (excluding any loan funding feeor mortgage insurance premium) .......................................... $ - C. Sales Price (Sum of A and B)..................................................... $ 1,�Q,000.00 a able boxes below) ❑ A, PARTY FINANCING: One or more third party mortgage loans in th al amount of $ If the Property does not satisfy the ers' underwriting requirements a loan(s), this contract will terminate and earnest money will be refunded to Buyer. ck one box only) ❑(1) This contract is subjeCtAQ. Buyer being appro for the financing described in the attached Third Party Financin dition ndum. ❑(2) This contract is not subject to Bu approved for financing and does not involve FHA or VA financing. ❑ B. ASSUMPTION: The assu n of the unpaid prind Glance of one or more promissory notes described in t ched TREC Loan Assumption A um. ❑ C. SELLER FIN NG: A promissory note from Buyer to Seller bearin % interest per annum, secured by vendor's and deej trust liens, and ining the terms and conditions described in the attached TREC Se financing Addendum. If an owner policy of title insurance is furnished, Buyer shall furnish Se ith S. EARNEST MONEY: Upon execution of this contract $ Irm-0n as earnest money with Lubbock Abstract as escrow agent, at 1216 Texas Avenue, UU56EIexa! by both parties, Buyer shall deposit &,1 i tl e Company _ (address days after the effective dete of thiT corTtMet— If Buyer fails to deposit the earnest money as required by this contract, Buyer will be in default. Initialed for identification by Buyer , and Seller, -)x 1 _ ___ 01A TREC NO. 20-6 _5Y-As L 3)P- Contract Concerning Schoppa i i )use Page Two 01-06-03 (Address of Property) 6. TITLE POLICY AND SURVEY: A. TITLE POLICY: Seiler shall furnish to Buyer at Seller's ❑Buyer's expense an owner policy of title insurance (Title Policy) issued by I uhhock Abstract & Title Camany (Title Company) in the amount of the Sales Price, dated at or after closing, insuring Buyer against loss under the provisions of the Title Policy, subject to the promulgated exclusions (including existing building and zoning ordinances) and the following exceptions: (1) Restrictive covenants common to the platted subdivision in which the Property Is located. (2) The standard printed exception for standby fees, taxes and assessments. (3) Liens created as part of the financing described in Paragraph 4. (4) Utility easements created by the dedication deed or plat of the subdivision in which the Property is located. (5) Reservations or exceptions otherwise permitted by this contract or as may be approved by Buyer in writing. (6) The standard printed exception as to marital rights. (7) The standard printed exception as to waters, tidelands, beaches, streams, and related matters. cet that (8) The standard printed exception as to discrepancies, conflicts, sh�Wen a a or boundary lines, encroachments or protrusions, or overlapping improvements ,t Buyer's expense, may have the exception amended to read, "shortages in area". B. COMMITMENT: Within 20 days after the Title Company receives a copy of this contract, Seller shall furnish to Buyer a commitment for title insurance (Commitment) and, at Buyer's expense, legible copies of restrictive covenants and documents evidencing exceptions in the Commitment (Exception Documents) other than the standard printed exceptions. Seller authorizes the Title Company to mail or hand deliver the Commitment and Exception Documents to Buyer at Buyer's address shown In Paragraph 21. If the Commitment and Exception Documents are not delivered to Buyer within the specified time, the time for delivery will be automatically extended up to 15 days or the Closing Date, whichever is earlier. C. SURVEY: The survey must be made by a registered professional land surveyor acceptable to the Title Company and any lender. (Check one box only) Q (2, within - days afertha offactiva dMAG of thi .at "r ei a iexpai;&@ - ;f possessed by Seller, ❑ (3) Within days after the eeompany date of this contract, Seller shall furnish Seller's existing survey of the Propertyyer and the Title Company, along with Seller's affidavit acceptable to the Title for approval of the survey. If the se e. . D. OBJECTIONS: Within 20 days after Buyer receives thehCommitment, Exception Documents and the survey, Buyer may object in writing to defects, exceptions, or encumbrances to title: disclosed on the survey other than items 6A(1) through (7) above; disclosed in the Commitment other than. items AR4 through M ve� rrw ich . mil the Dyer, in its c is r tion, sjeam Buyer's failure to object within the time allowed will constitute a waiver of Buyer's right to object; except that the requirements in Schedule C of the Commitment are not waived. Seller shall cure the timely objections of Buyer or any third party lender within 15 days after Seller receives the objections and the Closing Date will be extended as necessary. If objections are not cured within such 15 day period, this contract will terminate and the earnest money will be refunded to Buyer unless Buyer waives the objections. E. TITLE NOTICES: (1)ABSTRACT OR TITLE POLICY: Broker advises Buyer to have an abstract of title covering the Property examined by an attorney of Buyer's selection, or Buyer should be furnished with or obtain a Title Policy. If a Title Policy is furnished, the Commitment should be promptly reviewed by an attorney of Buyer's choice due to the time limitations on Buyer's right to object. (2) MANDATORY OWNERS' ASSOCIATION MEMBERSHIP: The Property 0 is Cdis not subject to mandatory membership in an owners' association. If the Property is subject to mandatory membership in an owners' association, Seller notifies Buyer under §5.012, Texas Property Code, that, a purchaser of property in the residential community in I ast of the 5 is S P5 Initialed for identification by Buyer �'_ and Seller �WS 41A TREC NO. 20-6 €BUG-19-2005 12:07 FROM:CIT OF LUBBOCK eO67753074 TO:97967365 P.2 Contract Concerning -T' - Page Three 01-06-03 (Address of Property) which the Property Is located, you are obligated to be a member of the owners' association. Restrictive covenants governing the use and occupancy of the Property and a dedicatory instrument governing the establishment, maintenance, and operation of this residential community have been or will be recorded in the Real Property Records of the county In which the Property is located. Copies of the restrictive covenants and dedicatory instrument may be obtained from the county clerk. You are obligated to pay assessments to the owners' association. The amount of the assessments is subject to change, Your failure to pay the assessments could result In a lien on and the foreclosure of the Property. (3) STATUTORY TAX DISTRICTS: If the Property is situated in a utility or other statutorily created district providing water, sewer, drainage, or flood control facilities and services, Chapter 49, Texas Water Code requires Seller to deliver and Buyer to sign the statutory notice relating to the tax rate, bonded indebtedness, or standby fee of the district prior to final execution of this contract. (4) TIDE WATERS: If the Property abuts the tidally influenced waters of the state, §33.135, Texas Natural Resources Code, requires a notice regarding coastal area property to be included In the contract. An addendum containing the notice promulgated by TREC or required by the parties must be used. (5) ANNEXATION. If the Property is located outside the limits of a municipality, Seller notifies Buyer under §S.011, Texas Property Code, that the Property may now or later be included In the extraterritorial jurisdiction of a municipality and may now or later be subject to annexation by the municipality. Each municipality maintains a map that depicts its boundaries and extraterritorial jurisdiction. To determine If the Property Is located within a municipality's extraterritorial jurisdiction or Is likely to be located within a municipality's extraterritorial jurisdiction, contact all municipalities located in the general proximity of the Property for further information. 7. PROPERTY CONDITION: A. INSPECTIONS, ACCESS AND UTILITIES: Buyer may have the Property inspected by Inspectors selected by Buyer and licensed by TREC or otherwise permitted by law to make Inspections. Seller shall permit Buyer and Buyer's agents access to the Property at reasonable times. Seller shall pay for turning on existing utilities for inspections. B. SELLER'S DISCLOSURE NOTICE PURSUANT TO §5.008, TEXAS PROPERTY CODE (Notice): CDeck one box only) ltf (1) Buyer has received the Notice. contract, Seller shall deliver the Notice to Buyer. If Buyer does n e Notice, SS+ �S Buyer may terminate this contract at any time c osing and the earnest money will be refunded to Buyer a ivers the Notice, Buyer may terminate this contract for within 7 days after Buyer receives the Notice or prior g, whichever first occurs, and the earnest money will be refunded to Buyer. C. SELLER'S DISCLOSURE OF LEAD -BASED PAINT AND LEAD -BASED PAINT HAZARDS is required by Federal law for a residential dwelling constructed prior to 1978. D. ACCEPTANCE OF PROPERTY CONDITION: , preyide4 Seller, at Seller's expense, shall complete the repairs and treatments: rovided to Seller as If the 05t of i rs exceeds 5% of the Sales Price. either Seller nr R ivrsr nnv 7�nrnP party Is obligated to pay for lender required repairs, which I ment for wood destroying Insects. If the parties do not a r or the lender required repairs or treatments, this contract wl n the earnest money will be refunded to Buyer. If the cost o red repairs and treatments exceeds 5% of the Sales Price, Buyer may F. COMPLETION OF REPAIRS AND TREATMENTS: Unless otherwise agreed in writing, Seller shall complete all agreed repairs and treatments prior to the Closing Date. All required permits must be obtained, and repairs and treatments must be performed by persons who are licensed or otherwise authorized by law to provide such repairs or treatments. At Buyer's election, any transferable warranties received by Seller with respect to the repairs and treatments will be transferred to Buyer at Buyer's expense. If Seller falls to complete any agreed repairs and Initialed for identification by Buyer_ and Seller-3.o A 01A TREC NO. 20-6 �rquuni ryed liebe efunded t O Buyer, S St P Jr PUG-19-R905 12:07 FRM CIT CF LUOBOCK 9067753074 T0:97967365 P.3 Contract Concerning Schoppa House Page Four 01-06-03 (Address of Property) treatments prior to the Closing Date, Buyer may do so and receive reimbursement from Seller at closing. The Closing Date will be extended up to 15 days, if necessary, to complete repairs and treatments. substances, Including asbestos and wastes or other environmental hazards, or th nce of a threatened or endangered species or its habitat may affect Buyer's iotapdn use of the Property. If Buyer Is concerned about these matters, an addenda ulgated by TREC or required by the parties should be used. H. RESIDENTIAL SERVICE CONTRACTS: Buyer m rchase a residential service contract from a residential service company I by TREC. If Buyer purchases a residential service contract, Seller shal arse Buyer at closing for the cost of the residential service contract in aDamtItInt not exceeding $ . Buyer should review any residential contract for the scope of coverage, exclusions and limitations. The p e of a residential service contract is optional. Similar coverage may be SP S AS; 8. BROKERS' FEES: All obligations of the parties for payment of brokers' fees are contained In separate written agreements. 9. CLOSING: A. The closing of the sale will be on or before November 1 20 Q� , or within 7 days after objections to matters disclosed in the Commitment or by the survey have been cured, whichever date is later (Closing Date). If either party falls to close the sale by the Closing Date, the non -defaulting party may exercise the remedies contained In Paragraph 15. B. At closing: (1) Seller shall execute and deliver a general warranty deed conveying title to the Property to Buyer and showing no additional exceptions to those permitted in Paragraph 6 and furnish tax statements or certificates showing no delinquent taxes on the Property. (2) Buyer shall pay the Sales Price in good funds acceptable to the escrow agent. (3) Seller and Buyer shall execute and deliver any notices, statements, certificates, affidavits, releases, loan documents and other documents required of them by this contract, the Commitment or law necessary for the closing of the sale and the Issuance of the Title Policy. C. Unless expressly prohibited by written agreement, Seller may continue to show the Property and receive, negotiate and accept back up offers. D. All covenants, representations and warranties in this contract survive closing. 10. POSSESSION: Seller shall deliver to Buyer possession of the Property Inhitsge �/25*PS 'equired condition 02F and War. emseplied, & upon closing and funding ❑ according to a temporary herein; residentiff If form promulgated by TREC or other written lease required by the parties. Any possession by Buyer prior to closing or by Seller after closing which Is not authorized by a written lease will establish a tenancy at sufferance relationship between the parties. Consult your insurance agent prior to change of ownership or possession because insurance coverage may be limited or terminated. The absence of a written lease or appropriate insurance coverage may expose the parties to economic loss. 11. SPECIAL PROVISIONS: (Insert only factual statements and business details applicable to the sale. TREC rules prohibit licensees from adding factual statements or business details For which a contract addendum, lease or other form has been promulgated by TREC for mandatory use.) As a material part of the consideration for this agreement, Seller and Purchaser a that Purchaser is taking the Property, "AS IS" with an and all latent defects, including envjr�defects, if any, and tFiat there is warranty by Seller that the Property 1s fit for a particu ar purpose. Purchaser acknowledges that Purchaser is not relying on any representation statement or other assertion with respect to the Property condition, but is relying upon Purchaser's examination of the Property. Purchaser takes the Property under the express understanding there are no express or implied warranties (except for limited warranties of title set forth in the closing docunants). Provisions of this section shall survive the Closing. Notwithstanding the "AS IS" conveyance of the PProperty, nothing contained in this Paragraph 11 or elsewhere in this Agreement shall affect Buyer's right to inspect, and Seller's duty to repair, the Property as set forth in Section 7, above. Initialed for identification by Buyer and 5eller SZ23 >� 01A TREC NO. 20-6 12. Contract Concerning Sdhoppa House Page five Ds-oC— (Address of Property) SETTLEMENT AND OTHER EXPENSES: A. The following expenses must be paid at or prior to closing: (1) Expenses payable by Seller (Seller's Expenses): (a) Releases of existing liens, including prepayment penalties and recording fees; release of Seller's loan liability; tax statements or certificates; preparation of deed; one-half of escrow fee; and other expenses payable by Seller under this contract. (2) Expenses payable by Buyer (Buyer's Expenses): (b) Appraisal feesi - le •••. illation fee &, eFe tit r peFtri plPepaFatien Of leaF1d recording fees; copies of easements and restrictions; FneFtgagee tiVe pelhey with endersements required by lender,1 lean related tmqpectic�m erh a d. l es ieesg—�ie�tes, amerHpalciep�- --=_, one-half of escrow fee; all picepa4d Ite 5gs-41 - --1 C. If any expense exceeds an amount expressly stated In this contract for such expense to be paid by a party, that party may terminate this contract unless the other party agrees to pay such excess. Buyer --may Rat pay ehaFges and fees expressly prehlbited by Fl!A, VA, Texas 13. PRORATIONS: Taxes for the current year, interest, maintenance fees, assessments, dues and rents will be prorated through the Closing Date. If taxes for the current year vary from the amount prorated at closing, the parties shall adjust the prorations when tax statements for the current year are available. If taxes are not paid at or prior to dosing, Buyer shall pay taxes for the current year. 14. CASUALTY LOSS: If any part of the Property is damaged or destroyed by fire or other casualty after the effective date of this contract, Seller shall restore the Property to its previous condition as soon as reasonably possible, but in any event by the Closing Date. If Seller fails to do so due to factors beyond Seller's control, Buyer may (a) terminate this contract and the earnest money will be refunded to Buyer (b) extend the time for performance up to 15 days and the Closing Date will be extended as necessary or (c) accept the Property in its damaged condition with an assignment of insurance proceeds and receive credit from Seller at closing In the amount of the deductible under the Insurance policy. Sellers obligations under this paragraph are independent of any obligations of Seller under Paragraph 7. 15. DEFAULT: If Buyer fails to comply with this contract, Buyer will be in default, and Seller may as their -enforce specifIr. performance, seek such other riallef,as W�Y be Provideri Ky law, or. h th, Qr fl-I sal e and terminate this contract and receive the earnest money as liquidated damages, thereby releasing exclusivE both parties from this contract. If, due to factors beyond Seller's control, Seller fails within the re�r�edY, time allowed to make any non -casualty repairs or deliver the Commitment, or survey, if required of Seller, Buyer may (a) extend the time for performance up to 15 days and the Closing Date will be extended as necessary or (b) terminate this contract as the sole remedy and receive the earnest money. If Seller fails to comply with this contract for any other reason, Seller will be in V default and Buyer may (a) enforce specific performance, seek such other relief as may be provided by law, or both, or (b) terminate this contract and receive the earnest money, thereby releasing both parties from this contract. 16. MEDIATION: It is the policy of the State of Texas to encourage resolution of disputes through alternative dispute resolution procedures such as mediation. Any dispute between Sei r and Buyer related to this contract which is not resolved through informal discussion ❑will Vwill not be submitted to a mutually acceptable mediation service or provider. The parties to the mediation shall bear the mediation costs equally. This paragraph does not preclude a party from seeking equitable relief from a court of competent jurisdiction. Initialed for identification by Buyer and Seller S�A5 01A TREC NO. 20-6 Contract Concerning SChoppa House Page Six 01-06-03 (Address of Property) 17. ATTORNiEY'S FEES: The prevailing party in any legal proceeding related to this contract is entitled to recover reasonable attorney's fees and all costs of such proceeding incurred by the prevailing party. 18. ESCROW: The escrow agent is not (a) a party to this contract and does not have liability for the performance or nonperformance of any party to this contract, (b) liable for interest on the earnest money and (c) liable for the loss of any earnest money caused by the failure of any financial institution in which the earnest money has been deposited unless the financial institution is acting as escrow agent. At closing, the earnest money must be applied first to any cash down payment, then to Buyer's Expenses and any excess refunded to Buyer. If both parties make written demand for the earnest money, escrow agent may require payment of unpaid expenses incurred on behalf of the parties and a written release of liability of escrow agent from all parties. If one party makes written demand for the eamest money, escrow agent shall give notice of the demand by providing to the other party a copy of the demand. If escrow agent does not receive written objection to the demand from the other party within 30 days after notice to the other party, escrow agent may disburse the earnest money to the party making demand reduced by the amount of unpaid expenses incurred on behalf of the party receiving the earnest money and escrow agent may pay the same to the creditors. If escrow agent complies with the provisions of this paragraph, each party hereby releases escrow agent from all adverse claims related to the disbursal of the earnest money. Escrow agent's notice to the other party will be effective when deposited in the U. S. Mail, postage prepaid, certified mail, return receipt requested, addressed to the other party at such party's address shown below. Notice of objection to the demand will be deemed effective upon receipt by escrow agent. 19. REPRESENTATIONS: Seller represents that as of the Closing Date (a) there will be no liens, assessments, or security Interests against the Property which will not be satisfied out of the sales proceeds unless securing payment of any loans assumed by Buyer and (b) assumed loans will not be In default If any representation of Seller in this contract Is untrue on the Closing Date, Buyer may terminate this contract and the earnest money will be refunded to Buyer. 20. FEDERAL TAX REQUIREMENTS: If Seller is a "foreign person," as defined by applicable law, or if Seller fails to deliver an affidavit to Buyer that Seller is not a "foreign person," then Buyer shall withhold from the sales proceeds an amount sufficient to comply with applicable tax law and deliver the same to the Internal Revenue Service together with appropriate tax forms. Internal Revenue Service regulations require filing written reports if currency in excess of specified amounts is received in the transaction. 21. NOTICES: All notices from one party to the other must be in writing and are effective when mailed to, hand -delivered at, or transmitted by facsimile as follows: To Buyer at: To Seller at: Ed Bucy - Right of Way Agent, City of Lubbock Pauline Schoppa P.O. Box 2000 4908 E CR 6700 Lubbock, Texas 79457 Lubbock, Texas 79403 Telephone:( 806) 775-2352 Telephone:(8ffi) 763-7118 775-3074 Facsimile:() Facsimile:( ) 22. AGREEMENT OF PARTIES: This contract contains the entire agreement of the parties and cannot be changed except by their written agreement. Addenda which are a part of this contract are (check all applicable boxes): ❑ Third Party Financing Condition ❑ Addendum for Property Subject to Addendum Mandatory Membership in an Owners' Association ❑ Seller Financing Addendum ❑ Environmental Assessment, Threatened or Endangered Species and Wetlands Addendum Initialed for identification by Buyer _ and Seller,•5',C5 Ps, 01A TREC NO. 20-6 Contract Concerning SC'f 111-2 EIOf1Se .—Page Seven 01-06-03 (Address of Property) [] Loan Assumption Addendum [] Buyer's Temporary Residential Lease Seller's Temporary Residential Lease Addendum for Sale of Other Property by Buyer Addendum for Seller's Disclosure of Information on Lead -based Paint and Lead -based Paint Hazards as Required by Federal Law ❑ Addendum for "Back -Up" Contract ❑ Addendum for Coastal Area Property ❑ Addendum for Property Located Seaward of the Gulf Intracoastal Waterway ❑ Addendum for Release of Liability on Assumption of FHA, VA, or Conventional Loan Restoration of Seller's Entitlement for VA Guaranteed Loan ❑ Other (list): Exhibit "A" - Description of Land 23. TERMINATION OPTION: This paragraph will be a part of this contract ONLY it both blanks are filled in and Buyer has paid the Option Fee. Buyer has paid Seller $ (Option Fee) for the unrestricted right to terminate this contract by giving notice of termination to Seller within days after the effective date of this contract. If Buyer gives notice of termination within the time specified, the Option Fee will not be refunded, however, any earnest money will be refunded to Buyer. The Option Fee ❑will ❑will not be credited to the Sales Price at closing. For the purposes of this paragraph, time is of the essence; strict compliance with the time for performance stated herein is required. 24. CONSULT AN ATTORNEY: Real estate licensees cannot give legal advice. READ THIS CONTRACT CAREFULLY. If you do not understand the effect of this contract, consult an attorney BEFORE signing. Buyer's Seller's Attorney is: City Attorney - City of Lubbock Attorney is: Don Graf P.O. Box 2000, Lubbock, TX 79457 P.O. Box 6170, Lubbock, TX 79493 Telephone: ( ) 775-2222 Telephone: { 8Q j 796-7 j1 6 Facsimile: (806 ) 775-3307 Facsimile: ( 806 ) 796-7365 EXECUTED the 8th day of Septelib :r 20 �-' (EFFECTIVE DATE). (BROKER: FILL IN T E DATE OF FINAL A CEPTANCE.) *Please see attached signature page of Buyer uyer Buyer �t/;,, _I I D- S "Ll I u� Seller The form of this contract has been approved by the Texas Real Estate Commission. TREC forms are intended For use only by trained real estate licensees. No representation is made as to the legal validity or adequacy of any provision in any specific transactions. it Is not suitable for complex transactions. Texas Real Estate Commission, P.O. Box 12188, Austin, TX 78711-2188, 1-800-250-8732 or (512) 459-6544 (http://www.trec.state.tx.us) TREC No, 20-6. This Form replaces TREC No. 20-5. Initialed for identification by Buyer , and Seller,.�� � � `:� ��'t 01A TREC NO. 20-6 Signature Page of Buyer IN WITNESS WHEREOF, the parties have executed this Contract by their duly authorized representatives this 8`" day of September, 2005. CITY OF LUBBO MARC`MCDOLIGAL, MAYOR ATTEST: Rebecca Garza, City Secretary APPROVED AS TO CONTENT: Ed Bucy Right -of -Way Agent APPROVED AS TO FORM: Richard K. Casner, First Assistant City Attorney Contract Concerning SchDppa House Y' (Address of Property) Page Eight 01 06 03 SELLER'S RECEIPT Receipt of $ (Option Fee) in the form of Is acknowledged. Seller Date \- BROKER INFORMATION AND RATIFICATION OF FEE Us g Broker has agreed to pay Other Broker of the total sales ce whe Listing Broker's fee is received. Escrow Agent Is authorized and directed to pay Other Brok from Usting oker's fee at dosing. Other Broker Listing Broker UCCIMU VIu. l.,=FP1WPPC ua.cnac 1- 1eiepnone represents ❑ Buyer only as Bu s agent represents ❑/Selannid Buyer as an Interrnediary ❑ Seller as listing Bro s subagent ❑ as Seller's agent Associate Broker's Address \, Facsimile Listing Associate's Office Address Se g Associate 5elling Ass to Receipt of ❑ Contra and ❑ $ Earrtiest Money in the form Is acknowledged. Escrow Agent: Date: By: State Telephone Facsimile Telephone Telephone [ ) Facsimile: { ) Zip 01 A TREC NO. 20-6 Exhibit "A" A tract of land out of Section 73, Block A, Lubbock County, Texas, being more particularly described as follows: BEGINNING at a I" iron pipe set 30.0 feet South 0° 11' West and 55.0 feet East of the Northwest corner of Section 73, for the Northwest and beginning corner of this tract; THENCE East, 260.0 feet to a I" iron pipe set for the Northeast comer of this tract; THENCE South 0°1 1' West, 465.37 feet to a 1" iron pipe for the Southeast corner of this tract; THENCE West, 290.0 feet to a 1" iron pipe set for the Southwest comer of this tract; THENCE North 0011" East, 180.51 feet to a I" iron pipe; THENCE North 601 l'43" East, 286.53 feet to the Place of Beginning. APPROVED BY THE TEXAS REAL ESTATE COMMISSION 02-09-2004 ADDENDUM FOR SELLER'S DISCLOSURE OF INFORMATION ON LEAD -BASED PAINT AND LEAD -BASED PAINT HAZARDS AS REQUIRED BY FEDERAL LAW CONCERNING THE PROPERTY AT DESCRIBED ON EXHIBIT "A", ATTACHED HERETO (Street Address and City) A. LEAD WARNING STATEMENT: "Every purchaser of any interest in residential real property on which a residential dwelling was built prior to 1978 is notified that such property may present exposure to lead from lead -based paint that may place young children at risk of developing lead poisoning. Lead poisoning in young children may produce permanent neurological damage, including learning disabilities, reduced intelligence quotient, behavioral problems, and impaired memory. Lead poisoning also poses a particular risk to pregnant women. The seller of any interest in residential real property is required to provide the buyer with any information on lead -based paint hazards from risk assessments or inspections in the seller's possession and notify the buyer of any known lead -based paint hazards. A risk assessment or inspection for possible lead -paint hazards is recommended prior to purchase.' NOTICE: Inspector must be properly certified as required by federal law. B. SELLER'S DISCLOSURE: 1. PRESENCE OF LEAD -BASED PAINT AND/OR LEAD -BASED PAINT HAZARDS (check on box only): ❑(a) Known lead -based paint and/or lead -based paint hazards are present in the Property (explain): ❑(b) Seller has no actual knowledge of lead -based paint and/or lead -based paint hazards in the Property. RECORDS AND REPORTS AVAILABLE TO SELLER (check one box only): LI(a) Seller has provided the purchaser with all available records and reports pertaining to lead -based paint and/or lead -based paint hazards in the Property (list documents): ❑(b) Seller has no reports or records pertaining to lead -based paint and/or lead -based paint hazards in the Property. C. YER'S RIGHTS (check one box only): J1. Buyer waives the opportunity to conduct a risk assessment or inspection of the Property for the presence of, lead -based paint or lead -based paint hazards. ❑2. Within ten days after the effective date of this contract, Buyer may have the Property inspected by inspectors selected by Buyer. If lead -based paint or lead -based paint hazards are present, Buyer may terminate this contract by giving Seller written notice within 14 days after the effective date of this contract, and the earnest money will be refunded to Buyer. D. BUYER'S ACKNOWLEDGMENT (check applicable boxes): ❑1. Buyer has received copies of all information listed above. ❑2. Buyer has received the pamphlet Protect Your Family from Lead in Your Home. E. BROKERS' ACKNOWLEDGMENT: Brokers have informed Seller of Seller's obligations under 42 U.S.C. 4852d to: (a) provide Buyer with the federally approved pamphlet on lead poisoning prevention; (b) complete this addendum; (c) disclose any known lead -based paint and/or lead -based paint hazards in the Property; (d) deliver all records and reports to Buyer pertaining to lead -based paint and/or lead -based paint hazards in the Property; (e) provide Buyer a period of up to 10 days to have the Property inspected; and (f) retain a completed copy of this addendum for at least 3 years following the sale. Brokers are aware of their responsibility to ensure compliance. F. CERTIFICATION OF ACCURACY: The following persons have reviewed the information above and certify, to the best of their knowledge, that the information they have provided is true and accurate. Buy r Date t,y Date Other Broker Date [I Seller v Date US_ Listing ker Date The form of this addendum has been approved by the Texas Real Estate Commission for use only with similarly approved or promulgated forms of]. contracts. Such approval relates to Chis contract form only. TREC forms are intended for use only by trained real estate licensees. No representation is made as to khe )egal validity or adequacy of any provision an any specific transactions, It is not suitable for complex transac[ioras. Texas heal Estate Commission, P.O. Box 12188, Austin, TX 78711-7188, 1-800-25fl-8732 or (512) 459-6S44 {http://www.trec.state.tx.us) J Form OP-L 01A Exhibit "A" A tract of land out of Section 73, Block A, Lubbock County, Texas, being more particularly described as follows: BEGINNING at a 1" iron pipe set 30.0 feet South 0°11' West and 55.0 feet East of the Northwest corner of Section 73, for the Northwest and beginning comer of this tract; THENCE East, 260.0 feet to a 1" iron pipe set for the Northeast comer of this tract; THENCE South 0° 11' West, 465.37 feet to a 1" iron pipe for the Southeast comer of this tract; THENCE West, 290.0 feet to a I " iron pipe set for the Southwest corner of this tract; THENCE North 00 11' East, 180.5I feet to a 1 " iron pipe; THENCE North 6° 11'43" East, 286.53 feet to the Place of Beginning.