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HomeMy WebLinkAboutPK1998-0313 - Original - Amy L. Prichard-Sand - Pruchase of Property 113 State Ave N - 10/07/1998 'REAL ESTATE PURCHASE AND SALE AGREEMENT WITH EARNEST MONEY PROVISION AMY L. PRITCHARD-SAND This contract controls the terms of the sale of real property. This Agreement is entered between the CITY OF KENT, a Washington municipal corporation, whose mailing address is 220 4th Ave. South, Kent, Washington 98032, ('Buyer"), and AMY L. PRITCHARD-SAND, whose mailing address is 113 State Avenue North, Kent, Washington 98031, Phone (253) 854-4568, ("Seller"), for the sale and purchase of real property as follows: 1. PROPERTY. The property, including all improvements and appurtenances situated thereon, which Buyer agrees to buy and Seller agrees to sell, is located at 113 State Avenue North, Kent, Washington 98031 (the "Property"), and which Property is legally described in Exhibit A, attached hereto and incorporated herein by this reference. A map indicating the location of the Property is also attached as Exhibit B, incorporated herein by this reference. 2. EARNEST MONEY. Received from the Buyer, Five Thousand and No/100' dollars ($5,000.00) in the form of a City of Kent purchase order, as earnest money and part payment on the purchase price of the real estate described in Exhibit A. 3. PURCHASE PRICE. The total purchase price for the Property is One Hundred Twenty Thousand and No/100 Dollars ($120,000.00 ), including earnest money, payable on closing. 4. CONTINGENCIES. This agreement is contingent upon: (a) Acceptance of its terms by the Kent City Council. (b) Buyers review and approval of the title report on the property prior to Closing. (c) Sellers ability to negotiate a one year, rent free lease of the property from Buyer from date of closing. (d) Seller shall retain salvage rights to the house, outbuildings, appliances, and landscaping. The seller may not remove any salvage that impairs the security of the house (e.g. doors, windows, siding, trim, etc.) until the City is prepared to demolish the house and other improvements. Prichard-Sand P&S 1 of 6 09/29/98 Should any of these contingencies not be met prior to closing, then this Agreement shall terminate except neither Buyer nor Seller shall have any further rights, duties or obligations hereunder, except that the Earnest Money held in Pacific Northwest Title, by Buyer to Sellers shall be immediately returned to Buyer. 5. CONVEYANCE AND CONDITION OF TITLE. The title to the real property shall be conveyed by Seller to Buyer at closing by Statutory Warranty Deed, free and clear of all liens, encumbrances or defects except those described in Paragraph 6 below. 6. TITLE INSURANCE. At Closing, Seller shall cause Pacific Northwest Title, 116 Washington Ave. North, Kent, Washington 98032-0864, to issue a standard form owner's policy of title insurance to Buyer in an amount equal to the total purchase price of the Real Property, and insuring the real Property be discharged by Seller shall be paid from Seller's funds at Closing. For purposes of this Agreement, the following shall not be deemed encumbrances or defects: rights reserved and federal patents or state deeds; building or use restrictions consistent with current zoning, and utility and road easements of record. If title cannot be made so insurable prior to the Closing date called for herein, unless, Buyer elects to waive such defects or encumbrances, this agreement shall terminate. 7. CLOSING COSTS AND PRO-RATIONS. The cost of escrow shall be shared equally between Buyer and Seller, except those fees which are expressly limited by Federal Regulation. Seller shall pay for revenue stamps. Taxes for the current year, rents, interest, Association, Condominium and/or Homeowner's fees, water and other utility charges, if any, shall be pro-rated as of date of closing unless otherwise agreed. 8. CLOSING OF THE SALE. WITH THE UNDERSTANDING THAT TIME IS OF THE ESSENCE FOR THIS AGREEMENT, this sale shall be closed by November 13, 1998, which shall also be the termination date of this agreement unless said closing date is extended in writing by mutual agreement of the parties. When notified, the Buyer and Seller will deposit, without delay, in escrow with Pacific Northwest Title, 116 Washington Avenue North, Kent, Washington 98032-0864, all instruments and monies required to complete the transaction in accordance with this agreement. Closing, for the purpose of this agreement, is defined as the date that all documents are executed and the sale proceeds are available for disbursement to the Seller. 9. CASUALTY LOSS. If prior to closing, improvements on said premises shall be destroyed or materially damaged by fire or other casualty, this agreement, at option of the Buyer, shall become null and void. 10. POSSESSION. Buyer shall be entitled possession on closing subject to the terms of the one year rent free lease. Prichard-Sand P&S 2 of 6 09/29/98 11. SELLER'S REPRESENTATIONS. Seller represents: (a) that he/she will maintain the property and yard in present or better condition until time of agreed possession, (b) that he/she has no knowledge or notice from any governmental agency of any violation of laws relating to the subject property except: (c) that the property is not encumbered by any leases. (d) that he/she will do all maintenance and make all repairs necessary during the one year free rental agreement. 12. SELLER'S ENVIRONMENTAL REPRESENTATIONS. Buyer acknowledges that Seller has disclosed the existence of asbestos in the exterior materials of the buildings and Buyer accepts the same, purchases the property "as is" in this regard, and will be responsible for the costs of removal and disposal of the same when Buyer chooses to do so. With the exception of the foregoing, Seller represents that to the best of his/her knowledge that he/she is not aware of existence of, or has caused or allowed to be caused, any environmental condition (including, without limitation, a spill, discharge or contamination) that existed as of and/or prior to the closing date or any act or omission occurring prior to the closing date, the result of which may require remedial action pursuant to any federal, state or local law or may be the basis for the assertion of any third party claims, including claims of governmental entities. This provision shall survive the closing and be in addition to Seller's obligation for breach of a representation or warranty as may be set forth herein. 13. SELLER'S INDEMNITIES: Seller agrees to indemnify and hold harmless the Buyer, against and in respect of, any and all damages, claims, losses, liabilities, judgments, demands, fees, obligations, assessments, and expenses and costs, including, without limitation, reasonable legal, accounting, consulting, engineering and other expenses which may be imposed upon or incurred by Buyer, or asserted against Buyer, by any other party or parties (including, without limitation, a governmental entity), arising out of or in connection with any environmental condition existing as of and/or prior to the closing date, including the exposure of any person to any such environmental condition, regardless of whether such environmental condition or exposure resulted from activities of Seller or Seller's predecessors in interest. This indemnity shall survive the closing and be in addition to Seller's obligation for breach of a representation or warranty as may be set forth herein. Prichard-Sand P&S 3 of 6 09/29/98 14. DEFAULT AND ATTORNEY'S FEES. (a) Buyer's Default. IF BUYER DEFAULTS HEREUNDER, SELLER'S SOLE REMEDY SHALL BE LIMITED TO DAMAGES AGAINST PURCHASE IN THE LIQUIDATED AMOUNT OF THE EARNEST MONEY PREVIOUSLY PAID THE BUYER. BUYER AND SELLER INTEND THAT SAID AMOUNT CONSTITUTES LIQUIDATED DAMAGES: AND SO AS TO AVOID OTHER COSTS AND EXPENSES TO EITHER PARTY IN CONNECTION WITH POTENTIAL LITIGATION ON ACCOUNT OF BUYERS' DEFAULT. BUYER AND SELLER BELIEVE SAID AMOUNT TO BE A FAIR ESTIMATE OF ACTUAL DAMAGES. (b) Seller's Default. IF SELLER DEFAULTS HEREUNDER, BUYER SHALL HAVE ALL THE RIGHTS AND REMEDIES AVAILABLE AT LAW OR IN EQUITY. (c) Attorney's Fees and Costs. In the event of litigation to enforce any of the terms or provisions herein, each party shall pay all its own costs and attorney's fees. 15. NOTICE TO SELLER. This form contains provisions for an agreement for the purchase and sale of real estate. The Buyer makes NO WARRANTY OR REPRESENTATION OF ANY KIND that this form, or any of its provisions, is intended to meet the factual and legal requirements of a particular transaction, or that it accurately reflects that laws of the State of Washington at the time you enter the agreement. THIS AGREEMENT HAS SIGNIFICANT LEGAL AND FINANCIAL CONSEQUENCES AND YOU ARE ADVISED TO SEEK INDEPENDENT LEGAL AND FINANCIAL COUNSEL REGARDING THESE CONSEQUENCES. If you do not understand the effect of any part, consult your Attorney before signing. 16. NON-MERGER. The terms, conditions, and provisions of this Agreement shall not be deemed merged into the deed, and shall survive the Closing and continue in full force and effect. 17. NOTICES. All notices required or permitted to be given hereunder shall be in writing and shall be sent U.S. certified mail, return receipt requested, or by facsimile transmission addressed as set forth below: (a) All notices to be given to Buyer shall be addressed as follows: Helen Wickstrom, Project Manager Parks and Recreation Department 220 4th Avenue South Kent, Washington 98032-5895 FAX (253) 859-4005 Prichard-Sand P&S 4 of 6 09/29/98 (b) All notices to be given to Seller shall be addressed as follows: Amy L. Pritchard-Sand 113 State Avenue North Kent, WA 98031 Either party hereto may, by written notice to the other, designate such other address for the giving of notices as being necessary. All notices shall be deemed given on the day such notice is personally served, or on the date of the facsimile transmission, or on the third day following the day such notice is mailed in accordance with this paragraph. 18. ENTIRE AGREEMENT. This agreement, including all incorporated exhibits, constitutes the full understanding between seller and buyer. There have been no verbal or other agreements that modify this agreement. 19. BINDING EFFECT AND SURVIVAL. This Agreement shall be binding upon parties hereto and their respective heirs, successors and assigns; and the terms, conditions and provisions of this Agreement shall survive the closing of this transaction. 20. DATE OF MUTUAL ACCEPTANCE. For the purposes of this Agreement, the date of mutual acceptance of this Agreement shall be the last date on which the parties to this Agreement have executed this Agreement as indicated below. 21. EXPIRATION OF OFFER. THIS AGREEMENT IS BEING PRESENTED AS AN OFFER OF PURCHASE FROM THE BUYER TO THE SELLER AND SHALL EXPIRE ON THIS DATE October 1, 1998 IN WITNESS WHEREOF, the parties hereto have executed this Agreement on the date set forth below. BUYER: SE LERS: THE CITY OF KENT n/� By: By: M WHI E, I�Q,�y Its: Dated �7 9 / Dated: Its: Dated: Prichard-Sand P&S 5 of 6 09/29/98 APPROVED AS TO FORM: By: J ROGER A. LUBOVICH CITY ATTORNEY Prichard-Sand P&S 6 Of 6 09/29/98 EXHIBIT A Order No. 333270 A.L.T.A. COMMITMENT SCHEDULE A Page 2 The land referred to in this commitment is situated in the county of King, state of Washington, and described as follows : Lot 32 and the north 20 feet of Lot 33, Block 15, Washington Central Improvement Co's First Addition to Kent, according to the plat thereof recorded in Volume 3 of Plats, page 97, in King County, Washington. END OF SCHEDULE A NOTE FOR INFORMATIONAL PURPOSES ONLY: The following may be used as an abbreviated legal description on the documents to be recorded, per amended RCW 65.04. Said abbreviated legal description is not a substitute for a complete legal description within the body of the document. Lotsz 32 and 33, Block 15, Washington Central Improvement Co. 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