HomeMy WebLinkAboutL and H Farms-2/22/2010 (2)EXCHANGE AGREEMENT
THIS EXCHANGE AGREEMENT is entered into this day of February, 2010, by
and between the City of Waterloo, a municipal corporation ("City"), and L and H Farms, Ltd., an
Iowa general partnership ("LHF").
WHEREAS, City has offered to purchase approximately 112 acres of Black Hawk
County agricultural land described on the attached Exhibit "A" (Farm Land) for the sum of
$ 820,000 on or before Monday, March 1, 2010, if LHF will agree to accept a conveyance of the
Farm Land in exchange for 20.4 acres of development land located at the intersection of U.S.
Highway 20 and Ansborough Avenue; and
WHEREAS, LHF is the owner of 20.4 acres of real property located at the southeast
corner of the intersection of U.S. Highway 20 and Ansborough Avenue depicted on the attached
Exhibit B ("Development Land"); and
WHEREAS, LHF is willing to convey the Development Land to City in exchange for the
Farm Land so as to qualify the transaction for the non -recognition of gain under Internal Revenue
Code Sec. 1031 (such exchange being hereafter referred to as the "Exchange").
NOW, THEREFORE, in consideration of the mutual covenants herein contained and for
other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties agree as follows:
Section 1. Construction and Interpretation.
This Agreement shall be carried out, governed by, and construed in accordance with the Iaws of
Iowa and, to the extent necessary or appropriate, to obtain like -kind exchange treatment under
Internal Revenue Code Sec. 1031. The parties agree to execute any additional documents
required to allow this transaction to so qualify. LHF agrees to bear any expenses associated with
document preparation necessary to qualify the Exchange for like -kind exchange treatment.
Section 2. Contingencies.
2.1 City's obligations herein are subject to and conditioned upon the following:
A. The City Council for the City of Waterloo, Iowa, adopting a resolution authorizing City to
take assignment of the contract to purchase the Farm Land and further authorizing City to
purchase the Farm Land for the sum of $820,000 pursuant to the terms and conditions of
said contract;
B. The City Council for the City of Waterloo adopting a resolution authorizing City to
convey the Farm Land to LHF in exchange for the Development Land;
C. The City Council for the City of Waterloo adopting a resolution authorizing City to enter
into the Option Exchange Agreement with LHF attached hereto as Exhibit C; and
D. City completing its purchase of the Farm Land prior to closing on this exchange with
LHF.
2.2 LHF's obligations herein shall be subject to and conditioned upon the following:
A. City completing its purchase of the Farrn Land; and
B. City and LHF entering into the Option Exchange Agreement attached hereto as Exhibit C.
Section 3. Conveyance of Property.
3.1 City agrees to require the current owners of the Farm Land to convey said real property
directly to LHF by warranty deed as consideration for LHF's agreement to convey the
Development Land to City by warranty deed;
3.2 City agrees to accept the conveyance of the Development Land in accordance with the
terms and conditions of this Exchange Agreement.
3.3 LHF agrees to accept the conveyance of the Farm Land in accordance with the terms and
conditions of this Exchange Agreement.
3.4 The parties agree that both the Farm Land and the Development Land shall be deemed to
have a value of $820,000.00 for purposes of this transaction.
3.5 No cash consideration will be exchanged between the parties.
Section 4. Form of Conveyance
4,1 City shall cause the current owner of the Farm Land to convey said real property directly
to LHF by Warranty Deed. LHF shall convey the Development Land to City by Warranty
Deed. Title -shall be merchantable- title in accordance-withhthe Iowa Title Standards.
4.2 All liens or clouds on title shall be removed prior the Exchange.
4.3 If title cannot be made merchantable within a reasonable period of time, this Exchange
Agreement shall become null and void.
Section 5. Closing.
The closing on the Exchange contemplated herein shall occur contemporaneously with the
closing on City's purchase of the Farm Land. It is expected that the closing will occur on or
before March 1, 2010.
Section 6. Property Taxes.
6.1 City will require that the seller of the Farm Land pay the installment of general real estate
taxes due March 31, 2010, prior to City closing on its purchase of the Farm Land. LHF
acknowledges that City will receive a credit against the $820,000 purchase price for the
Farm Land in an amount equal to the annual prorated real estate taxes on the Farm Land
through the closing date, and that as a result of such credit, the seller of the Farm Land
will expect City and its successors to pay the installments of property taxes due on or
after September 30, 2010. LHF agrees to assume responsibility for making the general
property tax payments for the Farm Land due September 30, 2010, and all subsequent
installments.
6.2 Prior to completing the exchange contemplated herein, LHF will pay the property taxes
on the Development Land that are due March 31,2010. LHF will also pay one hundred
percent (100%) of the installment of general real estate taxes due on September 30, 2010,
and one-third (1/3) of the installment of general real estate taxes attributable to the
Development Land due March 31, 2011. City shall be responsible for the remainder of the
real estate taxes due March 31, 2011, and all subsequent installments of general real
estate taxes attributable to the Development Land, if any.
Section 7. Survey.
City shall be responsible for procuring a plat of survey for the Development Land at City's
expense. The plat of survey must be completed and filed of record by City in the office of the
Black Hawk County Recorder prior to the completion of the Exchange contemplated herein.
Section 8. Abstracting.
8.1 The current owner of the Farm Land will provide City with an updated abstract of title for
the Farm Land prior to City having to complete its purchase of the Farm Land. Upon
receipt of the abstract of title, City shall deliver it to legal counsel for LHF. Legal counsel
for LHF shall examine the abstract of title and confirm that the current owner of the Farm
Land possesses marketable title to the real estate as required by this Exchange
eement
8.2 LHF will provide City with an updated abstract of title for the parcel of real estate that
includes the Development Land. City acknowledges that the abstract of title will include
other real estate. City shall bear the expense of paying the abstract company to prepare a
separate abstract of title for the Development Land. City may defer the preparation of this
abstract until such time as it is prepared to sell all or a portion of the Development Land.
Section 9. Other Closing Costs.
Each of the parties agrees to pay any closing costs not specifically addressed herein in the manner
customarily paid by buyers and sellers as part of real estate transactions in the State of Iowa.
Section 10. Option to Rent.
City agrees that as long as City remains the titleholder to all or a portion of the Development
Land, Lanehaven Farms, Inc., shall be entitled to rent any and all undeveloped portions of the
Development Land at an annual rent of $190.00 per acre. Rent shall be payable in
December of each calendar year.
Section 11. Notices.
All notices, requests, demands, directions and other communications required or permitted to be
given pursuant to this Agreement shall be valid if in writing and if delivered personally, or sent
by certified or registered mail, return receipt requested, postage prepaid and addressed as follows:
To City:
To LHF:
The City of Waterloo, a municipal corporation
Attention: Ernest G. Clark, Mayor
Attention: Suzy Schares, City Clerk
315 Mulberry Street
Waterloo, Iowa 50703
L and H Farms, Ltd. , an Iowa general partnership
Lanehaven Farms, Inc., Partner
Attention: Curtis Hollis, President
7052 Hammond Avenue
Waterloo, Iowa 50702
Section 12. Amendments.
This Agreement may not be modified except in a written instrument signed by the parties.
Section 13. Enforceability.
This Agreement shall bind and inure to the benefit of the parties hereto and their respective
successors, executors, personal representatives and assigns. No party to this Agreement may
assign their/its rights or interests hereunder without the prior written consent of each of the other
parties:
Section 14. Counterparts.
This Agreement maybe executed simultaneously in two or more counterparts, each of which
shall be deemed an original, but all of which taken together shall constitute one and the same
document.
Section 15. Limitation of Rights.
With the exception of the rights herein expressly conferred, nothing expressed in this Agreement
is intended or shall be construed to give to any person or entity, other than the parties hereto, any
legal or equitable right, remedy or claim under or in respect to this Agreement or any covenants,
agreements, conditions and provisions herein contained, this Agreement and all of the covenants,
agreements, conditions and provisions hereof being intended to be and being for the sole and
exclusive benefit of the parties hereto.
Section 16. Severability.
If any provision of this Agreement shall be held or deemed to be or shall, in fact, be inoperative
or unenforceable as applied in any particular case in any jurisdiction or jurisdictions or in all
jurisdictions, or in all cases because it conflicts with any other provision or provisions hereof or
any constitution or statute or rule of public policy, or for any other reason, such circumstances
shall not have the effect of rendering the provision in question inoperative or unenforceable in
any other case or circumstance, or of rendering any other provision or provisions herein
contained invalid, inoperative, or unenforceable to any extent whatever.
Section 17. Intent.
It is the intent of the parties that this Exchange Agreement shall permit each party to complete a
like -kind exchange pursuant to Internal Revenue Code Sec. 1031 and it is intended to comply
with the requirements of the regulations thereunder, including, but not limited to,
Reg. 1.1030(k)-1. To the extent that any provisions herein conflict with the requirements of the
safe harbor provisions contained therein, the requirements and the conditions of the statute and
the regulations shall control.
IN WITNESS WHEREOF, City and LHF have each caused this Agreement to be
executed, sealed and delivered as of the day and year first above written.
THE CIT F WATERLOO, A MUNICIPAL CORPORATION
By: ‘,44.eAdj
Ernest G. Clark, Mayor
By:`!�
— - Suzy Sc
es; -City Clerk
LANEHAVEN FARMS, INC., Partner
By:
Curtis G. Hollis, President
THE HURST HOLDING COMPANY, INC., Partner
By:
Richard H. Hurst, President
By:
Donald J. Hurst, Secretary
STATE OF IOWA )
) ss.
COUNTY OF BLACK HAWK )
This instrument was acknowledged before me on the day of
2010, by Ernest G. Clark as Mayor and Suzy Schares as City Clerk of the City of
Waterloo, Iowa, an Iowa municipal corporation.
Notary Public in and for Black Hawk County, Iowa
STATE OF IOWA )
) ss.
COUNTY OF BLACK HAWK )
This instrument was acknowledged before me on the day of
2010, by Curtis G. Hollis as President and General Partner of L and H Farms, Ltd., an
Iowa general partnership.
Notary Public in and for Black Hawk County, Iowa
STATE OF IOWA )
) ss.
COUNTY OF- BLACK -HAWK )-
This instrument was acknowledged before me on the day of
2010, by Richard H. Hurst and Donald J. Hurst as President and Secretary respectively
of The Hurst Holding Company, Inc., an Iowa corporation.
Notary Public in and for Black Hawk County, Iowa
EXHIBIT "A"
N'/2 of the SE' except the North 40 acres of the East 120 acres, all in Section 20,
Township 88 North, Range 13 West of the Fifth Principal Meridian, Black Hawk County,
Iowa, and
SE1/4 of the SE1/4 except the South 718.81 feet of the East 303.05 feet, all in Section 20,
Township 88 North, Range 13 West of the Fifth Principal Meridian, Black Hawk County,
Iowa, and
SW% of the SE% of Section 20, Township 88 North, Range 13 West of the Fifth
Principal Meridian, Black Hawk County, Iowa
AL, zznmxa
Feb 01 2010 7:26AM Lanehaven Farms, Inc. 319-296-2255 page 2
obda ftm,,. AH80aA'nOtJ Timoth J. Luce ' FOR MR LEGAL OFF= of THE VIE of
Y MIS FORK 00kSHLTYOURLAWYER
IV
• �a OFFER TO BUY REAL ESTATE AND ACCEPTANCE
i,: —`p4. {111ONVIESIDENTlALj - .
T0: James Harbaugh and Peggy Burnett (Selene)
•
,
The undersigned BUYERS hereby offer to buy and the undersigned SELLERS by their acceptance agree to
sell the real property situated in Black Hawk Iowa, locally known as TheBlough Pamir
and legally described as:
Seeattached tax billings with legal description to be supplied by abstract
together with any easements and appurtenant servient estates, but subject to any reasonable easements of record
for pubic utilities or roads, any zoning restrlcffons customary restrictive covenants and mineral reservations of
record, If any, herein referred to as the "Properly," upon the following terms and oondiltons provided BUYERS, on
possession, are permitted to use the Property for
1. PURCHASE PR10E. The Purchase Price shall be $O 9t0 4 `nd the method of payment shall be as
Mows: $ with this offer, to be deposited upon acceptance of this offer and held In trust by
- • as earnest
money, to be delivered to the SELLERS upon perforrrianoe.cf SELLERS' obligations end satisfaction of BUYERS
contingencies, If any; and the balance • of the Purchase Price, as follows:
2. REAL ESTATE TAXES. Sellers shall pay all taxes due to date oftransfer ofpossession
and any unpaid real estate taxes payable In prior years. Buyers shall pay all subsequent real estate taxes.
Urafeas otherwise provided in this Agreement, at ctoatng SELLERS shall pay BUYERS, or BUYERS shall be
given a credit for, taxes from the first day of Judy prior to possession to the date of possession basad upon the last
known actual net real estate taxes payable according to public records. However, if such taxes are based upon a
pedal assessment of the present property improvements or a changed tax dessiScatton as of the date of
possession, such proration shall be based on the cuirrentlevy rate, sasessed value, legislative tax rollbacks and real
estate tax_exem itions that will actually be applicable as shown bythe assessor's_recar>ison_the of. possession._
_date
3. SPECIAL ASSESSMENTS.
A. SELLERS shall pay in full at time of dosing all special assessments which area Ilan on the
Property as of the date of acceptance .
6, iF "A" is stricken, then SELLERS shall pay at time of closing all instalments of special
assessments which are a lien on the Property and, if not paid, would become delinquent during
the calendar year this offer Is accepted, and all prior installments thereof.
C. All charges 'for solid waste removal, sewage and maintenance that are attributable to SELLERS
possession, Including those for which assessments arise after closing, shall be paid by SELLERS
0. Arty preliminary or deficiency assessment which cannot be discharged by payrnent shall be paid
. by SELLERS hough an escrow account with sufficient funds to pay+suchh liens when payable,
- With any unused funds to lemed.to SELLERS. .. _ • .. .
' E. BUYERS shall pay all other special assessments or instailMents'not payable by SELLERS.
*Tim Wm Inn 9otAftodaffvl206Y.tae 01M W
to Huy Near E.eaad Acceptant 'Solna anal
Rarfted lana 2000
Feb 01 2010 7:26AM Lanehaven Farms, Inc. 319-296-2255 page 3
4. RISK OF LOSS AND INSURANCE. SELLERS shall bear the risk of loss or damage to the Property prior to
dosing or possession, whichever feat occurs SELLERS agree to.makitain existing Insurance and BUYERS may
purchase additional Insurance. In the event of substantial damage or destruction prior to dosing, this Agreement
shall be nul and void; provided, however, BUYERS shall have the option to complete the dosing and receive
insurance proceeds regardless of the extent of damages. The property shell be deemed substantially damaged or
destroyed if it cannot be restored toils present condition on or before the dosing date.
ft. POSSESSION AND CLOSING. if BUYERS timely perform all obligations, possession of the Property shall be
deliVered to Buyers on ar tie tfarch 1st, 2010 and any adjustments of rent, insurance, interest and aft
charges attributable to the SELLERS' possession shall be made as of the date of possession. Closing shall occur
after the approval of title by BUYERS and vacation of the Property by SELLERS, but prior to possession by
BUYERS. SELLERS agree to permit BUYERS to Inspect the Property within hours prior to dosing to assure
that the premises are kr the condition required by this Agreement. If possession Is given on a day other than dosing,
the parties shell make a separate agreement with adjustments as of the date of possession. This transaction shall
be considered dosed:
A. Upon the delivery of the title transfer documents to BUYERS and receipt of all funds then due at
closing from BUYERS under the Agreement
B. (if 0A' Is stricken) Upon the filing of the title transfer documents and receipt of all funds due at
clotting from BUYERS under the Agreement
O. FIXTURES. Included with the property shell be all fixtures that integrally belong to, are specifloafly adapted to
or are a pad of the real estate, whether attached or detached Also included shall be the following:
The following items shall not be included:
7. CONDITION OF PROPERTY. The property as of the date of this Agreement, including buildings, grounds, and
;all Improvements, wUl be preserved by the SELLERS fn tts present condition until possession, ordinary wear and
tear excepted SELLERS make no warranties, expressed or Implied, as to the condition of the property.
A. BUYERS acknowledge that they have made a satisfactory inspection of the Property and are
purchasing the Property In its existing condition.
B. (it'll' is stricken) Within days after the acceptance of this Agreement, BUYERS may, at
thele' sole expense, have the property Inspected by a parson or persons of their choice to
• determine if there are any structural, mechanical, pluming, electrical, environmental, or other
deficiencies. Within this same period, the BUYERS may notify in writing the SELLERS of any
deficiency. The SELLERS shaft immediately notify the BUYERS to writing of what steps, if any,
the SELLERS will take to correct any deficiencies before closing. The BUYERS shall then
Immediately in writing notify the SELLERS 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 ere not
acceptable, In which case this Agreement shall be null and void, and any earnest money shall be
returned to BUYER&.
8. ABSTRACT AND TITLE. SELLERS, at their expense, shall promptly obtain an abstract of tflle to the Property
— — rued -through the ft -to of acceptance of this Agreement{, ,and deliver It
to BUYERS' attorney for examination. It shall show marketable title in SELLERS in conformity with this
Agreement, lowa law, and title standards of the Iowa State Bar Assoclatlon. The SELLERS shall make every
reasonable effort to promptly perfect title. It closing Is delayed due to SELLERS inability to provide marketable
title, this Agreement shaft 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 BUYERS when the Purchase
Price is paid in full SELLERS shall pay the costs of any additional abstracting and title work due to any actor
oniisston of SELLERS, including transfers by or the death of SELLERS or their assignees. Unless stricken, the
abstract shall be obtained from an abstracter quafrfled by the Guaranty Division of the Iowa Housing Finer=
Auttrarity.
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Feb 01 2010 7:26RM Lanehaven Farms, Inc. 319-296-2255 page 4
S. SURVEY. if a survey is required under Iowa Code Chapter 354, or city or county ordinances, SELLERS shalt
pay the costs thereof. BUYERS may, at BUYERS' expense prior to dosing, have the property surveyed and
certified by a registered land surveyor.
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 defeat.
10. ENVIRONMENTAL MATTERS.
A. SELLERS warrant to the best of their 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 barn insulation which require remedlatlon under =rent governmental standards,
and SELLERS have done nothing to contaminate the Property with hazardous wastes or
substances. SELLERS warrant that the property is not subject to any local, state, or federal
,judicial or adrninistrattve action, investigation or order, as the case may be, regarding wells, solid
waste disposal sites, hazardous wastes or substances, or underground storage tanks. SELLERS
shall also provide BUYERS with a properly executed GROUNDWATER HAZARD STATEMENT
showing no welts, solid waste disposal sites, hazardous wastes and underground storage tanks
on the Property unless disclosed here
B. BUYERS may at their expense, within days after the date of acceptance, obtain a report
from a qualified engineer or other person qualified to analyze the existence ar nature of any
hazardous materials, substances, conditions or wastes located on the Property. In the event any
hazardous materials, substances, conditions or wastes am discovered on the Property, BUYERS
obfgatlon hereunder shell be oonttngant upon the removal of such materials, substances,
conditions or weskits or other resdution of the matter reasonably satisfactory to BUYERS.
However, in the event SELLERS are required to expend any sum in excess of
$ to remove any hazardous materials, substances, conditions or Wastes.
SELLERS shall have the option to cancel this transactlon and refund to BUYERS all eamest
money paid and declare this Agreement null and void. The expense of any Inspection shall he
paid by BUYERS, The expense of any anion necessary to remove or otherwise make safe any
hazardous material, substances, conditions or waste shall be paid by SELLERS, subject to
SELLERS' right to cancel this transaction as provided above.
11. DEED. Upon payment of the Purchase Price, SELLERS shall convey the Property to BUYERS by
dead, free and clear of alt hens, restrictions, and encumbrances except as provided
in this Agreement. General warranties of the tltla shall extend to the time of delivery of the deed excepting liens end
encumbrances autibred or permitted by BUYERS.
12. JOINT TENANCY IN PROCEEDS AND iN REAL ESTATE. If SELLERS, immediately preceding acceptance
of the offer, hold title to the Property in joint tenancy with MI rights of survivorship, and the joint tenancy is not later
destroyed by operation of taw or by act, of the SELLERS, than the proceeds of this sate, and any continuing or
recaptured tights of SELLERS in the Property, shall belong to SELLERS as joint tenants with full rights of
survivorship and not as tenants in common; and BUYERS in the event of death of any SELLER, agree to pay any
batance of the price dui SELLERS under this contract to the surviving SELLERS and to accept a deed from the
surviving SELLERS consistent with Paragraph 15.
13. 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 alt rights of dower, homestead end distributive share
or in compliance with Section 581.13 of the Code of Iowa and agrees to execute the deed or real estate contract for
this purpose.
14. STATEMENT AS TO LIENS. It Buyers intend m asaurne ar take subject to a lien on the Property. SELLERS
shall furnish BUYERS with a written statement prior to closing from the holder of such lien. showing the correct
balance due.
15. 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 irrtarests, If any, of others.
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Feb 01 2010 7:27RM Lanehaven Farms, Inc. 319-29G-2255 page 5
1C APPROVAL OF COURT. If the Property is an asset of an estate, trust or conservatorship, this Agreement la
contingent upon Court approval unless Court approval is not required under Iowa taw and tele standards of the Iowa
State Bar Assadation, H the sale of the Property la subject to Court approval, the fiduciary shall promptly submit
this Agreement for such approval. if this Agreement is not so approved by
either party may declare this Agreement null and void, and all payments made hereunder shaft be made to
BUYERS.
17. REMEDIES OF THE PARTIES.
A If BUYERS fall to timely perform this Agreement, SELLERS may forfeit it as provided In the Iowa
Code (Chapter easel and ail payments made ahatl be forfeited; ar, at SELLERS' option, upon
thirty days written nice of intention to accelerate the payment of the entire balance because of
BUYERS default (during which thirty days the default Is not corrected), SELLERS may declare
the entire balance Immediately due and payable. Thereafter this Agreement may be foreclosed in
equity and he Court may appoint a receiver.
B. If SFI t FRS fail to timely perform this Agreement, BUYERS have the right to have all payments
made returned to them.
C. BUYERS and SELLERS are also entitled to utilize any and all other remedies or actions at law or
in equity available to them, and the preval Ing parties shall be entitled to obtain Judgment for costs
and attorney fees.
18. 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 mall, addressed to the parties atlhe addresses given below.
19. 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 ar a waiver of any existing or
subsequent default This Agreement shall apply to and bind the successors in interest of the parties. This
Agreement shag 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 SELLERS and BUYERS. Paragraph headings are for
canventence of reference and shall not limit or affect the meaning of this Agreement. Wards and phrases -herein
shall be construed as In the singular or plural number, and as masculine, feminine or neuter gender according to the
context
20. NO REAL ESTATE AGENT OR BROKER. Neither party has used the service of a real estate agent or broker
In oannection with this transaction.
i1. CERTIFICATION. Buyers and Sellers each certify that they are not acting, directly or indirectly, for or on behalf
of any person, group, entity or nation named by any Executive Order or the United States Treasury Department as a
terrorist, 'Specially Designated National and Blocked Person" ar any other banned or blocked person, entity, nation
or transaction pursuant to any law, order, rule or regulation that Is enforced or administered by the Of toe of Foreign
Assets Control; and are not engaged hh thla transaction, directly or indirectly on behalf at any such person, group,
entity or nation. Each party hereby agrees to defend, Indemnify and hold harmless the other party from and against
any and ell rims, damages, lasses, risks, liabilities and expenses (including attorneys fees and costs) arising from
or related to my breach of the foregoing cerli5cattan.
22 INSPECTION OF PRIVATE SEWAGE DISPOSAL SYSTEM . Delete inappropriate alternatives below. if no
deletions are made, the•provistons ,et forthin•Parsgraph A shall be deemed selected.
A. Seiler representa and warrants to Buyer that the Proper Is not served by a private sewage
di Deals and there are na• Known • rivets a = _ . e dts . 'al systems on the • ra • = rty
-,:ter, 417*A_.a., lox,:4.AO(�+^�"x:1;5:
B.
23. ADDITIONAL PROVISIONS.
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Feb 01 2010 7:27RM Lanehaven Farms., Inc. 319-296-2255 page 6
ACCEPTANCE. When accepted, this Agreement shut become a binding contract If not accepted and
delivered to BUYERS on or before the day of this Agreement shall be null
and void and all payments made shall be returned Immediately to BUYERS. If accepted by SELLERS at a later
date and acceptance Is satisfied in writing, then this contract shall be valid and binding.
Accepted
SELLERS '
eor
Print Name James Harbaugh
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Dated 1t ...1 t to
BUYERS
tvlt5 CetrA1s.1-0G►
Print Name
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Print Name Peggy Burnett Print Narne
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Addre
Telephone:
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Address :
Telephone:
- 5 -