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HomeMy WebLinkAboutRES 23-074RESOLUTION NO. 23-074 BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF BEAUMONT: THAT the City Manager be and he is hereby authorized to execute an Earnest Money Contract with Tideland Specialty, Ltd. for the sale of property located at 125 Magnolia Street. The contract is substantially in the form attached hereto as Exhibit "A," and made a part hereof for all purposes. The meeting at which this resolution was approved was in all things conducted in strict compliance with the Texas Open Meetings Act, Texas Government Code, Chapter 551. PASSED BY THE CITY COUNCIL of the City of Beaumont this the 7th day of March, 2023. - Mayor Robin Mouton - �.� TEXAS REALTORS COMMERCIAL CONTRACT - IMPROVED PROPERTY USE OF THIS FORM SY PERSONS WHO ARE NOTMEI/,BERS OF THE TEXAS ASSOCIATION OF REALTORSS, INC. IS NOTALITHORTLED. @Texas Association of REALTORSO. Inc.2022 1. PARTIES: Seller agrees to sell and convey to Buyer the Property described in. Paragraph 2. Buyer agrees to buy the Property from Seller for the sales price stated in Paragraph 3. The parties to this contract are: Seller: City of Beaumont Address: P.O. Box 3827 Beaumont TX 77704-3827 Phone: E-mail: Mobile: Fax or Other: Buyer: Tideland Specialty, Ltd Address: P.O. Box 4046, Beaumon Phone: 409-838-1654 Mobile: 2. PROPERTY: A. "Property" means that real prol and that is legally described on rrat ami �i•rCIC'YI? AI; 42 C, •- ---\/-- --- -- -- A - TX 77704 Fax or Other: County, Texas at (address) B. Seller will sell and convey the Property together with: (1) all buildings, improvements, and fixtures; (2) all rights, privileges, and appurtenances pertaining to the Property, including Seller's right, title, and interest in any minerals, utilities; adjacent streets, alleys, strips, gores, and rights -of -way; (3) Seller's interest in all leases, rents, and security deposits for all or part of the Property; (4) Seller's interest in all licenses and permits related to the Property; (5) Seller's interest in all third party warranties or guaranties, if transferable, relating to the Property or any fixtures; (6) Seller's interest in any trade names, if transferable, used in connection with the Property; and (7) all Seller's tangible personal property located on the Property that is used in connection with the Property's operations except: Any personal property not included in the sale must be removed by Seller prior to closing. (Describe any exceptions, reservations, or restrictions in Paragraph 12 or an addendum.) (if mineral rights are to be reserved an appropriate addendum should be attached.) (if the Property is a condominium, attach Commercial Contract Condominium Addendum (7XR-1930) or (7XR-1946).) 3. SALES PRICE: At or before closing, Buyer will pay the following sales price for the Property: 75i 00 A. Cash portion payable by Buyer at closing ......................... $ 0"0-- B. Sum of all financing described in Paragraph 4 ..................... $ U. ,) C. Sales price (sum of3A and 3g)................................ $ (TXR-1801) 07-08-22 Initialed for Identification by Seller and Buye Page 1 of 15 Parlgiinvu=ents, Inv, 445North 14thStreet BeaumontTX77702 Phone:409.833.9555 F=409.833.9522 TidelandSpecialry Sum C. fetid, Jr. Produced with Lone WairTransacllons (ApForm Edilion) 717 N Harwood St, Sulta 2200, Dallas, TX 75201 mfflN.Iwolrcam EXHIBIT "A" Commercial Contract - Improved Property concerning 125 Magnolia, Beaumont. XX 777a7 4. FINANCING: Buyer Will finance the portion of the sales price under Paragraph 3B as follows: ❑ A. Third Pa W Financing One or more third party loans In the total amount of $ This contract: H(1) is not contingent upon Buyer obtaining third party financing. (2) Is contingent upon Buyer obtaining third party financing in accordance with the attached Commercial Contract Financing Addendum (TXR-1 931). ❑ B. Assumptign in accordance with the attached Commercial Contract Financing Addendum (TXR-1931), Buyer Will assume the existing promissory note secured by the Property, which balance at closing will be $ F1 C. Sell -or Financing: Buyer will deliver a promissory note and deed of trust from Buyer to Seller under the terms of the attached Commercial Contract Financing Addendum (TXR-1931) in the amount of 5. EARNEST MONEY: A. Not later than 3 days after the effective date, Buyer must deposit $ $50,000-00 as earnest money with Suttbn Land of lexas, LLC (title company) at 2615 Calder Ave. Sulte, 704, Beaumont, TX 77702 (address) Anthony Papa (closer). If Buyer falls to timely deposit the earnest money, Seller may terminate this contract or exercise any of Seller's other remedies under Paragraph 15 by providing written notice to Buyer before Buyer deposits the earnest money. B. Buyer will deposit an additional amount of $ with the title company to be made part of the earnest money on or before: (I) H _ days after Buyers right to terminate under Paragraph 7B expires; or (11) - - Buyer will be in default If Buyer falls to deposit the additional amount required by this Paragraph 513 within 3 days after Seller notifies Buyer that Buyer has not timely deposited the additional amount. C. Buyer may instruct the title company to deposit the earnest money in an interest -bearing account at a federally Insured financial institution and to credit any interest to Buyer. 6. TITLE POLICY, SURVEY, AND UCC SEARCH: A. ![tie Poll (1) Seller, at Seller's expense, will furnish Buyer an Owner's Policy of Title Insurance (the title policy) issued by any under%mter of the title company In the amount of the sale's price, dated at or after closing, insuring Buyer against loss under the title policy, subject only to: (a) those title exceptions permitted by this contract or as May be approved by Buyer in writing; and (b) the standard printed exceptions contained in the promulgated form of title policy unless this contract provides otherwise. (2) The standard printed exception as to discrepancies, conflicts, or shortages In area and boundary lines, or any encroachments or protrusions, or any overlapping improvements: ❑ .(a) Will not be amended or deleted from the title policy. (b) will be amended to read "shortages in areas" at the expense of ®Buyer DSeller. (3) Within 10 days after the effective date, Seller will furnish Buyer a commitment for title insurance (the commitment) Including legible copies of recorded documents evidencing title exceptions. Seller authorizes the title company to deliver the commitment and related -documents to Buyer at Buyers address. (TXR-1 801) 07-0822 Initialed for Identification by Seller and euyea�. Page 2 of 16 ?Adj% InVOtEttlit; Int, A43 North 14th street PtRimo-nax Tno: Phonc 409.833ISS5 17W.409MI9S2I 37delaildspeds1ty S=C_rWW.Jr. Produced with Lone Wall Transectfom (OpForm Edition) 717 N Harwood St, SuRe 2200, Delius, TX 75201 wywAyo_J(&grn Commercial Contract- improved Property concerning 1225 Magnolia, Beaumont, TX 77701 B. Survey: Within 5 days after the effective date: ® (1) Buyer will obtain a survey of the Property at Buyer's expense and deliver a copy of the survey to Seller. The survey must be made in accordance with the: (I) ALTA/NSPS Land Title Survey standards, or (it) Texas Society of Professional Surveyors' standards for a Category 1A survey under the appropriate condition. Seller will reimburse Buyer 0 (insert amount) of the cost of the survey at closing, if closing occurs. ❑ (2) Seller, at Seller's expense, will furnish Buyer a survey of the Property dated after the effective date. The survey must be made in accordance with the: (i) ALTA/NSPS Land Title Survey standards, or (ii) Texas Society of Professional Surveyors' standards for a Category 1A survey under the appropriate condition. ❑ (3) Seller will .deliver to Buyer and the title company a true and correct copy of Seller's most recent survey of the Property along with an affidavit required 'by the title company for approval of the existing survey. If the existing survey is not acceptable to the title company, ❑ Seller ❑ Buyer (updating parry), will, at the updating party's expense, obtain a new or updated survey acceptable to the title company and deliver the acceptable survey to the other party and the title company within 30 days after the title company notifies the parties that the existing survey is not acceptable to the title company. The closing date will be extended daily up to 30 days if necessary for the updating party to deliver an acceptable survey within the time required. The other party will reimburse the updating party (insert amount or percentage) of the cost of the new or updated survey at closing, if closing occurs. C. UCC Search: ❑ (1) Within days after the effective date, Seller, at Seller's expense, will furnish Buyer a Uniform Commercial Code (UCC) search prepared by a reporting service and dated after the effective date. J) The search must Identify documents that are on file with the Texas Secretary of State and the county where the Property is located that relate to all personal property on the Property and show, as debtor, Seller and all other owners of the personal property in the last 5 years. ❑x (2) Buyer does not require Seller to furnish a UCC search. D. Buyer's Objections to the Commitment. Survey, and _UCC Search: (1) Within 10 days after Buyer receives the last of the commitment, copies of the documents evidencing the title exceptions, any required survey, and any required UCC search, Buyer may object to matters disclosed in the items if (a) the matters disclosed are a restriction upon the Property or constitute a defect or encumbrance to title to the real or personal property described in Paragraph 2 other than those permitted by this contract or liens that Seller will satisfy at closing or Buyer will assume at closing; or (b) the items show that any part of the Property ties -in a special flood hazard area (an "A" or "V" zone as defined by FEMA). If the commitment or survey is revised or any new document evidencing a title exception is delivered, Buyer may object to any new matter revealed in such revision or new document. Buyer`s objection must be made within the same number of days stated in this paragraph, beginning when the revision or new document is delivered to Buyer. If Paragraph 613(1) applies, Buyer is deemed to receive the survey on the earlier of: (i) the date Buyer actually receives the survey; or (ii) the deadline specified in Paragraph 6B. (2) Seller may, but Is not obligated to, cure Buyer's timely objections within 15 days after Seller receives the objections. The closing date will be extended as necessary to provide such time to cure the objections. If Seller fails to cure the objections by the time required, Buyer may terminate 11 r (rXR 1801) 07-08 22 Initialed for identification by Seller and Buye>_(? Page 3 of 15 Anr%flummeuts,I"a,445North l4thStreet HeaumauM77702 Phone:409MMSSS F=409M3.9521 Tideland Spedalty Sam C Parigi,Jr. Ptoduced vblh Lona Walf Transactions (21pForm Edition) 717 N Hanvood St, Suite 2200, Dallas, 7X 75201 unnv.hvolf corn Commercial Contract.- Improved Property conceming -125 Magnolia. Beaumont, _TX 71701 this contract by providing written notice to Seller within 5 days after the time by which Seller must cure the objections. If Buyer terminates, the earnest money, less any independent consideration �l under Paragraph 713(1), will be refunded to Buyer. (3) Buyer's failure to timely object or terminate under this Paragraph 6D is a waiver of Buyer's right to object except that Buyer will not waive the requirements in Schedule C of the commitment. 7. PROPERTY CONDITION: A. Present Condition: Buyer accepts the Property in its present condition except that Seller, at Seller's expense, will complete the following before closing: As Is Where Is Condifion B. Feasibility Period: Buyer may terminate this contract for any reason within days after the effective date (feasibility period) by providing Seller written notice of termination. (1) Independent Consideration. (Check only one box and insert amounts.) ❑ 7, tkte-earrz�ey-wiNie-re€tiet $ that Seller will retain as independent consideration for yees unrestricted -light to terminate. Buyer has tendered the independent consider . n to Seiler upon payment of amount specified In Paragraph 5A to the title comps . he independent consideration is to be ited to the sales price only upon closin the sale. If no dollar ❑ (b) Not later than 3 days after the effective da . yer must pay $ as independent consideration for Buyer's rig term a by tendering such amount to the title ; company. Buyer authorizes escrow t to release an 'ver the Independent consideration to Seller at any time. upon Se s request without further noflestp or consent from Buyer. If Buyer terminates under . Paragraph 713, the earnest money will efunded to Buyer and Seller will retain th ' dependent consideration. The'independent considers ' will be credited to the sales ' e only upon closing of the sale. If no dollar amount is stated in Mligearagraph ❑ (2) Feasibility Period Extension: Prior to the expiration of the initial feasibility period, Buyer may extend the feasibility period for a single additional period of days by delivering $ to the title company as additional earnest money. (a) indepe t t consideration for Buyer's unrestricted right to terminate, but will be cr e ' to the sales price on on closing of the sale. if Buyer terminates under this graph 713, the additional earnest mo will -be refunded to Buyer and Selle retain the additional independent consideration. (b) Buyer authorizes escrow agent to release a ver to Seller the following at any time upon Seller's request without further notice t onsent fr er: (i) The additional independen Ideration. (11) (Check no boxes or one box.) ❑ all or of the remaining portion of the additionaNe nest money, whi )1 be refunded to Buyer if Buyer terminates under this Paragraph 7B o . eller 1J .�defa�tlt�ttr�der-this-ee (TXR 1801) 07-08 22 Initialed for Identification by Seller and Buyer Page-4 of 15 2axleUvestment%Jae.,446Nortb14tbStreetBeanrnontTX77702 Phone:409MUS55 Fme409.1l33.9522 71de1=dSpeetdty Sam GPadS4Jr. Produced with Lone WoirTransacttons (OpForrn Edl0on)717 N Herwood St, Suite 2200, DaOas, TX 75201 mkAutwotr eom Commercial Contract= improved Property concerning 125 Magnolia, Beaumont. TX 77701 If no dollar amount is stated in this Paragraph 7B(2) as additional earnest money.or as additional �4 independent consideration, or if Buyer fails to timely deliver the additional earnest money, the extension of the feasibility period will not be effective. C. Inspections, Studies. or Assessments: (1 �thQ-fea&ii�iit per' r y �pexiser-I ► omiaiete r�.Ealase- any all inspections, studies, or assessments of the Property (including all improve sand fixtures) des Buyer. (2) Seller, at Seller's expens , i turn on all utilities necessary for Bu make inspections, studies, or assessments. (3) Buyer must: (a) employ only trained and qualified i ors and a ors; (b) notify Seller, in advance, o n the inspectors or assesso 'il be on the Property; (c) abide by any reas a entry rules or requirements of Seller; (d) not interF i existing operations or occupants of the Property; and {e) r e the Property to its original condition if altered due to inspections, ies, or (4) Exce those matters that arise from the negligence o r eller's agents, Buyer is responsible or .m, liability, encumb use of action, and expense resulting from Buyer's inspections, studies uding any property damage or personal injury, Buyer will indem ' , old harmless, and defend See eller's agents against any claim involvi after for which Buyer Is responsible under this paragrap . Is-p�raraph survives of this contract. 'r� D. Properly Information: (1) Delivery. of Proper Information: Within days after the effective date, Seller will deliver to Buyer the following to the extent in Seller's possession: (Check all that apply.) ❑(a) a current rent roll of all leases affecting the Property certified by Seller as true and correct; (b) copies of all current leases, including any mineral leases, pertaining to the Property, including any modifications, supplements, or amendments to the leases; ❑ (c) a current inventory of all personal properly to be conveyed under this contract and copies of any leases for such personal property; ❑ (d) copies of all notes and deeds of trust against the Property that Buyer will assume or that Seller will. not pay in full on or before closing; ❑ (e) copies of all current service, utility, maintenance, and management agreements relating to the ownership and operation of the Property; (� copies of current utility capacity letters from the Property's water and sewer service provider; (g) copies of all current warranties and guaranties relating to all or part of the Property; (h) copies of fire, hazard, liability, and other insurance policies that currently relate to the Property; (i) copies of all leasing or commission agreements that currently relate to the tenants of all or part of the Property; ❑(j) a copy of the"as-built" plans and specifications and plat of the Property; (k) copies of all invoices for utilities and repairs incurred by Seller for the Property in the 24 months immediately preceding the effective date; ❑ (1) a copy of Seller's income and expense statement for the Property from to ; (m) copies of all previous environmental assessments, geotechnical reports, studies, or analyses made on or relating to the Property; J(TXR-1801) 07-08-22 Initialed for Identification by Seller and Buyerc:S—�� Page 6 of 15 PariSilovestmeats,Tao,M5NorthlSthStrcetBaumoot�;t77707. Pifone;409.933.95S5 rax:S09.833.9522 TrdeiaadSpettally Sam C.Pur;t,Jr. Produced with Lone WoirTransactians (71pForm Edition) 717 N Harwood St, Suite2200, Was, TX 75201 aww.hvoU.corn Commercial Contract- Improved Property conceming 125 Magnolia, Deaumont, TX 71701 H (n) real and personal property fax statements for the Property for the previous 2 calendar years; (o) Tenant reconciliation statements including, operating expenses, insurance and taxes for the Property from to ; and ❑ (P) (2) Return of Property Information: If this contract terminates for any reason, Buyer wiil, not later than 10 days after the termination date: (Check all that apply.) ❑ (a) return to Seller all those items described in Paragraph 7D(1) that Seller delivered to Buyer in other than an electronic format and all copies that Buyer made of those items; ❑ (b) delete or destroy all electronic versions of those Items described in Paragraph 7D(1) that Seller delivered to Buyer or Buyer copied in any format; and ❑ (c) deliver to Seller copies of all inspection and assessment reports related to the Property that Buyer completed or caused to be completed. This Paragraph 7D(2) survives termination of this contract. E. Contracts_Affecting Operations: Until closing, Seller: (1) will operate the Property in the same manner as on the effective date under reasonably prudent business standards; and (2) will not transfer or dispose of any part of the Properly, any interest or right in the Property, or any of the personal property or other items described in Paragraph 2B or sold under this contract. After the feasibility period ends, Seller may not enter into, amend, -or terminate any other contract that affects the operations of the Property without Buyer's written approval. A. Each written lease Seller is to assign to Buyer under this contract must be in full force and effect �•.) according to its terms. Seller may not enter Into any new lease, fail to comply with any existing Iease, or make any amendment or modification to any existing lease without Buyer's written cons . Seller must disclose, in writing, if any of the following exist at the time Seller provides the leas o the Buyer .or subsequently occur before closing: (1) any failure by Seller to comply with Seller's obligations under the leases; (2) any circumstances under any lease that entitle the tenant to term ina a lease or seek any offsets or damages; (3) any non -occupancy of the -leased premises by a tenant; (4) any advance sums paid by a tenant under any lease, (5) any concessions, bonuses, free rents, rebates, erage commissions, or other matters that affect any lease; and (6) any amounts payable under the leases at have been assigned or encumbered, except as security for loan(s) assumed or taken subje o under this contract. B. Estoppel Certificate: Within days after the effective date, Seller will_deliver to Buyer estoppel certificates signed not ear' than by each tenant that leases space In the Property. The a ppel certificates must include the certifications contained in the current version of TXR Form 19 - Commercial Tenant Estoppel Certificate and any additional information requested by a third p lender providing financing under Paragraph 4 if the third party lender requests such addition nformation at least 10 days prior to the earliest date that Seller may deliver the signed estop I certificates. J(zXR 1801) 07-08 22 Initialed for identification by Seller and Buyer Page 6 of 15 ParWleves®eats,lac,445Narth141hStracBetumontTX77702 Pima:409AUS555 Fa)r 409.03d522 TldelandSpetialty Sam GPiriA Jr. Produced wllh Lone Wolf Transactions WpFonn Edition) 717 N Harwood St, Sulle 2200. Dallas, TX 75201 vmmlymMeom Commercial Contract - Improved Property concernidg 9. BROKERS: A. The brokers to this sale are: Principal Broker: Agent: Address: Phone & Fax: E-mail: License No.: 125 Magnolia Beaumont TX 77701 cooperating Broker: Agent: _ Address: Phone & Fax: E-mail: License No.: Principal Broker: (Check only one box) Cooperating Broker represents Buyer. represents Seller only. represents Buyer only. is an intermediary between Seller and Buyer. B. Fees: (Check only (1) or (2) below.) (Complete the.Agreement Between Brokers on page 14 only if (1) is selected.) ❑ (1) Seller will pay Principal Broker the fee specified by separate written commission agreement between Principal Broker and Seller. Principal Broker will pay Cooperating Broker the fee specified in the Agreement Between Brokers found below the parties' signatures to this contract. ❑ (2) At the closing of this sale, Sellerwill pay: Principal Broker a total cash fee of: Cooperating Broker a total cash fee of: ❑ % of the sales price. ❑ % of the sales price. ❑ ❑ — The cash fees will be paid in County, Texas. Seller authorizes the title company to pay the brokers from the Seller's proceeds at closing. , NOTICE: Chapter 62, Texas Property Code, authorizes a broker to secure an earned commission with a lien against the Property. C, The parties may not amend this Paragraph 9 without the written consent of the brokers affected by the amendment. 10. CLOSING: A. The date of the closing of the sale (closing date) will be on or before 30 days afterthe effective date: (1) P days after the expiration of the feasibility period. sped Ic date). (�1 7 A^arc ^ftar hientinrlS rrL^r10 t rnriQ^ - r,h srl haua haan r•t rrori nr at�ira �J�O A Iyy7T G1 G�iQ011 T.� Jj (3) If either party falls to close by the closing date, the non -defaulting party may exercise the remedies in Paragraph 15. �+��� (MA801) 07-08 22 Initiated for Identification by Seller and Bdye&L: � , _ parWjavestmenit,Inca 445North 14thStreetBe2umontTX77702 Phone:409.833.9555 Fa:-409.8339522 Sam G rarteT. Jr. Produced with Lone wolf Transacllons (zlpForm Edition) 717 N Harvrood St, Suite 2200, D08% TX 75201 tvww oltt:om Page 7 of 15 TidelmdSpedolty Commercial Contract - Improved Property concerning 2 Magnolia. Beaumont, TX 777QI C. At closing, Seller will execute and deliver to Buyer, at Sellers expense, a n general g special warranty deed. The deed must Include a vendor's lien if any part of the sales price is financed. The deed must convey good and indefeasible title to the Property and show no exceptions other than those permitted under Paragraph 6 or other provisions of this contract. Seller must convey the Property: (1) With no liens, assessments, or Uniform Commercial Code or other security interests against the Property which will not be satisfied out of the sales price, unless securing loans Buyer assumes; (2) Without any assumed loans in default; and (3) With no persons In possession of any part of the Property as lessees, tenants at sufferance, or trespassers except tenants under the written leases assigned to Buyer under this contract. D.. At closing, Seller, at Seller's expense, will also deliver to Buyer: (1) tax statements showing no delinquent taxes on the Property; (2) a bill of sale with warranties to title conveying title, free and clear of all liens, to any personal property defined as part of the Property in Paragraph 2 or sold under this contract; (3) QA (4) to the extent that the following items are assignable, an assignment to Buyer of the following items as they relate to the Property or its operations: (a) licenses and permits; (b) service, utility, maintenance, management, and other contracts; and (c) warranties and guaranties; (5) a (6) evidence that the person executing this contract is legally capable and authorized to bind Seller; (7) an affidavit acceptable to the title company stating that Seller is not a foreign person or, if Seller is a foreign person, a written authorization for the title company to: (I) withhold from Sellers -proceeds an amount sufficient to comply with applicable tax law; and (11) deliver the amount to the Internal Revenue Service together with appropriate tax forms; and (8) any notices, ices, statements, certificates, affidavits, ' releases, and other documents required by this contract, the commitment, or law necessary for the closing of the sale and the issuance of the title policy, all of which must be completed and executed by Seller as necessary. E. At closing, Buyer Wil: (1) pay the sales price in good funds acceptable to the title company; (2) deliver evidence that the person executing this contract Is legally capable and authorized to bind Buyer; afe-ffl-e-nt-ff Tat- Z sign (5) execute and deliver any notices, statements, certificates, or other documents required by this contract or law necessary to close the sale. F. Unless the parties agree otherwise, the closing documents will be as found in the basic -forms in the current edition of the State Bar of Texas Real Estate Forms Manual without any additional clauses. 11. POSSESSION; Seller will deliver possession of the Property to Buyer upon closing sing and funding of this sale in Its present condition with any repairs Seller is obligated to complete under this contract, ordinary wear and tear excepted. Any possession by Buyer before closing or by Seller after closing that is not authorized by a separate written lease agreement is a landlord tenant at sufferance relationship between the parties. iJ (TXR-1 801) 07-08-22 Initiated for Identification by Seller and Buyer%.A2=, Page 8 of 15 Par.-1JxvatmeaLS Inc, 44S Nor* 14th StrettItexurnont7X77702 Phone: 409MMSSS Fax:409.833.9311 TidelindSpectalty Sam C'Paigt Jr. Produced %V.th Lone Wolfrran3actions (:dpFQ;Tn VdItion) 717 N Harwood St, Suite 2200, Dalloss *TX 75201 wwwboolIxorn Commercial Contract - Improved Property concerning 125 Magnolia. Beaumont TX 77'O1 12. SPECIAL PROVISIONS: The following, special provisions apply and will control in the event of a conflict with other provisions of this contract. (If special provisions are contained in an Addendum, identify the Addendum here and reference the Addendum in Paragraph 22D.) l tJ6 000• 00 , Buyer will pay all closing cost. Seller will net out at closing Seller represents to Buyer that there are no leases on the Property., 13. SALES EXPENSES: A. Seller's Expenses: Seller will pay for the following at or before closing: licna_a�+c•+<r-veti-by CZuyeF epaymnnf penaW `C�'.gt;S"V��x'i�Fitel`I'�j"L�fPtC7�'F'PFaT-r=n-.az _ +� }�}��c�'u9Tr[c^�vRtmtss Fi€e€�if�-BBSI; -f2-�-feleas + • Ie, ., ,�. lli-e`iE?�f-ilt-��# sad; (6) costs to record any documents to cure title objections that Seller must cure; and (7) other expenses that Seller will pay under other provisions of this contract. B. Buyer's. Expenses: Buyer will pay for the following at or before closing: (1) all loan expenses and fees; (2) preparation fees of any deed of trust; (3) recording fees for the deed and any deed of trust; (4) premiums for flood and hazard insurance as may be required by Buyer's lender; (5) one-half of any escrow fee; and (6) other expenses that Buyer will pay under other provisions of this contract. 14. PRORATIONS: A. Prorations: (1) Interest on any.assumed loan, taxes, rents, and any expense reimbursements from tenants will be prorated through the closing date. (2) If the amount of ad valorem taxes for the year in which the sale closes is not available on the closing date, taxes will be prorated on the basis of taxes assessed in the previous year. If the taxes for the year in which the sale closes vary from the amount prorated at closing, the parties will adjust the prorations when the tax statements for the year in which the sale closes become available. This Paragraph 14A(2) survives closing. (3) If Buyer assumes a loan or Is taking the Property subject to an existing lien, Seller will transfer all reserve deposits held by the lender for the payment of taxes, insurance premiums, and other charges to Buyer at closing and Buyer will reimburse such amounts to Seller by an appropriate adjustment at closing. B. Rollback Taxes: If Seller's use or change in use of the Property before closing results in the assessment of additional taxes, penalties, or interest (assessments) for periods before closing, the assessments will be the obligation of Seller. If this -sale or Buyer's use of the Property after closing results in additional assessments for periods before closing, the assessments will be the obligation of ,i Buyer. This Paragraph 14B survives closing. (TXR-1801) 07-08-22 Initialed for Identification by Seller and Buyerv5 C�k Page 9 of 15 Parigllnvestmeutr,3na,445North14thStreet HeaumontTX77702 Phone:409.M.9555 Fax409.833.95?2 Tideland Specialty Sam C ParigL Jr. Produced wilh Lone Wolf Transactions (ilpForm Edition) 717 N Harwood St. Suile 2200, Dallas. TX 75201 wvwwlvnticom Commercial Contract- Improved Property concerning 125Magnolia. Beaumont. TX 777M €r -_ - e • ©sits�.�Josing, Seller will tender to Buyer all security deposits and t—hBJbH=4rr§ advance payments receive - �efitErperf 4 sirarepaiti expenses, advance rental i payments; and other advance paid by tenants: ITef , •d4 • e _arty but received by the other party will ) led by the recipient to the party to whom it was prorate =irot a s after th ceived. This Paragraph 14C survives closing, 15. DEFAULT: A. If Buyer fails to comply with this contract, Buyer is in default and Seller, as Seller's sole remedy(ies), may terminate this contract and receive the earnest money, as liquidated damages for Buyer's failure except for any damages resulting from Buyer's inspections, studies or assessments in accordance with Paragraph 7C(4) which Seller may pursue, or (Check if applicable) ❑ enforce specific performance, or seek such other relief as may be provided by law. B. If, without fault, Seller is unable within the time allowed to deliver the survey orthe commitment, Buyer may: (1) terminate this contract and receive the earnest money, less any independent consideration under Paragraph 713(1), as liquidated damages and as Buyer's sole remedy; or (2) extend the time for performance up to 15 days and the closing will be extended as necessary. C. Except as provided in Paragraph 15B, if Seiler fails to comply with this contract, Seller is in default and Buyer may: (1) terminate this contract and receive the earnest money, less any independent consideration under Paragraph 7B(1), as liquidated damages and as Buyer's sole remedy; or (2) enforce specific performance, or seek such other relief as may be provided by law, or both. r. } ­ 16. CASUALTY LOSS AND CONDEMNATION: A. If any part of the Property is damaged or destroyed by fire or other casualty after the effective date, Seller must restore the Property to its previous condition as soon as reasonably possible and not later than the closing date. If, without fault, Seller is unable to do so, Buyer may: (1) terminate this contract and the earnest money, less any independent consideration under Paragraph 7B(1), will be refunded to Buyer; (2) extend the time for performance up to 15 days and closing will be extended as necessary; or (3) accept at closing: (i) the Property in its damaged condition; (ii) an assignment of any insurance proceeds Seller is entitled to receive along with the insurer's consent to the assignment; and (III) a credit to the sales price in the amount of any unpaid deductible under the policy for the loss. B. If before closing, condemnation proceedings are commenced against any part of the Property, Buyer may: (1) terminate this contract by providing written notice to Seller within 15 days after Buyer is advised of the condemnation proceedings and the earnest money, less any independent consideration under Paragraph 713(1), will be refunded to Buyer; or (2) appear and defend the condemnation proceedings and any award will, at Buyer's election, belong to: (a) Seller and the sales price will be reduced by the same amount; or (b) Buyer and the sales price will not be reduced. 17. ATTORNEY'S FEES: If Buyer, Seller, any broker, or the title company is a prevailing party in any legal proceeding brought under or with relation to this contract or this transaction, such party is entitled to recover from the non -prevailing parties all costs of such proceeding and reasonable attorney's fees. This Paragraph 17 survives termination of this contract, nn • (rXR 1801) 07-08-22 Initialed for Idenri ication by Seller and BdyeNPage 10 of 15 Parigt Investments, rne, 445 North 14thStrett'Beaumont TX 77702 Phone: 409.933.9555 Fax:409X33.9522 TJOeiaad Spetialty Sara C.Pld-.1, Jz Produced wlth Lone Wolf Transacllons (2lpForm Edition) 717 N Harwood St. Suite 2200, Dallas, TX 75201 ' wvnw-twoiream Commercial Contract- Improved Property concerning 1.25 Magnolia. Beaumont. TX 77701 18. ESCROW: A. At closing, the earnest money will be applied first to any cash down payment, then to Buyer's closing costs, and any excess will be refunded to Buyer. If no closing occurs, the title company may require payment of unpaid expenses incurred on behalf of the parties and a written release of liability of the title company from all parties. B. If one party makes written demand for the earnest money, the title company will give notice of the demand by providing to the other party a copy of the demand. If the title company does not receive written objection to the demand from the other party within 15' days after the date the title company sent the demand to the other party, the title company may disburse the earnest money to the party making demand, reduced by the amount of unpaid expenses incurred on behalf of the party receiving the earnest money and the title company may pay the same to the creditors. C_ The title company will deduct any independent consideration under Paragraph 7B(1) before disbursing any earnest money to Buyer and will pay the independent consideration to Seller. D. If the title company complies with this Paragraph 18, each party hereby releases the title company from all claims related to the disbursal of the earnest money. E. Notices under this Paragraph 18 must be sent by certified mail, return receipt requested. Notices to the title company are effective upon receipt by the title company. F. Any party who wrongfully falls or refuses to sign a release acceptable to the title company within 7 days after receipt of the request will be liable to the other party for: (i) damages; (ii) the earnest money; (iii) reasonable attorney's fees; and (iv) all costs of suit. , G. ❑ Seller ❑ Buyer intend(s) to complete this transaction as a part of an exchange of like -kind properties in accordance with Section 1031 of the Internal Revenue Code, as amended. All expenses in connection with the contemplated exchange will be paid by the exchanging party. The other party will not incur any expense or liability with respect to the exchange. The parties agree to cooperate fully and in good faith to arrange and consummate the exchange so as to comply to the maximum extent feasible with the provisions of Section 1031 of the Internal Revenue Code.. The other provisions of this contract will not be affected in the event the contemplated exchange fails to occur. 19. MATERIAL FACTS: To the best of Seller's knowledge and belief: (Check only one box.) ❑ A. Seller is not aware of any material defects to the Property except as stated in the attached Commercial Property Condition Statement (TXR-1408). ITS Except as otherwise provided in this contract, Seller is not aware of: (1) any subsurface: structures, pits, waste, springs, or improvements; (2) any pending or threatened litigation, condemnation, or assessment affecting the Property; (3) any environmental hazards or conditions that materially affect the Property; (4) whether the Property is or has been used for the storage or disposal of hazardous materials or toxic waste, a dump site or landfill, or any underground tanks or containers; (5) whether radon, asbestos containing materials, urea formaldehyde foam insulation, lead -based paint, toxic mold (to the extent that it adversely affects the health of ordinary occupants), or other pollutants or contaminants of any nature now exist or ever existed on the Property; (6) any wetlands, as defined by federal or state law or regulation, on the Property; (7) any threatened or endangered species or their habitat on the Property; (8) any present or past infestation of wood -destroying insects in the Property's improvements; (9) any contemplated material changes to the Property or surrounding area that would materially and detrimentally affect the ordinary use of the Property; (TXR-9801) 07-D8-22 Initialed for Identification by Seller and Buyers c? ParW Inveibneots, loc, 44S North loth StrcetBeaumont TX 77702 Phone., 409,933.9555 Fax 409.033.9571 Sam G Fari6jr. Produced with Lone woirTrensoclions (ApFcan Edition) 717 N Harwood St, Suite 2200, Dallas,'1X 75201 wsv,y.AwUOM Page I I of 16 Tideland Spceiolry Commercial Contract -Improved Property concerning 125 Magnolia, Beaumont, TX 77701 (10) any material physical defects in the improvements on the Property; or (11) any condition on the Property that violates any law or ordinance. (Describe any exceptions to (1)-(11) in Paragraph 12 or an addendum.) 20. NOTICES: All notices between the parties under this contract must be in writing and are effective when hand -delivered, mailed by certified mail return receipt requested, sent by a national or regional overnight delivery service that provides a delivery receipt, or sent by confirmed facsimile transmission to the parties addresses or facsimile numbers stated in Paragraph 1.. The parties will send copies of any notices to the broker representing the party to whom the notices are sent. nX A. Seller also consents to receive any notices by.e-mail at Seller's e-mail address stated in Paragraph 1. X B. Buyer also consents to receive any notices by e-mail at Buyer's e-mail address stated in Paragraph 1. 21. DISPUTE RESOLUTION: The parties agree to negotiate in good faith in an effort to resolve any dispute related to this contract that may arise. If the dispute cannot be resolved by negotiation, the parties will .submit the dispute to mediation before resorting to arbitration or litigation and will equally share the costs of a mutually acceptable mediator. This paragraph survives termination of this contract. This paragraph does not preclude a party from seeking equitable relief from a court of competent jurisdiction. • 22. AGREEMENT OF THE PARTIES: A. This contract is binding on the parties, their. heirs, executors, representatives, successors, and permitted assigns. This contract is to be construed in accordance with the laws of the State of Texas. If any term or condition of this contract shall be held to be invalid or unenforceable, the remainder of this contract shall not be affected thereby. All individuals signing represent that they have the authority to sign on behalf of and bind the party for whom they are signing. B. This contract contains the entire agreement of the parties and may not be changed except in writing. C. If this contract is executed in a number of identical counterparts, each counterpart is an original and all counterparts, collectively, constitute one agreement. D. Addenda which are part of this contract are: (Check all that apply.) (1) Property Description Exhibit identified in Paragraph 2; (2) Commercial Contract Condominium Addendum (TXR 1930) or (TXR-1946); (3) Commercial Contract Financing Addendum (TXR-1931); (4) Commercial Property Condition Statement (TXR-1408); (5) Commercial Contract Addendum for Special Provisions (TXR-1940); (6) Addendum for Seller's Disclosure of information on Lead -Based Paint and Lead -Based Paint Hazards (TXR 1906); (7) Notice to Purchaser of Real Property in a Water District (MUD); (8) Addendum for Coastal Area Property (TXR-1915); (9) Addendum for Property Located Seaward of the Gulf Intracoastal Waterway (TXR-1916); (10) Information About Brokerage Services (TXR-2501); (11) Information About Mineral Clauses in Contract Forms (TXR-2509); (12) Notice of Obligation to Pay improvement District Assessment (TXR-1955, PID); ❑X (13) Jefferson County Drainage District #6 Notice to Purchaser (Note: Counsel for Texas REALTORS@ has determined that any of the foregoing addenda which are promulgated by the Texas Real Estate Commisslon (TREC) or published by Texas REALTORSO are appropriate for use with this form.) ;j (TXR-1801) 07-08-22 Initialed for Identification by Seller . and Buyeres Page 12 of 15 Pari1TnvettmeA%1ney445Northt4thStreetHesumontT%77102 Phone:409M39555 Fa)c409.W.9522 Tideland Specialty Sato aParigi, Jr. Produced tvtlh Lone Walt Transactions (9pForm Edition) 717 N Harwood St, Suite 2200, Dapas,7X 75201 vmvwhvotCrnm Commercial Contract - Improved Properly concerning 125 Magnolia. Beaumont TX 777()1 E. Buyer ' "may 'may not assign this contract. If Buyer assigns this contract, Buyer will be relieved of any future liability under this contract only if the assignee assumes, in writing, all of Buyer's obligations under this contract. 23. TIME: Time is of the essence in this contract. The parties require strict compliance with the times for performance. If the last day to perform under a provision of this contract falls on a Saturday, Sunday, or federal reserve bank holiday, the time for performance is extended until the end of the next day which is not a Saturday, Sunday, or federal reserve bank holiday. 24. EFFECTIVE DATE: The effective date of this contract for the purpose of performance of all obligations is the date the title company receipts this contract after all parties execute this contract. - 25. ADDITIONAL NOTICES: A. Buyer should have an abstract covering the Property examined by an attorney of Buyer's selection, or Buyer should be furnished with or obtain a title policy. B. If the Property is situated in a utility or other statutorily created district providing water, sewer, drainage, or flood control facilities and services, Chapter 49, Texas Water Code, requires Seller to deliver and Buyer to sign the statutory notice relating to the tax rate, bonded indebtedness, or standby fees of the district before final execution of this contract. C. Notice Required by §13.257, Water Code: "The real property, described below, that you are about to purchase may be located in a certificated water or sewer service area, which is authorized by law to provide water or sewer service to the properties in the certificated area. If your property is located in a certificated area there may be special costs or charges that you will be required to pay before you can receive water or sewer service. There may be a period required to construct lines or other facilities necessary to provide water or sewer service to your property. You are advised to* determine if the property is in a certificated area, and contact the utility service provider to determine the cost that you will be required to pay and the period, if any, that is required to provide water or sewer service.to your property. The undersigned purchaser hereby acknowledges receipt of the foregoing notice at or before the execution of a binding contract for the purchase of the real property described in the notice or at closing of purchase of the real property:' The real property is described in Paragraph 2 of this contract. D. If the Property adjoins or shares a common boundary with the tidally influenced submerged lands of the state, §33.135, Texas Natural Resources Code, requires a notice regarding coastal area property to be included as part of this contract (the Addendum for Coastal Area Properly (7XR 9915) may be used). E. If the Property is located seaward of the Gulf Intracoastal Waterway, §61.025, Texas Natural Resources Code, requires a notice regarding the seaward location of the Property to be included as part of this contract (the Addendum for Property Located Seaward of the Gulf Intracoastal. Waterway (7XR-1916) may be used). F. If the Property is located outside the limits of a municipality, the Property may now or later be included in the extra -territorial jurisdiction (ETJ) of a municipality and may now or later be subject to annexation by the municipality. Each municipality maintains a map that depicts its boundaries and ETJ. To determine if the Property is located within a municipality's ETJ, Buyer should contact all municipalities located in the general proximity of the Property for further information. G. If apartments or other residential units are on the Property and the units were built before 1978, federal law requires a lead -based paint and hazard disclosure statement to be made part of this contract (the � Addendum for Seller's Disclosure of Information on Lead -Based Paint and Lead -Based Paint Hazards (7XR-1906) maybe used). (TXR-1801) 07-08-22 Initialed for Identification by Seller and Buyer, _ Page 13 of 15 P26giluvestmeat;Iny445XortL11thStredDrAUmontTX77103 Phone:409.A339MS Fax:409.933.9521 TidelsoaSpeclalry Sam C.lrxi . Jr. Produced whh Lane Wolf Transactlons (ApForm Edition) 717 N Harwood St. Suite2200. Dallas. TX 76201 yw.-twolfcem Commercial Contract - Improved Property concerning I Maanolia. Beaumont TX 77707 H. Section 1958.154, Occupations Code requires Seller to provide Buyer a copy of any mold remediation certificate issued for the Property during the 5 years preceding the date the Seller sells the Property. Brokers are not qualified to perform property inspections, surveys, engineering studies, environmental assessments, or inspections to determine compliance with zoning, governmental regulations, or laws. Buyer should seek experts to perform such services. Buyer should review local building codes, ordinances and other applicable laws to determine their effect on the Property. Selection of experts, inspectors, and repairmen is the responsibility of Buyer and not the brokers. Brokers are not qualified to determine the credit worthiness of the parties. NOTICE OF WATER LEVEL FLUCTUATIONS: If the Property adjoins an impoundment of water, including a reservoir or lake, constructed and maintained under Chapter 11, Water Code, that has a storage capacity of at least 5,000 acre-feet at the impoundment's normal operating level, Seller hereby notifies Buyer: "The water level of the impoundment of water adjoining the Property fluctuates for various reasons, including as a result of: (1) an entity lawfully exercising its right to use the water stored in the impoundment; or (2) drought or flood conditions." J. PUBLIC IMPROVEMENT DISTRICTS: If the Property is in a public improvement district, Seiler is required by §5.014, Property Code to give Buyer a written notice concerning the obligation to pay assessments. The form of the required notice is available as a part of the Notice of Obligation to Pay improvement District Assessment (TXR-1955). K. LICENSE HOLDER DISCLOSURE: Texas law requires a real estate license holder who is a party to a transaction or acting on behalf of a spouse, parent, child, business entity in which the license holder owns more than 10%, or a trust for which the license holder acts as a trustee or of which the license holder or the license holder's spouse, parent or child Is a beneficiary, to notify the other party in writing before entering into a contract of sale. Disclose if applicable: 26. CONTRACT AS OFFER: The execution of this contract by the first party constitutes an offer to buy or sell the Property. Unless the other party accepts the offer by 5:00 p.m., in the .time zone in which the Property is located, on , the offer will lapse and become null and void. READ THIS CONTRACT CAREFULLY. The brokers and agents make no representation or recommendation as to the legal sufficiency, legal effect, or tax consequences of this document or transaction. CONSULT your attorney BEFORE signing. Seller: 01y of Beaumont Buyer:Tideland !Specialty, Ltd. By: _ C rl j of Seak By (signature): Printed Name: K;ehrl&fin R. W(I ltLl.ms Title: Cl�fif ��� r By: By (signature): �) Printed Name: Title: By: CG Tideland, L.L.C., general partner. By (signatur - �.� Printed Name: Charles J. Giglio 01 Title: President By: By (signature): Printed Name: Title: (rXR-1801) 07-08 22 Page 14 of 15 Pa igilnvestmentr,Jny4t5Northl4thS1reetBeaumontT.XTnO2 Phone:409.833MSS F=409.833.9S22 TidelandSpedalty Sam C.Parigi, It. Produced with Lane WollTransao0ons (zipftrn Edition) 717 N Hafmad St, Suite 2200. Dallas, TX 75201 vn+w.huolGcom Commercial Contract- Improved Property concerning 125 Magnolia_ Beaumont, TX 77701 AGREEMENT BETWEEN BROKERS (use only if Paragraph 9B(1) is effective) Principal Broker agrees to pay (Cooperating Broker) a fee when the Principal Broker's fee is received. The fee to be paid to Cooperating Broker will be: $ , or • of the sales price, or • of the Principal Broker's fee. The title company is authorized and directed to pay Cooperating Broker from Principal Broker's fee at closing. This Agreement Between Brokers supersedes any prior offers and agreements for compensation between brokers, Principal Broker. Cooperating Broker: By: By. ATTORNEYS Seller's attorney: Buyer's attorney: C. Scott Mann, Jr. Address: Address: 550 Fannin #4001 Beaumont, TX 77701 - one & Fax: Phone & Fax: 409 654.6717D _ (409)835 2115 r E-mail: Seller's attorney requests coples of documents, notices, and other -information: the title company sends to Seller. Buyer sends to Seller. E-mail: csmann@gerrner.corr� Buyer's attorney requests copies of documents, notices, and other information: the title company sends to Buyer. ESCROW RECEIPT The title company acknowledges receipt of. HA. the contract on this day (effective date); B. earnest money in the amount of in the form of on Title company_ By: Assigned file number Address: Phone & Fax: E-mail: _i (TXR-1801) 07-08-22 PartgT Investments, Ina, 445Norrh loth Street Beaumont TX77703 Phone: 4D9.833.9555 • Fa): 409.833.9522 Sam C. Partly Jr. Produced with Lana wolrTransacttons (OpForrn Ed lion) 717 N Harwood St, Su$e 2200, Da9as, IX 75201 wwvi MOIF. = Page 15 of 15 TTdeTand Spec121ty NOTICE TO PURCHASERS The realproperty, described below, which you are aboutto purchase is located in the Jefferson County Drainage District No. 6. The District has taxing authority separate from any other taxing authority, and may, subject to voter approval, issue an unlimited amount of bonds and levy an unlimited rate of tax in payment of such bonds. As of this date, the rate of taxes levied by the District on real property located in the District is $0.295126 on each $100 of assessed valuation. rf the district has not yet levied taxes, the most recent projected rate of debt service tax, as of this date is $ N/A on each $100 of assessed valuation. The total amount of bonds, excluding refunding bonds and any bonds or portion of bonds payable solely fiom revenues received or expected to be received pursuant to a contract with a governmental entity, approved by the voters and which have been or may, at this date, be issued is $0.00, andthe aggregate initial principal amounts of all bonds issued for one or more of the specified facilities of the district and payable in whole or in part from property taxes is $0.00. The district is located in whole or in part within the corporate boundaries of the City of Beaumont. The taxpayers of the district are subject to the taxes imposed by the municipality and by the district until the district is dissolved. Bylaw, a district located within the corporate boundaries of a municipality may be dissolved by municipal ordinance without the consent of the district or the voters of the district. The district has the authority to adopt and impose a standby fee on property in the district that has water, sewer, sanitary, or drainage facilities and services available but not connected and which does not have a house, building, or other improvement located thereon and does not substantially utilize the utility capacity available to the property. The district may exercise the authority without holding an election on the matter. As of this date, the amount of the standby fee is $-0-. An unpaid standby 'fee is a personal obligation of the person that owned the property at the time of imposition and is secured by a lien on the property. Any person may request a certification from the district stating the amount, if any, of unpaid standby fees on a tract of property in the district. The purpose of this District is to provide drainage and flood control facilities and services within the district through the issuance of bonds payable in whole or in part from property taxes. The cost of the utilities facilities is not included in the purchase price of your property, and these utility facilities are owned or to be owned by the District. The legal description of the property which you are acquiring is as follows: That certain tract of land, more or less, more fully described in Exhibit "A', attached hereto and made a part hereof by this reference. SELLER: CITY OF BEAUMONT By: Name: Kenyiefh- ?. W —lasts Title: C141A i1110.Y1 qet-- Date: , 2023 PURCHASER IS ADVISED THAT THE INFORMATION SHOWN ON THIS FORM IS SUBJECT TO CHANGE BY THE DISTRICT AT ANY TIME. THE DISTRICT ROUTINELY ESTABLISHES TAX RATES DURING THE MONTHS OF SEPTEMBER THROUGH DECEMBER OF EACH YEAR, EFFECTIVE FOR THE YEAR IN WHICH THE TAX RATES ARE APPROVED BY THE DISTRICT. PURCHASER IS ADVISED TO CONTACT THE DISTRICT TO DETERMINE THE STATUS OF ANY CURRENT OR PROPOSED CHANGES TO THE INFORMATION SHOWN ON THIS FORM. The undersigned purchaser hereby acknowledges receipt of the foregoing notice at or prior to execution of a binding contract for the purchase of the real property described in such notice or at closing of purchase of the real property. PURCHASER: Date: 2022 TIDELAND SPECIALTY, LTD., a Texas limited partnership By: CG TIDELAND, L.L.C., a Texas limited liability company, general partner L ByCA53� Charles J. Giglio, President 'I Legal Description: 0.8439 Acre Tract or Parcel of Land Noah'Tevis League, Abstract No. 52 Beaumont, Jefferson County, Texas BEING a 0.8439 acre tract or parcel of land situated in the Noah Tevis League, Abstract No. 52, Jefferson County, Texas and being out of and part of that certain called 1.125 acre tract of land as described in a "Special Warranty Deed" from Tarm Properties, L.L.C. to the City of Beaumont as recorded in Clerk's File No. 2012038144, Official Public Records of Real Property, Jefferson County, Texas, said 0.8439 acre tract being more particularly described as follows: NOTE: All bearings are referenced to the Southeasterly line of the said 1.125 acre City of Beaumont tract as SOUTH 69°07'36" WEST as recorded in the above referenced Clerk's File No. 2012038144, Official Public Records of Real Property, Jefferson County, Texas. All set 518" iron rods set with caps stamped "Whiteley". BEGINNING at a 1/2" iron rod found for the most Westerly corner of the tract herein described, said comer also being the most Westerly coiner of the said 1.125 acre City of Beaumont tract and said corner also being the most Northerly Northeast corner of the remainder of that certain called 11.4488 acre tract of land as described in a "Special Warranty Deed" from Union Pacific Railroad Company to Tideland Specialty, Ltd. as recorded in Clerk's File No. 2002046131, Official Public Records of Real Property, Jefferson County, Texas and said comer being in the Southeasterly right-of-way fine of South Street (based on a width of 30 feet); THENCE NORTH 69007'36" EAST, along and with the Southeasterly right-of-way line of South Street, for a distance of 271.31 feet to a point for corner (unable to find or set corner due to fences), and from said corner a scribed " V in concrete set for the most Northerly corner of the said 1.125 acre City of Beaumont tract and being the intersection of the Southeasterly right-of-way line of South Street and the Westerly right-of-way line of Magnolia Street and said corner being the Northwesterly corner of that certain called 0.264 acre tract of land for right-of-way of Magnolia Street as described in a "Special Warranty Deed" from Tarm Properties, LLC to the City of Beaumont as recorded in Clerk's File No. 2009044503, Official Public Records of Real Property, Jefferson County, Texas bears NORTH 69°07'36" EAST a distance of 137.67 feet; THENCE SOUTH 20052'24" EAST, over and across the said 1.125 acre City of Beaumont tract, for a distance of 135.53 feet to a 5/8" iron rod set for corner, said coiner being in the boundary line between the said 1.125 acre City of Beaumont tract and the remainder of the said 11.4488 acre Tideland Specialty, Ltd. tract and said corner bears SOUTH 69°07'36" WEST a distance of 45.54 feet from a 5/8" iron rod with a cap stamped "M.W. Whiteley & Associates" found for the most Southeasterly corner of the said 1.125 acre City of Beaumont tract and said corner being the Southwesterly comer of the said 0.264 acre City of Beaumont tract, the most Easterly Northeast comer of the remainder of the said 11.4488 acre Tideland Specialty, Ltd. tract and being the most Northwesterly corner of that certain called 0.456 acre tract of land for right-of-way of Magnolia Street as described in a "Special Warranty Deed" from Tideland Specialty, Ltd. to the City of Beaumont as recorded in Clerk's File No. 2009034437, Official Public Records of Real Property, Jefferson County, Texas; )VIIII L•LLY 11Y RASIRUC7 UK1i UICUUY THENCE SOUTH 69"07'36" WEST, along and with the boundary between the said 1.125 acre City of Beaumont tract and the remainder of the said 11.4488 acre Tideland Specialty, Ltd. tract, for a distance of 271.14 feet to a 1/2" iron rod found for. corner, said corner being an interior eil corner of the remainder of the said 11.4488 acre Tideland Specialty, Ltd. tract and the most Southerly corner of the said 1.125 acre City of Beaumont tract; THENCE NORTH 20056'40" WEST, continuing along and with the boundary between the said 1.125 acre City of Beaumont tract and the remainder of the said 11.4488 acre Tideland Specialty, Ltd. tract, for a distance of 135.53 feet to the POINT Or BEGINNING and containing 0.9439 Acres, more or less. W t2023%23.05 M3.05 im&b.doox f►'!i/7'L'f.l53' INPIC NIRUC1-UR15 0K(/U1' t'III[ � uAsaTI�' qu u -I I Rl ELke it i �p mi �Y a � u �"xaso I�assaFSua s. .s$$ Hill 19 ._ ^'ryX r 8� a ar^ G� 4�gQ A d s $ u 6t pHp tt 3e Hinxi 9� SHI $41 1 41 IJ.R a !+sib FND-N25'66"45'Y/135.53' I WY ---------- . ;� o om I sin OFFICIAL PUBLIC RECORDS IP P ; I- 2023 Mar 09 03:39 PM Fee: $ 74.00 202300624/ ROXANNE ACOSTA-HELLBERG, COUNTY CLERK JEFFERSON COUNTY TEXAS 'Electronically Recorded' NOTICE OF CONFIDENTIALITY RIGHTS: IF YOU ARE A NATURAL PERSON, YOU MAY REMOVE OR STRIKE ANY OR ALL OF THE FOLLOWING INFORMATION FROM THIS INSTRUMENT THAT TRANSFERS AN INTERST IN REAL PROPERTY BEFORE IT IS FILED FOR RECORD IN THE PUBLIC RECORDS: YOUR SOCIAL SECURITY NUMBER OR DRIVER'S LICENSE NUMBER. THE STATE OF TEXAS § § KNOW ALL MEN BY THESE PRESENTS: COUNTY OF JEFFERSON § SPECIAL WARRANTY DEED That, CITY OF BEAUMONT, a municipal corporation, domiciled in County of Jefferson, State of Texas, hereinafter called GRANTOR for and in consideration of the sum of ONE HUNDRED SEVENTY-FIVE THOUSAND AND NO/100 ($175,000.00) DOLLARS and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, has GRANTED, SOLD and CONVEYED, subject to the reservations and exceptions hereinafter made, and by these presents does GRANT, SELL and CONVEY unto the said TIDELAND SPECIALTY, LTD, hereinafter called GRANTEE of the County of Jefferson, State of Texas, whose mailing address is 155 S. MLK Parkway, Beaumont, Texas 77701, and to its successors and assigns forever the property together with the improvements thereon as described in Exhibit "A", attached hereto and made a part hereof for all purposes, together with an easement on the following terms and conditions: 1. Conve ance of Easement 1.1 Grantor hereby GRANTS, SELLS, and CONVEYS to Grantee, non-exclusive easements for right-of-way purposes over, along, upon, and across the driveways located on the real property more fully described in Exhibit "B", attached hereto and made a part hereof by this reference (the "Easement Tract"), as they may 'be from time to time configured, to provide ingress to and egress from that certain tract of land more fully described in the attached Exhibit "A", hereinafter sometimes called the "Appurtenant Tract" for purposes of the easement granted herein, for pedestrian and vehicular traffic to and from the Street for purposes of maintain, repairing, and the construction and reconstruction of improvements on the Appurtenant Tract and for any and all utilities serving the Appurtenant Tract located in the Easement Tract (the "Utilities").. 1.2 The right-of-way easement granted across the Easement Tract shall be hereinafter collectively called the "Driveway Easement" and shall create a private non-exclusive driveway serving the Appurtenant Tract for the purposes stated above as well as easements for the Utilities. The Driveway Easement shall be a non-exclusive easement to be used in common by Grantor and Grantee and their respective heirs, successors, personal and legal representatives, and assigns as owners of all or any part or parts of the Appurtenant Tract or the Easement Tract, hereinafter sometimes collectively called "Owners" and individually as an "Owner". The Driveway Easement shall be easements appurtenant to the Appurtenant Tract. No Owners shall place any obstruction or impediment to the free flow of pedestrian and vehicular traffic over and across the driveways located on the Easement Tract other than esplanades dividing traffic lanes, sidewalks, and other reasonable traffic control devices. Any sale, mortgage, encumbrance or other disposition of the Appurtenant Tract or any part or parts thereof or any right-of-way easement interest therein which border on the Driveway Easement shall (with or without specific inclusion thereof or reference thereto) include all of the rights and privileges hereby granted and conferred and the obligations contained herein. 2. General Provisions 2.1 The Driveway Easement and the terms, covenants, and provisions hereof, unless canceled or terminated as hereinafter provided, shall be perpetual and shall be covenants running with the land. The Driveway Easement may be cancelled or terminated, in whole or in part, or the terms and provisions hereof with respect to the Driveway Easement may be modified or amended, only by the written agreement of all of the record Owners of the Appurtenant Tract and the Easement Tract. 2.2 Owners shall have the right to install and maintain private utilities, to dedicate utility easements to the public, and to grant utility easements to public utilities on, over, and across any portion or part of the Driveway Easement (to the extent permitted by existing easements, if any, encumbering the Driveway Easement) to serve either or both of the Appurtenant Tract or the Easement Tract provided such private utilities or utility easements, or both, do not unreasonably interfere with the purpose or purposes for which the Driveway Easement were created hereunder and that any damages done to the Driveway Easement or improvements located therein by the installation or maintenance of private or public utilities, or both, in the Driveway Easement is promptly repaired by the Owner installing any private utilities, in the case of private utilities, or by the public utility or utilities installing or maintaining the public utilities whose maintenance or installation has caused such damage, in the case of public utilities, to a condition at least as good as existed immediately prior to such damage and that any instrument dedicating to the public for public utility purposes any or all of the Driveway Easement or conveying an easement for public utility purposes out of all or any part of the Driveway Easement shall impose such obligation to repair the Driveway Easement as set out above on the public utility or utilities installing and/or maintaining utility facilities in any such easement dedicated to the public or on the public utility or utilities to whom such easement is granted, as the case may be. 2.3 No Owner shall have any obligation to maintain the Driveway Easement, but any Owner may perform any repairs, maintenance, or replacements to the Driveway Easement deemed by them to be necessary or appropriate which repairs, maintenance, and replacements shall be performed in a good and workmanlike manner and in compliance with all applicable building codes and requirements of the City of Beaumont, Texas. In performing such repairs, maintenance, or replacements and on any Utilities such Owner shall take care to not unreasonably block access to the driveways or parking spaces located on the Easement Tract. The Grantee in using the Driveway Easement shall take care not to block the use Driveway Easement in a manner that blocks the usage of any parking spaces and driveways on the Easement Tract on more than a temporary basis and then for only the shortest period of time and to the least extent reasonably practicable to perform needed repairs, maintenance, and construction and reconstruction on the Appurtenant Tract or the Utilities. 2.5 Notwithstanding anything contained to the contrary, no Owner may require any other party to pay for repairs to the Driveway Easement hereunder which are caused such Owner deliberately damaging or destroying the driveways and parking spaces locate therein by reason of use of the Driveway Easement that is unreasonable, such as moving equipment or other objects across the Driveways whose weight or design causes damages thereto and such Owner causing such damages shall be obligated to promptly repair such damages. 3. Miscellaneous 3.1 Any notice required or permitted under this Agreement by any party hereto to the other party shall be deemed delivered on depositing such notice in the United States Mail, postage prepaid, or on receipt if such notice is delivered by hand delivery or by courier service at the following address: If to Grantor: City of Beaumont P.O. Box 3 827 Beaumont, Texas 77704-382; and If to Grantee: Tideland Specialty, Ltd. 155 S. Martin Luther King Parkway Beaumont, Texas 77701 Any party hereto may change its address for purposes hereof by sending written notice of such new address for notice hereunder to the other party hereto in the manner and at the address specified above effective three (3) business days after receipt by such other party. Any Owner who subsequently became a party to this agreement by becoming Owner of any part of the Appurtenant Tract or Easement Tract may be given notice as provided in this section at the address for such Owner in any Deed conveying a portion of the Appurtenant Tract or Easement Tract to such Owner or in the most current address for such Owner maintained by the Jefferson County Tax Appraisal District or any successor entity thereto. 3.2 Any Owners of all or any portion of the Appurtenant Tract or Easement Tract may enforce the provisions of this Agreement by bringing suit in a court of competent jurisdiction. Any person who shall bring suit to enforce any term or provision of this agreement and shall prevail in such suit shall be entitled to reasonable attorneys' fees and expenses incurred in enforcing this agreement. This Agreement may not be enforced by any tenant or invitee of any Owners. 3.3. Any of the Owners may authorize his, her, its, or their respective tenants and invitees to exercise any one or more of the rights and privileges granted to him, her, it, or them herein, except where expressly otherwise provided herein, upon such terms and conditions consistent herewith as may be deemed appropriate and may revolve or withdraw such authorization, all without the joinder or consent of any of the other Owners. 3.4 This Agreement shall be governed by the laws of the State of Texas and shall be performable in Jefferson County, Texas. The venue for any litigation related to this Agreement shall be in the state or federal courts of Jefferson County, Texas. 3.5 If any part or parts of this Agreement shall be found illegal or unenforceable by any court of competent jurisdiction the balance of this Agreement shall be construed as if such illegal or unenforceable part or parts of this Agreement had never been contained herein. This conveyance is made subject to the following: 1. All zoning laws, building codes and other regulations and ordinances of municipal, state and federal authorities, effecting the property. 2. All restrictions, easements, covenants, and conditions of record in the office of the County Clerk of Jefferson County, Texas, to the extent they are still in effect and relate to the above described property; and 3. All prior reservations, conveyances and severances of oil, gas, and other minerals, and royalties in oil, gas and other minerals of record in the office of the County Clerk of Jefferson County, Texas, relating to or affecting the above described property, together will all rights, privileges, easements and immunities appurtenant thereto, and together with all .leases and assignments thereof, unit designations and pooling agreements relating to or affecting the above described property. The property, including improvements, hereby conveyed is sold to Grantee AS IS and With ALL FAULTS; no warranties of any kind are implied in this transaction with respect to such property. TO HAVE AND TO HOLD the above described premises together with all and singular the rights and appurtenances thereto and in any wise belonging, unto the said GRANTEE and GRANTEE'S successors and assigns, forever; and said GRANTOR binds itself and its successors and assigns to warrant and forever defend all and singular the said premises unto the said GRANTEE and GRANTEE'S successors or assigns, against every person whomsoever lawfully claiming or to claim all or any part of the property, subject to the provisions stated above, when the claim is by, through, or under GRANTOR but not otherwise. EXECUTED this the day of March, 2023. CITY OF BEAUMONT: t , By: 4�eYOQ-- Printed Name: Kenneth R. Williams Title: City Manager STATE OF TEXAS COUNTY OF JEFFERSON ACKNOWLEDGMENT 04 This instrument was acknowledged before me on this 4�_ aay of March, 2023, by Kenneth R. Williams, City Manager of the City of Beaumont, a municipal corporation, on behalf of said corporation. O-.4 �'Zzal J -on m MO.% Iz %=(Z-71 otary Public, State o Texas RETURN TO: E_Hp Tideland Specialty, Ltd �I' =' +`e PAY'Votzry d) * 126121000 155 S. MLK Parkway ram..° ` ' Expires ► aY 22, 2023 Beaumont, Texas 77701 �` EXHIBIT "A" Legal Description: 0.8439 Acre Tract or Parcel of Land Noah Tevis League, Abstract No. 52 Beaumont, Jefferson County, Texas BEING a 0.8439 acre tract or parcel of land situated in the Noah Tevis League, Abstract No. 52, Jefferson County, Texas and being out of and part of that certain called 1.125 acre tract of land as described in a "Special Warranty Deed" from Tarm Properties, L.L.C. to the City of Beaumont as recorded in Clerk's File No. 2012038144, Official Public Records of Real Property, Jefferson County, Texas, said 0.8439 acre tract being more particularly described as follows: NOTE: All bearings are referenced to the Southeasterly line of the said 1.125 acre City of Beaumont tract as SOUTH 69°07'36" WEST as recorded in the above referenced Clerk's File No. 2012038144, Official Public Records of Real Property, Jefferson County, Texas. All set 518" iron rods set with caps stamped "Whiteley". BEGINNING at a 1/2" iron rod found for the most Westerly corner of the tract herein described, said corner also being the most Westerly corner of the said 1.125 acre City of Beaumont tract and said corner also being the most Northerly Northeast corner of the remainder of that certain called 11.4488 acre tract of land as described in a "Special Warranty Deed" from Union Pacific Railroad Company to Tideland Specialty, Ltd. as recorded in Clerk's File No. 2002046131, Official Public Records of Real Property, Jefferson County, Texas and said corner being in the Southeasterly right-of-way line of South Street (based on a width of 30 feet); THENCE NORTH 6900736" EAST, along and with the Southeasterly right-of-way line of South Street, for a distance of 271.31 feet to a 5/8" iron rod set for corner, and from said corner a scribed "X" in concrete set for the most Northerly corner of the said 1.125 acre City of Beaumont tract and being the intersection of the Southeasterly right-of-way line of South Street and the Westerly right-of-way line of Magnolia Street and said corner being the Northwesterly comer of that certain called 0.264 acre tract of land for right-of-way of Magnolia Street as described in a "Special Warranty Deed" from Tarm Properties, LLC to the City of Beaumont as recorded in Clerk's File No. 2009044503, Official Public Records of Real Property, Jefferson County, Texas bears NORTH 69°07'36" EAST a distance of 137.67 feet; THENCE SOUTH 20052'24" EAST, over and across the said 1.125 acre City of Beaumont tract, for a distance of 135.53 feet to a 5/8" iron rod set for corner, said corner being in the boundary line between the said 1.125 acre City of Beaumont tract and the remainder of the said 11.4488 acre Tideland Specialty, Ltd. tract and said comer bears SOUTH 69°07'36" WEST a distance of 45.54 feet from a 5/8" iron rod with a cap stamped "M. W. Whiteley & Associates" found for the most Southeasterly corner of the said 1.125 acre City of Beaumont tract and said corner being the Southwesterly corner of the said 0.264 acre City of Beaumont tract, the most Easterly Northeast corner of the remainder of the said 11.4488 acre Tideland Specialty, Ltd. tract and being the most Northwesterly comer of that certain called 0.456 acre tract of land for right-of- way of Magnolia Street as described in a "Special Warranty Deed" from Tideland Specialty, Ltd. - - - - - - - - .. _�- •- -• •- to the City of Beaumont as recorded in Clerk's File No. 2009034437, Official Public Records of Real Property, Jefferson County, Texas; THENCE SOUTH 69007'36" WEST, along and with the boundary between the said 1.125 acre City of Beaumont tract and the remainder of the said 11.4488 acre Tideland Specialty, Ltd. tract, for a distance of 271.14 feet to a 1/2" iron rod found for corner, said corner being an interior ell corner of the remainder of the said 11.4488 acre Tideland Specialty, Ltd. tract and the most Southerly corner of the said 1.125 acre City of Beaumont tract; THENCE NORTH 20056'40" WEST, continuing along and with the boundary between the said 1.125 acre City of Beaumont tract and the remainder of the said 11.4488 acre Tideland Specialty, Ltd. tract, for a distance of 135.53 feet to the POINT OF BEGINNING and containing 0.8439 Acres, more or less. EXHIBIT "B" Easement Tract BEING a 1.125 acre tract of land being out of and a part of that certain TARM Properties, L.L.C. called 1.210 acre tract of land, more fully described as Tract 2 recorded in Clerk's File No 2005038589 of the Official Public Records of Jefferson County, Texas. Said 1.125 acre tract of land being situated in the Noah Tevis League, Abstract No. 42, Jefferson County, Texas and being more particularly described as follows: BEGINNING at a'/a inch iron rod found at the Northwest corner of said 1.210 acre tract, same being the most Westerly Northeast corner of that certain Tideland Specialty, Ltd. called 11.4488 acre tract of land, more fully described and recorded in Clerk's File No. 2002046131 and being in the South line of South Street (30 feet wide right-of-way); THENCE North 69 deg. 07 min. 36 sec. East along and with the North line of said 1.210 acre tract, same being the South line of said South Street, a distance of 408.98 feet to a 5/8 inch iron rod with cap stamped "WORTECH SURVEYORS" found in a curve at the Northwest comer of that certain City of Beaumont called 0.264 acre tract of land, more fully described as Parcel "B" recorded in Clerk's File No. 2009044503 of said Official Public Records; THENCE in a Southwesterly direction along and with the West line of said 0.264 acre tract and curve to the right, having a delta angle of 9 deg. 42 min. 23 sec., a radius of 385.00 feet, a long chord that bears South 14 deg. 16 min. 19 sec. West, a distance of 65.14 feet and an are length of 65.22 feet to 5/8 inch iron rod with cap stamped "WORTECH SURVEYORS" set for corner at the end of said curve and the beginning of a reverse curve; THENCE in a Southwesterly direction continuing along and with the West line of said 0.264 acre tract and reverse curve to the left, having a delta angle of 12 deg. 29 min. 08 sec., a radius of 455.00 feet, a long chord that bears South 12 deg. 52 min. 56 sec. West, a distance of 98.96 feet and an are length of 99.15 feet to a 5/8 inch iron rod with cap stamped "WORTECH SURVEYORS" set at the Southwest corner of said 0.264 acre tract and being in the South line of said 1.210 acre tract, same being a North line of said 11.4498 acre tract; THENCE South 69 deg. 07 min. 36 sec. West along and with the South line of said 1.210 acre tract, same being a North line of said 11.4488 acre tract, a distance of 316.72 feet to a 1/2 inch iron rod found at the Southwest corner of said 1.210 acre tract, same being an Ell corner of said 11.4498 acre tract; THENCE North 20 deg. 46 min. 39 sec. West along and with the West line of said 1.210 acre tract, same being the most Westerly East line of said 11.4488 acre tract, a distance of 135.54 feet to the POINT OF BEGINNING, containing 1.125 acres of land, more or less. SAVE AND EXCEPT the following described tract of land: Legal Description: 0.8439 Acre Tract or Parcel of Land Noah Tevis League, Abstract No. 52 Beaumont, Jefferson County, Texas -------- .. . -a- •- -- •- BEING a 0.8439 acre tract or parcel of land situated in the Noah Tevis League, Abstract No. 52, Jefferson County, Texas and being out of and part of that certain called 1.125 acre tract of land as described in a "Special Warranty Deed" from Tai rn Properties, L.L.C. to the City of Beaumont as recorded in Clerk's File No. 2012038144, Official Public Records of Real Property, Jefferson County, Texas, said 0.8439 acre tract being more particularly described as follows: NOTE. All bearings are referenced to the Southeasterly line of the said 1.125 acre City of Beaumont tract as SOUTH 69°07'36" WEST as recorded in the above referenced Clerk's File No. 2012038144, Official Public Records of Real Property, Jefferson County, Texas. All set 518" iron rods set with caps stamped "Whiteley ". BEGINNING at a 1/2" iron rod found for the most Westerly corner of the tract herein described, said corner also being the most Westerly corner of the said 1.125 acre City of Beaumont tract and said corner also being the most Northerly Northeast corner of the remainder of that certain called 11.4488 acre tract of land as described in a "Special Warranty Deed" from Union Pacific Railroad Company to Tideland Specialty, Ltd. as recorded in Clerk's File No. 2002046131, Official Public Records of Real Property, Jefferson County, Texas and said corner being in the Southeasterly right-of-way line of South Street (based on a width of 30 feet); THENCE NORTH 6900736" EAST, along and with the Southeasterly right-of-way line of South Street, for a distance of 271.31 feet to a 5/8" iron rod set for corner, and from said corner a scribed "X" in concrete set for the most Northerly corner of the said 1.125 acre City of Beaumont tract and being the intersection of the Southeasterly right-of-way line of South Street and the Westerly right-of-way line of Magnolia Street and said corner being the Northwesterly corner of that certain called 0.264 acre tract of land for right-of-way of Magnolia Street as described in a "Special Warranty Deed" from Tarm Properties, LLC to the City of Beaumont as recorded in Clerk's File No. 2009044503, Official Public Records of Real Property, Jefferson County, Texas bears NORTH 69"07'36" EAST a distance of 137.67 feet; THENCE SOUTH 20052'24" EAST, over and across the said 1.125 acre City of Beaumont tract, for a distance of 135.53 feet to a 5/8" iron rod set for corner, said corner being in the boundary line between the said 1.125 acre City of Beaumont tract and the remainder of the said 11.4488 acre Tideland Specialty, Ltd. tract and said corner bears SOUTH 69°07'36" WEST a distance of 45.54 feet from a 5/8" iron rod with a cap stamped "M.W. Whiteley & Associates" found for the most Southeasterly corner of the said 1.125 acre City of Beaumont tract and said corner being the Southwesterly corner of the said 0.264 acre City of Beaumont tract, the most Easterly Northeast corner of the remainder of the said 11.4488 acre Tideland Specialty, Ltd, tract and being the most Northwesterly corner of that certain called 0.456 acre tract of land for right-of- way of Magnolia Street as described in a "Special Warranty Deed" from Tideland Specialty, Ltd. to the City of Beaumont as recorded in Clerk's File No. 2009034437, Official Public Records of Real Property, Jefferson County, Texas; THENCE SOUTH 69007'36" WEST, along and with the boundary between the said 1.125 acre City of Beaumont tract and the remainder of the said 11.4488 acre Tideland Specialty, Ltd. tract, for a distance of 271.14 feet to a 1/2" iron rod found for corner, said corner being an interior ell corner of the remainder of the said 11.4488 acre Tideland Specialty, Ltd. tract and the most Southerly corner of the said 1.125 acre City of Beaumont tract; THENCE NORTH 20056'40" WEST, continuing along and with the boundary between the said 1.125 acre City of Beaumont tract and the remainder of the said 11.4488 acre Tideland Specialty, Ltd. tract, for a distance of 135.53 feet to the POINT OF BEGINNING and containing 0.8439 Acres, more or less.