HomeMy WebLinkAboutNevada Baptist Church-2/8/2010RE/MAX Real Estate Group Commercial Division
Windsor Heights Office
6600 University Avenue • Des Moines, IA 50311-1693
Phone: (515) 279-6610 • Fax: (515) 279-6611
PURCHASE AGREEMENT
Date of Agreement:
elf
1901
To: NEVADA Baptist Church (Seller)
THE UNDERSIGNED Buyers hereby offer to buy the real property situated in Waterloo , Iowa,
locally known as: 625 Grenwood St 00, e „ , v c;
and legally described as: Lorin in Puplic Records
subject to and together with any reasonable easements, zoning restrictions, restrictive covenants and
leases, if any, and agree as follows:
1. PURCHASE PRICE: The Purchase Price shall be $155,000 and the
method of payment shall
be as follows:
$ 0 with this Offer, and $ 2.500 upon acceptance of this
Offer, said amount(s) to be held in trust by RE/MAX Real Estate Group Trust Account, and the balance
of the purchase price shall be payable as follows
A. CASH. Buyers will pay the balance of the purchase price in cash at the time of closing. This
Agreement is not contingent upon Buyers obtaining such funds.
2. POSSESSION AND CLOSING: Possession is to be given on or about March 1.2010
Adjustments of interest, rents, or any other charges attributable to the Buyers' possession are to be made
of like date. Closing shall occur after approval of tyle and PRIOR TO POSSESSION. If for any reason
possession is before or after the day of closing, the parties shall make a separate agreement with
adjustments as of the date of possession. This transaction shall be considered closed upon filing of
documents and receipt of all funds by the Broker.
3. CONDITION OF PROPERTY: The property as of the date of this agreement including buildings,
grounds, and all improvements will be preserved by the Sellers in its present condition until possession,
ordinary wear and tear excepted. Sellers represent that as of the date of closing, the heating equipment,
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air conditioning equipment, plumbing equipment, electrical wiring and other mechanical fixture(s) and
equipment, if any, are performing the function for which they were intended, unless otherwise specified as
follows:
4. DUTIES OF PARTIES:
A. The Broker, its agents, employees and associates make no representations or warranties as to
the physical or mechanical condition of the property, nor to its size, value, future value or income
potential of the property.
B. It is clearly understood and agreed by parties hereto, that RE/MAX Real Estate Group and all
licensees employed by or associated with the SELLING BROKER represents the BUYER in this
transaction. The LISTING BROKER and all licensees employed by or associated with the
LISTING BROKER represents the SELLER in this transaction. (If the same BROKER represents
both SELLER and BUYER a detailed explanation of the type of representation of the BROKER
will be provided to each party and is attached to this Agreement) Further, the BUYER and
SELLER confirm the verbal disclosure of representation was provided to them prior to signing this
Agreement.
SELLER DATE
SELLER DATE
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BUYER DATE
The LISTING and SELLING BROKERS are agents of the parties hereto as outlined above. Their
fiduciary duties of loyalty and faithfulness are owed to the party they represent. However, they
must treat the other party with honesty and faimess. They must respond to all questions of the
parties accurately and must disclose MATERIAL DEFECTS about which they have knowledge.
The BROKERS, their agents, employees and associates are not required, however, to discover
hidden defects in the property or give advice on matters outside the scope of their real estate
license.
5. INCLUDED PROPERTY: Included with 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, such as:
attached carpeting, light fixtures (including light bulbs), awnings, storm windows, storm doors,
screens, air conditioning_equipment (except window type), electrical service_cables, fencing,
shelving, gates, bushes, trees, shrubs, and plants.
6. RENTAL PROPERTY: If this property is currently used as a rental property, the agreement is not
contingent upon Sellers providing Buyers evidence of compliance with local zoning and housing
code ordinances, if applicable, unless otherwise provided herein.
7. NOTICE: Any notice required under this Purchase Agreement shall be deemed given when it is
received in writing either by hand delivery or by certified mail, return receipt requested. Persons
designated for receipt of any notice for the purpose of this Agreement shall be as follows:
For The Sellers: For The Buyers: � , _
si
Address: Address: 115 ! rt 1 ? rr Si -Y2-7
City, St., Zip: City, St., Zip: ''V -fr_rl MI 7d5
Copies of all such notices shall be also sent to the Listing Agent and Selling Agent as designated in this
Agreement, or their Brokers.
8. OTHER PROVISIONS: Buyer has 0 days Due Diligence. Buyer has the right to terminate this offer
due to Buyers sole discretion. Due Diligence shall begin with acceptance of this offer. Buyer shall
receive a copy of all appraisals, site and building plans, environmental studies, annual fire
sprinkler system test, and other information regarding this property. Buyer also has the right to
inspect the property during Due Diligence phase, and to meet with city officials regarding
redevelopment of the property and receiving proper zoning.
9. TAXES:
A. The Sellers shall pay all real estate taxes that are liens for prior years and all those that are
due and payable in the fiscal year in which possession is given.
B. The Sellers shall pay their prorated share, based upon possession, of the real estate taxes for
the fiscal year in which possession is given due and payable in the subsequent fiscal year. The
Buyers shall be given a credit for such proration at closing based upon the last known actual real
estate taxes payable according to public record. However, if such taxes are not based upon the
full assessment of the present property improvements or the tax classification as of the date of
possession, such proration shall be based on the current mileage and the assessed value as
shown by the Assessor's records on the date of possession. In the event of such partial
assessment, it shall be the duty of the Sellers to so notify the Buyers and Broker.
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10. SPECIAL ASSESSMENTS: The Sellers shall pay in full all special assessments that are certified as
liens on the public record at the time of delivery of deed or execution of formal installment
contract. Any preliminary or deficiency assessment which cannot be discharged by payment shall
be paid through an escrow account with sufficient funds to pay such liens when payable with any
unused funds returned to the Sellers. All charges for solid waste removal, sewage and
assessments for maintenance that are attributable to Sellers' possession shall be paid by Sellers.
11. HAZARDOUS WASTE: At closing a Groundwater Hazard Statement will be filed by the Sellers
regarding the following items: 1. wells 2. solid waste disposal 3. hazardous wastes 4.
underground storage tanks located on the property. The Buyers may at their expense within
0 days after mutual acceptance of this Purchase Agreement have the_property inspected for
the presence or suspected presence of any substances coming within the definition of hazardous
wastes or substances, pollutants or contaminants under any state or federal law, rule, or
regulation, including without limitation asbestos and polychlorinated biphenyls or the presence of
any underground storage tanks. If any substances, pollutants, contaminates or underground
storage tanks are found, then this agreement may be terminated at the Buyers' option and, upon
written notice of termination, the Eamest Money shall be returned to Buyers and, upon such
return, neither party shall have any further rights or obligations with respect to this agreement
12. SURVEY: The Buyers may, within 10 days after mutual acceptance of this Purchase Agreement,
have the property surveyed at their expense. If the Survey, certified by the Registered Land
Surveyor, shows any encroachments on said property or if any improvements located on the
subject property encroach on lands of others, such encroachments shall be treated as a title
defect.
13. INSURANCE: Sellers shall bear the risk of loss or damage to the property prior to closing or
possession, whichever first occurs. Sellers agree to maintain existing insurance and Buyers may
purchase additional insurance. In the event of substantial damage or destruction prior to closing,
this Agreement shall be null and void, unless otherwise agreed by the Parties. The property shall
be deemed substantially damaged or destroyed if it cannot be restored to its present condition on
or before the closing date. However, Buyers shall have the right to complete the closing and
receive insurance proceeds regardless of the extent of damages.
14. JOINT TENANCY: If Sellers' title is held in joint tenancy this contract shall not sever such joint
tenancy. If Buyers are husband and wife, their interest hereunder shall be held in joint tenancy
unless otherwise specifically indicated.
15. DEED: Upon payment of purchase price, Seller shall convey title by warranty deed, with terms and
provisions as per form approved by the Iowa State Bar Association, free and clear of Hens and
encumbrances, reservations or modifications, except as in this instrument otherwise expressly
provided. All warranties shall extend to time of acceptance of this offer with special warranties as
to acts of Sellers up to time of delivery of said warranty deed.
16. ABSTRACT AND TITLE: Sellers shall, after due diligence, provide an abstract of title continued to
and including the date of acceptance of this offer. Such abstract shall be delivered to an attorney
for a title opinion for the Buyers, such attorney to be selected by the Buyers or their mortgagee.
The Sellers agree to make every effort to promptly perfect the title in accordance with such
opinion so that upon conveyance title shall be deemed marketable in compliance with this
Agreement, the land title laws of the State of Iowa, and the Iowa Title Standards of the Iowa Bar
Association. If closing is delayed due to Sellers inability to provide marketable title, this
Agreement shall continue in force and effect until either party rescinds the Agreement after giving
3 days written notice to the other party and the Broker. The Sellers shall not be entitled to
rescind unless they have made a reasonable effort to produce marketable title. The abstract shall
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become the property of the Buyers when the purchase price is paid in full. Seller shall pay cost of
additional abstracting and/or title work due to act or omission of Sellers, including transfers or
death of Sellers or assigns.
17. REMEDIES OF THE PARTIES: If the Sellers fail to fulfill this Agreement, they will pay the Broker the
regular real estate commission in full. The Buyers shall have the right to have all payments
returned or to proceed by any action at law or in equity and the Sellers agree to pay costs and
reasonable attorney fees and a Receiver may be appointed. For purpose of collecting the
Broker's commission, Broker shall be deemed a third party beneficiary to this agreement and may
maintain an action at law against Sellers for the collection of Broker's commission. If the Buyers
fail to fulfill this Agreement, Sellers may forfeit the same as provided in Chapter 656 of the Code
_of_louva, and all p rein shaltbe_ rwfeitad, or the Sellers may proceed by -an action
at law or in equity and the Buyers agree to pay costs and reasonable aftomey fees, including the
Broker's commission and any other expense incurred by the Sellers and a Receiver may be
appointed. The failure of Buyers to perform under this Agreement shall not relieve Sellers of the
obligation to pay the Broker's commission. For purposes of collecting the Broker's commission,
Broker shall be deemed a third party beneficiary to this Agreement and may maintain an
action at law against the Buyers for the collection thereof.
18. COURT APPROVAL: If this property is an asset of any estate, trust or conservatorship, this contract
is contingent upon Court approval unless declared unnecessary by Buyers' attorney. If
necessary, the appropriate fiduciary shall promptly obtain Court approval and conveyance shall
be made by Court Officer's Deed.
19. ESCROW CLOSING: Buyer and Seller acknowledge and understand that the closing of the sale may
be handled by an escrow agent and that the Broker is authorized to transfer the Deposit or any
other funds it receives to said escrow agent. After said transfer, Broker shall have no further
responsibility or liability to Buyer or Seller for the accounting for said funds. Any escrow agent's
charge for the escrow closing shall be equally divided between Buyer and Seller. Buyer and
Seller hereby agree to waive the preliminary closing settlement statement requirement.
20. FUNDS: It is agreed that at the time of settlement funds of the purchase price received from the
Buyers and/or Buyers' lender may be used to apply to the purchase price to pay taxes and other
liens to comply with the above requirements, same to be handled by the Buyers'/Sellers' attorney,
under supervision of the Broker and subject to approval of Buyers' attorney on title questions
involved and needed to produce marketable title. Sellers hereby approve the Buyers'/Sellers'
attorney to receive such funds and make such payments and disbursements.
21. GENERAL PROVISIONS: In the performance of each part of this Agreement, time shall be of the
essence. This contract shall be binding on and inure to the benefit of the heirs, executors,
administrators, assigns and successors in interest of the respective Parties. Provisions of this
Agreement shall survive the closing. Paragraph headings are for the convenience of reference
and shall not limit nor affect the meaning of this Contract. Words and phrases herein, including
any acknowledgement hereof, shall be construed as in the singular or plural number, and as
masculine, feminine, or neuter gender, according to context.
22. ACCEPTANCE: When accepted, this Purchase Agreement shall become a binding contract for the
sale and purchase of the subject property. If this Offer is not accepted on or
before , it shall become null and void and all payments shall be repaid
to the Buyers without liability on the part of the Broker to either party. IF accepted by the Sellers
on a later date and such acceptance is ratified in written or other form by Buyers, then this
Contract will be valid and binding.
We, the Sellers, hereby accept this Offer this day of , 20^
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23. AGENCY DISCLOSURE: Jason Reynolds as the Listing and selling agent is the son of the
Senior pastor of Nevada Baptist Church.
24. DISCLOSURE OF THE PROPERTY The Purchaser understands that the seller acquired the
property through a donation. The seller has little or no direct knowledge concerning the
condition of the property. As a material part of the consideration to be received by the
seller under this agreement as negotiated and agreed to by the purchaser and the seller,
the purchaser acknowledges and agrees to accept the property in "as is "condition at the
time of closing, including, without limitation, any hidden defects or environmental
—conditions -affecting -the props or unknown -whether -such -defects -or
conditions were discoverable through inspections or not. The purchaser acknowledges
that the seller, its agents, and representatives have not made and the seller specifically
negates and disclaims any representations, warranties, promises, covenants, agreements,
or guarantees, implied or express, oral or written, in pespect to :
(A) T raYsiou,tONDIT7oN oa ANY o11atR ASPEcr OF THE PROPERTY n1TQ urewrz
STRUCTURAL INTEGRITY OR THE QUALM OR CBARACrER OF MATERIALS TEED IN
CONSTRUC17ON OF ANY 167PBOFEME ES, AVA AteITY AND QUANTITY OR QUMATT
OF WATER, STABILITY OF TBE SOU 5TECEPTIRMITY TO LANDSLIDE OR FLOODING,
SUFFICIENCY OF DRAINAGE, WATER TEARS,WATER DAMAGE, MOLD OB ANY OMR
MATTER AFFECTING THE STAMU Y, INTEGRITY, OR CONDITION OF 11T6 PROPERTY OR
IMPRO'Vf;
OQ
TUE CONFORMITY OF THE PROPERLY OR THE IMPROVEMENTS 10 ANY ZONING, LOW
USE OR BUILDING CODE REQUIREMENTS OR COMPLIANCE WELD ANY LAWS, RULES,
ORDINANCES OR RELATIONS OF ANY FEDERAL, STATE Okt LOCAL GOAL
AUTHORITY, OR THE GRANIINGOPANY REQUIRED P OR APPROVALS, IP ANY, OF
ANY GOVERNMENTAL BODIES WHIM HAD 3URXSDICTTON OVER THE CONSTRUCTION OF
THE ORIGINAL STRUCTURE, ANY IMPROVAIONIS AND/OR ANY REMODELING of TEE
saucTVRE;AND
(L) THE HABITABILITY, MERCHANTABILITY, MARKETABILITY, PROFirAmzrn OR FITNESS
FOR A PARTICULAR PURPOSE OF IBE PROPERTY OR IMPROVE ENIS INCLUDING
REDIMMTORY VERT AND DEFECTS,. APPARENT, NON APPARENT OR LATENT, WHICH
NOW ZEST OR WHICH MAN DERTMER EMT AND WHICH IF KNOWN TO THE
PURCEDISER, VARIED CAUSE THE PURCHASER TO REFUSE TO PURcBASETBEPROPERTY.
THIS IS A LEGALLY BINDING CONTRACT. IF NOT UNDERSTOOD, SEEK LEGAL
ADVICE.
SELLER BUYER
S.S. # S.S. #
SELLER BUYER
S.S. # S.S. #
Address Address
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Phone Phone
Sellers' Attorney Buyers' Attorney
Selling Agent Listing Agent
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RESOLUTION NO. 2010-77
RESOLUTION APPROVING PURCHASE AGREEMENT WITH
NEVADA BAPTIST CHURCH AND DIRECTING EXECUTION
OF SAID AGREEMENT BY MAYOR.
BE IT RESOLVED BY THE COUNCIL
that the Purchase Agreement dated
property generally located at 625
$155,000, and legally described as
OF THE CITY OF WATERLOO, IOWA,
February 8, 2010, to purchase
Glenwood Street, at a cost of
follows:
Part of Lots 9 and 10 in Hardy and Virden's Plat and
Lots 13 through 24 in Wilbys Addition, part of vacated
Wilby Street lying Northerly of and adjoining Lots 13
through 19 in Wilbys Addition, part of vacated Beech
Street lying Westerly of and adjoining Lots 19 through
24 in Wilbys Addition, and part of the alley lying
Easterly of and adjoining Lots 19 through 24 in Wilbys
Addition, all in the City of Waterloo, Black Hawk
County, Iowa, described as follows:
Beginning at the intersection of the Northerly right -of
-way line of Glenwood Street and the Northeasterly
right-of-way line of the Canadian National/Illinois
Central Railroad property; thence North 48°(Degrees)
54' (Minutes) 59" (Seconds) West on the Northeasterly
right-of-way line of the Canadian National/Illinois
Central Railroad property, a distance of 40.05 feet to
the Westerly right-of-way line of vacated Beech Street;
thence North 00°25'25" West on the Westerly right-of-
way line of vacated Beech Street, a distance of 313.25
feet; thence South 89°49'08" East, a distance of 31.65
feet; thence North 00°24'46" West, a distance of 103.00
feet; thence North 89°55'34" East, a distance of 41.50
feet; thence North 00°06'29" West, a distance of 50.87
feet; thence North 89°12'57" East, a distance of 436.04
feet to the Westerly line of a parcel of land recorded
in City Lot Deed Book 592 Page 892, in the Black Hawk
County Recorder's Office; thence South 00°43'32" East
on the Westerly line of said parcel of land, a distance
of 139.09 feet (140.00 feet record) to the Northerly
right-of-way line of Wilby Street; thence South
89°44'40" West on the Northerly right-of-way line of
Wilby Street, a distance of 37.42 feet to the Northerly
extension of the Easterly line of Lot 13 of said Wilbys
Addition; thence South 00°24'33" East on the Easterly
line of Lot 13 of said Wilbys Addition and its
extension Northerly, a distance of 199.30 feet (200.00
feet record) to the Southeasterly corner of said Lot
13; thence North 89°55'50" West on the Southerly line
of Lots 13 through 18 of said Wilbys Addition and its
extension Westerly, a distance of 291.26 feet (291.50
feet record) to the Easterly line of Lots 19 through 24
of said Wilbys Addition, thence South 00°25'25" East on
the Easterly line of Lots 19 through 24 of said Wilbys
Addition, a distance of 160.89 feet (160.00 feet
record) to the Northerly right-of-way line of Glenwood
Street; thence South 89°53'42" West on the Northerly
right-of-way line of Glenwood Street, a distance of
151.50 feet to the point of beginning.
Containing 185,204 square feet or 4.25 acres, all in
the City of Waterloo, Black Hawk County, Iowa;
Resolution No. 2010-77
Page 2
by and between Nevada Baptist Church of Nevada, Iowa and the City
of Waterloo, Iowa, be and the same is hereby approved, and the
Mayor authorized to execute the same in behalf of the City of
Waterloo, Iowa.
PASSED AND ADOPTED this 8th day of February, 2010.
ATTEST:
Aares�, CMMCa�
zy S
City Clerk
Ernest G. Clark, Mayor
Mayor
BUCK
CLARK
COUNCIL
MEMBERS
DAVID
JONES
Ward 1
CAROLYN The intention is to centralize the equipment maintenance function into one single location which would be phase
COLE 1.AIso, to begin the process of co -locating additional public work city departments within a single location which
Ward z would include Street, Traffic, and Sign in future phases. It is felt that by centralizing these departments it could result
HAROLD in potential personnel savings, fleet equipment reductions, energy savings, and improved employee morale by
GETTY means of improved work environment and savings resulting from consolidation in general including office equipment
Ward 3 janitorial etc.
COMMUNITY PLANNING AND DEVELOPMENT
715 Mulberry Street • Waterloo, IA 50703 • (319) 291-4366 Fax (319) 291-4262
NOEL C. ANDERSON, Community Planning & Development Director
February 3, 2010
Honorable Buck Clark Mayor
City Council Members
City Hall -715 Mulberry Street
Waterloo, Iowa 50703
RE: 625 Glenwood Ave.
Dear Mayor and Council:
Transmitted herewith is an agreement, to purchase property generally located at 625 Glenwood and renovating the
existing building for the purpose of establishing a Public Works Complex.
Legal Description
See Attached
QUENTIN M. It is believed that the Public Works Complex would provide security for departmental vehicles presently parked under
HART the U.S. 218 Bridge and would alleviate some congestion in both city hall and its parking lot. There is also the
Ward 4 potential for establishing a "Re -cycling Convenience Center" at the site.
RON Remaining buildings could be used for departmental storage or sold. MET transit has expressed interest in land
WELPER adjacent to their facility for future expansion. It is recommended that the fueling station on Black Hawk Street remain
Ward 5 and an additional one be built at the proposed Public Works Complex to give flexibility by having fueling stations on
both sides of the river.
BOB
GREENWOOD The City was the successful bidder for the property at $155,000. The property will be purchased with Rath TIF and
Rath Bond Monies.
4t -Large
STEVE If you have any questions or need - -
SCHMITT
.4At-Large Sincerely
Noel Anderson
Director
Attachments
NA:cw
Mc Schroeder, City Planner
Mark Rice, General Garage Superintendent
ation pertaining to this matter, please contact our office.
CITY WEBSITE: www.cityofwaterlooiowa.com
WE'RE WORKING FOR YOU!
An Equal Opportunity/Affirmative Action Employer
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