HomeMy WebLinkAboutACQ1996-103 - Original - Arnold E & Elmira Forner - PSA for Parcel #3422059106 - 04/08/1996 REAL ESTATE PURCHASE AND SALE AGREEMENT
ARNOLD E. FORNER and ELMIRA FORNER, husband and wife
(hereinafter referred to as "Seller"), hereby agree to sell; and the CITY OF KENT, a
Washington municipal corporation (hereinafter referred to as "Purchaser"), hereby
agrees to purchase, all in accordance with the following terms, provisions, and
conditions, that certain real property located in City of Kent, King County, Washington,
together with all improvements presently located thereon and commonly known as
14420 S.E. 288th, Kent, Washington. Said real property is hereinafter referred to as
"Real Property" and is legally described on Exhibit A attached hereto, and is located
as shown on
Exhibit B.
1 . Earnest Money. Purchaser hereby deposits with Accountable Escrow
Two Thousand and No/100 Dollars ($2,000.00) in the form of a City of Kent Purchase
Order (the "Earnest Money"); provided, however that Purchaser shall deposit an
additional Twenty-three Thousand and No/100 Dollars ($23,000.00) earnest money in
the form of a City of Kent Purchase Order, with Accountable Escrow upon removal of
Purchaser's feasibility contingency described in Paragraph 6 below.
2. Purchase Price. The purchase price for the Real Property Four
Hundred Seventy-Five Thousand and No/100 ($475,000.00).
3. Payment of Purchase Price. The purchase price shall be paid all
cash at Closing; including the Earnest Money Purchase Order previously held in
Accountable Escrow.
4. Conveyance and Condition of Title. The title to the Real Property
shall be conveyed by Seller to Purchaser at Closing by Statutory Warranty Deed, free
and clear of all liens, encumbrances or defects except those described in Paragraph 5
below.
5. Title Insurance. At Closing, Seller shall cause Stewart Title Insurance
Company to issue a standard form owner's policy of title insurance to Purchaser in an
amount equal to the total purchase price of the Real Property, and insuring the Real
Property to be free from all encumbrances or defects except: None. 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, other than government platting and subdivision requirements, utility
easements; and other easements not inconsistent with Purchaser's intended use; and,
reserved oil and/or mineral rights-
-1
6. Feasibility Contingency. Purchaser's obligations under this
Agreement are contingent and conditioned upon acceptance of all terms contained
herein by the Kent City Council . Purchaser's obligations under this Agreement are
also contingent and conditioned upon Purchaser's feasibility study. In this regard,
Purchaser shall have until sixty (60) days from the date of mutual acceptance of this
Agreement to determine, in Purchaser's sole and absolute discretion, if the Real
Property is feasible for investment and /or development by Purchaser.
If Purchaser fails to notify Seller of its approval of the Real Property, in writing,
on or before the expiration of the feasibility period, then this Agreement shall be
-terminated, and neither Purchaser nor Seller shall have any further rights, duties or
obligations hereunder, except that the Earnest Money held in Accountable Escrow, by
Purchaser to Seller shall be immediately returned to Purchaser. Purchaser agrees to
return the Real Property to its original state (i.e., fill all boring holes, etc.).
Purchaser's feasibility study may include (but is not limited to) soils studies,
utilities availability and capacity, access availability, zoning, preliminary architectural
and engineering studies, marketing feasibility.
Purchaser agrees to conduct its feasibility study at its sole cost and expense;
and if Purchaser does not remove the feasibility contingency on or before the
expiration of the feasibility period, then Purchaser also agrees, if requested by Seller,
to deliver to Seller copies of all information and documentation obtained by Purchaser
in connection with its feasibility study.
If Purchaser does remove its Feasibility Contingency within the 60-day
feasibility period, then Purchaser shall pay an additional $23,000.00 in the form of a
City of Kent Purchase Order described in Paragraph 1 above.
7. Closing of Sale. The sale shall be closed at the offices of Accountable
Escrow, 1048 W. James, Suite 102, Kent, Washington (hereinafter referred to as
"Closing Agent") on or before August 1, 1996.
8. Closing Costs.
8.1 Seller shall pay: The premium for a standard form coverage
policy of title insurance in the amount of the Purchase Price: State of Washington real
estate excise taxes, and one-half (1/2) of the escrow fees.
8.2 Purchaser shall pay: one-half (1/2) of the escrow fees.
9. Prorations. Real Property taxes for the current year and assessments, if
any, shall be prorated between Purchaser and Seller as of the date of Closing.
10. Possession. Purchaser shall be entitled to possession of the Real
-2
Property on Closing; provided, however, that Seller, at Seller's option shall have the
right to remain in the premises for up to one hundred and twenty (120) days following
Closing provided that Seller pays to Purchaser Twenty-Five Dollars ($25.) per day as
rental therefore. Said rental shall be prepaid by Seller to Purchaser on or before the
commencement of each 30-day period following Closing.
If Seller elects to remain in the premises after Closing, Escrow Agent shall
withhold Three Thousand Dollars ($3,000.00) at Closing as security for payment of the
above-stated rental rate. If Seller, at any time, fails to timely make rental payments,
Escrow Agent shall disburse such amounts due to Purchaser immediately upon
Purchaser's demand.
11 . Representations and Warranties. Seller represents and warrants to
Purchaser as follows:
11 .1 Hazardous Materials.To the best of Seller's knowledge (but
with the understanding that Seller has not undertaken any special investigation
including, but not limited to any environmental studies or reports), no hazardous or
toxic waste or substance, have been deposited or spilled on or under the Real
Property or exist on or under the Real Property. For purposes of this Agreemen or f
"Hazardous Material" shall mean any material which is defined as hazardousxig(or rr
substance, in any federal, state or local statute, regulation, ordinance or law
applicable to the Real Property, or which is otherwise publicly regulated for reasons of
human health or the environment, including, without limitation, asbestos and
petrochemicals.
i
1 1 .2 Underground Tanks. Except for the existing underground oil
tank serving the residence presently located on the Real Property, Seller is not aware
of any other underground gas, oil or other fuel tanks located on the Real Property.
Seller agrees to indemnify, defend and hold Purchaser harmless from any and
all costs or expenses (including reasonable attorney's fees) incurred by Purchaser on
account of the untruth or inaccuracy of any of the foregoing representations and
warranties.
11.3 Purchaser's Acceptance of Property. EXCEPT AS
OTHERWISE SPECIFICALLY PROVIDED IN THIS AGREEMENT, SELLER MAKES
NO REPRESENTATIONS OR WARRANTIES, EXPRESS OR IMPLIED, WRITTEN OR
ORAL, RELATING TO THE CONDITIONS OR ANY OTHER ASPECT OF THE REAL
PROPERTY INCLUDING, BUT NOT LIMITED TO, BOUNDARY LINES, SIZE OR
ZONING OF THE REAL PROPERTY, OR ITS SUITABILITY FOR DEVELOPMENT OR
USE BY PURCHASER AS A CITY PARK. FURTHER, IT IS UNDERSTOOD AND
ACKNOWLEDGED BY THE PARTIES HERETO THAT PURCHASER IS PURCHASING
THE REAL PROPERTY "WHERE IS AND AS IS".
-3
12. Miscellaneous
12.1 Time is of the Essence. Time is of the essence of this
Agreement. This Agreement shall be mutually accepted on or before May 7, 1996, or
shall be null and void. In this regard, it is understood and agreed by Seller that
Purchaser's obligations under this Agreement are contingent t upon approval and
acceptance of this Agreement by Kent City Council on or before May 7, 1996.
12.2 Incorporation by Reference. All of the exhibits, documents,
and writings referred to in this Agreement are incorporated herein by this reference,
and are made a part hereof as if set forth in full.
12.3 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.
12.4 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:
(i) All notices to be given to Purchaser shall be addressed as
follows..
Helen Wickstrom, Superintendent
Park Planning and Development
220 Fourth Avenue S.
Kent, Washington 98032
(i i) All notices to be given to Seller shall be addressed as
follows:
Arny and Elmira Forner
14420 S.E. 288th
Kent, Washington 98042
(206) 631-6714
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 date of the facsimile
transmission, or on the third day following the day such notice is mailed in accordance
with this paragraph.
12.5 Default.
(i) Purchaser's Default. IF PURCHASER DEFAULTS
-4
HEREUNDER, SELLER'S SOLE REMEDY SHALL BE LIMITED TO DAMAGES
AGAINST PURCHASER IN THE LIQUIDATED AMOUNT OF THE EARNEST MONEY
PREVIOUSLY PAID BY PUBCHASER. PURCHASER AND SELLER ES LIQUIDATED DAMAGES ON ACCOUNT OD T
SAID AMOUNT CONSTITUTES THE
DIFFICULTY OF MEASURING ACTUAL DAMAGES: AND SO AS TO AVOID OTHER
COSTS AND EXPENSES TO EITHER PARTY IN CONNECTION WITH POTENTIAL
LITIGATION ON ACCOUNT OF PURCHASER'S DEFAULT. PURCHASER AND
SELLER BELIEVE SAID AMOUNT TO BE A FAIR ESTIMATE OF ACTUAL DAMAGES.
(ii) Seller's Default. If Seller defaults hereunder, Purchaser
shall have all the rights and remedies available at law or in equity.
12.6 Authority to Execute this Agreement. If the Purchaser or
Seller is a corporation, partnership, trust, estate, or other entity, the person executing
this Agreement on its behalf warrants his or her authority to do so, and to bind
Purchaser and/or Seller and any other entities having authority or responsibility for
Purchaser and/or Seller.
12.7 Binding Effect and Survival. This Agreement shall be binding
upon the 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.
12.8 Date of Mutual Acceptance. For purposes of this Agreement,
the date of mutual acceptance of this Agreement shall be the last date on which the
parties to this Agreement (including Seller's shareholders) have executed this
Agreement as indicated below.
12.9 Attorneys Fees and Costs. In the event of any conflict, claim
or dispute between the parties hereto and arising out of or relating to the subject
matter of this Agreement, whether or not such conflict, claim or dispute has its basis in
law or in equity, the prevailing party shall be entitled to receive from the non-prevailing
party(ies) all reasonable costs and expenses of every sort whatsoever including, but
not limited to, arbitrators fees, mediation fees, deposition costs, expert witness fees,
accounting expenses relating thereto, and actual attorneys fees incurred or expended
whether or not arbitration or court proceedings are initiated, and including all such
costs or expenses incurred or expended in arbitration, in trial, on appeal or in any
bankruptcy or receivership proceedings.
12.10 Personal Property. Seller agrees that all of Seller's
personal property, (whether considered of value or not by Seller), other than fixtures,
will be removed from the premises at or prior to Qlosing; provide that if Seller
determines to continue in possession of the premises pursuant to the rental
arrangement described in Paragraph 10 above, then said personal property will be
removed by Seller on or before the expiration of the rental period. For purposes of this
-5
paragraph, Seller's personal property shall include all personal property of Seller
located in, on or about the premises, provided that personal property shall not include
fixtures permanently attached to the residence and/or other outbuildings located on
the real property except for the
following:
12.11 Seller's Obligation Contingent on Closing of Sale of
Adjacent Parcels of Real Property. Notwithstanding any other provisions to this
Agreement to the contrary, Purchaser and Seller understand, acknowledge and agree
that Seller's obligations to sell the Real Property pursuant to this Agreement are
contingent and conditioned upon the closing of the sale to Purchaser of certain
adjacent real properties identified as follows:
(i) Armstrong Property.
Owner: George C. and Katherine Armstrong
Property Address: 14608 S.E. 288th Street, Kent,
Washington 980442
Parcel No. 342205-9098-03, Q-S-T-R-: S.E. 34-22-05.
(ii) Kirby Property.
Owner: Kenneth G. Kirby, Trustee of the Kenneth G. Kirby
Revocable Trust Dated August 15, 1967
Parcel No.: 342205-9052-07: Q-S-T-R-: S.E. 34-22-05.
IN WITNESS WHEREOF, the parties hereto have executed this Agreement on
the date set forth below.
PURCHASER: SELLER:
CITY OF KENT, a Was 'ngton Municipal
Corp r ions
By: — — — —Its: ARNOLD E. F RNER
Da 1996 Dated: y'1, 1996
4MIRA FORNER
Dated: O� 1996
-6
ATTACHMENT A
The south 360 feet of the west half of the southeast quarter of the southeast quarter of Section 34,
Township 22 North, Range 5 East, W.M. in King County, Washington;
EXCEPT the south 30 feet thereof,
AND EXCEPT the west 30 feet as conveyed to King County for roads under Recording
Numbers 1310858 and 1310859.
LCT I
LOT LOT 4
7 Z KC TV0030964
11p 3p 677095R
IZI a2
ti
01
<
C9 )",5
"o
114 C4
SE.2SSTH S7
NEV 2 31e 43-
STEWART TITLE COMPANY OF.WASHINGTON, INC. NORTI--
2,
"A Tradition Order No.
of Ercellence"
IMPORTANT: This is not a Plat of Survey' It is furnished as a convenience to locate the land
indicated hereon with reference to streets and other land. No liability is assumed by reason of reliance hereon. SOUTH
................................
Ci LU(o
-wz¢> 0
N
J L j cCJ i N0
NwF�2 Im J l w F- a
a Z o Cj oxz c
�w�-
c ¢ a U W ¢Lw(
c0 Pui
O W
zJ--¢ M N
LLI
pIaw� L
_> ¢ a� O
0 O0m 2 Z. V *+ NQ
Co ca H _
Q no0=a cq ;3. _CL tti
C (J� ¢z
w O pww> � a >IL
Q < uz-iIz
Z in J o0U�LL = n� 1
a g¢?z� _ wO
W > F �wo¢W ct
c x
Q Q Q�Cz7Z¢
Q wwE75c¢ Q c
T iLLw>z ic
i �w0m¢o '
V Q Q. ww�v� O Q` ° —
ZFLU
Q Ul 6Lu0tu
¢ �Z C
F-
c m'
cjo o�T�o as
r=a00Z)m CE
az cwco
LD
OI
<m �` U mi
z u
wwr �' 1
o �
O?Q ON
G
zoo �' O
�w� o
�w0 c I
p
¢¢w
o wp Q = N = cl
w a� ccl: -o
mow Zy �- Q LLE o j
z n i- CLi N Q c
Cl) CL Q �i
��¢ U dig a
w
J
m J a
0 w H Q { N I o
OW0C floc" w X 101 m '- 01
0'
T n.O z .�p G. {)
Z o
mW Ww0Q� Elt S t CL
5w20LL
WI a
f]. RLO
3
V �
O >
G S
Q OI co
N Ln cOO O >
T OI O
co 0
oz
co0OomQ U
Z O }
Z W C1
u Li T— d
LL > cn z cn E
0 Q < QZ CN�7 u C O }
M °
U o uj
Y Q B U N •
co
6 O O I d
� U
❑ C '
; j
C
•p — I rn
STEWART TITLE COMPANY
OF WASHINGTON, INC .
1201 Third Avenue, Suite 3800
Seattle, Washington 98101
Senior Title Officer, Mike Sharkey
Title Officer, Diana L . Cardenas-Ryland
Unit No . 12
FAX Number 206-343-1330
Telephone Number 206 -343-1327
Ci.ty, of Kent Parks Department Title Order No . : 278898
220 South Fourth, 4th Floor
Kent , Washington 98032
Attention: Helen Wickstrom
Customer Ref . : Forner
A. L. T. A. COMMITMENT
SCHEDULE A
Effective Date : October 30 , 1995 , at 8 : 00 a .m.
1 . Pacific Northwest Title Insurance Company Policy (ies) to be issued:
A. ALTA Owner ' s Policy Amount TO BE AGREED UPON
Standard (X) Extended ( ) Premium
Tax
Proposed Insured:
CITY OF KENT
Amount $250 . 00
B . WORK CHARGE Tax $ 20 . 50
2 . The estate or interest in the land described herein and which is
covered by this commitment is fee simple .
3 . The estate or interest referred to herein is at Date of Commitment
vested in:
ARNOLD E . FORNER and ELMIRA FORNER, husband and wife
4 . The land referred to in this commitment is situated in the County of
King, State of Washington, and described as follows :
The south 360 feet of the west half of the southeast quarter of the
southeast quarter of Section 34 , Township 22 North, Range 5 East ,
W.M, in King County, Washington;
EXCEPT the south 30 feet thereof ;
AND EXCEPT the west 30 feet as conveyed to King County for roads
under Recording Numbers 1310858 and 1310859 .
STEWART TITLE COMPANY OF WASHINGTON, INC .
A. L . T .A. COMMITMENT
Schedule B Order No . 278898
I . The following are the requirements to be complied with:
A. Instruments necessary to create the estate or interest to be
insured must be properly executed, delivered and duly filed for
record.
B . Payment to or for the account of the grantors or mortgagors of
the full consideration for the estate or interest to be insured.
II . Schedule B of the Policy or Policies to be issued (as set forth in
Schedule A) will contain exceptions to the following matters unless
the same are disposed of to the satisfaction of the Company:
A. Defects, liens , encumbrances , adverse claims or other matters,
if any created, first appearing in the public records or
attaching subsequent to the effective date hereof but prior to
the date the proposed Insured acquires for value of record the
estate or interest or mortgage thereon covered by this
Commitment .
B . GENERAL EXCEPTIONS :
1 . Rights or claims of parties in possession not shown by the
public records .
2 . Public or private easements, or claims of easements, not shown
by the public record.
3 . Encroachments, overlaps , boundary lire disputes , or other
matters which would be disclosed by an accurate survey or
inspection of the premises .
4 . Any lien, or right to a lien, for services , labor or material
heretofore or hereafter furnished, imposed by law and not shown
by the public records, or Liens under the Workmen ' s
Compensation Act not shown by the public records .
5 . Any title or rights asserted by anyone including but not
limited to persons , corporations , governments or other
entities, to tide lands, or lands comprising the shores or
bottoms of navigable rivers , lakes, bays , ocean or sound, or
lands beyond the line of the harbor lines as established or
changed by the United States Government .
6 . (a) Unpatented mining claims ; (b) reservations or exceptions
in patents or in Acts authorizing the issuance thereof ; (c)
water rights , claims or title to water.
7 . Any service, installation, connection, maintenance, capacity,
or construction charges for sewer, water, electricity or
garbage removal .
8 . General taxes not now payable or matters relating to special
assessments and special levies , if any, preceding the same
becoming a lien.
9 . Indian tribal codes or regulations , Indian treaty or aboriginal
rights, including, but not limited to, easements or equitable
servitudes .
C . SPECIAL EXCEPTIONS : As on Schedule S, attached.
Order No . 278898
A.L.T .A. COMMITMENT
SCHEDULE B
Page 2
SPECIAL EXCEPTIONS :
1 . GENERAL AND SPECIAL TAXES AND CHARGES : FIRST HALF DELINQUENT MAY 1,
IF UNPAID : SECOND HALF DELINQUENT NOVEMBER 1 , IF UNPAID :
YEAR: 1995
TAX ACCOUNT NUMBER: 342205-9106 -03
LEVY CODE : 5040
CURRENT ASSESSED VALUE :
Land: $145 , 000 . 00
Improvements : $ 33 , 500 . 00
GENERAL TAXES :
AMOUNT BILLED : $2 , 781 . 14
AMOUNT PAID : $1 , 390 . 57
AMOUNT DUE : $1 , 390 . 57
SPECIAL DISTRICT:
AMOUNT BILLED : $1 . 25
AMOUNT PAID: $ . 63
AMOUNT DUE : $ . 62
NOTE : IF THE TAXES AND CHARGES CANNOT BE DIVIDED EQUALLY BY 2 , THE
HIGHER AMOUNT MUST BE PAID FOR THE FIRST HALF PAYMENT .
2 . SURFACE WATER MANAGEMENT SERVICE CHARGE, LEVIED PURSUANT TO KING
COUNTY ORDINANCE NO . 7590 OR CITY OF SEATTLE ORDINANCE NO . 114155 ;
FIRST HALF PAYMENT DELINQUENT MAY 1 , IF UNPAID, SECOND HALF PAYMENT
DELINQUENT NOVEMBER 1 , IF UNPAID :
YEAR: 1995
AMOUNT BILLED : $85 . 02
AMOUNT PAID: $42 . 51
AMOUNT DUE : $42 . 51
TAX ACCOUNT NUMBER: 342205-9106 -03
NOTE : If the taxes cannot be divided equally by 2 , the higher
amount must be paid for the first half payment . The above charges
are payable with general taxes . Payment should be made to the King
County Director of the Office of Finance .
3 . DEED OF TRUST AND THE TERMS AND CONDITIONS THEREOF :
GRANTOR: Arnold E . Forner and Elmira Forner,
husband and wife
(continued)
Order No . 278898
A. L. T.A. COMMITMENT
SCHEDULE B
Page 3
TRUSTEE : SCF Trustee Services, Inc . , a
California Corporation
BENEFICIARY: SC Funding Corporation, a California
Corporation
AMOUNT: $100 , 000 . 00
DATED: April 12 , 1994
RECORDED: April 22 , 1994
RECORDING NUMBER: 9404222158
The amount now secured by said Deed of Trust and the terms upon
which the same can be discharged or assumed should be ascertained
from the holder of the indebtedness secured.
ASSIGNMENT OF SAID DEED OF TRUST :
ASSIGNEE : Knutson Mortgage Corporation_, a
Delaware corporation
DATED : November 3 , 1994
RECORDED : December 29 , 1994
RECORDING NUMBER: 9412290454
4 . , Until the amount of the policy to be issued is provided to us , and
entered on the commitment as the amount of the policy to be issued,
it is agreed by every person relying on this commitment that we will
not be required to approve any policy amount over $100 , 000 , and our
total liability under this commitment shall not exceed that amou= .
5 . Payment of Real Estate Excise Tax, if required.
The property described herein is situated within the boundaries of
local taxing authority of unincorporated King County.
Present Rate of Real Estate Excise Tax as of the date herein is
1 . 780 .
NOTE 1 : Our examination discloses that the vestee herein does not own
any contiguous property.
NOTE 2 : The name and address of the current taxpayer according to the
King County Assessors record is :
Arnold E . & Elmira Forner
14420 Southeast 288th
Kent, Washington 98042
(continued)
EXHIBIT A
Order No . 278898
A. L. T .A. COMMITMENT
SCHEDULE B
Page 4
NOTE 3 : The vestee herein acquired title by instrument recorded under
Recording Number 8211230699 .
NOTE 4 : The records of King County and/or our inspection indicate that
the address of the improvement located on said land is :
14420 Southeast 288th Street
Kent , Washington 98042 .
NOTE 5 : A search of the records has disclosed nothing derogatory
against Arnold E . Forner and Elmira Forner.
END OF SCHEDULE E
r
Title to this property was examined by:
Dick Chase
Any inquiries should be directed to one of the title officers set forth
in Schedule A.
DC/mga/4928X
J— �. � .Ji I. .11� lI•♦., •il sfl.illy. —. J•I.. — ..�.•
`i,.� I Jfl.l•
I
Y LCT 10.6
LOTS LOT!. J; LOT4
KC 7810030964 �` .�•- y. ;,� `ip I
TO SP E77097R r .. l.. 1! s`�
v t� ty : � �r• iv � ! � If 1f N N
ar•l 1. s�s>r M
z3
o . '
I
ti
I i
i I
� I
W
0
tlQ la oo� ar
o
41
i A,0 ,
I Q� �¢�
-
1,._..rn...ri.v.srg DO IDw'r r•J S E.288TH.57 i315.43 --.__ �.ri...w•+.r
�i STEWART TITLE COMPANY OF•WASHINGTON, INC. NORTL
"A Tradition Order No. ;1 7-E / 2,
of Excellence„
IMPORTANT: This is not a Plat of Survey: It is furnished as a convenience to locate the land
indicated hereon Nvith reference to streets and other land. No liability is assumed by reason of SOUTH hereon.
Escrow No. 96242 Estimated Close Date: July 16, 1996
Reference: 14420 S.E. 288th Street Report Print Date: July 10, 1996
Kent, WA 98042 Page 1
Buyer
ESTIMATED CLOSING STATEMENT
BUYER:
City of Kent
DEBITS - - - - CREDITS - -
CONSIDERATION:
Total Consideration 475,000.00
TITLE CHARGES:
270.50
Owners Title Policy
Record Statutory Warranty Deed 9.45,
ESCROW FEES:
Escrow Fees 600.00
225.00
credit for all-cash closing
Balance Due Escrow 475,113.95
Totals $ 475,609.45 $ 475,609.45
NOTICE: This estimated closing statement is subject to changes, corrections or
additions at the time of final computation of osing escrow statement.
BY
Ci of Kent
ACCOUNTABLE ESCROW, INC.
1048 W. James, Suite 102
Rent, WA 98032
Escrow File No. 96242
File Name: City of Kent / FORNER
CLOSING AGREEMENT AND ESCROW INSTRUCTIONS
For Purchase and Sale Transaction
The undersigned buyer and seller (referred to herein as "the parties")
hereby designate and appoint
ACCOUNTABLE ESCROW, INC.
(referred to herein as "the closing agent") to act as their closing and escrow agent
according to the following agreements and instructions.
IT IS AGREED, AND THE CLOSING AGENT IS INSTRUCTED, AS FOLLOWS:
Terms of Sale. The terms and conditions of the transaction which is the subject of
these instructions (referred to herein as "the transaction") are set forth in the
parties' Purchase and Sale Agreement, Earnest Money Agreement, or other written
agreement, and any attachments, amendments or addenda to that agreement (referred to
herein as "the parties' agreement") , which is made a part of these instructions by this
reference. Any changes to the parties' agreement will be made a part of these
instructions, without further reference, when signed by the parties and delivered to the
closing agent. These instructions are not intended to amend, modify or supersede the
terms and conditions of the parties' agreement and if there is any conflict or
inconsistency between these instructions and the parties' agreement, the terms and
conditions of the parties' agreement shall control.
Description of Real Property. The real property which is the subject of the
transaction (referred to herein as "the property") is identified in the parties'
agreement. The documents required to close the transaction must contain the "legal
description" of the property. If the parties' agreement does not yet contain the correct
legal description, the parties or the real estate agent shall obtain an addendum setting
forth the legal description as soon as possible and deliver it to the closing agent.
Closing Date. The date on which the documents required to close the transaction are
filed for record (referred to herein as "the closing date") shall be on or before the
date for closing of the transaction specified in the parties' agreement or in an addendum
extending that date.
Documents. The closing agent is instructed to select, prepare, complete, correct,
receive, hold, record and deliver documents as necessary to close the transaction. The
closing agent may request that certain documents be prepared or obtained by the parties
or their attorneys, in which case the parties shall deliver the requested documents to
the closing agent before the closing date. Execution of any document will be considered
approval of its form and contents by each party signing such document.
Deposits and Disbursements of Funds. Before the closing date, each party shall deposit
with the closing agent all funds required to be paid by such party to close the
transaction, less any earnest money previously deposited with the real estate agent. The
closing agent is authorized, but not required, to consider a lending institution's
written commitment to deposit funds as the equivalent of a deposit of such funds, if all
conditions of the commitment will be met on or before the closing date. All funds
received by the closing agent shall be deposited in one or more of its general escrow or
trust accounts with any bank doing business in the State of Washington and may be
transferred to any other such accounts. The closing agent shall not be required to
disburse any funds deposited by check or draft until it has been advised by its bank that
such check or draft has been honored. All disbursements shall be made by the closing
agent's check.
Settlement Statement. The closing agent is instructed to prepare a settlement
statement showing all funds deposited for the account of each of the parties and the
proposed disbursements from such funds. No funds shall be disbursed until the parties
have examined and approved the settlement statement. Some items may be estimated, and the
final amount of each estimated item will be adjusted to the exact amount required to be
paid at the time of disbursement. The settlement statement will be subject to audit and
any errors or omissions may be corrected at any time. If any monetary error is found, the
amount will be immediately paid by the party liable for such payment to the party
entitled to receive it.
Pro-rations. Adjustments or pro-rations of real estate taxes, and other charges if
any, shall be made on a per-diem basis using a 365 day year, unless the closing agent is
otherwise instructed.
Title Insurance. The closing agent is instructed to obtain and forward to the parties
a preliminary commitment for title insurance on the property and on any other parcel of
real property that will be used to secure payment of any obligation created in the
transaction (referred to herein as "the title report") . The closing agent is authorized
to rely on the title report in the performance of its duties and shall have no
responsibility or liability for any title defects or encumbrances which are not disclosed
in the title report.
Verification of Existing Encumbrances. The closing agent is instructed to request a
written statement from the holder of each existing encumbrance on the property, verifying
Page 1
its status, terms, balance owing and, if it will not be removed at closing, the
requirements that must be met to obtain a waiver of any due -on -sale provision. The
closing agent is authorized to rely upon such written statements in the performance of
ifa duties. without liability or responsibility for their accuracy or completeness.
seller if appropriate, that has agreed to provide all or part of the financing for the
transaction or to which the buyer has made a loan application.
The phrase "these instructions" refers to the agreements, instructions and provisions
set forth in this document and all amendments, additions and supplements to this
document.
The phrase "the property" refers to the real property identified in the parties'
agreement, including any other parcel of real property that will be used to secure
payment of any obligation created in the transaction, and does not include any items of
personal property unless otherwise specifically stated in these instructions.
i
such act.
Approvals and Permits. The parties are advised to consult with their attorneys to
determine whether any building, zoning, subdivision, septic system, or other construction
or land use permits or approvals will be required, either before or after the closing
date. The closing agent shall have no responsibility with respect to any such permit or
approval, and shall have no liability arising from the failure of any party to obtain, or
from the refusal of any governmental authority to grant, any such permit or approval.
Compliance With Certain Laws. The parties are advised to consult with their attorneys
to determine their responsibilities, if any, under the Consumer Protection Act,
Truth -in -Lending Act, Interstate Land Sales Act or other similar laws. The closing agent
shall have no responsibility for the parties' compliance, nor any liability arising from
the failure of any party to comply, with any such law.
Cit
By:
Arnold E. Forner
Elmira Forner
Accepted.(1
ACC NTA E�OW, INC. A
BY:
Sherian Grimes F`O ter
Escrow Officer(' LPO, V.P.
ESCROW INSTRUCTIONS
LPO/Escrow Form 1E (10/89)
&1989 F.B. Phillips
Page 4
ACCOUNTABLE ESCROW, INC.
1048 W. James, Suite 102
Rent, WA 98032
Escrow File No. 96242
File Name: City of Kent / FORNER
Supplement To
CLOSING AGREEMENT AND ESCROW INSTRUCTIONS
For Purchase and Sale Transaction
Including Instructions to Record Documents and Disburse Funds
This is a part of the Closing Agreement and Escrow Instructions signed by the parties
under the Closing Agent's escrow file number set forth above. Except as expressly
modified, changed or amended by this supplement, all terms and conditions of the Closing
Agreement and Escrow Instructions, and any previous supplements, additions or amendments
thereto, shall remain in effect.
THE SELLER HAS APPROVED, SIGNED AND DEPOSITED THE FOLLOWING DOCUMENTS WITH THE CLOSING
AGENT UNDER THESE INSTRUCTIONS:
Statutory Warranty Deed
Real Estate Excise Tax Return
BY SIGNING THIS DOCUMENT, EACH PARTY ACKNOWLEDGES:
Conditions of Parties' Agreement Satisfied. All terms and conditions of the parties'
agreement have been met to my satisfaction, or will be met, satisfied or complied with
outside of escrow.
Title Report Approved. The Preliminary Commitment for Title Insurance, including the
legal description of the property and all attachments, supplements and endorsements to
that report, issued by STEWART TITLE COMPANY OF WASHINGTON, INC. under order number
278898, are approved by me and made a part of these instructions by this reference.
Settlement Statement Approved. The settlement statement prepared by the closing agent
is approved by me, made a part of these instructions by this reference, and I agree to
pay my costs, expenses and other obligations itemized on that statement. I understand
that any estimated amounts will be adjusted to reflect the exact amounts required when
the funds are disbursed, that the settlement statement continues to be subject to audit
at any time, and if any monetary error is found, that amount will be paid by the party
liable for such payment to the party entitled to receive it.
BY SIGNING THIS DOCUMENT, THE BUYER FURTHER ACKNOWLEDGES:
Property Approved. I have had adequate opportunity to inspect the property and to
determine the exact location of its boundaries. The location and physical condition of
the property and any buildings, improvements, plumbing, heating, cooling, electrical or
septic systems on the property are approved. I understand that all inspections and
approvals of the location any physical condition of the property are my sole
responsibility, and are not part of the closing agent's duties and responsibilities. I
hereby release and agree to hold the closing agent harmless from any and all claims of
liability for loss or damage arising or resulting from any physical condition or defect
on the property, or from the location of its boundaries.
Assumed Encumbrances Approved. I have had adequate opportunity to review the terms of
payment, interest rates and conditions of any existing notes, deeds of trust, mortgages,
contracts, assessments or other debts or obligations that I will assume and agree to pay
in this transaction, and hereby approve the same.
THE CLOSING AGENT IS INSTRUCTED TO PROCEED AS FOLLOWS:
Instruction to Close. The closing agent is instructed to perform its customary closing
duties under these instructions, to deliver and record documents according to these
instructions, and to disburse the funds according to the settlement statement, adjusting
estimated amounts, when the closing agent has the documents required to close the
transaction in its possession and has, or will obtain when the documents have been
delivered and recorded:
1. Sale proceeds for the seller's account in the sum of $ 475,000.00, to be
disbursed according to the settlement statement, and
2. A policy of title insurance issued pursuant to the Preliminary Commitment for
Title Insurance referred to above, insuring the buyer with [ x] owner's or
( ] purchaser's [ x] standard or ( ) extended coverage with liability
of $ 475,000.00, having the usual clauses, provisions and stipulations
customarily contained in the printed provisions and schedules of such policy forms,
insuring the buyer's title to the property against all defects or encumbrances except
those set forth in the printed exceptions and exclusions customarily contained in the
printed provisions and schedules of such policy forms, matters attaching by, through
or under the buyer, taxes not yet due, and the matters set forth in the following
numbered paragraphs of Schedule B of the Preliminary Commitment for Title Insurance:
none , and
Completion or Correction of Documents. The closing agent is instructed to correct any
errors found in any document deposited under these instructions, and to insert as
necessary the closing date.
Adjustments and Pro -rations. The closing agent is instructed to adjust and pro -rate as
of CLOSE OF ESCROW.
Page 1
Proceeds Check:
Seller will pick up proceeds check.
or
Mail proceeds check to seller at:
Additional Instructions:
Buyer(s) and Seller(s) advise escrow agent that all the terms and conditions of their
purchase and sale agreement and any addendums have been met and satisfied and instruct
escrow agent to close, record and disburse funds upon receipt of buyers funds into
escrow, and the simultanious closing of the Armstrong and Kirby property, as stated in
the purchase and sale agreement.
City of Kent advises escrow that Accountable Escrow is not to order hazard insurance on
the property because the City will obtain and pay for its' own insurance on the subject
property outside of the closing of this transaction.
The City of Kent, as a Municipal Corporation, does not pay property taxes. King County
does not accept any partial payments of property taxes by the seller from the 7/l/96 to
the date of the recordation of the deed. King County will therefore require the entire
2nd half paid in full at closing and will refund directly to the sellers the overpayment
of the 2nd half taxes from the date of recordation of the deed through 12/31/96. The
seller can follow for this refund directly if they wish by calling King County Abstact
Dept. at (206) 296-5141, Bryon, and referring to the tax parcel number 342205-9106-03.
BY SIGNING THIS DOCUMENT, EACH PARTY ACKNOWLEDGES:
The closing agent has not offered any legal advice or referred me to any named
attorney, but has clearly requested that I seek independent legal counsel if I have any
doubt concerning the transaction or these instructions.
I have had adequate time and opportunity to read and understand these instructions and
all other documents referred to in these instructions.
Cit
By:
DATE:
SUPPLEMENT TO ESCROW INSTRUCTIONS
LPO/Escrow Form 2E (10/89)
@1989 F.B. Phillips rp
Arnold E. Forner
Elmira Forner
DATE:
Page 2
PLEASE TYPE OR PRINT REAL ESTATE EXCISE TAX AFFIDAVIT This form is your receipt when stamped
PLEASE SEE REVERSE by cashier -
CHAPTER 82.45 RCW - CHAPTER 458-61 WAC
For Use at County Treasurer's Office
(Use Form No. 84-OOOIB for Reporting Transfers of Controlling Interest of Entity Ownership to the Department of Revenue)
96242 THIS AFFIDAVIT WILL NOT BE ACCEPTED UNLESS ALL AREAS 1-7 ARE FULLY COMPLETED
Name Arnold E. Forner
B
Name
tx
w
Elmira Forner
husbandandrife
N
City of Kent/pp��
kk pp
W
Attn: Hele
Wickstrrc�ttit'
wa
Street 14420 S. E. 288th-Q
Street 220 4th Ave.
S. 4th Floor
�U
City/State/Zip Kent, _ Wa. 98042_ _
_
oar
City/State/zip Kent, WA
98032__.
AllllRESS TO SEND ALL PROPERTY TAX RELATED CORRESPONDENCE
ALL TAX PARCEL NUMBERS
Tyi:'.1rA l;Effl} '
Nalll '
City of Kant Parks
s Dept.
34 2205
- 9106— 03
Attn: Helen Wickstrart
.»:::::::.........
Street
220 4th Ave. S
City/State/ZipKent WA 98032 r
_ �_ .....
0 LFGAL DESCRIPTION OF PROPERTY SITUATED IN ❑ UNINCORPORATED King COUNTY ❑ OR IN CITY OF -Kent
Street Address (if property is improved): 14420 S. E. 288th Street, Kent, WA 98042
The south 360 feet of the rest half of the southeast quarter of the
southeast quarter of Section 34, Township 22 North, Range 5 East,
W.M., in King County, Washington;
EXCEPT the south 30 feet thereof;
AND EXCEPT the west 30 feet as conveyed to King County for roads
under Recording Numbers 1310858 and 1310859.
Is this property currently:
YES
NO
Classified or designated as forest land?
❑
Chapter 84.33 RCW
Classified as current use land (open space, faun
❑%un
and agricultural, or timber)? Chapter 84.34 RCW
I
Exempt from property tax as a nonprofit
❑
organization? Chapter 84.36 RCW
Seller's Exempt Reg. No.
Receiving special valuation as historic
❑
property? Chapter 84.26 RCW
Property Type: 1-1 land only ❑ land with new building
-land with previously used building ❑ land with mobile home
I I timber only ❑ building only
Principal Use: ❑ Apt. (4 + unit) F7 residential
I I timber ❑ agricultural ❑ commercial/industrial
I I other
U (1) NOTICE' OF CONTINUANCE (RCW 84.33 or RCW 84.34)
If the new owner(s) of land that is classified or designated as current use
or forest land wish to continue the classification or designation of such
land, the new owncr(s) must sign below. If the new owner(s) do not desire
to continue such classification or designation, all compensating or addi-
tional tax calculated pursuant to RCW 84.33.120 and 140 or RCW
84.34.108 shall be due and payable by the seller or transferor at the title
of sale. The county assessor must determine if the land transferred qualifies
to continue classification or designation and must so indicate below.
Siguauucs du not necessarily Incan the tail(] will remain in classification
or designation. If it no longer qualifies, it will be removed and the corir-
pcn:,ating taxes will be applied. All new owners must sign.
This land I 1 does I 1 does not quality for continuance
Date
DEPUTY ASSESSOR
(2) NO'FICE OF COMPLIANCE (Chapter 84.26 RCW)
If the new owner(s) of property with special valuation as historic property
wish to continue this special valuation the new owner(s) must sign below.
If the new owner(s) do not desire to continue such special valuation, all
additional tax calculated pursuant to Chapter 84.26 RCW, shall be due
and payable by the seller or transferor at the time of sale.
(3) OWNER(S) SIGNAT'URL
Description of tangible personal property if included in sate (furniture,
appliances, etc.)
If exemption claimed, list WAC number and explanation.
WAC No. (See/Sub) _
Explanation
Type of Document
Date of Document July 10, 1996
Gross Sale Price
$
475, 000.00
Personal Property (deduct)
$
Taxable Sale Price
$
475, 000.00
Excise 'lax: State
$
Local
$
Delinquent Interest: State
$
Local
$
Delinquent Penalty: State
$
Total Due
$
8,455.00
;RE IS A $2.00 FEE FOR PROCESSING
THIS FORM IF NO TAX 1S DUE
AFFIDAVIT
I certify under penalty of perjury under the laws of the state of
Washington that the foregoing is true and correct (See back of this
form).
Signature of
Grantor/Agent
Name (print)Arnold E.
Date & Place
Signature of
Grantee/Agee
Name (print)
Date: & Place
Forner
Perjury: Perjury is a class C felony which is punishable by imprisonment in it state: correctional institution for a maximum term of not
more than five years, or by a fine in an amount fixed by the court of not more than five thousand dollars ($5,000.UU), or by both imprisonment
and fine (RCW 9A.20.020 (IC)). 46
Rl v 8a 0001a th 16-9) (PD 11; 29'95) FOR TREASURER'S USE ONLY tilt.
(f
POLICY OF TITLE INSURANCE ISSUED BY
SUBJECT TO THE EXCLUSIONS FROM COVERAGE, THE EXCEPTIONS FROM COVERAGE
CONTAINED IN SCHEDULE B AND THE CONDITIONS AND STIPULATIONS, PACIFIC
NORTHWEST TITLE INSURANCE COMPANY, INC., a Washington 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, Pacific Northwest Title Insurance Company, Inc. has caused this
policy to be signed and sealed by its duly authorized officers as of the Date of Policy shown in
Schedule A.
A
PACIFIC NORTHWEST TITLE
Insurance Company, Inc.
0`D .,,Iv E
,IvE INNp94�0
,r'ai• CORPoRATF ••� c
�: SEAL
vy 192iWiiZA
6 O?
President -
Countersigned by:
Authorized Signatory
ompany of Wa., Inc.
Company SeaYile, 1,'JaShington
City, State
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:
1. (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 improvement 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 effect of any
violation of these laws, ordinances or governmental regulations. 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.
0.1093. 010150
ALTA OWNER'S POLICY — 10-17-92
EXCLUSIONS FROM COVERAGE Continued
(continued and concluded from
front side of Policy Face)
Insured the estate or interest insured by this policy, by reason of the operation of federal bankruptcy, state
4. Any claim, which arises out of the transaction vesting in the
insolvency, or similar creditors' rights laws, that is based on:
the estate or interest insured by this policy being deemed a fraudulent conveyance or fraudulent transfer; or
where the preferential transfer results from the failure:
(a) the transaction creating
(b) the transaction creating the estate or interest insured by this policy being deemed
a preferential transfer except
(i) to timely record the instrument of transfer: or
to impart notice to a purchaser for value or a judgement
or lien creditor.
(ii) of such recordation
CONDITIONS AND
STIPULATIONS
may take any appropriate action under the terms of this policy, whether or not it
1. DEFINITION OF TERMS.
shall be liable hereunder, and shall not thereby concede liability or waive any
exercise its rights under this paragraph,
The following terms when used in this policy mean:
provision of this policy. If the Company shall
(a) "insured": the insured named in Schedule A, and, subject to any rights or
have had against the named insured, those who
it shall do so diligently.
(c) Whenever the Company shall have brought an action or interposed a
defenses the Company would
succeed to the Interest of the named insured by operation of law as distinguished
survivors,
defense as required or permitted by the provisions of this policy, the Company may
by a court of competent jurisdiction and ,
from purchase including, but not limited to, heirs, distributees, devices,
representatives, next of kin, or corporate or fiduciary successors.
pursue any litigation to final determination
expressly reserves the right, in its sole discretion, to appeal from any adverse
personal
(b) "insured claimant": an insured claiming loss or damage.
judgment or order.
or requires the Company to prosecute
(c) "knowledge" or "known": actual knowledge, not constructive knowledge
the public records as
(d) In all cases where this policy permits
or for the defense of any action or proceeding, the insured shall secure to
or notice which may be imputed insured by reason
defined in this policy or any other records which impart constructive notice of matters
provide
the Company the right to So prosecute or provide defense in the action or
all appeals therein, and permit the Company to use, at its option,
affecting the land.
(d) "land": the land described or referred to in Schedule A, and improvements
proceeding, and
the name of the insured for this purpose. Whenever requested by the Company, t e
insured. at the Company's expense, shall give the Company all reasonable aid i in
affixed thereto which by law constitute real property. The term "land" does not
or referred to in Schedule
proceeding. 8obtaining prosecuting or
any action or rotion or securing evidence, ingstwitnesses, p 9
and (ii) in any other
include any property beyond the lines of the area described
A, nor any right, title, interest, estate or easement in abutting streets, roads, avenues,
defending the action or proceeding, or effecting settlement,
eirable to
lawful twhich in the opinion may be necessaryris
alleys, lanes, ways or waterways, but nothing herein shall modify or limit the extent
land is insured by this policy.
prejudiced
establ shthe t tle to theestate orf infterest as insured. If the CompanyCompany
the cooperation, the Company s
to which a right of access to and from the
"mortgage": deed of trust, trust deed. or other security
by the failure of the insured to furnish required
obligations to the insured under the policy shall terminate, including any liability or
(a) mortgage,
obligation to defend, prosecute, or continue any litigation, with regard to the matter
instrument.
(f) "public records": records established under state statutes at Date of Policy
or matters requiring such cooperation.
for the purpose of imparting constructive notice of matters relating to real property
With respect to Section 1(a) IN) of
5 PROOF OF LOSS OR DAMAGE.
to purchasers for value and without knowledge.
Exclusions From Coverage, "public records" shall also include environmental
In addition to and after the notices required under Sect ion 3 of these Conditions
io loss damage signed
a
the
liens filed in the records of the clerk of the United States district court
and Stipulations have been provided the Company, proof
be furnished to the Company within 90
protection
for the district in which the land is located.
and sworn to by the insured claimant shall
claimant shall ascertain the facts giving rise to the loss or
(g) "unmarketability of the title": an alleged or apparent matter affecting the
from coverage, which would entitle a
days after the insured
damage. The proof of loss or damage shall describe the defect in, or lien or
by this policy which
title to the land, not excluded or excepted
of the estate or interest described in Schedule A to be released from the
encumbrance basisthe the title, or other matter insured against
loss or d shall state, to the extent soprrejudiced
purchaser
obligation to purchase by virtue of a contractual condition requiring the delivery of
consban stltutesof calcu calculating amount of the9ossnor damage. It the Company
loss or damage, .
marketable title.
by the failure of the insured clared undr the imant to provide the required proof of
lshallicy terminate, including
to the insuosecuteeor
2. CONTINUATION OF INSURANCE AFTER CONVEYANCE OF TITLE.
the Company's obligations
tinue any litigation, with regard
any liability or obligation to defend, p con
The coverage of this policy shall continue in force as of Date of Policy in favor
insured retains an estate or interest in the land, or
to the matter or matters requiring such proof of loss or damage.
be required mit to
of an insured only so long as the
holds an indebtedness secured by a purchase money mortgage given by a purchaser
sure claimant y
addition,
o ,the in by adny authorized a ep representative of the Co paony and shall
form the insured, or only so long as the insured shall have liability by reason ofpY
of the
the insured in any transfer of conveyancela
examination na
r exa 9 ll
insption ddoc¢epresentative of th
re Company, all
covenants of warranty made by
estate or interest. This policy shall not continue in force in favor of an purchaser
designated by any autmination,
pnes as authorized
ledgers, checks, correspondence and memoranda, whether bearing
from the insured of either (i) and estate or interest in the land, or (ii) an indebtedness
records, books,
reasonably pertain to the ony,
re or after Date fauthori
beforequested
secured by a purchase money mortgage given to the insured.
ed rep esentative of the Compawhich
Fudrtherate the insured
by any
for
3. NOTICE OF CLAIM TO BE GIVEN BY INSURED CLAIMANT.
claimant shall
9oant its examine,rmission, in respect and copy all records, books, ledgers, checks,
The insured shall notify the Company promptly in writing (i) in case of any
knowledge shall come to an
the Company
correspondence and memoranda in the custody or control of a third party, whit
d as confidential
esignateSect
litigation as set forth in Section 4(a) below, (ii) in case
insured hereunder of any claim of title or interest which is adverse to the title to the
onshall not
by sonably the insuredtain to the loss or claimantprovideddamage. All to the Compainf
ny purrmatls ant to this
it is
estate or interest, as insured, and which might cause loss or damage for which the
if title to the estate or interest,
be disclosed to others unless, in the reasonable judgment of the Company,
Failure of the insured claimant to submit
Company may liable by virtue of this policy, or (iii)
insured, is rejected as unmarketable. If prompt notice shall not be given to the
necessary in the administration of the claim.
Yproduce other reasonably requested ion or grant
under
as
Company, then as to the insured all liability of the Company shall terminate with
notice is required; provided,
fore aminatioton reasonably necessary in from third parties as as required
P liability of the Company under this policy as
regard to the matter or matters for which prompt
that failure to notify the Company shall in no case prejudice the rights of
n this paragraph shall terminate any
however,
any insured under this policy unless the Company shall be prejudiced by the failure
to that claim.
SETTLE CLAIMS: TERMINATION OF
and then only to the extent of the prejudice.
g, OPTIONS TO PAY OR OTHERWISE
4. DEFENSE AND PROSECUTION OF ACTIONS: DUTY OF INSURED
LIABILITY.
In case of a claim under this policy, the Company shall have the following
CLAIMANT TO COOPERATE.
(a) Upon written request by the insured and subject to the options contained
the Company,at its own cost
additional options:
(a) To Pay or Tender Payment of the Amount of Insurance.
in Section 6 of these Conditions and Stipulations,
and without unreasonable delay, shall provide for the defense of an insured in
To pay or tender payment of the amount of insurance under this policy together
by the insured claimant, which
litigation in which any third party asserts a claim adverse to the title or interest as
causes of action alleging a defect, lien or
with any cost, attorneys' fees and expenses incurred
by the Company, up to the time of payment or tender of pay ment
insured, but only as to those stated
encumbrance or other matter insured against by this policy. The Company shall
were authorized
and which the Company is obligated to pay.
have the right to select counsel of its choice (subject to the right of the insured to
the insured as to those stated causes of
Upon the exercise by the Company of this option, all liability and obligations
the Pa
gorrcontinue
object for reasonable cause) to represent
action and shall not be liable for and will not pay the fees of any other counsel. The
to the insured under this polic other than to make
osecute,yment
includingan liabilityor obligation defend, prosecute,
Company will not pay any fees, costs or exincurred by the insured in the
matters not insured against by this
terminate,
tion, and the policy shall to the Company for cancellation.
any litigall be surrende
With
defense of those causes of action which allegeredd
(b) To Pay or Otherwise Settle With Parties Other than the Insured or
policy.
(b) The Company shall have the right, at its own cost, to institute and prosecute
in its opinion may be necessary
the Insured Claimant.
(i) to pay or otherwise settle with other parties for or in the name of an
any action or proceeding or to do any other act which
or desirable to establish the title to the estate or interest, as insured. The Company
insured claimant any claim insured against under this policy, together with any costs,
(continued and concluded on last page of this policy)
SON
Standard Coverage
PACIFIC NORTHWEST TITLE INSURANCE COMPANY, INC.
A.L.T.A. OWNER'S POLICY
SCHEDULE A
Order No.: 278898
Policy Date: July 19, 1996
at 2:27 p.m.
1. Name of Insured:
Policy No.: 1093-010150
Policy Amount: $475,000.00
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
3. The estate or interest referred to herein is at date of Policy
vested in:
CITY OF KENT, a municipal corporation
4. The land referred to in this Policy is described as follows:
The south 360 feet of the west half of that portion of southeast
quarter of the southeast quarter of Section 34, Township 22 North,
Range 5 East, W.M, in King County, Washington, lying east of the
line parallel with and 30 feet east of the west boundary line of
said southeast quarter of the southeast quarter;
EXCEPT the south 30 feet thereof.
Standard Coverage
PACIFIC NORTHWEST . TITLE INSS OCE COMPANY, IN
A.
SCHEDULE B
Policy No.: 1093-010150
This policy does not insure against loss or damage by reason of the
following:
GENERAL EXCEPTIONS:
of parties in possession not shown by the public
1. Rights or claims
records.
asements, not shown by the public record.
2. Easements, or claims of e
3. Encroachments, overlaps, boundary line disputes, or other matters
which would be disclosed by an accurate survey or inspection of the
premises.
4. Any lien, or right to a lien, for services, labor or material
heretofore or hereafter
shedimposed
the public recordsunder theWokmen1by wshown and not y
sCompensationAcb
not shown by the public records.
5. Any title or rights asserted by anyone including but not limited to
persons corporations, governments or other entities,
to tide lands,
or lands gorthe
sound, orolandsbottoms
beyond thellineeoflthesharbor
lakes, baysys,, ocean
lines as established or changed by the United States Government.
6. (a) Unpatented mining claims; (b) reservations or exceptions in
patents or in Acts authorizing the issuance thereof; (c) water
rights, claims or title to water.
7. Taxes or special assessments which are not shown as existing liens
by the public records.
8. Any service, installation, connection, maintenance, capacity, or
water, electricity or garbage
construction charges for sewer,
removal.
9. Indian tribal code
sbor nogulimited,tondeasementsyooregnotableal
rights, including,
servitudes.
SPECIAL EXCEPTIONS:
As on Schedule B, attached.
(continued)
A.L.T.A. OWNER'S POLICY
SCHEDULE B
Page 2
SPECIAL EXCEPTIONS:
NONE
MS/can/4928X
Policy No.: 1093-010150
J —
2
7 '
-
too
e
Y
7(
ti
•l/N •lIr JI. 1. iJl .l o� ✓/.• — � .y ••
t. I /• 1.t..I
r LcT
�.� �• y
e `
LOT - � LOTS. "r' L0T4
KC ?C0030964
S►977095R
N
O N f
s.t / .vn. u.i�. JJ.• n_i iJ21. 2 r... � l.l.� I v1
z3 ,
Y �
I
I0
LIAI/ f:J I —
�� S E. 2887H. ST.
I 3 18.'43
ful STEWART TITLE COMPANY OF WASHINGTON, INC. NORTH
"A Tradition Order No.
of Ereellenee"
IMPORTANT: This is not a Plat of Survey. It is furnished as a convenience to locate the land
indicated hereon with reference to streets and other land. No liability is assumed by reason of SOUTH
reliance hereon.
CONDITIONS AND STIPULATIONS Continued
(continued and concluded from reverse side of Policy Face)
nses incurred by the insured claimant which were authorized
12. PAYMENT OF LOSS.
cnall he made without producing this policy for endorsement
i
• F
W '
G
a
r
r
ti•
Y
11L
S�
r�
V.
i
i
lT _