Loading...
HomeMy WebLinkAboutM and G Capital, LLC - Acquisition Contract - 10/22/2018 ACQUISITION CONTRACT Parcel No. 120 PROJECT University Avenue Reconstruction Phase 2 THIS ACQUISITION CONTRACT(the"Contract")Is made and entered Into as of t ,2018 by and between M and G Capital LLC __("Seller"),and City of Waterloo,Iowa,("Buyer"). k I. Seller agrees to sell to Buyer, and Buyer agrees to buy, the following real estate and/or easement interests (the "Property"), described as: See plat and legal description attached as Exhibit "A", City of Waterloo, State of Iowa, which includes any 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 $ 1.070.00 , based on a fee title value of $2.14 per square foot. 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 dosing,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 If this Contract is not accepted by Seller or if it is rescinded by Buyer for failure of title or any other reason provided for in this Contract, then the earnest money shall be returned to Buyer.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. 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 sold 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. j 5. Seller warrants that there are no tenants on the Property holding under a lease except: . ! f 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: i tai Black Hawk County.Iowa for taxes bbl Unknown until completion of abstract continuation 7. Buyer may include mortgagees, lienholders, encumbrances and taxing authorities as payees on warrants as contract payment. Seller will furnish 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. Seiler 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. ffhis 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 x 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. I f 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 I f Seller. 10. Seller agrees to keep property hazard insurance coverage in force in a minimum amount equal to the Purchase ;5 Price, payable to all parties as their interests may appear,from the date of this Contract until delivery of the deed 1 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 i contract. 11. The Seller has agreed to sell the Property to the Buyer. Setter acknowledges if it fails to complete its duties of a performance under this Contract, Buyer may exercise its power of eminent domain to acquire the Property, j provided that the Property is deemed essential by the City Council to keep the project moving forward, or Buyer bBuyer s � nconversion with Seller, lra may exercise other remedies available under request and at no additional cos Buyer,to have transaction qualify as an conversionpursuant 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 if the Buyer chooses to perform a Phase I. In supplementation of the Phase 1, Seller agrees, no later than to disclose to Buyer all contamination of the Property by hazardous wastes and/or substances of which Seller has knowledge. is 13. 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 bath 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. **NAME**,**TITLE**,M and G Capital LLC SSN or EIN (Seller name] �Jj([/ �/ {�� SSN or EIN SELLER`S ACKNOWLEDGMENT: i STATE OF IOWA: ss: Acknowledged before me on '/ "/ by [as 1,14 it"WGL of Seller]. ,�lAI a� JANET SANBORN Commission Numoer 22481 * * MY C MISS IOtAE�.PIRE C� . /0 WW -,k" E tdry Public ] APPROV L RE ENDED i City Planning Staff (Date) F t 2 ATTEST: APPROVED BY: ' (City k) (Mayor) DATE APPROVED: BUYER'S ACKNOWLEDGMENT: STATE OF IOWA,BLACK HAWKCOUNTY,SS: 4 Acknowledged before me an \ /'a 1 by Quentin Hart and Kelley Felchle as Mayor and City Clerk, respectively,of the City of Waterloo,Iowa. Notary Pub i V 2 hp�At aF �A�tifGB tl ? �ORtIMISSION N0.71111229 s MyMISSiLON EXPIRES ,ti,Nh .3 2e+ 4 f G t { G i E. l 1: 3 I I f 3 EXHIBIT "A" PREPARED BY:MICHAEL R.FALGE P.L.S.8505 AECOM 501 SYCAMORE STREET,SUITE 222 WATERLOO,IOWA 50703 1-319-232-6531 ACQUISITION PARCEL ACQUISITION IN THE NAME OF THE CITY OF WATERLOO,IOWA UNIVERSITY AVENUE RECONSTRUCTION - WEST SECTION PROJECT PARCEL NO. 120 COUNTY PARCEL "V" OWNER:M & G CAPITAL,LLC COUNTY PARCEL LETTER "V" ACQUISITION 500 SQUARE ASSIGNED BY THE BLACK FEET OR 0.01 ACRE HAWK COUNTY AUDITOR'S OFFICE ON 10/09/2018 NNIV�RSfOEfD VENUe fFp 8K.909,PAGE 4573.Np 218j © 7 ACQUISITION COUNTY P.O.B.ACQ. PARCEL "V" COUNTY PARCEL "V" io M O FND. I/2"REBAR/YELLOW O CAP NO.8033 0 FND.I/2"REBAR/YELLOW CAP CAN NOT READ NUMBER PROJECT PARCEL 120 _ 0 COUNTY PARCEL "D" COUNTY PARCEL "H" MISC.BK.317,PAGE 770 MISC.BK.338,PAGE 955 > 0 0 D THE SOUTH 400'VACATED z MISC.BK.315,PAGE 329 PART OF THE NE 1/4 OF THE SE 1/4 ~ SEC.20,T 89 N,R 13 W SEE SHEET 2 OF 2 FOR BEARING/DISTANCE TABLE AND DESCRIPTION Location: Part of Parcel"D"that is recorded in Misc.Book 317,Page 770 �I in the Office of the Black Hawk County Recorded and situated ' in part of the Northeast 1/4 of the Southeast 1/4 of Section 20, Township 89 North,Range 13 West of the 5th P.M.,City of Waterloo,Black Hawk County,Iowa Requestor. City of Waterloo,Iowa 0 50 100 150 200 Proprietor. M&G Capital,LLC Surveyor: Michael R.Fagle Company: AECOM SCALE 501 Sycamore Street,Suite 222,Waterloo,Iowa,50703 Retum To: mike.faele@aecom.com(319)232-6531 • = FOUND 1/2"REBAR/NO CAP UNLESS OTHERWISE NOTED O = SET 1/2"REBAR WITH YELLOW PLASTIC CAP NO.8505 DATE S I GNED:OCTOBER 10,20 18 I hereby certify that this Land Surveying document was prepared by me or under my direct pers—I supervislon and his plat is Acq n °arcel Sury y not a Subdivision of Land ANDwy that I am a duty kgcensed Land Surveyor, // c 5t "• *p th of state of Iava. 20 19 Signed Datey� esus p= MICHAEL R.FRG Date 2 _•._••.••:: ,� License nwrber SOS My licenser —I date Is December 31,2010 Pages or sheets covered by this seal: AECOMSHEET I OF 2 SHE T I AND 2 OF 2' ACQUISITION PARCEL ACQUISITION IN THE NAME OF THE CITY OF WATERLOO,IOWA UNIVERSITY AVENUE RECONSTRUCTION - WEST SECTION PROJECT PARCEL NO. 120 COUNTY PARCEL "V" OWNER:M & G CAPITAL,LLC BEARING/DISTANCE ACQUISITION PROJECT PARCEL 120 (COUNTY PARCEL"V") 1 TO 2 R= 1010.00' L=85.54' 85.54'R LC= N 74 31 ` 24 " W 85.52' 85.51'R 2 TO 3 N 74 ° 41 25 " W 60.08' 60.11'R 3 TO 4 N 74 59 ` 47 " W 53.15' 53.15'R 4 TO 5 N 15 11 36 " E 65.23' 5 TO 6 N 59 55 12 " W 63.46' 1 6 TO 7 S 74 47 28 " E 61.33' 7 TO 5 S 15 11 36 " W 16.29' I DESCRIPTION:ACQUISITION PROJECT PARCEL 120 COUNTY PARCEL"V" i COMMENCING ATTHE INTERSECTION OF THE PRESENT WEST RIGHT-OF-WAY LINE OF TUNIS DRIVE AND THE PRESENT SOUTHERLY RIGHT-OF-WAY LINE OF UNIVERSITY AVENUE(FORMER U.S.HIGHWAY NO.218)AS ESTABLISHED BY DEED 489,PAGE 457,AT 136.00 FEET NORMALLY DISTANT FROM AND SOUTHWESTERLY OF THE CENTERLINE OF SAID FORMER U.S.HIGHWAY NO.218,ALSO BEING THE NORTHEASTERLY CORNER OF PARCEL"H"THAT IS SHOWN ON A PLAT OF SURVEY THAT IS RECORDED IN MISCELLANEOUS BOOK 338,PAGE 955,IN THE OFFICE OF THE BLACK HAWK COUNTY RECORDER;THENCE NORTHWESTERLY ON THE PRESENT SOUTHERLY RIGHT-OF-WAY LINE OF UNIVERSITY AVENUE(FORMER U.S.HIGHWAY NO.2u),ALSO BEING THE NORTHEASTERLY LINE OF SAID PARCEL"H",BEING A 1010.00-FOOT RADIUS CURVE CONCAVE SOUTHWESTERLY AND HAVING A 85.52-FOOT(85.51-FOOT RECORD)LONG CHORD BEARING NORTH 74°(DEGREES)31'(MINUTES)24"(SECONDS) WEST(ASSUMED BEARING FOR THE PURPOSE OF THIS DESCRIPTION), 85.54 FEET(85.54 FEET RECORD);THENCE NORTH 74°41'25"WEST ON THE PRESENT SOUTHERLY RIGHT-OF-WAY LINE OF UNIVERSITY AVENUE (FORMER U.S.HIGHWAY NO.218),ALSO BEING THE NORTHEASTERLY LINE OF SAID PARCEL"H", 60.08 FEET(60.11 FEET RECORD)TO THE NORTHWESTERLY CORNER OF SAID PARCEL"H"; THENCE NORTH 74'59'47"WEST ON THE PRESENT SOUTHERLY RIGHT-OF-WAY LINE OF UNIVERSITY AVENUE(FORMER U.S.HIGHWAY NO.218),ALSO BEING THE NORTHEASTERLY LINE OF PARCEL"D"THAT IS SHOWN ON A PLAT OF SURVEY THAT IS RECORDED IN MISCELLANEOUS BOOK 317,PAGE 770,IN THE OFFICE OF THE BLACK HAWK COUNTY RECORDER,53.15 FEET (53.15 FEET RECORD);THENCE NORTH 15°11'36"EAST ON THE PRESENT SOUTHERLY RIGHT-OF- WAY LINE OF UNIVERSITY AVENUE(FORMER U-S.HIGHWAY NO.218),ALSO BEING THE NORTHEASTERLY LINE OF SAID PARCEL"D",65.23 FEET TO THE POINT OF BEGINNING OFTHE PARCEL OF LAND HEREIN DESCRIBED;THENCE NORTH 59°55'12"WEST,63.46 FEET TO THE PRESENT SOUTHERLY RIGHT-OF-WAY LINE OF UNIVERSITY AVENUE(FORMER U.S.HIGHWAY NO. 218),ALSO BEING THE NORTHEASTERLY LINE OF SAID PARCEL"D";THENCE SOUTH 74°47'28" EAST ON THE PRESENT SOUTHERLY RIGHT-OF-WAY LINE OF UNIVERSITY AVENUE(FORMER U.S. HIGHWAY NO.218),ALSO BEING THE NORTHEASTERLY UNE OF SAID PARCEL"D",61.33 FEET; THENCE SOUTH 15'11'36"WEST ON THE PRESENT SOUTHERLY RIGHT-OF-WAY LINE OF k UNIVERSITY AVENUE(FORMER U.S.HIGHWAY NO.218),ALSO BEING THE NORTHEASTERLY LINE i OF SAID PARCEL"D",16.29 FEET TO THE POINT OF BEGINNING. 4 I CONTAINING 500 SQUARE FEET OR 0.01 ACRE. A=COM SHEET 2 OF 2 ; k 1 7 Prepared by Aric Schroeder City of Waterloo 715 Mulberry Street,Waterloo IA 50703—(319) 91-4366 TEMPORARY EASEMENT AGREEMENT t For consideration received, the undersigned does hereby grant and convey unto the City of i Waterloo, Iowa, a temporary easement across the following described property in the City of a Waterloo,Black Hawk County, State of Iowa: See attached Exhibit in conjunction with improvements related to the University Avenue Reconstruction Project Phase } i 2,Parcel 120,together with a right of ingress and egress thereon. e i. For d G C ital L By: 4 Its: 9 State of } County ) ss. i Acknowledged before me on / by ( as ���t�I Gam '!/ for M and G Capital L C. n n` [Seal] N , ry Public € �s 1%?A1 r�. JANET SANBORN Commission Numoer 224816 * My C M.L�SSIO EXPIRES t 7 r. a t 6 E e 8 5 9 ,r �.a UNIVERSITY ,E: a 61.3' -- m DO 63.4 w w 0 0 61.3' 15.0' tx m (� w w w w, 15.0' _s 120 0 20 FEET M AND G CAPITAL LLC o � ACQUISITION " LEGEND soo SF ro TEMPORARY RIGHT-OF-WAY LINES EASEMENT T a PERM.EASEMENT LINES 2 061 SF m — TEMP.EASEMENT LINES PARCEL 0 PERMANENT ACQUISITION 120 a � C CD PERM.UTILITY EASEMENT PHASE N N � N Q � 0 TEMPORARY EASEMENT 2 Figure 18 ID M Temporary Easement and Permanent Acquisition s � M AND G CAPITAL LLC N� University Avenue Reconstruction �.� Feb., 2018 Iowa Division -Waterloo,Iowa 6052899