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HomeMy WebLinkAboutRuan Incorporated - RE Purchase Agmnt - 4.3.2023ACQUISITION CONTRACT THIS ACQUISITION CONTRACT (the "Contract") is made and entered into as of 1U4-t1 9, bjt3 , by and between Roan Incorporated ("Seller"), and City of Waterloo, Iowa, ("Buyer"). 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 Exhibit "A" attached hereto, City of Waterloo, State of Iowa, which includes the buildings, improvements and other fixtures thereon (also known as Parcel numbers 891230101012 and 891230101013). 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. 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 $ 0 . Seller is donating the Property to Buyer. The fair market value of the property is estimated at $13060.00. 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. Seller warrants that there are no tenants on the Property holding under a lease or otherwise in possession. 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: (a) Black Hawk County Iowa for taxes. (b) Unknown until completion of abstract continuation 7. Seller will furnish and deliver to Buyer an abstract of title 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 pay the cost of abstract continuation, or creation, as necessary. Seller agrees to obtain cote 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. 8. 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. 9. This Contract shall become effective only upon acceptance and approval of the Contract by the City Council of the City of Waterloo. 10. 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 both 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. Ruan Incorporated Signed: ,.vw~ C--1j By: I've( R 1) Its: e f-U (print nine) (title) APPROVAL RECOMMENDED BY: City Planning Staff APPROVED BY: Queniin .hare (Mayor) ATTEST: KCIMY �'efch1 (City Clerk) DATE APPROVED: 4/3/2023 (Date) 2 EXHIBIT "A" Property Description Lot 5 and the South 107 feet of Lot 4 of Auditors Bell Court Plat, Waterloo, Iowa.