HomeMy WebLinkAboutAdis and Edis Kuduzovic - Real Estate Agmnt-9/8/2015REAL ESTATE PTJRCITASE AGREEMENT
TO: Adis Kuduzovic and Edis Kuduzovicr ("Selier")
FROM: City of Waterloo, Iowa ("Buyer")
Buyer hereby offers 10 buy, aix! the Selier by its aeeeptance agrees 10 sell, the teat properly
situated in Waterloo, Blaek Hawk County, Iowa, generalty Iocated at (he northeast eomeE of
Ansborough Avenue and Uptoii Avemie, legaily deseribed as per the abstract oftitle, eonsisting
af assessor parcel no. 8913-22-153-031; together with any easements aix! appurtenant servient
estates, but subject to any reasonable easeinents ofrecord for pubite utilities or roads, any zoning
restrietions eustomary restrictive covenants and niinera reservations of reeord, if any, hercin
referred to as the "Property," upon the foliowing terins aix! conditions:
1. PURCHASB PRTCB. Tlie Purehase Price sliaIl be $35,000.00, whieli shall be due and
payable in fbll at closing.
2. POSSESSION AND CLOSING. Possession ol' the Property shaLl be delivered to Buyer
at elosing. Closing shall oeeur at City Hall, 715 Mutberry Street, Waterloo, within tlurty (30)
days afler approval of tliis Agreeinent by the Waterloo City Couneil, subjeet to satisfaetion of
any eonditions stated in this Agreement.
3. REAL ESTATE TAXES. Selier shall pay taxes prorated to the closing date in
aecordanee with the provisions oflowa Code § 427.2, and any unpaid real estate taxes payable in
prior years, either paying Buyer, or giving Buyer a eredit, for alt of sueli taxes. Buyer shall pay
alt subsequent real estate taxes.
4. SPECIAL ASSESSMENTS. Selier shall pay at time ofelosing all installrnents ofspecial
assessrnents whieh are a lien oii the Property as of elosing or whieh can be verified to be owing
as of (he closing date but are not yet eetlified as a lien. Buyer shall pay alt other speeial
assessrnents oi installments,
5. RISK OF LOSS AND INSIJRANCB. Selier agrees to inaintain existing insuranee to the
date of elosing and shall bear the risk of loss or darnage to the Property to the date ofelosing. In
the event ofsubstantiat darnage or destruetion prior to elosing, t!ie Buyer shall have the option to
coinplete tlie closing and receive insurance proeeeds regardless of the extent of darnages or to
deelare this Agreement null and void.
6. FIXTURES. N/A
7. CONDITION OF PROPERTY, The Property as of the date of this Agreenient, ineluding
buildings, grounds, and alt irnprovements, will be preserved by the Selier 111 its present condition
until elosing, ordinary wear and tear exeepted. Selier selis the Property "AS 15" and makes no
warraiities, expressed or implied, as to the condition ofllie Property.
Afler aceeptance of this Agreernent, Buyer may, at its sole expense, have the property
inspeeted by a person or persous of its ehoiee to detennine if there are any en'vironinental 01
other defieiencies. Selter hereby grants to Bayer, its employees, agents and contt'aetors, the right
to enter upon the Property at reasonable tiines and upon reasonable advance notiee (orat or
written). Within Bus period, the Buyer may notif5, lhe Selier in writing of any defieieney. The
Seller shall irnmediately notify the Buyer in writing of what steps, if any, the Selier will take to
correct any defieieneies before elosing. Tlie Buyer slialI then iinrnediately in writing notify the
Selier that (1) such steps are aeceptable, 111 whieh case this Agreement, as so modified, shall be
binding npon all parties; or (2) that such steps are not acceptable, in whieh ease this Agreernent
shall be r,ulI and void.
8. ABSTRACT AND TITLE. Selier, at ils expense, shall promptly provide to Buyer an
from an abs(ract of title to the Property continned through a date that is within thirty (30) days of
the elosing, and sliall deliver it to Buyer's attorney for exawination. It shall show rnarketable
titia in SelIer in conforniity with tlus Agreernent, Iowa !aw, and title standards of tlie Iowa State
Bar Assoeiation, The Seller shall inake every reasonable effort to promptly perfect the title. If
elosing is delayed due to Selier's inability to provide marketable title, this Agreeinent shal!
continue iti force and effect unless Buyer rescinds the Agreement after giving ten days' written
notice to Selier. The absuact shall becoine the propeily of Bayer when the Purchase Priee is
paid in fiull. Selier shall pay the eosts ofany additional abstracting and title work due to any act
or ornission ofSejLej ineluding transfers by er the death of Seiler or its assignees. After all valid
objeetions have been satisfied or provided for, Selier shall have no obligation to pay for thrther
abstraeting, excepting any made llecessary by its own affairs.
9. SURVEY, l3uyer may, at Bnyer's expense, have the Properiy surveyed and eertified by a
registered land surveyor pxior to elosing if a survey is required by !aw, 11' the survey shows an
eneroaehment on the Property or if any ilnproveuients Iocated on the Property eneroaeh on lands
ofothers, the eneroachrnentg shall be treated as a titLe defeet.
10. BNVJRONMBNTAL MAI'IERS.
A. Selier warrants to the best of its knowledge and belief that there are no abandoned
wells, solid waste disposal sites, hazardous wastes or substanees, or undergroi,nd storage
tanks Iocated on the Property, the Property does not eontain levels of radon gas, asbestos, or
urea.forma1dehyde foam insulation whieh require rernediation under ourrent governrnental
standards, and Selier has done nothing to contaminate the Property with hazardous wastes or
substances, SeHer warrants (hat the property is not subjeot to any local, state, or federal
judieial oi adrninisfratjye action, investigation or order, as the c.ase may be, regarding welis,
solid waste disposal sites, hazardons wastes or substances, oi' underground storage tanks.
Any cxceptions to the warranties set forth above are fkilly described on a separate addendurn
attached hereto.
The foregoing representations and warranties, and the environmental indernnificatjons set
forth in the following subparagraph B, shall survide the closing, In addition, the foregoing
representations and warranties and the indernnifications provisions in this Agreeinent shall
not be affectecl by any study, investigation, ar inspeotion of the Property by Bayer or the
agents for Bayer.
B. Selier agrees to indeinnify, defend and liold harmless Bayer f'rorn and against any and
all elaiins, dernands, fines, penalties, causes of action, losses, damages, liabiiitics, expenses,
and eosts inc1uding but not linuted to eourt costs and reasonable attoraeys' fees, which may
inelude the vaiue of services provided by Buyer's legal departinent or contract attorneys,
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incuned by Buycr to enf'ojce fhis provisioiij, asserted against or incurred by Buyer by reason
ofor arising out ofthe breaoh of any representatjoj or Watranty of Seller set forth above.
C. Selier hereby represents (hat, to the best of lis knowledge and belief, there is no active
or abandoned septic tank 01 seplio system on the property, except as described here:
D, Buyer Inay, at Buyer's expense, have the Property inspeeted furlher for the existence
of any hazardous rnaterials, substances, or wastes, Seller shall Cooperate in pvoviding
reasonal,Je aeeess to Buyer's inspeetors and engineers, Ifhazardous inateiaIs, substanees, or
wastes are diseovered on the Property, Buyer's obligation hereundec shall be contingent upon
the renioval of such waterials, substanees, conditions or wastes or other resotution of the
rnattet' reasonably satisfactory to l3uyer. 1-lowever, in the event Seller is required to expend
rny sum in excess of $ 1,000 to reniove any hazardous inaterials, substances, eonditions or
wastes, Selier slial! have the option to eancel this transaetion and deolare Ihis Agreernent null
and void. The expense of any action necessary to Femove or otherwise inake safe any
hazanjous niateriai, substances, conditions or waste shall be paid by Selier, subject to SeHer's
right to oaneel Ilus tfansaction as provided above.
11. DEED. Upon payinent of the Purchase Price, Selier shall convey the Property to Buyer
by warranty deed, fi'ee and clear of alt lieng, restrictions, and encumbrances except as provided in
this Agreernent, General warranties of the title sTiall extend to the tirne of delivery of the deed
excepting liens and encumbrances suffered or perrnilted by Buycr.
12. JOINT TENANCY IN PROCEEDS AND 111 REAL ESTATE. 11' Selter, iinrnediately
preceding acceptance of the offer, holds title to the Property injoint tenancy with fuil rights of
survivorship, nncl the joint tenancy is not later destroyed by operation of law oi by acts of the
Selier, then the proceeds of this sale, and any conhinuing or recaptured rights of Selier in the
Property, shali belong to Selier as joint tenants with fiull rights ofsurvivorship and not as tenants
in cornrnon; and Buyer in the event of death of any Seller, agree to pay any balance of the price
due Seller under this eonlract to lhe surviving Selier and to accept a deed from the surviving
Selier consistent with Paragraph 15,
13. JOThIDER BY SELLER'S SPOUSE. Sciler's spouse, if not a title holder inunediately
preceding acceptance, executes this Agt'eeinent onty for the purpose ofrelinquishing ati rights af
dowe; hornestead, and distributive share or in coniplianee with Section 561.13 of the Code of
Iowa and agrees to execute the dced or reat estate contraet for this purpose.
14, STATEMENT AS TO LIENS. If Buyer inteMs to assume or take subjeet to a lien on the
Property, Selier shall furnish Euyer with a written staternent prior to elosing from the haider of
such lien, showing the correet balance due,
15. USE OF PURCHASE PRICE. At tinie of settlernent, funds of the Purchase Price may be
used to pay taxes and other liens and to acquire outstanding interests, ifany, ofothers.
16, 1031 EXCHANQE, N/A.
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17. APPROVAL OF COTJRT. N/A.
18. REMEDIES OF THB PARTIES.
A. IfBuyer fail to timety peiforrn this Agreenient, Selier may forfeit it as provided in the
Iowa Code (Cliapter 656), and all payments inade shall be forfeited; or, at Selier's option,
upon thkty days' written notiee of intention to aceelerate the payrnent of the eutire balance
because of ]Buyer's default (during whieh thirty days the default is not correeted), Seliet may
deelare the entire balanee ininiediately due and payable. Tliereafier tkis Agreernent may be
foreelosed in equity and the Court may appoint a reeeiver.
B. If Selier falis to tiniely perform this Agreement, Buyer has the right to have alt
payznents iriade retumed to it, or Buyer may require speeiflc performanee by Selter.
C. Buyer and Selier are also entitled to utilize any and alt other remedies or aetions at
law or 111 equity availabte to thein, and the prevai!ing parties shail also be entitled to obtain
judgnient for costs and attorney fees.
19. NOTICE. .Any notiee under this Agreement shall be in writing and be deerned sei'vedl
when it is delivered by personal delivery or rnai!ed by certified inail, addressed to the parties at
the addi'esses given below,
Selier: Adis and Edis ICuduzovic
Buyer: City of Waterloo
715 Mulberry Street
Waterloo, IA 50703
Attn: Corninunity Planning & Development Direetor
20. GENERAL PROVISIONS. Jn the perforrnance of eaeli part of this Agi'cernent, time
shall be of the essence. Pailui'e to proinptly assert rights herein shall not, however, be a waiver
of such t'ights or a waiver of any existing or subsequent default. This Agreement shall apply to
and bind the suecessors in interest of the parties. This Agreenient slial! survive [he elosing. This
Agreement contains the entii'e agEeelnent of the parties and shati not be aniended exeept by a
written instrurnent duly signed by Seliet ancl Buyer. Paragrapli headings a� for eonvenience of
referenee and shall not liinit 01 affect the ineaning of tlus Agreernent. Words and phrases het'ein
shall be eonstrued as in the singular ar plurat number, and as masculine, ferninine or neuter
gender aecordiug to the context,
21. NO REAL BSTATE AGENT OR BROKER. Neither party has used the servire of a real
estate agent or broker in coirneetion wilh this transaction,
22. ADDITJONAL PROYJSIONS AND CONTINGENCIES,
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A. The parties acknowledge that Buyer is acquiring the Property for community
development purposes. Buyer's rights and duties under this Agreement are assignable to
any person or entity that will further the community development objectives
contemplated by Buyer.
B. Notwithstanding any signatures below by representatives of Buyer, this Agreement is
expressly subject to approval by the city council of Buyer.
C. Closing is contingent upon completion of environmental review and Buyer's receipt of
clearance from state/fedoral agencies as to same. This contingency is material to Buyer's
funding for the Property purchase.
D. Closing is contingent on Seller terminating all tenancies and removing all occupants and
possessions from the Property before Closing. Seller shall indemnify Buyer and hold it
harmless with respect to any and all claims of Seller or any third party for loss, damage of
destruction of any personal property or fixtures left on the Property after Closing. This
provision sliall survive the Closing.
23. ENTIRE AGREEMENT. This Agreement represents the entire agreement between the
parties, superseding all prior or contemporaneous understandings, negotiations, discussions, or
agreements between the parties with respect to the subject matter hereof.
24. ACCEPTANCE. When accepted, this Agreement shall become a binding contract. If not
accepted by Seller on of before August 14, 2015, this Agreement shall be null and void.
Council Approval Date 0/g/ 5
BUYER
Cit4ayo
oo, Iowa
By:+
Attest:
City LClerk
Accepted by Seller Date
SELLER
Adis Kuduzovic and Edis Kuduzovic
By: c_.. � /,/ /,Le
Adis Kuduzovic
By: 6s'i cul% '
Edis Kuduzovic