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HomeMy WebLinkAboutDurham, R. Jones, H. Jones - Acquisition Contract - 3.2.2026ACQUISITION CONTRACT This ACQUISITION CONTRACT (the "Contract") is entered into as of (A10Z ) l» by and between Tim Durham, Reginald Jones, and Henry Jones, as Seders (hereinafter referred to collectively as "Seller" or "Sellers"), and the City of Waterloo, Iowa, as 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 $213,760.00. 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. [signatures contained on following pages] 2 TIM DURHAM (Seller) Tim Durham STATE OF COUNTY OF } } Acknowledged before me on this day of , 2026, by Tim Durham. REGINALD JONES (Seller) STATE OF COUNTY OF } } Notary Public Acknowledged before me on this day of , 2026, by Reginald Jones. HENRY JONES (Seller) Henry Jones STATE OF } PLEASE SEE ATTACHED ACKNOWLEDGEMENT FROM NOTARY PUBLIC Notary Public COUNTY OF } Acknowledged before me on this day of , 2026, by Reginald Jones. Notary Public 3 APPROVAL RECOMMENDED BY: City Planning Staff APPROVED BY: David Boesen, Mayor DATE APPROVED: 3/7,%Z 2-t(' State of Iowa County of Black Hawk } } (Date) ATTEST: Kelley Felch -, ity Clerk Acknowledged before me on MO -AT R ) L', 2.t; Z by David Boesen and Kelley Felchle as Mayor and City Clerk, respectively, of the City of Waterloo, Iowa. 4 EXHIBIT A Lots 3, 4, 5 and 6 in Wilby's Addition to Waterloo, Iowa (also known as 751 Glenwood Street, Waterloo, Iowa 50703) (also known as Tax Parcel ID No. 891324476005) 5 CALIFORNIA ALL-PURPOSE ACKNOWLEDGMENT CIVIL CODE § 1189 A notary public or other officer completing this certificate verifies only the identity of the individual who signed the document to which this certificate is attached, and not the truthfulness, accuracy, or validity of that document. State of California County of Alameda On . - 14S -a va4) before me, -� Colette Hinckley - Notary Public Date personally appeared Here Insert Name and Title of the Officer ?"%e`� i 14r-,1 d C_. -Tbh ,e S Name(s) of Signer(s) who proved to me on the basis of satisfactory evidence to be the person(s) whose name(s) is/are subscribed to the within instrument and acknowledged to me that he/she/they executed the same in his/her/their authorized capacity(ies), and that by his/her/their signature(s) on the instrument the person(s), or the entity upon behalf of which the person(s) acted, executed the instrument. COLETTE HINCKLEY Comm. / 2521424 X ALAMEDA County J California - Notary Public Comm Expires MAY 26, 2029 Place Notary Seal Above I certify under PENALTY OF PERJURY under the laws of the State of California that the foregoing paragraph is true and correct. WITNESS my hand . '. official seal. Signature OPTIONAL ignat,Notary Though this section is optional, completing this information can deter alteration of the document or fraudulent reattachment of this form to an unintended document. Description of Attached Document Title or Type of Document: )S'cccovi`s, ilc, C ?(.,T Document Date: aA l ie)P-Ce Number of Pages: - Signer(s) Other Than Named Above. Capacity(ies) Claimed by Signer(s) Signer's Name: ❑ Corporate Officer - Title(s): ❑ Partner - ❑ Limited ❑ General ❑ Individual ❑ Attorney in Fact ❑ Trustee ❑ Guardian or Conservator ❑ Other: Signer Is Representing: Signer's Name: ❑ Corporate Officer - Title(s): ❑ Partner - ❑ Limited ❑ General ❑ Individual ❑ Attorney in Fact ❑ Trustee ❑ Guardian or Conservator ❑ Other: Signer Is Representing: tAL � LuU 1G 4 (1 " f.,•• yCc 4" v1e ©2014 National Notary Association • www.NationalNotary.org ^ 1-800-US NOTARY (1-800-876-6827) Item #5907 TIM DURHAM (Seller) STATE OF C O,`:L�C-:'GCsi\+ } COUNTY OF t_c_s -pr ►q-aLs } Acknowledged before me on this ' 0 day of Vfik) Ill/ (Aix/ , 2026, by Tim Durham. REGINALD JONES (Seller) Reginald Jones STATE OF COUNTY OF } } Notary Public EZEKIEL PEDROZA Notary P_b.ic • Calfornla ' Los Angeies Co6nty Commission a Z509244 Ni \� •o�% my Comm. Expires Ja' 1'•, 7029 Acknowledged before me on this day of , 2026, by Reginald Jones. HENRY JONES (Seller) Henry Jones STATE OF COUNTY OF } } Notary Public Acknowledged before me on this day of , 2026, by Reginald Jones. Notary Public 3 TIM DURHAM (Seller) Tim Durham STATE OF COUNTY OF } } Acknowledged before me on this day of , 2026, by Tim Durham. Notary Public REGINALD JONES (Seller) Reginald Jones STATE OF } COUNTY OF } Acknowledged before me on this day of , 2026, by Reginald Jones. HENRY JONES (Seller) IJJVInA He ry Jons Notary Public ,a,,vtbo /i 4) 0 STATE OF } COUNTY OF } Acknowledged before me on this day of , 2026, by End So ne-S PLEASE SEEA TTACHE[, MENT F filb EY PUBLIC Notary Public 3 CALIFORNIA ALL-PURPOSE ACKNOWLEDGMENT CIVIL CODE § 1189 A notary public or other officer completing this certificate verifies only the identity of the individual who signed the document to which this certificate is attached, and not the truthfulness, accuracy, or validity of that document. State of California County of Alameda On Da-oto Date personally appeared before me, - Jocelyn Juaban Jimenez, - Notary Public - ill co At /Q H re Insert Name and Title of the Officer LO, e Name(s) of Signer(s) who proved to me on the basis of satisfactory evidence to be the person(s) whose name(s) is/are subscribed to the within instrument and acknowledged to me that he/she/they executed the same in his/her/their authorized capacity(ies), and that by his/her/their signature(s) on the instrument the person(s), or the entity upon behalf of which the person(s) acted, executed the instrument. •N••NN•N•N JOCELYN JUABAN JIMENEZ Comm. # 2493662 rcl ALAMEDA County 01 California - Notary Public Comm. Expires July 4. 2028 Place Notary Seal Above I certify under PENALTY OF PERJURY under the laws of the State of California that the foregoing paragraph is true and correct. WITNESS my hand and official seal. Signature OPTIONAL tJ tat-- ignature oary Public Though this section is optional, completing this information can deter alteration of the document or fraudulent reattachment of this form to an unintended document. Description of Attached Document Title or Type of Document: Ac W S! A:c (2)1i?iztc-f Document Date: Number of Pages: r Si er(s) Other Than Named Above: Capacity(ies) Claimed by Signer(s) Signer's Name: ❑ Corporate Officer — Title(s): ❑ Partner — ❑ Limited ti General ❑ Individual ❑ Attorney in Fact ❑ Trustee ❑ Guardian or Conservator ❑ Other: Signer Is Representing: Signer's Name: ❑ Corporate Officer — Title(s): ❑ Partner — ❑ Limited ❑ General ❑ Individual ❑ Attorney in Fact ❑ Trustee C] Guardian or Conservator 0 Other: Signer Is Representing: ©2014 National Notary Association • www.NationalNotary.org • 1-800-US NOTARY (1-800-876-6827) Item #5907