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<br />.- <br /> <br />~~ <br />TEXAS AsSOCIATION Of REALTORS" <br />UNIMPROVED PROPERTY COMMERCIAL CONTRACT <br /> <br />USE O~ THIS FOAM BY PERSONS WHO AIlE NOT MEMBEl'II OF THE TEXAS ,\SSOC:IAnOH OP IlEAL T~ IS NCJ1" AUTHORIZED. <br />.,-._ _111_ '" I\UlLTOIIM.1nc. ,", <br /> <br />The ~ldersqate Trust <br />(Seller) agrees to sell and convey to City of 'La Porte, a mun1c1pal <br />corpora tion (Buyer) and Buyer agrees to buy tram Seller the Property described below. <br /> <br />1. PARTIES: <br /> <br />2. PROPERTY: <br /> <br />A. The property sold by this cenlrad is called Ihe .Property." The Propertj' is that real property situaled in the City <br />of La Porte, Harris County,Texasal 1106 Bayshore Drive <br />(address) that is legally described as rollows; (identify exhibit if described by attachment.) <br /> <br />Lots 1, 2, 3, & 4, less N. 5 Ft., Bayshore Block, Bay <br />Shore Park, and Lots 1 thru 6 and Reserve B, Bay Front <br />Block, and Reserve A, Bayshore Block, Bay Shore Park, all <br />in the city of La Porte, Harris County, Texas. <br /> <br />B. The Property Is sold togelher with: <br />(1) all rights. privileges. and appurtenances pertaining to the Property, Including Seller's righI, litle. and interest in any <br />mlnet81s. utilities, adjacent streets, alleys, strips, gores, and rights-of.way: <br />(2) Seller's Interest in all leases, rents. and security deposits for all or part of the PropertYi and <br />(3) Seller's Interest in all licenses and pennlts related 10 the Property. <br /> <br />(D#lscn'be B/lY exceptions, reservations, or restrictions in Paragraph 11 or an 4ddendum.) <br /> <br />3. SALES PRICE: <br /> <br />A. AI or belore closing, Buyer will pay the following sales price lor the Property: <br />(1) Cash portion payable by Buyer at closing. .. .. . . .. . . .. . .. . . . . . . .. . . . .. . . . . . . . . . . . .. $ 1, 400 , 000 . 00 <br />(2) Sum of an Ilnancing described in Paragraph 4 . . . . . . . . . , . . . 0 . . . . . . . 0 . . . . . . . . . . . . 0 . .. $ 0 " 0 0 <br />(3) Sales price (sum of 3A(1) and 3A(2)) . . .. . . . .. . . . . . .. 0 0 . . . .. . , .. .. .. . . . . .. 0 . . .. ... $ 1, 400 , 000 " 00 <br />B. Adiustment to Sales Price: (Check (1) or (2) only.) <br /> <br />ex (1) The sales price will not be adjus!ed based on a survey. <br />a (2) The sales price will be adjusted based on Ihe latest survey obtained under Paragraph 6B. <br /> <br />(a) The sales price is calculated on the basis or $ <br />a 0) square foot of a total area a net area. <br />a (II) acre 01 a total area a net area. <br /> <br />per: <br /> <br />(b) "'0181 area" means all land area within the perimeter boundaries oflhe Property. "Nel area" means total area less any <br />area 01 lhe Property within: <br />a (i) public roadways: <br />o (n) rights-ol-way and easements other than those ltlal directly provide utilily services 10 lhe Property; and <br />o (iiI) <br /> <br />I/O. <br /> <br />Initialed lor Identification by Buye~_ and Seller R<1.s,_ <br />TAR, P.O. Box 2246, Austin. TX 78768-2246 <br /> <br />Page 1 of 9 <br /> <br />(TAR-1802) 11-5-99 <br />