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A LIMITED (RESTRICTED) APPRAISAL REPORT OF RlGIIT-TURN STACKING LANE CONTAINING ±5,.w0 SQUARE FEET LOCATED AT SOUTHEAST CORNER OF KELLER SPRINGS & DALLAS NORTH TOLLWAY CITY OF DALLAS,
DALLAS COUNTY, TEXAS PREPARED FOR JOHN BAUMGARTNER, P.E. DIRECTOR OF PUBLIC WORKS TOWN OF ADDISON 16801 WESTGROVE DRlVE ADDISON, TEXAS 75001 DATE OF APPRAISAL FEBRUARY 20, 1996 PREPARED
BY IllPES & ASSOCIATES 7557 RAMBLER ROAD SUI'IE 260, LB 25 DALLAS, TEXAS 75231 
HIPES & ASSOCIATES REALESTA1E APPRAlSERS/CONSULTANTS OFFICE ADDRFSS: MAJUNG ADDRESS; 7557 RAMBLER RD #U:JJ P.O. BOX 8142 LOCKBOX25 DAt.LAS. TEXAS = DALLAS. TEXAS 751.31 214-m..5941 February
20, 1996 Mr. John Baumgartner, P.E. Director of Public Works Town of Addison 16801 Westgrove Drive Addison, Texas 75001 Re: Right-Turn stacking lane, southeast corner of Keller Springs
& Dallas North Tollway Limited (Restricted) Appraisal Dear Mr. Baumgartner: I have inspected and made a limited, restricted appraisal of the above referenced property. Conditions pertinent
to or indicative of the value of the property were researched and investigated. This report sets forth my findings and conclusions as to estimated market value of the subject property
fur the purpose of the purchase thereof. Limited factual data pertaining to the subject is exhibited along with an overview of market data felt significant in the analysis and opinion
of value. This Is a Limited (Restricted) Appraisal Report provided solely for the use and benefit of the Town of Addison, City Engineer's Office. This report cannot be understood properly
without additional information contained in the work-file of the appraiser. Such data includes comparable sales information (improved and nnimproved), rent/income data, and cost estimate
data. Based upon the data and analysis summarized in the text of this report, it is the opinion of the appraiser that the estimated market value for the proposed acquisition, as of February
20, 1996, is: $67,500 SIXTY SEVEN THOUSAND FIVE HUNDRED DOLLARS Respectfully submitted, \3--}-' '" 􀁾􀁾 􀁨􀀭􀀬􀀭􀀽􀀾􀁾 Mark A Hipes < Texas Certification No. TX-1321416-G i 
SUMMARY OF SALIENT FACTS Right Turn Lane ±5,400 SF of Land at the southeast corner of Keller Springs & Dallas North Tollway Dallas, Dallas County, Texas Date of the Appraisal: Februaty
20, 1996 Value Estimated: Market Value Property Rights Appraised: Fee Simple & Permanent Easement Property Appraised: A ±5,400 SF tract of land along the east side of the Dallas North
Tollway north-bound service road adjacent to the south of Keller Springs. The proposed acquisition is from two tracts containing ±208,500 square feet situated between Dallas North Tollway
and Knoll Trail, south of Keller Springs, Dallas, Dallas County, Texas. Property Zoned: "MC-3" (commercial) Highest & Best Use: liAs Vacant": RetaiVCommercial "As Improved": Not currently
improved Estimates of Value: Whole Property Land Value: $2,606,250 Cost Approach: Not Utilized Income Approach: Not Utilized Sales Comparison Approach: $2,606,250 (Land Value Estimate)
Proposed Acquisition Land Value: $ 67,500 Cost Approach: Not Applicable Income Approach: Not Not Applicable Sales Comparison Approach: $ 67,500 (Land Value Estimate) Remainder Before
the Take: $2,538,750 Remainder After the Take: $2,538,750 Estimate of Just Compensation. Easement $67,500 ii 
TABLE OF CONTENTS Transmittal Letter ..................................................... . Summary of Salient Facts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . ii Table of Contents ...................................................... iii Purpose and Use of the Report . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . 1 Definition of Market Value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 Scope of
the Appraisal . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 Property Rights Appraised . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 Effective Date Valuation .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1 Identification of the Property. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 History of the Property .................................................
. 2 City Data. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 Neighborhood Data . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 Subject Property ....................................................... 3 Highest and Best Use -Zoning
............................................ 4 The Appraisal Process -Whole Property ..................................... 5 Land Valuation (Sales Comparison) .... . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . 6 Cost Approach to Value. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 Income Approach to Value
......................................... 7 Sales Comparison Approach to Value ................................. 7 Reconciliation .........................................................
8 Part Taken -Valuation .................................................. 9 Remainder Before the Take -Valuation ..................................... 9 Remainder After the Take -Valuation
...................................... 10 Estimate of Just Compensation ............................................ 11 Certificate .. . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12 ADDENDUM Assumptions & Limiting Conditions QuaJifications iii 
Purpose of the Appraisal The purpose of tills appraisal is to estimate the market value of the fee simple title to the real property to be acquired, encumbered by any easement not to
be extinguished, less oil, gas and sulphur. This Limited Appraisal is to assist the Town of Addison in the purchase of a permanent easement for the construction of a right tum lane along
the north bound service road along the east side of Dallas North Tollway at Keller Springs in conjunction with the City of Dallas. Definition of Market Value Market Value may be defined
as follows: "Market Value is the price which the property would bring when it is offered for sale by one who desires, but is not obliged to sell, and is bought by one who is under no
necessity of buying it, taking into consideration all of the uses to which it is reasonably adaptable and for which it either is or in all probability will beccme available within the
reasonable future." Scope of the Appraisal The scope of tills report includes the research, data acquisition and analysis as described in the appraisal process description of tills report.
In gathering comparable sales data our sources include direct interview with grantor and/or grantee, commercial sales reporting services, other appraisers and real estate practitioners,
published data and information in our files. Comparable rent information is generally derived from direct interview with property managers and leasing agents. On comparable rent and
sale information the source is generally indicated on the respective comparable's page. Information on property operating expenses can be derived from a number of sources including actual
amounts provided to us for the subject property, file information, direct interview with property managers and owners and published industry averages. Replacement construction costs
amounts are generally derived from the national cost reporting services prepared by Marshall and Swift and, where available, actual construction costs are utilized. On some comparable
sales data an attempt is made to confirm third party information with either the grantor or grantee if there is concern ahout the data's reliability. Property Rights Appraised The property
rights appraised are those of the Fee Simple estate. Fee simple estate is defined as "Absolute ownership unencumbered by any interest or estate; subject only to the limitations of eminent
domain, escheat, police power, and taxation". (The Dictionary of Real Estate Appraisal, Second Edition, American Institute of Real Estate Appraisers, 1984, p. 123.) Effective Date of
Valuation The effective date of valuation is February 20, 1996. The inspection date of the subject was February 20, 1996 and various other dates. The date of tills report is February
20, 1996. 1 
Identification of the Subject Property The property being appraised is a ±5,400 square foot tract of land which is currently unimproved. It is situated at the southeast corner of Dallas
North Tollway and Keller Springs, in the City of Dallas, Dallas County, Texas, principally along the east side of the north bound Dallas North Tollway service road. The subject Whole
Property is described as: NO LEGAL DESCRIPTION PROVIDED. While no Field Note Description and Survey has been provided to the appraiser, the current property owner's representative, Steve
Folsom, provided general property documents for the appraiser to review in order to develop estimates of Whole Property sizes and the acquisition location and dimensions. Although these
estimates are general in nature, they are believed to be sufficiently specific upon which to base estimates of value and impact History of the Subject Property No documents were provided
to the appraiser by the Town of Addison indicating the subject property ownership history. However, the client is presumed to be well informed as to the subject property history. CITY
DATA This is a Limited (Restricted) Appraisal performed for the sole use of the Town of Addison in conjunction with their dealings with the City of Dallas. The CITY DATA section of this
report is deleted due to the client's intimate knowledge of this data. NEIGHBORHOOD ANALYSIS AND TRENDS This is a Limited (Restricted) Appraisal performed for the sole use of the Town
of Addison in conjunction with their dealings with the City of Dallas. The NEIGHBORHOOD section of this report is deleted due to the client's intimate knowledge of this data. 2 
SUBJECT PROPERTY Site Data The subject Whole Property is estimated to contain ±208,500 SF of land within two individually platted tracts of land of an irregular configuration. The subject
property is of sufficient size to support independent economic development. No soil analysis was performed by the appraiser. Neither was soil test data provided to the appraiser by the
client. However, given the surrounding development the appraiser believes that the soil would adequately support the existing improvements. It would be prudent to have the site evaluated
for possible contaminants, as the presence of contaminants could substantially affect the market value. Phvsical Characteristics The subject site has regular terrain characteristics.
The site is generally level across its surface and is near the existing grade of Dallas North Tollway, Keller Springs and Knoll Trail. Federal Emergency Management Agency Flood Insurance
Rate Maps do not indicate any extra-ordinary flood hazard problems for the site as a whole. Given the adjoining development, it appears likely that the subject is suitable for development.
Currently, ingress and egress would be accomplished primarily from Dallas North Tollway north bound service road, Keller Springs and Knoll Trail. Zoning The current zoning of the subject
is "MC-3". This is a commercial use zoning allowing for various forms of retail, service, office, hotel and restaurant uses, among others. The subject's inunediate vicinity is predominantly
developed with commercial uses fronting Dallas North Tollway and multifamily residential uses to the east of Knoll Trail. Modest quantities of vacant land are available for future development
along this section of Dallas North Tollway. Utilities All normal public utilities are available to the subject property. Easements and Restrictions As set forth in the Assumptions and
Limiting Conditions of this report, there was not available to the appraiser in the preparation of this appraisal a current title policy. It is presumed that there are no private deed
restrictions that would hinder its current use or future development. Normal public utility easements are presumed for the subject property. It is suggested that these assumptions be
verified by competent parties. Site Improvements The subject property is currently unimproved. The north, east and west sides of the subject Whole Property are bounded by concrete paved,
curb and guttered streets. Note: There are three lighted outdoor advertising signs situated near the west subject boundary. These signs are currently leased to a third party. They are
presumed to be located outside of the proposed new right-of-way line. Property Taxes No consideration was given to the property taxes on the subject site due to the restricted nature
of this report. The jurisdictional exemption allows for not considering the current tax appraisal. 3 
HIGHEst AND BEST USE The Highest and Best Use, as defined by Real Estate Appraisal Terminology, Ballinger Publishing Company, Cambridge, Massachusetts (author Byrl D. Boyce, Ph.D.),
Page 107, is as follows: "That reasonable and probable use that will support tbe highest present value, as defined, as of tbe effective date of the appraisal. Alternatively, that use,
from among reasonably probable and legal alternative uses, found to be physically possible, appropriately supported, financially feasible and which results in highest land value. The
definition immediately above applies specifically to the highest and best use of the land. It is recognized that in cases where a site has existing improvements on it, the highest and
best use may very well be determined to be different from the existing use. The existing use will continue, however, unless and until the land value in its highest and best use exceeds
the total value of the property in its existing use." Also implied is that the determination of the Highest and Best Use results from the appraiser's judgment and analytical skill, i.e.,
that the use determined from analysis represents an opinion, not a fact to be found. (Armraisal Terminology and Handbook. AIREA AND SREA, 1975) Some of the more important factors of
influence include the legal parameters associated witb zoning ordinances, deed restrictions, building code requirements and area market supply/demand conditions. Further, the trends
within the neighborhood must also be considered. The subject property is located adjacent to commercial and multi-family development and undeveloped land. Consideration was given to
tbe new commercial development in the immediate vicinity of the subject, and the currently existing commercial development proximate to the subject in analyzing the potential uses for
the subject site. It is presumed by the appraiser that those uses existing adjacent to the subject generally reflect tbe type of development that would be probable. Highest and Best
Use The estimate of the Highest and Best Use of the subject Whole Property is to be developed in conformity with the adjacent and surrounding multi-family and commercial land uses. Given
the topography and location of the subject site, this would likely indicate a mixture of commercial development. These conclusions are evidenced by the new commercial construction in
tbe general vicinity. The Highest and Bes t Use considers development primarily as a retail and service oriented development. 4 
THE APPRAISAL PROCESS -WHOLE PROPERlY Appraisal theory provides three basic methods of appraising properties. They are the Cost Approach to Value, the Income Approach to Value, and the
Sales Comparison Approach to Value. The Cost Approach to Value embraces the philosophy that the replacement costs applied under the Principle of Substitution may define the value for
a property. In this approach to value, the appraiser estimates the market value of the site, the replacement cost of tbe improvements less any applicable accrued depreciation, and then
combines these two items to arrive at a cost estimate of value. The Income Approach to Value is based upon an analysis of tbe potential income stream of the properry and comparison of
that income stream with those of similar properties. This calculation and analysis results in a net income stream attributable to the real estate. That income is tben capitalized at
a rate which is co=ensurate with tbe rates expressed in tbe marketplace by investors for similar properties. The resulting figure is an income estimate of value. The Sales Comparison
Approach to Value is a basis for estimating value based upon units of comparison derived from sales of similar properties in the marketplace. Those units of comparison are tben applied
to the subject property to arrive at a range of values which should be indicative of a value estimate. This approach is used not only for improved properties but also in estimating the
current value of the subject site. That portion of the report is necessary to complete the Cost Approach. After applying the three traditional approacbes to value, it is the appraiser's
responsibility to weigh the strengths and weaknesses of the three different approaches to value and determine which of the three is most applicable in tbe valuation of the subject properry.
This section of the report is captioned as "Reconciliation". As tbe subject property is treated as vacant, undeveloped land, only the Sales Comparison Approach to Value will be utilized.
The three lighted outdoor advertising signs will not be considered as a part ofthis valuation problem as they are estimated to be located outside ofthe proposed new right-of-way line.
It is generally held that the Sales Comparison Approach is the most reliable indicator of land value. The reader is reminded that this is a Limited (Restricted) Appraisal for the sole
use and henefit of the client; and is performed for the purpose of estimating the market value of a proposed permanent easement to he acquired for a right turn lane adjacent to commercial
land. 5 
Land Value by Sales Comparison Approach In tbis section of the report, the appraiser will summarize data and analysis leading to the estimate of market value as of the effective date
of the appraisal for the subject site. Basically, tbis value is estimated by the comparison of sales of similar land tracts that are current or of recent date to the subject tract. This
comparison relates to differences, if any, in the 􀁬􀁥􀁧􀁡􀁾􀀠physical, locational, and economic characteristics of the comparable sales and the subject site, analyzing also any differences
in real property rights transferred, dates of sale, motivations of buyers and sellers, and any unusual financing arrangements for the sales analyzed, any of which factors might account
for price variations. The adjustments, if any, for property rights conveyed, financing terms, sale conditions and market conditions are made sequentially and individually. Available
market data indicates a gross range of commercial land sales from ±$6.00/SF to ±$19.90/SF. Typically, land values along the Dallas North Tollway corridor are greater near the LBJ/635
area and lower in the Park/FM 544 area. In the general area of the subject property, Belt Line Road to Frankford Road, property values reflect the upper-middle range of value. Likewise,
retall/service use properties command significantly higher prices than do office and multi-family properties. Pad sites of ±40,000 SF representing service stations, fast food restaurants,
convenience stores and similar properties tend to command the upper value limits of the market. An analysis of the sales with respect to the subject whole property indicates a range
of value from $12.00ISF to $13.oo/SF, overall, depending on how the subject Whole Property is ultimately platted for development. This would indicate a property value in the range from
$2,502,000 to $2,710,500. In excess of ten sales occurring over the previous two years were researched in order to formulate a reliable basis for comparison to the subject property.
The primary emphasis of comparability was estimated based on most probable future development, locational attributes and road frontage. Size was important secondary consideration in
comparability. Given the nature of surrounding land uses and the current market/economic conditions prevalent in the subject area, the estimated market value of the subject site is calculated
as follows: Subject Site Estimated Value/SF Value Indication 208,500 SF $12.00ISF $2,502,000 208,500 SF $13.ooISF $2,710,500 Say, 208,500 SF $il.501SF $2,606,250 Specific information
relating to the sales utilized in tbis analysis is contained in working files malntained by the appraiser. Given the "Restricted" nature of tbis summary presentation, detailed information
on each sale and its analysis will not be elaborated in tbis presentation. 6 
Cost Approach to Value The subject property is currently unimproved. As such, the Cost Approach to value was not applicable. As was mentioned in the APPRAISAL PROCESS section, the Cost
Approach relies on the estimated reproduction cost, new, of the subject improvements, less the cumulative depreciation in all forms (physical, functional, external), plus the estimated
value of the site in order to arrive at an estimate of value. Generally, the Cost Approach is at its strongest :with new or proposed construction. Income Approach to Value As discussed
previously in the APPRAISAL PROCESS section, the Income Approach to Value is the result of the analysis of the project gross income stream for the subject property, less vacancy and
expenses, to determine what net operating income for the project can reasonably be expected. The Income Approach generally receives the most consideration in the valuation of income
producing properties, as these properties generally trade based on the ability to pay a return on investment. The Income Approach will not be utilized in this appraisal. Unimproved sites
characteristic of the subject property when leased, typically do so based on an investor determined return (percentage rate) on the estimated market value of the land; i.e., the lease
rate does not determine the value of the land, but rather the land value determines the value of the lease. Additionally, no data was discovered in the market which would indicate a
market value for the subject outside of the range developed in the Sale Comparison approach. The income derived from the three outdoor advertising signs is not considered germane to
this valuation problem. Sales Comparison Approacb to Value The Sales Comparison Approach to Value was utilized to estimate the value of the subject property as vacant, undeveloped land.
Generally, the Sales Comparison Approach to Value is considered to be the most reliable approach to valuing undeveloped land. As there are no improvements situated on the subject site
which would contribute value to the estimated Highest and Best Use of the subject site, the Sales Comparison Approach for improved properties was omitted. 7 
RECONCILIATION For reasons previously stated within this report, the Sales Comparison Approach was utilized in estimating a range for the Market Value of the subject land. The Cost Approach
was not utilized due to the lack of improvements of contributory value. The Income Approach was not utilized in this report. Therefore; Cost Approach to Value: Not Utilized Iurome Approach
to Value: Not Utilized Sales Comparison Approach to Value: $2,606,250 The general estimate of the value for the subject Whole Property is estimated to be $2,606,250. The reader is reminded
that this is a Limited (Restricted) Appraisal for the sole use and benefit of the Client, and is performed for the purpose of generating an estimate of the probable value for the subject
Whole Property. Special Note: Various portions ofthe subject Whole Property are currently under contractfor purchase. The sale prices currently negotiated range from $lO.00ISFto $14.00ISF.
Estimated closing dates range from March, 1996 to June, 1996. Consideration was given to the quoted contract prices of these proposed sales, as well as the probability ofthe individual
sales' closing in a timely fashion. 8 
PART TAKEN -VALUATION The Part Taken, considered as severed land, has no self-sustaining economic use apart from the Whole Property. It is, therefore, valued as a proportionate or pro-rata
share of the Whole Property. The Part Taken consists of a ±5,400 SF tract of land of an irregular configuration. This proposed acquisition is located along the east side of the north
bound service road to Dallas North Tollway, commencing approximately 600' south of Keller Springs. This would be the west side of the subject property, extending south from Keller Springs.
There are no improvements situated on the proposed Part Taken. The Part Taken is a permanent easement taken for the purpose of a right turn stacking lane. Although taken as an easement,
the property rights acquired amount to fee simple value as the property rights extinguished under the easement are virtually all inclusive. Therefore, the estimated value of the Part
Taken is valued as follows: Part Taken Permanent Easement Value/SF Compensation ±5,400 SF $ 12.50/SF $67,500 REMAINDER BEFORE THE TAKE -VALUATION The Remainder Before the Take valuation
is essentially a mathematical check to ascertain that the component parts of the Whole Property (Part Taken and Remainder) do not exceed the value of the Whole Property as estimated
in the Whole Property valuation section. Those calculations are provided as follows: Property Component Estimated Market Value Part Taken: (5,400 SF @$12.50/SF) $ 67,500 Remainder Before:
(203,100 SF @$12.50/SF) $2.538,750 Whole Property: (208,500 SF @$12.50/SF) $2,606,250 The value of the Remainder Before the Take is estimated to be $2,538,750, or a proportionate share
of the Whole Property. Each "Property Component" is valued as a proportionate share of the Whole Property Value, $12.50/SF. 9 
REMAINDER AFTER THE TAKE -VALUATION The Remainder After the Take is valued in a manner similar to the valuation of the Whole Property. That is, the Remainder After the Take is valued
"as if' the proposed public improvements are in place. The sales selected and the methodology utilized to estimate the market value of the Whole Property were deemed the most appropriate
with which to estimate the value of the Remainder After the Take. The proposed acquisition does not reduce Whole Property in size to an extent which would alter the Remainder's Highest
and Best Use or suitability for development. The Remainder After the Take contains an estimated 203,100 SF as compared to the Whole Property 208,500 SF. Additionally, the location of
the proposed acquisition adjacent to Dallas North Tollway and Keller Springs would have no noticeable impact on the ultimate use/development of the Remainder. Therefore, the value of
the Remainder After the Take is calculated as follows: Remainder Site Estimated ValuetsF Value Indication 203,100 SF $12.00ISF $2,437,200 203,100 SF $13.00/SF $2,640,300 Say, 203,100
SF $12.50/SF $2,538,750 Cost Approach to Value -Remainder After As the subject Remainder is considered an undeveloped tract of vacant land, the Cost Approach to Value is not considered
applicable to this appraisal problem. Income Approach to Value -Remainder After As there is no income stream to the Remainder which would impact market value, nor are there any market
indications that lease income would significantly impact the value of the Remainder, the Income Approach to Value is not considered applicable in estimating the market value of the Remainder.
The three outdoor advertising signs located on the remainder are not considered in this valuation problem They are reported by the property owner not to be affected by the proposed acquisition.
Sales Comparison Approach to Value -Remainder After The Sales Comparison Approach to Value was utilized to estimate the value of the Remainder as a vacant, undeveloped land. Generally,
the Sales Comparison Approach to Value is considered to be the most reliable approach to valuing vacant land. 10 
RECONCILIATION For reasons previously stated within this report, only the Sales Comparison Approach was utilizedin estimating the Market Value of the Remainder After the Take. It is typically held that the Sales Comparison Approach to Value is the most reliable method of valuing land. Therefore:
Cost Approach to Value: Not Applicahle Income Approach to Value: Not Applicable Sales Comparison Approach to Value: $2,538,750 The value of the Remainder After the Take, estimated at
$2,538,750, indicates that there are no damages to the Remainder as a direct result of the proposed acquisition. ESTIMATE OF JUST COMPENSATION As this proposed acquisition represents
a partial property acquisition, and that the estimated value of the Remainder After the Take indicates neither damages nor enhancement, the previously derived estimate of value for the
Part Taken also expressed the Estimate of Just Compensation. Therefore: ESTIMATE OF JUST COMPENSATION $67,500 The reader is reminded that this is a Limited (Restricted) Appraisal for
the sole use and benefit of the client, and is performed for the purpose of generating an estimate on the probable value for the subject property and proposed acquisition. 11 
CERTIFICATE The undersigned do hereby certifj that, except as otherwise noted in the appraisal report: The sta tements of fact contained in this report are true and correct. The reported
analyses, opinions and conclusions are limited only by the reported assumptions and limiting conditions, and are my personal, unbiased professional analyses, opinions, and conclusions.
J have no present or prospective interest in the property that is the subject of this report, and J have no personal interest or bias with respect to the parties involved. My compensation
is not contingent on an action or event resulting from the analyses, opinions, or conclusions in, or the use of, this report. My analyses, opinions, and conclusions were developed, and
this report has been prepared, in conformity with the requirements of the Uniform Standards of Professional Appraisal Practice. Mark A. Hipes is currently certified under the Texas Appraiser
Licensing and Certification board. I have made a personal inspection of the property that is the subject of this report. No one other than signors provided significant professional assistance
in the preparation of this report. The appraisal assignment was not based on a requested minimum valuation, a specific valuation, or approval of a loan. Based on my investigation and
experience, the estimated value "As Is" "Market Value" of the Fee Simple interest of the subject property, subject to the assumptions and limiting conditions set forth herein, as of
February 20, 1996, is: $61,500 The reader is reminded that this is a Limited (Restricted) Appraisal for the sole use and benefit of the client, aud is performed for the purpose of generating
an estimate of the probable market value of the subject property. 􀁜􀁾􀀠􀁾􀁾􀀺 '>'>--1 rkA. Hipes ' Texas Certification No. TX-1321416-G 12 
ADDENDUM Assumptions & Limiting Conditions Qualifications of Mark A Ripes 
ASSUMPTIONS AND LIMITING CONDITIONS (Read Carefully) The following assumptions and limiting conditions are attached to and are made a part of this Appraisal (the "Appraisal") of the
subject property (the "Property") described in this Appraisal ("Appraisal") made by Hipes & Associates (the "AppraIser") at the request of the person or entity (the Beneficiary') to
whom and for whose exclusive use this Appraisal was prepared and delivered; and, this AppraIsal is made by the Appraiser and accepted by the Beneficiary subject and strictly according
to the within assumptions and limiting conditions: 1. That legal and equitable title to the Property is good and merchantable and that title is held by the owner ("Owner") of the Property
in fee simple absolute forever, unless otherwise agreed by the Appraiser in writing. (No responsibility is assumed for matters legal or chance, nor is any opinion rendered as to the
title to the Property. The possible existence of any disputes, suits, assessments, claims, liens or encumbrances has been disregarded, and the Property is appraised as though free and
clear.) 2. That no survey of the Property has been made by the Appraiser and no responsibility is assumed in connection with any matters that may be disclosed by a current perfect survey
of the Property. (Dimensions and areas of the Property and comparables were obtained by various means including estimate and are not represented or guaranteed to be exact.) 3. That allocations
of value between land and improvements are applied only under the current program of occupancy and utilization, and are not made or intended to be used in conjunction with any other
appraisal and, if so used, are invalid. 4. That all information contained in this Appraisal is private and confidential and is submitted strictly for the sole use of the Beneficiary;
and, no other person or entity is entitled to read, use or rely upon the contents thereof. (Possession of the Appraisal or any copy thereof, does not carry with it the right of publication
or use. The AppraIser will not be required to give any testimony or appear in any court or other proceeding by reason of making or delivering the Appraisal without the prior written
approval of the Appraiser.) 5. That all information and comments pertaining to the Property and other properties is the personal opinion of the Appraiser formed after examination and
study of the Property and its surroundings; and, although it is believed that the information, estimates and analyses contained herein are correct, the Appraiser does not warrant or
guarantee them, and assumes no liability for errors in fact, analysis or judgement. (Any misinformation about the Property furnished to the Appraiser by the Beneficiary, at the option
of the Appraiser, may release the Appraiser from any liability and invalidate the Appraisal.) 6. That all opinions of value contained in the Appraisal are merely estimates. (There is
no warranty or guarantee, written or implied, made by the Appraiser that the Property is worth or will sell for the appraised value now or ever.) 7. That disclosure of the contents of
this Appraisal is governed by the Uniform Standards of Professional Appraisal Practice, and that, in addition, neither all nor any part of the contents of this Appraisal (especially
any conclusions of value, the identity of the Appraiser, shall be disseminated to the public through reports, proposals, brochures or any other 
means of communication without the prior written consent and approval of the Appraiser. BENEFICIARY WILL NOT CAUSE, SUFFER OR PERMIT ANY PUBLIC DISSEMINATION OF THIS APPRAISAL TO OCCUR
AND, BY ACCEPTING THIS APPRAISAL, BENEFICIARY INDEMNIFIES APPRAISER AGAINST ANY LOSS, COST, LIABILITY, DAMAGE OR CLAIM INCURRED WTIHOUT REGARD TO FAUT BY APPRAISER ARISING IN CONNECTION
WTIH ANY SUCH UNAU1HORIZED DISCLOSURE BY BENEFICIARY. 8. That there are no latent defects or any hidden or any unapparent conditions of the Property, subsoil, or structures which would
render the Property more or less valuable. (No responsibility is accepted or assumed by Appraiser for any such conditions or for analyses or engineering which may be required to discover
them.) 9. That no environmental impact or environmental condition studies were either requested or made in conjunction with this Appraisal unless otherwise agreed by Appraiser in writing
and shown in the Appraisal and the Appraiser hereby reserves the right to alter, amend, revise or rescind any of the value opinions included in this Appraisal based upon any subsequent
environmental impact or environmental condition studies, research, revelation or investigation. (In particular, unless otherwise agreed by Appraiser in writing, and shown in this 􀁁􀁰􀁰􀁲􀁡􀁩􀁳􀁡􀁾􀀠
this Appraisal/Appraiser assumes that no violations of any environmental, or other, laws affecting the Property are pending or threatened against the Property and that no toxic waste,
hazardous materials or dangerous substances have ever been stored, used, produced, maintained, dumped or located on or about the Property.) 10. That the value of the Property is estimated
on the basis that there will be no international or domestic 􀁰􀁯􀁬􀁩􀁴􀁩􀁣􀁡􀁾􀀠economic, or other adverse conditions or any military or other conflicts including strikes and civil
disorders that will seriously affect overall real estate values. 11. That Beneficiary understands that the real estate values are influenced by a large number of external factors, that
the data contained in the Appraisal is all of the data that Appraiser considered necessary to support the value estimate and that the Appraiser has not knowingly withheld any pertinent
facts; and, Beneficiary has been advised and agrees that the Appraisal does not warrant, represent or guarantee that Appraiser has knowledge or appreciation of all factors which might
influence the value of the Property. 12. That due to the rapid changes in external factors affecting the value of the Property, Appraiser's value conclusions are considered reliable
only as of the date of the Appraisal 13. That on all appraisals made subject to satisfactory construction, repairs, or alterations of improvements, the Appraisal and value conclusions
are contingent upon completion of such work on the improvements in a good and workmanlike manner, without dispute, per plans, in code, as agreed and within a reasonable period of time.
14. That the value estimate of the Property assumes financially and otherwise responsible ownership and competent management of the Property. 15. That the Appraisal consists of trade
secrets and commercial or financial information which is privileged and confidential and exempted from disclosure under 5 U.S.C. 533 (b) (4). (please notify Hipes and Associates of any
request for any reproductions of this Appraisal) 
16. That accurate estimates of costs to cure deferred maintenance are difficult to make or assess and that many different approaches or arrangements can be attempted or applied in various
ways. (Any estimates provided within this Appraisal represent reasonably probably costs given current market conditions, available information and the Appraiser's expertise. Further
deferred maintenance affecting the Property is considered to be limited to only those items, if any specified in detail, in the Property section of this Appraisal. 17. That the existence
of potentially hazardous materials used in the construction or maintenance of the Property such as urea-formaldehyde foam insnlation, asbestos in any form, and/or other dangerous substances
or materials on the Property, has not been considered, unless otherwise shown in the Appraisal. (The Appraiser is not qualified to detect such material or substances and it is the responsibility
of the Beneficiary to retain an expert in this field, if desired.) 18. That the liability of the Appraiser and its officer, directors and employees, agents, attorneys and shareholders
is limited to the fee collected for preparation of the Appraisal. (Appraiser has no accountability or liability to any third party, except as otherwise agreed in writing by Appraiser
and such other party.) 19. That any projected potential gross income of the Property referred to in the Appraisal may be based on lease summaries provided by the Beneficiary, Owner or
third parties and Appraiser has not reviewed lease documents and assumes no responsibility for the authenticity, accuracy or completeness of lease information provided by others. (Appraiser
suggests that legal advice be obtained regarding the interpretation of the lease provisions and contractual rights of parties under Leases.) 20. That Beneficiary and any party entitled
to read this report will consider the Appraisal as only one factor together with many others including its own independent investment considerations and underwriting criteria or or other
observations, concerns or parameters in formulating its overall investment or operating decision. In particular, Appraiser assumes that the Beneficiary has made/obtained, relied upon
and approved the following, none of which was furnished by Appraiser unless otherwise agreed by Appraiser in writing, to wit: a. current survey of the Property showing boundary, roads,
flood plains, utilities, encroachments, easements, etc.; b. current title report of the Property with legible copies of all exceptions to title; c. any needed soil tests, engineer's
reports and legal and other expert opinions; d. abstract or other report of environmental conditions or hazards affection the Property; e. current visual inspection of the Property and
adequate study of its use, occupancy, history, condition and fitness for the purpose of underlying Beneficiary's request for this Appraisal; f. copies of current insurance policy, tax
statements, contracts, leases and notices affecting the Property; g. any needed estoppel certificates of tenants, mortgagee's or others claiming any interest in the Property; h. reports/opinions
of Beneficiary's staff, contacts, agents and associates; and 1. Owner's experience with the Property. 
21. That Appraiser's projections of income and expenses are not predictions of the future; rather, they are the Appraiser's best estimates of current market thinking about future income
and expenses. (The Appraiser makes no warranty or guaranty that Appraiser's projections will succeed or materialize. The real estate market is constantly fluctuating and changing. It
is not the Appraiser's task to predict or in any way forecast the conditions of a future real estate market; the Appraiser can only reflect, without warranty what the investment community,
as of the date of the Appraisal, envisions for a particular time without assurances in terms ofrental rates, expenses, capital, labor, supply, demand, ecology, etc.) 22. The Americans
with Disabilities Act ("ADA") became effective January 26, 1992. I (we) have not made a specific compliance survey and analysis of this Property to detenn1ne whether or not it is in
conformity with the various detailed requirements of the ADA It is possible that a compliance survey of the Property, together with a detailed analysis of the requirements of the ADA,
could reveal that the Property is not in compliance with one or more of the requirements of the Act. Ifso, this fact could have a negative effect upon the value of the property. Since
I (we) have no direct evidence relating to this issue, I (we) did not consider possible non-compliance with the requirements of ADA in estimating the value of the Property. Special Note:
This may not be adequate if "readily achievable" barrier removal items are obvious and should have been identified. 
MARK A. HIPES Qualifications Location of Office 7557 Rambler Road, Suite 260, LB 25, Dallas, Texas 75231 Education Southern Methodist University • Bachelor of Business Administration
-Quantitative Analysis * Master of Business Administration -Finance Texas Real Estate Broker License -License No. 388907-26 Texas State Certified General Real Estate Appraiser -License
No. TX-1321416-G Appraisal Courses. Seminars American Institute of Real Estate Appraisers * Course ITa -Case Studies in Real Estate Valuation * Course lib -Valuation Analysis & Report
Writing Society of Real Estate Appraisers * Course 101 -Principals of Real Estate Appraisal * Course 201 -Income Property Valuation * Course R2 -Report Writing Standards of Professional
Practice Various Seminars on Valuation & Litigation EJ!Perience fY2/87 to Present Hipes & Associates Independent Real Estate Appraiser 03{79 to 02/87 Dallas County Department of Public
Works Eminent Domain Appraiser 09/71 to 03{79 Self Employed Financial AnalysislReal Estate Analysis Analysis Types of Properties Appraised Regional Malls Industrial/Manufacturing Automcbile
Dealerships Shopping Centers Apartments Hospitals Office FarmsIRanches Railroads OfficeIWarehouses Proposed Developments Churches Service Stations Educational Facilities Airports All
types of commercial/industrial properties and a variety of special use properties. Extensive work in Eminent Domain & other forms of litigation valuation Qualified as an "Expert Witness"
in County, District, & Federal Courts 
BOUNDARY DESCRIPTION BEING a tract of land situated in the Robert Wilburn Survey, Abstract No. 1580 in Dallas County, Texas and also being part of City Block 8707 in the City of Dallas,
Dallas County, Texas and being more particularly described as follows: BEGINNING at a 1" iron rod found for corner at the intersection of the south line of Keller Springs Road (a variable
width right-of -way) with the east line of Dallas Parkway (a variable width right-of-way); THENCE N. 44'44'52" E., 15.73 feet along the said south line of Keller Springs Road to a 1"
iron rod found for corner; THENCE N. 89'06'30" E., 28.30 feet continuing along the said south line of Keller Springs Road to a W' iron rod set for corner; THENCE S. 00'46'00" E., 5.00
feet leaving the said south line of Keller Springs Road to a W' iron rod set for corner; THENCE S. 89"06'30 11 W,! 6.93 feet to a 􀁾􀀱􀁉􀀠 iron rod ,set for corner; THENCE S. 44'48'37"
W., 32.09 feet to a W' iron rod set for corner; THENCE S. 00' 23' 14" W., 303.27 feet to a W' iron rod set for corner, said point being the beginning of a curve to the left having a
central angle of 02'54'52" a radius of 1125.92 feet and a chord bearing of S. 01'04'12" E.; THENCE along said curve 57.27 feet to the end of said curve, a W' iron rod set for corner,
said point being the beginning of a curve to the right having a central angle of 01'10'39" a radius of 2000.00 feet and a chord bearing of S. 01'56'19" E.; THENCE along said curve 41.10
feet to the end of said curve, a '»" iron rod set for corner, said point being the beginning of a curve to the left having a central angle of 13'05'21" a radius of 970.00 feet and a
chord bearing of S. 07°53'40" E.; THENCE along said curve 221.60 feet to the end of said curve, a )!I" iron rod set for corner, said point being on the said east line of Dallas Parkway,
said point also being in a curve to the left running in a northerly direction and having a central angle of 00'36'33" a radius of 1442.39 feet and a chord bearing of N. 14'44' 37 11
W.; THENCE along said curve, and along the said east line of Dallas Parkway, 15.33 feet to the end of said curve a 1" iron rod ,,' found for corner, said point being the beginning of
a curve to the :} right having a central angle of 15'26'07" a radius of 1135.92 feet and a chord bearing of N. 07'19'50" W.; THENCE along said curve, and continuing along the said east
line of Dallas Parkway, 306.01 feet to the end of said curve, a 1" iron rod found for corner; THENCE N. 00'23'14" E., 319.46 feet along the said east line of Dallas Parkway to the Point
of Beginning and containing 0.125 acres (5,440 square feet) of land. 􀁬􀁩􀁬􀁥􀀯􀁢􀁯􀁵􀁮􀁤􀁡􀁾􀀬􀀹􀀶􀀭􀀰􀁾􀁏􀀠
BOUNDARY DESCRLPTION .' BEING a tract of land situated in the Robert Wilburn Survey, Abstract No. 1580 in Dallas County, Texas and also being part of City Block 8707 in the City of Dallas,
Dallas County, Texas and being more particularly described as follows: BEGINNING at a 1" iron rod found for corner at the intersection of the south line of Keller Springs Road (a variable
width right-of-way) with the east line of Dallas Parkway (a variable width right-of-way) ; THENCE N. 44'44'52" E., 15.73 along the said south line of Keller Springs Road to a I" iron
rod found for corner; THENCE N. 89'06'30" E., 28.30 feet continuing along the said south line of Kel Springs Road to a W' iron rod set for corner; THENCE S. 00'46'00" E., 5.00 feet leaving
the said south line of Keller Springs Road to a W' iron rod set for corner; THENCE S. 89'06'30" W., 6.93 feet· to a W' iron rod set for corner; THENCE S. 44'48'37" W., 32.09 feet to
a W' iron rod set for corner; TEENCE S. 00'23'14" W., 303.27 feet to a 01" iron rod set. for corner, said point being the beginning of a curve to the left having a central angle of 02'54'52"
a radius of 1125.92 fee:: and a chord bearing of S. 01'04'12" E.; THENCE along said curve 57.27 feet to the end of said curve, a W' iron rod set for corner, said point being the beginning
of a curve to the right having a central angle of 01'10'39" a radius of 2000.00 feet and a chord bearing of 8.01'56'19" E.; THENCE along said curve 41.10 feet to the end of said curve,
a W' iron rod set for corner, said point being the beginning of a curve to the left having a central angle of 13'05'21" a radius of 970.00 feet and a chord bearing of S. 07'53'40" E.;
THENCE along said curve 221.60 feet to the end of said curve, a ?f" iron rod set for corner, said point being on the said east line of Dallas Parkway, said point also being in a curve
to the left running in a northerly direction and having a central angle of 00'36'33" a radius of 1442.39 feet and a chord bearing of N. 14'44' 3711 w. i THENCE along said curve, and
along the said east line of Dallas Parkway, 15.33 feet to the end of said curve a I" iron rod found for corner, said point being the beginning of a curve to the right having a central
angle of 15'26'07" a radius of 1135.92 feet and a chord bearing of N. 07'19' 50" W.; THENCE along said curve, and continuing along the said east line of Dallas Parkway, 306.01 feet to
the end of said curve, a I" iron rod found for corner; THENCE N. 00'23'14" E., 319.46 feet along the said east line of Dallas Parkway to the Point of Beginning and containing 0.125 acres
(5,440 square feet) of land. 
􀀬􀁾􀀠 k t::l.. I .. 􀁾􀀠 .... t::IY N.44°44' 52" E. 15.73 ' 1Y04D SPIY/IV tv. 139o °6' GS $, ,:,,,':,0" r::. $ 􀀰􀀰􀀰􀀬􀀬􀁾 28 $.'1 -890 '16'0 '. '10'1 06 ' O"r:: 8, 3 30' i'" ,., ,
tv >y • . 32 J... 􀁾􀀠 􀁾􀀠 Q: 0)/I\, 􀁾􀀺􀀠 /I'?'::' o..."f 􀀷 PROPOSE D LOT 1 , BLOCK B/8707 ,/''t':; .,.. 􀁾􀀮􀀠 HARPE R'S REST AURANT ...... ,:t o 􀁾'" "f "" "f Q ·30' 'S' °O· 6
,93' ·0S!. '. 8.02°54' 52" R=1125.92' o· V T'28.64' L' 57.27' 􀁾"􀀠 i:: q;, Q! h'J lJ.i a I!:.' 15°26'07" • I!:. =01° 10' 39" Q. "1R·1135.92' a ,,' ''-R= 2000.00' Q. T= 153.94' T=20.55'
L' 306.01' L=41.10' tJ", .... .... }.... .... Q:-<v J" (]) o 􀁾􀁾􀁾􀀠 CC Cf 􀀧􀁾􀀠􀁴􀁴􀀨􀀮􀁾􀀮 Q. .:. ,<", ••• e"STE!·,<OJ "J' r􀁾􀀠./' '" -",-"".,' ," I!:.' 13°05'21" .;:, "..*. o..J.!.􀀢
'>􀁵􀁾:􀀬 􀀬􀁾􀀠 ' ' ' ' ",.y \ 􀁊􀁍􀁾􀁴􀀺􀀨􀀧􀁜􀀠􀁾􀀧􀁾􀁈1􀁾􀁾/'􀁾4􀀧 􀀧􀀧􀀧􀁾􀁾􀀧􀀧􀀧o􀀧􀀧􀁾·.􀀧􀁾 {􀀧􀀧f􀀧!􀁾' R = 97 0.00' I.t.. 􀁾􀁣􀀧􀁴􀀧:..􀀬􀀮􀀢􀀮􀀩􀀬􀀺􀁾􀁾􀁾􀁾􀀻􀀻􀀱􀀻􀀻􀀰􀀻􀀡􀀠
1, 􀁾􀁛􀀧􀀻􀀧􀀧􀀧􀀧􀀱􀀾􀀠 4831 ';;'::::" (I, 􀁾􀁊􀁾􀀻􀁾􀀺􀀺c s s'􀀼􀀺􀁾􀀺􀀶􀁊􀁦􀁉 􀀺􀀮􀀮􀀮􀀮􀁾􀀠 0 􀁾􀁾....... ' <," r'I, N, SU",'\v,"\ 􀁾􀁙􀀢􀂷􀀠 ?-z.1-9& RIGHT -OF-WAY DEDICATION I!:.=00°36'33"
R=1442.39' T= 7.67' DALLAS CITY BLOCK NO. 8707 l..' 15.33' ROBERT WILBURN SUR., ABST NO. 1580 DALLAS COUNTY, TEXAS DOWDEY, ANDERSON & ASSOCIATES, INC. S,0I,I"=60' 0.1,3-15-96 162!50
DAL L AS PARK'<:IAY SUITE 100 JohNo, 96-020 (214)931-0694 DALLAS, TEXAS 75248 
SAFECO LAND TITLE 5220 RENAISSANCE TOWER· 1201 ELM STREET· DALLAS, TEXAS 75270 NORMA LEA BEASLEY Cheirman of the Board & (214) 573·2250 • FAX (214) 573·2277 Chief ExecutWe OfflCfJr MELVIN
H. JOHN President Chief Opefliling Officer March 19, 1996 MAIN OFFICE: 8080 N. Central #500 Daffas, TeKas 75206 Steve Folsom (via FAX 250-1812) 360-3600 FM Properties Operating Co. DALLAS
OFFICES: c/o Precept Properties, Inc. CARUTH HAVEN 8080 N. Central, #120 16475 Dallas Parkway, Suite BOO 987-0800·75206 Dallas, Texas 75248 DOWNTOWN 1201 Elm Street I 5220 Renaissance
Tower j John Baumgartner (via FAX 931·6643) 573·2250 -75270 HILLCREST The Town of Addison 13 0 􀁈􀁾􀀠 6935 Hiffcrest 1 estgrove -:p.O· . \( IX If)Oo I 363.[3557· 75205 Addison, 75001
Acb·,:s,()fl, LBJ & PRESTON Commercial Division 12900 Preston, #208 387-4535 -75230 Re: Our File SP96-186030 LBJ & PRESTON Contract of Sale by and between FM Properties Operating Residential
Division 12900 Preston, #208 Co., as Seller, and The Town of Addison, as Purchaser, for 387-4535 -75230 property at Dallas Parkway and Keller Springs NATIONAL CLOSING DIVISION 8080 N.
Central, #500 380-3600 -75206 Dear Mr. Folsom and Mr. Baumgartner: PRESTON CENTER 8235 Douglas, #101 750-9904 • 75225 This will acknowledge receipt of the referenced Contract of Sale
and PRESTON TRAIL earnest money in the amount of $2,500.00 on March 19, 1996. 17000 Preston Road, #140 931·7300 -75248 CARROLLTON OFFICE Title evidence has been ordered and should be
delivered tomorrow. 1933 E. Frankford Rd., #185 394·1110 -75007 DUNCANVILLE Please call if you have questions or need anything further at this time. 519 N. Cedar Ridge #2 298-8211-75116
DESOTO OFFICE 712 N. Hampton, Suite 190 Desoto, Texas 75115 (214) 230·2544 Fax (214) 878-6035 GRAND PRAIRIE OFFICE P.O. Box 530591 Bobbie Irwin (214) 262-2608.75053 ABRAMS CENTRE Vice
President/Escrow Officer 9330 LBJ Frwy. #900 (214) 231·6188 -75243 1.[300.[325-1848 cc: Robert G. Buchanan, Esq. (via FAX 672-2020) MIDWAY OFFICE James T. Porter, Esq. 14679 Midway,
#220 (214) 788·1211 -75244 Fax (214) 788-5035 IRVING OFFICE 111 Ferguson Court, #100 (214) 258-7991 ·75082 
CONTRACT OF SALE This Contract of Sale (this "Contract") is made and entered into by and between FM Properties Operating Co., a Delaware general partnership ("SeUer") and The Town of
Addison ("Buyer"). ARTICLE I Defined Terms 1.1 Definitions. As used herein, the following terms shall have the meanings indicated: "Closina" means the consummation of the purchase of
the Property by Buyer from Seller in accordance with Article VII. "Clnsina Date" means the date specified in Section 7.1 on which the Closing is to be held. "Deed" means the Special
Warranty Deed to be executed by Seller in favor of Buyer. "Effective Date" means the date on which Buyer and Seller have both fully executed this Contract, including, ifappropriate,
the initials of the parties on any counter-offers proposed by either party. "Permitted Exceptions" means, with respect to the Property, the exceptions or conditions that affect or any
affect the title to or use of the Property as specified in Section 5.4. "Property" means that certain strip of land situated in Dallas County, Texas, containing approximately 5,400 square
feet, 600 feet in length and having a width of approximately 10 feet and located at the southeast comer of the intersection of the access road running along the east side of the Dallas
North Tollway and Keller Springs Road in the Town of Addison, Dallas County, Texas, and being a part of that certain tract described on Exhibit "A" attached hereto. Upon preparation
of the Survey, Exhibit "A" shall be deemed automatically amended to reflect the legal description set forth on the Survey. "Purchase Price" means the total consideration to be paid by
Buyer to Seller for the purchase of the Property as set forth in Sections 3.1 and 3.2. "Survey" means a current survey as described in Section 5.2. 1.2 Other Defined Terms. Certain other
defined terms shall have the respective meanings assigned to them elsewhere in this Contract. Contract of Sale -Page 1 DOC U, 345827 
ARTICLED Alrreement of Purchase and Sale 2.1 Alrreement. On the terms and conditions stated in this Contract, Seller hereby agrees to sell and convey the Property to Buyer, and Buyer
hereby agrees to purchase the Property from Seller. ARTICLEID Purchase Price and Earnest Money 3.1 Purchase Price. The Purchase Price to be paid by Buyer to Seller shall be $50,000.00.
The Purchase Price is payable by Buyer in cash (subject to prorations and other credits provided for in this Contract) at Closing. 3.2 Earnest Money. Within two (2) business days after
the Effective Date, Buyer shall deposit $2,500.00 in cash, as an earnest money deposit (the "Earnest Money") with Safeco Land Title (the "Title Company"), 5220 Renaissance Tower. 1201
Elm Street, Dallas, Texas 75270, Attention: Ms. Bobbie Irwin. In the event Buyer fails to deposit the Earnest Money in a timely manner, this Contract shall automatically terminate and
neither Seller nor Buyer shall have any further liability or obligation one to the other. In the event this Contract is closed, the Earnest Money shall be applied to the cash portion
of the Purchase Price payable at Closing. In the event this Contract is not closed, then the Title Company shall disburse the Earnest Money in the manner provided elsewhere herein. ARTICLE
IV Representations, Warranties and Covenants 4.1 Seller's Representations and Warranties. Seller represents and warrants to Buyer as follows, which representations and warranties (except
(a) of this Section 4.1) shall not survive the Closing: (a) Seller has the full right, power, and authority to sell and convey the Property as provided in this Contract and to carry
out Seller's obligationshereunder. (b) Seller represents and warrants that Seller has not received written notice from any governmental authority that there are any Hazardous Substances, as hereinafter defined,
at, on, or under the Property in violation of the Comprehensive Enviromnental Response, Compensation and Liability Act, the Superfund Amendment and Reauthorization Act, the Resource
Conservation Recovery Act, the Federal Water Pollution Control Act, the Federal Enviromnental Pesticides Act, the Clean Water Act, the Clean Air Act, all so-called Federal, State and
Local "Superfund" and "Superlien" statutes, and all other statutes, laws, ordinances, codes, rules, regulations, orders and decrees regulating, relating to or imposing liability (including
strict liability) or standards of conduct concerning Contract of Sale -Page 2 DOC 6: 345827 
any hazardous substances (collectively the "Hazardous Substance Laws"). For purposes of this Contract, the terms Hazardous Substances shall mean and include those elements or compounds
which are contained in the list of Hazardous Substances adopted by the United States Environmental Protection Agency and the list of toxic pollutants designated by Congress or the Environmental
Protection Agency or under any Hazardous Substance Laws. Hazardous Substances shall also include Radon gas and asbestos. (c) To the best of Seller's knowledge, except for proceedings
relating to zoning and platting of the Property and adjacent property, the Property or any part thereof, is not now subject to any litigation, or other legal or administrative proceedings,
and Seller has no knowledge of any facts which might result in any such litigation or proceedings. (d) There are no leases of or affecting the Property, except for leases, if any, provided
pursuant to Section 5.7. 4.2 Buver's Representations and Warranties. Buyer has the the full right, power, and authority to buy the Property as provided in this Contract and to carty
out Buyer's obligations hereunder. ARTICLE V Title and Survey 5.1 Title Commitment; Exception Documents. (a) Within five (5) days after the effective date, Seller, at its expense, shall
cause to be delivered to Buyer a commitment for title insurance (the "Title Commitment") for the Property issued by the Title Company. The Title Commitment shaH set forth the state of
the title to the Property, including a list of title exceptions affecting the Property that would appear in an owner's title policy, if one were issued. (b) Along with the Title Commitment,
Seller shall cause to be delivered to Buyer copies of the instruments that create or evidence title exceptions affecting the Property. 5.2 Survey. Buyer, at its expense, may obtain a
survey of the Property. The Survey shall reflect the following: (a) A certification to Buyer and the Title Company to the effect that the Survey (i) was made on the ground as per the
field notes shown thereon and correctly shows the boundary lines and dimensions and the area of land indicated thereon and each individual parcel thereof indicated thereon, (ii) correctly
shows the location of all buildings, structures, and other improvements, and visible items on the Property, and (iii) correctly shows the location and dimensions of all alleys, streets,
roads, Contract of Sale -Page 3 DOC #: 345821 
rights-of-way, easements and other matters of records affecting the Property according to the legal description in such easements and other matters (with instrument, book and page number
indicated); and except as shown, no portion of the Property is located within a special flood hazard area, there are no visible easements, rights-of-way, party walls, or conflicts, and
there are no visible encroachments on adjoining premises, streets, or alley ways by any of said buildings, structures, or other improvements, and there are no visible encroachments on
the Property by buildings, structures, or other improvements situated on adjoining premises; and the distance from the nearest intersecting street and road is as shown thereon; (b) The
location of all improvements, streets, highways, rights-of-ways and easements appurtenant to, traversing, adjoining or bounding the Property (which shall show all applicable recording
data); (c) Any encroachments on the Property or protrusions on adjacent land; (d) A metes and bounds description of the Property and the total acres and the total square feet contained
therein; (e) The beginning point should be established by a monument located at the beginning point, or be reference to a nearby monument; and (1) The boundary line of highways and streets
abutting the Property and the width of said highways and streets, including any proposed relocation, modification or widening thereof. 5.3 Review of Title Commitment. Survey and Exception
Documents. Buyer shall have a period of five (5) days after receipt of the last of the Title Commitment and the copies of title exception documents (the "Title Review Period") in which
to give written notice to Seller specifying Buyer's objections to one or more of the Title Commitment and the items described in Section 5.1(b) (the "Objections"), if any. All items
set forth in Schedule C of the Title Commitment as being required to be released at or prior to Closing shall be deemed to be Objections. All other items set forth in the Title Commitment
which are not objected to by Buyer shall be deemed Permitted Exceptions. 5.4 Seller's Obligation to Cure; Buyer's Right to Terminate. If Buyer notifies Seller of Objections to any of
the matters furnished to it pursuant to Section 5.3, then Seller may, within five (5) days (the "Cure Period") after its receipt of Buyer's notice, either satisfy the Objections at Seller's
sole cost and expense, or promptly notify Buyer in writing of the Objections that Seller cannot or will not satisfy at Seller's expense. If Seller fails or refuses to satisfy any Objections
within the Cure Period, then Buyer as its sole remedy has the option of either (i) waiving the unsatisfied Objections whereupon such Objections shall be deemed Permitted Exceptions,
or (ii) terminating this Contract in which event the Title Company shall return the Earnest Money to Buyer and Seller and Buyer shall have no further obligations, one to the other, with
respect to the subject matter of this Contract of Sale -Page 4 DOC I; 3451127 
Contract. Buyer's election to terminate this Contract shall be made in writing within five (5) days after the first to occur of Buyer's receipt of Seller's notice of its refusal to satisfy
any Objections or the expiration of the Cure Period. Buyer's failure to timely send notice of its termination of this Contract will be deemed an election of subsection (i) above. 5.5
Title Policy. At the Closing, Seller, at Buyer's sole cost and expense, shall cause a standard Texas owner's policy ·of title insurance (the "Title Policy") to be furnished to Buyer.
The Title Policy shall be issued by the Title Company in the amount of the Purchase Price, and insuring the Buyer and indefeasible fee simple title to the Property. The Title Policy
may contain only the Permitted Exceptions. The Title Policy shall delete all portions of the survey exception except" shortages in area. " 5.6 Reservation of Easements. The Special Warranty
Deed to be delivered to Buyer shall be prepared by Seller and shall contain a provision whereby whereby Seller reserves for the benefit of Seller and the owners, tenants and invitees
of the property located adjacent to the Property, a non-exclusive easement for access, ingress and egress over and across the Property until such time as Buyer begins construction on
the Property to develop its use as a public right-of-way. The reserved easement will also permit Seller, its successors and assigns to construct landscaping and paving over the Property.
Buyer shall provide Seller with not less than fifteen (15) days advance written notice of the date construction of the public right-of-way is expected to begin. Buyer shall have no responsibility,
financial or otherwise, for any improvements made by Seller to the Property except that notwithstanding anything to the contrary with respect to access driveways of a property owner
adjacent to the Property, Buyer will ensure that during construction of the public right-of-way at least half of each of the driveways will remain open at all times and upon completion
of construction the driveways will be repaired and restored including curbing. During construction of the public right-of-way, Buyer shall provide such access to the property adjacent
to the Property as does not unreasonably interfere with Buyer's construction of the public right-of-way. Prior to termination of the easement, Buyer shall have the right to enjoy and
use the easement area for any and all purposes which do not unreasonably interfere with or prevent Seller's use of the easement. 5.7 Miscellaneous Documents. Within three (3) days after
the Effective Date, Seller shall furnish to Buyer copies of all Phase I environmental studies, topographical studies and soil analyses of or pertaining to the Property, if any, in Seller's
possession, along with all leases, if any, of the Property. All of such information shall be delivered by Seller to Buyer without representation or warranty. ARTICLE VI Feasibility Period
and Conditions to Buyer's Obligations 6.1 Conditions to Buyer's Obligations. The obligations of Buyer hereunder to consummate the transaction contemplated hereby are subject to the satisfaction,
as of the Closing, of Contract of Sale -Page 5 DOC #, 345827 
each of the following conditions (any of which may be waived in whole or in part in writing by Buyer at or prior to the Closing); (a) All representations and warranties shall be true
on and as of the Closing Date. (b) The Property, or any material part thereof, shall not have been and shall not be threatened to be materially or adversely affected in any way as a
result of litigation, any action by'the United States or any other governmental authority, flood or act of God. ARTICLE VB Closinl,l 7.1 Date and Place of Closing. The Closing shall
take place in the offices of the Title Company. The Closing Date shall be fifteen (15) days after the Effective Date. 7.2 Items to be Delivered at the Closinl,l. (a) Seller. At the Closing,
Seller shall deliver or cause to be delivered to Buyer the following items: (i) The Deed, duly executed and acknowledged by Seller, subject only to the Permitted Exceptions; (ii) An
affidavit, in a form reasonably acceptable to Buyer. in compliance with Section 1445 of the Internal Revenue Code of 1986, as amended, and any regulations promulgated thereunder, stating
under penalty of peIjury the Seller's United States identification number and that Seller is not a non-resident alien; provided, however. that if Seller fails to deliver this affidavit,
Buyer shall be entitled to withhold from the Purchase Price and pay to the Internal Revenue Service the amounts required by Section 1445. and applicable regulations promulgated thereunder;
(iii) The Title Policy; (iv) A copy of Seller's resolutions authorizing consummation of this transaction; and (v) Such other documents as the Title Company may request in order to close
this Contract and issue the Title Policy. (b) Buyer. At the Closing. Buyer shall deliver to Seller: (i) The Purchase Price; and Contract of Sale -Page 6 DOC', 345827 
(li) Such other documents as the Title Company may request in order to close this Contract and issue the Title Policy. 7.3 Adjustments at C1osine. Property taxes for 1996 shall be prorated
as of the Closing Date. The proration shall be based on 1995 property taxes. Upon receipt of the 19% property taxes, the proration shall be adjusted if necessary. Seller shall be responsible
for all rollback taxes that are attributable to the Property having been assessed at agricultural, open-space or other special use valuation. All of such taxes shall be treated as if
the sale caused all of the rollback taxes to then be due and payable and they shall be paid by the Seller to the taxing authorities at the Closing if the taxing authorities will accept
the payments or credited by the Seller to the Buyer at the Closing. Any charges, special taxes or assessments for public improvements or otherwise that are made and/or assessed against
the Property prior to the Closing shall be paid by the Seller at the Closing. 7.4 Possession at Closine. Possession of the Property shall be delivered to Buyer by Seller at the Closing,
subject to the Permitted Exceptions. 7.5 Costs of Closine. Seller shall pay all recording, fees attributable to the transfer of title to the Property. Buyer and Seller shall split the
closing or escrow fees of the Title Company. Each party shall pay its own attorneys' fees and expenses incurred in negotiating, preparing and closing the transaction contemplated herein.
ARTICLE VITI Defaults and Remedies 8.1 Seller's Defaults; Buyer's Remedies. In the event that Seller should fail to consummate the transaction contemplated herein for any reason, except
Buyer's default, Buyer, as its sole and exclusive remedy, may either: (i) terminate this Contract by written notice delivered to Seller on or before the Closing Date whereupon the Earnest
Money shall be returned to Buyer; or (ii) enforce specific performance of this Contract against Seller requiring Seller to convey the Property to Buyer. 8.2 Buyer's Default: Seller's
Remedies. In the event that Buyer should fail to consummate the transaction contemplated herein for any reason, except default by Seller or the nonsatisfaction of any of the conditions
to Buyer's obligations, set forth herein, Seller, as its sole and exclusive remedy, may terminate this Contract by written notice delivered to Buyer on or before the Closing Date whereupon
the Earnest Money shall be disbursed to Seller. ARTICLE IX Miscellaneous 9.1 Notices. All notices, demands, requests, and other communications required or permitted hereunder shall be
in writing, and shall be deemed to be delivered, upon the earlier to occur of (a) actual receipt, and (b) upon the deposit of the original in a Contract of Sale -Page 7 DOC I: 345827

regularly maintained receptacle for the United States mail, registered or certified, postage prepaid. addressed as follows: Seller: PM Properties Operating Co. c/o Precept Properties,
Inc. 16475 Dallas Parkway, Suite 800. Dallas, Texas 75248 Attn: Steve Folsom With a copy to: James T. Porter Geary. Porter & Donovan, P.C. 16475 Dallas Parkway, SUite 550 Dallas, Texas
75248 Buyer: The Town of Addison 16801 Westgrove P. O. Box 144 Addison, Texas 75001 Attn: John Baumgartner With a copy to: Robert G. Buchanan, Jr. Cowles & Thompson, P.C. 901 Main Street
Suite 4000 Dallas, Texas 75202 9.2 Governing Law. This Contract is being executed and delivered, and is intended to be performed in the State of Texas and the laws of Texas govern the
validity, construction, enforcement, and interpretation of this Contract, unless otherwise specified herein. 9.3 Entirety and Amendments. This Contract embodies the entire agreement
between the parties and supersedes all prior agreements and understandings, if any, relating to the Property, and may be amended or supplemented only by an instrument in writing executed
by the party against whom enforcement is sought. 9.4 Parties Bound. This Contract is binding upon and inures to the benefit of Seller and Buyer, and their respective heirs, personal
representatives, successors, and assigns. Contract of Sale -Page 8 DOC I, 345821 
9.5 Further Acts. In addition to the acts and deeds recited in this Contract and contemplated to be performed, executed, and/or delivered by Seller to Buyer, Seller and Buyer agree to
perform, execute, and/or deliver or cause to be performed, executed, andlor delivered at the Closing or after the Closing any and all further acts, deeds, and assurances as are reasonably
necessary to consummate the transactions contemplated hereby, as long as no liability or expense is incurred in connection therewith. 9.6 Survival. Except as otherwise provided herein,
All warranties, representations and agreements contained herein shall survive the Closing hereof. 9.7 Counterpart Execution. This Contract may be executed in several counterparts, each
of which shall be fully effective as an original and all of which together shall constitute one and the same instrument. 9.8 Assienment. Seller shall have the absolute right and authority
to assign this Contract and all of its rights hereunder to any person, firm, corporation, or or other entity, and any such assignee shall be entitled to all of the rights and powers
of Seller hereunder. Upon such assignment, such assignee shall succeed to all of the rights and obligations of Seller hereunder and shall, for all purposes hereof, be substituted as
and be deemed to be the Seller, as the case may be, hereunder; and the original Seller shall have no further liability hereunder. Buyer may assign this Contract to the Texas Turnpike
Authority without Seller's consent. Any other assignment by Buyer shall require the prior written consent of Seller. 9.9 CONDITION OF PROPERTY. BUYER ACKNOWLEDGES AND AGREES THAT BUYER
IS ACQUIRING THE PROPERTY ON THE BASIS OF ITS OWN INDEPENDENT INSPECTIONS, INQUIRIES AND/OR INVESTIGATIONS AND NOT AS A RESULT OF ANY WARRANTIES OR REPRESENTATIONS OF SELLER. ANY INFORMATION
SELLER DELIVERS TO BUYER CONCERNING THE PROPERTY HAS BEEN PREPARED BY THIRD PARTIES AND SELLER MAKES NO REPRESENTATIONS OR WARRANTIES AS TO THE TRUTH OR ACCURACY THEREOF. EXCEPT FOR
REPRESENTATIONS OF SELLER WHICH ARE EXPRESSLY SET FORTH IN THE CONTRACT AND THE SPECIAL WARRANTY OF TITLE SET FORTH IN THE SPECIAL WARRANTY DEED TO BE EXECUTED AND DELIVERED BY SELLER
TO BUYER AT CLOSING, BUYER IS PURCHASING THE PROPERTY "AS IS," WITH ALL FAULTS AND DEFECTS, KNOWN OR UNKNOWN, LATENT OR PATENT, WITHOUT ANY REPRESENTATION OR WARRANTY, ORAL OR WRITTEN,
EXPRESS OR IMPLIED, INCLUDING WITHOUT LIMITATION, ANY WARRANTIES OF FITNESS FOR A PARTICULAR PURPOSE, HABITABILITY, MERCHANTABILITY, SUITABILITY OR QUALITY OR ANY WARRANTIES AS TO THE
ENVIRONMENTAL CONDITION OF THE PROPERTY, AND IN SOLE RELIANCE ON BUYER'S OWN INDEPENDENT INSPECTION, INQUIRY AND/OR INVESTIGATION. Contract of Sale -Page 9 DOC A. 345827 
9.10 WAIVER OF CONSUMER RIGHTS. SELLER AND BUYER AGREE THAT THE PROVISIONS OF THE . DECEPTIVE TRADE PRACTICES -CONSUMER PROTECTION ACT ("DTPA"), SECTION 17.41 ET SEQ., BUSINESS & COMMERCE
CODE, SHALL NOT APPLY TO THIS TRANSACTION, WITHOUT LIMITING THE FOREGOING, IN THE EVEN THAT FOR ANY REASON IT IS DETERMINED THAT THE DTPA DOES APPLY TO THIS TRANSACTION, BUYER WAIVES
ITS RIGHTS UNDER THE DTPA, A LAW THAT GIVES CONSUMERS SPECIAL RIGHTS AND PROTECTIONS, EXCEPT THAT BUYER DOES NOT WAIVE SECTION 17.555. AFTER CONSULTATION WITH AN ATTORNEY OF BUYER'S
OWN SELECTION, BUYER VOLUNTARILY CONSENTS TO THIS WAIVER. BUYER REPRESENTS TO SELLER THAT BUYER IS NOT IN A SIGNIFICANTLY DISPARATE BARGAINING POSITION IN CONNECTION WITH THE NEGOTIATION
AND EXECUTION OF THIS CONTRACT. BUYER SHALL CAUSE ITS ATTORNEY TO EXECUTE THIS CONTRACT IN THE SPACE PROVIDED BELOW IN ORDER TO EVIDENCE THAT BUYER HAS CONSULTED AN ATTORNEY IN CONNECTION
WITH SUCH WAIVER. 9.11 No Recording. Buyer shall not file this Contract, nor any memorandum thereof, in any public records. 9.12 Expiration of Offer. The offer to sell or purchase the
Property which is evidenced by the execution and delivery of the Contract by the first party to do so, if not sooner withdrawn, shall automatically terminate and be of no further effect
if the Contract is not executed by the second party and returned to the first party on or before five (5) days following the date of execution of the Contract by the first party. Executed:
March ,1996 SELLER: FM Properties Operating Co., a Delaware general partnership By: 􀁕􀁾􀁵􀀠 Printed Name: 7 1MA;; Title: Executed: March 􀀯􀁾􀀬􀀠1996 BUYER: The Town of Addison 􀁂􀁙􀁾􀀠
􀁧􀁾􀀠 II )ttl ::J Ron Whitehea1l, City ManagFr Contract of Sale -Page \0 DOC I: 345827 
BUYER'S COUNSEL: (For the purpose of complying with the provisions of the Texas Deceptive Trade Practices Act): COWLES & THOMPSON, P.C. Contract of Sale· Page 11 DOC I: 345827 
EXHIBIT A 80UNDARY DESCRIPTION BEING a tract of land situated in the Robert Wilburn Survey, Abstract No. 1580 in Dallas County, Texas and also being part of City Block 8707 in the City
of Dallas, Dallas County, Texas and being more particularly described as follows: BEGINNING at a 1" iron 'rod found for corner at the intersection of the south line of Keller Springs
Road (a variable width right-of-way) with the east line of Dallas Parkway (a variable width right-of-way); THENCE N. 44'44'52" E., 15.73 feet along the said south line of Keller Springs
Road to a 1" iron rod found for corner; THENCE N. 89'06'30" E., 28.30 feet continuing along the said south line of Keller Springs Road to a W' iron rod set for corner; THENCE S. 00'46'00"
E., 5.00 feet leaving the said south line of Keller Springs Road to 'a W' iron rod set for corner; THENCE S. 89'06'30" lV., 6.93 feet to a W' iron rod set for corner,THENCE S. 44'48'37"
W., 32.09 feet to a W' iron rod set for corner; THENCE S. 00'23'14" vi., 303.27 feet to a %" iro!: rod set for corner, said point being the beginning of a curve to the left having a'central
angle of 02'54'52" a radius of 1125.92 feet and a chord bearing of S. 0'1' 04' 12" E.; THENCE along said curve 57.27 feet to the end of said curve, a W' iron rod set for corner, said
point being the beginning of a curve to the right having a central angle of 01'10'39" a radius of 2000.00 feet and a chord bearing of S. 01'56'19" E.; THENCE along said curve 41.10 feet
to the end of said curve, a W' iron rod set for corner, said point being the beginning of a curve to the left having a central angle of 13'05'21" a radius of 970.00 feet and a chord
bearing of S. 07'53'40" E.; THENCE along said curve 221.60 feet to the end of said curve, a M" iron rod set for corner, said point being on the said east line of Dallas Parkway, said
point also being in a curve to the left running in a northerly direction and having a central angle of 00'36'33" a radius of 1442.39 feet and a chord bearing of N. 14'44' 37" IV.; THENCE
along sala curve, and along the said east line of Dallas parkway, 15.33 feet to the end of said curve a I" iron rod found for corner, said point being the beginning of a curve to the
right having a central angle of 15"26'07" a radius of 1135.92 feet and a chord bearing of N. 07"19'50· W.; THENCE along said curve, and continuing along the said east line of Dallas
Parkway, 306.01 feet to the end of said curve, a 1" iron rod found for corner; THENCE N. 00'23'14" E., 319.46 feet along the said east line of Dallas Parkway to the Point of Beginning
and containing 0.125 acres (5,440 square feet) of land. , .r: :<: ,
•• \ EXIUElIT ___8."'____--''-' 'I i f 􀁾􀀠 -.,I"I' J .. ,􀁾􀀠 " " ROAD 􀁾􀀠 o \ \ ; . 􀁾􀀭􀁾􀁾􀀠􀀭􀁾􀀺􀁩􀁬􀀭 􀁜􀀮􀁯􀀼􀁾􀁜􀁉􀁉􀁏􀀠 􀁾􀀠It 􀁾􀀭 "'..,t"l ': . 1/1:,,> 0, 0 j r r l> l>
(j) 􀁾􀀠 􀁾􀀠 < 
i'lPR-03-1996 14:20 COWLES 8. THCJMPSON 214 672 2020 P.02/04 COWLES & THOMPSoN .301 w. WASHINGTON, $ViTI 1.00 '.0. '10)( 1127 SH£R:MAN. '1UA:$ 75Otn-1121 A1"fORNfYS I\"T lAW 􀁾􀁎􀁅 Igo318",,""
901 MAIff ST8ll!T, SUI'TE' 4000 NCN8 TDA$ fU\TIOIW.-􀁥􀁾􀀱􀁃􀀠BLDG. SUI'TT:: 321 OA1.l.AS. TEXAS 15202-319') 100 wesT ADAMS .VENUE 'TlI.IPHQtlE 12'.)112-2000 t>.O. DOX 7lI6 TBMPLE,TEXAS
􀀷􀁥􀀤􀁏􀁾􀀸􀀵􀀠 MeTAO 1%1 ..J ilSHWS TB..£PHONE 181 '1) 711·2.800 FAX 1214:1 &724020 ON' ...lftlCAN CEPf1l;'R. sum 77"1 ROHRT G. BUCHAlfAN. JR. 􀀹􀀰􀀹􀁾􀀮􀀤􀀮􀀨􀀮􀀠,-C/OP.}.D f2141
8'12·2139 'TYtDf. 􀁾 7570M.H'.. Tafl"HONf (8031 6810&15/J8 April 3, 1996 VIA TELECOn Mr. 10hn BaumgaItlleI Town of Addison P. O. Box 144 Addison, Texas 7S001 Re: Purchase from PM Properties
Operating Company Dear1obn: Enclosed please find a First Amendment to Contract of Sale setting the closing for the purehue on AprilS, 1996. Please have Mr. Ron Whitehead ell.el:llte
the First Amendment and rerum a copy by telecopy to this office at your earliest convenience. Also enclosed is a revised draft of the Purehaser's Statement which reflects a closing date
of April 5, 1996. Please can should you have any questions. Thank you for your assistance in connection with this matter. Sincerely. 􀁾􀁉􀁬􀀾􀁾􀀠 Robert G. Buchanan, Jr. ROB:wn Enclosures
cc: Mr. Jim Duffy w/enclosure -VIA TELECOPY 
RPR-03-1995 14:20 COWLES & THOMPSON 214 572 2020 P.03/04 "'liT AMENDMENT 1'0 CO.tO 01' SUE 11DS FIRST AMENDMENT TO CONTRACl' OF SALE (the "Amcmdmeut") 􀁾􀀠made aud eutcred into effective
as of Mardi. 29, 1996, by aud between FM PR.OPEJl'I'IES OPEllA.11NG CO.. I. Delaware glDeral par1Dersbip ("Seller") aDd THE TOWN OF ADDISON (together with its peIDlitted aHignc, "PurdweI").
REgTAl$: WHEREAS, Seller and Pun:baser are partiea to UId deUce to amend that 􀁾􀀠 CoDtract of Sale elated March 1S, 1996 (tile "CoDIrad'), pertaiDiDg to the sale and purcbue of approximately
0.125 ac:res of IaIId 1oc:ated in Dallas Ccnmty, Texas, as more particularly described in the CcmIraa (the "Property"): NOW, nlER.EfORE, for aDd in coDSideatiml of the SWIl of Ten and
No/IOO DolIaIs (SI0.00) ami other good aDd valuable coaaideJ"aticm, the receipt and sufficieuc:y of wbich are hereby ac:kDowIedged. Parcbasor ami Seller hereby amend the Contract as
follows: 1. CoRnE Parc The COIiug Dale in hAgJaph 7.1 of the Colltr.u:t Ihall be C'ltcDde4 to April S, 1996. 2. Mi ..... J'apMUI.. A telccopied fac:sjmile of a duly aecuted coUDWpart
of this Ammv!m= sbaIl be sWficieDt to evidence the biDdiJIg agr.......ent of each party to the teaas hereiD. Except as amended hereby, all temII !lid CODditions of the Contract are aDd
relDlliD in full fotte and effect " thermn written. In the event of a CODfIic:t between the prmisioDs of this AII1eJIcImDt 8Dd the pruYisiom of the CmItract, the provisions of this Amendment
sbaIl comroJ. CIpitalized terms which are used herein but DOt defined shall have the same meaning given to such terms in the Contract. EXECUI'ED to be effective as of the date lint above
wnUeu. FM l'll0l'Elll1ES OPERATING 􀁃􀁏􀁾􀀠 a Delaware general partDerIhip 1HE TOWN OP ADDISON 􀁾􀀮􀁾N􀀽a􀀭me􀁾: 􀀭􀀭􀀭􀀭􀀭􀀭􀀭􀀭􀀭􀀭􀀭􀀭􀀭􀀭 􀁔􀁾􀁾􀀭􀀭􀀭􀀭􀀭􀀭􀀭􀀭􀀭􀀭􀀭􀀭􀀭􀀭􀀭􀀭 FIRST
MfflNPMENT TO CONTRACT OF $AI P -Page 1 
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e . Tun PUltCRASEPRlCE •• •••• •••••. . ...•.••••.••••••• , , , " ... ".......... $ $0 91lu.!)1i PL\Ili: a!AIIlIili Plti",ftlMInCnmiyCl£D: wn D'r ""f!._...st__.. W'" -r if Trx_ES Iii
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sateeo lAttd 'l'i't'le of pslla, $: 􀁡􀀮􀁊􀁾􀀮􀀹􀀧􀀧􀁌 -T"a"a""'"-*_􀀭􀁾􀀭 "' S$ $ S S $ $ S S SmrAl.CI!IIDIllI $ l,an.'. BA1...ANt'EDtiliBTIRI'tUitC'IL\S5X $: .7.111it••Q --_ s ........-.....
.,􀀺􀁾􀁾􀁾􀁾􀁾􀁾􀁾􀁾􀁾􀀺􀁣􀁾􀁾..􀁾􀀺􀂷􀁾􀁴.􀀻.-.-,..".--. 􀀽􀁾􀁾􀁴􀁬􀁉􀁴..1 =&rfillft TomL P.04 
.. TOWN OF ADDIsoN PuBLIC WORKS To: HDU)Orcl Bo 􀁾􀁥􀁲􀀠 From: John Baumgartner, P.E. -,•' Director Company: :ru r_ te cin"" Phone: 214/450-2886 FAX: 214/931-6643 FAX#: 􀁾􀀠qg -7zttfh
􀁾􀀹􀁧􀀭􀀳􀀨􀁰􀁯􀁯􀀠 16801 Westgrove Date: II 1V /qI.e P.O. Box 144 . Addison, TX 75001 # of P?ges (including cover): .. 􀁾􀀠 DOriginal in mail 􀁾􀁥􀁲 your request· DFYI DCali me·