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<br />~ <br /> <br />e 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. <br /> <br />The Port Authority agrees to purchase the property at the agreed sales price on an <br />"as is" basis as of the time of the appraisal (for improved property) less normal <br />wear and tear and. for both improved and unimproved property, the seller is the fee <br />title owner of the property and able to convey the property to the Port Authority <br />free and clear of all liens and other encumbrances. A standard Texas Real Estate <br />Commission Contract will be used for any purchase, modified as necessary for use <br />by a political subdivision of the 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 />.%' if <br />