HomeMy WebLinkAboutPK1998-0310 - Original - Larry A. Scheurs dba Evans Construction - Purchase of 24400 98th Ave S Property - 12/28/1998 REAL ESTATE PURCHASE AND SALE AGREEMENT
WITH EARNEST MONEY PROVISION
LAND ONLY
This contract controls the terms of the sale of real property.
(Please read carefully before signing. )
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") , Larry A. Scheurs DBA
Evans Construction, whose mailing address is 11631 Fay Road NE,
Carnation, Washington 98014 , Phone (425) 788-5268 . ( "Seller" ) ,
entered into in Kent, Washington, this 22nd day of December 1998 .
1 . PROPERTY. The property commonly known to be located at 24400
98th Avenue South, Kent, Washington (the "Property" ) , which Buyer
agrees to buy and Seller agrees to sell, 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 Buyer, Ten Thousand Dollars
($10, 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 which is legally described in Exhibit A. Said purchase order
will be converted to check upon final acceptance of this agreement
by Seller.
3 . PURCHASE PRICE. The total purchase price for the
Property is One Hundred Sixty-Five Thousand Dollars and NO/100ths
($165, 000 . 00) including earnest money, payable by City check, on
closing.
ScheursEvansConstruction 1 of 13 12/22/98
4 . CONTINGENCIES. This agreement is contingent upon:
a. acceptance of its terms by the Kent City Council;
b. Buyer' s review and approval of the title report on the
Property prior to Closing;
c . Feasibility Study as follows :
1 . Buyer shall have thirty (30) days from the date
of mutual acceptance of this Agreement to determine, in
Buyer' s sole and absolute discretion, if the Real
Property is feasible for investment and/or development by
Buyer.
2 . Buyer' s feasibility study may include (but is
not limited to) soil studies, utilities availability and
capacity, access availability, zoning, environmental
assessment, preliminary architectural and engineering
studies, marketing feasibility.
3 . Buyer agrees to conduct its feasibility study at
its sole cost and expense .
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 Seller
shall be immediately returned to Buyer.
d. Seller' s performance of all inspection requirements
listed under Item 8 .
5 . 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,
scheurssvaneconetr ction 2 of 13 12/22/98
b. that he/she has no knowledge or notice from any
governmental agency of any violation of laws relating to
the subject property except :
6 . 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 7 below.
7 . TITLE INSURANCE. At closing, Seller shall cause Pacific
Northwest Title Company, 116 Washington Avenue North, Kent,
Washington 98032-5717 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.
Encumbrances to 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 .
8 . 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.
scheurs6vansconstruction 3 of 13 12/22/98
9 . CLOSING OF THE SALE. WITH THE UNDERSTANDING THAT TIME IS OF
THE ESSENCE FOR THIS AGREEMENT, this sale shall be closed on or
before February 5, 1999, 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 Company, 116 Washington Avenue North, Kent,
Washington 98032-5717, Phone (253) 520-0805 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.
10 . POSSESSION. Buyer shall be entitled to possession on closing.
11 . SELLER' S ENVIRONMENTAL REPRESENTATIONS. 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.
scheureEvansconetruction 4 of 13 12/2 2/9 8
12 . 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 closing and be in addition to Seller' s
obligation for breach of a representation or warranty as may
be set forth herein.
13 . ADDITIONAL PROVISIONS. This agreement is subject to the
following additional provisions :
(A) CONVEYANCE
(1) Title shall be by Statutory Warranty Deed free of
encumbrances except those noted in Paragraph 7 above .
(B) TITLE INSURANCE
Buyer is authorized to apply for a preliminary commitment
for a standard form Buyer' s policy of title insurance to be
issued by such title insurance company as the Buyer may
designate. Said preliminary commitment, and the title policy
to be issued shall contain no exceptions other than those
provided for in such standard form and encumbrances or defects
noted in paragraph two hereof .
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 be terminated.
ScheureEvaneConetruction
5 of 13 12/22/98
(C) GENERAL PROVISIONS
SQUARE FOOTAGE: Unless otherwise expressly stated to the
contrary on the reverse hereof, any square footage as to the
building or lot used by Seller or any real estate agent in
marketing said property are understood to be approximations
and are not intended to be relied upon to determine the
fitness or value of the property. Buyer has personally
observed the property and has reached its own conclusion as to
the adequacy and acceptability of the size of property based
upon said personal inspection.
(D) DEFAULT AND ATTORNEY' S FEES
If the Seller defaults in his or her contractual
performance herein, the Buyer may seek specific performance
pursuant to the terms of this agreement, damages, or
recission. If the Buyer seeks damages or recission, the
earnest money, upon demand, shall be returned in full to the
Buyer. If the Buyer defaults in its contractual performance
herein, the earnest money, upon demand, shall be forfeited to
the Seller and shall be the sole and exclusive remedy for
default available to the Seller. 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.
(E) NOTICE TO SELLER, PURCHASER, AND AGENT/BROKER
This form contains customary provisions for an agreement
for the purchase and sale of real property. 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 .
scheursEvansconatruction 6 of 13 12/22/98
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. Federal law may impose certain duties upon
Brokers or Signatories when any of the signatories receive
certain amounts of U. S. currency in connection with a real
estate closing. )
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 Coats. 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 .
ScheursEvansConstruct ion 7 of 13 12/2 2/9 8
THIS AGREEMENT HAS SIGNIFICANT LEGAL AND FINANCIAL
CONSEQUENCES AND YOU ARE ADVISED TO SEEK INDEPENDENT LEGAL AND
FINANCIAL COUNSEL REGARDING THESE CONSEQUESNCES . 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 :
John M. Hodgson, Director
Parks and Recreation
220 4th Avenue South
Kent, Washington 98032-5895
FAX (253) 859-4005
b) All notices to be given to Seller shall be addressed as
follows :
scheursavansconstruction 8 of 13 12/22/98
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 . AGREEMENT TO PURCHASE. Seller hereby acknowledges receipt of
copy of this agreement . Buyer offers to purchase the above
property on the above terms and conditions. Seller shall have
until 5 : 00 p.m. , Tuesday, January 5, 1999 to accept this offer
by delivering a signed copy thereof to Buyer.
scheursEvansconstruction 9 of 13 12/22/98
IN WITNESS WHEREOF, the parties hereto have executed this Agreement
on the date set forth below.
BUYER: SELLERS :
THE CITY OF KENT cr+-A+'VS 4ri.5bvc
By: By:
M WHITE, Mayor It
Dated: Dated:
By:
Its :
Dated:
APPROVED AS TO FORM: �r
QER OVICHCITY
O Y ✓✓
ScheursEvansConstruction 10 of 13 12/22/98
DESCRIPTION EXHIBIT A
Legal Description TAX ACCOUNT NUMBER 192205-9207-00
THE LAND REFERRED TO HEREIN IS DESCRIBED AS FOLLOWS:
THE NORTH HALF OF THE NORTH HALF OF THE NORTHEAST QUARTER OF THE
SOUTHEAST QUARTER OF THE NORTHEAST QUARTER OF SECTION 19,
TOWNSHIP 22 NORTH, RANGE 5 EAST W. M. , IN KING COUNTY,
WASTINGTON;
EXCEPT THE WEST 130 FEET THEREOF;
ALSO THE NORTH 30 FEET OF THE WEST 130 FEET OF SAID NORTH HALF
OF THE NORTH HALF OF THE NORTHEAST QUARTER OF THE SOUTHEAST
QUARTER OF THE NORTHEAST QUARTER; EXCEPT THE WEST 15 FEET FOR
ROAD.
THE DESCRIPTION CAN BE ABBREVIATED AS SUGGESTED BELOW IF
NECESSARY TO MEET STANDARDIZATION REQUIREMENTS. THE FULL TEXT OF
THE DESCRIPTION MUST APPEAR IN THE DOCUMENT(S) TO BE INSURED.
SECTION 19 TOWNSHIP 22 RANGE 5 SE QUARTER NE QUARTER.
SITUATE IN THE COUNTY OF KING, STATE OF WASHINGTON.
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EXHIBIT B
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This Sketch it furu shed as a courtesy only by Fins American RCDG NO./VOL & PG.
Title insurance Company and it is KM a part of any title N OTRL2C, SEC.Lj TWNS,� RNG 2-
eommitmeat or policy of title iwmmnee.
This sketch Is furnished solely for the ptupoot of assisting is
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locaduS the premisesand does not purport lo show all highways, ••.�
roads,or easetaents affecting the property. No reliance should W t
be placed upon this sketch for the location or dimeesioos of the
property and no liability is assumed for the correctness thereof.
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Addendum to Real Estate Purchase & Sale Agreement with Earnest Money
Provision Land Only
Paragraph 7 is amended from Pacific Northwest Title Company, 116
Washington Avenue North, Kent, Washington 98032-5717 to Transnation
Title Company, 25668 104 Avenue S.E., Kent, Washington, 98031.
Paragraph 9 is amended from Pacific Northwest Title Company, 116
Washington Avenue North, Kent, Washington, 98032-5717 to Transnation
Title Company, 25668 104 Avenue S.E., Kent, Washington, 98031 .
BUYER: SELLERS:
THE CITY OF KENT
By: Q7ho By:
JI WHIT , Mayor
ts: /)--12�r-5
By:
Its:
Dated:
NOTICE OF ACQUISITION OF PARK LAND
Date: February 8, 1999
To: Jerry McCaughan, Property Management
Brenda Jacober, City Clerk
Rick Weiss, Park Maintenance
Ada Marvosh, Customer Service
Barbara Ekstrom, Finance
Chris Hills, Risk Manager
From: Lori Flemm, Parks Planning & Development
The City of Kent purchased the property listed below on 2/8/98
Previous Owner: Larry and Elaine Schreurs DBA Evans Construction
Parcel #: 192205-9207-00
Legal Description: (Attached)
Acreage: 2.08 acres
Address: 24400-98'h Avenue, Kent, WA 98031
Purchase Price: $165,000.00
Structure/improvements: None
Future Use: Neighborhood Park
Proposed Name of Park or Common Name: Canterbury Neighborhood Park
C: John Hodgson, Parks and Recreation Director
Jim Dorrough, Parks Maintenance
r
LEGAL DESCRIPTION:
EXHIBIT "A"
THE NORTH 1/2 OF THE NORTH 1/2 OF THE NORTHEAST 1/4 OF THE SOUTHEAST 1/4
OF THE NORTHEAST 1/4 OF SECTION 19, TOWNSHIP 22 NORTH, RANGE 5 EAST, W.H.;
EXCEPT THE WEST 130 FEET THEREOF; ALSO THE NORTH 30 FEET OF THE WEST 130
FEET OF SAID NORTH 1/2 OF THE NORTH 1/2 OF THE NORTHEAST 1/4 OF THE
SOUTHEAST 1/4 OF THE NORTHEAST 1/4;
AND EXCEPT THE WEST 15 FEET FOR ROAD;
SITUATE IN THE CITY OF RENT, COUNTY OF KING, STATE OF WASHINGTON.
APPROVED AS TO FORM AND CONTENT:
(DATE)
(DATE)
(DATE)
To: Brenda Jacober.
CC: Jerry McCaughan
From: Lori M.Flemm
Date: March 31, 1999
Re: Canterbury Neighborhood Park Acquisition
from the desk of...
Lori M. Flemm
Superintendent of Park Planning and Development
City of Kent Parks and Recreation Department
220-4th Avenue South
Kent,WA 98032-5895
(253)859-3994
Fax: (253)859-4005
Memo
The original title insurance policy for this recent park Dept.
acquisition is attached.
If you have any questions, please call me at x3994.
THANKS.
CITY C
VENT Order No. 4028991
MAR 2 91999
ENGINEERING DEPT
Prepared for:
CITY OF KENT
220 4TH AVE S
KENT, WA 98032
This policy is issued by:
TRANSNATION TITLE INSURANCE COMPANY
14450 N.E. 29TH PLACE
BELLEVUE, WA 98007
Telephone : (425) 451-7301
IssuED By OWNERS POLICY OF TITLE INSURANCE
TRANSNATION TITLE INSURANCE COMPANY
Transnation
SUBJECT TO THE EXCLUSIONS FROM COVERAGE,THE EXCEPTIONS FROM COVERAGE CONTAINED IN SCHEDULE B AND
THE CONDITIONS AND STIPULATIONS,TRANSNATION TITLE INSURANCE COMPANY,an Arizona corporation,herein called the
Company, insures, as of Date of Policy shown in Schedule A, against loss or damage, not exceeding the Amount of Insurance stated in
Schedule A,sustained or incurred by the insured by reason of.
1. Title to the estate or interest described in Schedule A being vested other than as stated therein;
2. Any defect in or lien or encumbrance on the title;
3. Unmarketability of the title;
4. Lack of a right of access to and from the land.
The Company will also pay the costs, attorneys' fees and expenses incurred in defense of the title, as insured, but only to the extent provided
in the Conditions and Stipulations.
IN WITNESS WHEREOF,TRANSNATION TITLE INSURANCE COMPANY has caused its corporate name and seal to be hereunto
affixed by its duly authorized officers,the Policy to become valid when countersigned by an authorized officer or agent of the Company.
TRANSNATION TITLE INSURANCE COMPANY
O�t�1lE IN
Attest: �N(01POR1rE� o
Secretary SEPT, 16,190
Chairman and Chief Executive Officer
gRIZONp
EXCLUSIONS FROM COVERAGE
The following matters are expressly excluded from the coverage of this policy and the Company will not pay loss or damage,costs,attorneys'
fees or expenses which arise by reason of:
l. (a)Any law,ordinance or governmental regulation(including but not limited to building and zoning laws,ordinances,or regulations)restricting,
regulating,prohibiting or relating to(i)the occupancy,use,or enjoyment of the land;(ii)the character,dimensions or location of any improve-
ment now or hereafter erected on the land; (iii)a separation in ownership or a change in the dimensions or area of the land or any parcel of
which the land is or was a part;or(iv)environmental protection,or the affect of any violation of these laws,ordinances or governmental regula-
tions, except to the extent that a notice of the enforcement thereof or a notice of a defect, lien or encumbrance resulting from a violation or
alleged violation affecting the land has been recorded in the public records at Date of Policy.
(b)Any governmental police power not excluded by(a)above,except to the extent that a notice of the exercise thereof or a notice of a defect,
lien or encumbrance resulting from a violation or alleged violation affecting the land has been recorded in the public records at Date of Policy.
2. Rights of eminent domain unless notice of the exercise thereof has been recorded in the public records at Date of Policy, but not excluding
from coverage any taking which has occurred prior to Date of Policy which would be binding on the rights of a purchaser for value without
knowledge.
3. Defects, liens, encumbrances, adverse claims or other matters:
(a) created, suffered, assumed or agreed to by the insured claimant;
(b) not known to the Company, not recorded in the public records at Date of Policy, but known to the insured claimant and not disclosed
in writing to the Company by the insured claimant prior to the date the insured claimant became an insured under this policy;
(c) resulting in no loss or damage to the insured claimant;
(d) attaching or created subsequent to Date of Policy; or
(e) resulting in loss or damage which would not have been sustained if the insured claimant had paid value for the estate or interest insured
by this policy.
4. Any claim, which arises out of the transaction vesting in the Insured the estate or interest insured by this policy, by reason of the operation
of federal bankruptcy, state insolvency, or similar creditors' rights laws, that is based on:
(a) the transaction creating the estate or interest insured by this policy being deemed a fraudulent conveyance or fraudulent transfer; or
(b)the transaction creating the estate or interest insured by this policy being deemed a preferential transfer except where the preferential transfer
results from the failure:
(i) to timely record the instrument of transfer; or
(ii) of such recordation to impart notice to a purchaser for value or a judgment or lien creditor.
NM 1 PA 10
ALTA Owner's Policy(10-17-92) Valid Only If Schedules A and B and Cover Are Attached
Face Page
Form 1190-56 ORIGINAL
Owner' s Standard Policy
SCHEDULE A
Amount of Insurance : $165, 000 . 00 Policy No. 4028991A
Premium: $ 290 . 00 REF# 935377DP
Date of Policy: February 8, 1999 AT 11 :40 A.M.
1 . Name of Insured:
CITY OF KENT, A MUNICIPAL CORPORATION
2 . The estate or interest in the land described herein and which is
covered by this policy is :
FEE SIMPLE ESTATE
3 . The estate or interest referred to herein is at Date of Policy vested
in.
THE NAMED INSURED
4 . The land referred to in this policy is described as follows :
THE NORTH 1/2 OF THE NORTH 1/2 OF THE NORTHEAST 1/4 OF THE
SOUTHEAST 1/4 OF THE NORTHEAST 1/4 OF SECTION 19, TOWNSHIP 22
NORTH, RANGE 5 EAST, W.M. ;
EXCEPT THE WEST 130 FEET THEREOF;
ALSO THE NORTH 30FEET OF THE WEST 130 FEET OF SAID NORTH 1/2
OF THE NORTH 1/2 OF THE NORTHEAST 1/4 OF THE SOUTHEAST 1/4 OF
THE NORTHEAST 1/4 ;
AND EXCEPT THE WEST 15 FEET FOR ROAD;
SITUATE IN THE CITY OF KENT, COUNTY OF KING, STATE OF
WASHINGTON.
Countersigned•
Authorized Officer or Agent
Owner' s Standard Policy Policy No . 4028991
SCHEDULE B
EXCEPTIONS FROM COVERAGE
This policy does not insure against loss or damage (and the Company will not
pay costs, attorneys' fees or expenses) which arise .by reason of :
STANDARD EXCEPTIONS
1 . Taxes or assessments which are not now payable or which are not shown
as existing liens by the records of any taxing authority that levies
taxes or assessments on real property or by the public records;
proceedings by a public agency which may result in taxes or
assessments, or notices of such proceedings, whether or not shown by
the records of such agency or by the public records .
2 . Any facts, rights, interests or claims which are not shown by the
public records but which could be ascertained by an inspection of the
land or which may be asserted by persons in possession, or claiming to
be in possession, thereof .
3 . Easements, liens or encumbrances, or claims thereof, which are not
shown by the public records .
4 . Discrepancies, conflicts in boundary lines, shortage in area,
encroachments, or any other facts which a correct survey of the land
would disclose, and which are not shown by the public records .
S . Any lien, or right to a lien, for labor, material , services or
equipment, or for contributions to employee benefit plans, or liens
under Workmen' s Compensation Acts, not disclosed by the public
records .
6 . (a) Unpatented mining claims; (b) reservations or exceptions in
patents or in Acts authorizing the issuance thereof; (c) Indian treaty
or aboriginal rights, including, but not limited to, easements or
equitable servitudes; or, (d) water rights, claims or title to water,
whether or not the matters excepted under (a) , (b) , (c) or (d) are
shown by the public records .
7 . Right of use, control or regulation by the United States of America in
the exercise of powers over navigation; any prohibition or limitation
on the use, occupancy or improvement of the land resulting from the
rights of the public or riparian owners to use any waters which may
cover the land or to use any portion of the land which is now or may
formerly have been covered by water.
8 . Any service, installation, connection, maintenance or construction
charges for sewer, water, electricity, or garbage collection or
disposal , or other utilities unless disclosed as an existing lien by
the public -records .
Page 2
Owner' s Standard Policy Policy No. 4028991
SPECIAL EXCEPTIONS
1 . General Taxes, as follows, together with interest, penalty and
statutory foreclosure costs, if any, after delinquency:
(1st half delinquent May l; 2nd half delinquent November 1)
Tax Account No. Year Billed Paid Balance
192205-9207-00 1999 $1, 745 . 89 $0 . 00 $1, 745 . 89
NOTE: Taxes for 1999 are not yet due, but are payable
February 15, 1999 .
The levy code for the property herein described is 1525 for 1999 .
2 . Conservation (CON) Service Charge, as follows, together with interest,
penalty and statutory foreclosure costs, if any, after delinquency:
(ist half delinquent May 1; 2nd half delinquent November 1)
Tax Account No . Year Billed Paid Balance
192205-9207-00 1999 $5 . 00 $0 . 00 $5 . 00
3 . Noxious Weed Charge, as follows, together with interest, penalty and
statutory foreclosure costs, if any, after delinquency•
(ist half delinquent May 1; 2nd half delinquent November 1)
Tax Account No. Year Billed Paid Balance
192205-9207-00 1999 $1 . 03 $0 . 00 $1 . 03
4 . Liability for Surface Water Management (SWM) Service Charge, if any,
which are not presently assessed, but may appear on future rolls .
S . Liability for supplemental taxes for improvements which have recently
been constructed on the land. Land improvements are not presently
assessed, but may appear on future rolls .
END OF EXCEPTIONS
Page 3
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'
This sketch is provided, without charge, for your information. It is not intended to show all
matters related to the property including, but not limited to, area, dimensions, easements, en.
croachments, or location of boundaries. It is not a part of, nor does it modify, the commitment or
policy to which it is attached. The Company assumes NO LIABILITY for any maser related to this
sketch. References should be made to an accurate survey for further information.
CONDITIONS AND STIPULATIONS
(Contigmil)
7. DETERMINATION, EXTENT OF LIABILITY AND COINSURANCE. (b) When liability and the extent of loss or damage has been definitely
This policy is a contract of indemnity against actual monetary loss or fixed in accordance with these Conditions and Stipulations, the loss or
damage sustained or incurred by the insured claimant who has suffered loss damage shall be payable within 30 days thereafter.
or damage by reason of matters insured against by this policy and only to 13. SUBROGATION UPON PAYMENT OR SETTLEMENT.
the extent herein described.
(a) The liability of the Company under this policy shall not exceed the (a)The Company's Right of Subrogation.
least of: Whenever the Company shall have settled and paid a claim under this
(i) the Amount of Insurance stated in Schedule A; or, policy, all right of subrogation shall vest in the Company unaffected by
any act of the insured claimant.
(ii) the difference between the value of the insured estate or interest as The Company shall be subrogated to and be entitled to all rights and
insured and the value _)f the insured estate or interest subject to the defect, remedies which the insured claimant would have had against any person or
lien or encumbrance insured against by this policy. property in respect to the claim had this policy not been issued. If
(b) In the event the Amount of Insurance stated in Schedule A at the requested by the Company, the insured claimant shall transfer to the
Date of Policy is less than 80 percent of the value of the insured estate or Company all rights and remedies against any person or property necessary
interest or the full consideration paid for the land, whichever is less, or if in order to perfect this right of subrogation. The insured claimant shall
subsequent to the Date of Policy an improvement is erected on the land permit the Company to sue, compromise or settle in the name of the
which increases the value of the insured estate or interest by at least 20 insured claimant and to use the name of the insured claimant in any
percent over the Amount of Insurance stated in Schedule A, then this transaction or litigation involving these rights or remedies.
Policy is subject to the following: If a payment on account of a claim does not fully cover the loss of the
(i) where no subsequent improvement has been made, as to any partial insured claimant, the Company shall be subrogated to these rights and
loss, the Company shall only pay the loss pro rata in the proportion that remedies in the proportion which the Company's payment bears to the
the amount of insurance at Date of Policy bears to the total value of the whole amount of the loss.
insured estate or interest at Date of Policy; or If loss should result from any act of the insured claimant, as stated
(ii) where a subsequent improvement has been made, as to any partial above, that act shall not void this policy, but the Company, in that event,
loss, the Company shall only pay the loss pro rota in the proportion that shall be required to pay only that part of any losses insured against by this
120 percent of the Amount of Insurance stated in Schedule A bears to the policy which shall exceed the amount, if any, lost to the Company by
sum of the Amount of Insurance stated in Schedule A and the amount reason of the impairment by the insured claimant of the Company's right
expended for the improvement. of subrogation.
The provisions of this paragraph shall not apply to costs, attorneys' fees (b) The Company's Rights Against Non-insured Obligors.
and expenses for which the Company is liable under this policy, and shall The Company's right of subrogation against non-insured obligors shall
only apply to that portion of any loss which exceeds, in the aggregate, 10 exist and shall include, without limitation, the rights of the insured to
percent of the Amount of Insurance stated in Schedule A. indemnities, guaranties, other policies of insurance or bonds,
(c) The Company will pay only those costs, attorneys' fees and expenses notwithstanding any terms or conditions contained in those instruments
incurred in accordance with Section 4 of these Conditions and Stipulations. which provide for subrogation rights by reason of this policy.
8. APPORTIONMENT. 14. ARBITRATION
If the land described in Schedule A consists of two or more parcels abl Unless prohibited by applicable law, either the Company or the insured
which are not used as a single site, and a loss is established affecting one or may demand arbitration plic to the Title Insurance Arbitration Rules
more of the parcels but not all, the loss shall be computed and settled on a y pursuant
pro rata basis as if the amount of insurance under this policy was divided of the American Arbitration Association. Arbitrable matters may include,
pro rata as to the value on Date of Policy of each separate but are not limited to, any controversy or claim between the Company and
P y subsequent to Date of parcel to the the insured arising out of or relating to this policy, any service of the
unless a 1 albility or va ue husive of any asootherwise bevements en agrree pon as tto each parcel Company in connection with its issuance or the breach of a policy
by the Company and the insured at the time of the issuance of this policy Insurance rvision oris other obligation.00 o less All
shallarbitrable
matters
ted at the when
the
eon of Amount
either the
and shown by an express statement or by an endorsement attached to this Company or the insured. All arbitrable matters when the Amount of
policy. Insurance is in excess of$1.000,000 shall be arbitrated only when agreed to
9. LIMITATION OF LIABILITY. by both the Company and the insured. Arbitration pursuant to this policy
(a) If the Company establishes the title, or removes the alleged defect, and under the Rules in effect on the date the demand for arbitration is
lien or encumbrance, or cures the lack of a right of access to or from the made or, at the option of the insured, the Rules in effect at Date of Policy
land, or cures the claim of unmarketability of title, all as insured, in a shall be binding upon the parties. The award may include attorneys' fees
reasonably diligent manner by any method, including litigation and the only if the laws of the state in which the land is located permit a court to
completion of an a award attorneys' fees to a prevailing party. Judgment upon the award
p y ct to therefrom, n shall have fully performed its rendered by the Arbitrator(s) may be entered in any court having
obligations with respect to that matter and shall not be liable for any loss or damage caused thereby. jurisdiction thereof.
(b) In the event of an litigation, includinglitigation b the Com an The law of the situs of the land shall apply to an arbitration under the
or with the Company's consent, the Compan shall have no liability for Title Insurance Arbitration Rules.
loss or damage until there has been a final determination by a court of A copy of the Rules may be obtained from the Company upon request.
competent jurisdiction, and disposition of all appeals therefrom, adverse to the title as insured. 15. LIABILITY LIMITED TO THIS POLICY; POLICY ENTIRE
(c)The Company shall not be liable for loss or damage to any insured CONTRACT.
for liability voluntarily assumed by the insured in settling any claim or suit (a) This policy together with all endorsements, if any, attached hereto
without the prior written consent of the Company. by the Company is the entire policy and contract between the insured and
10. REDUCTION OF INSURANCE; REDUCTION OR TERMINATION the Company. In interpreting any provision of this policy, this policy shall
OF LIABILITY. be construed as a whole.
(b) Any claim of loss or damage, whether or not based on negligence,
All payments under this policy, except payments made for costs, and which arises out of the status of the title to the estate or interest
attorneys' fees and expenses, shall reduce the amount of the insurance pro covered hereby or by any action asserting such claim, shall be restricted to
canto. this policy.
11. LIABILITY NONCUMULATIVE (c) No amendment of or endorsement to this policy can be made
except by a writing endorsed hereon or attached hereto signed by either the
It is expressly understood that the amount of insurance under this President, a Vice President, the Secretary, an Assistant Secretary, or
policy shall be reduced by any amount the Company may pay under any validating officer or authorized signatory of the Company.
policy insuring a mortgage to which exception is taken in Schedule B or to 16. SEVERABILITY.
which the insured has agreed, assumed, or taken subject, or which is
In the event any provision of the policy is held invalid unenforceable
hereafter executed by an insured and which is a charge or lien on the
under applicable law, the policy shall be deemed not to include that provi-
estate or interest described or referred to in Schedule A, and the amount sion and all other provisions shall remain in full force and effect.
so paid shall be deemed a payment under this policy to the insured owner.
17. NOTICES, WHERE SENT.
12. PAYMENT OF LOSS.
(a)No payment shall be made without producing this policy for endorsement All notices required to be given the Company and any statement in writing required
of the payment unless the policy has been lost or destroyed,in which case proof to be furnished the Company shall include the number of this policy and shall be
of loss or destruction shall be furnished to the satisfaction of the Company. addressed to TRANSNATION TITLE INSURANCE COMPANY, 1700 Market
NM 1 PA 10 Street,Philadelphia,PA 19103-3990.
ALTA Owner's Policy(10-17-92)
Cover Page y acePage,
Form 1190-58 ORIGINAL Valid Onl If F Schedules A and B Are Attached