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
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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
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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
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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
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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
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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