ORDER N0.29099 LAND DONATION KERRVILLE ECONOMIC DEVELOPMENT FOUNDATION Came to be heard this the 28`~ day of March 2005 with a motion made by Commissioner Williams, seconded by Commissioner Letz. The Court unanimously approved by vote of 4-0-0 to accept a donation of 3.025 acres of property from the Kerrville Economic Development Foundation as amended. ~1., COMMISSIONERS' COURT AGENDA REQUEST t d~ r' PLEASE FURNISH ONE ORIGINAL AND NINE COPIES OF THIS REQUEST AND DOCUMENTS TO BE REVIEWED BY THE COURT. MADE BY: William H. Williams Jonathan Letz MEETING DATE: March 28, 2005 OFFICE: Commissioner, Pct. 2 Commissioner, Pct. 3 TIME PREFERRED: SUBJECT: Resolution authorizing acceptance of donation of approximately 3.025 acres of property from Kerrville Economic Development Foundation. EXECUTIVE SESSION REQUESTED: (PLEASE STATE REASON) NAME OF PERSON ADDRESSING THE COURT: Commissioner, Pct. 2 Commissioner, Pct. 3 ESTIMATED LENGTH OF PRESENTATION: IF PERSONNEL MATTER -NAME OF EMPLOYEE: Time for submitting this request for Court to assure that the matter is posted in accordance with Title 5, Chapter 551 and 552, Government Code, is as follows: Meeting scheduled for Mondays THIS REQUEST RECENED BY: THIS REQUEST RECEIVED ON: 5:00 P.M. previous Tuesday. All Agenda Requests will be screened by the County Judge's Office to determine if adequate information has been prepared for the Court's formal consideration and action at time of Court Meetings. Your cooperation will be appreciated and contribute towards you request being addressed at the earliest opportunity. See Agenda Request Rules Adopted by Commissioners' Court. THE CITY OF KERRVILLE, TEXAS ca MEMORAND UM TO: Judge Tinley, Kerr County Commissioners FROM: Ilse D. Bailey, Assistant City Attorney DATE: March 18, 2005 RE: Airport -Property Donation by KEDF Judge Tinley and Commissioners - Attached please find copies of the property description, closing statement and City Council resolution accepting its undivided '/z of the property (3.025+_ acres) that KEDF is donating to the Airport as part of a land swap wherein Mooney Airplane Company is donating land to KEDF in return for KEDF's donation to the Airport of the property referenced in the attached documents. Part of Mooney's parking area is located on this land, and Mooney is seeking to make improvements to the parking area as part of an overall capital improvement effort. As you will recall, the reason for this property donation to the Airport is that the City applied for and received a $750,000.00 loan from the Texas Capital Fund (through the Texas Department of Agriculture) for improvements at Mooney. This money can only be spent on property owned by a governmental entity that obtained the loan, so it was necessary for the property ownership to be transferred in order for the planned improvements on this land to be paid for from the loan proceeds. The City Council will consider and act on acceptance of this donation at its meeting on March 22, 2005. In order for the property transaction to be completed, it will be necessary for you to put the matter on your Commissioners Court agenda for consideration and action at an upcoming meeting. Please have Kathy advise me when the Court has acted upon this donation so that we can be sure that all the necessary paperwork is properly executed and filed, and so that we can advise the Texas Department of Agriculture accordingly. cc: Rex Emerson, Kerr County Attorney U:11.egaMIRFORT~2005 Mooney Texas (~pinl (i[ant Fwd Loan~Mecao2 Kerr CowLLy re KEDF propcty dancm 031805.doc 800 JUNCTION HIGHWAY •KERRVILLE, TEXAS 78028-5069 • 830/257-8000 BUSINESS OF THE CITY COUNCIL CITY OF KERRVILLE, TEXAS SUBJECT: Resolution authorizing the acceptance of 3.0251 acres of real property from Kerrville Economic Development Foundation for Airport use with KEDF receiving land from Mooney Airplane as compensation for such land. FOR AGENDA OF: March 22, 2005 SUBMITTED BY: R. Patterson EXHIBITS: Closing Statement AGENDA MAILED TO: DATE SUBMITTED: March 17, 2005 CLEARANCES: APPROVED FOR SUBMITTAL BY CITY Expenditure Current Balance Amoun Required: in Account: Budgeted: E661.00 S $ Account Number: Airport Fund 47-800-410 PAYMENT TO BE MADE TO: APPROVED FOR SUBMITTAL BY ASSISTANT CITY MANAGER: SUMMARY STATEMENT As you are aware the City sponsored Mooney's application for a Texas Capital Fund Loan in the amount of $750,000 and we have subsequently been award the loan. This loan is made to the City with a pass through provision to Mooney. What that means is that the City is recipient of the loan with the obligation to repay such loan. However, as is normal practice, the City then enters into an agreement with the final recipient, Mooney in this case, which obligates them to be responsible for the loan amount as well as all other provisions of the state contract. This agreement further requires that Mooney secure the entire loan amount. Additionally, Mooney is obligated to not only construct the projects outlined in the agreement with the $750,000 loan but must also match that amount with additional projects in an amount not less than $774,446. As you were briefed during the application process for this loan, the administration of these loans is very heave on the compliance reporting side and requires a great deal of staff work to accomplish. The state contemplates this required workload and set aside $50,000 from the proceeds of the loan to fund hiring a professional firm to handle this workload. As recommended during the application briefing, staff will bring forth a contract to hire a company to complete this work soon. Now that the loan has been approved, we must complete one final action prior to beginning the process of design and bidding for projects. You will recall that in C:1Documents and SettingslpatrlLocal SettingslTemporary Internet Files10LK23C1CC-KEDF Land Swap for Mooney TDA Loan.doc reviewing the contracts required for the loan we discovered that the loan can only be given for projects on publicly owned property which is leased to a private company. This works just fine for most of the property since Mooney leases property from the City and County. However, in examining the scope of work, there is a substantial portion of the current dirt parking lot, which is to be upgraded via this loan, that is on land owned by KEDF. Mooney and KEDF have worked together to swap property owned by the two agencies that would result in a small portion, 3.0251 acres, of the 231 acres owned by KEDF, being turned over to the County and City (for Airport use) for this project to proceed. KEDF will receive property from Mooney in this exchange. The County does not have any financial obligation in the loan or administration costs associated with this loan. Because all of the contracts for the loan have now been executed, the action required at this point is for the County and City to accept the property from KEDF, with KEDF accepting property from Mooney in exchange. The only cost to the County and City (Airport) will be the closing costs associated with the KEDF portion of the land swap, which equals $661.00. RECOMMENDED ACTION Recommend that the City Council approve a Resolution authorizing the Mayor to accept the property on behalf of the City for the purposes of adding such property to the Airport property to be managed by the Airport Board, and for the furtherance of the goals of the Texas Department of Agriculture loan from the Texas Capital Fund for the stated Mooney projects. C:1Documents and SettingslpatrlLocal Settings\Temporary Internet Fi1es10LK23C1CGKEDF Land Swap for Mooney TDA Loan.doc RESOLUTION WHEREAS Kerr County, Texas, and the City of Kerrville, Texas, own equal, joint and undivided interests in the real property known as the Kerrville/Kerr County Airport; and WHEREAS Certain real property immediately adjacent to the Airport, owned by the Kerrville Economic Development Foundation (KEDF) has been utilized by Airport tenant Mooney Airplane Company (Mooney) as a parking area for many years; and WHEREAS Mooney seeks to make improvements to said parking area; and WHEREAS The City of Kenville has applied for and has obtained a loan through the Texas Capital Fund that wilt allow these improvements to be made by Mooney, but only if the real property is owned by the County and City; and WHEREAS The Kerr County Commissioners' Court finds it to be in the public interest to accept the donation of the referenced real property on behalf of the Airport for the use and for the purposes set forth above; BE IT RESOLVED the Kerr County Commissioners' Court hereby accepts on behalf of Kerr County, Texas, the 3.025 acres of property from Kerrville Economic Development Foundation. ADOPTED THIS 28th DAY OF MARCH 2005. - - i ey, County Judge t~ ~ r Gv'~ H. A. Buster" Baldwin, ommissioner William H. Williams, Commissioner Precinct 1 Pr inct 2 e Nicholson, Commissioner Precinct 4 ~' Buyer's Closing Statement 3/1610511:21 AM File 25013 Kerr County Abstract & Title Co. (830} 257-5151 Buyer's Closing Statement Buyer(s) City of Kerrville County of Kerr Seller(s) Kerr Economic Development Foundation Lender Property 3.025 ac. Sur. 71, Abstract#114 Closing date 3/11/2005 Bank 2 -Wells Fargo Bank Texas, N.A. Escrow Unit 1 -Kerr County Abstract & Title Co., Ltd. Proration date 3/11/2005 Escrow Officer Diane Green Debit Crsdit Contract Sales Price ............................................................................................................................... 45,398.65 Other Ad)ustments: Donation of property ................................................................................................................................... 45,398.65 T{tle Charges: Attorneys fees to H. Ritman Jons ............................................................................................................... 150.00 Title insurance to Kerr County Abstract 8 Title Co. $488.00 ..................................................................... Owner's coverage to Kerr County Abstract 8 Title Co. Liability amount $45,398.65 ................................................................................................................... 488.00 State of Texas Policy Guaranty Fee to Kerr County Abstract & Title Co .................................................... 1.00 Racording Fees/Transfer Charges: Rewrding fees: to Kerr County Abstract l;< Title Co. Deed $22.00 .......................................................................................................................................... 22.00 Subtotal: 46,059.65 45,398.65 Balance due from Buyer: 661.00 Totals: 46,059.65 46,059.65 THE UNDERSIGNED, by the execution hereof, hereby (i) acknowledge that they have read the above and foregoing Closing Statement, (ii) acknowiedgethat the same is true and correct, and (iii) authorize and direct the Closing Agent to receive all amounts and disburse all amounts pursuant to the foregoing Closing Statement. It is mutuallyunderstoodand agreedthe taxesareestimatedand in case of adjustmentsamewill be made betweenthe parties hereto. The Closing Agent is relieved of any responsibility with the adjustment of said taxes. City of Kerrville n.... _ . Buyer's Closing Statement File 25013 3/16105 11:21 AM By: County of Kerr By: B : _a- e , unty u ge Y By: 700 Main St Kerrville, TX. 78028 Print Mailing Address: Panes ~ FT (6/2001) Kerr County Abstract & Title Co. PRIVACY POLICY NOTICE PURPOSE OF THIS NOTICE File No.: 25013 Title V of the Gramm-Leach-Bliley Act (GLBA) generally prohibits any financial institution, drrectly or through its affiliates, from sharing nonpublic personal infonnation about you with a nonaffiliated third party unless the institution provides you with a notice of its privacy policies and practices, such as the type of information that it collects about you and the categories of persons or entities to whom it may be disclosed. In compliance with the GLBA, we are providing you with this document, which notifies you of the privacy policies and practices of Kerr County Abstract & Title Co.. We may collect nonpublic personal information about you from the following sources: • Information we receive from you, such as on applications or other fon~ns. • Information about your transactions we secure from our files, or from our affiliates or others. • Information we receive from a consumer reporting agency. • Information that we receive from others involved in your transaction, such as the real estate agent or lender. Unless it is specifically stated otherwise in an amended Privacy Policy Notice, no additional nonpublic personal information will be collected about you. We may disclose any of the above information that we collect about our customers or former customers to our affiliates or to nonaffiliated third parties as permitted by law. We also may disclose this information about our customers or former customers to the following types of nonaffiliated companies that perform marketing services on our behalf or with whom we have joint marketing agreements: • Financial service providers such as companies engaged in banking, consumer fmance, securities and insurance. • Non-financial companies such as envelope staffers and other fulfillment service providers. WE DO NOT DISCLOSE ANY NONPUBLIC PERSONAL INFORMATION ABOUT YOU WITH ANYONE FOR ANY PURPOSE THAT IS NOT SPECIFICALLY PERMITTED BY LAW. We restrict access to nonpublic personal information about you to those employees who need to know that information in order to provide products or services to you. We maintain physical, electronic, and procedural safeguards that comply with federal regulations to guard your nonpublic personal information. ~.. .... ,_~~. ... ~. .,.~ .. .,,v ... ~... ._...:~ ...~.~.'~_-r? _J .x]006 MDS Land Surveying Company, INC. Bouduy + ToQo~nphie + Caiatruotion 121 S• Pavan Street + Baeme, Twins 78006 Phone 830.249.9188 ~ Fax 830.2A9-92to Field Notes !or a 3.OZ5 Acre Tract of Ifaad IiEIIVG a 3.025 acre tract of land out of the W. T. Crook Survey No. 71, Abstract Na. 114, Kerr County, Texas, said 3.025 acre tract being a portion of that certain 22.SS ware tract conveyed to Kerr County Industrial and ievelopment, Inc by Deed, reoorded in Volume 161, Pages 51-54, Deed Records, Kerr County, Texas, said 3A2S acre tract being more particularly described by melts and bounds as follows: BEGINNING at a'/:" iron rod found in the west boundary lino of Mooney Airport, reoordod in Volume 6, Page 331, Plat Records, Kerr County, Texas, said point being the oast co~rrtor of the heroin described tract, the east corner of the Kerr County industrial and Development ,Inc tract; THE~riCE along a northwest boundary lint of Mooney Airport, South 4S degrees l7 minutes 00 seconds West, a distance of 546.78 fiat (South 45 degrees 23 minutes West, record) to a tl:' stoei rod set for corner; THENCE departing tht ,northwest boundary line of Mooney Airport, severing $i~ ICtrr County Industrial and Development, Itnc 22.55 acro tract, North 33 degrees 06 minutes 57 seconds East,,,a distance of 294.2b feet (no record) to a'/:" steel rod set for corner; TY~KCE h'arth~ 44 degrees 43 minutes 00 seconds West, a distarce of 308.90, feet {no record) to a '!:" steel rod set for corner in the southeast line of Al Mooney Rosd, said point also being in .the arc of a clockwise curve; THENCE along the southeast line of Al Mooney Road, around a curve in a clockwise direction having a delta angle of I S degrees 37 minutes 24 seconds, an arc distance of l 55.43 feet {no record), a radius of ~. 570.00 fact, and a chord of North 41 degrees 59 minutes 52 seconds East, a distance of 154.95.fcet to a '/" stet] rod set for the point of tangency; THENCE coniinuin¢ along the southeast line of AI Mooney Road, North 49 degrees 48 minutes 34 seconds East, a distance of 221.40 feet (no record) to a'h" steel rod set for corner in the southwest tine of Peterson Farm Road, said point being in a southwest line of the Mooney AirpoR tract shown on plat recorded in Volume 6, Page 331, Plat Reoords, Kerr County, Texas; "~~~~°"~~ THENCE a]ong the southwest Iine of Peterson Farm Road, a southwest line of the 1Vloaney Airport tract, South 30 degrxs 22 minutes 26 seconds East, a distance of 198.29 feet (South 30 degrees 44 minutes East, record) to a'/s" steel rod found for angle; THENCE continuing along the southwest Iine of Peterson Farm Road, a southwest fine of the Mooney Airport trawl, South Z1 degrees 59 minutes 43 scconda East, a di cx of 184.21? feet (8atrth 22 degrees 52 minutes East, a distance of I 77.70 feet record} to the P OF BEGINNING containing 3.025 acres of land, more or less. ~1 1 red Professional Land Surveyor 9 Job # 04-7.448 Date: 10-07-2004 yJ~ ~~ ~ ~~~ ~~~: ~'~ , zr~i;rna 1a~~1 ann OMB No. 2502-0265 A. U.S. Department of Housing B. Type of loan and Urban Development 1. [ ]FHA 2. [ ] FMHA 3. [ ] Conv. Unins. 4. [ ] VA 5. [ J Conv. Ins. [x] Other. 6. File Number 7. Loan Number 25013 Settlement Statement 8. Mortgage Ins. Case No. C. Note: This form is furnished to give you a statement of actual settlement costs. Amounts paid to and by the settlement agent are shown. Items marked ("POC") were paid outside the closing: then are shown here for information u oses and are not included in the totals. D. Name of Borrower: City of Kerrville County of Kerr E. Name of Seller: Kerr Economic Development Foundation TIN: F. Name of Lender: G. Property Location: 3.025 ac. Sur. 71, Abstract #114 H. Settlement Agent: Kerr County Abstract & Title Co. (830) 257-5151 TIN: 74-2995874 Place of Settlement: 303 Earl Garrett, Kerrville, TX 78028 I. Settlement Date: 3/11/2005 Proration Date: 3/11/2005 ~. ~ aids Tca , ~t]Qrt , K. Stir~l, o~ ~ s Trans~ctlc> 100. Gross amount due from borrower: 400. Gross amount due to seller: 101. Contract sates price 45,398.65 401. Contract sales price 45,398.65 102. Personal property 402. Personal property 103. Settlement charges to borrower (line 1400) 661.00 403. 104. 404. 105. ~5• Adjusttl~ertts,itema paki by Iler In r~dv{+nget: ttatrnen~ fnr (terns-pald Ay se6er ~ a~weittoo: 106. City/town taxes 406. City/town taxes 107. County taxes 407. County taxes 108. Assessments 408. Assessments 109. School Taxes 409. School taxes 110. 410. 111. 411. 112. 412. 120. Gross amount due from borrower: 46,059.65 420. Gross amount due to seller: 45,398.65 p~ ;by. of in G 2 201. Deposit or earnest money 501. Excess deposit (see instructions) 202. Principal amount of new loan(s) 502. Settlement charges to seller (line 1400) 1,213.50 203. Existing loan(s) taken subject to 503. Existing loan(s) taken subject to 204. 504. Payoff of first mortgage loan 205. 505. Payoff of second mortgage loan 206. Option Fee 506. Option Fee 20T. 507. 208. Donation of property 45,398.65 508. Donation of property 45,398.65 409, 509. :i'or a se Ad stl'ne fw .wt k( , ~ 210. Cityttown taxes 510. City/town taxes 211. County taxes 511. County taxes 212. Assessments 512. Assessments 213. School taxes 513. School taxes 214. 514. 215, 515. 216. 516. 217. 517. 218, 518. Y19, 519. 220. Total paid bylfor borrower: 45,398.65 520. Total reductlon in amount due seller: 46,612.15 .G int.- t fr 3041F;-~ Csit%a#` iiif~t~t~. ~ p ,,' _ 301. Gross amount due from borrower (line 120) 46,059.65 601. Gross amount due to seller (line 420) 45,398.65 302. Less amount paid by/for borrower (line 220) 45,398.65 602. Less total reduction in amount due seller(line 520) 46,612.15 303. CASH (X)FROM QTO BORROWER 661.00 603. CASH (X)FROM QTO SELLER 1,213.50 SUBSTITUTE FORM 1099 SELLER STATEMENT -The information contained in Blocks E, G, H and I and on line 401 (or, if line 401 is astensxeo, tines aus ana au4~, nuo, .wi ana 408-412 (applicable part of buyer's real estate tax reportable to the IRS) is important tax information and is being furnished to the Internal Revenue Service. If you are required to file a return, a negligence penalty or other sanction will be imposed on you if this item is required to be reported and the IRS determines that it has not been reported. SELLER INSTRUCTION - If this real estate was your principle residence, file form 2119, Sale or Exchange of Principal Residence, for any gain. with your inrnme taY rwb~m~ fnr nrho~ ~.., _ :: Ch 3116105 11:21:AM , ,, . Pile utn , -.2~5}~3 _ , 700. Total sales/broker commission Paid From Paid From Division of commission (line 700) as follows: Borrower's Seller's 701' $ Funds at Funds at 702' $ Settlement Settlement 703. Commission paid at settlement 704. 705. The following Persons, Firms of Corporations received a 706. portion of the Real Estate Commission as shown above: 707. 800: _ to c4nnadkn: , 801. Loan origination fee 802. Loan discount 803. Appraisal fee 804. Credit report 805. Lender's inspection fee 806. Mortgage insurance application fee 807. Assumption fee 808. Flood Cerfifipte 809. 810. 811. 812. 990. ~r ~rtl~tg.b~; in aslVanCd , 901. Interest from 902. Mortgage insurance premium for 903. Hazard insurance premium for 904. 905. with 1001. Hazard insurance 1002. Mortgage insurance 1003. City property taxes 1004. County property taxes 1005. Annual assessments (maint.) 1008. School property taxes 1007. 1008. 1009. Aggregate Adjustment 1. - 1101. Settlement or closing fee 1102. Abstract or title search 1103. Title examination 1104. Title insurance binder 1105. Document preparation 1108. Notary fees 1107. Attorney's fees to H. Ritman Jons 150.00 1,193.50 includes above items no.: 1108. Title insurance to Kerr County Abstract & Title Co. 488.00 includes above items no.: 1109. Lender's coverage 1110. Owner's coverage $45,398.65 $488.00 1111. SOT Policy Guaranty Fee (OTP) t to Kerr County Abstract & Title Co. 1.00 1112. SOT Policy Guaranty Fee (MTP) to 1113. Federal Express Fee to 1114. Tax Certificate to to Kerr County Abstract & Title Co. 20.00 1115. Escrow Fee to 1116. Fax/Copy Fee to ~~ CQ~Prdi and 91ei Ch~IrSi4a 1201. Recording fees: Deed $22.00 22.00 1202. City/county tax/stamps: 1203. State tax/stamps: 1204. 1205. 1208. To the best of my knowledge, the HUD-1 Settlement Statement which I have prepared is a true and accurate account of the funds which were received and have been or will be disbursed by the undersigned as part of the settlement of this transaction. Kerr County Abstract & Title Co. Date SELLERS ANDfOR PURCHASER'S STATEMENT Seller's and Purchaser's signature hereon acknowledges hisftheir approval of tax proretions and signifies their understanding that proretions were based on taxes for the preceding year, or estimates for the current year, and in the event of any change for the current year, all necessary adjustments must be made between Seller and Purchaser, likewise any default in delinquent taxes will be reimbursed to Tide Company by the Seller. Title Company, in its capacity as Escrow Agent, is and has been authorized to deposit all funds it receives in this transaction in any financial institution, whether affiliated or rat. Such financial institution may provide Tide Company computer accounting and audit services directly or through a separate entity which, if affiliated with Title Company, may charge the financial institution reasonable and proper compensation therefore and retain any profits therefrom. Any escrow fees paid by any party involved in this transaction shall only be for checkwriting and input to the computers, but not for aforesaid accounting and audit services. Tide Company shall not be liable for any interest or other charges on the earnest money and shall tie under no duty to invest or reinvest funds held by it at any time. Sellers and Purchasers hereby acknowledge and consent to the deposit of the escrow money in financial institutions with which Title Company has or may have other banking relationships and further consent to the retention by Tide Company and/or its affiliates of any and all benefits (including advantageous interest rates on loans) Title Company and/or its affiliates may receive from such financal Institutions by reason tt81f"Iraintenance of said escrow accounts. Th P¢ P rPaf~ fhP arY1VP QPnrPnMC rP(`1Y1nifP fha} fhP rPf:l}afinnC F1PfPIR arP ma}Pllal anrPP }A camp anti fPrW1n17P T}IP (:mm~aRV IQ rnlvinn nn 1hP Came Purch Seller ~ ~~` t`y` City errv r- Kerr Economic elopment Founds ' n WARNING: It is a crime to knowingly make false statements to the United~~tes on this or any other similar form. Penalties upon conviction can include a floe and imprisonment. For details see: Tide 1 B: U.S. Code Section 1001 and Section 1010. WAIVER OF INSPECTION AND DISCLOSURE TO OWNER TO: STEWART TITLE GUARANTY COMPANY ("Title Insurer") Kerr County Abstract & Title Co. ("The Company") RE: Kerr Economic Development Foundation to City of Kerrville and County of Kerr GF (File) Number: 25013 Land: All that certain tract or parcel of land, lying and being situated in the County of Kerr, State of Texas, comprising 3.025 acres, more or less, out of Survey No. 71, W.T. Crook, Abstract No. 114, and being more particularly described by metes and bounds on Exhibit "A" as follows: 1. Waiver of Inspection You may refuse to accept an exception to the Owner's Policy for "Rights of Parties in Possession." "Rights of Parties in Possession" shall mean one or more persons or entities who are themselves actually physically occupying the property or a portion thereof under a claim or right adverse to the insured owner of the property as shown in Schedule A of the Policy. The Company may require an inspection of the property and an additional charge may be assessed for reasonable and actual costs of such an inspection. The Company may make additional Exceptions for matters the inspection reveals. If you do not delete this paragraph, you consent to this Exception and waive inspection of the land. YOU MAY REFUSE TO ACCEPT THIS EXCEPTION BY MARKING OUT THIS PARAGRAPH 1 2. Receipt of Commitment You acknowledge having received and reviewed a copy of the Title Commitment issued in connection with this transaction. You understand that your Owner Policy will contain the Exceptions set forth in Schedule B of the Commitment, and any additional Exceptions to title resulting from the documents involved in this transaction, and any additional Exceptions reflected by an exhibit attached hereto. 3. Survev You may request amendment of the "Area and Boundary Exception" to read "Shortages in Area." The Area and Boundary Exceptions is as follows: "Any discrepancies, conflicts, or shortages in area or boundary lines, or any encroachments, or protrusions, or any overlapping of improvements." You must furnish a current survey. The survey must be acceptable to the Company. You also must pay an additional premium equal to 15% of the basic premium charge. The Company may make additional exceptions for items shown on the survey. YOU MAY REOUIIiE AMENDMENT OF THE AREA AND BOUNDARY EXCEPTION BY MARKING OUT THIS PARAGRAPH 3. AND BY COMPLYING WITH ITS PROVISIONS BEFORE COMPLETION OF THIS CLOSING. 4. Arbitration This paragraph does not apply to the Residential Owner Policy (T-1R). The parties must later agree to arbitrate under the Residential Owner Policy (T-1R). You may require deletion of the arbitration provision of the Owner Policy. If you do not delete this provision, either you or the Company may require arbitration, if the law allows. There is no charge to delete this provision. IF YOUR POLICY IS NOT A TEXAS RESIDENTIAL OWNER POLICY (T-1Rl YOU MAY REQUIRE DELETION OF THE ARBITRATION PROVISION BY MARKING OUT THIS PARAGRAPH 4 5. Notice You may wish to consult an attorney to discuss matters shown in Schedule B or C of the Commitment. These matters will affect your title and use of your land. Your Title Insurance Policy will be a legal contract between you and the Titled Insurer. The Commitment and Policy are not abstracts of title, title reports or representations of title. They are contracts of indemnity. We do not represent that your intended use of the property is allowed under the law or under the restrictions or exceptions affecting your property. Date: March 11, 2005 Signs Buyer's gosing Statement 3N 1/0510:56 AM File 25013 Kerr County Abstract & Title Co. (830) 257-5151 ` Buyer's Closing Statement Buyer(s) City of Kerrville County of Kerr Sdbr(s) Kerr Economic Devebpment Foundation Lender Property 3.025 ac. Sur. 71, Abstract #114 Closing date 3111/2005 Proration date 3/11/2005 Bank 2 -Wells Fargo Bank Texas, N.A. Eacxow Unit 1 -Kerr County Abstract 8 Title Co., Ltd. Esuow Otlicer Diane Green Contract Sales Prke - ............................................................................................................................. Other Adjustments: Donation of property ................................................................................................................................... Recording FaeslTransfir Charges: Recording fees: to Kerr County Abstract 8 Title Co. Deed 322.00 .......................................................................................................................................... Subtotal: Balance due from Buyer: Totals: 45,420.65 45,398.65 45,398.65 22.00 45,420.65 THE UNDERSIGNED, by the execution hereof, hereby (i) acknowledge that they have read the above and foregoing Closing Statement, (ii) acknowbdgethat the same is true and correct, and (iii) authorize and direct the Closing Agent to receive all amounts and disburse all amounts pursuant to the foregoing Cbsing Statement. It is mutualiyunderstoodand agreed the taxes are estimated and in case of adjustmentsamewill be made betweenthe parties hereto. The Closing Agent is relieved of any responsibility with the adjustment of said taxes. City of KemiUe By: County of Kerr By: Debit Credit 45,398.65 22.00 45,420.65 Page 1 CITY OF KERRVILLE, TEXAS RESOLUTION NO. -2005 RESOLUTION AUTHORIZING ACCEPTANCE OF APPROXIMATELY 3.025 ACRES OF REAL PROPERTY FROM KERRVILLE ECONOMIC DEVELOPMENT FOUNDATION FOR AIRPORT PURPOSES; AND AUTHORIZING MAYOR TO SIGN SAME WHEREAS, the City of Kerrville, Texas ("Cit}~~, and Kerr County, Texas ("County', own equal, joint and undivided interests in the real property known as the Kerrville/Kerr County Airport ("Airport'; and WHEREAS, certain real property immediately adjacent to the Airport, owned by the Kerrville Economic Development Foundation ("KEDF'~ has been utilized by Airport tenant Mooney Airplane Company ("Mooney' as a parking area for many years; and WHEREAS, Mooney seeks to make improvements to said parking area; and WI-1BREA5, the City has applied for and has obtained a loan through the Texas Capital Fund ("I.oan'~ that will allow these improvements to be made by Mooney, but only if the real property is owned by the City and County; and WHEREAS, KEDF has agreed to convey the referenced real property to the City and County so that improvements can be made to the parking area using Loan funds; and WHEREAS, the City Council of the City of Kerrville, Texas, finds it to be in the public interest to accept the donation of the referenced real property on behalf of the Airport for the use and for the purposes set forth above; NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF KERRVILLE, KERR COUNTY, TEXAS: That the Mayor is hereby authorized and directed to accept on behalf of the City of Kerrville, Texas, an approximately 3.025 acre of land, more particularly described by metes and bounds as set out in Exhibit A attached hereto and incorporated herein by reference. PASSED AND APPROVED ON this the day of A.D., 2005. Stephen P. Fine, Mayor ATTEST: Brenda G. Craig, City Clerk APPROVED AST FORM: c ichael C. Ha , City A ey U:LLga11A1RPOA'l~RF.S~Aocepti~ laid dotiaiw ran 1CbDF fa Ae{+at 03l SOS.doc