Park Place-CN 870127AMENDMENT TO CONTRACT OF SALE
This Amendment to Contract of Sale ("Amendment") is made
and entered into as of the day of January, 1987, by and
between the Parks of Coppell Joint Venture II ("Owner"), a
Texas joint venture, and the City of Coppell ("City"), a
municipal corporation and political subdivision of the State of
Texas.
W I T N E S S E T_H :
WHEREAS, heretofore on December 30, 1982, Owner and City
entered into a Contract of Sale (the "Agreement"), pursuant to
which Owner agreed to sell to City, and City agreed to purchase
from Owner, a Municipal Center Site (herein so called) and
Phase I of the Park Site (herein so called); and
WHEREAS, in connection with the Agreement, Owner granted
City options to purchase Phase II of the Park Site (herein so
called) and Phase III of the Park Site (herein so called); and
WHEREAS, the Municipal Center Site, Phase I of the Park
Site, Phase II of the Park Site and Phase III of the Park Site
are described by metes and bounds in Exhibits A, B, C and D,
respectively, attached hereto; and
WHEREAS, pursuant to the Agreement and the option covering
Phase II of the Park Site, the City acquired: (i) the
Municipal Center Site on December 30, 1982, for a total
purchase price of $361,292.00; (ii) Phase I of the Park Site on
December 30, 1982, for a total purchase price of $233,750.00;
and (iii) Phase II of the Park Site on March 14, 1986, for a
total purchase price of $388,800.00; and
Wq~EREAS, certain appraisals prepared by Bill Dotson &
Associates indicate that the appraised fair market value of:
(i) the Municipal Center Site as of August 5, 1983, was
$960,000.00; (ii) Phase I of the Park Site as of December 1,
1982, was $743,000.00; and (iii) Phase II of the Park Site as
of May 31, 1985, was $2,035,000.00; and
WHEREAS, Owner sold the Municipal Center Site, Phase I of
the Park Site and Phase II of the Park Site to City at a price
substantially less than such properties' true fair market value
as indicated by the aforesaid appraisals; and
WHEREAS, the sales price for Phase III of the Park Site
also is substantially less than the true fair market value Of
such property; and
WHEREAS, the sale of the Municipal Center Site, Phase I of
the Park Site and Phase II of the Park Site by Owner to City
for a price substantially less than such properties' true fail
market value and Owner's agreement to sell Phase III of the
Park Site to City for a price substantially less than such
property's true fair market value was in part in consideration
of and reliance upon the agreements of City contained in the
Agreement and the options covering Phase II of the Park Site
and Phase III of the Park Site; and
WHEREAS, initially City agreed to purchase the Municipal
Center Site, Phase I of the Park Site, Phase II of the Park
Site and Phase III of the Park Site as undeveloped land; and
shall cause such drainage improvements to be constructed
without material deviation from such plans. After City's
engineer has confirmed that Owner has completed such drainage
improvements without material deviation from such plans, City
agrees to accept such drainage improvements and to maintain,
repair and replace the same. Where such land is not owned by
City, Owner agrees to grant City easements (in form mutually
acceptable to Owner and City) covering the areas in which such
drainage improvements are located to allow City to use,
maintain, repair and replace the same.
21. Water Line Reimbursement. Concurrently with the
execution of this Amendment, City agrees to pay Owner the sum
of $6,100.00 to reimburse Owner for one-half of the costs of
extending a sixteen (16) inch water line in Parkway Boulevard.
22. Confirmation of Existing Agreements. City hereby
confirms that City will abide by the agreements of City
contained in the Agreement, including, without limitation,
those agreements contained in Articles IV, V and X of the
Agreement regarding zoning, subdivision ordinance
interpretation and paving assessments. Owner agrees that Owner
will not submit subdivision plats for residential lots fronting
on Sandy Lake Road and Denton Tap Road, but Owner shall have
the right to front residential lots on Moore, Samuells, Lodge,
Heartz and Parkway Boulevard provided that rear access
driveways are provided for such lots.
23. Road Name Change. Owner and City hereby agree that
Samuells Road is hereby substituted for Deforest Road wherever
Deforest Road appears in the Agreement. The foregoing sentence
does not apply to the reference to Deforest Road contained in
paragraph 18 of this Amendment.
24. Notice. Any notice or communication required or
permitted pursuant to the Agreement shall be given in writing,
sent by United States mail, postage prepaid, registered or
certified mail, return receipt requested, addressed as follows:
To Owner:
Parks of Coppell Joint Venture
12770 Colt Road, Suite 1215
Dallas, Texas 75251
II
To City:
City of Coppell
P.O. Box 478
Coppell, Texas 75019
Attn: City Manager
or to such other address or to the attention of such other
person as hereafter shall be designated in writing by the
applicable party. Any such notice or communication shall be
deemed to have been given as of the date of deposit in the
United States mail.
25. Time of Essence. Time is important to both Owner and
City in the performance of the Agreement, and they have agreed
that strict compliance is required as to any date set forth
therein. If the final date of any period which is set forth in
any term or provision Of the Agreement falls upon a Saturday,
Sunday or legal holiday under the laws of the United States or
the State of Texas, then, and in such event, the time of such
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EXECUTED as of the date first above written.
OWNER:
PARKS OF COPPELL JOINT
VENTURE II
~oint Venturer '
CITY:
CITY OF COPPELL
~6int Venturer
By
City Administrator
3513S
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STATE OF TEXAS
COUNTY OF DALLAS
CONTRACT OF SALE
THIS CONTRACT OF SALE ("Agreement") is made by and
between the PARKS OF COPPELL JOINT VENTURE II (hereinafter
"Owner") and the CITY OF COPPELL, a municipal corporation and
political subdivision of the State of Texas (hereinafter
"City") upon the terms and conditions set forth herein.
ARTICLE I
DEFINITIONS
The following terms shall have the meaning set forth
unless the context clearly requires otherwise:
"Property" - The approximately 766 acres of land owned
by Owner located within the City, as more particularly
described in the attached Exhibit "A", which is incorporated
herein by reference.
"Municipal Center Site" - The approximately 8 acres of
land located within the Property, as more particularly
described in the attached Exhibit "B", which is incorporated
herein by reference.
"Park Site" - The approximately 164.9 acres of land
located within the Property, as more particularly described in
the attached Exhibit "C", which is incorporated herein by
reference.
"Zoning Plan"
by the City Council of
by Ordinance No. 204-~-16, dated July 27, 1982, as more
particularly set forth in the at~ached Exhibit "D", which is
incorporated herein by reference.
- The zoning for the Property, approved
the City on June 22, 1982, and evidenced
"Zoning Ordinance" - Ordinance No. 204, as amended,
adopted by the City of Coppell.
as
"Sub-Division Ordinance" - Ordinance No. 185, as
amended, as adopted by the City of Coppell.
ARTICLE II
PURCHASE AND SALE
Owner hereby agrees to Convey and City hereby agrees
to purchase the Municipal Center Site and Phase ! (hereinafter
designated) of the Park Site, together with all and singular
the rights and appurtenances pertaining thereto, in accordance
with the terms of this Agreement, it being understood that
Owner is simultaneously granting to City options to purchase
the balance of the Park Site (Phases II and III thereof
hereinafter designated) under separate option agreements of
even date herewith.
(e) Denton Tap and Sandy Lake Roads shall have
one hundred twenty foot (120') rights-of-way, provided
neither Owner nor its successors or assigns shall be
required to construct, grade, pave or provide drainage for,
or be specially assessed for the construction, grading,
paving or draining, of such roads;
(f) Sidewalks shall not be required to be
constructed until such time as a building permit is issued
for a particular lot or parcel; at such time, the sidewalk
may be constructed at the street curb line;
(g) Funds normally escrowed or used for
completion of perimeter streets upon approval of a final
plat may be used to build other collector streets in the
Property, provided that Owner enters into an agreement at
the time to replace such funds when a subsequent tract
within the Property obtains final plat approval.
The deferral of the following perimeter street
escrow or construction requirements and the following
replacement substitution is acceptable to the City. Other
deferrals and replacements requested by Owner will be
reviewed by the City on an individual basis for approval,
such approval to not be unreasonably withheld.
(i) Deforest Road adjacent to the east side
of Tract 17 to be deferred at the platting of the
approximate south one-half (1/2) of Tract 17 and to be
replaced with the platting of the remainder of Tract
17.
(ii) Lodge Road adjacent to the west side of
Tract 11 - to be deferred at the platting of Tract 11
and to be replaced with the platting of Tract 9.
(iii) Moore Road adjacent to the west side of
Tract 17 .- to be deferred at the platting of Tract 17
and to be replaced with the platting of Tract 10.
(iv) Deforest Road adjacent to the east side
of Tract 15 to be deferred at the platting of Tract
15 and to be replaced at the platting of Tract 4
(except for Parkway Boulevard right-of-way).
(v) Deforest Road adjacent to the east side
of Tract 14 - to be deferred at the platting of Tract
14 and to be replaced with the platting of Tract 6
(except for Parkway Boulevard right-of-way).
(vi) Owner may substitute other tracts
within the Property for any "replacement" tract
provided Owner can reasonably demonstrate to the City
that the substitute tract has equal or better
development potential as the tract for which it is
substituted.
(h) Enclosed storm sewers shall be provided by
Owner in all areas where the quantity of the accumulated
storm runoff does not exceed the capacity of a thirty-six
inch (36") diameter reinforced concrete pipe on the maximum
available slope, as determined by Owner's engineers; where
such capacity would be exceeded, open drainage channels may
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ARTICLE XII
BREACH BY CITY
If City shall fail to co~lsummate the purchase of the
Municipal Center Site and Phase I of the Park Site, the
conditions to City's obligation have been satisfied and City
being in default and Owner not in default hereunder, Owner as
its sole remedy may enforce specific performance of the City's
obligations hereunder, except that Owner.shall not have a right
to enforce specific performance to require the City to purchase
all.or any part of the Municipal Center Site or Phase I of t.he
Park Site.
ARTICLE XIII
MISCELLANEOUS
Parties Bound
This Agreement shall be binding upon and shall inure
to the benefit of the parties hereto and their respective
heirs, executors, administrators, successors and assigns,
including all owners of any part of the Property.
Prior Agreements Superseded
This Agreement and the aforementioned option
agreements of even date herewith, constitute the sole and only
agreements of the parties hereto and supersede all prior
understandings and written or oral agreements between the
parties respecting the within subject matter.
Time of the Essence
Time is of the essence of this Agreement.
EXECUTED AND DELIVERED "CITY":
city on /2-,.¢o,,., 1982 ,-,
City
EXECUTED AND DELIVERED "OWNER":
By Owner on /Y/%~ , 1982 PARKS OF COPPELL JOINT
VENTURE II
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