R2004-040 03-22-04 RESOLUTION NO. R2004-40
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PEARLAND,
TEXAS, AUTHORIZING THE CITY MANAGER OR HIS DESIGNEE TO
ENTER INTO EARNEST MONEY CONTRACTS WITH JOHN B. YOST FOR
THE PURCHASE OF REAL PROPERTY SITUATED IN THE CITY OF
PEARLAND.
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF PEARLAND, TEXAS:
Section 1. That certain Earnest Money Contracts by and between the City of
Pearland and John B. Yost, copies of which are attached hereto as Exhibit "A" and "B" and
made a part hereof for all purposes, are hereby authorized and approved.
Section 2. That the City Manager or his designee is hereby authorized to execute
and the City Secretary to attest the originals of the attached Earnest Money Contract for
and on behalf of the City of Pearland.
PASSED, APPROVED and ADOPTED this the 22nd day of March , A.D.,
2004.
ATTEST:
~.~TY S~RETAR'~r
APPROVED AS TO FORM:
D/~RRIN M. C"O'~ER
CITY ATTORNEY
TOM REID
MAYOR
Contract Land Staff
Exhibit "A"
Resolution No. R2004-40
1. PARTIES: John B. Yost
sell and convey to City of Pearland
Buyer agrees to buy from Seller the Property described below.
2.PROPERTY:
A. LAND' Lot N/A ,Block N/A.,
W.D.C Hall League, Abstract No. 70 Addition, City of
PROMULGATED BY THE TEXAS REAL ESTATE COMMISSION (TREC) 01-06-03
ONE TO FOUR FAMILY RESIDENTIAL CONTRACT (RESALE)
NOTICE: Not For Use For Condominium Transactions
(Seller) agrees to
.(Buyer) and
1.7084 Acres of land out of the
Pearland Brazoria
County, Texas, known as 3205 Yost Blvd.
77581 (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: N/A
N/A
The land, improvements and accessories are collectively referred to as the "Property".
3.SALES PRICE: 120,795.00
A. Cash portion of Sales Price payable by Buyer at closing .............. $
B. Sum of all financing described below (excluding any loan funding
fee or mortgage insurance premium) ......................................... $ N/A
C. Sales Price (Sum of A and B) .................................................... $ 120~795.00.
4.FINANCING: The portion of Sales Price not payable in cash will be paid as follows: (Check
applicable boxes below)
[] A. THIRD PARTY FINANCING: One or more third party' mortgage loans in the total amount
of SN/A . If the Property does not satisfy the lenders' underwriting
requirements for the loan(s), this contract will terminate and the earnest money will be
refunded to Buyer. (Check one box only)
[](1)This contract is subject to Buyer being approved for the financing described in the
attached Third Party Financing Condition Addendum.
121(2) This contract is not subject to Buyer being approved for financing and does not involve
FHA or VA financing.
rn B. ASSUMPTION: The assumption of the unpaid principal balance of one or more promissory
notes described in the attached TREC Loan Assumption Addendum.
[] C. SELLER FINANCING: A promissory note from Buyer to Seller of SN/A
bearing N/A% interest per annum, secured by vendor's and deed of trust liens, an~t
containing the terms and conditions described in the attached TREC Seller Financing
Addendum. If an owner policy of title insurance is furnished, Buyer shall furnish Seller with
a mortgagee policy of title insurance.
5. EARNEST MONEY: Upon execution of this contract by both parties, Buyer shall deposit
SN/A as earnest money with N/A "
as escrow agent, at N/A (address).
Buyer shall deposit additional earnest money of SN/A with escrow agent within
N/A days after the effective date of this contract. If Buyer fai~s to deposit the earnest
money as required by this contract, Buyer will be in default.
Initialed for identification by Buyer )¢~"'~ and Seller JA~F 0lA TREC NO. 20-1;
Form produced by Realty One Software, PO Box 2489, Amarillo, TX 79t 05, (806) 342-0217
Provided by: Brent Leftwich 03/03/2004 ID: Yost
3205 Yost Blvd., Pearland 77581 Page Two 01-06-03
C'ontract Concerning (Address of Property)
'TITLE POLICY AND SURVEY:
A. TITLE POLICY: Seller shall furnish to Buyer at r~Seller's ~Buyer's expense an owner policy of
title insurance (Title Policy) issued by Stewart Title Company, 2251 County Rd 94, Pearland, TX 77584
(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.
(8) The standard printed exception as to discrepancies, conflicts, shortages in area or boundary
lines, encroachments or protrusions, or overlapping improvements. Buyer, at 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)
[] (1) Within N/A days after the effective date of this contract, Seller, at Seller's expense,
shall furnish a new survey to Buyer.
ma (2) Within 20 days after the effective date of this contract, Buyer, at Buyer's expense,
shall obtain a new survey.
[] (3) Within N/A days after the effective date of this contract, Seller shall furnish Seller's
existing survey of the Property to Buyer and the Title Company, along with Seller's
affidavit acceptable to the Title Company for approval of the survey. If the survey is
not approved by the Title Company or Buyer's lender, a new survey will be obtained at
[] Seller's [] Buyer's expense no later than 3 days prior to the Closing Date.
D. OBJECTIONS: Within N/A days after Buyer receives the Commitment, 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 6A(1) through (8) above; or which prohibit the following use or
activity: N/A
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 [] is [] is 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, as a purchaser of property in the residential community in
nitialed for identification by Buyer ~-'~zs/ __ and Seller
Form produced by Realty One Software, PO Box 2489, Amarillo, TX 79105, (806) 342-0217
O1A TREC NO.
Provided by: Brent Leftwich 03/03/2004 ID: Yost
Contract Concerning 3205 Yost Blvd., Pearland 77581 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 §5.011, 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):
(Check one box only)
FI (1) Buyer has received the Notice.
~ (2) Buyer has not received the Notice. Within N/A days after the effective date of this
contract, Seller shall deliver the Notice to Buyer. If Buyer does not receive the Notice,
Buyer may terminate this contract at any time prior to the closing and the earnest
money will be refunded to Buyer. If Seller delivers the Notice, Buyer may terminate
this contract for any reason within 7 days after Buyer receives the Notice or prior
to the closing, whichever first occurs, and the earnest money will be refunded to Buyer.
I~1 (3) The Texas Property Code does not require this Seller to furnish the Notice.
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: Buyer accepts the Property in its present condition;
provided Seller, at Seller's expense, shall complete the following specific repairs and
treatments: N/A
N/A
E. LENDER REQUIRED REPAIRS AND TREATMENTS: Unless otherwise agreed in writing, neither
party is obligated to pay for lender required repairs, which includes treatment for wood
destroying insects, if the parties do not agree to pay for the lender required repairs or
treatments, this contract will terminate and the earnest money will be refunded to Buyer. If
the cost of lender required repairs and treatments exceeds 5% of the Sales Price, Buyer may
terminate this contract and the earnest money will be refunded to Buyer.
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 fails to complete any agreed repairs and
nitialed for identification by Buyer'_~4-'B~ ~ and Seller ._]/~.~ ~ 0lA TREC NO. 20-6
Form prod uced by Realb/One Software, PO Box 2489, Am arillo, TX 79105, (806) 342-0217
Provided by: Brent Leftwich 03/03/2004 ID: Yost
Contract
Concerning 3205 Yost Blvd., Pearland 77581 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.
G. ENVIRONMENTAL MATTERS: Buyer is advised that the presence of wetlands, toxic
substances, including asbestos and wastes or other environmental hazards, or the presence
of a threatened or endangered species or its habitat may affect Buyer's intended use of the
Property· If Buyer is concerned about these matters, an addendum promulgated by TREC or
required by the parties should be used.
H. RESIDENTIAL SERVICE CONTRACTS: Buyer may purchase a residential service contract
from a residential service company licensed by TREC. If Buyer purchases a residential
service contract, Seller shall reimburse Buyer at closing for the cost of the residential
service contract in an amount not exceeding SN/A Buyer should review any
residential service contract for the scope of coverage, exclusions and limitations· The
purchase of a residential service contract is optional. Similar coverage may be
purchased from various companies authorized to do business in Texas.
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 Aprill5 , 2004 , 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 fails 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 in its present or required
condition, ordinary wear and tear excepted: Fi upon closing and funding [] according to a temporary
residential lease 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 or other form has been promulgated by TREC for mandatory use.)
N/A
and
Seller
Initialed for identification by Buyer ~
Form produced by Realty One Software, PO Box 2489, Am arillo, TX 79105, (806) 342-0217
0lA TREC NO. 20-6
Provided by: Brent Lcftwich 03/03/2004 ID: Yost
'Contract Concerning 3205 Yost Blvd., Pearland 77581 Page Five 01-06-03
(Address of Property)
12: SET:rLEMENT 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.
(b)Seller shall also pay an amount not to exceed $ N/A to be applied in the
following order: Buyer's expenses which Buyer is prohibited from paying by FHA, VA,
Texas Veteran's Housing Assistance Program or other governmental loan programs;
Buyer's prepaid items; other Buyer's expenses.
(2) Expenses payable by Buyer (Buyer's Expenses):
(a) Loan origination, discount, buy-down, and commitment fees (Loan Fees).
(b)Appraisal fees; loan application fees; credit reports; preparation of loan documents;
interest on the notes from date of disbursement to one month prior to dates
of first monthly payments; recording fees; copies of easements and restrictions;
mortgagee title policy with endorsements required by lender; loan-related inspection
fees; photos, amortization schedules, one-half of escrow fee; all prepaid items,
including required premiums for flood and hazard insurance, reserve deposits for
insurance, ad valorem taxes and special governmental assessments; final compliance
inspection; courier fee, repair inspection, underwriting fee and wire transfer, expenses
incident to any loan, and other expenses payable by Buyer under this contract.
B. Buyer shall pay Private Mortgage Insurance Premium (PMI), VA Loan Funding Fee, or FHA
Mortgage Insurance Premium (MIP) as required by the lender.
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 not pay charges and fees expressly prohibited by FHA, VA, Texas
Veteran's Housing Assistance Program or other governmental loan program regulations.
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 closing, 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. Seller's 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 (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 as liquidated damages, thereby releasing
both parties from this contract. If, due to factors beyond Seller's control, Seller fails within the
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
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 Seller and
Buyer related to this contract which is not resolved through informal discussion ~lwill []will 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.
nitialed for identification by Buyer /~ __ and Seller ~~,/,~ ,fy/ 0lA TREC NO. 20-6
Form produced by Realty One Software, PO Box 2489, Amarillo, TX 79105, (806) 342-0217
Provided by: Brent Leftwich 03/03/2004 ID: Yost
3205 Yost Blvd., Pearland 77581
Page Six 01-06-03
To Buyer at:
~ of Pearland
Pearland, TX 77581
Telephone: ( 28.~1 ) 652-1600
I. Contract Concerning __ (Address of Property)
'iT',ATTORNEY'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 earnest 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 com¢ies
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 Se~ler 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: A~l 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 Seller at:
John B. Yost
3205 Yost Blvd.
Pearland, TX 77581
Telephone:( ~8~ ) 485-1944
Facsimile:(N/_._..~.A) N/A
Facsimile:( 28.__.L1 ) 652-1706
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):
121 Third Party Financing Condition g;l Addendum for Property Subject to
Mandatory Membership in an Owners'
Addendum Association
g~ Environmental Assessment, Threatened or
r-t Seller Financing Addendum Endangered Species and Wetlands
Addendum
Initialed for identification by Buyer /~t.~ ~ and Seller
0lA TREC NO. 20-6
Form produced by Realty One Software, PO Box 2489, Amarillo, TX 79105, (806) 342-0217
Provided by: Brent Leftwich 03/03/2004
ID: Yost
Provided by: Brent Leftwich 03/03/2004 ID: Yost
Contract Land Staff
Exhibit "B"
Resolution No. R2004-40
TEXAS ASSOCIATION OF REALTORS®
COM M ERCIAL CONTRACT - UNIM PROVED PROPERTY
USE OF THIS FORM BY PERSONS WHO ARE NOT MEMBERS OF THE TEXAS ASSOCIATION OF REALTORS® IS NOT AUTHORIZED.
~Texas Association of REALTORS®, Inc. 2002
PARTIES: Seller agrees to sell and convey to Buyer the Property described in Paragraph 2. Buyer agrees
to buy the Property from Seller for the sales price stated in Paragraph 3. The parties to this contract are:
Seller: John B. Yost
Address: 3205 Yost Blvd., Pearland, TX 77581
Phone: 281-485-1944
Buyer: City of Pearland
Fax:
Address: 3519 Liberty Drive, Pearland, TX 77581
Phone: 281-652-1600 Fax: 281-652-1706
2. PROPERTY:
~ "Property" means that real property situated in Brazoria
at 3205 Yost Blvd., Pearland 77581
County, Texas
(address)
and that is legally described on the attached Exhibit ~- or as follows:
1.7084 Acre tract of land, residue of a called 2.00 Ac. tract of land conveyed by deed from Bertha Yost to John
Burnett Yost, as described and recorded in Volume 678, Page 333 in the Brazoria County Deed Records and filed on
February 2, 1956 and being out of Tract 1 of the Yost Partition Plat, filed of record in Volume 6, Page 142 of the
Brazoria County Plat Records.
interest in any minerals, utilities, adjacent streets, alleys, strips, gores, and rights-of-way;
(2)Seller's interest in all leases, rents, and security deposits for all or part of the Property; and
(3)Seller's interest in all licenses and permits related to the Property.
(Describe any exceptions, reservations, or restrictions in Paragraph 11 or an addendum.)
SALES PRICE:
A. At or before closing, Buyer will pay the following sales price for the Property:
(1) Cash portion payable by Buyer at closing .............................
(2) Sum of all financing described in Paragraph 4 ......................... $.
(3) Sales price (sum of 3A(1) and 3A(2)) ................................ $
Seller will sell and convey the Property together with:
(1) all rights, privileges, and appurtenances pertaining to the Property, including Seller's right, title, and
(TAR-1802) 2-6-02 initialed for Identification by Buyer,P¢~/ Seller
Form produced by Realty One Software, PO Box 2489, Amarillo, TX 79105, (808) 342-0217
298,068.00
N/A
298,068.00
Page 1 of 13
Provided by: Brent Leftwich 03/03/2004 ID: Yost
Commemial Contract - Unimproved Property Concerning 3205 Yost Blvd., Pearland 77581
B. _A. diustment to Sales Price: (Check (1) or (2) only.)
(1) The sales price will not be adjusted based on a survey.
[] (2) The sales price will be adjusted based on the latest survey obtained under Paragraph 6B.
(a) The sales price is calculated on the basis of $ 6.00
~ (i) square foot of [] total area I~ net area.
[] (ii) acre of Q total area [] net area.
per:
(b) "Total area" means all land area within the perimeter boundaries of the Property. "Net area"
means total area less any area of the Property within:
[] (i) public roadways;
n (ii) rights-of-way and easements other than those that directly provide utility services to the
Property; and
[] (iii) N/A
(c)
If the sales price is adjusted by more than N/~o of the stated sales price, either party may
terminate this contract by providing written notice to the other party within N/A days after the
terminating party receives the survey. If neither party terminates this contract or if the variance
is less than the stated percentage, the adjustment to the sales price will be made to the cash
portion of the sales price payable by Buyer.
4. FINANCING: Buyer will finance the portion of the sales price under Paragraph 3B as follows:
[] A. Third Party Financinq: One or more third party loans in the total amount of SN/A- This
contract:
[] (1) is not contingent upon Buyer obtaining third party financing.
[] (2)is contingent upon Buyer obtaining third party financing in accordance with the attached
Financing Addendum.
[] B. Assumption: in accordance with the attached Financing Addendum, Buyer will assume the existing
promissory note secured by the Property, which balance at closing will be SN/A
121 C. Seller Financinq: The delivery of a promissory note and deed of trust from Buyer to Seller under the
terms of the attached Financing Addendum in the amount of $.N/A
5. EARNEST MONEY:
Not later than 3 days after the effective date, Buyer must deposit SN/A as earnest money
with N/A (title company and escrow agent)
at N/A (title company's
address). Buyer will deposit additional earnest money of SN/A- on or before: Q (i) the
N/A_ day after Buyer's right to terminate under Paragraph 7B(3) expires; or ~1 (ii) N/A-
N'/A . The title company is the escrow agent under this contract.
If Buyer fails to timely deposit the earnest money, Seller may terminate this contract by providing
written notice to Buyer before Buyer deposits the earnest money and may exercise Seller's remedies
under Paragraph 15.
C. Buyer may instruct the escrow agent to deposit the earnest money in an interest-bearing account at a
federally insured financial institution and to credit any interest to Buyer.
(TAR-1802) 2-6-02
Initialed for Identification by Buyer,~¢~I¢, __ Seller~y
Page 2 of 13
Form produced by Realty One Software, PO Box 2489, Amarillo, TX 79105, (806) 342-0217
Provided by: Brent Leftwich 03/03/2004 ID: Yost
Commercial Contract - Unimproved Property Concerning 3205 Yost Blvd., Pearland 77581
6: TITLE POLICY AND SURVEY:
A. Title Policy:
(1) Seller, at Seller's expense, will furnish Buyer an Owner's Policy of Title Insurance (the title policy)
issued by the title company in the amount of the sales price, dated at or after closing, insuring
Buyer against loss under the title policy, subject only to:
(a) those title exceptions permitted by this contract or as may be approved by Buyer in writing; and
(b) the standard printed exceptions contained in the promulgated form of title policy unless this
contract provides otherwise.
(2)
(3)
The standard printed exception as to discrepancies, conflicts, or shortages in area and boundary
lines, or any encroachments or protrusions, or any overlapping improvements:
(a) will not be amended or deleted from the title policy.
(b) will be amended to read "shortages in areas" at the expense of gl Buyer [] Seller.
Buyer may object to any restrictive covenants on the Property within the time required under
Paragraph 6C.
(4)
Within N/A days after the effective date, Seller will furnish Buyer a commitment for title insurance
(the commitment) including legible copies of recorded documents evidencing title exceptions.
Seller authorizes the title company to deliver the commitment and related documents to Buyer at
Buyer's address.
B. Survey:
(1) Within 20 days after the effective date:
[] (a) Buyer will obtain a survey of the Property at Buyer's expense and deliver a copy of the survey to
Seller.
[] (b) Seller, at Seller's expense, will furnish Buyer a survey of the Property dated after the effective
date.
(c) Seller will deliver a true and correct copy of Seller's existing survey of the Property dated
N/A Seller, at Seller's expense:
[] (i) will have the existing survey recertified on a date not earlier than
r-i (ii) will not have the existing survey recertified. Seller [] will r-I will not deliver to the title
company an affidavit required by the title company for approval of the survey that states that
Seller knows of no changes or alterations to the Property as depicted on the survey.
(2) The survey required under Paragraph 6B(1) must be made by a Registered Professional Land
Surveyor acceptable to the title company. The survey must:
(a) identify the Property by metes and bounds or platted lot description;
(b) show that the survey was made and staked on the ground with corners permanently marked;
(c) set forth the dimensions and total area of the Property;
(d) show the location of all improvements, highways, streets, roads, railroads, rivers, creeks or
other waterways, fences, easements, and rights-of-way on the Property with all easements and
rights-of-way referenced to their recording information;
(e)
(f)
(TAR-1802) 2-6-02 Initialed for Identification by Buyer~__ Seller ~..~J~,,
Form produced by Realty One Software, PO Box 2489, Amarillo, TX 79105, (806)342-0217
show any discrepancies or conflicts in boundaries, any visible encroachments, and any portion
of the Property lying in a special flood hazard area (an "A" or "V zone as shown on the current
Federal Emergency Management Agency (FEMA) flood insurance rate map); and
contain the surveyor's certificate that the survey is true and correct.
Page 3 of 13
Provided by: Brent Let~wich 03/03/2004 ID: Yost
Comme~'cial Contract - Unimproved Property Concerning 3205 Yost Blvd., Pearland 77581
, C. ,Buyer's Objections to the Commitment and Survey:
(1) Within N/A days after Buyer receives the commitment, copies of the documents evidencing the
title exceptions, and any required survey, Buyer may object in writing to matters disclosed in the
items if:
(a) the matters disclosed constitute a defect or encumbrance to title other than those permitted by
this contract or liens that Seller will satisfy at closing or Buyer will assume at closing; or
(b) the items show that any part of the Property lies in a special flood hazard area (an "A" or "V"
zone as defined by FEMA);
(2)
Seller may, but is not obligated to, cure Buyer's timely objections within 20 days after Seller
receives the objections. The closing date will be extended as necessary to cure the objections. If
Seller fails to cure the objections by the time required, Buyer may terminate this contract by
providing written notice to Seller within 5 days after the time by which Seller must cure the
objections. If Buyer terminates, the earnest money, less any independent consideration under
Paragraph 7B(3)(a), will be refunded to Buyer.
(3) Buyer's failure to timely object or terminate under this Paragraph 6C is a waiver of Buyer's right to
object except that Buyer will not waive the requirements in Schedule C of the commitment.
7. PROPERTY CONDITION:
[] A. Present Condition: (Check (1) or (2) only.)
lB (1) Buyer accepts the Property in its present "as-is" condition.
(2) Buyer accepts the Property in its present condition except that Seller, at Seller's expense, will
complete the following before closing: ~T/A
N/A
N/A
N/A
Feasibility:
Delivery of Property Information: Within N/A days after the effective date, Seller will deliver to
Buyer the following items to the extent that the items are in Seller's possession or are readily
available to Seller. Any item not delivered is deemed not to be in Seller's possession or readily
available to Seller. The items Seller will deliver are:
(a) copies of all current leases pertaining to the Property, including any modifications, supplements,
or amendments to the leases;
(b) copies of all notes and deeds of trust against the Property that Buyer will assume or that Seller
will not pay in full on or before closing;
(c) copies of all previous environmental assessments, studies, or analyses made on or relating to
the Property;
(d) property tax statements for the Property for the previous 2 calendar years;
(e) plats of the Property;
(f) copies of current utility capacity letters from the Property's water and sewer service provider;
and
(g) N/A
N/A
N/A
(TAR-1802) 2-6-02 Initialed for Identification by Buyer, __ Seller ,~h~., ,~ Page 4 of 13
Form produced by Realty One Software, PO Box 2489, Amarillo, TX 79105, (806) 342-0217
Provided by: Brent Leftwich 03/03/2004 ID: Yost
Commercial Contract - Unimproved Property Concerning 3205 Yost Blvd., Pearland 77581
!2) Inspections, Studies, or Assessments:
(a)
Within N/A days after the effective date, Buyer, at Buyer's expense, may complete or cause
to be completed inspections, studies, or assessments of the Property. Inspections, studies, or
assessments may include, but are not limited to:
(i) physical property inspections;
(ii) economic feasibility studies;
(iii) environmental assessments; and
(iv) engineering studies.
(b)
Buyer must:
(i) employ only trained and qualified inspectors and assessors;
(ii) notify Seller, in advance, of when the inspectors or assessors will be on the Property;
(iii) abide by any reasonable entry rules or requirements that Seller may require;
(iv) not interfere with existing operations or occupants of the Property; and
(v) restore the Property to its original condition if altered due to inspections, studies,
assessments that Buyer completes or causes to be completed.
or
(c) Except for those matters that arise from the negligence of Seller or Seller's agents, Buyer is
responsible for any claim, liability, encumbrance, cause of action, and expense resulting from
Buyer's inspections, studies, or assessments, including any property damage or personal injury.
Buyer will indemnify, hold harmless, and defend Seller and Seller's agents against any claim
involving a matter for which Buyer is responsible under this paragraph. This paragraph survives
termination of this contract.
(3) Feasibility Period and Riqht to Terminate: Buyer may terminate this contract for any reason within
N/A days after the effective date by providing Seller with written notice of termination. If
Buyer does not terminate within the time required, Buyer accepts the Property in its present "as is"
condition with any repairs Seller is obligated to complete under this contract. (Check only one
box).
[] (a)
If Buyer terminates under this Paragraph 7B(3), the earnest money will be refunded to Buyer
less SN/A that Seller will retain as independent consideration for Buyer's right to
terminate. Buyer has tendered the independent consideration to Seller upon payment of the full
amount specified in Paragraph 5 to the escrow agent. The independent consideration is to be
credited to the sales price only upon closing of the sale.
(b)
Buyer has paid Seller SN/A as independent consideration for Buyer's right to
terminate by tendering such amount directly to Seller or Seller's agent. If Buyer terminates
under this Paragraph 7B(3), the earnest money will be refunded to Buyer and Seller will retain
the independent consideration. The independent consideration Q will 12 will not be credited
to the sales price upon closing of the sale.
(4)
Return of Property Information: If this contract terminates for any reason, Buyer will, not later than
10 days after the termination date: (i) return to Seller all those items described in Paragraph 7B(1)
that Seller delivered to Buyer and all copies that Buyer made of those items; and (ii) deliver copies
of all inspection and assessment reports (excluding economic feasibility studies) related to the
Property that Buyer completed or caused to be completed. This Paragraph 7B(4) survives
termination of this contract.
(5) Contracts Affectinq Operations: After Buyer's right to terminate under 7B(3) expires, Seller may not
enter into, amend, or terminate any other contract that affects the operations of the Property without
Buyer's prior written approval.
(TAR-1802) 2-6-02 Initialed for Identification by Buyer~'~, .__ Seller J,/'~,, y Page 5 of 13
Form produced by Realty One Software, PO Box 2489, Amarillo, TX 79105, (806) 342-0217
Provided by: Brent Leflwich 03/03/2004 ID: Yost
Commercial Contract - Unimproved Property Concerning 3205 Yost Blvd., Pearland 77581
8. BROKERS:
A. The brokers to this sale are:
Contract Land Staff N/A N/A N/A
Cooperating Broker License No. Principal Broker License No.
10701 Corporate Drive Suite 215 Stafford, TX 77477 N/A
Address Address
281-240-3370 281-582-5558 N/A N/A
Phone Fax Phone Fax
Cooperating Broker represents buyer.
B. Fees: (Check only one box.)
Principal Broker: (Check only one box.)
r~ represents Seller only.
[] represents Buyer only
[] is an intermediary between Seller and Buyer.
[] (1)
Seller will pay Principal Broker the fee specified by separate written commission agreement
between Principal Broker and Seller. Principal Broker will pay Cooperating Broker the fee
specified in the Agreement Between Brokers found below the parties' signatures to this contract.
[] (2) At the closing of this sale, Seller will pay:
Cooperating Broker a total cash fee of:
rq N/A` % of the sales price.
~ N/A
Principal Broker a total cash fee of:
[] N/& % of the sales price.
[] N/A
The cash fees will be paid in Brazoria County, Texas. Seller authorizes
escrow agent to pay the brokers from the Seller's proceeds at closing.
NOTICE: Chapter 62, Texas Property Code, authorizes a broker to secure an eamed commission
with a lien against the Property.
C. The parties may not amend this Paragraph 8 without the written consent of the brokers affected by the
amendment.
9. CLOSING:
The closing of the sale will be on or before April 15, 2004
N/A
or within 7 days after
objections to title have been cured, whichever date is later (the closing date). If either party fails to
close by the closing date, the non-defaulting party may exercise the remedies in Paragraph 15.
At closing, Seller will execute and deliver, at Seller's expense, a Fl general F~ special warranty
deed. The deed must include a vendor's lien if any part of the sales price is financed. The deed must
convey good and indefeasible title to the Property and show no exceptions other than those permitted
under Paragraph 6 or other provisions of this contract. Seller must convey the Property at closing:
(1) with no liens, assessments, or other security interests against the Property which will not be
satisfied out of the sales price unless securing loans Buyer assumes;
(2) without any assumed loans in default; and
(3) with no persons in possession of any part of the Property as lessees, tenants at sufferance, or
trespassers except tenants under the written leases assigned to Buyer under this contract.
(TAR-1802) 2-6-02 Initialed for Identification by BuyerfCrzT, Cf, Seller'~.~ ~¢' Page 6 of 13
Form produced by Realty One Software, PO Box 2489, Amarillo, TX 79105, (806) 342-0217
Provided by: Brent Leftwich 03/03/2004 ID: Yost
Commemial Contract - Unimproved Property Concerning 3205 Yost Blvd., Pearland 77581
C. At closing, Seller, at Seller's expense, will also deliver:
il) tax statements showing no delinquent taxes on the Property;
(2) an assignment of all leases to or on the Property;
(3) to the extent assignable, an assignment to Buyer of any licenses and permits related to the
Property;
(4) evidence that the person executing this contract is legally capable and authorized to bind Seller;
and
(5) any notices, statements, certificates, affidavits, releases, and other documents required by this
contract, the commitment, or law necessary for the closing of the sale and issuance of the title
policy, all of which must be completed by Seller as necessary.
D. At closing, Buyer will:
(1) pay the sales price in good funds acceptable to the escrow agent;
(2) deliver evidence that the person executing this contract is legally capable and authorized to bind
Buyer; and
(3) execute and deliver any notices, statements, certificates, or other documents required by this
contract or law necessary to close the sale.
E. Unless the parties agree otherwise, the closing documents will be as found in the basic forms in the
current edition of the State Bar of Texas Real Estate Forms Manual without any additional clauses.
10. POSSESSION: Seller will deliver possession of the Property to Buyer upon closing and funding of this
sale in its present condition with any repairs Seller is obligated to complete under this contract, ordinary
wear and tear excepted. Until closing, Seller will operate the Property in the same manner as on the
effective date. Any possession by Buyer before closing or by Seller after closing that is not authorized by a
separate written lease agreement is a landlord-tenant at sufferance relationship between the parties.
11. SPECIAL PROVISIONS: (Identify exhibit if special provisions are contained in an attachment.)
N/A
12. SALES EXPENSES:
Seller's Expenses: Seller will pay for the following at or before closing:
(1) releases of existing liens, other than those liens assumed by Buyer, including prepayment penalties
and recording fees;
(2) release of Seller's loan liability, if applicable;
(3) tax statements or certificates;
(4) preparation of the deed;
(5) one-half of any escrow fee;
(6) costs to record any documents to cure title objections that Seller must cure; and
(7) other expenses that Seller will pay under other provisions of this contract.
(TAR-1802) 2-6-02 Initialed for Identification by Buyer~ __ Seller~./,~,
Form produced by Realty One Software, PO Box 2489, Amarillo, TX 79105, (806) 342-0217
Page 7 of 13
Provided by: Brent Leffwich 03/03/2004 ID: Yost
Comme~'cial Contract - Unimproved Property Concerning 3205 Yost Blvd., Pearland 77581
Buyer's Expenses: Buyer will pay for the following at or before closing:
il) all loan expenses (for example, application fees, origination fees, discount fees buy-down fees,
commitment fees, appraisal fees, assumption fees, recording fees, tax service fees, mortgagee title
policy expenses, credit report fees, document preparation fees, interest expense that Buyer's lender
requires Buyer to pay at closing, loan related inspection fees, amortization schedule fees, courier
fees, underwriting fees, wire transfer fees, and other fees required by Buyer's lender);
(2) preparation of any deed of trust;
(3) recording fees for the deed and any deed of trust;
(4) premiums for flood insurance as may be required by Buyer's lender;
(5) one-half of any escrow fee;
(6) copy and delivery fees for delivery of the title commitment and related documents; and
(7) other expenses that Buyer will pay under other provisions of this contract.
13. PRORATIONS, ROLLBACK TAXES, RENT, AND DEPOSITS:
A. Prorations:
(1) Interest on any assumed loan, taxes, rents, and any expense reimbursements from tenants will be
prorated through the closing date.
(2)
If the amount of ad valorem taxes for the year in which the sale closes is not available on the
closing date, taxes will be prorated on the basis of taxes assessed in the previous year. If the taxes
for the year in which the sale closes vary from the amount prorated at closing, the parties will adjust
the prorations when the tax statements for the year in which the sale closes become available. This
Paragraph 13A(2) survives closing.
(3)
If Buyer assumes a loan or is taking the Property subject to an existing lien, Seller will transfer all
reserve deposits held by the lender for the payment of taxes, insurance premiums, and other
charges to Buyer at closing and Buyer will reimburse such amounts to Seller by an appropriate
adjustment at closing.
Rollback Taxes: If Seller changes the use of the Property before closing or if a denial of a special
valuation on the Property claimed by Seller results in the assessment of additional taxes, penalties, or
interest (assessments) for periods before closing, the assessments will be the obligation of the Seller.
If this sale or Buyer's use of the Property after closing results in additional assessments for periods
before closing, the assessments will be the obligation of Buyer. This Paragraph 13B survives closing.
Rent and Security Deposits: At closing, Seller will tender to Buyer all security deposits and the
following advance payments received by Seller for periods after closing: prepaid expenses, advance
rental payments, and other advance payments paid by tenants. Rents prorated to one party but
received by the other party will be remitted by the recipient to the party to whom it was prorated within 5
days after the rent is received. This Paragraph 13C survives closing.
14. CONDEMNATION: If before closing, condemnation proceedings are commenced against any part of the
Property, Buyer may:
terminate this contract by providing written notice to Seller within 15 days after Buyer is advised of the
condemnation proceedings and the earnest money, less any independent consideration paid under
Paragraph 7B(3)(a), will be refunded to Buyer; or
appear and defend in the condemnation proceedings and any award will, at Buyer's election, belong to:
(1) Seller and the sales price will be reduced by the same amount; or
(2) Buyer and the sales price will not be reduced.
(TAR-1802) 2-6-02 Initialed for Identification by Buyer. S!fi'CT .'~ Sellel~
Form produced by Realty One Software. PO Box 2489. Amarillo. TX 79105. (806) 342-0217
Page 8 of 13
Provided by: Brent Leftwich 03/03/2004 ID: Yost
C0mmet:cial Contract - Unimproved Property Concerning 3205 Yost Blvd., Pearland 77581
15. DEFAULT:
If Buyer fails to comply with this contract, Buyer is in default and Seller may:
(1) terminate this contract and receive the earnest money as liquidated damages, thereby releasing the
parties from this contract; or
(2) enforce specific performance, or seek other relief as may be provided by law, or both.
Bo
If, without fault, Seller is unable within the time allowed to deliver the commitment, Buyer may:
(1) terminate this contract and receive the earnest money, less any independent consideration under
Paragraph 7B(3)(a), as the sole remedy; or
(2) extend the time for performance up to 15 days and the closing will be extended as necessary.
Except as provided in Paragraph 15B, if Seller fails to comply with this contract, Seller is in default and
Buyer may:
(1) terminate this contract and receive the earnest money, less any independent consideration under
Paragraph 7B(3)(a), as liquidated damages, thereby releasing the parties from this contract; or
(2) enforce specific performance, or seek such other relief as may be provided by law, or both.
16. ATTORNEY'S FEES: If Buyer, Seller, any broker, or any escrow agent is a prevailing party in any legal
proceeding brought under or with relation to this contract or this transaction, such party is entitled to
recover from the non-prevailing parties all costs of such proceeding and reasonable attorney's fees. This
Paragraph 16 survives termination of this contract.
17. ESC ROW:
Bo
At closing, the earnest money will be applied first to any cash down payment, then to Buyer's closing
costs, and any excess will be 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 earnest money, escrow agent will 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 the date escrow agent sent the demand 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.
Escrow agent will deduct any independent consideration under Paragraph 7B(3)(a) before disbursing
any earnest money to Buyer and will pay the independent consideration to Seller.
E. If escrow agent complies with this Paragraph 17, each party hereby releases escrow agent from all
claims related to the disbursal of the earnest money.
F. Notices under this Paragraph 17 must be sent by certified mail, return receipt requested. Notices to
escrow agent are effective upon receipt by escrow agent.
18. MATERIAL FACTS:
A. To the best of Seller's knowledge and belief: (Check (1) or (2) only.)
(TAR-1802) 2-6-02 Initialed for Identification by Buyerrt-~, __~"~'~/'/Seller. C:g~,~"/'~/ Page 9 of 13
Form produced by Realty One Software, PO Box 2489, Amarillo, TX 79105, (806) 342-0217
Provided by: Brent Leftwich 03/03/2004 ID: Yost
Comme~'cial Contract - Unimproved Property Concerning 3205 Yost Blvd., Pearland 77581
[] .(1) Seller is not aware of any material defects to the Property except as stated in the attached Property
Condition Statement.
(2)
Seller is not aware of any of the following, except as described otherwise in this contract:
(a) any subsurface: structures, pits, waste, springs, or improvements;
(b) any pending or threatened litigation, condemnation, or assessment affecting the Property;
(c) any environmental hazards or conditions that affect the Property;
(d) whether the Property is or has ever been used for the storage or disposal of hazardous
materials or toxic waste, a dump site or landfill, or any underground tanks or containers;
(e) whether radon, asbestos insulation or fireproofing, urea-formaldehyde foam insulation, lead-based
paint, toxic mold (to the extent that it adversely affects the health of ordinary occupants),
or other pollutants or contaminants of any nature now exist or ever existed on the Property;
(f) whether wetlands, as defined by federal or state law or regulation, are on the Property; and
(g) whether threatened or endangered species or their habitat are on the Property.
(Describe any exceptions to (a)-(g) in Paragraph 1 ~ or an addendum.)
Each written lease Seller is to furnish to Buyer under this contract must be in full force and effect
according to its terms without amendment or modification that is not disclosed to Buyer in writing.
Seller must disclose, in writing, to Buyer if any of the following exist at the time Seller provides the
leases to Buyer or subsequently occur before closing:
(1) any modifications, amendments, or default by landlord or tenant under the leases;
(2) any failure by Seller to comply with Seller's obligations under the leases;
(3) any circumstances under the lease that entitle the tenant to terminate the lease or seek any offsets
or damages;
(4) any non-occupancy of the leased premises by a tenant;
(5) any advance sums paid by a tenant under the lease;
(6) any concessions, bonuses, free rents, rebates, brokerage commissions, or other matters that affect
any lease; and
(7) any amounts payable under the leases that have been assigned or encumbered, except as security
for loan(s) assumed or taken subject to under this contract.
19, NOTICES: All notices between the parties under this contract must be in writing and are effective when
hand-delivered, mailed by certified mail return receipt requested, or sent by facsimile transmission to the
parties addresses or facsimile numbers stated in Paragraph 1. The parties will send copies of any notices
to the broker representing the party to whom the notices are sent.
20. FEDERAL TAX REQUIREMENT: If Seller is a "foreign person" as defined by applicable law, or if Seller
fails to deliver at closing an affidavit that Seller is not a foreign person, then Buyer will withhold from the
sales proceeds at closing any amount sufficient to comply with applicable tax law and deliver the amount
withheld to the Internal Revenue Service (IRS), together with appropriate tax forms. IRS regulations
require filing written reports if currency in excess of specified amounts is received in the transaction.
21. DISPUTE RESOLUTION: The parties agree to negotiate in good faith in an effort to resolve any dispute
related to this contract that may arise. If the dispute cannot be resolved by negotiation, the parties will
submit the dispute to mediation before resorting to arbitration or litigation and will equally share the costs of
a mutually acceptable mediator. This paragraph survives termination of this contract. This paragraph does
not preclude a party from seeking equitable relief from a court of competent jurisdiction.
22. AGREEMENT OF THE PARTIES:
This contract is binding on the parties, their heirs, executors, representatives, successors, and
permitted assigns.
(TAR-1802) 2-6-02 Initialed for Identification by Buyer~'~,_ Seller ~,~,,
Form produced by Realty One Software, PO Box 2489, Amarillo, TX 79105, (806) 342-0217
Page 10 of 13
Provided by: Brent Let~wich 03/03/2004 ID: Yost
Comme'rcial Contract - Unimproved Property Concerning 3205 Yost Blvd., Pearland 77581
B. This contract is to be construed in accordance with the laws of the State of Texas.
C. This contract contains the entire agreement of the parties and may not be changed except in writing.
D. If this contract is executed in a number of identical counterparts, each counterpart is an original and all
counterparts, collectively, constitute one agreement.
Buyer F~ may I~ may not assign this contract. If Buyer assigns this contract, Buyer will be relieved
of any future liability under this contract only if the assignee assumes, in writing, all obligations and
liability of Buyer under this contract.
F. Addenda which are part of this contract are: (Check all that apply.)
~g (1) Property Description Exhibit identified in Paragraph 2;
Ft (2) Financing Addendum;
Q (3) Commercial Property Condition Statement;
[] (4) Notice to Purchaser of Real Property in a Water District (MUD);
[] (5) Addendum for Coastal Area Property;
[] (6) Addendum for Property Located Seaward of the Gulf Intracoastal Waterway;
F~ (7) Addendum for Unimproved Property in a Certificated Service Area of a Utility Service Provider; and
F-I (8) N/A
(Note: Counsel for the Texas Association of REAL TORS® (TAR) has determined that any of the foregoing addendum which
are promulgated by the Texas Real Estate Commission (TREC) or published by TAR are appropriate for use with this form.)
23. TIME: Time is of the essence in this contract. The parties require strict compliance with the times for
performance. If the last day to perform under a provision of this contract falls on a Saturday, Sunday, or
legal holiday, the time for performance is extended until the end of the next day which is not a Saturday,
Sunday, or legal holiday.
24. EFFECTIVE DATE: The effective date of this contract for the purpose of performance of all obligations is
the date the escrow agent receipts this contract after all parties execute this contract.
25. ADDITIONAL NOTICES:
A. Buyer should have an abstract covering the Property examined by an attorney of Buyer's selection, or
Buyer should be furnished with or obtain a title policy.
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 fees of the
district before final execution of this contract.
If the Property is not located within a municipality's limits or a municipal utility district (MUD) and is
located in a certificated service area of a utility service provider (a utility, a water supply or sewer
service corporation, or a special utility district organized and operating under Chapter 65, Water Code).
§13.257, Water Code requires Seller to deliver a notice regarding the utility service provider to Buyer.
If the Property adjoins or shares a common boundary with the tidally influenced submerged lands of the
state, §33.135 of the Texas Natural Resources Code requires a notice regarding coastal area property
to be included as part of this contract.
(TAR-1802) 2-6-02 Initialed for Identification by Buyer,~r/~/~,'~/ Seller-~,~,--'" y Page 11 of 13
Form produced by Realty One Software, PO Box 2489, Amarillo, TX 79105, (806) 342-0217
Provided by: Brent Leftwich 03/03/2004 ID: Yost
Commeicial Contract - Unimproved Property Concerning 3205 Yost Blvd., Pearland 77581
If the Property is located seaward of the Gulf Intracoastal Waterway, §61.025, Texas Natural
Resources Code, requires a notice regarding the seaward location of the Property to be included as
part of this contract.
Fo
If the Property is located outside the limits of a municipality, the Property may now or later be included
in the extra-territorial jurisdiction (ET J) 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 ETJ. To
determine if the Property is located within a municipality's ET J, Buyer should contact all municipalities
located in the general proximity of the Property for further information.
Brokers are not qualified to perform property inspections, surveys, engineering studies, environmental
assessments, or inspections to determine compliance with zoning, governmental regulations, or laws.
Buyer should seek experts to perform such services. Selection of inspectors and repairmen is the
.responsibility of Buyer and not the brokers.
26. CONTRACT AS OFFER: The execution of this contract by the first party constitutes an offer to buy or
sell the Property. Unless the other party accepts the offer by 5:00 p.m., in the time zone in which the
Property is located, on N/A the offer will lapse and become null and void.
READ THIS CONTRACT CAREFULLY. The brokers and agents make no representation or
recommendation as to the legal sufficiency, legal effect, or tax consequences of this document or
transaction. CONSULT your attorney BEFORE signing.
Buyer's Seller's
Attorney is N/A Attorney is
By: By:
Printed Name: City of Pearland
Title: /~..L"/~ /~4/~M~y¢_~¢¢.~
Printed Name: John B. Yost
Title:
Buyer: N/A Seller: N/A
By: By:
Printed Name: Printed Name:
Title: N/A Title:
(TAR-1802) 2-6-02
Form produced by Realty One Software, PO Box 2489, Amarillo, TX 79105, (806) 342-0217
Page 12 of 13
Provided by: Brent Leftwich 03/03/2004 ID: Yost
Comme/'cial Contract - Unimproved Property Concerning 3205 Yost Blvd., Pearland 77581
AGREEMENT BETWEEN BROKERS
Principal Broker agrees to pay Contract Land Staff (Cooperating Broker) a
fee of SN/A or N/A % of the sales price when the Principal Broker's fee is
received. Escrow agent is authorized and directed to pay Cooperating Broker from Principal Broker's fee at
closing. This Agreement Between Brokers supersedes any prior offers and agreements for compensation
between brokers.
Contract Land Staff
N/A
Principal Broker
By:
ESCROW RECEIPT
Escrow agent acknowledges receipt of:
r~ A. the contract on this day
Q B. earnest money in the amount of $.N/A
N/A
in the form of
(effective date);
N/A on N/A
Escrow Agent: N/A Address: N/,~
N/A
By: Phone: N/,~
Fax: N/,~
(TAR-1802) 2-6-02
Form produced by Realty One Software, PO Box 2489, Amarillo, TX 79105, (806) 342-0217
Page 13 of 13
Provided by: Brent Lettwich 03/03/2004 ID: Yost
Yost Road Grantor: John Bumett Yost
FM 518 to Clear Creek
Exhibit: ^
o
o
o
PARCEL 18
REAL PROPERTY DESCRIPTION
Being 0.4668 acre (20,334 square feet) tract of land out of the reSidue of a called 2.00 acre tract
of land conveyed by deed from Bertha Yost to John Bumett Yost, as described and recorded in
Volume 678, Page 333 in the Brazoria County Deed Records (B.C.D.R.) and filed on February 2,
1956, and being out of Tract I of the Yost Partition Plat, filed for record in Volume 6, Page 142
of the Brazoria County Plat Records (B.C.P.R.) and being situated in the W.D.C. Hall League,
Abstract No. 70, located in the City of Pearland, Brazoria County, Texas and being more
particularly described by metes and bounds as follows with all bearings referenced to the Texas
State Plane Coordinate System, South Central Zone with. all distances being surface and may be
converted to grid by multiplying by a combined adjustment factor of 0.999868245:
BEGINNING at a found 5/8-inch iron rod with cap stamped "J.F. Thompson", whose surface
coordinates are N. 13,768,293.62 and E.3,161,791.21, located at the intersection of the northeast
right of way line of FM 518 (Broadway Street), 100.00 feet wide, with the southeast right of way
line of existing Yost Road, variable with, and being the southeast comer of that certain tract of
land conveyed from John Yost to the City of Pearland as described and.recorded under Brazofia
County Clerk's File No. 03037987 and filed on June 9, 2003;
Thence North 15° 22' 12" West, along said southeast right of way line of.existing Yost Road, a
distance of 49.45 feet to found 5/8-inch iron rod with cap stamped "J.F. Thompson" for comer of
the herein described tract:
Thence North 42° 22' 36" East, continuing along said southeast'right of way line of existing Yost
Road, a distance of 375.70 feet a found 5/8-inch iron rod with cap stamped "J.F. Thompson" for
the northerly comer of the herein described tract and being a non-tangent curve from this
direction;
Thence in a southwesterly direction along the proposed Yost Road northeasterly right of way
line, being a curve to the left whose radius is 955.00 feet through a central angle of 21° 16' 49",
an arc distance of 354.70 feet, whose chord bearing and chord distance, are S. 24° 59' 01" W. -
352.66 feet to a set 5/8-inch iron rod with cap stamped "J.F. Thompson" for the point for comer
and being non-tangent from this direction;
Thence South 14° 43' 09" West, continuing along said Yost Road.northeasterly right of way line,
a distance of 13.22 feet, to a set 5/8-inch iron rod with cap stamped "J.F. Thompson" for the
most northerly 30-foot x 30-foot cut back;
Thence South 25° 51' 17" East, continuing along said Yost Road northeasterly right of way line,
same being along the line of said 30-foot x 30-foot cut back comer, a distance of 42.56 feet to a
set 5/8-inch iron rod with cap stamped "J.F. Thompson" in the northeast right of way line of F.M.
518 for the southeasterly comer of the herein described tract;
E:\PROJECT&982\Ol~DOCXROW DESCSParce118-RPD.doc
Page 1 of 2
' Yost Road Grantor: John Bumett Yost
FM 518 to Clear Creek Exhibit:
o
Thence North 66° 49' 32" West, called N. 64° 06' W., along the northeast right of way line of
F.M. 518, a distance of 115.70 feet, returning to the PLACE OF BEGINNING of the herein
described tract of land and containing 0.4668 acres (20,334 square feet) of land, more or less.
This Real Property Description is based upon a Texas Society of Professional Surveyors
Category lB, Condition 2, Standard Land Survey performed under the direct supervision of
Robert A. Lupher, RPLS during January of 2004.
E:\PROJECT&982\OlhDOC~ROW DESCSParce118-RPD. doc
Page 2 of 2
I.iJ
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Contract Concerning 3205 Yost Blvd.,Pearland 77581 Page Seven 01-06-03
(Address of Property)
❑ Loan Assumption Addendum ❑ Addendum for "Back-Up" Contract
1 Buyer's Temporary Residential Lease ❑ Addendum for Coastal Area Property
Miler's Temporary Residential Lease ❑ Addendum for Property Located Seaward of
the Gulf Intracoastal Waterway
'endum for Sale of Other Property by ❑ Addendum for Release of Liability on
sr Assumption of FF-IA, VA, or Conventional
Loan Restoration of Seller's Entitlement for
VA Guaranteed Loan
❑ Addendum for Seller's Disclosure of
Information on Lead-based Paint and
Lead-based Paint Hazards as Required
by Federal Law
❑ Other (list): N/A
N/A
23. TERMINATION OPTION: This paragraph will be a part of this contract ONLY if
both blanks are filled in and Buyer has paid the Option Fee. Buyer has paid Seller
$N/A (Option Fee) for the unrestricted right to terminate this contract by giving
notice of termination to Seller within N/A days after the effective date of this contract. If
Buyer gives notice of termination within the time specified, the Option Fee will not be refunded,
however, any earnest money will be refunded to Buyer. The Option Fee ❑will ❑will not be
credited to the Sales Price at closing. For the purposes of this paragraph, time is of the essence;
strict compliance with the time for performance stated herein is required.
24. CONSULT AN ATTORNEY: Real estate licensees cannot give legal advice. READ THIS
CONTRACT CAREFULLY. If you do not understand the effect of this contract, consult an attorney
BEFORE signing.
Buyer's Seller's
Attorney is: N/A Attorney is: N/A
N/A N/A
Telephone: (N/A) N/A Telephone: ( N/A ) N/A
Facsimile: (N/A) N/A Facsimile: ( N/A ) N/A
EXECUTED the day of , 2004 (EFFECTIVE DATE).
(BROKER: FILL IN THE DATE OF FINAL ACCEPTANCE.)
ae6-6,3
i
Buyer City of Pearland Sell John B.Yost
if
•
Buyer Seller
The form of this contract has been approved by the Texas Real Estate Commission. TREC forms are intended for use only by trained
real estate licensees. No representation is made as to the legal validity or adequacy of any provision in any specific transactions. It is
not suitable for complex transactions. Texas Real Estate Commission, P.O. Box 12188, Austin, TX 78711-2188, 1-800-250-8732 or ,
(512)459-6544(http://www.trec.state.tx.us)TREC NO.20-6.This form replaces TREC NO.20-5.
Initialed for identification by Buyer r-/i4' and Seller ,,iep 01A TREC NO. 20-6
Form produced by Realty One Software,PO Box 2489,Amarillo,TX79105,(806)342-0217
Provided by:Brent Leftwich 03/03/2004 ID:Yost
Contract Concerning 3205 Yost Blvd.,Pearland 77581 Page Eight 01-06-03
is
(Address of Property)
' SELLER'S RECEIPT
Receipt of$N/A (Option Fee) in the form of N/A is acknowledged.
•
N/A
Seller Date
BROKER INFORMATION AND RATIFICATION OF FEE
Listing Broker has agreed to pay Other Broker N/A of the total Sales Price
when Listing Broker's fee is received. Escrow Agent is authorized and directed to pay Other Broker from.
Listing Broker's fee at closing.
Contract Land Staff N/A
Other Broker Listing Broker
N/A 281-240-3370 N/A N/A
License No. Telephone License No. Telephone
represents ❑ Buyer only as Buyer's agent represents ❑ Seller and Buyer as an intermediary
❑ Seller as Listing Broker's subagent ❑ Seller only as Seller's agent
281-340-3313 N/A
Asso ate Ana . ausch - Telephone Listing Associate N/A Telephone
10701 Corporate Drive Suite 215 Stafford,TX 77477 N/A N/A
Broker's Address Listing Associate's Office Address Facsimile
281-582-5558 N/A
Facsimile Selling Associate N/A Telephone
N/A N/A
Selling Associate's Office Address Facsimile
RECEIPT
Receipt of ❑ Contract and U $N/A Earnest Money in the form of N/A
is acknowledged.
Escrow Agent: N/A Date: N/A
By:
N/A Telephone ( N/A ) N/A
Address
N/A N/A N/A Facsimile: ( N/A ) N/A
City State Zip
Produced by Realty One Soitsare,P.O.Box 2489,Anarillo,TX 79105,(806)342-0217 01 A TREC NO. 20-6
Provided by:Brent Leftwich 03/03/2004 ID:Yost
RESOLUTION NO. R2004-40-A
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PEARLAND,
TEXAS, AUTHORIZING THE CITY MANAGER OR HIS DESIGNEE TO
ENTER INTO EARNEST MONEY CONTRACTS WITH JOHN B.YOST FOR
THE PURCHASE OF REAL PROPERTY SITUATED IN THE CITY OF
PEARLAND.
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF PEARLAND, TEXAS:
Section 1. That certain Earnest Money Contracts by and between the City of
Pearland and John B.Yost, copies of which are attached hereto as Exhibit "A"and "B"and
made a part hereof for all purposes, are hereby authorized and approved.
Section 2. That the City Manager or his designee is hereby authorized to execute
and the City Secretary to attest the originals of the attached Earnest Money Contract for
and on behalf of the City of Pearland.
PASSED, APPROVED and ADOPTED this the 22nd,day of March , A.D.,
2004.
TOM REID
MAYOR
ATTEST:
UNG G, MC
TY RETAR
APPROVED AS TO FORM:
4A-...
DARRIN M. C ER
CITY ATTORNEY
1