HomeMy WebLinkAboutT&S Properties Management II, LLC - Acquisition Contract - 12/30/2019ACQUISITION CONTRACT
THIS ACQUISITION CONTRACT (the "Contract") is entered into as of 17�/31 !C
, by and
between T&S Properties Management II, LLC ("Seller"), and City of Waterloo, Iowa, ("Buyer").
1. Seller agrees to sell to Buyer, and Buyer agrees to buy, the following real estate and/or easement
interests (the "Property"), described as: See Exhibit "A" attached hereto, City of Waterloo, State of Iowa,
which includes the 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 grants Buyer the immediate right to
enter the Property for the purpose of gathering survey and soil data.
3. The Purchase Price shall be $ 54.311.46, broken down as follows:
Fee title for 2,708 sf
Temp. easement for 4,722 sf
Loss of concrete parking for 1,150 sf
$38,453.60
10,057.86
5,800.00
4. Possession of the Property shall be delivered to Buyer at closing, which shall occur on a date to be
determined by the parties hereafter, 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 said 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.
5. In undertaking the street improvement project (the "Project") to which this Contract relates, Buyer will
maintain access to Ansborough Avenue for Seller and its tenants across the Property by keeping half
of the entrance open for vehicular traffic.
6. Seller warrants that there are no tenants on the Property holding under a lease or otherwise in
possession.
7. 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 prorated to the closing date as required by Section 427.2 of the Code of Iowa, and
agrees to warrant merchantable title. Names and addresses of lienholders are: (a) First Security Bank
& Trust Company of Charles City, Iowa; (b) Black Hawk County, Iowa, for taxes
8. Seller also grants to Buyer a temporary easement as described on Exhibit "B" attached hereto, for
purposes of allowing Buyer, its employees, contractors and agents, a right of entry in, upon and onto the
Property for but not limited to surveying, grading, storing materials and equipment, and providing access
during construction of the intersection improvements project and facilities appurtenant thereto. The
temporary easement shall terminate upon the earlier of 12 months from the initiation of construction on
the Property by Buyer or acceptance of project improvements by the Waterloo city council.
9. Seller will furnish and deliver to Buyer an abstract of title for update at Buyer's expense, to be continued
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 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. Seller shall convey
the Property to Buyer by warranty deed, free and clear of all liens, restrictions, and encumbrances
except as provided in this Contract.
10. Each party agrees to indemnify and hold harmless the other party, its managers, officers, officials,
employees, contractors and agents, from and against any claims, demands, causes of action, costs,
expenses, damages or liabilities of any type or nature whatsoever, including but not limited to
reasonable attorneys' fees and expenses, arising from or in connection with the negligent acts or
omissions of the indemnifying party, its managers, officers, officials, employees, contractors or agents
upon or about the Property until completion of the Project.
11. 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 Seller.
12. This Contract shall become effective only upon acceptance and approval of the Contract by the City
Council of the City of Waterloo.
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 written instrument
signed by both parties. Time is of the essence of this Contract.
WHEREFORE, the parties have entered into this Acquisition Contract by their duly authorized
representatives as of the date first set forth above.
[signatures on next page]
2
T&S Properties Management II, LLC
By: 1
Title:
CITY AP
12.i1s,.0
City Planning Staff (Date)
Approved by:
Attest:
Date approved:
(Mayor)
hitiL
(CitIerk)
Lacation:
Requestor:
Proprietor.
Surveyor:
Surveyor Company:
Retum To:
Lot 8 Auditors Plat of Meadowdale
City of Waterloo
City of Waterloo Engineering Department
T & S Properties Management IL L.LC.
Jimmy D. Rose
Anent Design
Anent Design
62532nd Avenue SW
Cedar Rapids. IA 52404
ame ntmolt5lRm ail.com
i
IIIIIIMEITM
0 15 30
SCALE: 1"= 30'
60
PARCEL DESCRIPTION
PARCEL DESCRIPTION: ACQUISITION PLAT
PART OF THE LOT 8 OF AUDITOR'S PLAT OF PART OF MEA0OWDALE
B4 THE CRY OF WATERLOO. SLACK HAWK COUNTY, IOWA
COMMENCING AT THE NORTHEAST CORNER OF THE WEST 66 FEET
OF LOT 7 IN SAE) MEADOWDALE:
THENCE. SOUTH 89°05'46" WEST, 152.34 FEET ON THE SOUTH RIGHT
OF WAY LINE OF DOWNING AVENUE TO THE POINT OF BEGINNING;
THENCE, SOUTH 042902` EAST, 3.00 FEET:
THENCE. SOUTH 89.05'46" WEST, 22.76 FEET:
THENCE. SOUTH 0°2702" EAST, 105.00 FEEL
THENCE. SOUTH 2'1810" WEST, 159.25 FEET:
THENCE, SOUTH 0.29'02" EAST, 30.00 FEET TO THE SOUTH UNE OF LOT
8;
1HENCE. SOUTH 89°30'58" WEST, 4.00 FEET ON SAID SOUTH LINE OF
LOT 8 TO THE EAST RIGHT OF WAY UNE OF A NSBOROUGH AVENUE;
THENCE. NORTH 0°29'0T' WEST, 296.98 FEE ON SAID EAST RIGHT OF
WAY LINE TO THE NORTHWEST CORNER OF SAID LOT8:
THENCE, NORTH B9'0546" EAST. 34.50 FEET ON THE NORTH LINE OF
SAID LOT 8 TO THE POINT OF BEGINNING:
DESCRIBED PARCEL CONTAINS 2.708 SQUARE FEET.
LEGEND
0
•
(R)
P.O.B.
P.O.C.
PROPOSED RIGHT-OF-WAY ACQUISITION
PARCEL BOUNDARY
SET 3" DIA, REBAR W1 ALUM CAM 1309
FOUND MONUMENT
RECORD DIMENSION
POINT OF BEGINNING
POINT OF COMMENCEMENT
NOTES:
1. DISTANCES IN FEET AND DECIMALS THEREOF.
2. BEARINGS SHOWN ARE BASED ON THE IOWA
STATE PLANE COORDINATE SYSTEM, NORTH
ZONE (NAD83)
3. DELD WORK COMPLETED 3/20/2019
OWNER
T & S PROPERT•S MANAGEMENT II, LLC
4127 TEENA DRIVE
CEDAR FALLS, IOWA 50613
PREPARED FOR
CITY OF WATERLOO
ENGINEERING DEPARTMENT
ANSBOROUGH AVE./DOWNING AVE.
ROADWAY IMPROVEMENTS
CITY OF WATERLOO # TOF-284
IDOT #STP—A-8155(757)-86-07
SURVEYOR
AMENT DESIGN
JIMMY D. ROSE
625 32ND AVENUE SW
CEDAR RAPIDS, IA 52404
RIGHT-OFwAYACQUISJRON
1315-1325 ANSBORO UGH AVENUE
LOT 8AUOTTOR'S PLAT OFMFAOOWWALE
w
Z
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0 0
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EXISTING
R.O.W. LINE
P.O.B
Ti
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tri
1»
RIGHT--OF—WAY
ACQUISITION PLAT
PART OF LOT 8
AUDITOR'S PLAT OF MEADOWDALE
CITY OF WATERLOO. BLACK HAWK COUNTY, IOWA
DOWNING AVENUE
(66' R.O.W)
/
45
i'
S 89'05'46" W 152.34'
c:• (187.1')
P.O.C.
NE COR
OF WEST66'
OF LOT 7
LOT 8
AUDITOR'S PLAT OF PART OF
MEADOWDALE
PIN 8913-27-151-051
PROPOSED R.O.W. LINE
T & S PROPERTIES
MANAGEMENT B, LLC
WARRANTY DEED 00C #2009-00708
L
r
LINE TABLE
1S 0°29'02" E
B S 89°05'46" W
S 0°29'02" E
D S 89°30'58" W
N 89°05'46" E
5.00 SOUTH LINE LOT 8
(117.45')
LOT 9
EXISTING ROW UNE
3.00'
22.76'
30.00'
4.00'
34.50'
.".We
JIMMY D. ° :Mit
'•" 1ARD SDIWERM 110. 11309
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E ROSEE :* /!ii e20/9
tpp °• 11309 1 urtNSE RENEW/ ME IS DEFAMER 31. 2D10
IOWA
REMY R®Y UMW( OAT THIS WAD EL9E'1E1'S16 D005AW WAS
WR PREPARED AND £ RELATED MEW( SORE WAS PEREW 295 EY LE
W D 09 ULCER IRr4E PERSON* SU N NM TNT 1 All A CUM
MHO SWER9311 UNDER 050 0 OF TIE RATE OF 10'IM
CI•
Df111ff s180155gN 5 towno BY TM.
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.1Wtvw tR
Ct. 1,;...141
p1,,mmor; LJR-
5 5255 r; JDR
are April 16, 8:06am
F.1F.
DEN910N0E90RIPEION
DATE
AMENT DESIGN
CEDAR RAPIDS, IOWA
(319-378-140 1 )
EXHIBIT SHEET 2 OF 2
REV/BY: DATE
ACQUISITION PLAT
FOR THE CITY OF WATERLOO, IOWA
ADDRESS OF SURVEY:
1315-1325 ANSBOROUGH AVENUE
WATERLOO, IOWA, 50701
PROJECT PARCEL NO.
OWNER: T & S PROPERTIES MANAGEMENT II, LLC
4127 DEENA DRIVE
CEDAR FALLS, IA 50613
PARCEL NO. 8913-27-151-051
PARCEL DESCRIPTION: ACQUISITION PLAT
PART OF THE LOT 8 OF AUDITOR'S PLAT OF PART OF MEADOWDALE IN THE CITY OF
WATERLOO, BLACK HAWK COUNTY, IOWA
COMMENCING AT THE NORTHEAST CORNER OF THE WEST 66 FEET OF LOT 7 IN SAID
MEADOWDALE;
THENCE, SOUTH 89°05'46" WEST, 152.34 FEET ON THE SOUTH RIGHT OF WAY LINE OF
DOWNING AVENUE TO THE POINT OF BEGINNING;
THENCE, SOUTH 0°29'02" EAST, 3.00 FEET;
THENCE, SOUTH 89°05'46" WEST, 22.76 FEET;
THENCE, SOUTH 0°29'02" EAST, 105.00 FEET;
THENCE, SOUTH 2°18'10" WEST, 159.25 FEET;
THENCE, SOUTH 0°29'02" EAST, 30.00 FEET TO THE SOUTH LINE OF LOT 8;
THENCE, SOUTH 89°30'58" WEST, 4.00 FEET ON SAID SOUTH LINE OF LOT 8 TO THE EAST
RIGHT OF WAY LINE OF ANSBOROUGH AVENUE;
THENCE, NORTH 0°29'02" WEST, 296.98 FEET ON SAID EAST RIGHT OF WAY LINE TO THE
NORTHWEST CORNER OF SAID LOT 8;
THENCE, NORTH 89°05'46" EAST, 34.50 FEET ON THE NORTH LINE OF SAID LOT 8 TO THE
POINT OF BEGINNING;
DESCRIBED PARCEL CONTAINS 2,708 SQUARE FEET.
Page 2 of 2
TEMPORARY EASEMENT FOR
CONSTRUCTION EXHIBIT
0 15 30
SCALE: 1"= 30'
60
PART OF LOT 8
AUDITOR'S PLAT OF MEADOWDALE
CITY OF WATERLOO, BLACK HAWK COUNTY, IOWA
PARCEL DESCRIPTION
PART OF THE LOTS OF AUDITOR'S PLAT OF PART OF MEADOWDALE IN THE
CITY OF WATERLOO, BLACK HAWK COUNTY, IOWA
COMMENCING AT THE NORTHEAST CORNER OF THE WEST 66 FEET OF LOT 7
IN SAID ADDITION:
THENCE. SOUTH 89°05'46" WEST, 152.34 FEET ON THE SOUTH RIGHT OF WAY
LINE OF DOWNING AVENUE:
THENCE. SOUTH 0°29'02" EAST, 3.00 FEET:
THENCE. SOUTH 89'0E46" WEST. 1276 FEET TO THE POINT OF BEGINNING;
THENCE. SOUTH 0 29'02" EAST. 105.00 FEET;
THENCE SOUTH 2'1810' WEST, 50.15 FEET;
THENCE NORTH 89°01'00" EAST, 20.00 FEET:
THENCE. SOUTH 0°31'57' EAST. 81.00 FEET:
THENCE. SOUTH 89'36'34' WEST, 24.00 FEET;
THENCE. SOUTH 21810" WEST, 28.22 FEET;
THENCE SOUTH 0'29'02" EAST. 29.76 FEET TO THE SOUTH LINE OF LOT 8:
THENCE SOUTH 89'30'58" WEST. 10.00 FEET ON SAID SOUTH LINE OF LOT 8;
THENCE NORTH 0° 29' 02" WEST. 30.00 FEET;
THENCE. NORTH 2°18'10" EAST, 159.25 FEET:
THENCE. NORTH 0'29'02" WEST. 105.00 FEET;
THENCE, NORTH 89°05'46" EAST, 10.00 FEET TO THE POINT OF BEGINNING;
DESCRIBED PARCEL CONTAINS 4.722 SQUARE FEET.
LINE TABLE
S 0.2992" E
S 89'05'46" W
N 89'01'00" E
S 89'36'34" W
S 2'18'113" W
S 0°2992 E
S 89'30'58" W
N 0°29'02" W
N 89°05'46" E
//
3.00'
12.76'
20.00'
24.00'
28.22'
29.76'
10.00'
30.00'
10.00'
LEGEND
PROPOSED TEMPORARY EASEMENT
PARCEL BOUNDARY
• FOUND MONUMENT
P.O.B. POINT OF BEGINNING
P.O.C. POINT OF COMMENCEMENT
NOTES:
1. DISTANCES IN FEET AND DECIMALS THEREOF.
2. BEARINGS SHOWN ARE BASED ON THE IOWA
STATE PLANE COORDINATE STSIGM, NORTH
ZONE (NAD83)
3. FIELD WORK COMPLETED 3/30/2019
OWNER
T & S PROPERTIES
MANAGEMENT 11, LLC
4127 TEENA DRIVE
CEDAR FALLS, IOWA
50613
SURVEYOR
AMENT DESIGN
JIMMY D. ROSE
625 32ND AVENUE SW
CEDAR RAPIDS, IOWA 52404
PREPARED FOR
CITY OF WATERLOO
ENGINEERING DEPARTMENT
ANSBOROUGH AVE./DOWNING AVE.
ROADWAY IMPROVEMENTS
CITY OF WATERLOO # TOF-284
IDOT #STP-A-8155(757)-86-07
TEMPORARY EASEMENT
1315-1325 ANSBOROUGH AVENUE
3 LOT 8AUDITORS PIATOFAfEADOWOALE
T 8 S PROPERTIES
MANAGEMENT It, LLC
WARRANTY DEED DOC #2069-09708
1ri
0
0
DOWNING AVENUE
(66' R.O.W)
5 89'05'48" W 152.34'
\e�. P.O.B.
/ Io oui
/ ; o
O
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N
i /Io
/iv)
LOT 5
AUDITOR'S PLAT OF PART OF
MEADOWDALE
PIN 8913-27-151-051
I/ PROPOSED TEMPORARY
W // f EASEMENT
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PROPOSED r//,�//.//
R.O.W. LINE /2/'/ '/
n
/I
..4
o/'\L.A SOUTH LINE LOT 8
LOT 9
0.UM1141: ^ RVPR "ay.
Te WIT) 29,10,00am
JDR
P.O.C.
NE COR
OF WEST 66'
OF LOT 7
REVISIONOCSCRPTW
DATE
AMENT DESIGN
CEDAR RAPIDS, IOWA
(319-378-1401)
EXHIBIT SHEET 2 OF 2
REV/BY: DATE
TEMPORARY EASEMENT EXHIBIT
FOR THE CITY OF WATERLOO, IOWA
ADDRESS OF SURVEY:
1315-1325 ANSBOROUGH AVENUE
WATERLOO, IOWA, 50701
PROJECT PARCEL NO.
OWNER: T & S PROPERTIES MANAGEMENT II, LLC
4127 DEENA DRIVE
CEDAR FALLS, IA 50613
PARCEL NO. 8913-27-151-051
PARCEL DESCRIPTION: TEMPORARY EASEMENT
PART OF THE LOT 8 OF AUDITOR'S PLAT OF PART OF MEADOWDALE IN THE CITY OF
WATERLOO, BLACK HAWK COUNTY, IOWA
COMMENCING AT THE NORTHEAST CORNER OF THE WEST 66 FEET OF LOT 7 IN SAID
ADDITION;
THENCE, SOUTH 89°05'46" WEST, 152.34 FEET ON THE SOUTH RIGHT OF WAY LINE OF
DOWNING AVENUE;
THENCE, SOUTH 0°29'02" EAST, 3.00 FEET;
THENCE, SOUTH 89°05'46" WEST, 12.76 FEET TO THE POINT OF BEGINNING;
THENCE, SOUTH 0°29'02" EAST, 105.00 FEET;
THENCE, SOUTH 2°18' 10" WEST, 50.15 FEET;
THENCE, NORTH 89°01'00" EAST, 20.00 FEET;
THENCE, SOUTH 0°31'57" EAST, 81.00 FEET;
THENCE, SOUTH 89°36'34" WEST, 24.00 FEET;
THENCE, SOUTH 2°18' 10" WEST, 28.22 FEET;
THENCE, SOUTH 0°29'02" EAST, 29.76 FEET TO THE SOUTH LINE OF LOT 8;
THENCE, SOUTH 89°30'58" WEST, 10.00 FEET ON SAID SOUTH LINE OF LOT 8;
THENCE, NORTH 0° 29' 02" WEST, 30.00 FEET;
THENCE, NORTH 2°18' 10" EAST, 159.25 FEET;
THENCE, NORTH 0°29'02" WEST, 105.00 FEET;
THENCE, NORTH 89°05'46" EAST, 10.00 FEET TO THE POINT OF BEGINNING;
DESCRIBED PARCEL CONTAINS 4,722 SQUARE FEET.
Page 2 of 2