HomeMy WebLinkAboutBBS Real Estate Holdings, LLC-10/7/2013PURCHASE AGREEMENT Date September 11 , 2013
TO: BBS Real Estate Holdings, LLC ("Seller")
FROM: City of Waterloo, Iowa ("Buyer")
BUYER OFFERS TO BUY: 217-219 Jefferson St., Waterloo, IA ("Premises")
Legally Described As: SE 30 feet of Lot 8, Block 4, Original Plat of Waterloo West Side of the Cedar River, Waterloo, Black Hawk
County, Iowa
SUBJECT TO: RESTRICTIVE COVENANTS, ORDINANCES, AND LIMI lED ACCESS PROVISIONS OF RECORD, IF ANY,
AND TO EXISTING EASEMENTS, IF ANY. The property intended to be covered by the terms hereof shall include all buildings,
storage sheds, land, rights, easements, and access necessary or appurtenant thereto and owned by Seller. Included, if now in or on said
premises and owned by the Seller, are all fixtures including but not limited to: attached carpeting, window shades; blinds; curtain rods
and hardware; lighting fixtures and bulbs; ceiling fans; built-in appliances and accessories; TV tower, antenna, rotor and controls;
awnings- door chimes; fireplace grates and irons; mailbox; installed sump pumps; garage door openers and controls, and bushes,
shrubs and other vegetation. Also included, if not rentals, are satellite dish, water softener and filtration systems, installed alarm
devices, propane tanks and all other fixtures not hereinafter reserved by Seller in writing.
RESERVED ITEMS:
FOR THE SUM OF $87,000 (Eighty-seven Thousand and no/100 Dollars)
Earnest Money of $0 and the balance in cash to be paid at Closing upon performance of Seller's obligations hereunder,
Closing shall occur as soon as abstracting is completed, but no later than November I, 2013.
Possession to be given to Buyer at Closing. Buyer agrees to take possession subject to rights of non -owner occupants now is
possession. YES ( ) NO (x ). Seller agrees to deliver to Buyer all existing keys and garage door controls no later than possession.
CHECK 1'1iJ APPROPRIATE BOX.
1. CASH to be paid at Closing. Buyer may have access to Premises for appraisal; however, this Agreement is not contingent upon
Buyer obtaining funds. Settlement fee, if any, shall be paid by the Buyer.
2. TAXES AND ASSESSMENTS. Seller shall pay the installment of general property taxes delinquent if not paid on or before
April 1, 2013, and all prior installments. Buyer shall pay all subsequent installments. If any installment of general property taxes is to
be prorated and if such taxes cannot be determined by the date of the settlement thereof such prorating shall be based on the amount
of the last determinable installment proportionately adjusted by any change in the assessed valuation attributable to capital
improvements and which are determinable on_the date ofsettlement_ If_Closing takes place other than the date on this Agreement taxes
shall be prorated to the revised date of closing.
Buyer shall pay the cost of all street oilings which are not liens on the date hereof Seller shall pay all sewage disposal assessments
due and all special assessments which are liens against Premises on the date hereof; except those for improvements which have not
been completed and accepted by the City Council on the date hereof, which Buyer will pay.
3. OTHER TERMS/CONDITIONS THIS AGREEMENT IS SUBJECT TO:
4. CONDITION OF PREMISES. Premises, as of the date of this Agreement, including buildings, grounds, and all improvements
will be preserved by the Seller in its present condition until possession or Closing, whichever occurs first. Seller further represents
plumbing, heating and cooling, electrical systems, and appliances included in this Agreement to be in working order at the time of
possession or Closing, whichever occurs first, unless otherwise noted on attached Seller Disclosure of Property Condition, written
amendments or addendums to this Agreement or unless otherwise stated in paragraph 3 above, and Buyer shall be•pennitted to make
a "walk through" inspection of the Premises prior to possession or Closing, whichever occurs first to '' , the same. Seller agrees to
remove all debris and personal property, not included herein, from Premises prior to possession.
Buyer Seller
(Initials)
Page 1 of 2
nitials)
5. INSPECTION OF PREMISES. The Buyer is responsible for making their own inspection of any property
for which they make an offer. (It is understood that these provisions are independent of any lender requirements
far financing approval.) Buyer is buying Premises in "AS IS" condition.
6. RISK OF LOSS AND INSURANCE. Seller shall bear the risk of loss or damage to the Premises prior to Closing or possession,
whichever occurs first. Seller agrees to maintain existing insurance and Buyer may purchase additional insurance. 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. The Premises shall be deemed substantially
damaged or destroyed if it cannot be repaired to its present condition on or before the Closing date.
7. TITLE PAPERS AND ABSTRACT. At the time of the final payment hereunder, the Seller shall convey the Premises to the
Buyer by warranty deed and shall furnish the Buyer an abstract of title that, at Buyer's expense, in the case of platted property, begins
with the recording of the proprietors plat of the subdivision, or with root of title, and that shows marketable record title to the Premises
vested in the Seller as of the date of this Agreement between the parties hereto. Within a reasonable time after the execution of this
Agreement, such abstract, certified to a date subsequent to the date hereof, shall be submitted to the Buyer for examination. Buyer or
Buyer's attorney shall either approve the title or point out specific objections. 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 his own affairs.
8. COURT APPROVAL. If the Premises is an asset of any estate, trust, conservatorship, or receivership, this Agreement shall be
subject to Court approval, unless declared unnecessary by Buyer's attorney. If necessary, the appropriate fiduciary shall procerd
promptly to a hearing for Court approval. In that event a Court Officer's Deed shall be used to convey title.
9. SURVEY. Buyer may, at Buyer's expense, prior to Closing, have the Premises surveyed and certified by a Registered Land
Surveyor. If the survey shows any encroachment on the Premises or if any improvements located an the Premises encroaches on lands
of others, the encroachment shall be treated as a title defect. If the survey is required under Iowa Code Chapter 354, Seller shall pay
the cost thereof. (Chapter 354 applies only to land which has been divided using a metes and bounds description.)
10. RETURN OF EARNEST MONEY. Earnest money submitted as part of the purchase price of the Premises shall be returned to
the Buyer in case this Agreement is not accepted. Any other release of earnest money shall require informed written consent of all
parties to this Agreement.
11. REMEDIES OF THE PARTIES. If Buyer or Seller fails to timely fulfill the terms of this Agreement, then the other party shall
be entitled to utilize any and all remedies or actions at law or in equity which may be available to them (including but not limited to
forfeiture, foreclosure, termination, rescission, or specific performance), and the prevailing party shall further be entitled to obtain
judgment for costs and attorney fees.
12. THIS ISA LEGALLY BINDING CONTRACT. This Agreement contains the entire agreement of the parties and supersedes
all prior agreements or representations with respect to the Premises which arc not expressly set forth herein. Any modification of this
Agreement must be in writing and signed and dated by all parties. TI ME IS OF THE ESSENCE in the performance of each part of
this Agreement. If not understood, consult your attorney.
13. ADDENDUMS ATTACHED TO THIS OFFER INCLUDE:
SELLER DISCLOSURE OF PROPERTY CONDITION YES (x) NO () NOT APPLICABLE 0
)
LEAD BASE PAINT DISCLOSURE YES (x ) NO 0 ) NOT APPLICABLE ()
14. NOTICE AND COUNTERPARTS. Any notice required under this Agreement shall be deemed given when it is received in
writing either by hand delivery, fax, return receipt requested mail, or electronic mail. Persons designated for receipt of any notice for
the purpose of this Agreement shall be the Seller and Buyer or their respective agents. A signed copy of this Agreement,
counteroffers, and all addendums or amendments to this Agreement shall, taken together, constitute a single binding agreement.
15. ACC ANCE DATE. When accepted by the Seller, this Agreement shall become a binding agreement for the sale of the
Premise this Agreem nt is not accepted by the Seller on or before the day of August, 2013, it shall become null and void
earnest mons ' nl be returned to the Buyer without liability on the part of either party.
B: S P ealel71d i "' , LLC
City of Waterloo, Iowa
trop By: Ernest G. Clark
Its: Manager its: Mayor
Address Address
808 Dearborn Ave. 715 Mulberry St.
Waterloo, IA 50703 Waterloo, IA 50703
Page 2 of 2
THE IOWA STATE BAR ASSOCIATION
Official Fenn Nc. 155
FOR THE LEGAL EFFECT OF THE USE OF
THIS FORM. CONSULT YOUR LAWYER
,-
C c-:----,n
-, RESIDENTIAL PROPERTY SELLER
®T CURE STATEMENT
a6l
")s
Property Address:
PURPOSE:
Use this statement
residential property
property to be
Seller(s).
INSTRUCTIONS TO SELLER(S):
A, Setler(s) must complete
by towa Code section
B. Disclose all known
C. If an item does
D. Disclose information
Information is unknown
indicate that the
E. Additional pages
F. Keep a copy of this
DISCLOSURES:
1. Basement/Foundation:
Any known repairs?
If yes, date of repairs/replacement
2. Roof. Any known
My known repairs?
If yes, date of repairs/replacement
3. Well and Pump:
Any known repairs?
If yes, date of repairs/replacement
Any known water
If yes, date of last
and results:
.2 1, - a l ,-71-t-c.c-I V5 ., 6/r.1 \C..TF '! )0a 3-3A-
to disclose information as required by lowa Code chapter 558A. This
that Includes at least one and no more than four dwelling units to
sold. The following disclosures are made by the Seller(s) and not by any
this statement. Respond to all questions, or attach reports allowed
558A.4(2);
conditions materially affecting this property;
not apply to this property, indicate it is not applicable (NIA);
in good faith and make a reasonable effort to ascertain the required
or Is unavailable following a reasonable effort, use an approximation
information is unknown (UNK). All approximations must be identified as
may be attached as needed:
statement with your other important papers.
Any known water arother problems?
law requires certain sellers of
disclose information about the
agent acting on behalf of the
information. If the requlret
of the information, or
approximations (AP).
Circle response:
Yes No N/A UNK
Yes No N/A UNK
Yes N/A UNK
Yes No NIA UNK
Yes N/A UNK
Yes No N/A UNK
Yes No NIA UNK
problems?
Any known problems?
tests?
report
4. Septic Tanks/Drain
Location of tank:
Date tank last cleaned:
5. Sewer Systems:
Any known repairs?
If yes, date of repairs/replacement:
6. Heating System(s):
Any known repairs?
If yes, date of repairs/replacement
7. Central Cooling System(s):
Any known repairs?
If yes, date of repairs/replacement
8. Plumbing System(s):
Any known repairs?
If yes, dale of repairs/replacement:
Fields: Any known problems? Yes N/A UNK
Yes d) N/A UNK
Yes No N/A UNK
Yes No N/A UNK
Yes No N/A UNK
Yes No N/A UNK
Yes No N/A UNK
Yes N/A UNK
Yes No N/A UNK
Any known problems?
Any known problems?
Any known problems?
Any known problems?
®The lone Slate Bar Association 2008 165 RESIDENTIAL SELLER DISCLOSURE STATEMENT
IOWADOCS Revised O03bar2008
9, Electrical System(s): Any known problems?
Any known repairs?
If yes. date of repairs/replacement
Yes : tYy N/A UNK
Yes No N/A UNK
If yes, date(s) of treatment
Any known structural damage?
If yes, date of repairs/replacement
Any known Inspections?
If yes, date of last report
and results:
11. Asbestos: Any known to be present in the structure?
If yes, explain:
12, Radon: Any known tests for the presence of radon gas?
If yes, date of last report
and results:
13. Lead -Based Paint: Any known to be present in structure?
14. Flood Plain: Do you know if the property is located in a flood plain?
If yes, what is the flood plan designation:
15, Zoning Do you know the zoning classification of the property?
If yes, what is the zoning classification:
16. Covenants: Is the property subject to restrictive covenants?
If yes, attach a copy or state where a true, current copy of the covenants can be obtained.:
17, Shared or Co -Owned Features: Any features of the properly known to be shared in
common with adjoining landowners, such as walls, fences, roads, and driveways whose use
or maintenance responsibility may have an effect on the property?
Any known "common areas" such as pools, tennis courts, walkways, or other areas
co -owned with others, or a Homeowners Association which has arty authority over the
property?
18. Physical Problems: Any known settling, flooding, drainage or grading problems?
19, Structural Damage: Any known structural damage?
20 See attached Disclosure of Information on Lead -Based Paint and/or Lead- Based Hazard
and the attached pamphlet, Protect Your Family from Lead in Your Home.
You MUST explain any "YES" response(s) above. Use the back of this statement or additional sheets as necessary. If reports
are attached, identify the reports and the questions to which they pertain.
Yes No N/A UNK
Yes No N/A UNK
Yes.. Nc N/A UNK
Yes No N/A UNK
Yes r N/A UNK
Yes al) N/A UNK
Yes 0 N/A UNK
Yes No N/A UNK
N/A UNK
N/A UNK
N/A UNK
N/A UNK
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THE IOWA STATE BAR ASSOCIATION
Official Form NO, 156
FOR THE LEGAL EFFECT OF THE USE OF
THIS FORCONSULT YOUR LAWYER
M,
.."ro.,
{{
"q. LEAD-BASED PAINT DISCLOSURE - SALES
Property
Lead
Seller's
(a)
(h)
Buyer's
Address or
Waming Statement
Every. purchaser
properly may
poisoning in
quotient, behavioral
any ]merest in
assessments
or inspection
Disclosure
Presence of
Legal Description:
of any interest
present exposure
young children
problems,
residential real
'or inspections
for possible lead-based
lead-based paint
(1) Known
(explain).
an _ a L 5 3R f-.-f..t c SGr1 sN.--) W c.i-Y ( toy -X/4-
I'fTLead
in resldrmLai real properly on which a residential dwelling was built prior to 1978 Is *Iliad (fiat such
to lead from lead-based paint that may.place young children at risk of developing lead po1oriing. Lead
may produce permanent neurological' damage, Including teaming disabilities, reduced intelligence
and impaired Memory. lead :poisoning also pokek a par8cular risk tb.pregnant women. The sailer of
property is required to provide tha buyer with any information on lead-based painl hazards from risk
in the sellers possession. and notify the buyer of any known Lead-based paint hazards. A risk assessrn enl
paint hazards is recommended prior to purchase.
and/or lead-based paint hazards (check (I) or (1) below):
lead-based paint and/or lead-based paint hazards are present in the housing
X.
01) Seller
reports available
(1) Seller
lead-based
has no knowledge of lead-based paint and/or lead-based paint hazards in the housing.
to the Seller (check (1) or (11) below):
has provided the purchaser with all available records end reports pertaining to lead-based paint and/or
paint hazards in the housing (list documents below).
Records and
�•
(ii) • Seller
housing.
(initial)
of this disclosure,
Your Family from
is contingent
at the Buyer's
after contract
See the EPA
predetermined
with a copy
the addendum,
the Buyer
if the Seller
days to respond
void. The
waives this
nt (initial).
formed the Seller
.. • .. -- ave
,te.
has no reports or records pertaining to lead-based paint and/or lead-based paint hazards in the
Buyer acknowledges receipt of copies of all information listed above Including receipt of the
Lead in Your Home.
upon a risk assessment or inspection of the Property for the presence of lead-based paint and/or
expense until 5 p.m. on the day of
Acknowledgment
By execution
pamphlet, Protect
This agreement
lead-based paint hazards
[Insert date 10 days
necessarily a hazard.
terminate at the above
addendum listing together
days after delivery of
the Seller shall furnish
before the date of closing.
ratification or a date mutually agreed upon]. (Intact lead-based paint that
pamphlet Protect Your Family From Lead in Your Home for more information).
deadline unless the Buyer (or Buyer's agent) delivers to the Seller (or
of the Inspection and/or risk assessment report The Seller may, at the
elect in writing whether to correct the conditlon(s) Oar to dosing. If the
with certification from a risk assessor or inspector demonstrating that the
does not elect to make the repairs, or if the Seller makes a counter-offer,
to the counter-offer to remove this contingency and take the property in
Buyer may remove this contingency at any time without cause.
contingency. (initial).
of the Seller's obligations under 42 U.S.C. 4852d and is aware of
reviewed the information above and certify, to the best of their knowledge,
is in good condition is not
This contingency will
Seller's agent) a written contract
Seller's option within
Seller will correct the condition.
condition has been remedied
the Buyer shall have
'as is condition or this
Agent's responsibility to
that the Information they have
Agreement shall become
Buyer hereby
Agent's:Ackn
Aggm has
ensure=" pi - • =.
Cerdffc= r o • • f Accuracy
—" + The fol).
. • - true a7•
J74atfif
d_er
Date BUYER Date
SELLER Dale. BUYER bete
AGENT Date AGENT Date
e The Iowa Siete Bar Asxaawlion 2007 Form 156 Lead-Based Paint Disclosure - Sales
IOWADOCS Revleaa September 2001