HomeMy WebLinkAboutThompson Resident Holdings III, LLC-2/20/2012ACQUISITION CONTRACT
Parcel Nos. 8913.13-17A-001
PROJECT End Dennld Street Imprnveamenk Preja .t _ IIS 63 to MlIdrpd AvAnUA
THIS ACQUISITION CONTRACT (the "Contract") is made and entered Into as of F !VV0.---"i
between Thnmpsnn Rag ldAnt Woldingc Ilk I le _ ("Seller"), and City of Waterloo, Iowa, ("Buyer").
,2012 by and
1. Seller agrees to sell to Buyer, and Buyer agrees to buy, the following real estate and/or easement interests (the
"Property"), described as: Cs+A Iadnl ds+ce-rrptinns ro tnrhs+d nc Fxhlhit "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 $ 2].8.6.L, based on a fee title value of $1.26 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 8, 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Contract is not accepted by Seller or if it is rescinded by Buyer for failure of title or any other reason provided for in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 affer 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 Teff 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 possessionas required by Section 427.2 of the Code of Iowa, and agrees to warrant
merchantable title. Names and addresses of lienholders are -
(et) Mack HQwk COunty. Iowa, for taxes (b) I Inknawn i intil complefion Of abSfroCt 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
Properly 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 relocaf on 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 Properly 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 Seller's 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
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P,O.B.
PREPARED BY: MICHAEL R. FAGLE, AECOM, 501 SYCAMORE STREET. SUITE 222. WATERLOO, IOWA, 50703, 319-232-G531
ACQUISITION PLAT
DONALD STREET IMPROVEMENTS
CITY OF WATERLOO, BLACK HAWK COUNTY, IOWA
COUNTY PARCEL NO. 8913-13-126-001
OWNER: THOMPSON RESIDENT HOLDING 111 LLC
1956 WINSTON PLACE
WATERLOO, IOWA 50701
FND. I/2",
REBAR/PLASTIC
CAP CAN NOT READ
NUMBER
N89°14'45"E 14.00
N00 °39'03"W
20.00'
E.4TH STREET
E. DONALO STREET
137.75'
S34°18'26'W 24.43'
137.75'
2
FND. 1 /2" y7
REBAR
137.75'
0 3
un
14'
137.75'
24
END. 1" 0
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137.75'
4
ADDRESS OF SURVEY
2858 E. 4TH STREET
WATERLOO, IOWA 50703
AECOM
I hereby certify that this Land Surveying
document was prepared by me or under
my direct personal supervision and
that 1 ma duly Licensed Land Surveyor
ort�vy �f he State Iowa.
.r 2
MICHAEL R. FALL Date
License number 8505
My license renewal date Is December 31,2012
Pages or sheets covered by thls seals
5$EETS 1 AN0 2 OF 2
137.75' !
23 �
0
in
137.75'
22
to
137.75'
21
0
0
O o SET 1/2'REABAR/YELLOW
PLASTIC CAP NO. 8508
25
50
75
100
SCALE IN FEET
MILDRED AVENUE
SHEET 1 OF 2
igiii-fafroe,v7
AECOM
WATERLOO, IOWA
(319-232-6531)
EXHIBIT SHEET 2 OF 2
REV/BY: DATE
ACQUISITION PLAT
FOR THE CITY OF WATERLOO, IOWA
ADDRESS OF SURVEY
2858 E. 4TH STREET
WATERLOO, IOWA 50703
OWNER: THOMPSON RESIDENT HOLDING III LLC
1956 WINSTON PLACE
WATERLOO, IOWA 50701
PARCEL NO. 8913-13-126-001
DESCRIPTION: ACQUISITION PLAT
A PARCEL OF LAND SITUATED IN PART OF LOT 1 OF BLOCK 5 OF NORTH WATERLOO PLACE, CITY
OF WATERLOO, COUNTY OF BLACK HAWK, STATE OF IOWA, MORE PARTICULARLY DESCRIBED
AS FOLLOWS:
BEGINNING AT THE NORTHWEST CORNER OF SAID LOT 1, THENCE NORTH 89" (DEGREES) 14'
(MINUTES) 45" (SECONDS) EAST (ASSUMED BEARING FOR THE PURPOSE OF THIS DESCRIPTION)
ON THE NORTH LINE OF SAID LOT 1, ALSO BEING THE PRESENT SOUTH RIGHT-OF-WAY LINE OF
E. DONALD STREET, 14.00 FEET; THENCE SOUTH 3418'26" WEST, 24.43 FEET TO THE WEST LINE
OF SAID LOT 1, ALSO BEING THE PRESENT EAST RIGHT-OF-WAY LINE OF E. 4TH STREET; THENCE
NORTH 00°'39'03" WEST ON SAID WEST LINE, 20.00 FEET TO THE POINT OF BEGINNING.
BY SURVEY CONTAINING 140 SQUARE FEET.
Price per square foot (fee interest) = $1.26
Fee acquisition
Temporary Easement
FXHIRIT "R"
Sq FAPt Price •
140 $176.40
335 $42.21
TOTAL $218.61