HomeMy WebLinkAboutShane and Kathy Bohlmann-9/7/2010REAL ESTATE PURCHASE AGREEMENT
This Real Estate Purchase Agreement (the "Agreement") is entered into as of the date set
forth below by and between the City of Waterloo, Iowa ("Buyer") and Shane D. Bohlmann and
Kathy R. Bohlmann ("Seller").
1. OFFER TO BUY. Buyer hereby offers to buy, and the Seller by its acceptance agrees to
sell, the real property situated in Waterloo, Black Hawk County, Iowa, locally known as 302
Jefferson Street, assessor parcel no. 8913-26-210-001, all of which is legally described as per the
abstract of title; together with any easements and appurtenant servient estates, but subject to any
reasonable easements of record for public utilities or roads, any zoning restrictions customary
restrictive covenants and mineral reservations of record, if any (all of the foregoing property,
estates and interest are referred to as the "Property"), upon the terms and conditions set forth
herein.
2. EARNEST MONEY AND PURCHASE PRICE. The "Purchase Price" shall be
$90,500.00, of which $100.00 is on deposit with the law firm of Clark, Butler, Walsh &
Hamann, to be held in trust. The entire Purchase Price shall be due and payable in full at closing.
If this Agreement is not accepted by Seller or if it is rescinded by Buyer for failure of title or any
other reason provided for in this Agreement, then the earnest money held in trust shall be
returned to Buyer.
3. POSSESSION AND CLOSING. Possession of the Property shall be delivered to Buyer
at closing. Closing shall occur at City Hall, 715 Mulberry Street, Waterloo, within thirty (30)
days after approval of this Agreement by the Waterloo City Council and satisfaction of any other
conditions for closing.
4. REAL ESTATE TAXES. Seller shall pay taxes prorated to the closing date and any
unpaid real estate taxes payable in prior years. Buyer shall pay all subsequent real estate taxes.
Unless otherwise provided in this Agreement, at closing Seller shall pay Buyer, or Buyer shall be
given a credit for, taxes from the first day of July prior to possession to the date of possession
based upon the last known actual net real estate taxes payable according to public records.
However, if such taxes are based upon a partial assessment of the present property improvements
or a changed tax classification as of the date of possession, such proration shall be based on the
current levy rate, assessed value, legislative tax rollbacks and real estate tax exemptions that will
actually be applicable as shown by the assessor's records on the closing date.
5. SPECIAL ASSESSMENTS. Seller shall pay at time of closing all installments of special
assessments which are a lien on the Property as of closing or which can be verified to be owing
as of the closing date but are not yet certified as a lien. Buyer shall pay all other special
assessments or installments.
6. RISK OF LOSS AND INSURANCE. Seller agrees to maintain existing insurance to the
date of closing and shall bear the risk of loss or damage to the Property to the date of closing. 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.
7. FIXTURES. Included with the Property shall be all fixtures that integrally belong to, are
specifically adapted to or are a part of the real estate, whether attached or detached, except as
stated in this paragraph. The following items shall not be included:
8. CONDITION OF PROPERTY. The Property as of the date of this Agreement, including
buildings, grounds, and all improvements, will be preserved by the Seller in its present condition
until closing, ordinary wear and tear excepted. Seller sells the Property "AS IS" and makes no
warranties, expressed or implied, as to the condition of the Property.
Within 30 days after the acceptance of this Agreement, Buyer may, at its sole expense, have
the property inspected by a person or persons of its choice to determine if there are any
environmental or other deficiencies. Seller shall cooperate in providing reasonable access to
Buyer's inspectors. Within this same period, the Buyer may notify the Seller in writing of any
deficiency. The Seller shall immediately notify the Buyer in writing of what steps, if any, the
Seller will take to correct any deficiencies before closing. The Buyer shall then immediately in
writing notify the Seller that (1) such steps are acceptable, in which case this Agreement, as so
modified, shall be binding upon all parties; or (2) that such steps are not acceptable, in which
case this Agreement shall be null and void, and any earnest money shall be returned to Buyer.
9. ABSTRACT AND TITLE. Seller, at its expense, shall obtain from the Black Hawk
County Abstract Company an abstract of title to the Property continued through a date that is
within thirty (30) days of the closing, and shall deliver it to Buyer's attorney for examination. It
shall show marketable title in Seller in conformity with this Agreement, Iowa law, and title
standards of the Iowa State Bar Association. The Seller shall make every reasonable effort to
promptly perfect the title. If closing is delayed due to Seller's inability to provide marketable
title, this Agreement shall continue in force and effect until either party rescinds the Agreement
after giving ten days' written notice to the other party. The abstract shall become the property of
Buyer when the Purchase Price is paid in full. Seller shall pay the costs of any additional
abstracting and title work due to any act or omission of Seller, including transfers by or the death
of Seller or its assignees.
10. SURVEY. Buyer may, at Buyer's expense, have the Property surveyed and certified by a
registered land surveyor prior to closing if a survey is required by law. If the survey shows an
encroachment on the Property or if any improvements located on the Property encroach on lands
of others, the encroachments shall be treated as a title defect.
11. ENVIRONMENTAL MATTERS.
A. Seller warrants to the best of its knowledge and belief that there are no abandoned
wells, solid waste disposal sites, hazardous wastes or substances, or underground storage
tanks located on the Property, the Property does not contain levels of radon gas, asbestos, or
urea -formaldehyde foam insulation which require remediation under current governmental
standards, and Seller has done nothing to contaminate the Property with hazardous wastes or
substances. Seller warrants that the property is not subject to any local, state, or federal
judicial or administrative action, investigation or order, as the case may be, regarding wells,
solid waste disposal sites, hazardous wastes or substances, or underground storage tanks.
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B. Buyer may, at Buyer's expense, have the Property inspected further for the existence
of any hazardous materials, substances, or wastes. Seller shall cooperate in providing
reasonable access to Buyer's inspectors and engineers. If hazardous materials, substances, or
wastes are discovered on the Property, Buyer's obligation hereunder shall be contingent upon
the removal of such materials, substances, conditions or wastes or other resolution of the
matter reasonably satisfactory to Buyer. However, in the event Seller is required to expend
any sum in excess of $1,000 to remove any hazardous materials, substances, conditions or
wastes, Seller shall have the option to cancel this transaction and refund to Buyer all earnest
money paid and declare this Agreement null and void. The expense of any action necessary
to remove or otherwise make safe any hazardous material, substances, conditions or waste
shall be paid by Seller, subject to Seller's right to cancel this transaction as provided above.
12. DEED. Upon payment of the Purchase Price, Seller shall convey the Property to Buyer
by warranty deed, free and clear of all liens, restrictions, and encumbrances except as provided in
this Agreement. General warranties of the title shall extend to the time of delivery of the deed
excepting liens and encumbrances suffered or permitted by Buyer.
13. JOINT TENANCY IN PROCEEDS AND IN REAL ESTATE. If Seller, immediately
preceding acceptance of the offer, holds title to the Property in joint tenancy with full rights of
survivorship, and the joint tenancy is not later destroyed by operation of law or by acts of the
Seller, then the proceeds of this sale, and any continuing or recaptured rights of Seller in the
Property, shall belong to Seller as joint tenants with full rights of survivorship and not as tenants
in common; and Buyer in the event of death of any Seller, agree to pay any balance of the price
due Seller under this contract to the surviving Seller and to accept a deed from the surviving
Seller consistent with Paragraph 16.
14. JOINDER BY SELLER'S SPOUSE. Seller's spouse, if not a title holder immediately
preceding acceptance, executes this Agreement only for the purpose of relinquishing all rights of
dower, homestead, and distributive share or in compliance with Section 561.13 of the Code of
Iowa and agrees to execute the deed or real estate contract for this purpose.
15. STATEMENT AS TO LIENS. If Buyer intends to assume or take subject to a lien on the
Property, Seller shall furnish Buyer with a written statement prior to closing from the holder of
such lien, showing the correct balance due.
16. USE OF PURCHASE PRICE. At time of settlement, funds of the Purchase Price may be
used to pay taxes and other liens and to acquire outstanding interests, if any, of others.
17. 1031 EXCHANGE. N/A.
18. APPROVAL OF COURT. NIA.
19. REMEDIES OF THE PARTIES.
A. If Buyer fail to timely perform this Agreement, Seller may forfeit it as provided in the
Iowa Code (Chapter 656), and all payments made shall be forfeited; or, at Seller's option,
upon thirty days' written notice of intention to accelerate the payment of the entire balance
because of Buyer's default (during which thirty days the default is not corrected), Seller may
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declare the entire balance immediately due and payable. Thereafter this Agreement may be
foreclosed in equity and the Court may appoint a receiver.
13. If Seller fails to timely perform this Agreement, Buyer has the right to have all
payments made returned to it, or Buyer may require specific performance by Seller.
C. Buyer and Seller are also entitled to utilise any and all other remedies or actions at
law or in equity available to them, and the prevailing parties shall also be entitled to obtain
judgment for costs and attorney fees.
20. NOTICE. Any notice under this Agreement shall be in writing and be deemed served
when it is delivered by personal delivery or mailed by certified mail, addressed to the parties at
the addresses given below.
Seller: Shane D. and Kathy R. Bohlmann
312 Willow Run Street
Denver, Iowa 50622
Buyer: City of Waterloo
715 Mulberry Street
Waterloo, IA 50703
Attn: Noel Anderson
21. GENERAL PROVISIONS. In the performance of each part of this Agreement, time
shall be of the essence. Failure to promptly assert rights herein shall not, however, be a waiver
of such rights or a waiver of any existing or subsequent default. This Agreement shall apply to
and bind the successors in interest of the parties. This Agreement shall survive the closing. This
Agreement contains the entire agreement of the parties and shall not be amended except by a
written instrument duly signed by Seller and Buyer. Paragraph headings are for convenience of
reference and shall not limit or affect the meaning of this Agreement. Words and phrases herein
shall be construed as in the singular or plural number, and as masculine, feminine or neuter
gender according to the context.
22. NO REAL ESTA 1E AGENT OR BROKER. Neither party has used the service of a real
estate agent or broker in connection with this transaction.
23. ADDITIONAL PROVISIONS.
A. The parties acknowledge that Buyer is acquiring the Property for economic development
purposes. Buyer's rights and duties under this Agreement are assignable to any person or
entity that will further the economic development objectives contemplated by Buyer.
B. Special contingencies to effectiveness of Agreement. Notwithstanding any signatures
below by representatives of Buyer, this Agreement is expressly subject to approval by the
city council of Buyer.
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24. ENTIRE AGREEMENT. This Agreement represents the entire agreement between the
parties, superseding all prior or contemporaneous understandings, negotiations, discussions, or
agreements between the parties with respect to the subject matter hereof.
25. ACCEPTANCE. When accepted, this Agreement shall become a binding contract. If not
accepted by Seller on or before , 2010, this Agreement shall be null and void.
Dated Ct 1 /j?i( 0 Accepted by Seller
BUYER
City of Waterloo, Iowa
B 7 a
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SELLER
'Shane D. Bohlmann
1144,4-)
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Printable Map Output
Page 1 of 1
Black Hawk County Parcel Map
Parcel ID:
8913-26-210-001
Deed Holder:
CITY OF WATERLOO
Parcel Address:
302 JEFFERSON ST, WATERLOO, IA 50701
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Black Hawk County, Iowa
316 East 5th Street
Waterloo, Iowa 50703-4774
Phone: (319) 833-3002
Fax: (319) 833-3070
E-mail: auditorArco.black-hawk.ia.us.org
Map Disclaimer. This map does not represent a survey. No liability is assumed for the
accuracy of the data delineated herein, either expressed or implied by Black Hawk County,
the Black Hawk County Assessor or their employees. This map is compiled from official
records, including plats, surveys, recorded deeds, and contracts, and only contains
information required for local govemment purposes. See the recorded documents for more
detailed legal information.
http://www2.co.black-hawk.ia.us/servlet/com.esri.esrimap.Esrimap?ServiceName=bhov&... 6/10/2011
RESOLUTION NO. 2010-803
RESOLUTION ACCEPTING AND APPROVING
ACQUISITION OF PROPERTY GENERALLY LOCATED AT
302 JEFFERSON STREET IN THE CITY OF WATERLOO,
BLACK HAWK COUNTY, IOWA AS SET OUT IN THE
DOWNTOWN MASTER PLAN OF REDEVELOPMENT
CRITERIA AND STANDARDS FOR MORATORIUM AREA
FOR $90,500.00 PLUS UP TO $10,000.00 IN
CLOSING COSTS.
WHEREAS, the City of Waterloo, Iowa, has had the parcel
described herein appraised and the fair market value ascertained,
and
WHEREAS, the acquisition of the hereinafter described parcel
is in conjunction with the Downtown Master Plan Update, dated
August 2003, which recommends acquisition for uses that primarily
contribute to the entertainment economic strategy for the
downtown as a whole, and
WHEREAS, acquisition of said property at 302 Jefferson
Street falls within the Downtown Master Plan priorities.
NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF
WATERLOO, IOWA, that the contract for the parcel hereinafter
described to sell the same to the City of Waterloo, Iowa, all of
which is situated in the City of Waterloo, Black Hawk County,
Iowa, is accepted and approved and the Mayor and City Clerk are
authorized and directed to execute the same in behalf of the City
and to execute all instruments necessary to consummate the
agreement to purchase the property from the owners thereof, and
the deed for the conveyance of the same is also accepted and
approved and the City of Waterloo is directed to pay for the
property from City funds.
The subject address is:
Owners - Shane D. and Kathy R. Bohlmann
Address - 302 Jefferson Street
Total Acquisition - $90,500.00 plus up to $10,000.00 in
closing costs
The Northeast 90 feet of the Northwest 50 feet of Lot
No. 5 in Block No. 14 in the Original Plat, on the West
Side of the Cedar River, in the City of Waterloo, Black
Hawk County, Iowa.
PASSED AND ADOPTED this 7th day of September, 2010.
Ernest G. Clark, Mayor
ATTEST:
Suzy Schares, CMC
City Clerk