CF-Coppell Rd SC-CN 990809 ~_x~3 Dough. A, enue Carol Erick
su~ 13o LB ~ S~r ~ Pr~ent
~ ~x~ 7~ ~er~~er-~lr.~
~1~ 37~
~i4) ~7~1 F~
COMMERCIAL DIVISION
Via Facsimil~w/o enclosures)
u.s.
Baptist Fo~tion of Tex~ AUG
!~1 E~ S~, S~te 17~
~iI~, ~ 75201-7241 RECORDS CENTER
Arm: Mike Wa~er ~ OF COPP~L
F~simile: 214/978-3397
Re: Our ~.F.~ PC99118895 (ACE)
Seller: B~tist Fo~tion of Tex~
~ureb~er: Ci~ of~p~ll
Prope~: A p~cel ofl~d ~proxim~ly 46.57 ~es lo~t~ in ~e City of
Coppell, Dall~ Count, Text.
~ Mr. Wa~er:
~s sh~l ~me ~ o~ ~wl~gement of o~ r~eipt of ~e ~ove mf~enc~ Contr~t
of Sale ~d ~e e~t mo~y d~sit. A ~py or o~gin~ of~e Con.act of Sale is
~closed. In conn~tion therewith, we would like to confi~ the following d~es:
Eff~tive Date: Monday, Au~st 9, 1999
Title Commitment to Purchaser Due: Monday, August 16, 1999
Su~ey to Title Company: Tuesday, Au~st 24,
Objection Perl~ Expiratiou: 15 days a~er receipt of Title Commitment
~ S~ey
·Feasibility Period: W~e~ay, S~temb~ 8, 19~
Cl~ing: On or before OcW~r 15, 1999
We have W~ ~is letter to info~ you of~c dates we believe ~e ~e applicable key
~t~ und~ your con.ct ~ a convenience ~d to c~rdinate tasks to be perform.
list does not v~ the te~s of the Contract nor is it a rep~s~tation or binding
integration ofthe condor's te~s, Ple~ call our o~ce if~e have b~n ~y ch~ges
to thee dat~.
Baptist Foundation of
Texan
August 9, 1999
Page 2
We look forward to closing this transaction for you. Should you have any questiona or if
we may be of assiatance to you at any time prior to closing, please do not heaitate to
contact me or my assistant Rob Woodcock.
F. nclosum
c¢: Baptist Foundation of Texas
1601 Elm Street, Suite 1700
Dallas, TX 75201-7241
Arm: $oyc, e Bagley, F. aq.
Facsimile :214/978-3395
City of Coppell
255 Parkway Blvd.
PO Box 478
Coppeli, TX 75019
Atto: Jim Witt
Facsimile: 972/304-3673
Robert E. Hager
Nichols, J~kson, Dillard, Hager & Smith
500 North Akard, Suite 1800
Dallas, TX 75201
Facsimile: 214/965-0010
CONTRACT OF SALE
NON-RESIDENTIAL
STATE OF TEXAS
COUbIT~ OF DALLAS
THAT BAPFIST FOUNDATION OF TEXAS, o~im ~ md BRANCH PROPERTIES, INC., ~ im s#igm ~
called 'Seller,' whirr me or ~) ~ ~ md ~ ~o convey CITY O!~ COPPELL, TEXAS ~ c~led
Texas:
A pazcel of' Luu:l conuinin~ apM'oxin~t~ly 46.$729 ~crcs, out of th~ $. A. Simmons Survey, A-1296, Dallas
County, Texas. Fm ~ of th~ Agrmm~ lhe t~rm "Net ~ F~' ~ m~m ~ gross manb~ of
squsre fe~, le~ ~11 po~iom of the Prope, n~ which n~ iaclucled in dedicated and publicly ~ ~em o~
rights-oF-way.
~oge~wr with all of Sell~'s rigim ~d q~m~maaces, if my, pemining ~o such real estate, including, wi~mut limimfio~ my sad. ~11
rights of ~eli~, if ~my, in md m ~il euemems, fipm'~a riglm, mr~Os snd gores, md ail roma, sikh, ~ ~ ~ ~jm ~ ~
Pro~y m tl~ ~en~ ~ thereof, mai my exis~ riglm of ingress and egress thereto, mgz~h~r wi~h ~11 ~l~m~ms, ~s md
fixtures owns! by Seil~, if my, pl~c~d, ~ or imt~lled on the Prope~y, md all equ~mm~t, fur~shings, cemmc~s or ~
1. Parzhs~z Prlee. The pu~base p~ce f~r ~he Property sh~ll be $2.00 per ~he net square fee~ as shown o~ the Storey.
2. Ear~ Mo~y. On or before ~hr~e (3) days following u~e rec¢ip~ by Purchme~ of · fully executed copy of this
Contrsct, Purcimser shsll delive~ the sum of $20,000.00 to Hcxter-Fsir Title Company, 8333 Dougl~ Ave., Suite 130,
DMIm, Te0ms 7522~ Am~: C~o] Frick ('TRIo Company') ~o be held by the Title Company as ~amest Mo~ey (herein
so called) pursuant to ~he trams of this Contract. The Earnest Money shall be placed in m interest-bearing ~co~mt,
withdr~w suah in~m'~t at my lime, mM from time ~o time., u Purchmer may ~lect.
Con~r~t in ~.~ordsnce with ~he ~rms m~d comiitic~s he~,eof, ~ Ti~e Company shall pay m~d deliv~ to S¢]l~r, out of
bargai~M f~r md ~ed uo~m ~ comid~m~m for Seller's execution and delivery of this Core,ct.
a. W~hin fifteen (15) days after the ds~e of lira Conu~ct, ~eller dali, st Purcla~r's expeme, deliver o~ came to
be del/vered ~o Title Coml~ay · copy or,he current on-the-ground survey ('Surv~y~) oF~he Property mad~ by
Dowdy, Ande~ou & Associa~s, Inc., cea~fied ~o February I, 1999. Any rece~ificatio~ required by
Purcl~ser ~hall be m Purchas~'s expense. T~e Survey shall be in · form ~cceptable ~o the Title Comply in
~ to ~low the Ti6e Com0~y m dde~ the survey excep6on (excep~ ~ ~o 'shomges m ~re~~) from ~e TiCk
Policy to be ismed by the Ti~ Comomy. T~e Storey shall show the locs~m o~ the lWoperty of
improvemem~ buikling md set-]~ck lin~, fm~, ev/deace of abando~ f~ce~, pom~, creeks, sm
rivers, off~c~lly d~ignated 100-year flood pl~im zucl flood prouz sr~s, cm~ls, wa~ea~om~s,
rinds, riahts-of, way, encm~hn~ms ~ ~uch otl~ exceptions located on the Pmpe~y m nay be described in
the Commim~mt, md, i~ gm~sral, shall comply wi~ ~11 requ~mmm oldie Tex~ Surveyor's AmOCis~on for ·
C~a~go~y I-A Survey. The survey shall contra a legal ck~ desczii~l by metes and bounds which shall
t~e Property u showa oa ~1~ ~urvey shall sutonmically be deemed ~o be substimed in place of the le~l
imo m mmmdm~m ~o ~his Co~U'~t to document the sub~imtion of uw.h legal d~ of the p~. The
coaflic~ ~ o~e~lq~pi~ of improvements, viola'iota of m-b~k ~ fmces, e _'_v~mc_~_~ of
~oandom~ fences, po~d~ cr~lcs, s~rmm~, rivet% ofl'~ially desigmU~d 100-year flood plains o~ flood prom~
m, canals, wamumr~s, e~ements, roms, or figh~-of-wsy except u ~r¢ shown on the Survey. All
r~corded em~m~s shall be l~g~ly idemified on the Saucy by ~ppro~rlate volume md psgz recording
refem~es, wi~h dates of ~cordiag noted.
b. Wi~h~ five (~) d~ys ~ ~he da~e of tim Coauact, Seller shall, at Sell~s expense, delive~ or c~use m be
d~livered m Purchu~r:
C. mm'n~ o f Sak - Non-itask~ntial P~g~l
(1) A fitl~ commitment (*Tit~ Binder") covem~g ~e Properly binding the Title Company to isme a Terns
Owmn's Policy of Title Indurate (tl~ "Title Policy~) on the stanclsnt form of policy prescr~ed by thc
Tcx~ Sam Bo~l of IMm'u~ m thc Cio~ug in ti~ full ~mount of tl~ pu~cla~ Mice, trod
(2) Tn~, coaect, ~md legible copies of my md ~li inmuments ~ to in the Title Binder
constitu~ng excep60m or restricfiom upon ~he title of Sell~, except ~hat cop/m o~ any liem which mc
to be nei~ itt Ibc Ckmin~ nmy be omitted.
a. ~ droll have flf~n (15) days af~ I~ re~ipt oF the Survey and Titlc Bindcr to ~view dmn and to
deliv~ in vt/sins m Seller tach objec~otm aa Purcha~ nmy have to anyt~n_e coo~i,~ in ~mu. Any tach
iU~m m which Purckae~ akall not o~ject si~ll be de~m~d a 'Permiff~l ~' It b ~y qreed
th~ there b aa ex~ e~emit bi hvor orthe ComJW dDdhs ~e~oef a pertlen orthe southwest
quodrmt* ed' tho prop~*ty, it is rurtbr qred tht aids e~emmtt, dmd Ms), 2~ 193~ from J. D.
Tbweaff to County of ~ recorded in Vdume 2183, rase 383, Deed ae~orde or DaiLu Couty, Texas,
ebd be a Perm#md Exeq)floa under the terms or tbb Contract. If ~here ax~ objectiom by Purchser, Seikr
sham in good f&~h a#dunpt to satisf~ t]sem prior ~o C~ but ~ll~ abM] not be ~uired to incur my cost to
either wsive such ob~ctiom and accept tach titl~ ~ Seller is able to convc~ ~ tetmimJe thb Cootract by
b. b. Seller represents mid wm to Purchas~ bt at k Clo~ng Selle~ will have and will convey to
Purchaser good and indcfcam~ok title to the Properly fre~ mid clear of any and 811 encu~s except the
Penni#ed Excepfom. Delivmy of the Title Policy pursuant to Section 7 below slatl be deemed to fulfill ali
dutim of Seller as to tire mfF-Jciency of title requbed hermmdeq provided however, Sell~ shall not thereby
rebased from the wannties of Sellers Dee(L
~. Impoe#~L AS a nmterbl pail or the considexafioe for this agr~cmcn~ Seller snd Purchaser It~rcc that PurcJm~ is
eskin8 Ibe Propm~ fred accepls the Property, AS IS, WHERE IS, WFI~ ALL FAULTS, with any and ~ ~ ~
IM~Jt d~ects a~J that ther~ is no wmunty by Seller tlmt the Im~pm~ is fit fo~ a pm~a~Ar purlMae.
on ils own inve~diom of Ibc peopet~ md not oo Iny infommtio~ provided or ~o be jlovMed by Seller except
or implied wmutim (exce~ for limited wmuntiee of ti~ set forth in the clo,in~ docummU). As t cooditiou
precedeut to S~ller's underUkinp and qreements bc~.,~l,% Seller expressly di~hinm md Purchser ~cknowledse~
tim Seller has dischhned making any repmmmtic~ warrmt~ or murunces with respect to ~e properly o~he~ flum
u specifically m out bsreio, spec/ficdly inch)dln~ but not limbd to, reprcsent~t/onf o~ wlrrm~t/m as to m#m of
o~ coa~ with N~plkable kws, oedinanccs, statotm or ~ovemmemal r~, including, wi*h limitation, mtucs
in its "ha is" condition, with all hultt, and without refauce to merchantability or fimm for any specific purpme.
Provisions of'this lXU. q~ph dudl survive the clo~in~.
6. Cbdn~.
a. The Cloains of this ~ shall be held following approvnl of thia core.ct in open public meetin~ by the
City Council of Ibc City of CoM~ but not later than October 15, 19~9, or om such enrtim' date nt may bc
designated by Purchaser by notlce to Seller nnd the Tide Company; CkMins shall be in the offlccs of the Title
Company, Time is of the e#eu~e as to clo~ing, Purclmsera~aflmtclosin~shtlloccurwithin 10 days of the
b. At tlxc Ck)sing, Sdler droll deriver to Purchme~: (1) Special Warrnty Deed conveying the Prope~, according
to th~ ~ description peepL,~d by b surveyor ms shown o~tbe Su~y of Propert%
Pertained i~xcep6om; (2) Title Policy ironed by ~he underwri~ f*o~ the ~ C~xnpmy
nindcr wi~h ~he survey excel~h~ deb~ed (excep~ as to shortages in urea) subj~c* only to ti~ Pertained
Excep~ma; (3) p,~___~-e~__-ion of' thc l~,opefl~, subject ~o ~he vertml srnzin8 leuc ~__*crt. ~oed below; and (4) non-
foreign c~mif~,at~.
c. At th~ ~ ~ ~ d~liv~ to ,'~11~ th~ pu~ha~ ~ (Ihe F.~aest Moz~
Comply for immediate disbursement at ~losing.
d. S~ller droll l~y the ~,,~ua for ti~ Title Poi~:y md ~ p~y hereto shll pay ia
Contra~t of Slle - Noe-Rmidenthl Page 2
CIo~. lfib~ C~ shall occur before ~he tax rato is fotod for the ihen curreafl yese, Ibe aj~t of
~ toxin shall be upon the besis of the *ax rate for lb~ 1~ year ai291ied *o the lafmt asae~ed valtm6on
be ~d~tod ~ tbe ~ upon receipt of v~i~en ~ of ~he paymmt tlsmmf. All ~axes impo~d
became ofa ehn~e ofuse of tbe Proper0/ 8fl~ lhe Ck~ shall be for ~be ncconnt of Purchset 'l'nc
obiip~i(m of the paflim to ad~ any amounts usod for jroratiom and Purchaser's oblisafion to pay
toxse on the Pt~q~t~y which nlny be nasemed ~ Closin~ dull expready survive (~.
Ns markat vabs~ Ibe iN~m V m ~b~ iaad b ~as~ral ma~ s~ be albwed m ~udi~y Ibe Inml ~
that spedsd 8pp~bd In a mbequem tax yenr and b Imsd ma~ then be npprabd st b f~d mark~
vabe. lB add#tom, b trnm~r d b hud er s subeequeat di~nr, f to bum d b Ismd may remit h
b ~ d a nddMtond m pbs M aa a pmalt~ br b trnmbr o~ b dmap to the me of
Ibc Im~L The Unbb vdue d b bed &ud b q~IcsMe mttbe4 or apprdmd b~ b mrreat tax
year h, Imb#e Jnbrmathm and my be eb4dBd rr~ the ~x npp~alsal diMrict e~,ablbh~d f~- the
couaty b whJeb the hnd b heated.
f. If the Prop~ is sittmtod wi~in a utility dislrict subject to the pmvhlons of Section 50.301, Texas W~ ~
tbtm at or pri~ to the Closin$ S~lkr asrues to 8ive Purchaser lbe MiRen no~ic.e r~qulrod by hid Soctinn ~
7. Tormina6oL ~fthisCon~ractis~min~todbyPurchasorinacc~(dnn~ev~hSectia~4ab~ve~tbeEameatMoney~km
g. DefndL If Selbr shall fail to conounnm~ ~his Contract for any ruson, excep~ Purchases ddauit, Purchser my
to cu~ ~ c(m~ct, or (b) Imninnto this Confn~ by $ivin~ writren nmice of tormifln~ion to Seller wi~ ~ ~ ~
specit'~i he,in f~ such __~,~c_'_,~ and receive · full nnd imme. dit~ r~fund and/or re~r~ as is sppioprilie, of tny and
F. amest Money. tf Purchuer shrill fail to consmmm*- ~ Cataract for any reason, exce~ .qellor's default or the
~nation of ~ Cmm~ct purm~t *o a tisht to *,,nnina~ ~iv~n I~rein, Seller, aa its sole md exclusive remedy.
be en~tled to receive the Earne~ Money se liquidaled dmnag~s for the bruch of ~his ComracL Sell~ and Purchsmr
rea~mble i~,~c~ima6on of Seller's damages for l)urch~er's f'ailu~ k) close this ~-anncfion tha~ i~ fnir and reasm~b]e
9. Commlmba.
n. Sellor Hd Purchad~ each re~esent tlmt tlxey are not ~esented by any mai esUto brokers or o4hor fm ~
shall be payah4e.
At tbe ~me of executbn of thh Contract, Pu~haor acknowledges ~Lut it hm beeu infanned tbet it should hve
the alMm~ coverlns b red emu which is~he subject to ~ Contract ex~min~ by an ammmy of Purclm~s
own sekction or ~ha: Pu~lmer should be fumidmi wilh or obtain t policy of t~ insuronce.
10. Mbedlaneous l'rovidon&
a. Date d ContrscL Tbe tmn "date of this Contract" as used herein shall mmn lhe dim on which ~be Earnut
Mouey is de~Mimi wi~ tbe Tit~ Company. In cmnputins any period of time under d~is ConU~ct, the dm of
d,y of my period co~uled under ~ Con~act shall be inclucled unbs it is · hturday. Sunday. or day on
which natinmd banks are officially closed for busincu, in wl~ch cvcnt ~%c pe~od shit1 nm ~ the cnd or' tl~
b. No6c~ Any notice or commnication required or lmm~ed h~reundor shall be doemed to be dalive~k
whed~ actually receivod or not, when dcpositod in th~ Uni~i SuMs marl, postqe fully prepaid, resistered or
~tifled mail, ~ddr~s~d to t~, ~.~,,.~b,~_ wc~i~nt nt~he Iddreu below. Notices mty be 'faxed' to the nund2or
iudic, atod ontbe sipmmre pa~e and shall be deemed delive~d on the d~y of transmls~lon if aont prior to 4:00
p~t~ and dsen~d deliv~ed on the followin8 d~y if sent after 4:00 p.m. oady on wod~hys Monday drousb
Friday. A valid mmsmiuion requires ~he sender to bare an uninmntpted, successful and comlde~J
talon ~o ~be COITeC~ phon~ number. Any eddress for notice may be changed by wfitton notice so 8iveu.
Contrsct of Sole - Non-Resbtsn~d Ps~]
Baptist FomMntion of Texns/Brmcb Properties, Inc.
1601 Elm Street, Suite 1700
Dallas, Texas 75201-7241
~ Mike Wagner
TeleX: 214/97S-33~3
Telecop~. 214/97[-~97
C~py To:
Beptist. Foundatio~ of Texas
1601 Ehn Street, Suite 1700
Dtllaa, Texas ?$201-7241
A~ntio~ .Joyce haley, Esq,
Telephone: 214/978-3324
Te~. 214/978-3395
255 ParL-w&y Blvd.
PO Box
CoMmll TX 75019
Tsl~alm~: 972/304-3618
Tsl~apy: 972/304-3673
C.~ To:
Robert lt. H~er
DallM, T~xas 75201
c. Fermi. In case of a dispute as to the form of any dooun~nt r~quized hereunder, the cun~t form prepared by
tbs ~ Daz of T~as shall be exmoZ~ively d~nnod re~xud~.
d. At~m-n~/s' Fee~. If elgin' ~ ~ he teq~red to employ an &tmmey m enf~:e of defend ~he rights of such
re~xx~ntafmm o~ warrant~ whi~ a~ not e0Clm~ly m fo~ hm~t.
~ Survival. Any lXX~m of this Contr~t not otl~wiae consummat~l at the' Cloo~ will survive the Closin~ of
~ &bld~q ~.fbet. This Cmura~ dull inu~ ~o dze ben~fit of and bind the pnnles hereto and th~i~ rtspective heirs,
II. C~rnct e' Ofbr. Tb~ ~cuti~m of this Contact by the first pazty to do so ~ an offer to purchase o~ s~l
the Pr0~xty. UMeea within ton ( I 0) days from the d~t~ of execut~m of ti~ Contract by the fit~t per~, this Contra~ ia
~-cel~d by ti~ other pa:~ and a f~lly ~cuted copy i~ delivercd M the first pa. ty, the ofl.~ o~ ~ ~ ~1 ~
12. Other Prevb~m.
a. Pu:cha~t ~ bye thirty (30) days f~om ~ dnt~ the Earn~ Moncy ia depositcd with th~ Title Company
fea~oility studbs, includin~ enviroemmul audits, and ~11 inv~ti~ions te~adin~ ~e prcsence ~ tvailabil~
Purclm~'s sole jud~,n~t, shah demmine az~ required to mjb/itself u to tl~ mitability of the Pmpe~ for
with Seller's mlx~enfatlve, ~ Wa~n~r, (214) 92~-0125. ~lmuid ~, ~ the Fea~bi~it,/
Proper~ unsuitable for Purclman"s intended proposes, nil in Purchaser's sole and absolute discretion, ~
Contrac~ ~ immediately tennimte and Title Company, without joinder o~ cament of Seller,
inm~din~ly tatum ~ Bamcst Metmey ~ only the In~pend~ut C~mtract consideration, to Purchase.
Comn~ of ~le. No~-B.e~n~l Pag~ 4
lmve not elected to tmninme this coauct,~a,~ the provbiom of this pmgru~ Purclmer e~rmly ssroes
bt Purchaser droll aot be entitled to the refund of any portioe of~be Eemm l~(.~o~y if Pu~clmser thould
b. This propefl~ is currem~ mbjec~ m a mo~b-t~fl~ I~ ~ wi~h Jim Stewurt, under which Seller hoe
m obliption to 8ive tatar 60 day~' umice tht Seller will Umimte the lease. There are no other lemes oa thi~
Sdler b n~spoum~le ~or say md &Il dmMse resuitin8 From the tennim~oe o~ ~ Leme. Seller will provide
Pu~Mse~ with m copy of this k~c.
c. Sdler has no knowl~lsc or no~ice oF my of the followin~ even~ activiti~ or rehtiomhips, as th~ may relate
(i) Existin~ l~n or condeumatioa proce~linp
(~i)
(//i) V/olaf/om of my q~pl/c, abk ~d/nmc~ or hw~ including env/ronmen~l
¢~v) Op~m
(v)
d. Purchoer qrees to phce, ~t the entr&uce to the (b~evine Springs Park, m 8M2ropri~ ~, to be aj~rov~
F~ttt~ of A. Webb Roberts, and tach mad~ shah recite tach other infornmfioa &bout Mr. Roberts m my ~
pmvidod by the Seller. The marker will bc abmfmeplmj~te, mountcdoanc~JcretelMse. Seller and Pmv. haaer
location. Purchamr qree8 tht the plaque shall be in place within one (1) year fi~n the d~te of ¢loein~ end
shall be nm~ and properly caned for by the Purchaser, at its sole cost and expense, throughout the Mrm of
any letae or extnslon of lease or any oth~ incidmce of ownership tlmt ~he City of Coppell may hive on that
F_.XECUTED on the da~s stated below.
SELLER:
a,~C~qT ~K~T~ON O~ T~/AS
Ad&m:
1601F, lm SU~ Suite 1700
Telephone: 214~22-0125
T~kcopy:
Date o£ Execution:
By:
Lynn Craf~ President - -
Act&ess:
1601 Elm Street, Suite 1700
D~laa, Texas 75201-';241
T~: 214/922-0125 ~/,~
Da~e of Execution:
Cofltrnct of hie - Non-~ Pqe $
Co~ of ~1~ - No~Rmd~i~l P~¢ 6