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HomeMy WebLinkAboutDennis Patterson-6/3/2013TOTAL ACQUISITION CONTRACT PARCEL NO. 8913-16-451-031, 8913-16-451-032, 8913-16-451-033 COUNTY Black Hawk PROJECT Sherwood Park Area Property Acquisitions ROAD NO. N/A THIS AGREEMENT is made and entered into this 3rday of ,A.D, 20 13 by Dennis Patterson Seller, and City of Waterloo, Iowa, Buyer. SELLER AGREES to sell and furnish to Buyer a deed, on .form(s) furnished by the Buyer, and Buyer agrees to buy the following real estate, hereinafter 100 Blackwood Avenue . in the City of Waterloo ,State of Iowa, and more particularly described as Lots 28, 29 and 30 of Burds Subdivision in Sherwood Park, which includes the following buildings, improvements and other property: One single-family home with attached garage. 1 and between The premises also includes all estates, rights, title and interests, including all easements, and all advertising devices and the right to erect such devices as are located thereon. SELLER ACKNOWLEDGES full settlement and payment from the Buyer for all claims per the terms of this contract and discharges the Buyer from liability because of this contract and the construction of this public improvement project. 2. Possession of the premises is the essence of this contract and Buyer may enter and assume full use and enjoyment of the premises per the terms of this contract. SELLER GRANTS Buyer the immediate right to enter the premises for the purpose of gathering survey and soil data. SELLER MAY surrender possession of the premises or building or improvement or any part thereof prior to the time at which he has hereinafter agreed to do so, and agrees to give Buyer ten (10) days notice of Seller's intention to do so by calling Buyer at (319) 291-4366. 3. Buyer agrees to pay and SELLER AGREES to grant the right of possession, convey title and to surrender physical possession of the premises as shown on or before the dates listed below. Payment Amount Agreed Performance Date $ 73,000 Total Lump Sum Right of Possession 60 days after the date set forth above BREAKDOWN: ac.= acres sq.ft. = square feet Land by Fee Title 15,000 sq.ft. $ 73,000 Underlying Fee Title 0.34 ac./sq.ft. $ 214,706 Notes: Property appraised at $73,000 by Rally Appraisal, LLC, 2302 W 1St November 30, 2012. Land and all other improvements including fence $ Building $ Street, Cedar Falls, IA 50613, dated 4. SELLER WARRANTS that there are no tenants on the premises holding under the lease except: Aeolve. 5. This contract shall apply to and bind the legal successors in interest of the Seller and SELLER AGREES to pay all liens and assessments against the premises, including all taxes and special assessments payable until surrender of possession as required by Section 427.2 of the Code of Iowa, and agrees to warrant good and sufficient title. Names and addresses of lienholders are: MOM. 6. Each page and each attachment is by this reference made part hereof and the entire agreement consists of 2 pages. 7 Seller shall promptly provide to Buyer an abstract of title to the Property, if Seller possesses one. Buyer shall cause the abstract of title to be updated or prepared at Buyer's sole expense. The abstract shall show marketable title in Seller in conformity with this Offer, Iowa law, and title standards of the Iowa State Bar Association. The Seller shall make every reasonable effort to promptly perfect title. If closing is delayed due to Seller's inability to provide marketable title, this Offer shall continue in force and effect until either party rescinds the Offer after giving ten (10) days' written notice to the other party. The abstract shall become the property of Buyer when the Offer 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. After all valid objections have been satisfied or provided for, Seller shall have no obligation to pay for further abstracting, excepting any made necessary by its own affairs. Unless stricken, the abstract shall be obtained from an abstracter qualified by the Guaranty Division of the Iowa Housing Finance. Authority. 8. If the Seller holds title to the premises in joint tenancy with full rights of survivorship and not as tenants in common at the time of this contract, Buyer will pay any remaining proceeds to the survivor of that joint tenancy and will accept title solely from that survivor, provided the joint tenancy has not been destroyed by operation of law or acts of the Seller. 9. SELLER AGREES to keep fire, tornado, extended coverage and added perils insurance in the minimum amount of $ gads 5 bel. Q 0 ,payable to all parties as their interests may appear from this date until delivery of the deed did possession. Buyer shall notify all insurance companies of this contract. In case of loss or destruction of 1 pc;;rt or all of the premises from causes covered by the insurance, SELLER AGREES to accept the lump sum payment to endorse the proceeds of any such insurance recovery to the Buyer, and SELLER ASSIGNS the proceeds of any such insurance recovery to the Buyer, and SELLER ASSIGNS to Buyer any and all of Seller's rights under such insurance contract. 10. This agreement shall become effective only upon the acceptance and approval of the contract by the City Council of the City of Waterloo, and the environmental clearance of the land in accordance with Phase I site assessment and recommended subsequent activities (if determined necessary by the City of Waterloo). 11. This written contract constitutes the entire agreement between Buyer and Seller and there is no agreement to do or not to do any act or deed except as specifically provided herein. SELLER'S SIGNATURE AND CLAIMANT'S CERTIFICATION: Upon due approval and execution by the Buyer, we the undersigned claimants certify the total lump sum payment shown herein is just and unpaid. Dennis Patterson SELLER'S ACKNOWLEDGMENT: STATE OF IOWA: SS: ss#- art- 6 - 9251 On this day of , A.D. 20 13 , before me, the undersigned, personally appeared Dennis Patterson known to me to be the identical persons named in and who executed the foregoing instrument and acknowledged that they executed the same as their voluntary act and deed. APPROV AID BY: Planning Director APPROVED BY (Mayor) Notary Public in and for the State of Iowa 6. 0-, 70 (3 (Date) ATTEST�� &z I � (City Clerk) DATE APPROVED: 3'l43 RESOLUTION NO. I3-3 BUYER'S ACKNOWLEDGMENT: 11 STATE OF IOWA,Eakk k- COUNTY, SS: iet On this, day of J ev , 20 13 , before me, the undersigned, a Notary Public in and for said County, in said State, personally appeared Ernest G. Clark and Suzy Schares to me personally known, who, before by me duly sworn, did say that they are the MAYOR and CITY CLERK, respectively, of said City executing the within and foregoing instrument to which this is attached, that the seal affixed thereto is the seal of said City; that said instrument was signed and sealed on behalf of said City by authority of it's City Council; and that the said MAYOR and CITY CLERK/AUDITOR, acknowledged the execution of said instrument to be the voluntary act and deed of said City, by it and by them voluntarily executed. • j o,r ELIA L ELI .IS COMMISSION NO.225874 MY COWAMSION WIRES y 2 9a Public in and N ry for said County