HomeMy WebLinkAboutL and H Farms-10/10/2011ACQUISITION CONTRACT
Parcel Nos RR13-09-151-006 rind RR13-09-301-001
PROJECT chenille Pond Fxtrandnn/Anchornuih Aveniw ImprnvE+mpntc
THIS ACQUISITION CONTRACT (the "Contract") is made and entered into as of
between 1 rind H Fnrmq ltd ("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: • + • • i • • . • 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.
6 r- D , 2011 by and
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 $ 13,74. 50 , based on a fee title value of $15,000 per acre, as itemized on Exhibit "B"
attached hereto. In addition to the Purchase Price, and in fulfillment of Buyer's obligations to Seller under that
certain Option Exchange Agreement between the parties dated March 8, 2010 and filed May 5, 2010 as Doc. No.
2010-20574, Buyer shall pay to Seller at closing the sum of $2 ,085 09 from other non -Project funds of the City. Said
additional sum represents the difference between (a) the purchase price of the fee -title interest in the Property as
determined under the Option Exchange Agreement, and (b) the Purchase Price. 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rescinded by Buyer for failure of title or any other reason provided for in this Contract, then the eamest money shall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
properly, 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) RInCk Hawk County, lowo, for fries (b) Unknown until completion Of ObStrOCt 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 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
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. Time is of the essence of
this Contract.
WHEREFORE, the parties have entered into this Acquisition Contract as of the date first set forth above.
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Curtis Hollis, President, L and H Farms, Ltd. SSN or EIN
[Seller name] SSN or EIN
SELLER'S ACKNOWLEDGMENT:
STATE OF IOWA: ss: /
Acknowledged before me on •• / �/ 2/ , by 6Z477-5-
Seller].
7-S
Seller].
o
TIM AND
COMMISSION NO.757031
MY COMMISSION SIRES
FEBRUARY 10, 2012
APPROVAL RECOMMENDED BY:
City Planning Staff
APPROVED B
(Mayor)
DATE APPROVED' 4u bex V) ln t 1
BUYER'S ACKNOWLEDGMENT:
STATE OF IOWA, BLACK HAWKCOUNTY, ss:
Acknowledged before me on
C>1
[as llinVj
Notary Public
X 16/ Ai(
respectively, of the City of Waterloo, Iowa.
of
(Date)
est G lark and S
ars as Mayor and City Clerk,
ublic
2
lb\94\o'
City of Waterloo
ACQUISITION OF RIGHT OF WAY
EXHIBIT "A- i"
1 OF 2
COUNTY BLACK HAWK STATE CONTROL NO.
STP -U-8155(711)--70-07
PROJECT NO.
SECTION 09 TOWNSHIP 88 NORTH RANGE 13 WEST
ROW -FEE 0.90 AC, TEMP EASE AC, PERM EASE AC
PARCEL NO. 9
et
4) WEST LINE SW1 /4 NW1 /4
9-88-13
N 89'05'15'
E
24.00'
N 00°31'43" W
169.47'
POINT OF BEGINNING
WEST QUARTER
CORNER
09—T88N—R13W
SET MAG NAIL
N 89'05'15"
EASTERLY RIGHT OF WAY
UNE OF ANSBOROUGH AVE.
S 00'31'36" E
6.71'
S 07°56'08" E
•I
87.48'
•
33.00'
WEST LINE NW1/4 SW1/4
9-88-13
PLAT LEGEND:
A DENOTES SECTION CORNER FOUND
DENOTES SECTION CORNER SET
• DENOTES IRON PIPE OR PIN FOUND
O DENOTES 5/8" REBAR W/ YELLOW
PLASTIC CAP NO. 17340 SET
(M) MEASURED
(R) RECORDED
(P) PLAIItU
N
w
2
0
0
CID
z
3-1
S 03°57'44" E
S
Acquisition
09 -88N -13W
SW1 /4 NW1 /4 = 0.12 AC.
NW1/4 SW1 /4 = 0,78 AC.
TOTAL = 0.90 AC.
SOUTH UNE OF PARCEL "B"
DESCRIBED IN BOOK:2010
PAGE:15878
03'28'32" W
100.24'
S 03'23'28" E
100.12'
0
� 0
0
S 04'11'15" W
S 89'04'05" W
OWNER: L AND H FARMS LTD.
TAX PARCEL NO.: 8813-09-301-001
8813-09-151-003
SURVEY REQUESTED BY:
CITY OF WATERLOO
SURVEYED:
"Ann,' rel II AV 7nfQ
35.20'
J
SCALE 1"=200'
0' 50' 100' 200'
64.50'
NORTH LINE NW1/4 SW1 /4
9-88-13
SOUTH UNE OF
WARRANTY DEED
BOOK 542 PAGE 966
SW CORNER
09—T88N—R13W
FND. 3/4" IRON PIPE
400'
.‘, LA.N.0
0. • .SGP T:
.U; CHADW. '-<=
• MARSH : y
• 17340
.•tt$`
HO
I HEREBY CERTIFY THAT THIS LAND SURVEYING DOCUMENT
AND THE RELATED SURVEY WORK WAS PERFORMED BY ME OR
UNDER MY DIRECT PERSONAL SUPERVISION AND THAT I AM A
DULY LICENSED LAND SURVEYOR UNDER THE LAWS OF THE
STATE OF IOW
-Z/'14//
HAD W. MARSH DATE
LICENSE NUMBER /73¢D
MY LICENSE RENEWAL DATE IS DECEMBER 31, 2012.
PAGES OR SHEl is COVERED BY THIS SEAL:
SHEETS 1 and 2
2 of 2
DESCRIPTION OF ATTACHED PLAT FOR PARCEL NO. 9
BLACK HAWK COUNTY PROJECT NO. STP -U-8155(711)--70-07
THE FEE SIMPLE TITLE GRANTED IS TO LAND DESCRIBED AS FOLLOWS:
A parcel of land in the Northwest Quarter of the Southwest Quarter and the Southwest Quarter of the
Northwest Quarter of Section 9, Township 88 North, Range 13 West of the 5th P.M., Black Hawk
County, Iowa, as shown on the Acquisition Plat for Acquisition of Right of Way Exhibit "A", attached
hereto and by reference made part hereof:
Referring to the West Quarter Corner of said Section 9; Thence North 89°05' 15" East, 33.00 feet
on the North line of said Northwest Quarter of the Southwest Quarter to a point on the Easterly
Right of Way line of Ansborough Avenue and the Point of Beginning; Thence North 00°31'43"
West, 169.47 feet on said Right of Way line to the South line of Parcel "B" described in Book
2010 Page 15878 in the Black Hawk County Recorders Office; Thence North 89°05' 15" East,
24.00 feet on said South line; Thence South 00°31'36" East, 6.71; Thence South 07°56'08" East,
50.42 feet; Thence South 03°57"44" East, 112.88 feet to the North line of the Northwest Quarter
of the Southwest Quarter; Thence continuing South 03°57'44" East, 87.48; Thence South
03°28'32" West, 100.24 feet; Thence South 03°23'28" East, 100.12 feet; Thence South
00°31'43" East, 500.00 feet; Thence South 04°11'15" West, 64.50 feet to the South line of a
parcel of land described in Book 542 Page 966 in the Black Hawk County Recorders Office;
Thence South 89°04'05" West, 35.20 feet on said South line to said Easterly Right of Way line;
Thence North 00°31'43" West, 851.60 feet on said Easterly Right of Way line to the Point of
Beginning, containing 0.90 acres more or less;
Note: The West line of the Southwest Quarter of Section 9, Township 88 North, Range 13 West
of the 5th P.M., is assumed to bear North 00°31'43" West
City of Waterloo
ACQUISITION OF TEMPORARY EASEMENT
EXHIBIT "A -- 7"
1 OF 2
COUNTY BLACK HAWK STATE CONTROL NO.
PROJECT NO. STP -U-8155(711)--70-07 PARCEL NO. 9
SECTION 09 TOWNSHIP 88 NORTH RANGE 13 WEST
ROW -FEE AC, TEMP EASE 0.13 AC, PERM EASE AC
WEST LINE SW1/4 NW1/4
9-88-13
PONT OF BEGINNING
EASTERLY RIGHT OF WAY
LINE OF ANSBOROUGH AVE.
L5
WEST QUARTER
CORNER
09—T88N—R13W
SET MAG NAIL
NORTH LINE NE1/4 SE1/4
8-88-13
4�
I�`
S WEST LINE NW1/4 SW1/4
9-88-13
PLAT LEGEND:
A DENOTES SECTION CORNER FOUND
, DENOTES SECTION CORNER SET
• DENOTES IRON PIPE OR PIN FOUND
O DENOTES 5/8" REBAR W/ YELLOW
PLASTIC CAP N0. 17340 SET
(M)MEASURED
(R) RECORDED
(P) PLAIIW
1
t0
M
O
O
r
rn
J
n
J
3 „c17,11100 S
0
SOUTH LINE OF PARCEL "8"
DESCRIBED IN BOOK 2010
PAGE: 15878
NORTH LINE NW1/4 SW1/4
9-88-13
LINE TABLE
LINE
LENGTH
BEARING
L1
70.26
N 89'05'15" E
L2
112.88
N 03'57'44" W
L3
50.42
N 07'56'08" W
L4
6.71
N 00'31'43" W
L5
20.00
N 89'05'15" E
L6
8.80
S 89'04'05" W
L7
64.50
N 04'11'15" E
L8
100.12
N 03'23'28" W
L9
100.24
N 03'28'32" E
L10
87.48
N 03'57'44" W
SOUTH LINE OF
WARRANTY DEED
BOOK 542 PAGE 966
SW CORNER
09—T88N—R13W
FND. 3/4" IRON PIPE
OWNER: L AND H FARMS LTD.
TAX PARCEL NO.: 8813-09-301-001
8813-09-151-003
SURVEY REQUESTED BY: SCALE 1"=200'
CITY OF WATERLOO ■
SURVEYED:
MARCH TO MAY 2005
0' 50' 100' 200'
400'
Ik
``5
4v
0 cob/
`0T• .... SO ii.
z•U•
CHAD W. '<=
= :' MARSH :0—
17340
I HEREBY CERTIFY THAT THIS LAND SURVEYING DOCUMENT
AND THE RELATED SURVEY WORK WAS PERFORMED BY ME OR
UNDER MY DIRECT PERSONAL SUPERVISION AND THAT I AM A
DULY LICENSED LAND SURVEYOR UNDER THE LAWS OF THE
STATE OF IOWA.
AD W. MAR H
sfe(6/
LICENSE NUMBER /7319
MY LICENSE RENEWAL DATE IS DECEMBER 31. 2012.
PAGES OR SHEETS COVERED BY THIS SEAL:
SHEETS 1 and 2
4 -2/e4//
2 of 2
DESCRIPTION OF ATTACHED PLAT FOR PARCEL NO. 9
BLACK HAWK COUNTY PROJECT NO. STP -U-8155(711)--70-07
THE TEMPORARY EASEMENT TITLE GRANTED IS TO LAND DESCRIBED AS
FOLLOWS:
A parcel of land in the Northwest Quarter of the Southwest Quarter and the Southwest Quarter of the
Northwest Quarter of Section 9, Township 88 North, Range 13 West of the 5th P.M., Black Hawk
County, Iowa, as shown on the Acquisition Plat for Acquisition of Temporary Easement Exhibit "A",
attached hereto and by reference made part hereof:
Referring to the West Quarter Corner of said Section 9; Thence North 89°05' 15" East, 70.26 feet on the
North line of said Northwest Quarter of the Southwest Quarter to the Point of Beginning; Thence North
03°57°44 West, 112.88 feet; Thence North 07°56°08 West, 50.42 feet; Thence North 00°31°43 West,
6.71 feet to the South line of Parcel "B" described in Book 2010 Page 15878 in the Black Hawk County
Recorders Office; Thence North 89°05' 15" East, 20.00 feet on said South line; Thence South 00°31'43"
East, 1021.06 feet to the South line of a parcel of land described in Book 542 Page 966 in the Black
Hawk County Recorders Office; Thence South 89°04'05" West, 8.80 feet; Thence North 04°11°15 East,
64.50 feet; Thence North 00°31°43 West, 500.00 feet; Thence North 03°23°28 West, 100.12 feet;
Thence North 03°28°32 East, 100.24 feet; Thence North 03°57°44 West, 87.48 feet to the Point of
Beginning, containing 0.13 acres more or less;
Note: The West line of the Southwest Quarter of Section 9, Township 88 North, Range 13 West of the
5th P.M., is assumed to bear North 00°31'43" West
EXHIBIT "R"
Acres Price
Price per acre (fee interest) = $15,000.00
Fee acquisition 0.90
Temporary easement(s) 0.13
$13,500.00
244.50
TOTAL $13,744.50