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HomeMy WebLinkAboutRottinghaus R.E. Agmnt - 5/14/2018Adopted by The Northeast Iowa Regional Board of Realtors Oct. 2015 please return this copy pt. City Clerk &Finance Dept. 715 Mulberry St. Waterloo, IA 50703 HS >y} BERKSHIRE HATHAWAY I One Realty Centre HomeServices AMENDMENT TO PURCHASE AGREEMENT SELLER:John E and Dessie M Rottinghaus BUYER: City of Waterloo PROPERTYADDRESS: Parcel # 8912-12-301-003 +/-19 acres N Elk Run Rd Waterloo, IA LEGAL DESCRIPTION: "see BHC Abstract" PURCHASE AGREEMENT DATE, D: CHANGES OR AMENDMENTS: ?. ) Closing and Possesion on or befo 2. ) ADDITIONAL PROVISIONS: City of Water annexation and TIF expansion process of property on or efore closing. BUYER DATE BUYER DATE 1111 E �zI, 11 11 SE LER $, + SELLER DATE REAL ESTATE PURCHASE AGREEMENT (NONRESIDENTIAL) TO: John E. Rottinghaus and Dessie M. Rottinghaus, husband and wife ("Seller") FROM: City of Waterloo, Iowa ("Buyer") Buyer hereby offers to buy, and the Seller by its acceptance agrees to sell, the real property situated in Waterloo, Black Hawk County, Iowa, legally described as per the abstract of title, consisting of assessor parcel no(s). 8912-15-301-003; 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, herein referred to as the "Property," upon the following terms and condition 1. EARNEST MONEY AND PURCHASE PRICE. The Purchase Price shall be 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 If this Agreement is not accepted by Seller or if it is rescinded by Buyer for failure of title or any other reason provided for in this Agreement, then the earnest money held in trust shall be returned to Buyer.-A:;2 uyer.-A� j 2. 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, subject to satisfaction of any conditions stated in this Agreement. 3. REAL ESTATE TAXES. Seller shall pay taxes prorated to the closing date in accordance with the provisions of Iowa Code § 427.2, and any unpaid real estate taxes payable in prior years, either paying Buyer, or giving Buyer a credit, for all of such taxes. Buyer shall pay all subsequent real estate taxes. 4. 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. 5. 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. 6. 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. 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, 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 arne t money shall be returned to Buyer. . S 8. ABSTRACT AND TITLE. Seller shall rovide its abstract of title to the Propert tom Buyer so that Buyer may, at its expense, update the abstract. It shall show marketable title i - Seller in conformity with this Agreement, Iowa law, and title standards of the Iowa State Bares 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. 9. 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. 10. 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. Any exceptions to the warranties set forth above are fully described on a separate addendum attached hereto. B. Seller hereby represents that, to the best of its knowledge and belief, there is no active or abandoned septic tank or septic system on the property, except ,as described he C. 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 2 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. 11. 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. 12. 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 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 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. 14. 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. 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 interests, if any, of others. 16. 1031 EXCHANGE. The parties acknowledge that Seller may desire to structure a 1031 tax-deferred exchange in connection with the proposed transaction. Buyer agrees to cooperate, at no cost to Buyer, with any reasonable request from Seller, and to execute any reasonable documentation requested by the exchange agent, to facilitate an exchange. 17. APPROVAL OF COURT. If the Property is an asset of any estate, trust, conservatorship, or receivership, this Agreement shall be subject to court approval, unless declared unnecessary by Buyer's attorney. If necessary, the appropriate fiduciary shall proceed promptly to a hearing for court approval. In that event a court officer's deed shall be used to convey title. 18. REMEDIES OF THE PARTIES. 3 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 declare the entire balance immediately due and payable. Thereafter this Agreement may be foreclosed in equity and the Court may appoint a receiver. B. 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 utilize 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. 19. 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: John and Dessie Rottinghaus 6145 Rottinghaus Road Waterloo, IA 50701 Buyer: City of Waterloo 715 Mulberry Street Waterloo, IA 50703 Attn: Community Planning & Development Director 20. 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. s - 21. NO'REAL --ORBRC4U-R:--::Neither-party-has-used--the-ser_uice estate-affe-nTo—r broker in connection with 22. 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 hither the economic development objectives contemplated by Buyer. El 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. 23. 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. 24. ACCEPTANCE. When accepted, this Agree- nt shall become a binding contract. If not accepted by Seller on or beforethi A nie t -shall -b 1'-wr3,d void. s � ✓� � Accepted by Seller on BUYER � -1-1 -1-41-1ELLER —Z�k6, City of Waterloo, Iowa By: Quentin Hart, Mayor ohn E. Rottinghaus Attest: Kelley Fel le, City Clerk Dessie NT. Rottinghaus 5 Adopted by the Northeast Iowa Regional Board Of REALTORSO (Revised 7116) 111111111111l 1111111111111q� 1111 1111��piii� leg I I M (To be signed by Seller/Buyer at time specific assistance is first provided) The term "Seller shall hereinafter refer to Segel-, LarKlOrd, Or 013tionor. The term 'Buyer shall hereinafter refer to Buyer, Tenant, or Optionee. I have read and understand paragraph IV, Consensual Dual Agency of the Company Policy/Agency Disclosure and Acknowledgment and hereby agree to Consenual Dual Agency representation in those Situations. Buyer Date Seller Date Buyer Date —1 Seller Date I Company fl 14 � a Company C---� Licensee Date Date MU11,see }tbj y„ y d � H d�d��das BERKSHIRE HATHAWAY 1 one Realtycentre HomeServices Emerald Ash Borer (EAB) Attacks native ash trees of any size, age or stage of health. Millions of ash trees have already been killed in infested areas. Much of Iowa's forestland is densely populated with ash trees, and Iowa's community street trees are heavily plant- ed with ash cultivars. Early inventory data indicated that there are 52 million woodland ash trees and 3.1 million urban ash trees. Many ash trees are in your yard, neighborhood, community, and woodlands. Imagine those areas with out ash trees. Trees that have been attacked by EAB can die within 2 years. Some benefits of urban trees include helping clean the air, slow storm water runoff, raise property values, sequester carbon, and reduce energy costs. As REALTORSO was are not trained in identifying trees. Sellers/Buyers are encouraged to identify the species of trees on their and nearby property and take particular note of any ash trees. Contact an expert (local arborist, tree salesperson or service.) to correct- ly determine the type of trees on your property. More information may be found at: htto jvvrw.io+wadnrgoi/Conservation/Forestry/Forest Hleaith/Emerald Asb Borer There are confirmed Ash trees on the property: ® YES 0 NO UNKNOWN Emerald Ash Borer has been confirmed within 15 miles of the property: _Q YES _a NO --Z- UNKNOWN I acknowledge receipt of this disclosure Seller Date Date Listing Agent Date Buyer Buyer Buyers Agent Date Date Adopted by The Northeast Iowa Regional Board of Realtors Oct. 2015 BERKSHIRE HATHAWAY I One Realty Centre HomeServices ADDENDUM TO PURCHASE AGREEMENT SELLER: John E and Dessie M Rottinghaus BUYER: City of Waterloo Mayor Quentin Hart PROPERTY ADDRESS: Parcel # 8912-12-301-003 +/-19 acres N Elk Run Rd Waterloo, IA LEGAL DESCRIPTION: "see BHC Abstract" PURCHASE AGREEMENT DATED: 04/17/2018 . Q It is the intention of the Seller(s) to transfer the subjectproperty pursuant to Internal Revenue de. Section 1031, which sets forth the requirements for tax-deferred real estate exchanges. Seller(s) ;hts and obligations under this and future agreements may be assigned to aqqualified intermediary f e purpose of completing an exchange. Buyer agrees to cooperate with the Sellers) in a manner cessary to enable Seller(s) to complete exchange. Such cost shall be at no additional cost or liability the Buyer(s). L- R" I SALE 174_1. WWI, e Slack Hawk County Detailed Parcel Report Page 1 of BLACK HAWK COUNTY REAL ESTATE ASSESSMENT AND TAX INFORMATION Parcel ID Deed Holder ax Mail to Address 8912-15-301-003 ROTTINGHAUS,JOHN E ROTTINGHAUS,JOHN E ROTTINGHAUS,DESSIE M ROTTINGHAUS,DESSIE M PDF No. Map Area Contract Buyer 6145 ROTTINGHAUS RD WATERLOO AG WATERLOO, IA 50701-0000 PropertX Address nt Recorded Transfer 00000 LateDrawn ate Filed Recorded Document T e 00000-0000 015 /18/2015 2015 014596 D ear 017 00% Value Land 36,410 Land ulti-Residential Land DwellingBuildin otal Military Tedits Exemption axable Land alue 136,410 ulti-Residential La Homestead Credit Multi -Residential L ASSESSED VALUES/CREDITS Class Dwellin IBuilding 0 0 isabled Veteran Property Tax Relief grid redit Credit Credit 410 119.08 Family Farm Credit ly Total 36.410 2015 100% Value Land ulti-Residential Land DwellingBuildin otal cres 1,410 0 0 1,410 19.08 ilitary Homestead Disabled Veteran Property Tax Relief gricultural Family Farm Credits xem tion Credit Credit Credit rredit Credit axable ly and Multi -Residential Land Dwelling Building Total alue 19,093 0 0 119,093 TAX INFORMATION ASSESSMENT YEAR 2016 PAYABLE 2017/2018 ax District 30000 - EAST WATERLOO -WATERLOO Gross Value Taxable Value Military Exemption evy RateL5106.21 TaxnTaxCredit Corp 1,410 19,670 0 5.93854Nocor 0 0 0 Homestead Credit Disabled Veteran Credit Property Tax Relief Credit g Credit Business Prop Corp0.00 $0.00 $0.00 $32.33 $0.00 Nocorp $0.00 LEGAL NW SW SEC 15 T 89 R 12 EXC W 60 FT FOR HGWY SEE BK 499 P 202 & EXC N 1/2 THEREOF ittp://www2.co.black-hawk.ia.us/website/bhmap/bhRepDet.asp?apn=891215301003 9/6/201; 31ack Hawk County Detailed Parcel Report e .5 e .04 >h .21 Is: 19.08 (Entry Status: Inspected Date Website Last Updated: 09/01/2017 Agricultural Land/CSR2 Units d'ustment d'usted Units cres Unit/Acres 200 00 04 90 176 W .33 0 .71 84 25 Fd e .5 e .04 >h .21 Is: 19.08 (Entry Status: Inspected Date Website Last Updated: 09/01/2017 Agricultural Land/CSR2 Units d'ustment d'usted Units 184 184 200 00 60 0 176 1176 173 X35 j138 1362 J37 1325 ittp://www2. co.black-hawk.ia.us/website/bhmap/bhRepDet. asp?apn=8912153 01003 Page 2 of 9/6/201; krcIMS 'Viewer Page 1 of 1 Black Hawk Countv Real Estate and Tax Administration Locate Parcels by: Layers: ❑ SchoolsRefresh Map�� Map Tools 1. Parcel ID 2. Address 3. Sales ❑ 1. Subdivision 5. Transfer Document Subdivisions_ r4l 8111 z IA Summary of Data Parcel ID 8912-15-301-003 Deed Holder ROTTINGHAUS,JC 1 Deed Holder ROTTINGHAUS,DI 2 M Parcel 00000 00000 Address Legal NW SW SEC 15 T 12 EXC W Assessment 2016 Year Class A 100% Land 41,410 Value 2016 Payable $456.00 2017/2018 Detailed Report Property Photos Building Sketches Polling Location 2017-18 Tax Statement Exit Help ittp://www2.co.black-hawk.ia.us/website/bhmap/viewer.htm 9/6/201