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HomeMy WebLinkAboutPrarie Construction Co - Total Acquisition Contract-7/1/2013TOTAL ACQUISITION CONTRACT PARCEL NO. 8913-16-301-001 COUNTY Black Hawk PROJECT Sherwood Park Area Property Acquisitions ROAD NO. N/A THIS AGREEMENT is made and entered into this 18thday of June A.D 20 13 by and between Prairie Construction Company Inc., successor in interest to Jens Olesen & Sons Construction CornQany _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 Parcel No. 8913-16-301-001 in the City of Waterloo ,State of Iowa, and more particularly described as AUDITOR WHITNEY ROAD PLAT PART OF LOT 54 COM AT NWLY COR LOT 19 SHERWOOD PARK TH SELY 668 FT 8 IN TO RT OF WAY OF C R I & P R R TH NWLY 585 FT TO ROAD ON SEC LINE TH 313 FT 6 IN N TO COUNTY ROAD TH WELY 471 FT 10 IN TO BEG, which includes the following buildings, improvements and other property: None, land only. The premises also includes all estates, rights, title and interests, including all easements, and all advertising devices and the right to erect such devices as are located thereon. SELLER ACKNOWLEDGES full settlement and payment from the Buyer for all claims per the terms of this contract and discharges the Buyer from liability because of this contract and the construction of this public improvement project. 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 $ 35 500 Total Lump Sum Right of Possession 90 days after the date set forth above BREAKDOWN: ac.= acres sq.ft. = square feet Land and all other improvements including Land by Fee Title 62,290.80 sq.ft. $ 35,500 fence $ Underlying Fee Title 1.43 ac./sq.ft. $ 24,825.17 Building $ Notes: Property appraised at $35,500 by Rally Appraisal, LLC, 2302 W 1sr Street, Cedar Falls, IA 50613, dated November 16, 2012. 4. SELLER WARRANTS that there are no tenants on the premises holding under the lease except: 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: 6. Each page and each attachment is by this reference made part hereof and the entire agreement consists of 2 pages. 7. Seller shall promptly provide to Buyer an abstract of title to the Property, if Seller possesses one. Buyer shall cause the abstract of title to be updated or prepared at Buyer's sole expense. The abstract shall show marketable title in Seller in conformity with this Offer, Iowa law, and title standards of the Iowa State Bar Association. The Seller shall make every reasonable effort to promptly perfect title. If closing is delayed due to Seller's inability to provide marketable title, this Offer shall continue in force and effect until either party rescinds the Offer after giving ten (10) days' written notice to the other party. The abstract shall become the property of Buyer when the Offer Price is paid in full. Seller shall pay the costs of any additional abstracting and title work due to any act or omission of Seller, including transfers by or the death of Seller or its assignees. After all valid objections have been satisfied or provided for, Seller shall have no obligation to pay for further abstracting, excepting any made necessary by its own affairs. Unless stricken, the abstract shall be obtained from an abstracter qualified by the Guaranty Division of the Iowa Finance Authority. 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. 9. SELLER AGREES to keep fire, tornado, extended coverage and added perils insurance in the minimum amount of 1 ,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. CONTINGENCIES: This contract shall become effective only upon the acceptance and approval of it by the City Council of the City of Waterloo, and the environmental clearance of the land in accordance with Phase I site assessment and recommended subsequent activities (if determined necessary by the City of Waterloo). 11. 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. SELLER'S SIGNATURE AND CLAIMANT'S CERTIFICATION: Upon due approval and execution by the Buyer, we the undersigned claimants certify the total lu . sum payment shown herein is just and unpaid. ichael L. Christiason Prairie Construction Company Inc., successor in interest to Jens Olesen & Sons Construction Company FEIN# - 42-1060308 APPROV ^ L-RECOM Planning Direc APPROVED BY: (Mayor) DATE APPROVED: 2 (Date) ATTEST:. _ or -c-0 (City Clerk) RESOLUTION NO. e; t 2) •5(cc)