HomeMy WebLinkAboutKoenig, Scott-Total Acquisition Contract-02.05.2007 .2-5-07
TOTAL ACQUISITION CONTRACT , . OO?
PARCEL NO. 8913-25-176-017 121 East 9th Street COUNTY Rlnrk Hnwk
PROJECT Fnct Skip Rivprfrnnt Hnucing PrnjPrL ROAD NO.N/A
THIS AGREEMENT is made and entered into this_ :in day of lnnunry ,A.D,20_11Z by and between
Senff Knpnig 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 referred to as the premises, situated in parts of the following (1/4 1/4
Sec./Twp./Rge.) OR (Lot/Blk./Subdiv.): SPP nttnrhPci IPgnl DAseriptinnc County (or City) of Watarlpa, strata 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
on right of possession Closing date no later than FPhruary 93, 9nn7
moving costs
relocation payment
on possession
$ 44,000 TOTAL LUMP SUM
BREAKDOWN: ac.= acres sq.ft. =square feet Land and all other
Land by Fee Title 9,590 cq ft or 0 S8 acres. $ fence improvements including
Underlying Fee Title ac./sq.ft. $ Building $
4. SELLER WARRANTS that there are no tenants on the premises holding under the lease except: There are nn
fennntc ri irrently residing in hnme
5. 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 ) Mack I{nwk County, Iowa, 9) Unknown until cnmplptinn of Ahctrnct Continuation
6. Each page and each attachment is by thi:i reference made part hereof and the entire agreement consists of 2
pages.
7. Buyer may include mortgagees, lienholders, 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.
8. 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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9. SELLE,R 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.
10. 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 Eastside River Front
Project 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.
11. This agreement shall become effective only upon the occurrence of the following three 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); and the acceptance and approval of a contract for the East Side River Front Project between the
Iowa Department of Economic Development and the City of Waterloo.
12. 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.
13. The attached items listed on pages NA 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
unde signed claimants certify the total lump sum payment shown herein is just and unpaid.
xx L. xx
Scott\M. Koenig Social Security Number
SELLER'S ACKNOWLEDGMENT:
STATE OF IOWA: SS:
On this day of , 20 , before me, the undersigned, personally appeared
Scott M Koenig known to me to be the identical persons named in and who executed the foregoing instrument and
acknowledged that they executed the same as their voluntary act and deed.
Notary Public in and for
the State of Iowa
APPROVAL BY:
City Planner (Date)
APPROVED BY: ATTEST:
JM yor) (City Clerk/Auditor)
DATE APPROVED: ��r�cG .ao0
BUYER'S ACKNOWLEDG ENT:
STATE OF IOWA, OUNTY, SS:
On this Z41t-day AD 20 r(J, before me, the undersigned, a Notary Public in and for said County, in
said State, personally appeared Timcath J. Hurley and Nancy Eckert to me personally known, who, before by me duly
sworn, did say that they are the MAY R 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 City by authority of it'_rCity Council; and that the said MAYOR and CITY
CLERK/AUDITOR, acknowledged the execution of said instrum to be the v luntary ct and deed of said City, by it
and by them voluntarily executed. <
A�v wd f
Nota ,Public in and for sai Cov ty J �f�
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