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HomeMy WebLinkAboutCDCRes2009.03.01ANNA COMMUNITY DEVELOPMENT CORPORATION RESOLUTION NO. Q D D- 0- V( C O c) A RESOLUTION OF THE ANNA COMMUNITY DEVELOPMENT CORPORATION AUTHORIZING EXECUTION OF AN AGREEMENT FOR FINANCING A PORTION OF THE PURCHASE PRICE OF PARK PROPERTY WHEREAS, the Anna Community Development Corporation (the "CDC") intends to purchase certain property described in further detail below to be used for public park purposes; and WHEREAS, the CDC has determined that financing a portion of the purchase of said property is in the financial interests of the CDC; NOW THEREFORE, BE IT RESOLVED BY THE ANNA COMMUNITY DEVELOPMENT CORPORATION, THAT: Section 1. Recitals Incorporated The recitals set forth above are incorporated herein for all purposes as if set forth in full. Section 2. Authority to Execute Financing Agreement The President of the CDC is hereby authorized to execute, on the CDC's behalf, a finance agreement —along with any associated documents —(collectively, the "Finance Documents") necessary to set forth the arrangement between the CDC and an FDIC member lending institution (the "Lender"), requiring the Lender to lend and requiring the CDC to borrow and repay with no penalty for early repayment up to $250,000 to finance a portion of the $375,000 purchase price of approximately 1.705 acres described in more detail in the attached EXHIBIT A, incorporated herein for all purposes. Said authority to execute the Finance Documents is subject to approval of the form and content of same by the CDC's legal counsel. PASSED AND APPROVED by the Anna Community Development Corporation this T`I'day of f a4,C4V , 2009. ATTEST: 6 (_ 1 3 /i-- CDC Secretory CDC OF ANNA. TEXAS RESOLUTION NO. PAGE 1 OF 1 )' Landscape Easement EXHIBIT A White street Point of F.M. Highway No. 455 Beginning (a variable width right—of—way) (TRACT ONE) — S87'05'00"E Fm, Optic M r� 144.70' Tel. Ped�— C SSNR YN e Width -- — -- I .asement II-- Pg. 221 — a I —4 Lot 1, Block A I AUTOZONE ADDITION I I Vol. 2007, Pg. 221, M.R.C.C.T. I I � N I NO2'54'59"E I W a 172.96' I I a 10' Utility Easement s mo o a N Vol. 2007--Pg. 221 o � � I N I 1/2' I.R.S. I N87'05'01"W I I 28.48' Part of Lot 2, Block A AUTOZONE ADDITION .G Vol. 2007, Pg. 221, M.R.C.C.T. I in _ Cr ONE 'm w I .705 Acres I Remainder of Lot 2, Block A AUTOZONE ADDITION Vol. 2007, Pg. 221, M.R.C.C.T. gmei SPAR —j W O O O O O in N 02'40' 00"E 376.00' » 9'00"E ,266.78' N87'20'00"W 206.78' 5/8' I.R.F. W/Orange Cap Stamped 5/8' I.R.F. W/Orange 'RPLS 5256' (CA.) Cap Stamped � 'RPLS 5256' (CA.) James Allen Mann, Jr. C.C.F.# 93-0108070, D.R.C.C.T. City of Anna Clerk's File No. 20060714000982730. D.R.C.C.T. 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N.. 20060714000M7X D.RGGT. PURCHASE AND SALE AGREEMENT This Purchase and Sale Agreement ("Agreement") is entered into as of the date set forth below between Joe Mark Elliot, an individual, and Windmill Self Storage, LP, a Texas limited partnership (collectively referenced herein as "Seller"), and Anna Community Development Corporation and the City of Anna, Texas (collectively referenced herein as "Purchaser"). In consideration of the mutual covenants set forth in this Agreement, the parties agree as follows: Section 1. Sale, Purchase, and Donation. On and subject to the terms and conditions set forth in this Agreement, Seller agrees to sell and convey to Purchaser, and Purchaser agrees to purchase and accept from Seller, for the Purchase Price (defined below) that certain tract of land described in the attached Exhibit A and Seller agrees to donate and convey to Purchaser, and Purchaser agrees to accept from Seller, that certain tract of land described in the attached Exhibit B, said conveyances to vest in Purchaser good, marketable, and indefeasible title in fee simple to said tracts of land described in Exhibit A and Exhibit B, together with all rights and appurtenances. Said tracts of land described in Exhibit A and Exhibit B, together with all rights and appurtenances, is referred to as the "Property." The Seller and Buyer further agree to abide by the provisions set forth in the attached Exhibit C. Section 2. Purchase Price and Donation. The purchase price ("Purchase Price") to be paid by Purchaser to Seller for the Property will be in the amount of $375,000. The Purchase Price will be payable at the Closing (defined below) as follows: $375,000 will be paid at Closing in cash or by check as specified in Section 5(b)(2). Section 3. Title and Survey. (a) Within 20 days after the Effective Date (defined below), Seller, at Purchaser's expense, provided such expense is reasonable and customary, will deliver or cause to be delivered to Purchaser the following: (1) Commitment for title insurance ("Title Commitment") from McKinney Title Co., 212 E. Virginia, McKinney, TX 75069, telephone number 972.562.7000 ("Title Company"), setting forth the status of the title of the Property and showing all liens, claims, encumbrances, reservations, restrictions, outstanding mineral interests, UCC filings, and other matters, if any, relating to the Property; and (2) A true, complete, and legible copy of all documents referred to in the Title Commitment, including without limitation UCC filings, plats, deeds, zoning ordinances, restrictions, and easements. (b) Within 20 days after the Effective Date, Purchaser, at Purchaser's expense, will obtain a survey ("Survey") consisting of a plat and field notes, prepared by a licensed surveyor and Purchaser shall deliver same to the Title Company, which Survey will: (1) reflect the actual dimensions of the Property, the net area of the Property (to the nearest square foot) as provided in Section 2, the location of any easements, rights -of -way, setback lines, encroachments, or overlaps and the outside boundary lines of any improvements; (2) identify by recording reference any easements, setback lines, or other matters referred to in the Title Commitment; (3) include the surveyor's registered number and seal, the date of the Survey, and a certificate satisfactory to Purchaser; (4) reflect that the Property has access to and from a publicly dedicated street, road, or highway; (5) be sufficient to cause the Title Company to delete, except for "shortages in area," the printed exception for "discrepancies, conflicts or shortages in area or boundary lines, or encroachments, or any PURCHASE AND SALE AGREEMENT PAGE 1 of 9 overlapping of improvements" in the Owner's Title Policy to be delivered to Purchaser pursuant to Section 5(b)(1)(ii); (6) reflect any area within the Property that has been designated by the Federal Insurance Administration, the Army Corps of Engineers or any other governmental agency or body as being subject to special or increased flooding hazards; and (7) in compliance with the applicable requirements of the Texas Society of Professional Surveyors as to the 2005 Minimum Standard Detail Requirements for ALTA/ACSM Land Title Surveys as adopted by American Land Title Association and National Society of Professional Surveyors, as amended. For purposes of the Property description to be included in the general warranty deed to be delivered pursuant to Section 5(b)(i), the field notes prepared by the surveyor will control any conflicts or inconsistencies with Exhibit A or Exhibit B and such field notes will be incorporated in this Agreement by this reference on their completion. (c) Purchaser will have 10 days from the receipt of all of the information referred to in Sections 3(a) and (b) in which to examine and notify Seller of those items, which Purchaser will accept title to the Property to (the "Permitted Encumbrances") and those matters which Purchaser finds objectionable (the "Encumbrances"); if such notice is not given it will be deemed that all matters reflected by the Title Commitment and Survey are "Permitted Encumbrances." Seller, at its sole cost and expense, will use reasonable efforts to cure or remove all encumbrances, give Purchaser notice, and deliver within 10 days of the date of Purchaser's notice an amended Survey and Title Commitment reflecting the cure of such matters. Seller will not be obligated to initiate litigation or spend more than $2,500 to cure or remove any Encumbrance (other than any lien constituting an Encumbrance) affecting the Property. Any liens affecting the Property will be considered "Encumbrances," and Seller will cause the same to be fully released of record at or prior to the Closing. (d) If Seller fails to timely cause all of the Encumbrances to be removed or cured, and timely written notice to be given to Purchaser, Purchaser will have the following rights: (1) Purchaser may unilaterally extend the date for Closing a reasonable time to afford Seller additional time within which to cure such Encumbrances (without prejudice to Purchaser's rights under Sections 3(d)(2) or (3)); (2) Purchaser may terminate this Agreement by giving Seller written notice, in which event the Earnest Money (defined below) will be returned to Purchaser, and neither party will have any further rights, duties, or obligations under this Agreement; or (3) Purchaser may elect to purchase the Property subject to the Encumbrances not so removed or cured, in which event the Purchase Price will be reduced by any amount paid to cure or cause the release of any Encumbrance. (e) Seller agrees not to enter into any agreement or instrument or take any action after the Effective Date without the prior consent of Purchaser which would constitute or create an Encumbrance or which would bind Purchaser or the Property after the Closing. Section 4. Earnest Money. Concurrently with the execution of this Agreement, Purchaser has delivered to Title Company a check payable to the order of Title Company in the amount of $1,000. As used in this Agreement, the term "Earnest Money" will mean the amount so deposited. All Earnest Money will be held in escrow and delivered by Title Company in accordance with the provisions of this Agreement. Within seven business days from the date of this Agreement the Earnest Money will be placed in an interest bearing account or obligation satisfactory to Purchaser, and all interest earned in respect of the Earnest Money will be paid to Purchaser by Title Company immediately on receipt of the Earnest Money. PURCHASE AND SALE AGREEMENT PAGE 2 OF 9 Section 5. Closing. (a) The closing ("Closing") of the sale of the Property by Seller to Purchaser will occur at [time of closing] on [date of closing], in the offices of Title Company. (b) At the Closing, the events set forth in this Section 5(b) will occur, it being understood that the performance or tender of performance of all matters set forth in this Section 5(b) are mutually concurrent conditions: (1) Seller, at Purchaser's expense, provided such expense is reasonable and customary, will deliver or cause to be delivered to Purchaser: General Warranty Deed in form and substance reasonably satisfactory to Purchaser, fully executed and acknowledged by Seller, conveying to Purchaser the Property; ii) Texas Form Owner Policy of Title Insurance ("Title Policy") issued by Title Company in the amount of the Purchase Price, naming Purchaser as the insured, subject only to those matters to which the General Warranty Deed will be subject, and the standard printed exceptions contained in the Title Policy; provided, however, that the standard exception pertaining to discrepancies, conflicts, or shortages in area will be deleted except for "shortages in area," such policy will have "None of Record" endorsed regarding restrictions (except for restrictions that are Permitted Encumbrances), there will be no exception for rights of parties in possession and the standard exception for taxes will be limited to the year in which the Closing occurs and subsequent assessments for prior years due to changes in land usage or ownership; iii) Certificate executed by Seller confirming that all warranties and representations set forth in Section 11 are true and correct as of the date of Closing; iv) Certificate (A) confirming the Seller's United States taxpayer number and (B) stating that Seller is not a "foreign person" within the meaning of 26 U.S.C. § 1445 of the Internal Revenue Code of the United States of America of 1954, as amended (the "Code"), and otherwise in compliance with the regulations promulgated under that Code section; and v) Physical possession of the Property free and clear of all tenancies of every kind and parties in possession with all parts of the Property in substantially the same condition as on the Effective Date; and (2) Purchaser, at its sole cost and expense, will deliver or cause to be delivered to Seller a cashier's or certified check, or a check of the Title Company, payable to the order of Seller in the amount equal to the Purchase Price, adjusted as provided in this Agreement, due credit being given for the Earnest Money. (3) Ad valorem and similar taxes and assessments relating to the Property will be the responsibility of Seller through the end of year 2008 and the responsibility of Buyer on and after January 1, 2009. Seller will be responsible for and will indemnify Purchaser against any and all costs and expenses (including, without limitation, attorney fees) incurred by Purchaser as a result of taxes assessed against the Property for periods of time before January 1, 2009. The provisions of this Section 5(b)(3) will survive the Closing. (4) Purchaser and Seller will, if requested, furnish satisfactory evidence of their authority to execute the Closing documents and consummate the sale and purchase contemplated in this Agreement, and will execute such other documents and take such other action as may be reasonably necessary or appropriate to effect such consummation. PURCHASE AND SALE AGREEMENT PAGE 3 OF 9 4 Section 6. Remedies. (a) If Purchaser refuses to consummate the purchase of the Property pursuant to this Agreement for any reason other than termination pursuant to a right granted Purchaser to do so, then Seller, at its sole and exclusive remedy, may terminate this Agreement by notifying Purchaser thereof, in which event neither party will have any further rights, duties, or obligations under this Agreement, and Title Company will deliver to Seller, as liquidated damages, the Earnest Money. (b) If Purchaser terminates this Agreement pursuant to a right granted Purchaser under this Agreement, then neither party will have any further rights, duties, or obligations hereunder, and Title Company will return the Earnest Money to Purchaser. (c) If Seller fails to perform any of its agreements or obligations under this Agreement, or should any of Seller's representations and warranties made be not true and accurate, Purchaser may: (1) terminate this Agreement by notifying Seller; (2) enforce specific performance of the obligations of Seller; and/or (3) seek any other rights, recourses, or remedies available to Purchaser, all remedies being cumulative. Section 7. Notices. Any notice provided or permitted to be given under this Agreement must be in writing and may be served by depositing same in the United States mail, addressed to the party to be notified, postage prepaid and registered it certified with return receipt requested or by facsimile. Notice given in accordance with this section will be eftctive on receipt at the address of the addressee. For purposes of notice, the addresses of the parties will be as follows: If to Seller, to: Joe Mark Elliot Windmill Self Storage, LP 2252 E. University Dr. McKinney, Texas 75069 Collin County, Texas Facsimile If to Purchaser, to: Anna Community Development Corporation c/o City Manager, City of Anna 111 N. Powell Parkway Anna, Texas 75409 Collin County, Texas 972-924-2620 Facsimile With a copy to: Clark McCoy Wolfe, Tidwell & McCoy, LLP 2591 Dallas Parkway, Suite 205 Frisco, Texas 75034 Collin County, Texas 972-712-3540 Facsimile Section 8. Commissions. If, but only if, the transactions contemplated in this Agreement are fully and finally closed, Seller agrees to pay its agent, Bill Sportsman Real Estate ("Broker") a commission in the amount of 6% of the Purchase Price, and otherwise in accordance with a separate agreement between Seller and Broker. Seller agrees to defend, indemnify, and hold harmless Purchaser, and Purchaser agrees to defend, indemnify, and hold harmless Seller, from and against any claim by third parties for brokerage, commission, finder's, or other fees relative to this PURCHASE AND SALE AGREEMENT PAGE 4 OF 9 If N Agreement or the sale of the Property, and any court costs, attorney fees, or other costs or expenses arising from such claim, and alleged to be due by authorization of the indemnifying party. Section 9. Condition to Purchaser's obligations. Purchaser will have a period of 20 days from the Effective Date in which to go on the Property and make inspections, environmental studies, surveys, test borings, and soil analysis, and in which to conduct a feasibility study of the drainage, utilities availability, environmental conditions and other matters to determine if the Property is suitable for Purchaser's proposed use or development. If within such 20-day time period Purchaser does not notify Seller in writing if Purchaser has found the Property unsuitable for Purchaser's use or development, then Purchaser will be deemed to have waived the provisions of this Section 9 and Purchaser may not thereafter terminate this Agreement for that reason. At any time prior to the end of such 20 day time period, however, Purchaser may notify Seller that Purchaser, in its sole discretion, has determined that the Property is not suitable for its proposed development, in which event this Agreement will terminate as provided for in Section 6(b). Purchaser's inspection of the Property will not, in any event, extinguish, reduce, or otherwise affect the warranties and representations made by Seller. Section 10. Condemnation. If prior to the Closing all or any part of the Property should be taken by eminent domain or condemnation or should any notice be given that any entity with the power of eminent domain desires to take all or any portion of the Property, Seller will immediately notify Purchaser in writing. Purchaser will have five days from receipt of such notice in which to elect to either terminate this Agreement or proceed to Closing. If within such five-day time period Purchaser elects to terminate this Agreement, then the same will be terminated as provided for in Section 6(b). If Purchaser does not notify Seller that it wishes to terminate this Agreement within such time period, then Closing will occur as otherwise provided, but Seller will assign to Purchaser at Closing all of Seller's rights to any condemnation awards or other proceeds payable in respect of the taking in question. Section 11. Seller's Representations and Warranties. Seller warrants and represents to Purchaser that: (a) Seller now has and will have at Closing good, marketable, and indefeasible title, in fee simple, to the Property, and no party, except as set forth in this Agreement, has any rights in, or rights to acquire the Property; (b) There are no (and on the date of Closing, there will not be any) actions, suits, or proceedings pending, or, to the knowledge of Seller, threatened against Seller or the Property which could materially adversely affect the Property; (c) Seller has full right, power, and authority to execute, deliver, and perform this Agreement without the necessity of obtaining any consents or approvals of, or the taking of any other action with regard to any third parties (or if any such consents, approvals, or other action are required, the same will be accomplished at or prior to the Closing) and this Agreement, when executed and delivered by Seller and Purchaser, will constitute the valid and binding agreement of Seller, enforceable against Seller in accordance with its terms; (d) Seller has no actual knowledge of any law, regulation, fact, or condition relative to the Property which would materially adversely affect Purchaser's proposed use for development for public park purposes; (e) To the best of Seller's knowledge, the use of the Property for the development for public park purposes will not violate any existing zoning ordinances or other public or private land use restriction; (f) To the best of Seller's knowledge, the Property has never been the site of any activity which would violate any past or present laws of any federal, state, or local governmental body or agency, including (without limitation) all environmental laws, and no hazardous materials have ever been buried on or in the Property; PURCHASE AND SALE AGREEMENT PAGE 5 of 9 (g) The Property is not located within the boundaries of any municipal utility district, public utility district, or other similar body politic; (h) The Property is not located within any area designated as being subject to special flood hazards by the Army Corps of Engineers, the Federal Insurance Administration or any other agency or instrumentality having jurisdiction over the Property; (i) The Property has free uninterrupted access to and from a publicly dedicated street or road; (j) There is sufficient utility service available to the boundaries of the Property (including without limitation, gas, electricity, water, sewer, and telephone service) for the development on the Property for public park purposes; Section 12. Survival. All warranties, representations, and covenants made by Seller in this Agreement and in any document, instrument, or certificate executed and delivered pursuant to this Agreement will survive, and not be merged or extinguished by, the Closing or any investigation made by or on behalf of either party. Section 13. Foreign Person. In the event that: (a) Seller is a "foreign person" (as defined in 26 U.S.C. § 1445(f)(3) of the Code and its regulations); (b) Seller fails or refuses to deliver the non -foreign certificate required in Section 5(b)(iv); or (c) Purchaser receives notice from any Seller -transferee's agent or Purchaser -transferee's agent (each as defined in 26 U.S.C. § 1445(d) of the Code and its regulations) that, or Purchaser has actual knowledge that, such certificate is false, and the transaction is not otherwise exempted from the withholding requirements of Section 1445 of the Code and its regulations, then Purchaser will be entitled to deduct and withhold from the Purchase Price a tax equal to the highest amount required or permitted by Section 1445 of the Code. In the event of any such withholding, Seller's obligations under this Agreement will not be excused or otherwise affected, Purchaser will remit such amount to and file the required form with the Internal Revenue Service, and Seller in the event of any claimed over -withholding will be limited solely to an action against the Internal Revenue Service for refund under the Code, and waives any right of action against Purchaser on account of such withholding. Section 14. Assigns. This Agreement will inure to the benefit of and be binding on the parties and their respective successors and assigns. Seller agrees that if Purchaser assigns its rights under this Agreement to a party who fully assumes Purchaser's obligations and liabilities, Purchaser will be fully released from all of its obligations and liabilities under this Agreement. Section 15. Purchaser's Costs as Liens. All sums paid by Purchaser on account of this Agreement, and the reasonable expenses of the examination of the title to the Property and to the survey made in connection with it are made liens on the Property. However, such liens will not continue after a default by Purchaser under this Agreement. If Seller fails to convey title in accordance with the terms of this Agreement, the sole liability of Seller will be to refund to Purchaser the amount paid on account of the Purchase Price, including the Earnest Money, and to pay the net cost of examining the title, which cost will not to exceed the charges fixed by the Title Company, and the net cost of any survey made in connection with examining title incurred by Purchaser. On the making of such refund and payment, this Agreement will be considered cancelled, and all the respective rights and obligations under it will cease and become null and void. PURCHASE AND SALE AGREEMENT PAGE 6 OF 9 Section 16. Exhibit. All exhibits are fully incorporated in this Agreement by this reference for all purposes. Section 17. Entire Agent. This Agreement sus brth all agreements between Settler and Purch w relative to the Property, and all prior negotiaftw or age emmvits are rnoged in this Agreement No enodi ' n of this Agreement or subsequent 2�gnent reel -Om to the subgect matter of this Agreement vA'U be binding unless reduced to a writing signed by the party to be bound. Section I& Applicable low. This Agreement wiq in all respects be governed by, and consbued In accordance with, the substantive federal laws of the United States and the ors of the State of Texas. Section 19. Flemings. The section and subse#ion hidings appearing in this Agreement are for convenience of reference only and are not Intended, to any extent and for any purpos% to limit or delline the text of any section or subsection. Section 20. Amendment and VftWw. This Agreement may be wed or dhNged only by written dmunent duly ex by Seller and Purchaser, and any alleged arnendr ad, ar change, which is not so documerdoll vWll not be effective as to either party. Provisions of this Agreement may be waived by the party, whir is entitled to the benefit by evidencing such waiver in writing, executed by such party. Section 21. Exp"ration of Offer. EfTeW40 - Dates. The off represented by this Agniernent wig expire if not accepted by Seller, as hereafter provided, on or before &.00 p.m. on March 6, 2009. Seiler will accept this Agreement by executing a counterpart and dellvering the serrte to Purim prior to the time stud in this sermon. For all purposes, the "-flu cdve Daw of this Agreement w l be the date upon which this Agreement has been exec end by Joe MarkEltfot and Whubraill Self Storage, LP, as lndiceW bebw, and delivered to the Purer. SIGNATURES: SELLER (.foe Nark Blo% Individually, and VlindmIH Self Storage, LP, a Texas limited P---&- --h10) z Elliot State of T ( County of ` �►= Date byselier. 3----Zf-Pf Before me, on this day personally appeared Joe Mark knatwn to me to be the person whose name is subsc dbed to the foregoing instrument and acknowledged to me that he a 'a auto the same for the purposes and oonsaderatherein expressed. of 2009. RICKY W. CARTER Notary Public -A STATE OF TEXAS N ,,,, My Comm. Exp. May. 19, 2012 mnpn PURCHASE AID SALE ME PAGE 7 OF 9 Windmill Self Storage, LP Date executed by Seller: �" •� "d By: Mark Ragon, Manager qf Mard4Ragon, LLC (General Partner for Windmill Self Storage, LP) State of Texa County of CMA 1 Before me, on this day personally appeared Mark Ragon, known to me to be the person whose name is subscribed to the foregoing instrument and acknowledged to me that he executed same in his duly authorized capacity as Manager of Mark Ragon, LLC (General Partner of Windmill Self Storage, LP) for the purposes and consideration therein expressed. Given under my hand and seal of office this 2ju of 2009. ------------- ( RICKY W. CARTER .0 Notary Public STATE OF TEXAS Notary — State Texas EID:My Comm. Exp. May. 19, 2012 PURCHASER (Anna Community Development Corporation, and the City of Anna, Texas) Anna mmunity Dev lopment Corporation 11 Date executed by Purchaser: 3 20 B, : arr Dr' e , i President State of Texas County of Collin Before me, on this day personally appeared Darren Driskell, known to me to be the person whose name is subscribed to the foregoing instrument and acknowledged to me that he executed same in his duly authorized capacity of President of the Anna Community Development Corporation for the purposes and consideration therein expressed. under nil l I�� _Kof offi this ay of i c�� 2009. Notary Public STATE OF TEXAS My Comm. Exp. May. 19, 2012 Notary — State o exas City of Anna, Texas (), v A A � 1411 Date executed by Purchaser: A, �y: I `ander , City er State of Te as County of Ilin PURCHASE AND SALE AGREEMENT PAGE 8 OF 9 Before me, on this day personally appeared Philip Sanders, known to me to be the person whose name is subscribed to the foregoing instrument and acknowledged to me that he executed same in his duly authorized capacity of City Manager of the City of Anna, Texas for the purposes and consideration therein expressed. Given under my hand and seal of office this I.;P*-daytof h 2009. (SEAL) ,e Put Natha J Wilkison y My Commission Expires 11113/2009 WAek, k)Jloo� NolaNolaf —State of Iexas PURCHASE AND SALE AGREEMENT PAGE 9 OF 9 Exhibit C Tag Deferred Exchange It is agreed between Buyer and Joe Mark Elliot ("Elliot") that Elliot may elect to effectuate a tax deferred exchange in accordance with the Internal Revenue Service (IRS) code, Section 1031 as it relates to the sale of property under the Agreement. Buyer agrees to take reasonable steps, such as executing additional documents, to cooperate with Elliot's effectuating said tax deferred exchange, but only to the extent such tax deferred exchange is in full compliance with Section 1031. However, Buyer shall incur no additional expense, obligation or liability as to any such exchange and any such exchange shall not cause a delay of the Closing. It is expressly understood that Buyer has been provided with no description of the details as to any such tax deferred exchange at this time and is not waiving any right to object to any such exchange that would in any way: (1) compromise or diminish its rights under the Agreement; or (2) make it party or accomplice to an illegal transaction. Buyer's objection to or its failure to enter into or to cooperate with respect to an exchange described in the immediately foregoing sentence shall not be a breach of the Agreement and shall not entitle Seller to terminate, delay or otherwise modify the Agreement. A description with the details of any transaction(s) involved in an exchange necessary for Buyer to determine whether Buyer can reasonably cooperate shall be provided to Buyer within a reasonable amount of time before the Buyer's requested cooperation, but in no event less than 10 days in advance of same. Such descriptions shall include and not be limited to copies of any proposed contracts involved in the exchange. Buyer's cooperation shall not be unreasonably withheld. It is further expressly understood that neither Buyer, nor its representatives, agents or attorneys have provided or will provide any legal or tax -related advice to Seller with regard to the Agreement or any matter related to a Section 1031 tax - deferred exchange