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HomeMy WebLinkAboutAD04-065 - Other - Addendum #1 - Yarrow Bay Development, LLC - Reservoir Impoundment Property - 12/18/2003 ADDENDUM ONE TO THE REAL ESTATE PURCHASE AND SALE AGREEMENT BETWEEN YARROW BAY DEVELOPMENT,LLC. AND THE CITY OF KENT Yarrow Bay Development, LLC ("Buyer"), with offices located at 925 Fifth Avenue, Fuite 202, Kirkland, Washington, and the City of Kent ("Seller") with offices located at 220 — 4 h Avenue South, Kent, Washington 98032, hereby enter into this Addendum One to the Real Estate Purchase and Sale Agreement (the "Agreement") as signed by Buyer and the Seller on October 8,2003, as follows. 1. 11e Exhibit"A"legal description in Section l of the Agreement shall be replaced by the Exhibit"I"attached and incorporated into this Addendum One. 2. Section 4.(c)(i)of the Agreement shall be amended as follows: 4.(c) A Feasibility Study as follows: (i) Buyer shall have until February 13, 2004 to determine, in Buyer's sole and absolute discretion, if the real property is feasible for investment and/or development by Buyer. Buyer is granted a right of entry during the term of the Feasibility Study. Buyer agrees to assume all liability for and to defend, indemnify and save Seller harmless from all liability and expense (including reasonable attorneys' fees) in connection with all claims, suits and actions of every name, kind and description brought against Seller or its agents or employees by any person or entity as a result of or on account of injuries or chimages to persons, entities and/or property received or sustained, arising out of, in connection with or as a result of the acts or omissions of Buyer or its agents or eruployees in exercising its rights under the right of entry granted in this Section, except for claims caused by Seller's sole negligence. The provision of this subsection shall survive Closing or the termination of this Agreement. 3. Section 4(c)(iv)of the Agreement shall be amended as follows: 4,(c) A Feasibility Study as follows: (iv) If Buyer fails to notify Seller in writing of the results of the Feasibility Study in 4(c), on or before February 13, 2004, then the feasibility contingency will be deemed satisfied and removed. If Buyer does not remove the feasibility contingency and terminates this Agreement before the expiration of the Feasibility Study, neither Buyer nor Seller shall have any further rights, duties or obligations hereunder, except that Buyer agrees to return the real property to its original state (i.e., fill all boring holes, etc.) and except as Buyer remains obligated under the provisions of 4(c)(i). ADDENDUM ONE TO REAL ESTATE PURCHASE AND SALE AGREEMENT BETWEEN YARROW BAY DEVELOPMENT,LLC. AND THE CITY OF KENT Page 1 of 3 4. Seller agrees to pay for and indemnify Buyer against any rollback or compensating taxes that become due and payable on the Property after Closing to the extent these taxes are attributable to the time period prior to Closing. 5. Except as modified by this Addendum One, all the terms and conditions of the Agreement will remain in full force and effect. 6. Facsimile signatures on this Addendum One shall be considered originals. This Addendum One will take effect on the last date entered below. SELLER: BUYER: CITY O YARROW BAY DEVELOPMENT,LLC By: By: jY White,Mayor Managing lyfe er Date — ,L� —le Dated: APPROVED AS TO FORM: By: Z' OtL Kent City Attorney t— Dated:_, /a`A/c-3 ADDENDUM ONE TO REAL ESTATE PURCHASE AND SALE AGREEMENT BETWEEN YARROW BAY DEVELOPMENT,LLC.AND THE CITY OF KENT Page 2 of SUPPLEMENTAL TITLE REPORT Page 3 order No. 515554 • The legal description has been amended to read as follows: PARCEL A• The south half of the southeast quarter of the northwest quarter of Section 4, Township 21 North, Range 5 East, W.M. , in King County, Washington; EXCEPT the east 194 feet of the north half of said south half of the southeast quarter; ALSO EXCEPT that portion thereof lying within the right of way of 124U' Avenue Southeast, the westerly margin of which was established by deed recorded under Recording Number 7501270237; AND The northeast quarter of the southwest quarter of Section 4, Township 21 North, Range 5 East, W.M. , in King County, Washington; EXCEPT that portion thereof lying within the right of way of 124U' Avenue Southeast, the westerly margin of which was established by deed recorded under Recording Number 7501270237; AND The north 3 acres of Tract 9, The Sound Trustee Company's Third Addition, according to the plat thereof recorded in volume 13 of Plats, page 100, in King County, Washington. PARCEL B: Tract 9; EXCEPT the north 3 acres, and Tract 10; EXCEPT the south 120 feet thereof, all in The Sound Trustee Company's Third Addition, according to the plat thereof recorded in Volume 13 of Plats, page 100, in King County, Washington. PARCEL C: The southeast quarter of the southwest quarter of Section 4, Township 21 North, Range 5 East, W.M. , in King County, Washington; EXCEPT that portion thereof lying within the right of way of 124°° Avenue Southeast, the westerly margin of which was established by deed recorded under Recording Number 7411040248; ALSO EXCEPT that portion thereof lying within the right of way of Southeast 304u' Street; ALSO EXCEPT that portion thereof conveyed to King County for road Purposes by deed recorded under Recording Number 6027009; (continued) SUPPLEMENTAL TITLE REPORT Page 4 Order No. 515554 ALSO EXCEPT that portion thereof described as follows: Beginning at the intersection of the west line of said subdivision and the northerly margin of Southeast 304th Street; Thence north 01*18156" east, along the west line thereof, a distance of 700.00 feet; Thence south 75°38 Ol east adistonce of 472.02 feet, Thence south 23°16116^ east a distance of 664.25 feet to the northerly margin of said Southeast 304th Street; Thence north 87052116/1 west, along said northerly margin, a distance of 750.00 feet to the point of beginning. PARCEL D: Lot 3 of King County Short Plat Number 780014, recorded under Recording Number 8101150681, being a portion of the north half of the southeast quarter of the northwest quarter of Section 4, Township 21 North, Range 5 East, W.M., in King County, Washington; EXCEPT that portion of said north half lying within the right of way of 124th Avenue Southeast, the westerly margin of which was established by deed recorded under Recording Number 7409040402. PARCEL E: Lot 2 of King County Short Plat Number 780014, recorded under Recording Number 8101150681, being a portion of the north half of the southeast quarter of the northwest quarter of Section 4, Township 21 North, Range 5 East, W.M., in King County, Washington; EXCEPT that portion of said north half lying within the right of way of 124th Avenue Southeast, the westerly margin of which was established by deed recorded under Recording Number 7409040402. PARCEL F• Lot 4 of King County Short Plat Number 780014, recorded under Recording Number 8101150681, being a portion of the north half of the southeast quarter of the northwest quarter of Section 4, Township 21 North, Range 5 East, W.M., in King County, Washington; EXCEPT that portion of said north half lying within the right of way of 124th Avenue Southeast, the westerly margin of which was established by deed recorded under Recording Number 7409040402. (continued) SUPPLEMENTAL TITLE REPORT Page 5 Order No. 515554 PARCEL G: Government Lot 3, Section 4, Township 21 North, Range 5 East, W.M. , in King County, Washington; EXCEPT that portion thereof lying within the right of way of 124t' Avenue Southeast, the westerly margin of which was established by deed recorded under Recording Number 7409040401; ALSO EXCEPT therefrom the following described tract: Beginning at the northeast corner of the above described property, being the TRUE POINT OF BEGINNING of the exception herein described; Thence west, along the north line of said Lot 3, a distance of 255.00 feet; Thence south, parallel with the east line of said Lot 3, a distance of 272.00 feet; Thence east, parallel with the north line of said Lot 3, a distance of 100.0 feet; Thence south, parallel with the east line of said Lot 3, a distance of 114.00 feet; Thence east, parallel with the north line of said Lot 3, a distance of 155.00 feet; Thence north, parallel with and 30.00 feet from the east line of said Lot 3, a distance of 387.00 feet to the TRUE POINT OF BEGINNING. PARCEL H: Lot 1 of King County Short Plat Number 780014, recorded under Recording Number 8101150681, being a portion of the north half of the southeast quarter of the northwest quarter of Section 4, Township 21 North, Range 5 East, W.M., in King County, Washington; EXCEPT that portion of said north half lying within the right of way of 124'" Avenue Southeast, the westerly margin of which was established by deed recorded under Recording Number 7409040402. PARCEL I: That portion of the south half of Tract 11, The Sound Trustee Company's Third Addition, according to the plat thereof recorded in Volume 13 of Plats, page 100, in King County, Washington, lying easterly of the following described line: (continued) 1 , SUPPLEMENTAL TITLE REPORT Page 6 Order No. 515554 Beginning at the southeast corner of said tract; Thence north, along the east line thereof, a distance of 50.00 feet to the TRUE POINT OF BEGINNING of the line herein described; Thence in a northwesterly direction in a straight line to a point on the north line of the south half of said tract, which point lies 135.00 feet west of the east line of said tract, being the terminus of the line herein described. PARCEL J: The east 194 feet of the north half of the south half of the southeast quarter of the northwest quarter of Section 4, Township 21 North, Range 5 East, W.M., in King County, Washington; EXCEPT that portion thereof lying within the right of way of 124th Avenue Southeast, the westerly margin of which was established by deeds recorded under Recording Number 7412300186 and 7412300187. PARCEL K: That portion of the north half of Tract 11, The Sound Trustee Company's Third Addition, according to the plat thereof recorded in Volume 13 of Plats, page 100, in King County, Washington, lying easterly of the following described line: Beginning at the southeast corner of said north half; Thence west, along the south line of said north half, a distance of 135.00 feet to the TRUE POINT OF BEGINNING of the line herein described; Thence in a northwesterly direction in a straight line to a point on the north line of said tract, which point lies 313.36 feet west of the northeast corner of said tract and is the terminus of the line herein described. PARCEL L: The east half of the south 120 feet of Tract 10, Sound Trustee Company's Third Addition, according to the plat thereof recorded in Volume 13 of Plats, page 100, in King County, Washington.