HomeMy WebLinkAboutJames and Sheryl Turner-2/18/2013REAL ESTATE PURCHASE AGREEMENT
(NONRESIDENTIAL)
TO: James C. Turner and Sheryl A. Turner, husband and wife ("Seller")
FROM: City of Waterloo, Iowa ("Buyer")
Buyer hereby offers to buy, and the Seller by its acceptance agrees to sell, the real property
situated in Waterloo, Black Hawk County, Iowa, locally known as 3137 Independence Avenue,
legally described as per the abstract of title, consisting of assessor parcel no(s). 8912-21-351-
003; together with any easements and appurtenant servient estates, but subject to any reasonable
easements of record for public utilities or roads, any zoning restrictions customary restrictive
covenants and mineral reservations of record, if any, herein referred to as the "Property," upon
the following terms and conditions:
1. EARNEST MONEY AND PURCHASE PRICE. The Purchase Price shall be
$220,000.00, of which $100.00 is on deposit with the law firm of Clark, Butler, Walsh &
Hamann, to be held in trust. The entire Purchase Price shall be due and payable in full at closing.
If this Agreement is not accepted by Seller or if it is rescinded by Buyer for failure of title or any
other reason provided for in this Agreement, then the earnest money held in trust shall be
returned to Buyer.
2. POSSESSION AND CLOSING. Possession of the Property shall be delivered to Buyer
at closing. Closing shall occur at City Hall, 715 Mulberry Street, Waterloo, after approval of this
Agreement by the Waterloo City Council, subject to satisfaction of any conditions stated in this
Agreement, but no earlier than July 15, 2013.
3. REAL ESTATE TAXES. Seller shall pay taxes prorated to the closing date in
accordance with the provisions of Iowa Code § 427.2, and any unpaid real estate taxes payable in
prior years, either paying Buyer, or giving Buyer a credit, for all of such taxes. Buyer shall pay
all subsequent real estate taxes.
4. SPECIAL ASSESSMENTS. Seller shall pay at time of closing all installments of special
assessments which are a lien on the Property as of closing or which can be verified to be owing
as of the closing date but are not yet certified as a lien. Buyer shall pay all other special
assessments or installments.
5. RISK OF LOSS AND INSURANCE. Seller agrees to maintain existing insurance to the
date of closing and shall bear the risk of loss or damage to the Property to the date of closing. In
the event of substantial damage or destruction prior to closing, the Buyer shall have the option to
complete the closing and receive insurance proceeds regardless of the extent of damages or to
declare this Agreement null and void.
6. FIXTURES. Included with the Property shall be all fixtures that integrally belong to, are
specifically adapted to or are a part of the real estate, whether attached or detached. The
following items shall not be included:1-',24_-f "rip / 4, v ��r/,o��,�,�,,,-e 1-.4m, o-cd/tiocj 6�
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7. CONDITION OF PROPERTY. The Property as of the date of this Agreement, including
buildings, grounds, and all improvements, will be preserved by the Seller in its present condition
until closing, ordinary wear and tear excepted. Seller sells the Property "AS IS" and makes no
warranties, expressed or implied, as to the condition of the Property.
After the acceptance of this Agreement, Buyer may, at its sole expense, have the property
inspected by a person or persons of its choice to determine if there are any environmental or
other deficiencies. Seller shall cooperate in providing reasonable access to Buyer's inspectors.
Within this same period, the Buyer may notify the Seller in writing of any deficiency. The Seller
shall immediately notify the Buyer in writing of what steps, if any, the Seller will take to correct
any deficiencies before closing. The Buyer shall then immediately in writing notify the Seller
that (1) such steps are acceptable, in which case this Agreement, as so modified, shall be binding
upon all parties; or (2) that such steps are not acceptable, in which case this Agreement shall be
null and void, and any earnest money shall be returned to Buyer.
8. ABSTRACT AND TITLE. Seller, at its expense, shall obtain from the Black Hawk
County Abstract & Title an abstract of title to the Property continued through a date that is
within thirty (30) days of the closing, and shall deliver it to Buyer's attorney for examination. It
shall show marketable title in Seller in conformity with this Agreement, Iowa law, and title
standards of the Iowa State Bar Association. The Seller shall make every reasonable effort to
promptly perfect the title. If closing is delayed due to Seller's inability to provide marketable
title, this Agreement shall continue in force and effect until either party rescinds the Agreement
after giving ten days' written notice to the other party. The abstract shall become the property of
Buyer when the Purchase Price is paid in full. Seller shall pay the costs of any additional
abstracting and title work due to any act or omission of Seller, including transfers by or the death
of Seller or its assignees.
9. SURVEY. Buyer may, at Buyer's expense, have the Property surveyed and certified by a
registered land surveyor prior to closing if a survey is required by law. If the survey shows an
encroachment on the Property or if any improvements located on the Property encroach on lands
of others, the encroachments shall be treated as a title defect.
10. ENVIRONMENTAL MA I I ERS.
A. Seller warrants to the best of its knowledge and belief that there are no abandoned
wells, solid waste disposal sites, hazardous wastes or substances, or underground storage
tanks located on the Property, the Property does not contain levels of radon gas, asbestos, or
urea -formaldehyde foam insulation which require remediation under current governmental
standards, and Seller has done nothing to contaminate the Property with hazardous wastes or
substances. Seller warrants that the property is not subject to any local, state, or federal
judicial or administrative action, investigation or order, as the case may be, regarding wells,
solid waste disposal sites, hazardous wastes or substances, or underground storage tanks.
Any exceptions to the warranties set forth above are fully described on a separate addendum
attached hereto.
A. Seller hereby represents that, to the best of its knowledge and belief, there is no active
or abandoned septic tank or septic system on the property, except as described here:
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B. Buyer may, at Buyer's expense, have the Property inspected further at any time
before closing for the existence of any hazardous materials, substances, or wastes. Seller
shall cooperate in providing reasonable access to Buyer's inspectors, consultants and
engineers. If hazardous materials, substances, or wastes are discovered on the Property,
Buyer's obligation hereunder shall be contingent upon the removal of such materials,
substances, conditions or wastes or other resolution of the matter reasonably satisfactory to
Buyer. However, in the event Seller is required to expend any sum in excess of $1,000 to
remove any hazardous materials, substances, conditions or wastes, Seller shall have the
option to cancel this transaction and refund to Buyer all earnest money paid and declare this
Agreement null and void. The expense of any action necessary to remove or otherwise make
safe any hazardous material, substances, conditions or waste shall be paid by Seller, subject
to Seller's right to cancel this transaction as provided above.
11. DEED. Upon payment of the Purchase Price, Seller shall convey the Property to Buyer
by warranty deed, free and clear of all liens, restrictions, and encumbrances except as provided in
this Agreement. General warranties of the title shall extend to the time of delivery of the deed
excepting liens and encumbrances suffered or permitted by Buyer.
12. JOINT TENANCY IN PROCEEDS AND IN REAL ESTATE. If Seller, immediately
preceding acceptance of the offer, holds title to the Property in joint tenancy with full rights of
survivorship, and the joint tenancy is not later destroyed by operation of law or by acts of the
Seller, then the proceeds of this sale, and any continuing or recaptured rights of Seller in the
Property, shall belong to Seller as joint tenants with full rights of survivorship and not as tenants
in common; and Buyer in the event of death of any Seller, agree to pay any balance of the price
due Seller under this contract to the surviving Seller and to accept a deed from the surviving
Seller consistent with Paragraph 15.
13. JOINDER BY SELLER'S SPOUSE. Seller's spouse, if not a title holder immediately
preceding acceptance, executes this Agreement only for the purpose of relinquishing all rights of
dower, homestead, and distributive share or in compliance with Section 561.13 of the Code of
Iowa and agrees to execute the deed or real estate contract for this purpose.
14. STATEMENT AS TO LIENS. If Buyer intends to assume or take subject to a lien on the
Property, Seller shall furnish Buyer with a written statement prior to closing from the holder of
such lien, showing the correct balance due.
15. USE OF PURCHASE PRICE. At time of settlement, funds of the Purchase Price may be
used to pay taxes and other liens and to acquire outstanding interests, if any, of others.
16. 1031 EXCHANGE. N/A.
17. APPROVAL OF COURT. N/A.
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18. REMEDIES OF THE PARTIES.
A. If Buyer fail to timely perform this Agreement, Seller may forfeit it as provided in the
Iowa Code (Chapter 656), and all payments made shall be forfeited; or, at Seller's option,
upon thirty days' written notice of intention to accelerate the payment of the entire balance
because of Buyer's default (during which thirty days the default is not corrected), Seller may
declare the entire balance immediately due and payable. Thereafter this Agreement may be
foreclosed in equity and the Court may appoint a receiver.
B. If Seller fails to timely perform this Agreement, Buyer has the right to have all
payments made returned to it, or Buyer may require specific performance by Seller.
C. Buyer and Seller are also entitled to utilise any and all other remedies or actions at
law or in equity available to them, and the prevailing parties shall also be entitled to obtain
judgment for costs and attorney fees.
19. NOTICE. Any notice under this Agreement shall be in writing and be deemed served
when it is delivered by personal delivery or mailed by certified mail, addressed to the parties at
the addresses given below.
Seller: James C. Turner and Sheryl A. Turner
3137 Independence Avenue
Waterloo, Iowa 50703
Buyer: City of Waterloo
715 Mulberry Street
Waterloo, IA 50703
Attn: Community Planning & Development Director
20. GENERAL PROVISIONS. In the performance of each part of this Agreement, time
shall be of the essence. Failure to promptly assert rights herein sha 1 not, however, be a waiver
of such rights or a waiver of any existing or subsequent default. This Agreement shall apply to
and bind the successors in interest of the parties. This Agreement shall survive the closing. This
Agreement contains the entire agreement of the parties and shall not be amended except by a
written instrument duly signed by Seller and Buyer. Paragraph headings are for convenience of
reference and shall not limit or affect the meaning of this Agreement. Words and phrases herein
shall be construed as in the singular or plural number, and as masculine, feminine or neuter
gender according to the context.
21. NO REAL ESTATE AGENT OR BROKER. Neither party has used the service of a real
estate agent or broker in connection with this transaction.
22. ADDITIONAL PROVISIONS.
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A. The parties acknowledge that Buyer is acquiring the Property for community betterment
or economic development purposes. Buyer's rights and duties under this Agreement are
assignable to any person or entity that will further the objectives contemplated by Buyer.
B. Special contingencies to effectiveness of Agreement. Notwithstanding any signatures
below by representatives of Buyer, this Agreement is expressly subject to approval by the
city council of Buyer.
C. If Seller meets applicable eligibility criteria, it may receive relocation expenses pursuant
to the Uniform Relocation Act. The parties agree that any relocation expense payment or
moving expense reimbursement shall be payable to Seller only after it ceases to occupy
the Property, including removal of any personal property or fixtures that it intends to
remove.
23. ENTIRE AGREEMENT. This Agreement represents the entire agreement between the
parties, superseding all prior or contemporaneous understandings, negotiations, discussions, or
agreements between the parties with respect to the subject matter hereof.
24. ACCEPTANCE. When accepted, this Agreement shall become a binding contract. If not
accepted by Seller on or before , this Agreement shall be null and void.
Dated
BUYER
City of WatOloo, Iowa
By:
Mayor
5
Accepted by Seller / a / / o /
SELLER
J es C. Turner
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