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HomeMy WebLinkAboutWiley Young Lodge, III ad Alfreda Lodge-04.21.2008 Arrit.„14 s, c(,- REAL ESTATE PURCHASE AGREEMENT TO: Wiley Young'Lodge,UI, and Alfreda Lodge("Seller") FROM: Waterloo Housing Authority("Buyer") OFFER: Buyer hereby offers to buy, and the Seller by its acceptance agrees to sell, the real property situated in Waterloo, Black Hawk County, Iowa, in the 900 block of Oneida Street, designated as Black Hawk County Assessor parcel nos. 8913-24-281-013, 8913-24-281-014, and 8913-24-281-015, with legal description as set forth in abstract of title, together with any easements and appurtenant servient estates,but subject to any reasonable easements of record for public utilities or roads, any zoning restrictions, customary restrictive covenants and mineral reservations of record, if any (all of which interests are herein referred to as the "Property"), upon the following terms and conditions: p .�/ 1. EARNEST MONEY AND PURCHASE PRICE. The Purchase Price shall bek;•/ o`c?c�-oC of which $100.00 is on deposit with the law firm 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 closing, to be delivered to the Seller upon performance of Seller's obligations and satisfaction of Buyer's contingencies, if any. If this Agreement is not accepted by Seller or if it is rescinded by Buyer for failure of title or any other reason provided for in this Agreement, then the earnest money shall be returned to Buyer. Any other release of earnest money shall require the written consent of both parties. 2. POSSESSION AND CLOSING. If Buyer timely performs all obligations, possession of the Property shall be delivered to Buyer at closing. Closing shall occur on or before June 6, 2008, 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. 3. REAL ESTATE TAXES. Seller shall pay taxes prorated to the closing date and any unpaid real estate taxes payable in prior years. Buyer shall pay all subsequent real estate taxes. Unless otherwise provided in this Agreement, at closing Seller shall pay Buyer, or Buyer shall be given a credit for, taxes from the first day of July prior to possession to the date of possession based upon the last known actual net real estate taxes payable according to public records. However, if such taxes are based upon a partial assessment of the present property improvements or a changed tax classification as of the date of possession, such proration shall be based on the current levy rate, assessed value, legislative tax rollbacks and real estate tax exemptions that will actually be applicable as shown by the assessor's records on the closing date. 4. SPECIAL ASSESSMENTS, Seller shall pay at time of closing all installments of special assessments which are a lien on the Property as of closing, and all prior installments thereof. All charges for solid waste removal, sewage and maintenance that are attributable to Seller's possession, including those for which assessments arise after closing, shall be paid by Seller. Any preliminary or deficiency assessment which cannot be discharged by payment shall be paid by Seller through an escrow account with sufficient funds to pay such liens when payable, with 90/Z0 a9~d 59TZ# 3IOlS Sdfl 3Hl 9STBZb9TS9 TT:ST 900Z/OT/ti0 any unused funds returned to Seller. Buyer shall pay all other special assessments or installments not payable by Seller. 5. RISK OF LOSS AND INSURANCE. Seller shall bear the risk of loss or damage to the Property prior to closing. 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 of 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. 6. FIXTURES. Included with the Property shall be all fixtures that integrally belong to, are specifically adapted to or are a part of the real estate,whether attached or detached. 7. CONDITION OF PROPERTY. The Property as of the date of this Agreement, including buildings, grounds, and ail improvements, will be preserved by the Seller in its present condition until possession, ordinary wear and tear excepted. Seller sells the Property "AS IS" and makes no warranties, expressed or implied, as to the condition of the Property. Within 30 days after the acceptance of this Agreement, Buyer may, at its sole expense, have the property inspected by a person or persons of its choice to determine if there are any environmental or other deficiencies. Seller shall cooperate in providing reasonable access to Buyer's inspectors. Within this same period, the Buyer may notify the Seller in writing of any deficiency. The Seller shall immediately notify the Buyer in writing of what steps, if any, the Seller will take to correct any deficiencies before closing. The Buyer shall then immediately in writing notify the Seller that (1) such steps are acceptable, in which case this Agreement, as so modified, shall be binding upon all parties; or (2) that such steps are not acceptable, in which case this Agreement shall be null and void, and any earnest money shall be returned to Buyer. 8. ABSTRACT AND TITLE. Seller, at its expense, shall obtain an abstract of title to the Property continued through a date that is within thirty (30) days of the closing, and deliver it to Buyer's attorney for examination. It shall show marketable title in Seller in conformity with this Agreement, Iowa law, and title standards of the Iowa State Bar Association. The Seller shall make every reasonable effort to promptly perfect title. If closing is delayed due to Seller's inability to provide marketable title,this Agreement shall continue in force and effect until either party rescinds the Agreement after giving ten days' written notice to the other party. The abstract shall become the property of Buyer when the Purchase Price is paid in full, Seller shall pay the costs of any additional abstracting and title work due to any act or omission of Seller, including transfers by or the death of Seller or its assignees. Unless stricken, the abstract continuation shall be obtained from the Black Hawk County Abstract Company. 9, SURVEY. If a survey is required under Iowa Code Chapter 354, or city or county ordinances, Seller shall pay the costs thereof. Buyer may, at Buyer's expense prior to closing, have the Property surveyed and certified by a registered land surveyor. If the survey shows an encroachment on the Property or if any improvements located on the Property encroach on lands of others,the encroachments shall be treated as a title defect. 10. ENVIRONMENTAL MATTERS. 2 SO/CO 39Vd SOTZ# 380_S Sdn 3Hl 95T6Z79T59 TT:ST 880Z/OTib0 -- A, Seller warrants to the best of its knowledge and belief that there are no abandoned wells, solid waste disposal sites, hazardous wastes or substances, or underground storage tanks located on the Property, the Property does not contain levels of radon gas, asbestos, or urea-formaldehyde foam insulation which require remediation under current governmental standards, and Seller has done nothing to contaminate the Property with hazardous wastes or substances. Seller warrants that the property is not subject to any local, state, or federal judicial or administrative action, investigation or order, as the case may be, regarding wells, solid waste disposal sites, hazardous wastes or substances, or underground storage tanks. Seller shall also provide Buyer with a properly executed groundwater hazard statement showing no wells, solid waste disposal sites, hazardous wastes and underground storage tanks on the Property unless disclosed here: B. Buyer may at Buyer's expense, within 30 days after the date of acceptance of this Agreement, obtain a report from a qualified engineer or other person qualified to analyze the existence or nature of any hazardous materials, substances, conditions or wastes located on the Property. Seller shall cooperate in providing reasonable access to Buyer's inspectors and engineers. In the event any hazardous materials, substances, conditions or wastes are discovered on the Property, Buyer's obligation hereunder shall be contingent upon the removal of such materials, substances, conditions or wastes or other resolution of the matter reasonably satisfactory to Buyer. However,in the event Seller is required to expend any sum in excess of $1,000 to remove any hazardous materials, substances, conditions or wastes, Seller shall have the option to cancel this transaction and refund to Buyer all earnest money paid and declare this Agreement null and void, The expense of any inspection shall be paid by Buyer, The expense of �nGoa�lt action necessary it shall be paid by Seller, subject to Seller'sse make safe y hazardous material, substances, right to cancel this transaction as provided above. 11.DEED. Upon payment of the Purchase Price, Seller shall convey the Property to Buyer by warranty deed, free and clear of all liens,restrictions, and encumbrances except as provided in this Agreement. General warranties of the title shall extend to the time of delivery of the deed excepting liens and encumbrances suffered or permitted by Buyer. 12. JOINT TENANCY IN PROCEEDS AND IN REAL ESTATE. if Seller, immediately preceding acceptance of the offer, holds title to the Property in joint tenancy with full rights of survivorship, and the joint tenancy is not later destroyed by operation of law or by acts of the Seller, then the proceeds of this sale, and any continuing or recaptured rights of Seller in the Property, shall belong to Seller as joint tenants with full rights of survivorship and not as tenants in common; and Buyer in the event of death of any Seller, agrees to pay any balance of the price due Seller under this contract to the surviving Seller and to accept a deed from the surviving Seller. 13. JOINDER BY SELLER'S SPOUSE. Seller's spouse, if not a title holder immediately preceding acceptance, executes this Agreement only for the purpose of relinquishing all rights of dower, homestead, and distributive share or in compliance with Section 561.13 of the Code of Iowa and agrees to execute the deed or real estate contract for this purpose. 3 39ti'd SeiZ# 310__S Sdn 3Hl 95Z6Z1,9159 it 5r 800Z/FAT/b0 14.LIENS. Buyer does not intend to assume or take subject to any liens on the Property. Seller shall furnish Buyer prior to closing hehPropertyreleases lf have been disrom the c barged.any Failure to pens rovide ide n the Property showing that any and all liens on proof of same shall render this agreement null and void. 15. 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. 16. 1031 EXCHANGE. N/A. 17. APPROVAL OF COURT, N/A. 18. REMEDIES OF THE PARTIES. A. If Buyer fail to timely perform this Agreement, Seller may forfeit it as provided in the Iowa Code (Chapter 656), 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 Buyer's default(during which thirty days the default is not corrected), Seller may declare the entire balance immediately due and payable. Thereafter this Agreement may be foreclosed in equity and the Court may appoint a receiver. B. If Seller fails to timely perform this Agreement, Buyer has the right to have all payments made returned to it,or Buyer may require specific performance by Seller. C. Buyer and Seller are also entitled to utilize any and all other remedies or actions at law or in equity available to them, and the prevailing parties shall also be entitled to obtain judgment for costs and attorney fees. 19.NOTICE. Any notice under this Agreement shall be in writing and be deemed served when it is delivered by personal delivery or mailed by certified mail, addressed to the parties at the addresses given below. 20, GENERAL 'PROVISIONS. In the performance of each part of this Agreement, time shall be of the essence. Failure to promptly assert rights herein shall not, however, be a waiver of such rights or a waiver of any existing or subsequent default. This Agreement shall apply to and bind the successors in interest of the parties. This Agreement shall survive the closing. This Agreement contains the entire agreement of the parties and shall not be amended except by a written instrument duly signed by Seller and Buyer. Paragraph headings are for convenience of reference and shall not limit or affect the meaning of this Agreement. Words and phrases herein shall be construed as in the singular or plural number, and as masculine, feminine or neuter gender according to the context. 21.NO REAL ESTATE AGENT OR BROKER. Neither party has used the service of a real estate agent or broker in connection with this transaction. 22. ADDITIONAL PROVISIONS. 4 90/S 39 ,71 9eiz# sdn 3Hl 95I6Z7,9TS9 TT:ST 80ea/©i/ti0 A. The parties acknowledge that Buyer is acquiring the Property for economic development purposes. Buyer's rights and duties under this Agreement are assignable to any person or entity that will further the economic development objectives contemplated by Buyer. B. Special contingencies to effectiveness of Agreement. Notwithstanding any signatures below by representatives of Buyer,this Agreement is expressly subject to approval by the board of Buyer. 23. ENTIRE AGREEMENT. This Agreement represents the entire agreement between the parties, superseding all prior or contemporaneous understandings, negotiations, discussions, or agreements between the parties with respect to the subject matter hereof, 24. ACCEPTANCE. When accepted,this Agreement shall become a binding contract. If not accepted and delivered to Buyer on or before April 2, 2008, this Agreement shall be null and void. Seller accepts the terms hereof as of the date set forth below. Dated -f , , 2008. BUYER SELLER Waterloo Housing Authority • By: -� �Uiley'Young Lodge,III Title: � �—^ By: --- —Title: lfre Lodge — 5 90/90 SJVd SOT # 3dO1S Sdfl dHl 99IEt'9199 TT:ST 8006/01/V0 Ethyl Washington April 10, 2008 103 Irene Ct Waterloo, Iowa 50701 319-234-0657 Lots 17-18-19 Rose Hi►l 50x140 $6,000 Estimated Value Each 900 Block Oneida St Best Comp Sale Location across from 314-320 Madison Furaeson Park Sales: Size: Price: Buyer: 433 Beech 60x140 $4,667 John Rooff 3 Lots @ $14,000 115 Albany 60x140 $2,000 John Rooff 306 Madison 50x128 $3,000 Select Homes/Deeds 10 Lots @ $30,000 314-320 Madison 50x128 $6,000 John Rooff Each Lot 540 Colorado 60x142 $4,500 Frickson 324 Lester 51x144 $4,500 Wilson/Contract Listings: Owner: Lot 1 Bratnober 60x150 $5,000 Brinkema 320 Newell 60x140 $3,800 Bankowski 7 Lots Cloverdale Each 40x130 $4,000 Brinkema ;41- ,/;7/A'X'(. " Larry L. Moser Certified Residential Appraiser #CR01409 Moser Real Estate 814 Sheridan Rd. ' Waterloo, Iowa 50701 319-235-0050 ArcIMS Viewer Page 1 of 1 I j 1. 0 x is i3 r or/(....e...4.-5,.....4,----) c-e---2,-/c__ i ig (41) Map cwaled wit h*tfk -Copyright101 UM Inc ''I11'1d woc . �http://www2.co.black-hawk.ia.us/website/bhmap/MapFrame.htm 4/16/2008 Black I lavvk County Detailed Parcel Report Pa(Ic 1 of I BLACK HAWK COUNTY REAL ESTATE ASSESSMENT AND TAX INFORMATION Parcel ID Deed Holder Tax Mail to Address 8913-24-2$1-014 LODGE,WILEY YOUNG III LODGE,WILEY YOUNG III LODGE,ALFREDA LE LODGE,ALFREDA LE PDF No. Map Area Contract Buyer PO BOX 14603 7 EWTLO-12 MINNEAPOLIS, MN 55414-0603 Property Address Current Recorded Transfer 00000 Date Drawn Date Filed Recorded Document Type 00000-0000 8/22/2006 8/28/2006 2007 004848 D ASSESSED VALUES/CREDITS Year Class 2007 R 100% Land Dwelling Building M/E Total Acres Value 2,680 0 _0 0 2,680 0 Taxable Land 'Dwelling Building M/E Total (Value 11,181 10 0 0 1.181 f Year Class 1 2006 IR 100% Land Dwelling Building M/E Total Acres Value 2,500 0 0 0 2,500 0 Taxable Land Dwelling Building M/E Total Value 1,139 0 0 0 1,139 Year Class — 2005 R 1 100% Land Dwelling Building M/E Total Acres Value 2.500 0 0 0 2,500 0 Taxable Land Dwelling _Building M/E Total Value 1,150 0 0 0 1,150 TAX INFORMATION ASSESSMENT YEAR 2006 PAYABLE 2007/2008 Tax l 940001 -WATERLOO District Gross Value Taxable Value Military Exemption Levy Rate Gross Tax Net Tax Corp 2,500 1,139 0 _44.11066 $50.24 353 CO Nocorp 0 10 0 0 +$0.00 Homestead Credit Disabled Veteran Credit Property Tax Relief Credit Ag Credit Family Farm Credit Corp $0.00 $0.00 $0.00 $0.00 $0.00 _ Nocorp $0.00 LEGAL ROSE HILL FIRST ADDITION LOT 18 BLK 10 LAND Basis Front Rear Side 1 Side 2 _Lot Area Acres Front Foot 50 50 140 140 0 7000 0.161 Totals: 7000 0.161 http://wwv`2.co.black-hawk.ia.us/website/bhmap/bhRepDet.asp?apn=8913?4281014 4 II) 2ui)ti Black Hawk County Detailed Parcel Report Page 1 of 2 BLACK HAWK COUNTY E L ESTATE ASSESSMENT AND TAX INFORMATION Parcel ID Deed Holder Tax Mail to Address 8913-24-281-013 LODGE,WILEEY YOUNG III LODGE,WILEY YOUNG III LODGE,ALFREDA LE LODGE,ALFREDA LE PDF No. Map Area Contract Buyer PO BOX 14603 7 EWTLO-12 MINNEAPOLIS, MN 55414-0603 Property Address Current Recorded Transfer 00000 Date Drawn Date Filed Recorded Document Type 00000-0000 8/22/2006 8/28/2006 2007 004848 D ASSESSED VALUES/CREDITS Year Class 2008 Proposed Values Subject to Board of Review Action IR 100% Land Dwelling Building M/E Total Acres Value 2,680 0 0 0 2,680 0 Taxable Land Dwelling Building �M/E Total Value 2,680 0 0 0 2,680 Year Class 2007 R 100% Land Dwelling Building M/E Total Acres Value 2,680 0 0 0 2,680 0 Taxable Land Dwelling Building M/E Total Value 1,181 0 0 0 1,181 Year Class — 2006 R 100% Land Dwelling Building M/E Total Acres Value 2,500 0 0 0 2,500 0 Taxable Land Dwelling Building �M/E Total _ Value 1,139 0 �0 0 1,139 Year Class 2005 R 100% Land Dwelling Building M/E Total Acres Value 2,500 0 0 0 2,500 0 Taxable Land Dwelling Building M/E Total Value 1,150 0 0 0 1,150 TAX INFORMATION ASSESSMENT YEAR 2006 PAYABLE 2007/2008 Tax 940001 -WATERLOO District Gross Value Taxable Value Military Exemption Levy Rate Gross Tax Net Tax Corp 2,500 1,139 0 44.11066 $50.24 $50.00 Nocorp 0 0 0 0 .$0.00 Homestead Disabled Veteran Property Tax Relief Ag Family Farm Credit Credit Credit Credit Credit Corp $0.00 $0.00 $0.00 $0.00 $0.00 Nocorp $0.00 http://www2.co.black-hawk.ia.us/webs ite/bhmap/bhRepDet.asp?apn=8 9 1 3242 8 1 013 4/16,72008 Black 11a\NI County Detailed Parcel Report hoc 1 t�l 1 BLACK HAWK COUNTY REAL ESTATE ASSESSMENT AND TAX INFORMATION Parcel ID Deed Holder Tax Mail to Address 8913-24-281-014 LODGE,WILEY YOUNG IS LODGE,WILEY YOUNG IS LODGE,ALFREDA LE LODGE,ALFREDA LE PDF No. Map Area Contract Buyer PO BOX 14603 7 EWTLO-12 MINNEAPOLIS, MN 55414-0603 Property Address Current Recorded Transfer 00000 Date Drawn Date Filed Recorded Document Type 00000-0000 8/22/2006 8/28/2006 2007 004848 D ASSESSED VALUES/CREDITS Year Class 2007 _R 100% Land Dwelling Building M/E Total Acres Value 2,680 0 0 �0 2,680 0 Taxable Land Dwellinc IBuildina M/E !Total Value �1,181 0 0 0 1.181 I Year Class 2006 ,R 100% Land Dwelling Building M/E Total Acres Value 2,500 0 0 0 2,500 0 Taxable Land Dwelling Building M/E Total Value 1,139 0 0 0 1,139 Year Class 2005 R 100% Land Dwelling Building M/E Total Acres Value 2.500 0 0 0 2.500 0 Taxable Land Dwelling Building M/E Total Value 1,150 0 0 0 1.150 TAX INFORMATION ASSESSMENT YEAR 2006 PAYABLE 2007/2008 Tax 940001 -WATERLOO District Gross Value Taxable Value Military Exemption Levy Rate Gross Tax Net Tax Corp 2.500 1,139 0 44.11066 $50.24 550 '90 Nocorp 0 10 10 ,0 $0.00 Homestead Credit Disabled Veteran Credit Property Tax Relief Credit Ag Credit Family Farm Credit Corp $0 00 $0.00 $0.00 $0.00 $0.00 Nocorp $0.00 LEGAL ROSE HILL FIRST ADDITION LOT 18 BLK 10 LAND Basis Front _Rear Side 1 Side 2 _Lot Area Acres Front Foot 50 50 140 140 0 7000 '0.161 Totals: 7000 0.161 http:i/wvvvv2.co.black-havvk.ia.us/website/bhmap/bhRepDet.asp?apn=8913?4?8101-4 4 10 2u08 Black Hawk County Detailed Parcel Report Page 1 of 2 BLACK HAWK COUNTY E ESTATE ASSESSMENT AND TAX INFORMATION `I Parcel ID Deed Holder Tax Mail to Address 8913-24-281-015 LODGE,WILEY YOUNG III LODGE,WILEY YOUNG III LODGE,ALFREDA LE LODGE,ALFREDA LE PDF No. Map Area Contract Buyer PO BOX 14603 7 EWTLO-12 MINNEAPOLIS, MN 55414-0603 Property Address Current Recorded Transfer Date Drawn Date Filed Recorded Document Type 8/22/2006 8/28/2006 2007 004848 D SALES BUILDING PERMIT None Date Number Amount Reason 4/18/2007 IWA 0268 0 Demo/Rmvl ASSESSED VALUES/CREDITS Year Class 2008 Proposed Values Subject to Board of Review Action R 100% Land Dwelling Building M/E Total Acres Value 2,680 0 0 0 2,680 0 Taxable Land Dwelling Building M/E Total Value 2,680 0 0 0 2,680 Year Class 2007 R 100% Land Dwelling Building M/E Total Acres Value 5,350 8,420 0 0 13,770 0 Taxable Land Dwelling Building M/E Total Value 2,358 3,712 0 0 6,070 Year Class 2006 R 100% Land Dwelling Building M/E Total Acres Value 5,000 _8,000 0 0 13,000 0 Taxable Land Dwelling Building M/E Total Value 2,278 3,645 0 0 5,923 Year Class 2005 R 100% Land Dwelling Building M/E Total Acres Value 5,000 8,000 0 0 13,000 0 Taxable Land Dwelling Building M/E Total Value 2,300 3,680 0 0 5,980 AX INFORMATION ASSESSMENT YEAR 2006 PAYABLE 207/2008 Tax 940001 -WATERLOO District Gross Value Taxable Value Military Exemption Levy Rate Gross Tax Net Tax Corp 13,000 5,923 0 44.11066 $261.27 $262.00 Nocorp 0 0 0 0 $0.00 I I I I http://www2.co.black-hawk.ia.us/websi_te/bhmap/bhRepDet.asp?apn=891324281015 4/16/2008 C\C