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OPTION CONTIIACT
Project No. TEX 11-102
Parcel No. OL5-10
For the consideration of $500.00 the undersigned (hereinafter called
the "Seller") being the owner thereof, hereby offers and agrees to sell
and convey to the Urban Renewal Agency of the City of Georgetown, Texas
(hereinafter called the "Local Public Agency") or its assignee the follow-
ing described property, located in the City of Georgetown, County of
Williamson, State of Texas, to wit:
1 ac.-OL5, Div. D., W. end N/x 7th Street., City of
Georgetown, Texas-- Vol. 156, Page 35, dated 6f9/13.
upon the following terms and conditions:
Upon closing, the Seller shall convey to the Local Public Agency or
its assignee by general warranty deed a good and marketable fee simple
title thereto, together with all improvements, hereditaments and appurte-
nances thereunto belonging, free and clear of all liens and encumbrances
of any kind except existing easements and/or restrictions, if any, together
with all his right, title and interest in and to any street or alleys
adjoining or abutting thereof. Taxes and assessments shall be prorated as
of the date of closing.
Payment of the total purchase price as shown above shall be asIollows:
$1.00 receipt of which is hereby acknowledged and the further payment of
6.499.00 upon transfer of title, by general warranty deed,, to the said Local
Public Agency. All expenses of examinations of title and of preparation and
recording of deed shall be paid by the Local Public Agency. Payment of the
purchase price shall be made upon transfer of title to the Local Public
Agency.
This offer shall be irrevocable until Nov. 4. 1968 and shall remain in
force thereafter until 30 days after written notice by the Seller of its
termination. If this offer is accepted, the Local Public Agency phall endorse
its acceptance hereon and mail notice thereof to the Seller at the address
specified below. This agreement shall be binding upon the Seller and his
heirs, executors, administrators and assigns.
Notwithstanding the prior acceptance of this offer, the Local Public
Agency in lieu of completing the purchase of said premises may at any time
prior to closing, proceed to acquire the same by condemnation. The Seller
agrees, as an Independent stipulation, which shall survive the expiration
or termination of this offer, to such condemnation upon payment of just com-
pensation, which shall be the purchase price above stated, which price the
Seller hereby declares to be fair market value of said premises, inclusive
of every interest therein.
Lose or damage to the property from any cause shall be at the risk of the
Seller until title has been conveyed to the Local Public Agency.
Seller shall pay for all required Federal Revenue Tax Stamps to be attached
to the deed of conveyance to the Local Public Agency.
This 9th day of September, A.D., 1968.
City of Georgetown
Witnesses:
(Signed: Charles D. Eyeington)
(Signed: Clarise Gregg)
Accepted this 9th day of September, A.D., 1968.
Si ned• Jay C. Sloan Mayor)
kaxkzxd Seller.
wife Seller
Address of Seller
URIAN REN1."IVAL AGLNCY OF THE
CITY OF GEORGE 0W, TLUS
BY (Signed: Jim 0. Rector)