HomeMy WebLinkAboutWaterloo Courier-Total Acquisition Contract-11.06.2006 TOTAL ACQUISITION CONTRACT 04
PARCEL NO. 420 Jefferson Street&310 West Park Avenue COUNTY Black Hawk
PROJECT Riverloop Exposition Area ROAD NO. N/A
THIS AGREEMENT is made and entered into this ca day of tL OU€m (r-e ,A.D, 20 06 by and between
Lee Publications Inc dba Waterloo Courier Seller,and City of Waterloo, Iowa, Buyer.
1. SELLER AGREES to sell and furnish to Buyer a deed, on form(s)furnished by the Buyer, and Buyer agrees to buy the
following real estate, hereinafter re'`erred to as the premises, situated in parts of the following (1/4 1/4
Sec./Twp,/Rge.) OR (Lot/Blk./Subdiv,): ORIGINAL PLAT WATERLOO WEST NORTHEASTERLY 90 FEET LOT 2 BLOCK 15
AND EASEMENT&ORIGINAL PLAT WATERLOO WEST SOUTHWEST 50 FEET LOT 1 BLOCK 15 AND 10 FEET SOUTHEAST OF
AND ADJACENT TO SAME SOUTHWEST 50 FEET LOT 2 BLOCK 15,County(or City)of Waterloo, State of Iowa,
which includes the following buildings, improvements and other property:
The premises also include 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 premises 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
premises for the purpose of gathering survey and soil data. SELLER MAY surrender possession of the premises or
building or improvement or any part thereof prior to the time at which he 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. Buyer agrees to pay and SELLER AGREES to grant the right of possession, convey title and to surrender physical
possession of the premises as shown on or before the dates listed below.
Payment Amount Agreed Performance Date
$ or right of possession April 1, 2007, or mutually agreed date
$ moving costs
$ relocation payment
$ on possession
$ 132,000 TOTAL LUMP SUM Land and all other
BREAKDOWN: ac.=acres sq.ff. =square feet improvements including
Land by Fee Title 11,900 sq.ft. $ fence $
Underlying Fee Title ac./sq.ff, $ Building $
4. The City Of Waterloo will make a one-time payment of 6000.00 dollars to the Waterloo Courier to be used to
discount parking for its employees for the period from April, 1 2007 until March 31, 2008.
5. SELLER WARRANTS that there are no tenants on the premises holding under the lease except:
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6. This contract shall apply to and bind the legal successors in interest of the Seller and SELLER AGREES to pay all
liens and assessments against the premises, 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 good and sufficient title.
Names and addresses of lienholders are:
1.) Black Hawk County, Iowa,2.) Unknown until completion of Abstract Continuation
7. Each page and each attachment is by This reference made part hereof and the entire agreement consists of 2
pages.
8. Buyer may include mortgagees, lienholcers, encumbrances and taxing authorities as payees on warrants as
contract payment. SELLER WILL furnish and deliver to the City of Waterloo, Iowa, an abstract of title continued to
date showing merchantable title to the premises in Seller, Buyer agrees to pay the cost of abstract continuation, or
creation, as necessary, SELLER AGREES to obtain court approval of this contract, if requested by the Buyer, if title to
the premises becomes an asset of any estate, trust, conservatorship or guardianship, Buyer agrees to pay court
approval costs and all other costs necessary to transfer the premises to the Buyer, but not attorney fees, Claims for
such transfer costs shall be paid in amounts supported by paid receipts or signed bills.
9. If the Seller holds title to the premises 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.
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10. SELLER AGREES to keep general liability insurance, payable to all parties as their interests may appear from this date
until delivery of the deed and possession. Buyer shall notify all insurance companies of this contract, In case of loss
or destruction of part or all of the premises from causes covered by the insurance, SELLER AGREES to accept the
lump sum payment to endorse the proceeds of any such insurance recovery to the Buyer, and SELLER ASSIGNS the
proceeds of any such insurance recovery to the Buyer, and SELLER ASSIGNS to Buyer any and all of Seller's rights
under such insurance contract.
11, The Seller has agreed to sell the property to the Buyer of the real estate described in Number 1 above. Buyer
acknowledges if the real estate is not voluntarily sold to Buyer through friendly negotiations, Buyer may exercise its
power of eminent domain, provided it is deemed essential by the City Council to keep the Riverloop Exposition Area
moving forward, to acquire the real estate. Buyer agrees to cooperate with Seller to have this transaction qualify as
an involuntary conversion pursuant to §1033 of the Internal Revenue Code.
12, This agreement shall become effective only upon the occurrence of the following items: acceptance and approval
of the contract by the City Council of the City of Waterloo; the environmental clearance of the land in
accordance with Phase I site assessment and recommended subsequent activities (attached and made a part of
this contract), as deemed necessary by the Buyer.
13, This written contract 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.
14. The attached items listed on pages 2 are a part of this contract, as if fully set forth herein.
SELLER'S SIGNATURE AND CLAIMANT'S CERTIFICATION: Upon due approval and execution by the Buyer, we the
undersigned claimants certify the total lump sum payment shown herein is just and unpaid.
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SELLER'S ACKNOWLEDGMENT:
STATE OF IOWA: SS:
this �?j -day of �e_3 , 20 Ca(4) , before me, the undersigned, personally appeared
Cl� h r t-- known to me to be the identical persons named in and who executed the foregoing
ins rument thnd acknowledged that they executed the same as their voluntary act nd deed.
Notary Public in and for
the State of Iowa ` J DEBBIE S. ARBUCKLE
APPROVAL RECOMMENDED BY: COMMISSION NO. 174858
a a MY CO MI$�IONEXPIRES
Vr' t�.vn /6/ /o �r 11�i 9
Community I nning & De lopmert Director (Date)
APPROVED BY. ��-- � ATTEST: CC
(Mayor) (City Clerk/Auditor)
DATE APPROVED: //-
BUYER'S ACKNOWLEDGMENT:
STATE OF IOWA, black-Hu* COUNTY,SS:
On this ( 'day of NcVemb- , AD 20i7(o before me, the undersigned, a Notary Public in and for said County, in
said State, personally appeared Timothy J. Hurley and Nancy Eckert to me personally known, who, before by me duly
sworn, did say that they are the MAYOR and CITY CLERK/AUDITOR, respectively, of said City executing the within and
foregoing instrument to which this is attached, that the seal affixed thereto is the seal of said City; that said instrument
was signed and sealed on behalf of said Oily by authority of it's '-y Council; and that the said MAYOR and CITY
CLERK/AUDITOR, acknowledged the execution of said instrum e the volunt act nd deed of said City, by it
and by them voluntarily executed. 4/ 14 -
Notary Public in and for said Co ty
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