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<br />e <br /> <br />Property Owners Contract <br />for the <br />Value Assurance Program <br /> <br />e <br /> <br />Legal Description of the property: <br /> <br />CONTRACT SALES PRICE: ALL CASH. $ <br /> <br />("Sales Price") <br /> <br />The Port Authority agrees to purchase the above-described property at the request of the <br />property owner at any time during the Value Assurance Program for the Barbours Cut <br />Terminal Truck Entry Station as set out in the Amended Resolution of the Port Authority <br />dated July 28,2003, at the agreed-upon sales price referenced above, The Port Authority <br />agrees to purchase at the agreed sales price only if the property is in the same condition at <br />the time of sale as at the time of the appraisal (for improved property) less normal wear <br />and tear and. for both improved and unimproved property, the seller is the fee title owner <br />of the property and able to convey the property to the Port Authority free and clear of all <br />liens and other encumbrances, A standard Texas Real Estate Commission Contract will <br />be used for any purchase, modified as necessary for use by a political subdivision of the <br />State of Texas, <br /> <br />The Port Authority agrees to notify the property owner at intervals of 90 days, 60 days <br />and 30 days prior to the expiration of this contract. <br /> <br />Property Owner of Record <br /> <br />Date <br /> <br />Executive Director <br />Port of Houston Authority <br /> <br />Date <br /> <br />C: City of LaPorte, Texas <br /> <br />2 <br />