Loading...
HomeMy WebLinkAbout2280 Resolutionar es D Kilbury, ayor RESOLUTION NO 2280 A RESOLUTION approving the sale of excess City-owned land on Commercial Avenue in the King City area WHEREAS, a business owner has requested the purchase of five plus acres situated in the northeast quarter of Section 20, Township 9 North, Range 30 EWM, and the northwest quarter of Section 21, Township 9 North, Range 30 EWM WHEREAS, RCW 2 46 025 enables the City to sell excess properties without following a competitive bid process under provision of a negotiated sale WHEREAS, the City of Pasco has deemed the said property to be surplus property, NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF PASCO ( 1 ) That the sale of five plus acres of City-owned excess property to Northwood Homes located in the northeast quarter of Section 20, Township 9 North, Range 30 EWM, and the northwest quarter of Section 21, Township 9 North, Range 30 EWM, be approved subject to all contingencies in attached Purchase and Sale Agreement ( 2 ) The City Manager is hereby authorized to execute all documents necessary to effect the sale of the property in accordance with the aforesaid agreement PASSED by the City Council of the City of Pasco this c.._ , day of OR C e .rrNbeJr , 1996 Catherine Seaman, Deputy City Clerk APP OVED AS TO FORM /f\\ Le1andA-7371terr, City Attorney i soN, --\-, Sry)-A)N o.c- icr,c(-+,e_s fal3izic REAL ESTATE PURCHASE AND SALE AGREEMENT (Please read carefully before signing ) Pasco , Washington October 20 , 1996 Received from Northwood Homes, Inc , (Buyer) the sum of $1,000 00 in the form of a n earnest money check for $1,000 00, which will be deposited with Transamerica Title Insurance Company by Buyer within 10 days after mutual acceptance The earnest money will be applied as a credit to Buyer on the closing of this transaction The Property to be sold in this transaction is comprised of approximately 5 acres and proximity is shown in Exhibit "A" and by this reference is made a part of this Agreement Subject property is located in the King City, Identification E, eastern portion of Parcel 113-400-016 on Commercial Avenue located within Franklin County, Washington, in the City of Pasco corporate boundaries Seller shall provide a legal description prior to closing 1 PURCHASE PRICE. The total price shall be $87,120 (5 0 acres x 43,560 sq ft = 217,800 total sq ft x $ 40 per sq ft ) The purchase price shall be paid as follows $37,120 payable to Seller at closing Balance of $50,000 to be paid to Seller is to be amoritized over 120 months at 10% annual percentage rate with a monthly payment of approximately $66075 A balloon payment, for the rem aining balance of the contract, is due at month 24 2 BUYER'S REPRESENTATION Buyer represents that Buyer has sufficient funds available to close this sale in accordance with this Agreement and is not relying on any contingent source of funds unless otherwise set forth in this Agreement 3 TITLE Title to the property shall be marketable at closing Rights, reservations, covenants, conditions and restrictions presently of record or of apparent use, easements and encroachments of record or apparent use, not materially affecting the value of the property or unduly interfering with Buyer's in tended use of the property shall not cause the title to be considered unmarketable Additionally, the property is subject to the standard policy printed exceptions of Transamerica Title Insurance Company, and the encumbrances, if any, retained by Seller for security as set forth in this Agreement Buyer accepts the property subject to all easement and encroachments of record or apparent use, including, but not limited to, easement granted to or retained or held by public utilities o r government entities, and subject to restriction and reservation for the supply of water and water rights and future assessments thereof Buyer shall conclusively be deemed to have accepted the condition of title unless Seller receives notice o f Buyer's objections within seven (7) days after preliminary commitment for title insurance is received by and made available to Buyer Encumbrances to b e discharged by Seller shall be paid by Seller on or before closing and may be paid out of the closing 4 TITLE INSURANCE. The parties authorize the closing agent, at Seller's expense, to apply for a standard form owner's policy of title insurance to be issued b y Transamerica Title Insurance Company The title insurance shall contain n o exceptions other than those contained in said standard form, those referred to in this Agreement, those accepted by the Buyer, and those not inconsistent with this Agreement If title is not so insurable and cannot be made so insurable prior to closing, Buyer may elect either to waive such encumbrances or defects 1 and proceed with the closing, or to terminate this Agreement and receive a refund of the earnest money, at which time, this Agreement shall be at an en d Buyer acknowledges that a standard form title insurance does not insure the location of boundaries, and that an extended form of insurance is available at additional cost, with such additional cost to be borne by the Buyer 5 CONVEYANCE Title shall be conveyed by statutory fulfillment warranty deed free of encumbrances and defects except those included in this Agreement or other wise acceptable to Buyer 6 PROPERTY CONDMON Seller represents for Buyer's benefit that Seller has conducted a Phase I and Phase II Environmental Study on the subject property Buyer represents that a copy of the study has been provided to Buyer and Buyer accepts the condition of the property as is Seller further represents that ( a ) Seller has not entered into or been subject to any consent decree compliance order or administrative order with respect to the release of any hazardous material affecting the propert) , (b) Seller has not receive any demand letter compliance, or administrative inquiry concerning the release or threat of release of any hazardous material affecting the property, and (c) Seller has not been subject to or threatened with any government or citizen enforcement action with respect to the release of any hazardous material affecting the property 7 CLOSING This sale shall be closed within ten (10) days after satisfaction o r waiver of all contingencies, but in any event not later than sixty (60) days of execution of this agreement, by Transamerica Title Insurance Company "Closing" means the date on which all documents are recorded and the sale proceeds are available for disbursement to Seller Buyer and Seller shall deposit with closing agent all documents and monies required to complete this sale i n accordance with this Agreement 8 CLOSING COSTS AND PRORATIONS Seller shall pay all customary and usual closing costs paid by Sellers of Real Estate in Franklin County, Washington, including title insurance premiums, excess tax, survey fees to establish the legal description and the property boundaries, one-half of document preparation, one-half of the escrow fees, and pro-ratable items Buyer shall pay all customary and usual closing costs paid by Buyers of Real Estate in Franklin County, Washington, including recording fees, one-half of document preparation, one-half of escrow fees, sales or use tax, and pro-ratable items 9 POSSESSION Buyer shall be entitled to possession on closing 10 ASSIGNMENT Buyer's rights under this Agreement may not be assigned b y Buyer without Seller's prior written consent, which consent shall not b e unreasonable withheld 11 NOTICES Unless otherwise specified in this Agreement, any and all notices required to be given under this Agreement must be given in writing Notices to seller must be signed by at least one Buyer and shall be deemed to be given when actually received by the Seller at the Office of the City Manager, Pasco City Hall, P 0 Box 293, Pasco, Washington 99301 Notices to Buyer must b e signed by seller and shall be deemed to be given when actually received by the Buyer at 1100 East Columbia, Pasco, Washington 99301 2 P COMPUTATION OF TIME Unless otherwise expressly specified herein, any period of time specified in this Agreement shall expire at 900 pm of the last calendar day of the specified period of time, unless the last day is Saturday, Sunday or a legal holiday, as prescribed in RCW 1 16 050, in which event the specified period of time shall expire at 9 00 p m on the next business day Any specified period of seven (7) days or less shall include business days only 13 DEFAULT/TERMINATION If this Agreement is terminated for any reason, an ' costs authorized under this Agreement to be advanced from the earnest money deposit shall be deducted before the remaining earnest money is refunded to Buyer or forfeited to Seller If a dispute should arise regarding the disbursement of any earnest money the party holding the earnest money may interplead t h e funds into court Furthermore if either Buyer or Seller defaults, the n on - defaulting party may seek specific performance or damages, and the Seller may under some circumstances retain the earnest money as liquidated damages The earnest money shall be subject to retention by Seller, along with all other claims as Seller may have, in the event Buyer fails, without legal excuse to complete the purchase of the property In the event that the Buyer fails, with legal excuse to complete the purchase of the property, pursuant to the terms an d provisions of this Agreement, then the earnest money shall be refunded to t h e Buyer, less any costs authorized under this Agreement to be advanced from t h e earnest money deposit as a cost of the Buyer Each Buyer and Seller shall have all the rights and remedies afforded to them at law or equity, and pursuant to the terms of this Agreement 14 GENERAL PROVISIONS Time is of the essence There are no verbal agreements which modify this Agreement This Agreement constitutes the full understanding between Seller and Buyer Buyer has personally observed the property and has reached Buyer's own conclusion as to the adequacy and acceptability of the property based upon such personal inspection Unless otherwise expressly specified herein, square footage, dimensions and/or boundaries used in marketing the property are understood to be approximations and are not intended to be relied upon to determine the fitness or value of the property 15 LEGAL AND TAX IMPLICATIONS This Agreement affects your legal rights an d obligations and will have tax implications Agents are not permitted to give legal or tax advice If you have any questions regarding this Agreement and the addendums, attachments or other related documents, you should consult a n attorney or tax advisor Further, if a dispute arises regarding this transaction the prevailing party shall recover cost and reasonable attorney's fees, including those for appeal 16 FACSIMILE TRANSMISSION Facsimile transmissions of any signed original document and re-transmission of any signed transmission shall be the same as transmission of any original At the request of either party or closing agent, the parties will confirm facsimile transmitted signatures by signing t h e original document 17 CONDITION QF PROPERTY. REPRESENTATION Except as provided in paragraph 6 hereof Buyer has inspected the subject property in this transaction, and is familiar with the conditions of all property which is the object of this agreement Buyer accepts and agrees to purchase the property, which is the object of this agreement in its present condition, ''as is'', without reliance upon 3 any representation made by owner as to the condition or suitability of said property There are no warranties, express or implied which are the object of this offer beyond the description on the face hereof Seller has made n o representations regarding the conditions or suitability for any purpose of the land or installation of utilities which are the object of this transaction Buyer i s relying solely on his own judgment in entering into this agreement 18 CONTINGENCIES Sale is contingent on the following conditions (a) Buyer has sixty (60) days fro the execution of this agreement to obtain financing that is suitable to Buyer for site improvements, (b ) Buyer obtaining site plan approval from the City of Pasco, within 60 days from the execution of this agreement 19 ENTIRE AGREEMENT This document constitutes the entire agreement of the parties There are no verbal or other agreements which modify or alter this agreement Buyer and Seller further agree that they have read and understand all of the contents of this Real Estate Agreement and its attached exhibit "A" OFFER 1DPURCHASE Buyer offers to purchase the property on the above term s and condition Seller shall have thirty (30) days to accept this offer, unless sooner withdrawn Acceptance by Seller shall not be effective until a signed copy hereof is actually received by Buyer If this offer is not so accepted, it shall lapse and the earnest money shall be refunded to Buyer BUYER NORTHWOOD HOMES, INC By P0 B0X293 LAGRANDE, OREGON 97850 (541) 963-0730 Buyer's Address (City, State, Zip) Buyer's Phone(H/W) ACCEPTANCE or COUNTER OFFER On this date, , 1995, Seller agrees to sell the _property on the terms and conditions set forth in this Agreement Seller acknowledges receipt of a copy of this Agreement signed by both parties If Seller has made a counter offer hereon or attached hereon, Buyer shall have until 9 00 p m on , 1995, to accept the counter offer, unless sooner withdrawn Acceptance shall not be effective until signed copy hereof is actually received by o r at the office of the Buyer If the counter offer is not accepted, it shall lapse and th e earnest money shall be refunded to Buyer SELLER The City of Pasco, a municipal corporation of the State of Washington By Gary Crutchfield, City Manager 4 Approved as to Form By Leland B Kerr, City Attorney Seller's Address (City, State, Zip) Seller s Phone (H/W) 2d461 Ii TOTAL P 06 CITY OF PASCO PARCEL TWO PARCEL THREE STORM DRAIN POND N- 1 SCALE NONE SITE PLAN PARCEL ONE