HomeMy WebLinkAboutBar Lee Farms-9/6/2011ACQUISITION CONTRACT
Parcel Nos. 8813-og-49A-ooe
PROJECT Shnulic Rnad FxtAndnn/Anchnrnuah AvpntiP Imprnvpmpnfc
THIS ACQUISITION CONTRACT (the "Contract") Is made and entered into as of
between Rnr 1 PP FnrmS I tfi ("Seller"), and City of Waterloo, Iowa, ("Buyer").
(1) , 2011 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: CAA lP jnl dPcrripfinnc nfinrhearl tic Fxhihif "A-1 and A-9", 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 $ SA9 19 based on a fee title value of $12,000 per acre, 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Contract is not accepted by Seller or if it is rescinded by Buyer for failure of title or any other reason provided for in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 eamest money shall be retumed 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. lOwo. fpr tomes (b) Unknown until Completion Of abstrOct continuation
7. Buyer may include mortgagees, lienholders, encumbrances and taxing authorities as payees on warrants as
contract payment. Seller will fumish 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.
o_ 1jAiLaj://71
Lee Miller, President, Bar Lee Farms, Ltd.
[Seller name]
SELLER'S ACKNOWLEDGMENT:
STATE OF IOWA: ss: f�
Acknowledged before me on4/16SOr �6 .201l , by /Z _ 8Z_ [as 4..e- i.r,-7- of
Seller].
—///
SSN or EIN
SSN or EIN
APPROV
TIM ANDERA
COMMISSION NO. 767031
MY COMMISSION EXPIRES
FEBRUARY 18, 2012
City Planing
Nota
Public
F.',2611
(Date)
APPROVED BY ,.e -N
DATE APPROVED.
Mayor
310
BUYER'S ACKNOWLEDGMENT:
STATE OF IOWA, BLACK HAWKCOUN Y, ss:
Acknowledged before me on yl L�
g ;260 by Ernest G. Clark and uzy Schares as Mayor and City Clerk,
respectively, of the City of Waterloo, Iowa.
(CiClerk)
2
NotaPublic
519-5111,
COUNTY
PROJECT NO.
SECTION
ROW -FEE
08
City of Waterloo
ACQUISITION OF RIGHT OF WAY
EXHIBIT 'A— 1
1 OF 2
BLACK HAWK _STATE CONTROL NO.
STP -U-8155(711)----70-07 PARCEL NO. 5
0.56 *
* AREA INCLUDES
0.55 ACRES OF
EXISTING PERMANENT
ROADWAY EASEMENT
TOWNSHIP 88 NORTH RANGE 1.3 WEST
AC, TEMP EASE AC, PERM EASE
S 00131'43" E
633.40'
N 897916" E
NORTH UNE OF
REAL ESTATE CONTRACT
DOCUMENT 1 2003 03529
kt
le
38.50'
3.46'
EAST QUARTER
CORNER
08- ISSN -RI 3W
SET MAG NAIL _j
SISTERLY RIGHT OF WAY
LINE OF ANSBOROUGH AVE:
EAST LINE NEI/4 SE1/4
B --13
NORTH UNE SE' 1/4 GIF'
THE' SE 1/4 8-88-13
SOUTH LINE OF
REAL ESTATE CONTRACT
DOCUMENT 1 2003 03529
sg 1/4 OF THE 1/4
g-86.-13
150.10'
3300'
PLAT LEGENp:
A DENOTES SECTION CORNER FOA
A DEMOTES SECTION CORNER ..T
• DENOTES IRON PIPE OR PIN FOUND
O DENOTES Vas RE6'AR W/ YELLOW
NSCORES IA 17340 SET
PLATTED
OWNER: BAR LEE FARMS LTD.
(CONTRACT)
TAX PARCEL NOa 8813 -DB -426-003
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2 of 2
DESCRIPTION OF ATTACHED PLAT FOR PARCEL NO. 5
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 lying in the Southeast Quarter of the Southeast Quarter and the Northeast Quarter of the
Southeast Quarter of Section 8, 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 said parcel being the existing Permanent Roadway Easement of Ansborough Avenue and more
particularly described as follows:
Referring to the Southeast Corner of said Section 8; Thence North 00°31'43" West, 1282.71 feet on the
East line of the Southeast Quarter to the South line of a parcel of land described in Document # 2003
03529 in the Black Hawk County Recorders Office, and the Point of Beginning; Thence South 89°29'26"
West, 33.00 feet, on said South line to the West Right of Way line of Ansborough Avenue; Thence North
00°31143" West, 572.53 feet on said West Right of Way line, Thence North 02°37'43" West, 150.I0 feet;
Thence North 00°31'43" West to the North line of said parcel; Thence North 89°29'26" East, 38.50 feet,
on said North line to the East line of the Southeast Quarter; Thence South 00°31'43" East, 726.00 feet on
said East line to the Point of Beginning; containing 0.56 acres more or less of which 0.55 acres is
existing Permanent Roadway Easement;
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2 of 2
DESCRIPTION OF ATTACHED PLAT FOR PARCEL NO. 5
BLACK HAWK COUNTY PROJECT NO. STP -U-8155(711)--70-07
THE TEMPORARY EASEMENT TITLE GRANTED IS TO LAND DESCRIBED AS
FOLLOWS:
Parcel 1- A 10.00 foot Wide parcel, parallel with and adjacent to the West Right of Way line of
Ansborough Avenue in the Southeast Quarter of the Southeast Quarter and the Northeast Quarter of the
Southeast Quarter of Section 8, 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 more particularly described as follows:
Referring to the Southeast Corner of said Section 8; Thence North 00°31'43" West, 1282.72 feet
on the East line of the Southeast Quarter of the Southeast Quarter; Thence South 89°28'17"
West, 33.00 feet, to the West Right of Way line of Ansborough Avenue and the Point of
Beginning; Thence South 89°29'26" West, 10.00 feet on the South line of a parcel of land
described in Document # 2003 03529 in the Black Hawk County Recorders Office; Thence
North 00°31'43" West, 94.50 feet; Thence North 89°28' 17" East, 10.00 feet to said West Right
of Way line; Thence South 00°31'43" East, 94.51 feet on said West Right of Way line to the
Point of Beginning, containing 0.02 acres more or less;
Note: The East line of the Southeast Quarter of Section 8, Township 88 North, Range 13 West of the 5th
P.M., is assumed to bear North 00°31'43" West.
Parcel 2-A parcel of land in the Northeast Quarter of the Southeast Quarter of Section 8,
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 more
particularly described as follows:
Referring to the Southeast Corner of said Section 8; Thence North 00°31'43" West,
1472.05 feet on the East line of said Southeast Quarter; Thence South 89°28'17" West, 33.00
feet, to the West Right of Way line of Ansborough Avenue and the Point of Beginning; Thence
continuing South 89°28'17" West, 10.00 feet; Thence North 00°31'43" West, 14.80 feet; Thence
South 89°28' 17" West, 20.00 feet; Thence North 00°31'43" West, 50.00 feet; Thence North
89°28' 17" East, 20.00 feet; Thence North 00°31'43" West, 86.79 feet; Thence South 89°28' 17"
West, 20.00 feet; Thence North 00°31'43" West, 50.00 feet; Thence North 89°28' 17" East,
20.00 feet; Thence North 00°31'43" West, 335.08 feet to the North line of a parcel of land
described in Document # 2003 03529 in the Black Hawk County Recorders Office; Thence
North 89°29'26" East, 4.50 feet on said North line; Thence South 00°31'43" East, 3.46 feet;
Thence South 02°37'43" East, 150.11 feet to said West Right of Way line; Thence South
00°31'43" East, 383.20 feet on said West Right of Way line to the Point of Beginning,
containing 0.16 acres more or less;
Note: The East line of the Southeast Quarter of Section 8, Township 88 North, Range 13 West of the 5th
P.M., is assumed to bear North 00°31'43" West
FXHIRIT "R"
Arras Price
Price per acre (fee interest) = $15,000.00
Fee acquisition 0.01 $175.00
Temporary easement(s) 0.18 394.12
TOTAL $569.12