Parkview/FP-CS 870706 (2)ARTICLE III
PURCHASE PRICE
A. Municipal Center Site. The purchase price for
the ~unicipal Center Site shall be Three Hundred Sixty-One
Thousand Two Hundred Ninety-Two and No/100 Dollars
($361,292.00). The number of gross squar.e feet has been
determined by survey as provided in Article VI hereinafter.
The purchase price for the Municipal Center Site shall be paid
by City to Owner on the Closing Date, as hereinafter defined,
in cash or by cashier's check payable to the order of Owner.
B. Park Site Phase I. The purchase price for Phase
I of the Park Site shall be Two Hundred Thirty-Three Thousand
Seven Hundred Fifty and No/100 Dollars ($233,750.00) for the
approximately 51.34 acres designated "Phase I" on Exhibit "C".
The purchase price for Phase I of the Park Site shall be paid
in cash or by cashier's check payable to the order of Owner.
ARTICLE IV
CONDITIONS PRECEDENT TO OBLIGATIONS
BY OWNER
The obligation of Owner to consummate this Agreement
shall, at the option of Owner, be subject to the following
conditions precedent, any or all of which may be waived in
whole or in part by Owner in its sole discretion. It is
agreed, however, that City shall perform any particular waived
condition following Closing upon Owner's request, any such item
being a covenant which shall survive closing.
1. The Zoning Plan shall be in full force and effect
on the Closing Date.
2. The City Council of the City shall continue to
agree that the proper interpretation of the Sub-Division
Ordinance with respect to the Property shall allow for the
Property to be developed as follows, it being agreed that such
interpretation and the resulting application of the
Sub-Division Ordinance is the normal and reasonable course in
light of all relevant circumstances:
(a) No perimeter alleys shall be required
between developments in different zoning classifications;
(b) Residential lots may front on Moore,
Deforest, Lodge, Heartz, Sandy Lake and Denton Tap Roads
and Parkway Boulevard, provided that rear access driveways
are provided for such lots;
(c) Moore, Deforest, Lodge and Heartz Roads and
Parkway Boulevard shall have sixty foot (60') rights-of-way
with forty-four foot (44') wide paving, provided that
Parkway Boulevard shall be a divided thoroughfare from
Denton Tap Road to Heartz Road with two twenty-four foot
(24') paving sections in seventy-four feet (74') of
right-of-way;
(d) On Moore, Deforest, Heartz and Lodge Roads
and Parkway Boulevard, paving of only twenty-four feet
(24') in width shall be required until such time as a final
plat is filed of record for the property on the opposite
side of such road;
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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 II
12770 Colt Road, Suite 1215
Dallas, Texas 75251
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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