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<br />askins
<br />& askins P.c.
<br />
<br />ATTORNEYS and COUNSELORS
<br />
<br />Knox W. Askins
<br />Dark T. Askins
<br />
<br />May 4, 2010
<br />
<br />Hon. Mayor & City Council
<br />City of La Porte
<br />City Hall
<br />La Porte, Texas
<br />
<br />Re: The Financial Transactions in Connection with the Real Estate
<br />Purchase and the Real Estate Mortgage, with East A
<br />Developments, LP, on the Town Plaza Project.
<br />
<br />Gentlemen:
<br />
<br />On October 29, 2008, Stewart Title company in Houston closed the
<br />purchase by the La Porte Economic Development corporation, of all
<br />of Block 199, Town of La Porte, Harris County, Texas, for a
<br />consideration of $150,000.00. A copy of the deed from La Porte 5
<br />Points properties, LP, to the La Porte Economic Development
<br />corporation, conveying all of Block 199, Town of La porte, Harris
<br />County, Texas, and the stewart Title Company closing statement, are
<br />attached hereto as Exhibit "A-1".
<br />
<br />In addition, on the same date, Stewart Title Company closed a
<br />$150,000.00 loan from the La Porte Economic Development Corporation
<br />to East A Development, LP. A copy of the $150,000.00 promissory
<br />note is attached to this letter as Exhibit "A-2".
<br />
<br />A copy of the Deed of Trust mortgage from East A Development, LP,
<br />to the La Porte Economic Development corporation, is attached as
<br />Exhibit "B".
<br />
<br />East A Development, LP, used the proceeds of the $150,000.00 loan
<br />from La Porte Economic Development corporation, to purchase from
<br />Wade Cooper, the North 17' of Lot 9, and all of Lots 8, 7 and 6, in
<br />Block 198, Town of La porte, Harris County, Texas. A copy of the
<br />stewart Title company closing statement, and a copy of the General
<br />Warranty Deed with Vendor's Lien from Wade Cooper to East A
<br />Development, LP, acknowledging the $150,000.00 note payable to La
<br />Porte Economic Development corporation are attached as Exhibit "C".
<br />
<br />702 W. Fairmont Parkway, P.O. Box 1218, La Porte, TX 77572-1218
<br />281.471.1887 phone. 281.471.2047 fax . knoxaskins@comcast.net . ctaskins@swbel1.net
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