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Home My WebLink AboutResolution - 2282A - Option Contract- WD Smith- Allocation Of Community Development Contingency Funds - 03/27/1986RESOLUTION #22827A March 27, 1986 Agenda Item #22 MH: da 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 by and between Ms. W. D. Smith and the City of Lubbock, 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 fully copied herein in detail. Passed by the City Council this 27th day of March , 1936. At /I AL -HENRY, M R ATTEST: / Nanette boya, Uity Secretary APPRQVED AS TO CONTENT: "Jim Weston, Director of Community Facilities APPROVED AS TO FORM: Mich le Haft, Assistant City Attorney OPTION CONTRACT This Option Contract is made this '`l day of a 1986, at Lubbock, Lubbock County, Texas, by Ms. W. D. Smith, referred to in this Option Contract as Optionor, and the City of Lubbock, referred to in this Option Contract as Optionee. Whereas, Optionor is the owner of real property in Lubbock County, referred to in this Option Contract as, the property, described as follows: A tract of land in Section 1, Block A, Lubbock County, Texas, being further described as follows: BEGINNING at a point 285 feet West and 446.3 feet North of the Southeast corner of Section 1, Block A, to a point of beginning which is the Northeast corner of tract; THENCE N. 89010' West a distance of 848 feet to a point for the Northwest corner; THENCE S. 36028143" East a distance of 510.19 feet to a point; THENCE N. 86024' East a distance of 150 feet to a point; THENCE N. 72028' East a distance of 423.4 feet to a point; THENCE North a distance of 215.4 feet to the POINT OF BEGINNING. Whereas, Optionee desires to acquire the exclusive right of first refusal and option to purchase, without becoming obligated to purchase, the property at an agreed price and under specific terms and conditions; Whereas, the parties have executed a memorandum of option concurrently with the execution of this Option Contract contain- ing a summary of this Option Contract, which memorandum is to be recorded, and which is incorporated herein by reference and made a part hereof; Therefore, it is agreed as follows: Grant of Option 1. For the consideration expressed in Paragraph 3 of this Option Contract, Optionor hereby grants to Optionee the exclusive right of first refusal and option to purchase the property described above at the price and under the terms contained herein. Option Period 2. This option and right of first refusal shall commence on January 1, 1987, and continue until 5:00 p.m. on March 1, 1987. Consideration 3. This option and right of first refusal is granted in consideration of Optionee's payment to Optionor of the sum of $250 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 their 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 title as set forth in the title binder is or is not satisfactory, and in the event that Optionee states that the condition 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 $250 paid by Optionee and the exercising of the option is null and void. Purchase Price 4. The purchase price for the above described property is $40,000. The consideration paid herein shall be applied against the purchase price. Forfeiture of Consideration 5. 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 by 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 Paragraph 2 herein. The giving of such notice shall create a binding contract of purchase and sale between the parties hereto. All cost of the sale shall be paid by the Optionee. Notices 7. 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 notices shall be addressed as set forth below, but each party may change his or her address by written notice in accordance with this paragraph. To the Optionor Ms. W. D. Smith 222 E. 26th Street Littlefield, Texas Feb. 10, 1986 To the Optionee Mr. Jim Weston Director of Community Facilities City of Lubbock Binding Effect 8. This option shall be binding on Optionor, her heirs, successors, and assigns. Executed this 27th day of March 1986 at Lubbock County, Texas. ' ST: anet e Boyd, ity Secretary - 2 - FA r+►asa��ar+ ��r�r�5`�r� 1• •I yon City of Lubb k (Optionee) d STATE OF TEXAS COUNTY OF LUBBOCK This instrument was acknowledged before me on the Y(Q ce, day of , 1986, by Ms. W. D. Smith. —" 3 _. Notary Public, Lubbo County, Texas My Commission Expires-/`?- f F MEMORANDUM OF OPTION STATE OF TEXAS COUNTY OF LUBBOCK RESOLUTION #2282 -A This Memorandum of Option is executed concurrently with an Option Contract, and both this Memorandum and the Option Contract constitute an agreement between Ms. W. D. Smith, referred to herein as Optionor, and the City of Lubbock, referred to herein as Optionee, relating to the following real property situated in Lubbock County, Texas: A tract of land in Section 1, Block A, Lubbock County, Texas, being further described as follows: BEGINNING at a point 285 feet West and 446.3 feet North of the Southeast corner of Section 1, Block A, to a point of beginning which is the Northeast corner of tract; THENCE N. 89010' West a distance of 848 feet to a point for the Northwest corner; THENCE S. 36028'43" East a distance of 510.19 feet to a point; THENCE N. 86024' East a distance of 150 feet to a point; THENCE N. 72028' East a distance of 423.4 feet to a point; THENCE North a distance of 215.4 feet to the POINT OF BEGINNING. Optionor hereby grants, for valuable consideration described in the Option Contract, to Optionee the exclusive right and option to buy the above described property at a price and under terms and conditions in the Option Contract. This option shall expire on March 1, 1987, and, unless exercised or extended prior to the above date of expiration, Optionee shall have no further interest in the property. Executed this 27th day of March , 1986 , at Lubbock County, Texas. Attest: Ranette yd, City Secre ary Optionor: Ms . W . D . Smith Opt' ne . A AN EN , MA R City of Lubbo STATE OF TEXAS COUNTY OF LUBBOCK BEFORE ME, A Notary Public, on this day personally appeared Ms. W. D. Smith, known to me to the person whose name is sub- scribed to the foregoing instrument and acknowledged to me that she executed the same for the purposes and consideration therein expressed. Given under my hand and seal of office this day of , 1986. —`------ - 2 - NotaryPublic, Lubbock County, Texas MY Commission Expires: