HomeMy WebLinkAboutJLS Partners Properties - Real Estate Contract - 8.19.2024 Prepared by: Christopher S.Wendland, P.O. Box 596,Waterloo, IA, 50704. 319-234-5701
Taxpayer address: JLS Partners Properties LLC,514 Adams Street,Waterloo, IA 50703.
NOTE: Conveyance from government entity. Exempt from declaration of value, groundwater hazard
statement and real estate transfer tax.
REAL ESTATE CONTRACT
This Real Estate Contract (the "Contract"), made and entered into as of , 2024, by and
between City of Waterloo, Iowa ("Seller") and JLS Partners Properties LLC ("Buyer"):
WITNESSETH, that the Seller sells to the Buyer and the Buyer purchases the following described real estate
(the"Property") situated in Black Hawk County, State of Iowa, to-wit:
Lot 11 in Block 15 in Highland, Waterloo, Iowa, Second Filing.
SUBJECT TO (a) easements, servitudes, conditions and restrictions of record; (b) current and future real estate real
property taxes and assessments subject to the agreements made herein; (c) general utility and right-of-way
easements serving the Property; and (d) restrictions imposed by the City zoning ordinances and other applicable law.
INCLUDED in this sale, if located in or on the Property and if owned by Seller, are all equipment, machinery, fixtures,
trade fixtures, and all other fixtures not hereinafter specifically reserved by Seller in writing.
1. THE TOTAL PURCHASE PRICE for the Property is Five Thousand Five Hundred and 00/100 Dollars
($5.500.00), payable to Seller at the address designated by Seller from time to time, as follows:
(a) Four Thousand Nine Hundred Ninety-Nine Dollars ($5,499.00) upon execution of this Contract.
Seller acknowledge prior receipt of$1,000.00 earnest money.
(b) The balance of the purchase price will be due and payable in full on or before September 1, 2026.
2. POSSESSION is to be given Buyer on the date of execution of this Contract by both parties. Seller
represents that there are no other parties currently in possession.
3. TAXES AND ASSESSMENTS. The Property is currently exempt from property taxes. Buyer will pay all
future general property taxes and special assessments prior to becoming delinquent.
4. INSURANCE. From and after delivery of possession, Buyer shall provide fire and extended coverage
insurance on said premises at least equal to $80,000 in a company acceptable to Seller, all policies to protect the
interest of both parties hereto as their interests may appear. Buyer shall promptly provide to Seller a certificate of
insurance naming Seller as an additional insured.
5. RENTS. Intentionally omitted.
6. TITLE. At the time of final payment hereunder, the Seller shall convey the Property to the Buyer by QUIT
CLAIM DEED. Buyer shall be responsible, at its sole cost and expense, to obtain whatever evidence of title that it
desires.
7. CARE OF PROPERTY. No improvements placed upon the Property, or now thereon, shall be removed
or destroyed until final payment is made, nor shall the Buyer commit waste of the Property. Buyer shall be solely
responsible, without claim or recourse to Seller, for any repairs, maintenance, or upkeep that may be necessary in
connection with their occupancy, including but not limited to mowing in compliance with City of Waterloo ordinances,
and for all costs of utilities and other services to the Property.
8. ADVANCEMENT BY SELLER. If Buyer fails to pay such taxes, special assessments, or insurance as
above agreed, Seller may, but need not, pay such taxes, special assessments, insurance, and all sums so expended
shall be due and payable on demand; or such sums so expended may, at the election of Seller, be added to the
principal amount due hereunder and bear interest until paid at the highest legal rate allowable or 12% per annum,
whichever is less, compounded monthly.
9. JOINT TENANCY PRESERVED. Intentionally omitted.
10. ADDITIONAL TERMS. The parties further agree as follows:
(a) Seller does not make, and has not made, any representation or warranty concerning the Property or
its condition or fitness for use for any particular purpose. The Property is sold to Buyer"AS IS."
(b) Buyer may not sell, transfer or assign its interest in this Contract without the prior written consent of
Seller.
(c) Property is subject to the terms of a certain Development Agreement between the parties. Default
under said agreement shall constitute a default of this Contract.
(d) Included in the sale and purchase at no additional consideration are all equipment,fixtures, inventory
and other personal property of any type or nature that is located in or upon the Property, all of which
are sold to Buyer"AS IS."
(e) Buyer acknowledges that it has had a full and fair opportunity to enter upon and inspect the Property
and/or to have the Property inspected by contractors of its own choosing.
11. TIME IS OF THE ESSENCE of this Contract. Failure promptly to assert rights of Seller hereunder shall
not, however, be a waiver of such rights or a waiver of any existing or subsequent default.
12. DEFAULT. If the Buyer fails to perform any of the terms of this Contract,the Seller may forfeit this Contract
as provided by Iowa law governing the forfeiture of real estate contracts, and if this Contract is forfeited, Buyer shall
thereafter be considered as a tenant holding over after termination of a lease. Upon completion of such forfeiture, all
sums previously paid Seller hereunder and all improvements placed on the Property by Buyer shall become the
absolute property of Seller as liquidated damages for the breach of this Contract and as rent for the premises. In the
event of compliance with the terms of the notice of forfeiture of this Contract, Buyer shall pay the cost of serving said
notice.
13. ACCELERATION. If Buyer fails for thirty days to perform any one or more of the terms of this Contract,
the Seller may, without further notice, declare the entire amount of the balance unpaid hereunder immediately due
and payable; and thereafter, at the option of the Seller, this Contract may be foreclosed and a receiver may be
appointed to take charge of said premises and collect the rents and profits therefrom to be applied as may be directed
by the Court, and Buyer agrees to pay reasonable attorney fees therefor.
14. PERSONAL PROPERTY. If this Contract includes the sale of any personal property, then in the event of
the forfeiture or foreclosure of this Contract, the personalty shall be considered indivisible from the real estate above
described; and any such termination of Buyer's rights in said real estate shall concurrently operate as the forfeiture
or foreclosure hereof against all such personal property.
15. MORTGAGE BY SELLER. Intentionally omitted.
16. CERTIFICATION. Buyer and Seller 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
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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.
17. BUYER'S RIGHTS UNDER ENCUMBRANCE. Seller shall pay all interest and principal on all
encumbrance of the Property created or suffered by Seller when the same become due, and in the event of a failure
on Seller's part to make any such payment before it becomes delinquent, Buyer may pay the same and receive credit
hereon for the amount so paid. If Buyer is acquiring the Property from an equity holder, rather than from a titleholder,
or in event there is a mortgage against the Property, then, in either of those events, Buyer hereby reserves the right,
if reasonably necessary for his protection, to split the payments pro rata among the interested payees.
18. GENERAL TERMS; CONSTRUCTION. This Contract shall be binding upon the heirs, personal
representatives, successors and assigns of the respective parties hereto. It represents the entire agreement of the
parties and may not be amended without the express written consent of both parties. The singular masculine gender
is used to refer to the parties in this Contract. Such terms shall be construed to include the feminine and neuter
genders and the plural number, if applicable.
19. COUNTERPARTS. This Contract may be executed in any number of counterparts, all of which, taken
together, shall constitute one and the same instrument.
SELLER BUYER
City of Waterloo, Iowa JLS Partners Properties LLC
By: I`JC .A .4 c-
� 2./L !-1G/C By: . F,'Cl
Quentin Hart, Mayor Leticia Silva, Managing Membe
Attest: hit__
K Iley Fel le, City Clerk
STATE OF IOWA )
) ss.
BLACK HAWK COUNTY )
frl
On this may of 14u s�J� , 2024, before me, a Notary Public in and for the State of Iowa,
personally appeared Quentin Ha nd Kelley Felchle, to me personally known, who being duly sworn, did say that
they are the Mayor and City Clerk, respectively, of the City of Waterloo, Iowa, a municipal corporation, created and
existing under the laws of the State of Iowa, and that the seal affixed to the foregoing instrument is the seal of said
municipal corporation, and that said instrument was signed and sealed on behalf of said municipal corporation by
authority and resolution of its City Council, and said Mayor and City Clerk acknowledged said instrument to be the
free act and deed of said municipal corporation by it and by them voluntarily executed.
.A"=:' ,, I BRITNI C PERKINS
z *„;. ,-' COMMISSION NO. 645529 Not
* " *1 MY COMMISSION EXPIRES
IOWA JANUARY 27,2026
[acknowledgments continue on next page]
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STATE OF IOWA
) ss.
BLACK HAWK COUNTY )
This record was acknowledged before me on , 2024, by Leticia Silva as Managing Member
of JLS Partners Properties LLC.
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