HomeMy WebLinkAboutAvita Developments, LLC-2/20/2012ACQUISITION CONTRACT
Parcel Nos. 8913-12-351-021
PROJECT East Donald Street Improvements Protect - US 63 to Mildred Avenue
THIS ACQUISITION CONTRACT (the "Contract") is made and entered into as of ;f"1,-OVO 1 L' , 2012 by and
between Avita Developments, LLC ("Seller"), and City of Waterloo, Iowa, ("Buyer").
1. Seller agrees to sell to Buyer, and Buyer agrees to buy, the following real estate and/or easement interests (the
"Property"), described as: See legal descriptions attached as Exhibit "A", City of Waterloo, State of Iowa, which
includes the buildings, improvements and other fixtures thereon.
The Property also includes, if applicable, all estates, rights, title and interests, including all easements, and all
advertising devices and the right to erect such devices as are located thereon.
2. Possession of the Property 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 hereby grants Buyer the immediate right of access and entry to the
Property for project purposes, including but not limited to gathering survey and soil data. Seller may surrender
possession of the Property or any part thereof prior to the time at which it 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. The Purchase Price shall be $ 43.50 , based on a fee title value of $0.87 per square foot, as itemized on Exhibit "B"
attached hereto. Of the Purchase Price, $100.00 is on deposit with the law office of Clark, Butler, Walsh & Hamann, to
be held in trust, and the balance of the Purchase Price shall be due and payable in full at closing, to be delivered to
the Seller upon performance of Seller's obligations and satisfaction of Buyer's contingencies, if any. If this Contract is
not accepted by Seller or if it is rescinded by Buyer for failure of title or any other reason provided for in this Contract,
then the earnest money shall be returned to Buyer. Any other release of earnest money shall require the written
consent of both parties. In addition to the Purchase Price, if Seller is eligible for relocation expenses then it shall also
receive relocation housing costs equal to the amount by which the Purchase Price of Seller's replacement property
exceeds $118,800, up to a maximum award of $22,500.
4. Possession of the Property shall be delivered to Buyer at closing, which shall occur on or before
as the parties may hereafter agree, but in any event after the approval of title by Buyer and satisfaction or waiver
of contingencies, if any. No later than the closing date, Seller shall remove from the Property all of its personal
property, trash, and debris of any type that is not a structure or a fixture. Within said time Seller shall also remove
all hazardous materials and/or substances from the Property on or above the ground surface, including but not
limited to barrels, cans, or bottles of any kind. Costs incurred by Buyer to remove any items left behind by Seller
shall be set off against moving costs and/or other expenses that Buyer agrees to reimburse to Seller under this
Contract.
5. Seller warrants that there are no tenants on the Property holding under a lease except:
6. This Contract shall apply to and bind the legal successors in interest of the Seller, and Seller agrees to pay all
encumbrances, claims, liens and assessments against the Property, 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
merchantable title. Names and addresses of lienholders are:
(a) Black Hawk County, Iowa, for taxes. (bi Unknown until completion of abstract continuation
7. Buyer may include mortgagees, lienholders, encumbrances and taxing authorities as payees on warrants as contract
payment. Seller will furnish and deliver to Buyer an abstract of title continued by Black Hawk County Abstract
Company to a date within thirty (30) days before the closing date, showing merchantable title to the Property in
Seller in conformity with this Contract, Iowa law, and title standards of the Iowa State Bar Association. Seller agrees to
pay the cost of abstract continuation, or creation, as necessary. Seller agrees to obtain court approval of this
Contract, if requested by the Buyer, if title to the Property becomes an asset of any estate, trust, conservatorship or
guardianship. Seller agrees to pay court approval costs and all other costs necessary to transfer the Property to the
Buyer. Seller shall convey the Property to Buyer by warranty deed, free and clear of all liens, restrictions, and
encumbrances except as provided in this Contract.
8. [This paragraph is optional depending on whether relocation expenses are involved.] Moving and relocation
expenses of Seller shall be paid by Buyer, as set forth in this paragraph. Seller will provide to the Buyer a minimum
of two estimates from professional moving companies. In addition, Buyer will reimburse Seller for its actual
miscellaneous, reasonable closing costs and expenses based on invoices supplied by Seller to Buyer. Any and all
costs incurred by Seller in connection with cleaning up the Property to ready it for closing are not considered
moving or relocation expenses.
9. If the Seller holds title to the Property 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.
10. Seller agrees to keep property hazard insurance coverage in force in a minimum amount equal to the Purchase
Price, payable to all parties as their interests may appear, from the date of this Contract until delivery of the deed
and possession. Buyer shall notify all insurance companies of this Contract. In case of loss or destruction of part or all
of the Property from causes covered by the insurance, Seller agrees to accept the lump sum payment and to
endorse the proceeds of any such insurance recovery to the Buyer. Seller hereby assigns the proceeds of any such
insurance recovery to the Buyer, and Seller hereby assigns to Buyer any and all of Sellers rights under such insurance
contract.
11. The Seller has agreed to sell the Property to the Buyer. Seller acknowledges if it fails to complete its duties of
performance under this Contract, Buyer may exercise its power of eminent domain to acquire the Property,
provided that the Property is deemed essential by the City Council to keep the project moving forward, or Buyer
may exercise other remedies available under applicable law. Buyer agrees to cooperate with Seller, at Seller's
request and at no additional cost to Buyer, to have this transaction qualify as an involuntary conversion pursuant to
§ 1033 of the Internal Revenue Code.
12. This Contract shall become effective only upon the occurrence of each of the following two events: (a)
acceptance and approval of the Contract by the City Council of the City of Waterloo, and (b) the environmental
clearance of the Property in accordance with Phase I site assessment and recommended subsequent activities. In
supplementation of the Phase I, Seller agrees, no later , to disclose to Buyer all contamination
of the Property by hazardous wastes and/or substances of which Seller has knowledge.
13. This Contract is further subject to the following terms and conditions: (a) Field entrances shall be constructed to Iowa
Dep't of Transportation standards. (b) Access points to farm fields will be determined on site with a representative
from the consultant.
14. This Contract, together with the exhibits and attachments attached hereto, 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. This Contract may be modified only in a writing signed by both parties. lime is of the essence of
this Contract.
WHEREFORE, the parties have entered into this Acquisition Contract as of the date first set forth above.
Avita Developm
By: V•0-4yc<rvt 3
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SSN or EIN
[Seller namej SSN or EIN
Avita Developments, LLC
By:
Its:
[Seller namej
SELLER'S ACKNOWLEDGMENT:
STATE OF IOWA: ss:
Acknowledged before me on i ), , by
BARBARA U. KAYSER
COPAISSION NO. 195095
COMMISSION WIRES
/MARCH 02, 2013
APPROVAL IDEDBY:
SSN or EIN
SSN or EIN
►t.c�)y +_4 c,�� ` . ,vcic-iT cy--- [as rf,-c1
of Seller].
Notary Public
City Planning S„ff (Date)
A/1
APPROVED BY: 1 ATTEST:.
(Ci4Clerk)
(Mayor)
DATE APPROVED: FP f . V"t)
BUYER'S ACKNOWLEDGMENT:
STATE OF IOWA, BLACK HAWKCOUNTY, ss:
Acknowledged before me on Ok-v,
respectively, of the City of Waterloo, Iowa.
by Ernes G. Clark and Suzy Schares as Mayor and City Clerk,
r
2
`NTfary\Public
EXHIBIT "B"
Sa Feet Price
Price per square foot (fee interest) = $0.87
Fee acquisition 50 $43.50
TOTAL $43.50
PREPARED aft MICHAEL R. EAGLE. AECOM. 501 SYCAMORE STREET, SUITE 222. WATERL00,10WA. 52703. 319.875-6595
ACQUISITION PLAT
DONALD STREET IMPROVEMENTS
CITY OF WATERLOO, BLACK HAWK COUNTY, IOWA
COUNTY PARCEL NO. 8913-12-351-021
OWNER: AVITA DEVELOPMENTS LLC
3904 ALEXIS BOULAVARD
CEDAR FALLS, IOWA 50613
POINTS
BEARING
DISTANCE
Ul TDO
N89 °55'28"W
10.00'
()TOO
N44 °34'58"E
14.02'
0 TO 0
S 00 °54'36"E
10.00'
FRC. I/2" 53
REBAR
•
FND. CUT "X" SHOWN ON
SURVEY RECORDED IN FEE
BOOK 2003 33301 IN THE
BLACK HAWK COUNTY
RECORDER'S OFFICE
N8.9 °55'28"W 33.00'
S89°55'28"E 445.58'
445.61' RECORD
S89 °55'28"E 478.58'
478.61' RECORD
4TH STREET (68')
P.O.B.
E. DONALD STREET
SW OCR. SW 1/4 - —
SEC. 12-89-13W
FND. "X' ON MH RIM
FND. 1" , PINCH
TOP PIPE - D.80'
N. OF CORNER
ADDRESS OF SURVEY
419 E. DONALD STREET
WATERLOO, IOWA 50703
SE COR. SW1/4 SW1/4
SEC. 12-89-13W
FND. 2" %
PIPE 0.40'
N. OF CORNER
1 hereby certify that this Land Sraero'SI
dorume"t veS prepared by ere er ureter
Ay Olreet pertenal Supervision end
that 1 VI a duly Licensed Land Surveyor
wym�)r Site t f the Stat. or lore.
11
W OOS. II, FX law
L lcente Midler 8SOt
Ry license reaawl date IS oeceaber 31.2012
Peva °r Sheets covered by this seals
SHEETS 1 ANO 2 W 2
AECOM
N89°18'58"E 1335.47'
1335.40' RECORD
FND. I" �
IRON PIPE
0.18' N. OF
CORNER
0
N00 °54'36"W
33.00'
FND. I/2",
REBAR/PLASTIC
CAP CAN NOT READ
NUMBER
O A SET 1/2" REBAR/YE440w1
PLASTIC CAP NO. 8505
25
50
75
100
SCALE IN FEET
SHEET 1 OF 2
PROJECT: East Donald Street Reconstruction Project
PARCEL: 419 East Donald Street
OWNER: Avita Developments, LLC
MINER TO DONATE FORM
As owners of real estate needed for the above -referenced project and parcel, and
acknowledging the fact that (I) (We) are entitled to just compensation of the subject
property, nevertheless, desire to donate the property. (I) (We) waive such
compensation rights and will execute the necessary documents for the City of
Waterloo, Iowa.
This donation to the City of Waterloo, Iowa, is made without any coercive action of
any nature.
Date
State of Iowa
Black Hawk County
ss.
For AvitaOevelopments, LLC
By: (IA •4l ck-,c���,��
Its:
On this '+SA'i--day of z y , -i , 24 ''A before me the undersigned, a
Notary Public in and for the County of mcg:, _,,ic,=.e , State of -=‘__-,,---,' 4 , personally
appeared 1,:,-._: 4 .ct r. ,,--, ,: ,6,,-, i c,,, r, , to me known
to be the person named in and who executed the foregoing instrument and acknowledged that`ir',
executed the same as °r , s voluntary act and deed.
IN WITNESS WHEREOF, I have hereunto signed my name and affixed my Notarial
Seal the day and year last above written.
Seal
Notary Public for the Sate of Iowa
BARBARA J. KAYSER
COMMISSION NO. 195095
o.N MY COMMISSION MARESate' MARCH 02, 2013