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<br />. CITY OF LA PORTE
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<br />PHONE (7131 471-5020 . P. 0, Box I I 15 . LA PoRTE, TEXAS 77572
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<br />January 9, 1995
<br />
<br />Mr. Harold P. Pfeiffer
<br />619 Brownell
<br />La Porte, TX 77571
<br />
<br />Re: Tract One: Lots 1-5, both inclusive, in Sailor's Cove
<br />Subdivision, a 2.209 acre tract, being a resubdivision of part
<br />of Lot 18, W.B. Lowrance Subdivision, recorded in Volume 83,
<br />Page 596, Harris County Deed Records - Beazley Homestead
<br />Tract, according to the map or plat of said Sailor's Cove
<br />Subdivision recorded April 6, 1994, under Harris County
<br />Clerk's file No. P779441.
<br />
<br />Tract Two: Lots 7 & 8, Bayshore Block, Bayshore Park
<br />Subdivision, according to the map or plat thereof recorded in
<br />Volume 10, Page 22, of the Map Records of Harris County,
<br />Texas.
<br />
<br />Dear Mr. Pfeiffer:
<br />
<br />On July 11, 1994, you entered into an option agreement with the
<br />City of La Porte, on the above described real property which you
<br />own, located on Bayshore Drive at Sea Breeze Avenue in the city of
<br />La Porte.
<br />
<br />On January 6, 1995, a referendum petition was filed with the City
<br />Secretary of the. City of La Porte, requesting a referendum election
<br />on the acquisition of this property by the city of La Porte. This
<br />petition is now in the process of certification by the City
<br />Secretary. However, if found valid, the earliest date on which a
<br />referendum election could be held is Saturday, May 6; 1995.
<br />
<br />The City of La Porte requests an extension of its option agreement
<br />with you, dated July 11, 1994, to May 31, 1995. The City of La
<br />Porte agrees to pay you an additional $5,000.00 cash upon the
<br />signing of this letter, as .additional option fee, under the same
<br />terms and conditions of the letter agreement of July 11, 1994, i.e.
<br />such additional option money to be non-refundable if the election
<br />. fails and the sale does not close; if the election passes, the
<br />additional option money will apply to the purchase price, as a
<br />$5,000.00 reduction in the first principal installment on the
<br />promissory note which would be due and payable August 10, 1995.
<br />
<br />In addition, if the election results are favorable and the sale is
<br />closed, the City of La Porte w!ll assume and pay the 1995 ad
<br />valorem taxes on the property.
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