Loading...
HomeMy WebLinkAboutLegal Documents4 - ~ ~~. ~.. ~`~ ,~, . . f REAL ESTATE CONTRACT .~~, ,~f.,l..: ~ I f~;a l ~ ; 5 ~ !y .~ STATE OF TEXAS ) e ;r; ~~: ~ , ~ ; ~ ~,~ ^; i ~ius'J$c ~.F. G,N, i!.nr~9 .; COUNTY OF BRAZOS ) ~ a~._.._ _ .. _ r, : ~~~r~~~` THIS CONTRACT for the exchange of land is made by and between the City of College Station, (hereinafter referred to as "CITY"), and. the Pebble. Creek Development Company, a Texas Corporation, whose principal place of business is located in Brazos ', County, Texas (hereinafter referred to as "PEBBLE"), upon the terms and conditions set forth herein.. ~~ WHEREAS, PEBBLE acquired the property from Texas Centroid Ranch through Ij an agreement with the College. Station Development Foundation; WHEREAS, Texas Centroid Ranch, PEBBLE's .predecessor-in-interest, .and the College: Station Development`Foundatiorrsgreed to dedicate right-of-way to the City for the construction of Enterprise Avenue; WHEREAS, although the -City Council of the City of College. Station has not accepted the agreement made by the College Station Development Foundation, it is willing to assume responsibility under the agreement for payment of a portion of the constructioncost of Enterprise Avenue and a sixteen inch waterline; WHEREAS, PEBBLE has entered-into a contract conveyingg land to the College Station Independent School District for a new school site and seeks an additional 1.09 ~ acres from CITY #or this conveyance; WHEREAS, .the Col ege Station Independent School District desires to construct an entrance to its property at the location where the proposed Enterprise Avenue is to ~ be located; WHEREAS, the construction of Enter rise Avenue. in Pebble Creek, Phase V is ~ estimated to cost a total of $21 O,000.OO for 577 feet of 47 foot wide pavement with the I, CITY's portion being fifty percent (50%) or $105,000.00; WHEREAS, the construction of a welve-inch water line for a length of 1650 feet is estimated to cost $35,000.00 with the CITY`s portion being approximately $17,500.00; WHEREAS, both PEBBLE and CITY are. willing to .relocate Enterprise Avenue to ~ accommodate the College Station Independent School District site access needs; WHEREAS, CITY and PEBBLE now desire to enter into a .cooperative agree- ~ ment to convey additional land to the College. Station Independent School District; and WHEREAS, CITY desires to participate. in the cost of the construction of Enter- prise Avenue and a twelve inch waterline; ~ _NOW THEREFORE, for and in consideration of the above- recitations and the promises and covenants contained herein; the parties hereby agree as follows: .:ARTICLE 1 EXCHANGE:OF PROPERTY i 1.01 CITY `hereby. `agrees to dedicate and donate to PEBBLE the surface esta~ie in fee simple of 1.uy acres of land located in its 2G0-acre business park, hereinafter referred to-as PROPERTY 1) and more particularly described in the Exhibit ' A", attached hereto and incorporated herein by reference for all purposes.. In exchange therefor, PEBBLE hereby agrees to dedicate to CITY, at no cost or expense to C1TY, in fee: simple, property located in Pebble Creek Subdivision, .Phase V, (hereinafter referred to as PROPERTY 2) for the construction of Enterprise Avenue ~ subject to the terms, provisions, and conditions hereinafter set forth. a. CITY shall pay one-half (50%) of the construction .cost of Enter- prise Avenue, not to exceed $105,000.00 for 1577 feet of 47 foot wide pavement in Phase V of the Pebble Creek Subdivision. ~ Js/dmar94/ezchng2 i 04/28/94 ~~ ;:-:~, tom. ~ ~-~ r , ' j , ~ b. CITY. shall. pay one-half of the .cost of. construction of the twelve ' inch water line in Phase V of the Pebble Creek Subdivision, not to exceed $17,500.00 for 1650 feet of water line. ~ 1.02. PEBBLE shall submit the subdivision plat of Phase V of the Pebble Creek Subdivision on or before June 30, 1994. The final plat of Phase V of the Pebble Creek Subdivision shall be'filed of record on or before September 1, 1994. In that subdivision I, plat, PEBBLE shall dedicate asixty-foot wide. right-ofwa~ for a distance of 1577 feet in which it shall construct Enterprise.Avenue as a 47 foot wide street. 1.03. PEBBLE shall construct. Enterprise. Avenue for a length of 1577 feet on or before October 31, 1994. 1-.04. PEBBLE shall construct a twelve inch-..water line for a distance of 1650 feet in the Pebble: Creek Subdivision, Phase V. ~ ARTICLE`2 REPRESENTATIONS AND WARRANTIES OF THE PARTIES i 2.01 With regard to both properties, both parties to this agreement .hereby represent and warrant to each other as follows: i (a) There are no parties in possession of .any portion of either PROP- ERTY 1 or PROPERTY 2 as lessees, tenants at sufferance, or trespassers. (b) There is no pending or threatened condemnation or similar pro- ~ ceedings or assessments affecting either PROPERTY 1 or PROPERTY 2, or any part thereof, nor to the best knowledge and belief of the dedicating and donating .party is any such proceeding or'assessment contemplated by any governmental entity. (c) The parties have complied with all applicable laws, ordinances, regulations, statutes, rules and restrictions relating to both '.properties or any part thereof. (d) All taxes'for the current, previous and subsequent years have been paid. ~ -{e) The parties represent. that as of the date of closing there will be no unrecorded ~iens,.assessments, or Uniform Commercial Code Security Interests against either of the properties or any part thereof. If any representation above is untrue, then this contract. may be terminated by the other party..: All representations contained in -this contract shall survive closing. ~ (f) Which representations and warranties shall also be deemed made as of the closing date: I_ ARTICLE 3 CLOSING 3.01 The execution of the deed shall be held at the Office of the City Attorney f - for the ..City of College Station, 1101. Texas Avenue, College Station, Texas. ~ 3.02 Current taxes and rents and fees shall be prorated through the date of closing or dedication by subdivision plat, as the case may be. If ad valorem taxes for the year in v~hich the donation and dedication is made are not available on the date. of closing or date of dedication, proration of taxes. shall: be made on the basis of the taxes j assessed in the previous year. A~TiCLE 4 SPECIFIC PERFORMANCE .:4.01 Upon the failure of either party .to comply.herewith, the other party may enforce specific performance or such other relief as provided in law or equity... 4.02 Any signatory on thin contract who is the prevailing party in any legal ' proceeding. brought under or with relation to this contractor transaction. shall be addi- tionally .entitled to reoover court costs and .reasonable attorney fees from the non- prevailing party. -2 js/c/mar94/exchngl 04/28194 ~..:., ;, , t ~~. ~{ ,` . ~ ARTICLES MISCELLANEOUS 1 5.01 `Notice: Any notice required. or permitted to be delivered .hereunder shall be deemed received when sent by United States mail, postage prepaid, certified mail, return receipt requested, addressed to CITY. or PEBBLE,. as the case may be, at the addresses set forth below: CITY: City of College Station 1104 Texas Avenue. College Station, Texas 77840 PEBBLE: Pebble Creek Development Company ~ 4500 Pebble Creek Parkway College Station,. Texas 77845 5.02 Lime of Essence: Time is of the essence in this contract. ~ 5.03 :Texas Law to Aaply: This contract shall be construed under :and in accordance with- the laws of the State of Texas, and all obligations of the parties created hereunder are performable in Brazos County,. Texas. I ~ 5.04 Parties Bound: This contract shall be binding upon and inure to the !~ benefit of the parties hereto and their respective heirs, executors, administrators, legal 'i representatives:, successors and assigns wherepermitted by this contract. ', 5.05 t.eaal Construction: If any. provision of this Agreement shall be held to be II invalid, illegal or unenforceable by a court or other tribunal of competent jurisdiction, the validity, legality,, and enforceability of the remaining provisions shall not m any way be affected or impaired thereby. The parties shall use their best efforts to replace the respective...provision, or provisions of this Agreement with legal terms and conditions approximating the original intent of the parties. 5.06 rior Agreements Superseded: This contract constitutes .the sole and only agreement of the parties.hereto and supersedes any prior understandings or writ- ten or oral agreements between the parties respecting the within subject matter. 5.07 Gender: Words of .any. gender used in this contract shall be -held and construed to include any other gender, and words in the singular number shall be held to include the plural, and vice versa, unless the context requires otherwise. EXECUTED on this the oZ~~day of~i~-Q. , 1994. PEBBLE CREEK CITY OF COLLEGE STATION `DEVELOPMENT COMPANY ', BY: GT BY: A. P. B YD, Presi ent , ~' ATTEST: AT ST: l Asst . ecretary ~~~~ i y Secretary ~~ APPRGvED: Ron_Ragland, Ci anag r ', ~ , ~~ Fiscal/Human Resources Group .~~ r 4/ hn s/c/ma 9 .exc. 2 04/26/94. Y .~ ~'.. . „ , e • I THE STATE OF TEXAS ACKNOWLEDGMENT F BRAZOS COUNTY 0 ii This instrument was acknowledged before me on the ~~~day of 1994' b A. P. BOYD as Vice President of PEBBLE CREE~DEVEL PME J ~- PANY, a Texas Corporation, on behalf of said corporation.. 1 Q,,ti, N TAR PU LI m and for he STATE, OF TEXAS i ..~.~+~~ • KAY OOpSON : Notu1- PuDic- ~Lb M Texis a ,•' My Commission Expires 12.3.95 ~ . .,,..,.. THE STATE OF TEXAS ) j ) ACKNOWLEDGMENT COUNTY OF BRAZOS This instrument was acknowledged before me on thee'day of , 1994 b LARRY RINGER as Ma or of the CITY OF COLLEGE STA a exas Home Rule Municipal Corporation, on behalf of said corporation._ ;, C~NYI . N ARY PUBLI m and for ~,~,w~.;,~wwwF~`'° The STATE OF TEXAS i .~M:,. pl~Nl ~L1r~N ~/~'"`~s~. ` {.{OTARY PUSLIC Y~ f • Stag ~f 'C~~as,~ ! ~•\`` Comm. (rxp. 0.18 ~., " " w ro . v' ~ v ". w v "'' r' ~ ' ", i i j I i i i _.4_ fs/dmar94/exchng2 '~ 04/2&9~f ~ r ... ~, 1 l ~ ~ , ~ .,a e _ EXHIBIT "A" TO REAL ESTATE EXCHANGE CONTRACT BETWEEN COLLEGE STATION AND PEBBLE .CREEK DEVELOPMENT CORPORATION,. INC. SPECIAL WARRANTY DEED DATE: GRANTOR: City of College Station, Texas GRANTOR'S MAILING ADDRESS: 110.1 Texas Avenue Brazos County College Station, TX 77842-0960 GRANTEE: Pebble Creek Development. Company GRANTEE'S MAILING ADDRESS: ` 4500 Pebble Creek Parkway Brazos County College Station, Texas, 77845 CONSIDERATION:. Ten Dollars ($10.00) and other good and valuable: consideration. PROPERTY: All that certain tractor parcel of land lying and .being situated in the S.W. Robertson Survey (Abstract-No. 202) rn College Station, Brazos County, Texas, and being a part of #hat same 200 acre tract. conveyed to the City -of College .Station. by deed recorded in Volume 1385, Page 14,, of the Official Records of Brazos County, Texas, .and. being.. more. particularly described in the .attached Exhibit A. RESERVATIONS FROM AND.EXCEPTIONS TO` CONVEYANCE AND WARRANTY: Easements, rights-of-way, and prescriptive rights, whether of record or not;. all presently. recorded restrictions, reservations, covenants, ..conditions,. oil and gas leases,. mineral severances, and other instruments, other .than. liens and conveyances, that .affect the property; rights of :.,adjoining owners in any walls and fences situated on a common boundary; any discrepancies,. conflicts, or shortages in area- or boundary lines; any encroachments or overlapping of improvements; all rights, obligations; taxes prior to the date of closing. REVERTER INTEREST OF GRANTOR: By way .of conditional limitation Grantor hereby conveys the property, subject to this automatic reverter, the use and occupancy- of said ..property upon. the condition that the Grantee complies with the terms of the Real Estate Contract dated, ~_,_ , and constructs antl dedicates right-of-way. for Enterprise Ave; it being understoo y the parties that these provisions are made as a part:: of the consideration. for this grant, and a violation of any of the terms of the agreement shall result irr the automatic termi- nation and automatic reverter to Grantor. Grantor, for the consideration and subject to the reservations from and exceptions to i conveyance `and warranty, dedicates and donates to Grantee the property in fee simple, together with ail.. and singuia~ the rights and arpurtenanres thereto an any wise belonging, to have and. hold it to Grantee, Grantee's successors and assigns. forever, Grantor binds Grantor and Grantor's successors and assigns o warrant and forever. dafertid all. and singular the frepery to Grantee and rrartitee's succesocr$ and-assigrYs against every person whomsoever lawfully claiming or to claim the same or any part thereof, except as to the.. reservations from.. and exceptions to conveyance and warranty, when the claim is by, through, or under Grantor but not otherwise. CITY'OF COLLEGE STATION ' A EST: BY: ,. RI R, H0 K ity ecretary ,~a/~~//~~e'b94/deedl 0~/~8/94