HomeMy WebLinkAboutLockard Realty-Purchase Agreement-04.27.2009 . (1.27-' 7
98-102 Adopted by the Waterloo-Cedar Falls Board of REALTORS®1998(Revised 8/04) ii v'`�4• ��� 3�
Adopted by the Black Hawk County Bar Association 2004
I E 'NI IICIPAR
RE AL TO R'H' LOCKARD
REALTY
PURCHASE AGREEMENT Date April 17 ,2009
TO: WATERLOO INDUSTRIAL DEVELOPMENT (Seller)
FROM: CITY OF WATERLOO (Buyer)
As joint tenants with full rights of survivorship unless otherwise specified.
Buyer offers to buy:6.881 acres located on W Airline Hwy, Waterloo, IA 50703
Legally described as: See attached "Exhibit A"- Legal Description and Plat of Survey for Parcel "F"
recorded with the City of Waterloo, Black Hawk County, IA on April 15, 2009
SUBJECT TO RESTRICTIVE COVENANTS, ORDINANCES, AND LIMITED ACCESS PROVISIONS OF RECORD
IF ANY, AND TO EXISTING EASMENTS, 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 andirons; 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$13,762.00
Earnest money of$1.00 to be held in trust byLockard Realty Trust
and the balance in cash to be paid at closing upon performance of Seller's obligations hereunder.
Closing to take place on or before Friday , the 15th day of May , 2009
Possession to be given to Buyer at closing or by at closing AM ❑ PM ❑
the day of Buyer agrees to take possession subject to rights of non-owner
occupants now in possession. YES Q NO ❑.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.
Buyer(s) Seller(s)
(Initials) (Initials)
Page 1 of 4
98-102
Property Address 6.881 acres located on W Airline Hwy,Waterloo, IA 50703
CHECK THE APPROPRIATE BOX.
1. CASH to be be paid at closing. Buyer may have access to property purchased for appraisal;however,this agreement
be paid by the Buyer.
is not cot. FINANCING. This agreement is subject tootBuy r obtaining U assuming U a commitment for a
Conventional ❑Insured Conventional U FHA U VA mortgage loan on said property at an initial interest rate not to
exceed %per annum FRM U ARM U amortized over a period of years.All costs incurred in securing such
mortgage shall be paid by the Buyer unless otherwise noted in paragraph 6 herein. Buyer agrees upon acceptance of this
agreement to immediately make application for such mortgage loan with a lender and to make a good faith effort to obtain
a mortgage commitment and proceed toward closing as above provided. Buyer shall obtain such mortgage commitment
on or before , 200 . Within this same period, Buyer shall notify Seller, in writing, that Buyer
has secured said mortgage commitment and that this contingency is removed. If Buyer, after a good faith effort has not
obtained a written mortgage commitment and given such written contingency removal notice within this same time period,
this agreement shall be null and void and the earnest money shall be returned to Buyer.
U 3. INSTALLMENTS. Earnest money of $ , to be held in trust
by and $ upon execution of a Uniform Real Estate
Contract on or before possession date, in which Buyer agrees to pay the remaining balance of$
at the rate of$ or more, per month, including interest, until the entire purchase price is paid, with
interest from date of possession at the rate of %per annum until paid.Such interest is to be computed monthly upon
the balance owing at the beginning of each respective interest computation period.Such monthly payments shall commence
on the day of , and shall be paid at a place designated by Seller. Any payment
delinquent for more than 30 days shall draw interest at % per annum compounded monthly. Notwithstanding the
payment provisions herein the outstanding balance of principal and interest shall be paid on or before the day of
. If Seller presently has a mortgage or land contract obligation on subject property,
Seller may declare this agreement null and void if mortgage accelerates said mortgage or raises the interest rate thereon
to a rate exceeding % per annum,or if the underlying contract prohibits an installment sale.The contract shall be on
the terms and conditions of the Black Hawk County Conference REALTORS®and Lawyers Standard Form 162A revised
January, 1996, or the legal equivalent thereof. All parties agree to execute and deliver said contract concurrently with
delivery of possession or payment of the balance of the downpayment,whichever occurs first. Settlement fee, if any, shall
be paid by the Buyer.
4. ASSUMPTION/ASSIGNMENT. If this transaction contemplates a mortgage assumption or contract assignment, Buyer
may declare this agreement null and void and demand a return of their earnest money if mortgagee accelerates said
mortgage or raises the interest rate thereon to a rate exceeding % per annum or if underlying contract is not
assignable. This agreement is subject to Seller's release of liability on the existing mortgage or contract Yes( ) No( )to be
determined on or before
5. TAXES AND ASSESSMENTS. Seller shall pay prorated to closing of the installment of
general property taxes on said property which become delinquent if not paid on or before and
all prior installments. Buyer shall pay all subsequent installments. If any installment of general property taxes is to be
prorated and is 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 thereof, except those for
improvements which have not been completed and accepted by the City Council on the date thereof, which Buyer will pay.
Buyer(s) Seller(s)
(Initials) (Initials)
Page 2 of 4
98-102
Property Address6.881 acres located on W Airline Hwy, Waterloo, IA 50703
6. OTHER TERMS/CONDITIONS THIS PURCHASE AGREEMENT IS SUBJECT TO:
1) Buyer acknowledges and accepts existing contract with farmer of the+/-6.881 acres that is farmable. This contract is
in place until September 2009. Buyer shall receive all rental payments for the 2009 season attributable to the 6.881
acres.
2) At closing, Buyer shall reimburse Seller for fifty percent(50%)of all survey costs associated with splitting the land into
two separate parcels.
7. 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,
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.
8. INSPECTION OF PROPERTY. The Buyer is responsible for making their own inspection of any property for
which they make an offer. (It is understood that these provisions are independent of any lender requirements for
financing approval.)
WITHIN 3 days after the acceptance date of this agreement or on or before
Buyer may, at their expense, have the property inspected by a person(s) of their choice to identify any pest infestation or
environmental concerns and to determine if there is any structural, mechanical, plumbing, electrical, or other deficiency.
Within this same period,the Buyer may notify the Seller in writing of any deficiency(s)the Buyer wants remedied.The Seller
shall give immediate notice to the Buyer in writing which steps, if any, the Seller will take to remedy any deficiency before
closing. The Buyer shall then immediately notify the Seller in writing 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.
9. 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 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.
10. TITLE PAPERS AND ABSTRACT. At the time of the final payment hereunder, the Seller shall convey the premises
to the Buyer by warranty 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.
11. 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 promptly proceed to a hearing for Court approval. In that event a Court Officer's Deed shall be used to convey title.
Buyers) Seller(s)
(Initials) (Initials)
Page 3 of 4
98-102
Property Address 6.881 acres located on W Airline Hwy, Waterloo, IA 50703
12. 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.)
13. 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.
14. 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, recision, or specific performance), and the prevailing party shall further be
entitled to obtain judgment for costs and attorney fees.
15. 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.
16. ADDENDUMS ATTACHED TO THIS OFFER INCLUDE:
SPECIFIC PROPERTY AGENCY DISCLOSURE AGREEMENT
SELLER DISCLOSURE OF PROPERTY CONDITION YES iJ NO U NOT APPLICABLE
LEAD BASE PAINT DISCLOSURE YES ❑ NO ❑ NOT APPLICABLE(]
17. 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.
18. 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
of , , it shall become null and void and the earnest money shall be
returned to the Buyer without liability on the part of either party.
19. SELLER HEREBY ACCEPTS J COUNTERS J 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
BUYER SELLER
BUYER SELLER
ADDRESS ADDRESS
Jack E. Jennings/Lockard Realty Co.
PRINT NAME OF SELLING LICENSEE/BROKERAGE COMPANY
Jack E. Jennings/Lockard Realty Co.
PRINT NAME OF LISTING LICENSEE/BROKERAGE COMPANY
FINAL ACCEPTANCE DATE:
This form has been made available by the Waterloo-Cedar Falls Board of REALTORS®for the convenience of its Brokers and their clients and customers and has been
copyrighted by Waterloo-Cedar Falls Board of REALTORS®which makes no warranty of the legal effectiveness of this form and disclaims any liability for damages resulting
from its use.By use of this form the parties agree to this limitation and release the Waterloo-Cedar Falls Board of REALTORS®and all Brokers,agents,and subagents,from any
liability arising out of its use.This form shall not be reproduced,in whole or in part,without the prior written consent of the Waterloo-Cedar Falls Board of REALTORS.®
Page 4 of 4
ATTACHMENT: EXHIBIT "A":
LEGAL DESCRIPTION:
A SURVEY OF PARCEL"F"IN THE SOUTHWEST QUARTER(SW 1/4)OF SECTION
3,TOWNSHIP 89 NORTH(T89N),RANGE 13 WEST(RI3W),OF THE FIFTH PRINCIPAL
MERIDIAN (5TH P.M.), CITY OF WATERLOO, BLACK HAWK COUNTY, STATE OF
IOWA,MORE PARTICULARLY DESCRIBED AS FOLLOWS:
COMMENCING AT THE SW CORNER OF SAID SW 1/4 OF SECTION 3; THENCE
N90°00'00"E, 1,327.73 FEET ALONG THE SOUTH LINE OF THE SW 1/4 OF SAID
SECTION TO A POINT ON THE EAST LINE OF THE SOUTHWEST QUARTER OF THE
SOUTHWEST QUARTER (SW 1/4, SW 1/4) OF SAID SECTION; THENCE N01°21'10"E,
60.00 FEET ALONG SAID EAST LINE, TO A POINT ON THE CURRENT NORTH LINE
OF AIRLINE HIGHWAY, A VARIABLE WIDTH PUBLIC RIGHT OF WAY, AND THE
POINT OF BEGINNING; THENCE CONTINUING NOI°21'10"E, 478.14 FEET ALONG
SAID EAST LINE OF THE SOUTHWEST QUARTER OF THE SOUTHWEST QUARTER
(SW 1/4,SW 1/4)OF THE SECTION,TO A POINT ON THE NORTH LINE OF THE SOUTH
538.00 FEET OF SAID QUARTER; THENCE N90°00'00"W, 651.38 FEET ALONG A LINE
PARALLEL TO AND 538.00 FEET NORMALLY DISTANT FROM THE SOUTH LINE OF
SAID SW 1/4 OF THE SECTION,TO A POINT ON A LINE PARALLEL TO AND 675 FEET
NORMALLY DISTANT FROM THE WEST LINE OF SAID SW 1/4 OF THE SECTION;
THENCE SOI°28'55"W, 465.46 FEET ALONG A LINE PARALLEL TO AND 675 FEET
NORMALLY DISTANT FROM THE WEST LINE OF SAID SW 1/4 OF THE SECTION,TO
A POINT ON THE CURRENT NORTH RIGHT OF WAY LINE; THENCE N82°24'20"E,
62.51 FEET ALONG SAID RIGHT OF WAY LINE; THENCE N90°00'00"E, 499.78 FEET,
CONTINUING ALONG SAID NORTH RIGHT OF WAY LINE;THENCE S77°28'51"E,92.27
FEET CONTINUING ALONG SAID NORTH RIGHT OF WAY LINE, TO THE POINT OF
BEGINNING,CONTAINING 299,737.9 SQ.FT.OR 6.881 ACRES.
A SURVEY OF PARCEL "G" IN THE SOUTHWEST QUARTER (SW 1/4) OF
SECTION 3,TOWNSHIP 89 NORTH(T89N), RANGE 13 WEST(RI3W), OF THE FIFTH
PRINCIPAL MERIDIAN (5TH P.M.), CITY OF WATERLOO, BLACK HAWK COUNTY,
STATE OF IOWA,MORE PARTICULARLY DESCRIBED AS FOLLOWS:
COMMENCING AT THE SW CORNER OF SAID SW 1/4 OF SECTION 3; THENCE
N90°00'00"E, 1,327.73 FEET ALONG THE SOUTH LINE OF THE SW 1/4 OF SAID
SECTION TO A POINT ON THE EAST LINE OF THE SOUTHWEST QUARTER OF THE
SOUTHWEST QUARTER (SW 1/4, SW 1/4) OF SAID SECTION; THENCE NOI°21'10"E,
538.14 FEET ALONG SAID EAST LINE OF THE SOUTHWEST QUARTER OF THE
SOUTHWEST QUARTER (SW 1/4, SW 1/4) OF THE SECTION, TO A POINT ON THE
NORTH LINE OF THE SOUTH 538.00 FEET OF SAID QUARTER, AND THE POINT OF
BEGINNING OF THIS DESCRIPTION;THENCE CONTINUING N01°21'10"E, 790.65 FEET
ALONG SAID EAST LINE OF THE SOUTHWEST QUARTER OF THE SOUTHWEST
QUARTER (SW 1/4, SW 1/4) OF THE SECTION, TO THE NORTHEAST CORNER OF
SAID SOUTHWEST QUARTER OF THE SOUTHWEST QUARTER(SW 1/4, SW 1/4) OF
THE SECTION; THENCE N89°55'09"W, 924.96 FEET ALONG SAID NORTH LINE OF
THE SOUTHWEST QUARTER OF THE SOUTHWEST QUARTER (SW 1/4, SW 1/4) OF
THE SECTION, TO A POINT ON A LINE PARALLEL TO AND 400 FEET NORMALLY
DISTANT FROM THE WEST LINE OF SAID SW 1/4 OF THE SECTION; THENCE
S01°28'55"W, 779.84 FEET,ALONG A LINE PARALLEL TO AND 400 FEET NORMALLY
DISTANT FROM THE WEST LINE OF SAID SW 1/4 OF THE SECTION,TO A POINT ON
THE NORTH LINE OF THE SOUTH 538.00 FEET OF SAID QUARTER; THENCE
S90°00'00"E, 926.47 FEET, ALONG SAID LINE TO THE POINT OF BEGINNING,
CONTAINING 732,208.1 SQ.FT.OR 16.809 ACRES.
09A47-M&B2.doc
SHEET NO.2 OF 2
KIRK D. ESCHLIMAN, P.L.S., A. LIC. NO. 9961, 819 SYCAMORE STREET, WATERLOO, IA. 50703-47 29 PHONE: 319-234-0509 FAX: 319-236-3597
r PLAT OF SURVEY
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LEGAL DESCRIPTION:
(SEE ATTACHMENT: EXHIBIT "A")
THIS PLAT OR SUBDIVISION HAS BEEN
REVIEWED BY CITY OF WATERLOO.
Yeft-g..".01/- Y/s/05
CITY PLANNER OR DESIGNEE DATE
I HEREBY CERTIFY THAT THIS LAND SURVEYING DOCUMENT CURRENT OWNER:WATERLOO INDUSTRIAL �
tP uw•,,,:t
WAS PREPARED AND THE RELATED SURVEY WORK WAS 'ts r.••^•.,d"�.. DEVELOPMENT ASSOC. '.7".
PERFORMED BY ME OR UNDER MY DIRECT PERSONAL ill �t . PER BLACK HAWK COUNTY RECORDER'S rxl
SUPERVISI•' . THAT I AM A DULY LICENSED LAND _ 'k D. 1 1 OFFICE:DEED BOOK 505, PAGE 671 GRAPHIC SCALE tl
RVEY.• • WS OF THE STATE OF IOWA. 't Es 999961 ant FOR: WATERLOO INDUSTRIAL OEYELOPNENT ASSOC. 0 200 400
.411 �. w�{ ' �`, '-.,, /., UNASSIGNED ADDRESS AIRLINE HIGHWAY V V �
aP-�0 ��`s( "'x• •' WATERLOO,WYIA 1 Inch = 200 Ft.
tan.„„„.'
KIRK N. ESCHLIMAN, P.L.S. IOWA LIC. NO. 9961
MY LICENSE RENEWAL DATE IS DECEMEiER 31, 2009 - E',::•., RED. BY:JACK JFNNINGS/LOCXHARD REALTY ^><^ DENOTES ASSUMED HEARING '''
PAGES OR SHEETS COVEREDSIGNATURE SEAL SHEET 1 OF 1 eCEDAR FALLS,IOWA " " DENOTES MONUMENT FOUND
BY THIS--__--@ ---- ----._ .'. "0" DENOTES MONUMENT SET O
KE S S Be ASSOCIATES, INC. i DATE D TE ELD //2 /1O/20009614 BY. CJP/KDE 0.00' DENOTES RECORD DIMENSION h;
819 SYCAMORE ST.. WATERLOO. IOWA 50703-4729 PHONE: (319) 234-0509 ,CADS FILE 09A476S1.DWG PROJECT NO.: 09A47 (0.00')DENOTES FIELD DIMENSION ,....
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