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HomeMy WebLinkAboutCharles George Nichols Estate - Purchase Agreement - 5.22.2006 , 5 —a;;l—D (� . PURCHASE AGREEMENT Date pct,, a�- , 2006 TO:Executor of the Charles George Nichols Estate(Seller) FROM:City of Waterloo,Iowa(Buyer) Buyer offers to buy: 1016 Lafayette St.,Waterloo,IA 50703 Legally Described As:Northwest 37 1/2 feet of Lot 1 and Northwest 37 1/2 feet of Lot 4;all in Block 18, Original Plat Waterloo,Iowa,Black Hawk County,Iowa. SUBJECT TO RESTRICTIVE COVENANTS, ORDINANCES, AND LIMITED ACCESS PROVISIONS OF RECORD, IF ANY, AND TO EXISTING EASEMENTS, IF ANY. The property intended to be covered by the terms hereof shall include all buildings,storage sheds, land,rights, easements, and access necessary or appurtenant thereto and owned by Seller.Included,if now in or on said premises and owned by the Seller,are all fixtures including but not limited to: attached carpeting,window shades; blinds; curtain rods and hardware; lighting fixtures and bulbs; ceiling fans; built-in appliances and accessories;TV tower, antenna,rotor and controls;awnings;door chimes; fireplace grates and irons;mailbox; installed sump pumps;garage door openers and controls;and bushes, shrubs and other vegetation.Also included,if not rentals,are satellite dish,water softener and filtration systems,installed alarm devices,propane tanks and all other fixtures not hereinafter reserved by Seller in writing. RESERVED ITEMS: FOR THE SUM OF$15,070(Fifteen Thousand Seventy Dollars and no/100) Earnest money of$0 and the balance in cash to be paid at closing upon performance of Seller's obligations hereunder. Closing to take place on or before the 15th day of August,2006,provided that if Seller has not removed personal property items from the premises before said date,then the closing shall be postponed until after such cleanup has occurred to Buyer's satisfaction,in which case closing shall occur 14 days after Seller's notification to Buyer that cleanup has been completed. Possession to be given to Buyer on the date of closing.Buyer agrees to take possession subject to rights of non-owner occupants now in possession. YES()NO(x).Any rents shall be prorated to date of closing.Seller agrees to deliver to Buyer all existing keys and garage door controls no later than possession. CHECK THE APPROPRIATE BOX. 1. PAYMENT. Purchase Price to be paid at closing. Buyer may have access to property purchased for appraisal;however,this agreement is not contingent upon Buyer obtaining funds. Settlement fee,if any,shall be paid by the Buyer. 2.TAXES AND ASSESSMENTS. Seller shall pay the installment of general property taxes on said property prorated to Closing which become' delinquent if not paid on or before September 30,2007,and all prior installments.Buyer shall pay all subsequent installments.If any installment of general property taxes is to be prorated and if such taxes cannot be determined by the date of the settlement thereof,such prorating shall be based on' the amount of the last determinable installment,proportionately adjusted by any change in the assessed valuation attributable to capital improvements and which are determinable on the date of settlement.If closing takes place other than the date on the Purchase Agreement taxes shall be prorated to the revised date of closing, Buyer shall pay the cost of all street oilings which are not liens on the date hereof. Seller shall pay all sewage disposal assessments due and all special assessments which are liens against said premises on the date hereof,except those for improvements which have not been completed and accepted by the City Council on the date hereof,which Buyer will pay. 3. OTHER TERMS/CONDITIONS THIS PURCHASE AGREEMENT IS SUBJECT TO: a. Subject to Buyer obtaining approval from the Waterloo City Council on or before July 31,2006. b.Subject to Seller removing all personal property from property before closing. To allow Buyer sufficient time to verify compliance with this requirement and to prepare checks for closing,Seller must notify Buyer when ready for inspection no less than 14 days before the date of closing. 4. 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. Seller represents plumbing,heating and cooling,electrical systems,and appliances included in this purchase agreement to be in working order at the time of closing unless otherwise noted on attached Seller Disclosure of Property Condition.Seller agrees to remove all debris and personal property,not included herein,from the premises prior to possession.Buyer shall be permitted to make a"walk through"inspection of the property prior to possession or closing,whichever occurs first 5. INSPECTION OF PROPERTY.The Buyer is responsible for making their own inspection of any property for which they make an offer. This property is being sold"AS IS". Buyer Seller (Initials) (Initials) Page 1 of 2 f 6. RISK OF LOSS AND INSURANCE. Seller shall bear the risk of loss or damage to the property prior to closing or possession, whichever occurs first. Seller agrees to maintain existing insurance and Buyer may purchase additional insurance, 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 and damages or to declare this agreement null and void. The property shall be deemed substantially damaged or destroyed if it cannot be repaired to its present condition on or before the closing date. 7. TITLE PAPERS AND ABSTRACT. At the time of the final payment hereunder, the Seller shall convey the premises to the Buyer by court officer deed and shall furnish the Buyer an abstract of title that,in the case of platted property,begins with the recording of the proprietors plat of the subdivision,or with root of title, and that shows marketable record title to the premises vested in the Seller as of the date of this agreement between the parties hereto.Within a reasonable time after the execution of this agreement,such abstract,certified to a date subsequent to the date hereof,shall be submitted to the Buyer for examination. Buyer or Buyer's attorney shall either approve the title or point out specific objections. After all valid objections have been satisfied or provided for, Seller shall have no obligation to pay for further abstracting excepting any made necessary by his own affairs. 8. COURT APPROVAL. 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. 9. SURVEY. Buyer may, at Buyer's expense, prior to closing, have the property surveyed and certified by a Registered Land Surveyor$ If the survey shows any encroachment on the property or if any improvements located on the property encroaches on lands of others,the encroachment shall be treated as a title defect,if the survey is required under Iowa Code Chapter 354, Seller shall pay the cost thereof.(Chapter 354 applies only to land which has been divided using a metes and bounds description.) 10. RETURN OF EARNEST MONEY.Earnest money submitted as part of the purchase price of the above described property shall be returned to the Buyer in case this agreement is not accepted. Any other release of earnest money shall require informed written consent of all parties to this agreement. 11. REMEDIES OF THE PARTIES.If Buyer or Seller fails to timely fulfill the terms of this agreement,then the other party shall be entitled to utilize any and all remedies or actions at law or in equity which may be available to them (including but not limited to forfeiture, foreclosure, termination,rescission,or specific performance),and the prevailing party shall further be entitled to obtain judgment for costs and attorney fees: 12. THIS IS A LEGALLY BINDING CONTRACT. This document contains the entire agreement of the parties and supersedes all prior agreements or representations with respect to the property which are not expressly set forth herein. Any modification of this agreement must be in writing and signed and dated by all parties.TIME IS OF THE ESSENCE in the performance of each part of this agreement.If not understood,consult your attorney. 13. ADDENDUMS ATTACHED TO THIS OFFER INCLUDE: SELLER DISCLOSURE OF PROPERTY CONDITION YES O NO O NOT APPLICABLE(x) LEAD BASE PAINT DISCLOSURE YES O NO O NOT APPLICABLE(x) 14. NOTICE AND COUNTERPARTS. Any notice required under this agreement shall be deemed given when it is received in writing either by hand delivery, fax, return receipt requested mail, or electronic mail. Persons designated for receipt of any notice for the purpose of this agreement shall be the Seller and Buyer or their respective agents. A signed copy of this agreement, counteroffers, and all addendums or amendments to this agreement shall,taken together,constitute a single binding agreement. 15. ACCEPTANCE DATE.When accepted by the Seller,this agreement shall become a binding agreement for the sale of the above described property. If this agreement is not accepted by the Seller on or before the day of 2006, it shall become null and void and the earnest money shall be returned to the Buyer without liability on the part of either party. 16. SELLER HEREBY ACCEPTSO COUNTERSO the above agreement on If Seller has made a counteroffer by changing and initialing any terms,the counteroffer shall become null and void unless accepted and initialed by Buyer on or before If Buyer has made a counteroffer by changing and initialing any terms,the counteroffer shall become null and void unless accepted and initialed by Seller on or before City of Waterloo,Iowa Charles George Nichols Estate By:Timothy L ,Mayor By: Robert E.Myers Its: Executor �Attest- ancy Ecke i�Clerk Page 2 of 2 6.6 RISK OF LOSS AND INSURANCE. Seller shall bear the risk of loss or damage to the property prior to closing or possession, whichever occurs first. Seller agrees to maintain existing insurance and Buyer may purchase additional insurance, 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 and damages or to declare this agreement null and void. The property shall be deemed substantially damaged or destroyed if it cannot be repaired to its present condition on or before the closing date. 7. TITLE PAPERS AND ABSTRACT. At the time of the final payment hereunder,the Seller shall convey the premises to the Buyer by court officer deed and shall furnish the Buyer an abstract of title that,in the case of platted property,begins with the recording of the proprietors plat of the subdivision, or with root of title, and that shows marketable record title to the premises vested in the Seller as of the date of this agreement between the parties hereto. Within a reasonable time after the execution of this agreement,such abstract,certified to a date subsequent to the date hereof,shall be submitted to the Buyer for examination. Buyer or Buyer's attorney shall either approve the title or point out specific objections. After all valid objections have been satisfied or provided for, Seller shall have no obligation to pay for further abstracting excepting any made necessary by his own affairs. 8. COURT APPROVAL. 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. 9. SURVEY.Buyer may, at Buyer's expense, prior to closing, have the property surveyed and certified by a Registered Land Surveyor• If the survey shows any encroachment on the property or if any improvements located on the property encroaches on lands of others,the encroachment shall be treated as a title defect, if the survey is required under Iowa Code Chapter 354,Seller shall pay the cost thereof.(Chapter 354 applies only to land which has been divided using a metes and bounds description.) 10. RETURN OF EARNEST MONEY.Earnest money submitted as part of the purchase price of the above described property shall be returned to the Buyer in case this agreement is not accepted. Any other release of earnest money shall require informed written consent of all parties to this agreement. 11. REMEDIES OF THE PARTIES. If Buyer or Seller fails to timely fulfill the terms of this agreement,then the other party shall be entitled to utilize any and all remedies or actions at law or in equity which may be available to them (including but not limited to forfeiture, foreclosure, termination,rescission,or specific performance),and the prevailing party shall further be entitled to obtain judgment for costs and attorney fees. 12. THIS IS A LEGALLY BINDING CONTRACT. This document contains the entire agreement of the parties and supersedes all prior agreements or representations with respect to the property which are not expressly set forth herein. Any modification of this agreement must be in writing and signed and dated by all parties.TIME IS OF THE ESSENCE in the performance of each part of this agreement.If not understood,consult your attorney. 13. ADDENDUMS ATTACHED TO THIS OFFER INCLUDE: SELLER DISCLOSURE OF PROPERTY CONDITION YES()NO()NOT APPLICABLE(x) LEAD BASE PAINT DISCLOSURE YES O NO O NOT APPLICABLE(x) 14. NOTICE AND COUNTERPARTS. Any notice required under this agreement shall be deemed given when it is received in writing either by hand delivery, fax, return receipt requested mail, or electronic mail. Persons designated for receipt of any notice for the purpose of this agreement shall be the Seller and Buyer or their respective agents. A signed copy of this agreement, counteroffers, and all addendums or amendments to this agreement shall,taken together,constitute a single binding agreement. 15. ACCEPTANCE DATE.When accepted by the Seller,this agreement shall become a binding agreement for the sale of the above described property. If this agreement is not accepted by the Seller on or before the day of 2006, it shall become null and void and the earnest money shall be returned to the Buyer without liability on the part of either party. 16. SELLER HEREBY ACCEPTS()COUNTERS()the above agreement on If Seller has made a counteroffer by changing and initialing any terms,the counteroffer shall become null and void unless accepted and initialed by Buyer on or before If Buyer has made a counteroffer by changing and initialing any terms,the counteroffer shall become null and void unless accepted and initialed by Seller on or before City of Waterloo,Iowa Charles George Nic s state By:Timothy J.114Lrl , ayor By: Robert ers Its: Executor Attest: cy E e ity Clerk Page 2 of 2