HomeMy WebLinkAboutHi Yield LLC - Aquisition Contract - 12/15/2025 ACQUISITION CONTRACT
This ACQUISITION CONTRACT (the "Contract") is entered into as of
1)e re rn S, O9 by and between Hi Yield, LLC ('Seller") and City of Waterloo,
Iowa, ("Buyer").
1. Seller agrees to sell to Buyer, and Buyer agrees to buy, the following real estate
and/or easement interests (the "Property"), described as: See Exhibit "A" attached hereto, City of
Waterloo, State of Iowa, which includes the improvements and other fixtures thereon. The Property
also includes, if applicable, 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 Property 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 Property for the purpose of gathering survey and soil
data. Seller may surrender possession of the Property or any part thereof prior to the time at
which it 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. The Purchase Price shall be $18,080.00. 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 the Buyer's contingencies, if any.
4. Possession of the Property shall be delivered to Buyer at closing, which shall
occur on a date to be determined by the parties hereafter, but in any event after the approval of
title by Buyer and satisfaction or waiver of contingencies, if any. No later than the closing date,
Seller shall remove from the Property all of its personal property, trash, and debris of any type
that is not a structure or a fixture. Within said time Seller shall also remove all hazardous
materials and/or substances from the Property on or above the ground surface, including but not
limited to barrels, cans, or bottles of any kind.
5. Seller warrants that there are no tenants on the Property holding under a lease or
otherwise in possession.
6. This Contract shall apply to and bind the legal successors in interest of the Seller,
and Seller agrees to pay all encumbrances, claims, liens and assessments against the Property,
including all taxes and special assessments prorated to the closing date as required by Section
427.2 of the Code of Iowa, and agrees to warrant merchantable title.
7. Seller will furnish and deliver to Buyer an abstract of title continued to a date
within thirty (30) days before the closing date, showing merchantable title to the Property in
Seller in conformity with this Contract, Iowa law, and title standards of the Iowa State Bar
Association. Seller 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
Property becomes an asset of any estate, trust, conservatorship or guardianship. Seller agrees
to pay court approval costs and all other costs necessary to transfer the Property to the Buyer.
Seller shall convey the Property to Buyer by warranty deed, free and clear of all liens,
restrictions, and encumbrances except as provided in this Contract.
8. If the Seller holds title to the Property 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.
9. This Contract shall become effective only upon acceptance and approval of the
Contract by the City Council of the City of Waterloo.
10. This Contract, together with the exhibits and attachments attached hereto,
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. This Contract may be modified only in
a written instrument signed by both parties. Time is of the essence of this Contract.
WHEREFORE, the parties have entered into this Acquisition Contract by their duly
authorized representatives as of the date first set forth above.
Hi Yield, LLC (Seller)
By:
Signature
Name (Print)
State of Iowa }
County of Black Hawk }
Acknowledged before me on this day of , 2025,
by (name) as (title) of Hi
Yield, LLC. •
Notary Public
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APPROVAL RECOMMENDED BY:
City Planning Staff (Date)
APPROVED BY:
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ATTEST: 't�`. �
Quentin Hart, Mayor Kelle FelcI , i Clerk
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DATE APPROVED: /L
� NANCY ANNE HIGBY
State of Iowa * * MT MMIS""`��� tp�pt8
County of Black Hawk } pow►.
Acknowledged before me on t-h1\per \1,Zby Quentin Hart and Kelley Felchle as Mayor
and City Clerk, respectively, of the City of Waterloo, Iowa.
Ls,
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Notary blic
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EXHIBIT A
Lot No. Five(5) in Wood's Addition in the City of Waterloo, Iowa.
(Parcel No. 891325176013)
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