HomeMy WebLinkAboutAbigail Land Holdings, LLC and 11T IA LLC - 232 Ricker Street - 3.7.2022rA)�
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llo CIA�ti° " OFFER TO BUY REAL ESTATE AND ACCEPTANCE
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TO: Abigail Land Holdings, LLC and 11T IA LLC , (Sellers):
1. REAL ESTATE DESCRIPTION. The Buyers offer to buy real estate in Black Hawk
County, Iowa, described as follows:
The North One-half of Lot No. Nine (9), in Block No. One (1) in MANSON'S
SECOND ADDITION in Waterloo, Iowa.
Locally known as 232 Ricker Street, Waterloo, IA 50703
with any easements and appurtenant servient estates, but subject to the following:
a. any zoning and other ordinances; b. any covenants of record; c. any easements
of record for public utilities, roads and highways; and d. (consider: liens, mineral
rights; other easements; interests of others.) designated the Real Estate; provided
Buyers, on possession, are permitted to make the following use of the Real Estate:
residential property.
2. PRICE. The purchase price shall be $23,000.00, payable at Waterloo, Black Hawk
County, Iowa, as follows:
Cash at closing
3. REAL ESTATE TAXES. Sellers shall pay any unpaid real estate taxes payable in prior
years. Buyers shall pay all subsequent real estate taxes. Any proration of real estate taxes
on the Real Estate shall be based upon such taxes for the year currently payable unless the
parties state otherwise. Taxes shall be prorated to date of possession.
4. SPECIAL ASSESSMENTS.
A. Sellers shall pay all special assessments which are a lien on the Real Estate as
of the date of acceptance of this offer
B. All other special assessments shall be paid by Buyers.
5. RISK OF LOSS AND INSURANCE. Risk of loss prior to Seller's delivery of possession
of the Real Estate to Buyers shall be as follows:
A. All risk of loss shall remain with Sellers until possession of the Real Estate shall
be delivered to Buyers.
6. CARE AND MAINTENANCE. The Real Estate shall be preserved in its present condition
and delivered intact at the time possession is delivered to Buyers, provided, however, if
5.a. is stricken and there is loss or destruction of all or any part of the Real Estate from
causes covered by the insurance maintained by Sellers, Buyers agree to accept such
damaged or destroyed Real Estate together with such insurance proceeds in lieu of the Real
Estate in its present condition and Sellers shall not be required to repair or replace same.
7. POSSESSION. If Buyers timely perform all obligations, possession of the Real Estate
shall be delivered to Buyers on May 1, 2022, with any adjustments of rent, insurance, and
interest to be made as of the date of transfer of possession.
8. FIXTURES. All property that integrally belongs to or is part of the Real Estate, whether
attached or detached, such as light fixtures, shades, rods, blinds, awnings, windows, storm
doors, screens, plumbing fixtures, water heaters, water softeners, automatic heating
equipment, air conditioning equipment, wall to wall carpeting, built-in items and electrical
service cable, outside television towers and antenna, fencing, gates and landscaping shall
be considered a part of Real Estate and included in the sale except: (consider: rental items.)
9. 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.
10. ABSTRACT AND TITLE. Sellers, at their expense, shall promptly obtain an abstract of
title to the Real Estate continued through the date of acceptance of this offer, and deliver it
to Buyers for examination. It shall show merchantable title in Sellers in conformity with
this agreement, Iowa law and Title Standards of the Iowa State Bar Association. The
abstract shall become the property of the Buyers when the purchase price is paid in full.
Sellers shall pay the costs of any additional abstracting and title work due to any act or
omission of Sellers, including transfers by or the death of Sellers or their assignees.
11. DEED. Upon payment of the purchase price, SELLERS shall convey the Property to
Buyers by Warranty deed, free and clear of all liens, restrictions, and encumbrances except
as provided in this Agreement. General warranties of title shall extend to the time of
delivery of the deed excepting liens or encumbrances suffered or permitted by Buyers.
12. JOINT TENANCY IN PROCEEDS AND IN REAL ESTATE. If Sellers, immediately
preceding acceptance of this offer, hold title to the Real Estate in joint tenancy with full
right of survivorship, and the joint tenancy is not later destroyed by operation of law or by
acts of the Sellers, then the proceeds of this sale, and any continuing or recaptured rights
of Sellers in the Real Estate, shall belong to Sellers as joint tenants with full rights of
survivorship and not as tenants in common; and Buyers, in the event of the death of either
Seller, agree to pay any balance of the price due Sellers under this contract to the surviving
Seller and to accept a deed from the surviving Seller consistent with paragraph 11.
13. JOINDER BY SELLER'S SPOUSE. Seller's spouse, if not a titleholder immediately
preceding acceptance of this offer, executes this contract only for the purpose of
relinquishing all rights of dower, homestead and distributive shares or in compliance with
Section 561.13 of the Iowa Code and agrees to execute the deed or real estate contract for
this purpose.
14. TIME IS OF THE ESSENCE. Time is of the essence in this contract.
15. REMEDIES OF THE PARTIES
A. If Buyers fail to timely perform this contract, Sellers may forfeit it as provided
in the Iowa Code, 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 such failure (during which thirty days such failure is not
corrected) Sellers may declare the entire balance immediately due and payable.
Thereafter this contract may be foreclosed in equity and the Court may appoint a
receiver.
B. If Sellers fail to timely perform this contract, Buyers have the right to have all
payments made returned to them.
C. Buyers and Sellers also are entitled to utilize any and all other remedies or
actions at law or in equity available to them and shall be entitled to obtain judgment
for costs and attorney fees as permitted by law.
16. STATEMENT AS TO LIENS. If Buyers intend to assume or take subject to a lien on the
Real Estate, Sellers shall furnish Buyers with a written statement from the holder of such
lien, showing the correct balance due.
17. SUBSEQUENT CONTRACT. Any real estate contract executed in performance of this
contract shall be on a form of the Iowa State Bar Association.
18. APPROVAL OF COURT. If the sale of the Real Estate is subject to Court approval, the
fiduciary shall promptly submit this contract for such approval. If this contract is not so
approved, it shall be void.
19. CONTRACT BINDING ON SUCCESSORS IN INTEREST. This contract shall apply to
and bind the successors in interest of the parties.
20. CONSTRUCTION. Words and phrases shall be construed as in the singular or plural
number, and as masculine, feminine or neuter gender, according to the context.
21. 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" or 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 Office of Foreign Assets Control; and are not engaged in this transaction, directly
or indirectly on behalf of, 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
all claims, damages, losses, risks, liabilities and expenses (including attorney's fees and
costs) arising from or related to my breach of the foregoing certification.
22. TIME FOR ACCEPTANCE. If this offer is not accepted by Sellers on or before March
4, 2022 it shall become void and all payments shall be repaid to the Buyers.
23. INSPECTION OF PRIVATE SEWAGE DISPOSAL SYSTEM.
A. Seller represents and warrants to Buyer that the Property is not served by a
private sewage disposal system, and there are no known private sewage disposal
systems on the property.
24. OTHER PROVISIONS.
Dated 3/7/2022
Qven4;n H�.4
Quentin Hart, Mayor, Waterloo, Iowa,
City of Waterloo, Iowa acting by and
through Community Development
Board, BUYERS
Address : 715 Mulberry Street,
Waterloo Iowa, 50703
Telephone: 319-291-4327
Accepted this day of
, 2022
Abilgail Land Holdings, LLC
By:
Manager
11T IA LLC
By:
Manager
Addendum for
Inspection of Private Sewage Disposal System
Buyer and Seller agree on the following initialed alternative to comply with the time of transfer
inspection of private sewage disposal systems:
There is a private sewage disposal system on this Property which serves the Property.
Seller has obtained or shall obtain at Seller's expense within days a
certified inspector's report which documents the condition of the private sewage disposal
system, that it is of sufficient capacity to serve the Property, that the continued use of the
system is permitted, and whether any modifications are required to conform to standards
adopted by the Department of Natural Resources. Seller shall attach the inspection report
to the Groundwater Hazard Statement to be filed at closing.
If Seller receives an unsatisfactory report, the basis of which cannot be resolved between
Buyer and Seller within days of delivery of a copy to Buyer, then upon
written notice from Buyer to Seller, this agreement shall be null and void and all earnest
money paid hereunder shall be returned immediately to Buyer.
There is a private sewage disposal system on this Property. Weather or other temporary
physical conditions prevent the certified inspection of the private sewage disposal system
from being conducted. Buyer shall execute a binding acknowledgment with the County
Board of Health to conduct a certified inspection of the private sewage disposal system at
the earliest practicable time and to be responsible for any required modifications to the
private sewage disposal system as identified by the certified inspection. Buyer shall
attach a copy of the binding acknowledgment to the Groundwater Hazard Statement to be
filed at closing. When the inspection is completed, an amended Groundwater Hazard
Statement shall be filed with the certified inspection and shall include the document
numbers of both the real estate transfer document and the original Groundwater Hazard
Statement
Seller agrees at closing to deposit the sum of $ Dollars into escrow with
("Escrow Agent") to reimburse Buyer for expenses incurred for the cost of
the inspection and any required modifications to the private disposal system. Escrow
Agent shall pay to Buyer, up to the amount held in escrow, amounts for required
modifications after any such modifications are completed and upon submission to Escrow
Agent of a detailed invoice. If no modifications are required, the entire escrow account
shall be returned to Seller. Any funds remaining in the escrow account after any required
modifications shall be returned to Seller. Seller shall not be responsible for any cost in
excess of the escrow deposit.
There is a private sewage disposal system on this Property. The building to which the
sewage disposal system is connected will be demolished without being occupied. Buyer
shall execute a binding acknowledgement with the county board of health to demolish the
building within an agreed upon time period. Buyer shall attach a copy of the binding
acknowledgement to the Groundwater Hazard Statement to be filed at closing.
There is a private sewage disposal system on this Property. The private sewage disposal
system has been installed within the past two years pursuant to permit number