HomeMy WebLinkAboutPR 23554: PURCHASE AGREEMENT ASSOCIATED WITH THE PORT OF PORT ARTHUR'S REQUEST TO PURCHASE PAEDC-OWNED PROPERTY 111
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INTEROFFICE MEMORANDUM
Date: February 1, 2024
To: The Honorable Mayor and City Council
Through: Ronald Burton, City Manager
From: Terry Stokes, PAEDC Chief Executive Officer
RE: PR 23554 I PAEDC Entering into a Purchase Agreement associated with the
Port of Port Arthur's request to purchase PAEDC-owned property.
The intent of this Agenda Item is to seek the approval of the City of Port Arthur City Council for
PAEDC entering into a Purchase Agreement associated with the Port of Port Arthur's request to
purchase PAEDC-owned property.
Background:
The Port of Port Arthur has approached the EDC to purchase EDC owned property, to acquire
additional real property in order to expand its facilities and to promote economic development in
Port Arthur. The Port of Port Arthur offers to purchase said property for the full appraised value
of each property in accordance with an appraisal performed for and paid by the Port of Port Arthur.
Budget Impact:
The budget impact of this item is revenues equal to $257,500.00.
Recommendation:
It is recommended that the City of Port Arthur City Council approves PAEDC entering into a
Purchase Agreement associated with the Port of Port Arthur's request to purchase PAEDC-
owned property.
I
P.R. No.23554
02/01/2024 TS
RESOLUTION NO.
A RESOLUTION AUTHORIZING THE CITY OF PORT
ARTHUR SECTION 4A ECONOMIC DEVELOPMENT
CORPORATION (PAEDC) TO ENTER INTO A PURCHASE
AGREEMENT FOR THE SALE OF CERTAIN PAEDC-
OWNED LAND LOCATED ALONG WEST FIFTH, SIXTH,
AND SEVENTH STREETS IN PORT ARTHUR, TO THE
PORT OF PORT ARTHUR NAVIGATION DISTRICT
WHEREAS, on July 11, 2023, the Port of Port Arthur Navigation District submitted
an offer requesting to purchase various tracts of land located on Port Arthur's Historic
Westside bordered by Grannis Avenue, Denbo Avenue, and Reverend Dr. Ransom Howard
Avenue, as described in the attached "Exhibit "A"; and
WHEREAS, to facilitate the Port of Port Arthur's expansion and to promote economic
development efforts within the City of Port Arthur, at its Regular Board meeting of September 9,
2023, the PAEDC Board of Directors approved a Purchase and Sale Agreement associated with
the Port of Port Arthur Navigation District to purchase multiple tracts of PAEDC-owned
property located along West 5th, 6th, and 7th Streets and bordered by Grannis Avenue, Denbo
Avenue, and Reverend Dr. Ransom Howard Avenue, in Port Arthur, for the amount of
$257,500.00, and as further detailed in the attached Real Estate Contract shown in Exhibit
"B"• and
NOW,THEREFORE,BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF PORT ARTHUR:
Section 1.That the facts and opinions in the preamble are true and correct,and incorporated
herein for all purposes.
Section 2. That the City Council approves the City of Port Arthur Section 4A Economic
Development Corporation entering into a Purchase and Sale Agreement with the Port of Port
Arthur Navigation District, for the sale of PAEDC-owned property located along West 5th, 6th,
and 7th Streets and bordered by Grannis Avenue, Denbo Avenue, and Reverend Dr. Ransom
Howard Avenue in Port Arthur(the"PAEDC Properties"),for the total fair market value price
of$257,500.00, exclusive of closing costs.
Section 3. That the PAEDC is hereby authorized to execute all closing documents
necessary for the sale of the PAEDC Properties.
Section 4. That a copy of the caption of this Resolution be spread upon the Minutes of the
City Council.
READ,ADOPTED AND APPROVED on this day of A.D., 2024,
at a Meeting of the City Council of the City of Port Arthur, Texas,by the following vote:
AYES:
Mayor
Councilmembers
•
NOES:
11
PR 23554 Page 2
4
Thurman Bartie,Mayor
ATTEST:
Sherri Bellard, City Secretary
APPROVED:
'Z4='
Terry Stokes,PAEDC CEO
APPROVED AS TO FORM:
Allison Bastian-Rodriguez,PAEDC Attorney
Charles E. Zech,PAEDC Attorney
APPROVED AS TO FORM:
(Val TizenooCity Attorney
APPROVED AS TO AVAILABILITY OF FUNDS:
Lynda Boswell,Finance Director
PR 23554
Page 3
Exhibit "A"
PORT OF PORT ARTHUR
July 11, 2023
Port Arthur Economic Development Corporation
Terry Stokes, CEO
501 Procter Street, Suite 100
Port Arthur, Texas 77640
Re: Port of Port Arthur Navigation District of Jefferson County, Texas --
Conditional offer to purchase real property located in Port Arthur, Texas
Dear Mr. Stokes,
As previously discussed, the Port of Port Arthur is interested in acquiring additional real
property in order to expand its facilities and to promote economic development in Port Arthur. In
connection therewith, the Port of Port Arthur hereby offers to purchase the properties listed on
page 3 for the full appraised value of each property in accordance with an appraisal performed
for and paid for by the Port of Port Arthur.
This offer is conditioned upon the parties entering into a mutually acceptable Real Estate
Contract containing usual and customary terms and conditions pertaining to the sale including
confirmation of ownership as to each Tract. Should you have any questions regarding this offer,
please do not hesitate to contact me. Otherwise, please indicate your acceptance of this offer by
dating, signing and returning to me via email or regular mail a copy of this letter. Upon my receipt
thereof, I will instruct our attorneys to prepare a Real Estate Contract for your consideration.
On behalf of the Port's Board of Commissioners and me, I look forward to your favorable
reply.
Sicerely.
AP -
/,,,,
el _y
rt sirec •r/CEO
Port of Port Arthur 1221 Houston Avenue, P 0 Box 1428,Port Arthur,Texas 77641 1409.983 2011 I portpa.com
Page 11
AGREED TO AND ACCEPTED
THIS THE DAY OF , 2023
Port Arthur Economic Development Corporation
By:
Its:
Port of Port Arthur 1221 Houston Avenue, P.O.Box 1428,Port Arthur,Texas 77641 1409.983.2011 I portpa.com
Page 12
PAEDC Property
JCAD Ref
Block 1, SMY 3 100565 810 $ 63,500
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100567 812
100568 813
100569 814
100570 815
100571 816
100572 817
100573 818
100574 819
100575 820
100576 821
100580 822 $ 12,400
100579 823
100577 825 $ 14,000
100578 $ 18,700
Block 2, SMY 3 100581 768 100,800
100582 769
100583 770
100584 771
100585 772
100586 773
100587 774
100588 775
100589 776
100590 777
100591 778
100592 779
100593 780
100594 781
100595 782
100596 783
100597 784
100598 785
100624 786 21,000
100623 787
100611 798 5,100
100601 809 5,300
Block 6, SMY 3 100684 716 16,700
100685
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CITY OF PORT ARTI-HUR SECTION 4A
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PORT ARTHUR,TX 77640
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EXHIBIT"A"
REAL PROPERTY
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PORT ARTHUR TX 77640
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EXHIBIT"A"
REAL PROPERTY
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CITYCF PCRTARTHUR SECTION 4A t'. I.
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ECONOMIC DEVELOPMENT CORP 444 4TH ST PORT ARTHUR TX �, 79 ; 4..')
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Site Address: 7pO T�9
PORTARTHUR,7X 77640 77
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CITY OF PORT ARTHUR SECTJO.N 4A ., '
Owner Address:
ECONOMIC DEVELOPMENT CORP 444 4TH ST PORT ARTHUR TX 100601
77640-6450
Site Address:
PORT ARTHUR, TX 77640
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EXHIBIT"A"
REAL PROPERTY
Block 6, SMY 3
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Owner:
CT e OF PORT A,RTHUR SECTION 4A tfr L',
Owner Address: ti
ECONOMIC DEVELOPMENT CORP 444 4TH ST PORT ARTHUR TX , ' ,
77540-6450 1
Site Address:
5005TH'A'ST
PORTARTHUR, TX 77640 - 100684
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JCAD Parcel 100684
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It CITY OF PORT A RTHURR SECTi O.ti'4A a
Owner Address: jO
ECONOMIC DEVELOPMENT CORP 444 4TH ST PORT A.R T HU'R TX '- ' R Q
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Site Address: ' d
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FORT ARTHUR,TX 776"40 T0o ,
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EXHIBIT"A"
REAL PROPERTY
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Owner: ; J .
CITY OF PORT ARTHUR SECTION 4A w,
Owner Address ~ i a O6+8S'1�
ECONOMIC DEVELOPMENT CORP 444 4TH ST PORT ARTHUR TX .
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Site Address: GO
PORT ARTHUR,TX 77640 O
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Exhibit " B"
REAL ESTATE SALE CONTRACT
This Real Estate Sale Contract("Contract")is executed as of the Effective Date (defined below),
by and between PORT ARTHUR ECONOMIC DEVELOPMENT CORPORATION, a political
subdivision of the State of Texas ("Seller"), and THE PORT OF PORT ARTHUR NAVIGATION
DISTRICT OF JEFFERSON COUNTY, TEXAS ("Buyer"), a navigation district organized under the
laws of the State of Texas.
The "Effective Date" of this Contract shall be the date on which a fully executed copy of this
Contract is receipted by Texas Regional Title Company(the"Title Company").
WITNESSETH:
In consideration for the mutual covenants herein contained, and other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, Seller and Buyer hereby
agree as follows:
1. PURCHASE AND SALE: Upon the terms and subject to the conditions herein contained, Seller
hereby agrees to sell to Buyer, and Buyer hereby agrees to purchase from Seller the property as depicted
on Exhibit"A" attached hereto and made a part hereof,together with Seller's interest in all improvements
located thereon(if any). All property to be sold by this Contract is referred to as the"Property".
2. CONTRACT SALES PRICE: Buyer will pay the following sales price for the Property:
$257,500.00 ("Contract Sales Price"). Buyer shall deliver to Seller the Contract Sales Price at Closing in
cash or other immediately available good funds.
3. EARNEST MONEY: Within three (3) business days after the Effective Date, Buyer shall
deliver to Texas Regional Title, 7675 Folsom Dr. #100, Beaumont, Texas 77706 (the "Title Company")
the amount of$15,000.00 as earnest money ("Earnest Money") in cash in the form of a wire transfer of
immediately available funds or a good and sufficient check. All Earnest Money shall be deposited in an
interest-bearing account (if an option provided by the Title Company) and any interest thereon shall
accrue to the benefit of the Buyer. The Earnest Money shall be applied to the Contract Sales Price at
Closing.
4. TITLE POLICY: At Closing, Buyer shall pay the basic premium for the issuance of an Owner's
Policy of Title Insurance (the "Title Policy") issued by the Title Company in the amount of the Contract
Sales Price and dated on or after Closing. If Buyer requires any so-called "comprehensive" or"extended
coverage" endorsement (if available), the deletion of any exception from the Title Policy or the issuance
of any other endorsements or changes to the Title Company's standard form of title policy, any additional
premium charged therefor shall be borne by Buyer. Seller shall be under no obligation to make any
additional payments, assume any additional liabilities or take any additional actions beyond those
required in this Contract in order to facilitate the issuance of any endorsements or the making of any
modifications to the Title Policy. Buyer shall be solely responsible for payment of all premiums and
other costs and expenses associated with the issuance of any mortgagee policies of title insurance
(including all endorsements thereto)required by Buyer's lender(s).
5. SURVEY/FEASIBILITY: Buyer may, at Buyer's expense, procure a survey of the Property
prepared by a registered professional land surveyor.
Page 1
6. TESTS/INSPECTION: At Buyer's sole cost and expense, Buyer shall have a period of ninety
(90) days after the Effective Date ("Inspection Period") in which to conduct soil, engineering,
environmental and other tests with regard to the Property and to investigate and otherwise determine the
desirability and utility of the Property for Buyer's intended use. Buyer and Buyer's agents are hereby
given permission to enter the Property during the Inspection Period for the purposes of conducting such
tests and investigations and making its inspections and determinations. Seller agrees to provide any and
all documentation reasonably requested concerning the Property to the Buyer or Buyer's agents. If Buyer
determines in its sole and absolute discretion,that the Property is not suitable for Buyer's intended use, or
if Buyer determines not to consummate the purchase of the Property for any reason following the
completion of the tests and investigation, Buyer may terminate this Agreement by so notifying Seller
either(1)prior to the expiration of the Inspection Period or(2)within 30 days following receipt by Buyer
of all reports and results pertaining to the tests and investigations paid for by Buyer, whichever date is
later. If Buyer timely gives such notice, this Agreement shall terminate, the Earnest Money shall be
returned to Buyer and the parties shall have no further rights, duties or obligations under this Agreement.
7. CLOSING: The Closing shall take place at a location mutually agreed upon by the Buyer and
Seller. The Closing shall occur on the later of(the "Closing Date"): (i) 90 days after the Effective Date or
(ii) the date on which all matters required for Closing pursuant to this Contract have been completed
unless Buyer, in its sole discretion, gives written notice to Seller of Seller's default and Buyer's
termination of this Contract. Time is of the essence. The Closing Date may be extended as otherwise
specifically provided in this Contract.
A. At Closing, upon tender of the Contract Sales Price, Seller must execute and deliver a
special warranty deed conveying good and indefeasible title to the Property to Buyer,
excepting the following: All presently recorded restrictive covenants, agreements, rights
of ways, easements, and mineral reservations that affect the Property; any future arising
maintenance charges and special assessment obligations and the liens securing payment
of such charges and obligations;and ad valorem taxes(the"Permitted Exceptions").
B. Seller must convey the Property: (1)with no delinquent taxes, liens,assessments,or other
security interests against the Property which will not be satisfied out of the sales
proceeds; (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 any written leases assigned to Buyer under this Contract.
C. Intentionally left blank.
D. At Closing, Seller will also deliver to Buyer:
(1)tax statements showing no delinquent taxes on the Property,the costs of ordering such
tax statements by the title company shall be charged to the Buyer;
(2)evidence that the person executing this contract is legally authorized to bind Seller;
(3)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 Seller's proceeds an amount sufficient to comply with applicable tax law;
and(ii)deliver the amount to the Internal Revenue Service together with appropriate tax
forms; and
(4)any notices,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.
Page 2
At Closing, Buyer will pay Seller the Contract Sales Price, with the Earnest Money to be credited
to such Contract Sales Price.
8. POSSESSION: The possession of the Property must be delivered to Buyer at Closing in
substantially its present condition, ordinary wear and tear, casualty and condemnation loss excepted,
subject to matters referenced herein.
9. [Intentionally Omitted]
10. SALES EXPENSES TO BE PAID IN CASH AT OR PRIOR TO CLOSING:
A. SELLER'S EXPENSES: Seller will pay for the following at or before Closing:
(1)all costs of releasing existing liens, abstract judgments,or other encumbrances which
affect the Property, including prepayment penalties and recording fees;
(2) Seller's legal fees;
(3)release of Seller's loan liability, if applicable;
(4)costs to prepare any documents required to cure title objections that Seller must cure
and any recording costs; and
(5)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)Buyer's legal fees;
(2)costs for preparation of the Deed to Buyer and recording fees;
(3)costs of the Owner's Title Policy and any endorsements required by Buyer;
(4)fees charged by the title company for ordering tax statements or certificates;
(5)recording costs to record the Notice to Purchasers;
(6)all escrow closing fees charged by the Title Company;and
(7)other expenses that Buyer will pay under other provisions of this contract.
11. PRORATIONS: Seller and Buyer are both governmental or public entities and do not expect
there to be any tax prorations for this transaction. However, to the extent applicable, ad valorem taxes,
general real estate taxes and assessments, rents, interest, insurance premiums (to the extent policies are
transferred to Buyer), operating expenses (for service contracts or other obligations assumed by Buyer)
and any other items customarily prorated to the extent appropriate are to be adjusted as of the
Closing Date. 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.
12. COMMITMENT: Within 20 days after the Title Company receives a copy of this contract,
Seller shall furnish to Buyer a commitment for title insurance ("Commitment") and, at Buyer's expense,
legible copies of restrictive covenants and documents evidencing exceptions in the Commitment
("Exception Documents") other than the standard printed exceptions. Seller authorizes the Title
Company to deliver the Commitment and Exception Documents to Buyer and Buyer's counsel. If the
Commitment and Exception Documents are not delivered to Buyer within the specified time, the time for
delivery will be automatically extended up to 15 days or 3 days before the Closing Date, whichever is
Page 3
earlier.
(a) Buyer may object to any defects, exceptions, or encumbrances to title either disclosed on
the survey or disclosed in the Commitment. Buyer must object prior to the Closing Date.
Provided however, all liens against the Property and Schedule C exceptions applicable to
Seller under the Title Commitment shall automatically be deemed to be unacceptable
exceptions to title and Seller shall cause such items to be released at or prior to the
Closing Date regardless if Buyer objects to such Schedule C items.
(b) Seller shall notify Buyer within 15 days after Seller receives the objections of Seller's
intent to cure the objections of Buyer within 15 days after Seller receives the objections
and the Closing Date will be extended as necessary.
(c) If Seller is unable or unwilling to cure objections within the time allowed(or as extended
by the Parties), Buyer may terminate this Contract by providing written notice to Seller
and the Earnest Money will be refunded to Buyer without further authorization,written or
otherwise, from Seller.
13. CASUALTY LOSS OR CONDEMNATION:
A. CASUALTY LOSS: If any part of the Property is damaged or destroyed by fire or other
casualty after the Effective Date of this Contract, Seller may restore the Property to its previous
condition as soon as reasonably possible, but in any event by the Closing Date. If Seller elects
not to do so, Buyer may (a) terminate this Contract and the Earnest Money will be refunded to
Buyer(b)extend the time for performance up to 15 days and the Closing Date will be extended as
necessary or (c) accept the Property in its damaged condition with an assignment of insurance
proceeds, if permitted by Seller's insurance carrier, and receive credit from Seller at Closing in
the amount of the deductible under the insurance policy, but not in excess of the cost to repair the
casualty damage and less any amounts previously paid or incurred by Seller to repair the
Property. Seller's obligations under this paragraph are independent of any other obligations of
Seller under this contract.
B. RISK OF LOSS: Risk of loss to the Property shall be borne by Seller until title has been
conveyed to Buyer or Buyer's designee. In the event that the improvements on the Property are
destroyed or materially damaged between the Effective Date of this Contract and the Closing
Date, Buyer shall have the option of demanding and receiving back the Earnest Money, with the
Parties being released from all obligations of this Contract, or, alternatively, taking such
improvements as Seller can deliver. Seller shall pay all deductible amounts that are due under the
insurance policy and assign all insurance proceeds to Buyer and credit the amount of the
deductible due under the insurance policy or give Buyer a credit against the Purchase Price at
Closing. Seller shall maintain the Property through the Closing Date in substantially the same
condition and repair as approved by Buyer,reasonable wear and tear excepted.
C. CONDEMNATION: If before Closing, condemnation proceedings are commenced against any
part of the Property,Buyer may:
(a) terminate this Contract by providing written notice to Seller within 15 calendar days after
Buyer is advised of the condemnation proceedings and the Earnest Money will be refunded to Buyer; or
(b) if Buyer does not so elect to terminate this Contract, Seller shall assign all of Seller's
Page 4
interest in and to any condemnation award to Buyer at Closing.
14. DEFAULT: Either party will be in default hereunder if such party shall fail to meet, comply
with or perform any material covenant,agreement, or obligation required by this Contract.
(a) if Buyer defaults, Seller's may terminate this Contract and pursue such other remedies as
are available to Seller at law or in equity, including, without limitation, terminating this Contract
and pursuing a claim for damages.
(b) if Seller defaults, Buyer may (i)enforce specific performance of Seller's obligations, (ii)
terminate this Contract and receive the Earnest Money as liquidated damages, or(iii)pursue such
other remedies as are available to Buyer at law or in equity, including, without limitation,
terminating this Contract and pursuing a claim for damages.
The remedies set forth above are the parties' sole and exclusive remedies, the parties hereby waiving all
others; provided, however, that the provisions of this Section shall not act to reduce or otherwise affect
any of those rights or remedies which expressly survive Closing or any termination of this Contract,
including, without limitation, any rights to indemnity.
15. ATTORNEY'S FEES: Any signatory to this Contract who is the prevailing party in any legal
proceeding against any other signatory brought under or with relation to this Contract or transaction is
additionally entitled to recover court costs and reasonable attorney fees from the non-prevailing party.
16. REPRESENTATIONS AND WARRANTIES. Seller represents and warrants the following
to Buyer:
a. Except as may be contained in the Commitment or as otherwise disclosed to Buyer, Seller has
received no written notice within the past six(6)months from any city, county, state or other
governmental authority having jurisdiction over the Property of any condemnation of the
Property. Seller agrees that if such notice is received prior to Closing, Seller must submit all
such notices to Buyer for examination and approval, which notice may then trigger Buyer's
rights as set forth in Section 13 above;
b. Except as may be contained in the Commitment or as otherwise disclosed to Buyer, Seller has
not entered into any written lease agreement with any third party granting such party the right
to possess the Property that will continue in effect beyond Closing;
c. Seller is a municipal economic development corporation in the State of Texas, is in good
standing under such laws and has the power to enter into this Contract;
d. Seller has the full right, power,authority and capacity to enter into and perform this Contract;
e. Seller has good and valid title to the Property;
f. At Closing, there will be no liens, assessments, or security interests against the Property
which will not be satisfied out of the sales proceeds;
g. This Contract constitutes the valid and binding agreement of Seller;
h. The execution and delivery of this Contract by Seller and the performance by Seller of the
transactions contemplated hereby will not conflict with or result in a breach of the terms,
Page 5
conditions or provisions of or constitute a default under any material instrument, agreement,
lease, sublease, mortgage, judgment, order, decree or other restriction to which Seller is a
party or by which Seller is bound or any statute or regulatory provision applicable to Seller;
i. To the best of Seller's knowledge and belief,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;
(10) any material physical defects in the improvements on the Property;or
(11) any condition on the Property that violates any law or ordinance.
Buyer represents and warrants the following to Seller:
a. Buyer is a navigation district organized under the laws of the State of Texas, is in good
standing under such laws and has the power to enter into this Contract;
b. The execution and delivery of this Contract has been duly authorized by all necessary
corporate action of Buyer;
c. This Contract constitutes the valid and binding agreement of Buyer;and
d. The execution and delivery of this Contract by Buyer and the performance by Buyer of the
transactions contemplated hereby will not conflict with or result in a breach of the terms,
conditions or provisions of or constitute a default under any material instrument, agreement,
lease, sublease, mortgage, judgment, order, decree or other restriction to which Buyer is a
party or by which Buyer is bound or any statute or regulatory provision applicable to Buyer.
Each of the foregoing representations or warranties made by Seller and Buyer under this Contract is
continuing and shall survive Closing for a period of one(1)year.
It is a condition of each party's obligations to Closing under this Contract that the foregoing
representations and warranties by the other party were true and correct when made and will be true and
correct as of Closing.
Page 6
17. AGREEMENT OF PARTIES; GOVERNING LAW: This Contract contains the entire
agreement of the parties and cannot be changed except by their written consent. This Contract may be
executed in any number of counterparts. Each party is hereby authorized to rely upon and accept as an
original any executed copy of this Contract or other document referenced herein which is sent by
facsimile,telegraphic or other electronic transmission. The laws of the State of Texas govern the validity,
enforcement,and interpretation of this Contract.
18. NOTICES: All notices and demands required hereunder must be made in writing and are
deemed received on the third day following the day on which such notice is deposited in the United States
mail, certified mail, return receipt requested, postage prepaid, and addressed to Seller and its attorney, or
to Buyer and its attorney, at their respective addresses set forth below, or such written notices and
demands may be made by personal delivery to either party effective upon such delivery.
19. BROKER WARRANTY: Each Party represents and warrants that it has dealt with no broker or
agent in connection with the negotiation or execution of this Contract.
20. INVALID PROVISIONS: If any one or more of the provisions of this Contract, or the
applicability of any such provision to a specific situation, shall be held invalid or unenforceable, such
provision shall be modified to the minimum extent necessary to make it or its application valid and
enforceable, and the validity and enforceability of all other provisions of this Contract and all other
applications of any such provision shall not be affected thereby.
21. FURTHER ACTS: DATES: In addition to the acts recited in this Contract to be performed by
Seller and Buyer, Seller and Buyer agree to perform or cause to be performed at the Closing or after the
Closing any and all such further acts as may be reasonably necessary to consummate the transactions
contemplated hereby. If the Closing Date established or determined in accordance with this Contract, or
last day for delivery of funds or documents, or performance of an act or giving of a notice, falls upon a
day which is not a business day, the Closing Date or such last day, as the case may be, shall be and
become the next following business day.
22. HEADINGS AND SECTION REFERENCES: The headings and Section references found
herein are for convenience only and shall not be considered a part of this Contract for any purpose, or be
considered as in any way interpreting, constituting,varying, altering, or modifying this Contract or any of
the provisions hereof.
23. This Contract may be executed in any number of counterparts. Each party is hereby authorized to
rely upon and accept as an original any executed copy of this Contract or other document referenced
herein which is sent by facsimile,telegraphic or other electronic transmission.
[Signatures on the following page]
Page 7
IN WITNESS WHEREOF,each of the parties hereto has caused this Contract to be executed as of the
date written below such party's signature,to be effective, however, as of the Effective Date.
SELLER:
Port Arthur Economic Development Corporation
By:
g6L—
Name: Teny Stokes
Title: Chief Executive Officer
Address: 501 Procter Street, Suite 101
Port Arthur,TX 77640
Phone: (409) 963-0579
Date: December 12,2023
BUYER:
The Port of Port Arthur Navigation District
of Jefferson County,Texas,
a navigation district organized under the
laws of the State of Texas
By:
John A. Comeaux, President of the Board of Commissioners
Address: P.O.Box 1428
Port Arthur, Texas 77641
Date:
Copy to Buyer's Attorney: Copy to Seller's Attorney:
MOORE LANDREY, L.L.P. DENTON NAVARRO ROCHA BERNAL&ZECH,P.C.
Heather L. Blackwell Charles E.Zech
Scot E. Sheldon Allison Bastian-Rodriguez
905 Orleans Street 2500 W. William Cannon,Suite 609
Beaumont, Texas 77701 Austin, Texas 78745
Phone: (409)835-3891 Phone: (512)279-6341/(956)421-4904
Email: hblackwell@moorelandrey.com Email: cezech@rampagelaw.com
Email: abrodriguez@rampagelaw.com
Page 8
ACKNOWLEDGEMENT OF CONTRACT RECEIPT BY TITLE COMPANY
The undersigned, Texas Regional Title Company, referred to in this Contract as the "Title Company,"
hereby acknowledges that it received this Contract executed by Seller and Buyer on the day of
, 2023 (the "Effective Date") and accepts the obligations of the Title Company as set
forth herein.
TEXAS REGIONAL TITLE COMPANY
By:
Name:
Title:
Address: 7675 Folsom Dr.# 100
Beaumont,TX 77706
Tel: (409)861-7333
Page 9
ACKNOWLEDGEMENT OF EARNEST MONEY RECEIPT BY TITLE COMPANY
The undersigned, Texas Regional Title Company, referred to in this Contract as the "Title Company,"
hereby acknowledges that it received the Earnest Money in the amount of on the day of
, 2023 and accepts the obligations of the Title Company as set forth herein. The Title
Company hereby agrees to hold the Earnest Money as directed in this Contract, and to distribute the
Earnest Money in accordance with the terms and provisions of this Contract.
TEXAS REGIONAL TITLE COMPANY
By:
Name:
Title:
Address: 7675 Folsom Dr. # 100
Beaumont,TX 77706
Tel: (409)861-7333
Page 10