HomeMy WebLinkAboutPW1996-0202 - Original - Benaroya Capital LLC - Purchase of Kent Lagoon Property - 03/13/1996a
1AII��XAN,
PURCHA86 AND SALL+ AGREF.ME�
(W DNLYFICB CBComREAL ROKBAAE MANAGEMENT COMMERCIAL LICENSEDRFALESTATEBROKER Cc
THIS CONTRACT CONTROLS THE TERMS OF SALE OF THE PROPERTY. READ CAREFULLY BEFORE SIGNING.
Seattle , Washington,
March 13
BENAROYA CAPITAL L.L.C. (a Washington Limited Liability Company) AND/OR ASSIGNS
19 96
(herein called "Purchaser") hereby agrees to purchase, and the undersigned Seller hereby agrees to sell the following real estate
located in the City of Rent , County of King
State of Washington, commonly known as KENT LAGOON PROPERTY
and legally described as:
See Exhibit "A" and "A-1" attached hereto and by this reference made a part hereof. Former]
Parcels 19 and 110 of UNION PACIFIC DEVELOPMENT CO., property and being approximately 35
net us -able acres.
Flood Zone: No ® Yes ❑ (Attach Form 5230. )
Purchaser and Seller hereby authorize Broker to Insert over their signatures the correct legal description or to correct a legal
description entered if it is erroneous or incomplete, and final legal description to be agreed upon by
Purchaser.
The following personal property is included, and Purchaser agrees to pay any sales tax which may be due on the sale of such
personal property: None
TERMS OF SALE:
* ontingencies.
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1. The total purchase price is No/100 Dollars #,3,95Bs999TAA)-----
payable as follows: $ One Hundred Thousand and No/100 Dollars ($100,000.00) as Earnest Money Deposit (herein called "Deposit'), which sum is videnced b a note due upon removal of
and which Deposit, together with this Agreement shall be held by I &SA iiia#es#
hanall-al Into Analog oin PP
RTie balance of the purchase price shall be payable as follows:
**See Addendum A attached hereto and by this reference made a part hereof.
2. Upon mutual execution of this Agreement, the parties shalt execute instructions to Chicago Title Insurance
Gomp=y
(the "Escrow Holder"), to consummate the purchase in accordance with the terms and provisions hereof. They shall place
with Escrow Holder all Instruments, documents and moneys necessary to complete the sale in accordance with this
Agreement. The provisions hereof shall constitute joint instructions to the Escrow Holder, provided, however, that the parties
shall execute such additional instructions as they may agree upon or as requested by the Escrow Holder not inconsistent
with the provisions hereof. Said escrow shall provide for a closing at the office of Escrow Holder on or before
See Addendum ,19 ("Closing"). Escrow fees shall be paid by Seller and Purchaser on
a 50150 basis. RinkaLW eU ialivar-th if is n � enrrnu Unlrl cnnnhh� i n�rinerert 1he� tl n�[ Incinn in er�4
3. Seller shall pay for and furnish to Purchaser a standard form Owner's Policy of Title Insurance, such policy to be effective
on the date of Closing. As soon as reasonably possible following the opening of escrow, Purchaser shall be furnished with
a preliminary title commitment (herein called "Commitment") on the subject property, together with full copies of any
exceptions set forth therein. Purchaser shall have forty-five (-45- ) days after receipt of the Commitment within
which to notify Seller and Escrow Holder in writing of Purchaser's disapproval of any exceptions shown in the Commitment;
provided, however, that general exceptions and exceptions in the title company's standard form of policy, rights reserved in
Federal patents or State deeds, building or use restrictions general to the district, existing easements not incon-
sistent with Purchaser's intended use, and building or zoning regulations shall not be deemed exceptions which
Purchaser may disapprove. In the event of disapproval of any exceptions as set forth in the Commitment, Seller shall have
until closing to attempt to eliminate any disapproved exceptions(s) from the Policy of Title Insurance to be issued
in favor of Purchaser and, if not eliminated by that date, the escrow and this Agreement shall be terminated unless Purchaser
then elects to waive its prior disapproval. Failure of Purchaser to disapprove in writing any exception(s) within the
aforementioned time limit shall be deemed an approval of the Commitment.
4. (a) If this Agreement is forconveyance of fee title, title shall be conveyed by Statutory Warranty Deed free of encumbrance
or defects except those permitted herein or as Purchaser and Seller shall otherwise agree.
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Form No 9(WA) Rev5/92
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(e) If this Agreement is for sale and transfer of vendee's interest under existing real estate contract, the transfer shall be by
a purchaser's assignment of contract and deed sufficient in form to convey after -acquired title.
Taxes for the current year, rents, insurance, Interest, mortgage reserves, water and other utilities constituting liens shall be
prorated as of date of Closing. Local improvement district or special district assessments, if any, shall be similarly prorated
and (Check one) ❑ paid by Seller IS assumed by Purchaser. Washington real estate excise tax and deed stamps shall be
paid for by Seller. Any other real estate excise or conveyance tax imposed on a purchaser by state or local law shall be the
responsibility of Purchaser. Seller to provide an estimate of all L.I.D. `s to Purchaser within
sixty (60) days of mutual acceptance.
6. Purchaser shall be entitled to possession on the date of Closing.
Purchaser shall have *SeedaAs from tie date of this Agreement within which to investigate the property,
y Ag g p p rty, its value, zoning,
environmental and building matters, its condition — including, but not limited to the presence of asbestos, hazardous
materials and underground storage tanks — and its suitability for Purchaser's Intended use. Seller hereby warrants that, to
the best of its knowledge, the premises described herein and the improvements thereon do not violate the applicable building
or zoning regulations and that it is unaware of any material defect in the premises or improvements thereon with the exception
of the following, to wit: Easements of Record
If the Purchaser gives written notice to Seller by 5:00 P.M, of the final date of the above -referenced period, of dissatisfaction
with any of the referenced matters, and Seiler and Purchaser have not entered into a mutually agreeable resolution of the
matter by 5:00 P.M. -2- days thereafter, this Agreement shall be deemed cancelled and Purchaser shall be entitled to
return of the Deposit. If Purchaser fails to give written notice of dissatisfaction by 5:00 P.M. of the referenced period, then
Purchaser's right to object to such matters shall be deemed waived, unless mutually extended by Purchaser
and Seller.
9 For purposes of this Agreement "date of Closing" shall be construed as the date upon which all appropriate documents are
recorded and proceeds of this sale are available for disbursement to Seller. Funds held in reserve accounts pursuant to
escrow instructions shall be deemed, for purposes of this definition, as available for disbursement to Seller.
10. All risk of loss or damage to the property shall be borne by the Seller until Closing. In the event that there is loss or damage
to the property between the date hereof and the date of Closing, by reason of fire, vandalism, flood, earthquake, or acts of
God, and the cost to repair such damage shall exceed ten percent (10%) of the purchase price of the property, Buyer may
at his option either proceed with this transaction if Seller agrees in writing to repair or replace damaged property prior to
Closing or declare this Agreement null and void. If damage to the property is less than ten percent (10%) of the purchase
price and Seller agrees in writing to repair or replace and does actually repair and replace damaged property prior to Closing,
this transaction shall proceed as agreed.
11. This Agreement supersedes any and all agreements between the parties hereto regarding the property which are prior in
time to this Agreement. Neither Purchaser, Seller nor Broker shall be bound by any understanding, agreement, promise,
representation or stipulation, express or implied, not specified herein.
12 Purchaser may assign this Agreement and its rights hereunder only with Seller's written consent. In the event of such
assignment, Purchaser will not be relieved of any future liability under this Agreement, unless Seller shall agree in writing.
Seller's approval to assignment shall not be unreasonably withheld.
13. Any addendum or exhibit attached hereto and either signed or initialled by the parties is hereby Incorporated herein and shall
be deemed a part hereof.
14. Time Is of the essence of this Agreement, Except as otherwise provided herein, In the event that any contingency to this
Agreement has not been eliminated, satisfied, or waived in writing within the time limits and pursuant to the provisions herein,
this Agreement shall be deemed null and void, and the Deposit shall be returned to Purchaser, and the escrow shall be
cancelled.
Form No 9(WA)Rev5f92
15, if Purchaser, Seller, Broker orAW other person brings suit or Institutes arbitr& relating tothis Agreement, the substantially
prevailing party, in addition fWy other relief, shall be entitled to recover onable attorneys' fees and costs, including
expert witness fees, and including any such fees and costs Incurred on appeal. Venue shall be in the county where Broker's
office is located, and Washington law shall govern. The parties waive any claim against each other or Broker for punitive
damages.
16. In the event that Seller defaults, Purchaser shall be entitled to return of the Deposit on demand. If either party defaults
hereunder, the other party may seek specific performance of this agreement, damages, or rescission. Notwithstanding the
foregoing, and by way of limitation thereof, by separately Initialing below, the parties agree to waive certain rights
and remedies and provide instead for damages limited to the amount of the earnest money deposit:
IN THE EVENT THE PURCHASER FAILS, WITHOUT LEGAL EXCUSE, TO COMPLETE THE PURCHASE OF THE
PROPERTY, THE EARNEST MONEY DEPOSIT MADE BY PURCHASER SHALL BE FORFEITED TO THE SELLER AS
THE SOLE AND EXCLUSIVE REMEDY AVAILABLE TO THE SELLER FOR SUCH FAILURE. IF THE EARNEST MONEY
DEPOSIT IS GREATER THAN FIVE (5%) PERCENT OF THE PURCHASE PRICE, ONLY THAT PORTION OF THE
EARNEST MONEY DEPOSIT EQUAL TO FIVE (5%) PERCENT OF THE PURCHASE PRICE SHALL BE FORFEITED
TO THE SELLER,
By their initials below, Purchaser and Seller hereby specifically acknowledge that they have read the preceding
provision regarding to iture of the earnest money and understand and agree to it.
Buyers' Initials
Seller's Initials 7-
18. Purchaser and Seiler represent and warrant to Broker and to each other that they have dealt with no real estate broker, agent
of finder in connection with this sale other than CB COMMERCIAL REAL ESTATE GROUP, INC. and None
and that no other broker, agent or finder is entitled to any commission or other fee on account of this Agreement.
19. (a) "Selling agent" means the broker who procured the Purchaser as a purchaser in this transaction. "Listing agent" means
the broker who listed the subject property for sale.
(b) AGENCY DISCLOSURE: At the signing of this agreement the selling agent CB Comercial Real Estate
GrouF. Inc.. Gary Volchok (insert name of selling agent and broker) represented
Buyer , and the listing agent
None (insert name of listing
agent and broker) represented Se11er
Each party signing this document confirms that prior oral and/or written disclosure of agency was provided to him/ her/ it
into his transaction. WAC 308-124D-040).
(c) If CB COMMERCIAL REAL ESTATE GROUP, INC. represents both Seller and Purchaser, both parties have given and
hereby confirm their consent to the same.
20. The Foreign Investment in Real Property Tax Act ("FIRKN), IRC Sec. 1445, requires that every Purchaser of U.S. real
property must, unless an exemption applies, deduct and withhold from the seller's proceeds ten percent (10%) of the gross
sales price. The primary exemptions which might be applicable are: (a) Seller provides the Purchaser with an affidavit under
penalty of perjury, that Seller is not a "foreign person;' as defined in FIRPTA, or (b) Seller provides the Purchaser with a
"qualifying statement," as defined in FIRPTA, issued by the Internal Revenue Service. Seller and Purchaser agree to execute
and deliver as appropriate, any instrument, affidavit and statement, and to perform any acts reasonably necessary to carry
out the provisions of FIRPTA and regulations promulgated thereunder.
21. Purchaser's offer Is made subject to the acceptance of Seller on or before 5- 0 PYVult , ildnight on
April 15 ,19 _96 . In consideration of Broker submitting this offer to Seiler, Purchaser
agrees with Broker not to withdraw this offer during said period, or until earlier rejection thereof by Seller. Purchaser agrees
that written notice of acceptance given to Broker`by Seller shall be notice to Purchaser. if Seller does not accept this
Agreement within the time specified, the Deposit shall be returned to Purchaser on demand.
22. Notices to either party shall be given in writing to the address set forth herein for the parry to be given notice, or at such other
address as may be supplied pursuant to the manner specified herein for giving notice. Delivery of notice shall be by prepaid,
certified United States mail, return receipt requested, and shall be effective three days after deposit.
23. The parties hereto agree to comply with all applicable federal, state and local laws, regulations, codes, ordinances and
administrative orders having jurisdiction over the parties, property or the subject matter of this Agreement, including, but
Form No 9(WA)flw S/92
not limited to, the 1964 Civil RAs Act and all amendments thereto, the Investment in Real Property Tax Act, the
Comprehensive Environment esponse Compensation and Liability ActlFd The Americans With Disabilities Act.
NOTE TO INDIVIDUAL PURCHASER: BOTH SPOUSES SHOULD SIGN.
BROKER:
CB Commercial Real Estate Group, Inc.
Licensed Real Estate Broker
Purchaser:
By:
Title:
By:
Title:
By: Address:
Gary Carpenter, Executive Vice Presi ent
Title- Seattle Area Managing Officer-Inst. Serv.
BENAROYA CAPITAL L.L.C. (a Washingtc
Limited Liabilitv Co.) AND/OR ASSIM
1001 - 4th Avenue, Suite 4600
Seattle, WA
The undersigned Seller hereby accepts this Agre%ppLgr,1t fgrees to sell the subject property to Purchaser for the price and
on the terms and conditions set forth herein.�900%grees to pay Broker a real estate brokerage commission for services rendered
in effecting this sale, in the amount called fe i I selle is ce t act IvItl a eke fe Pay a Hype evmrrrtssi0 1 car nectiorWill !
safewp oposed sale of I! a sablect p aps, ty, if ntrof -5- % of the accept r ase price
This commission is earned pursuant to the terms of said contract, if any, or if there is none, then as of the/mtaf
tt49 ,#gras eir#. Pn> sale evFrE#p��arab�as5#tjrre�ltrDfvkeFt: Escrow Holder is hereby
instructed to pay said commission to Broker out of �tet:tsads at t e close of escrow, and this instruction shall not be
withdrawn or modified without Broker's written consent. tf°earrn3sta eya so 0tar9d pvsitnff
bgSe�ed Frei gthare&,
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tar MGMfte�ffeNngsale
Seller hereby acknowledges receipt of a copy of this Agreement.
NOTE TO INDIVIDUAL SELLER: BOTH SPOUSES SHOULD SIGN.
A true copy of the foregoing Agreement is hereby received
Seller: CITY OF KENT
By:
Title:•Lr�i•
By:
Title:
Address: 220 South 4th
Rent, WA 98032
on , 18 .
BENAROYA CAPITAL L.L.C. (a Washington
Purchas r: Limited Liability Co.) AND/OR ASSIGNS
By: Title:, V7xn Ag'--
By:
Title:
CONSULT YOUR ADVISORS -This document has been prepared for approval by your attorney and financial advisor. No
representation or recommendation is made by Broker as to the legal sufficiency or tax consequences of this document or
the transaction to which it relates. These are questions for your attorney and financial advisor.
In any real estate transaction, it is recommended that you consult with a professional, such as a civil engineer, industrial
hygienist or other Person with experience in evaluating the condition of property, including the possible presence of asbestos,
hazardous materials and underground storage tanks. Broker makes no representations regarding such matters.
GV:tga
Form No 9(WA)Rw SIM
i 0
CB
COMMERCIAL
ADDENDUM "A" To REAL ESTATE PURCHASE AND AGREEMENT
CB COMMERCIAL REAL ESTATE GROUP, INC
BROKERAGE AND MANAGEMENT
LICENSED REAL ESTATE BROKER
This is Addendum "A" to the Real Estate Purchase and Sale Agreement ("Agreement") dated March 13, 1996,
by and between BENAROYA CAPITAL L.L.C., (a Washington Limited Liability Company) AND/OR
ASSIGNS (as "Purchaser"), and THE CITY OF KENT (as "Seller") for the property ("Property") known as
the Kent Lagoon Property, and as more specifically described in the Agreement.
1. PURCHASE . The Purchase Price for the Property, includ' the earnest money deposits all
be ThrP "�'"�^� �:f�.. T,. No/100 Dollars ( ), which shall be paid all cash at
closing, subject to Paragraph 8. , herein. Upon receipt of a survey of the usable square footage of the
Property (to be provided to Purchaser by Seller) the Purchase Price shall be adjusted on a square footage
basis, as per Paragraph 3., herein.
2. CONTINGENCIES:
A. Purchaser's obligation to close this transaction shall be contingent upon the following conditions
precedent, each of which shall conclusively be deemed to be unsatisfied, unless Purchase provides
written notice to Seller of satisfaction or waiver of the contingencies on or before the date
specified for the satisfaction of each contingency. If each of the following contingencies is not
satisfied or waived as provided herein, this Addendum and all rights, liabilities and obligations
of the parties hereto shall terminate and the earnest money note shall be returned to Purchaser.
Purchaser's inspection and satisfaction, in Purchaser's sole discretion, of the physical condition
and attributes of the Property, its suitability for Purchaser's intended use, and the physical and
financial feasibility of Purchaser's plans for the Property. In exercising this contingency,
Purchaser, or Purchaser's agents, shall be entitled to enter upon the Property for the purpose of
conducting tests, surveys and studies at Purchaser's expense to determine the feasibility of the
Property for development for warehousing, manufacturing or comparable industrial purposes.
Such studies will include, without limitation, Purchaser's determination of:
Land development costs
Construction costs
Zoning and land use
Comprehensive planning
Soil structure
Topography
Drainage
Access
Availability of utilities
Review of hazardous and toxic waste studies
Review of Flood Zone verification (FEMA Maps)
Corps "4040" Permit (Wetland Review)
Future L.I.D.'s
Future Alignment of South 228th
Purchaser agrees to pursue said studies to determine feasibility in good faith. If Purchaser, based
on the studies and inspections referred to above, In good faith concludes that the proposed
development of the property Is not feasible, or if any of the foregoing contingencies is not satisfied
or will not, in Purchaser's good faith determination, be satisfied. Purchaser shall be entitled to
rescind its obligation to Purchaser pursuant to this Addendum by written notice given to Seller
within one -hundred -twenty (120) days of the date of mutual execution hereof (and delivery of an
executed copy to Purchaser), or as soon as Purchaser decides to terminate this Addendum,
whichever is sooner. In such event, this Addendum shall terminate an Seller shall return the
earnest money deposit note in the amount of One Hundred Thousand and No/100 Dollars
SELLER(S) INITIALS: 9
BUYERS) INITIAM: /7
S.IGLVOLCH0VIBEHARB WPD w
($100,000.00), pupurchaser. If Purchaser terminates is Addendum, copies of all studies
conducted by Purchaser shall be provided to Seller. Copies of all surveys, reports, pertinent
adendums and correspondence, and studies, if any, currently possessed by Seller shall be provided
to Purchaser upon execution of this Addendum. Seller shall cooperate in good faith and without
undue delay with Purchaser in its efforts to obtain the necessary permits and approvals for
Purchaser's intended development.
B. Contingency Period Extension:
1. After expiration of the one -hundred -twenty (120) day contingency period in Paragraph
2.A., hereinabove, Purchaser may extend the contingency period for three (3) periods of
two (2) month each upon written notice from Purchaser to Seller of Purchaser's intent to
extend the contingency period and Purchaser's cash payment Fifteen Thousand and No/ 100
Dollars ($15,000.00), per month for a maximum of six (6) months. Such notice and
payment shall be made on the first day of each such sixty (60) day period to Seller and the
payment shall be non-refundable, but shall be part of the Purchase Price upon closing.
2. At the end of such sixty (60) day extension period, it is the obligation of the Purchaser to
give one (1) day's prior written notice to Seller of Purchaser's intent to: (i) close the
purchase and sale in accordance herewith, (ii) extend the contingency period for an
additional sixty (60) day period pursuant to Paragraph 2.13., hereinabove, or (iii) terminate
this Addendum.
Failure to provide such notice shall be deemed an extension of the contingency period; provided
that Purchaser pays the extension fee on the first day of the sixty (60) day period. If in such event
Purchaser fails to make the extension payment, then this transaction shall be deemed terminated.
If the Addendum is terminated as set forth in this Paragraph 2.13., then the Addendum shall be
null and void and Purchaser shall be entitled to a refund of the earnest money deposit.
C. Seller shall provide Purchaser, within seven (7) days of mutual execution, copies of all studies,
reports and findings regarding subject Property.
3. The chase Price set forth herein is based on a price of
Tw`b^an`R0 W Dollars =.per net usable square foot. The Property is estimated to have One
Million Five Hundred Twenty-four Six Hundred Thousand (1,524,600) net usable square feet. In the
event the actual net usable square footage of the Property is more or less than the 1,524,600 square feet,
the Purchase Price shall be adjusted as appropriate to an amount equal to per square foot multiplied
by the actual square footage of the Property. Seller shall deliver a survey to Pqrchaser so as to determine
actual net usable square footage. i0k-.Z-5
"Net Usable" shall man any land which can be used for landscaping, parking, buildings, outside storage,
maneuvering areas, bio-swals, storm water retention areas (it has been stated that all retention will be
done off -site) and interior roads. Those areas not included in the net usable calculation shall be areas
designated for use as buffer zones for existing wetlands and wetlands themselves.
Purchaser shall have as an additional contingency, thirty (30) days to review survey and approve same.
If approval is not given and in Purchaser's sole discretion, the final configuration for buildable area is
not adequate, then Purchaser can rescind this Addendum and no further involvement by either party shall
exist and the Addendum shall be null and void.
4. ATTORNEY. Seller and Purchaser shall each have the right to have its attorneys review and approve
the closing documents prior to closing to ensure such documents are consistent with the terms of this
Addendum.
5. DATE OF CL.OSIN('. Closing shall occur thirty (30) days after the first of the following to occur:
A. The expiration of the Contingency Feasibility Study Period as set forth in Paragraph 2.A., as may
be extended in accordance with Paragraph 2.13. herein.
B. Notice of Contingency Feasibility Study Period waiver by Purchaser and/or any extension thereto.
SELLER(S) INITIALS: BUYERS) INHIALS: _I_
-2 SAGLVOLCHOMBENARB.WPD u
C. If contingencies Ove been removed, title is insurable asprovided in Paragraph 3 . , on page one
of this Addendum, and all other obligations of Seller fulfilled, and Closing does not occur solely
due to Purchaser's failure to do so, Purchaser shall forfeit the One Hundred Thousand and No/100
Dollars ($100,000.00) earnest money deposit that is on deposit at Chicago Title Insurance in an
escrow account as liquidated damages and not as a penalty which shall constitute Seller's sole
remedy against Purchaser hereunder and Seller shall not be entitled to specific performance or any
other legal remedies against Purchaser.
D. If Seller defaults hereunder, Purchaser may seek specific performance of this Addendum, damages
or rescission.
6. CONDITION OF THE PROPERTY. In addition to any other expressed agreements of Seller contained
herein, the matters set forth in this Paragraph constitute representations and warranties by Seller which
shall be true and correct on the date of this Addendum and as of the date of closing.
A. Seller has not received written notice of any actions, suits, claims, legal proceedings or any other
proceedings affecting the Property, or any portion thereof, at law or in equity, before any court
or governmental agency, domestic or foreign.
B. Seller has not received notice from any governmental agency pertaining to the violation of any law
or regulation affecting the property, and Seller has no knowledge of any facts which might be a
basis for any such notice.
C. To the best of Seller's knowledge, the property is free from material fault or defect.
D. To the best of Seller's knowledge, no toxic, dangerous or hazardous substances have at any time
prior to closing been improperly generated, treated, stored or disposed of, or otherwise deposited
in or on the Property, including without limitation, the surface waters and subsurface waters
thereof, and there are not substances or conditions in or on the Property which may support a
claim or cause of action under the Comprehensive Environmental Response, Compensation and
Liability Act of 1980 (the "Superfund Act"), the Carpenter -Presley -Tanner Hazardous Substance
Account Act, the Resource Conservation and Recovery Act of 1976, the Model Toxic Control Act
(RCW Chap 70.105D), or any other federal, state or local environmental statutes, regulations,
ordinances or regulatory requirements.
E. There is no condemnation proceeding affecting the Property or any portion thereof currently
pending, nor, to Seller's knowledge, is any such proceeding threatened.
F. To the best of Seller's knowledge there is no default or breach by Seller under any covenants,
conditions, restrictions, rights -of -way, or easements which may affect the Property or any portion
thereof. No condition exists which would result in the termination or impairment or access to the
Property or discontinuation of necessary sewer, water, electric, gas, telephone or other utilities.
G. No work has been performed or is in progress at, and no materials have been furnished to the
Property at the request of Seller which have not been paid for or will not be paid for in full by
Seller prior to the closing date.
H. At Closing there will be no leases affecting all or any party of the Property.
All of the representations, warranties and covenants contained in this Addendum: (i) shall be true and
correct as of the date of this Addendum and as of the Closing Date to the extent Seller notifies Purchaser
to the contrary, or except as otherwise discovered by Purchaser; and (ii) Purchaser's rights to enforce
such representations and warranties and covenants and Seller's indemnification obligations herein shall
survive the Closing and such rights to enforce shall not be merged into any documents delivered by Seller
at Closing. Seller shall indemnify, defend and hold Purchaser harmless from and against any cause,
claim. Loss, damage or expense, including attorneys' fees, which Purchaser suffers as a result of a breach
of the representations, warranties and covenants contained in this Addendum. It is expressly agreed and
understood that no examination or investigation of the property by or on behalf of Purchaser prior to
Closing, shall in any way modify, affect or diminish Seller's obligations under the representations,
warranties, covenant and agreements contained in this Addendum.
SELLER(S) INITIALS:
1,11VA064TWIQ19 I`i
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SAGLVOLCHOWBENARB WPD a
A, (zlsUL OF Pvl-eNTloNkt W e-OPfxc Sew`'NRota
Should any /of the for ping representations or warranties prove to be untrue or inaccurate (and
notwithstanding the fact that Purchaser's discovery thereof shall occur after the close of escrow), Seller
hereby agrees, to the fullest extent permitted by applicable law, to release, defend, indemnify and hold
harmless Purchaser (and Purchaser's officers, directors, shareholders, affiliates or successor corporations,
agents, employees and representatives) from and against any and all claims, demands, costs, penalties,
fees, expenses, harm, injury, damages or liability (including, but not limited to attorney's fees) arising
directly or indirectly on account of or in connection with the facts and circumstances giving rise to the
untruth or inaccuracy of such representations and warranties.
Purchaser may, at Purchaser's expense, make or cause to be made such inspections, tests, studies,
analysis and other inquiries with respect to the property (including, without limitation, inquiry into the
previous ownership and uses of the Property) so as to detect, determine and disclose to Purchaser any
toxic, dangerous or other hazardous substances which have, at any time, been generated, treated, sorted,
disposed of or otherwise deposited on the Property or the surface waters an subsurface waters thereof
(including, but not limited to the detection, determination and disclosure of any substances or conditions
in or upon the Property which may fall under the preview of any applicable federal, state or local law
pertaining to the generation, treatment, storage, disposal or other disposition of toxic, dangerous or
hazardous substances). The complete results of such inspections, tests, studies, analyses and other
inquiries, including, without limitation, copies of all written material relating thereto shall be provided
to Seller by Purchaser. Purchaser's satisfaction with such results in its sole and absolute discretion is
hereby included as an additional contingency to Purchaser's obligation to close this transaction pursuant
to the terms of Paragraph 2.A., above to be exercised on or before one -hundred -twenty (120) days from
the date of approval by both parties of this Addendum, as such period may be extended pursuant to
Paragraph 2.B., of this Addendum.
7. COMMISSION. Upon Closing, Purchaser will pay CB Commercial Real Estate Group, Inc., a fee as
stated in a separate document.
8. ALTERNATIVES. If the Seller desires to hold out a portion (area to be agreed upon by both parties)
of the net usable acreage for its own use, Purchaser will agree to same. Seller can either close the entire
parcel and lease back area needed or not close on area needed, which area shall be determined and the
Purchase Price adjusted on a square footage basis, until use being contemplated (storage of top soil) has
expired (and topsoil being removed) and then close on that area which shall be the sooner of when Seller
has no further need for the Property, or two (2) years. Seller shall also be given the right to place fill
on this area once the topsoil is removed.
9. TAX LOTS . Prior to Closing, if Purchaser requests additional tax lots be created, Seller will cooperate
to meet this goal
PURCHASER:
BENAROYA CAPITAL L.L.C., (a Washington
Limited Liability CO.), AND/OR ASSIGNS
Its:
Address:
Date:
101 q,NM s r--C-F � SA. i s
G(tl Guu Pacd GN
SELLER(S) INITIALS:
SELLER:
THE CITY OF KENT
By:
Its:
Address:
Date:
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BROKER AGE AND MANAGEMENT
BROKERAGE SERVICES
RECEIVED
May 29, 1996 MAY 3 0 1996
OFFICE OF THE MAYOR
Ms. Marria Fuqua
Chicago Title Insurance Company
1800 Columbia Center
701 - 5th Avenue, Suite 1800
Seattle, WA 98104
RE: BENAROYA LLC AND/OR ASSIGNS
City of Kent
Dear Marria:
®CB
COMMERCIAL
Local Knowledge Worldwide
FOUNDED 1906
GARY L. VOLCHOK
FIRST VICE PRESIDENT
INDUSTRIAL PROPERTIES
206 292-1600
206 947-1600 (CAR)
206 292-6033 FAx
Would you please add the buyer's attorney for the above -referenced to any future correspondence,
whose name and address are as follows:
Mr. David Lombard, Esq.
Jameson, Babbitt, Stites and Lombard
999 - 3rd Avenue, Suite 1900, Seattle, WA 98104
(206) 292-1994 - Direct
(206) 292-1995 - Facsimile
The purchasers received the title report on May 22, 1996, however, they did not receive the back-
up material until May 28, 1996. Therefore, May 28, 1996 will be the start date of the title report
review period with notification scheduled for July 14, 1996.
If you have questions, please do not hesitate to contact me.
Sincerely,
CB COMMERCIAL
REAL ES TE GR ,INC.
ary L. Volchok
cc: Joseph Alhadeff
Brent McFall, City of Kent
Roger Lubovich
S NLVGLCHOA0IPUQUI2 WPD la
U S BANK CENTRE 1420 FIFTH AVENUE, SUITE 1700, SEATILE, WASHINGTON 98101-2384
1001 Fourth Avenue, Suite 4700
Seattle, Washington 98154
(206) 343-4750
Fax (206)447-9384
�e
Benaroya Capital Company
November 4, 1996
Mr. Brent McFall
Director of Operations
City of Kent
220 4th Avenue South
Kent, WA 98032
Re BENAROYA CAPITAL COMPANY, L L C.
REAL ESTATE PURCHASE AND SALE AGREEMENT
Kent Lagoon Property
Kent, Washington
Dear Brent -
Enclosed is a check in the amount of $15,000 00 payable to the City of Kent This is the
second extension payment due from Benaroya Capital Company, L.L.0 As stated under
paragraph 2 B of the Addendum, these monies are due for each 60-day extension, as
requested, and are applicable but non-refundable.
If you have any questions, please do not hesitate to call.
Tours very truly,
j
Enclosure
cc: Larry Benaroya, Benaroya Capital Company, L.L.C.
Marna Fuqua, Chicago Title Insurance Company
David Lombard, Jameson Babbitt Stites & Lombard
Gary Volchok, CB Commercial
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Seattle, Washington 981
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Benaroya Capital Company
September 4, 1996
Mr Brent McFall
Director of Operations
City of Kent
220 4th Avenue South
Kent, WA 98032
Re BENAROYA CAPITAL COMPANY, L.L.C.
REAL ESTATE PURCHASE AND SALE AGREEMENT
Kent Lagoon Property
Kent, Washington
Dear Brent
Enclosed is a check in the amount of $15,000 00 payable to the City of Kent This is
the first extension payment due from Benaroya Capital Company, L L C As stated
under paragraph 2 B of the Addendum, these monies are due for each 60-day
extension, as requested, and are applicable but non-refundable
If you have any questions, please do not hesitate to call.
Sincerely,
Lar;Renaroya
/
Enclosure
cc: Joseph Alhadeff
Marna Fuqua
David Lombard
Gary Volchok
BENAROYA CAPITAL COMPANY 09/04/96 VENDOR CIT22S CHECK: 3178
GL Account # Invoice # Inv.Date P.O. # Amount to Pay
1715- - 090396 09/03/96 15,000.00
TOTAL 15,000.00
P
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BENAROYA CAPITAL COMPANY
1001 4TH AVENUE, SUITE 4700
SEATTLE, WA 98154
(206) 343-4750
PAY FIFTEEN THOUSAND AND NO/100 DOLLARS
TO THE CityOf Kent
ORDER
200S. Fourth Avenue
Kent, WA 98032
SEAFIRST BANK
SEATTLE WA 98124
19-2/1HO
DATE
09/04/96
Ile 00317aI'm 1:1250000241: 68390 00411'
NO: 3178
AMOUNT
Zs�
UTHORIZED SIGNATURE
CB COMMERCIAL i
REAL ESTATE GROLP, INC
F3CB
BROKERAGE AND MANAGEMENT
BROKERAGE SERVICES
COMMERCIAL
CITY OF KEN T
Local Knowledge Worldwide
APR 2 4 1997
FOL LADED 1006
April 23, 1997
ENGHvr-ctilNG DEPT
GARY L. VOLCHOK
FIRST VICE PRESIDENT
Mr. Don Wickstrom
IND( STRIAL PROPFRTIES
Director of Public Works
City of Kent
206 292-1600
Ua-
206 Iwo (CAR)
220 - 4th Avenue S.
2206 292-6033 FAX
Kent, WA 98032
RE: VAN DOREN'S WEST
Dear Don.
After I sent you the map yesterday indicating the usable area for the property that the Benaroya
Company is buying from the City, I thought I would just follow-up with a letter
As you will note on the drawing that I sent you and a copy that is enclosed, the useable area is 1,466,040
square feet. This figures includes all areas as we have discussed including the pond areas for the water
retention
The final sales price being paid to the City will be $3,298,590, this will take into consideration the basic
square footage of $2 25 per square foot.
Hopefully you are in agreement with amount and, if so, please sign in the space provided below and send
a copy back to me In the meantime, should you have any questions, please do not hesitate to call.
Respectfully,
CB COMMERCIAL
REAL ESTATE GRO 1 C.
Ga L. Volchok
(206) 292-6130
cc: Larry Benaroya
Joseph Alhadeff
Agreed and accepted this day of 1997.
By: - L L -
or
SACLVOLCHMIWICKS WPDmIb U S BANK CENTRE 1420 FIFTH AVE%-LE SUITE 1700 SEATTLE WASHINGTON 98101-2384
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ADDENDUM "B"
TO
REAL ESTATE PURCHASE AND SALE AGREEMENT
This is Addendum "B" to the Real Estate Purchase and Sale Agreement ("Agreement) dated March 13,
1996 by and between BENAROYA CAPITAL L L C , (a Washington Limited Liability Company)
AND/OR ASSIGNS (as 'Purchaser"), and THE CITY OF KENT (as "Seller") for the property ('Property")
known as the Kent Lagoon property, and as more specifically described in the Agreement
This Addendum "B" to the Real Estate Purchase and Sale Agreement executed by Buyer and Seller on
May 8, 1996, modifies any terms of that Agreement to the extent they are mconsistent with the Addenda.
Therefore, Seller and Buyer agree to amend the Real Estate Purchase and Sale Agreement above described
by this Addendum "B" and its attachment
1 Seller agrees to extend the contingency period for one (1) additional period under the same terms
and conditions as set forth in Paragraph 2B of the original Addendum "A"
2 Seller further agrees to extend this additional period as may be required for the variance, which
was applied for on February 21, 1997, to be approved and in an unappealable form Said
extension shall not however extend past May 31, 1997, unless mutually agreed to by both parties
3 Purchaser agrees to close this transaction within seven (7) days after final approval of the variance
as mentioned above
Except as set forth in Addendum "B", all other terms and conditions of the Real Estate Purchase
and Sale Agreement remain in full force and effect.
PURCHASER: SELLER:
BENAROYA CAPITAL L.L.C.
(A Washington Limited Leasing Company),
AND/OR ASSIGNS
THE CITY OF KENT
Its o -
Date
OCHICAGO T= INSURANCE COMPANY
1800 COLUMBIA CENTER, 701 STH AVE, SEATTLE, WASHINGTON 98104
Order No.: 457486 Unit: U-06
Your No.: BENAROYA/CITY OF KENT
COPY RECEIVED
Property Address: JUL 3 1997
Kent City Attorney
CITY OF KENT
220 4TH AVENUE SOUTH
KENT, WASHINGTON 98032
ATTN: ROGER LUBOVICH, CITY ATTORNEY 1/1
Enclosed are your materials for the above transaction If you have any questions regarding these materials,
please contact us
Thank you for this opportunity to serve you.
TITLE UNIT 6 PHONE 206-628-5610 TOLL FREE 800-627-0530 FAX 206-628-9717
DARYL SAVIDIS SENIOR TITLE OFFICER AND UNIT MANAGER
ROGER TERRIERE SENIOR TITLE OFFICER
BARBARA WAGNER SENIOR TITLE OFFICER
PAUL STARIHA TITLE OFFICER
FLORENCIA BESIN TITLE TECHNICIAN
««««««««««««««>A>L>E>R>T»»»»»»»»»»»»»»»»»»»»»
APRIL 1, 1997 A VOTER APPROVED REGIONAL TRANSPORTATION AUTHORITY TAX GOES INTO
EFFECT, INCREASING LOCAL SALES TAX FOR THE TRI-COUNTY REGION. EACH COUNTY WILL
INCREASE BY FOUR -TENTHS OF ONE PERCENT. THE NEW SALES TAX RATES WILL BE:
KING COUNTY: 8.6% SNOHOMISH COUNTY: 8.3% PIERCE COUNTY: 8.4%
<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>
CHICAGO TITLE INSURANCE COMPANY *mET/10-+7s+/SC
CHIC4b0 TITLE INSURANCE CO ANY
O 1W COLUMBIA CENTER, 701 STH AVE
SEATTLE, WA 98104
Order No.: 457486
Your No.: BENAROYA/CITY OF KENT
Loan No:
Unit No • 06
SUPPLEMENTAL COMMITMENT
O R D E R R E F E R E N C E I N F O R M A T I O N
SUPPLEMENTAL NUMBER 1 OF THE 2ND COMMITMENT
SELLER: CITY OF KENT
PURCHASER/BORROWER: BENAROYA CAPITAL COMPANY L.L.C.
LOAN NUMBER:
PROPERTY ADDRESS:
Our Title Commitment dated 05/09/97 at 8:00 A.M. is supplemented as follows:
PARAGRAPH(S) NUMBER(S) 3, 4, 5, 12, 13 & 14 OF OUR COMMITMENT IS (ARE) ELIMINATED.
THE FOLLOWING NOTE(S) HAS/HAVE BEEN ADDED TO OUR COMMITMENT:
NOTE 1:
GENERAL EXCEPTIONS A THROUGH D HAVE BEEN DELETED. GENERAL EXCEPTIONS E
THROUGH H WILL REMAIN IN THE OWNER'S POLICY TO ISSUE.
NOTE 2: EFFECTIVE JANUARY 1, 1997, DOCUMENT FORMAT AND CONTENT REQUIREMENTS
HAVE BEEN IMPOSED BY WASHINGTON LAW. FAILURE TO COMPLY WITH THE FOLLOWING
REQUIREMENTS MAY RESULT IN REJECTION OF THE DOCUMENT BY THE COUNTY RECORDER.
FIRST PAGE OR COVER SHEET:
3" TOP MARGIN CONTAINING NOTHING EXCEPT THE RETURN ADDRESS.
1" SIDE AND BOTTOM MARGINS CONTAINING NO MARKINGS OR SEALS.
TITLE(S) OF DOCUMENTS.
RECORDING NO. OF ANY ASSIGNED, RELEASED OR REFERENCED DOCUMENT(S).
GRANTORS NAMES (AND PAGE NO. WHERE ADDITIONAL NAMES CAN BE FOUND).
GRANTEES NAMES (AND PAGE NO. WHERE ADDITIONAL NAMES CAN BE FOUND).
ABBREVIATED LEGAL DESCRIPTION (AND PAGE NO. FOR FULL DESCRIPTION).
ASSESSOR'S TAX PARCEL NUMBER(S).
RETURN ADDRESS (IN TOP 3" MARGIN)
**A COVER SHEET CAN BE ATTACHED CONTAINING THE ABOVE FORMAT AND DATA IF THE
FIRST PAGE DOES NOT CONTAIN ALL REQUIRED DATA.
ADDITIONAL PAGES:
1" TOP, SIDE AND BOTTOM MARGINS CONTAINING NO MARKINGS OR SEALS.
CHICAGO TTTLE INSURANCE COMPANY
SUPPLCOM/11.240/EK
r OHICAGO TITLE INSURANCE COM#
Order No.:
Your No.:
Unit No:
SUPPLEMENTAL COMMITMENT
(Continued)
457486
BENAROYA/CITY OF KENT
06
ALL PAGES -
NO STAPLED OR TAPED ATTACHMENTS. EACH ATTACHMENT MUST BE A SEPARATE PAGE.
ALL NOTARY AND OTHER PRESSURE SEALS MUST BE SMUDGED FOR VISIBILITY.
FONT SIZE OF 8 POINTS OR LARGER
THE FOLLOWING MAY BE USED AS AN ABBREVIATED LEGAL DESCRIPTION ON THE
DOCUMENTS TO BE RECORDED TO COMPLY WITH THE REQUIREMENTS OF R.C.W. 65.04. -
SAID ABBREVIATED LEGAL DESCRIPTION IS NOT A SUBSTITUTE FOR A COMPLETE
LEGAL DESCRIPTION WHICH MUST ALSO APPEAR IN THE BODY OF THE DOCUMENT:
NORTHWEST QUARTER OF SECTION 14, TOWNSHIP 22 NORTH, RANGE 4 AND NORTHEAST
QUARTER OF SECTION 15, TOWNSHIP 22 NORTH, RANGE
EXCEPT AS TO THE MATTERS SET FORTH HEREINABOVE, THE TITLE TO THE PROPERTY
COVERED BY THIS ORDER HAS NOT BEEN REEXAMINED.
JULY 1, 1997 AUTHORIZED BY: BARBARA L. WAGNER
NOTE: THE FOLLOWING PARTIES HAVE BEEN SENT A COPY OF THIS SUPPLEMENTAL
COMMITMENT:
CB COMMERCIAL
GARY�VOLCHOK 1/1
BENAROYA CAPITAL COMPANY L.L.C. _
JOSEPH ALHADEFF 1/1
CITY OF KENT
BRENT MCFALL, DIRECTOR OF OPERATION 1/1
CITY OF KENT
ROGER LUBOVICH, CITY ATTORNEY 1/1
CHICAGO TITLE ESCROW -SUE STEVENS
SUE STEVENS 1/1
JAMESON BABBITT STITES AND LOMBARD
DAVID LOMBARD, ESQ. 1/1
CHICAGO TITLE INSURANCE COMPANY SUPLCOM2/11-2-90/EK
0
40
ADDENDUM "C"
TO
REAL ESTATE PURCHASE AND SALE AGREEMENT
This is Addendum "C" to the Real Estate Purchase and Sale Agreement ("Agreement) dated March 13,
1996 by and between BENAROYA CAPITAL L L.0 , (a Washington Limited Liability Company)
AND/OR ASSIGNS (as "Purchaser"), and THE CITY OF KENT (as "Seller") for the property
('Property") known as the Kent Lagoon property, and as more specifically described in the Agreement.
This Addendum "C" to the Real Estate Purchase and Sale Agreement executed by Buyer and Seller on
May 8, 1996, modifies any terms of that Agreement to the extent they are inconsistent with the Addenda.
Therefore, Seller and Buyer agree to amend the Real Estate Purchase and Sale Agreement above
described by this Addendum "C" and its attachment
Based upon Paragraph 2 of Addendum `B," the parties hereto do mutually agree to extend "The
Additional Period" as provided for the variance to be approved in an unappealable form to June 30,
1997.
Except as set forth in Addendum "C," all other terms and conditions of the Real Estate Purchase
and Sale Agreement remain in full force and effect.
PURCHASER:
SELLER:
BENAROYA CAPITAL ,J THE CITY OF KENT
(A Washington Limited Company),
AND/OR ASSIGNS
By By �.
Its o414 Its
Date ��% 7 Date
S MGLVOLCEO MENAJW nib
OCHICAGO TITLE INSURANCE COMPANY
1800 COLUMBIA CENTER, 701 5TH AVE, SEATTLE, WASHINGTON 98104
Order No.: 457486 Unit: U-o6
Your NO.: BENAROYA/CITY OF RENT
CITY OF RENT
220 4TH AVENUE SOUTH
KENT, WASHINGTON 98032
Property Address:KENT, WASHINGTON
Attn: BRENT MCFALL, DIRECTOR OF OPERATION 1/1
Enclosed are your materials for the above transaction If you have any questions regarding these materials,
please contact us.
Thank you for this opportunity to serve you.
TITLE UNIT 6 PHONE 206-628-5610 TOLL FREE 800-627-0530 FAX 206-628-9717
DARYL SAVIDIS SENIOR TITLE OFFICER AND UNIT MANAGER
ROGER TERRIERE SENIOR TITLE OFFICER
BARBARA WAGNER SENIOR TITLE OFFICER
PAUL STARIHA TITLE OFFICER
FLORENCIA BESIN TITLE TECHNICIAN
««««««««««««««>A>L>E>R>T»»»»»»»»»»»»»»»»»»»»»
APRIL 1, 1997 A VOTER APPROVED REGIONAL TRANSPORTATION AUTHORITY TAX GOES INTO
EFFECT, INCREASING LOCAL SALES TAX FOR THE TRI-COUNTY REGION. EACH COUNTY WILL
INCREASE BY FOUR -TENTHS OF ONE PERCENT. THE NEW SALES TAX RATES WILL BE:
KING COUNTY: 8.6% SNOHOMISH COUNTY: 8.3% PIERCE COUNTY: 8.4%
««««««««««««««««»»»»»»»»»»»»»»»»»»»»»>
CHICAGO TITLE INSURANCE COMPANY TmFT/10-17-e1/90
COMMITMENT FOR TITLE INSURANCE
CHICAGO TITLE INSURANCE COMPANY
CHICAGO TITLE INSURANCE COMPANY, a Missouri corporation, herein called the Company, for a valuable
consideration, hereby commits to issue its policy or policies of title insurance, as identified in Schedule A, in favor
of the proposed Insured named in Schedule A, as owner or mortgagee of the estate or interest covered hereby in the
land described or referred to in Schedule A, upon payment of the premiums and charges therefore, all subject to the
provisions of Schedules A and B and to the Exclusions from Coverage (appearing herein) and to the Conditions and
Stipulations hereof
This Commitment shall be effective only when the identity of the proposed Insured and the amount of the policy or
policies committed for have been inserted in Schedule A hereof by the Company, either at the time of the issuance
of this Commitment or by subsequent endorsement
This Commitment is preliminary to the issuance of such policy or policies of title insurance and all liability and
obligations hereunder shall cease and terminate six months after the effective date hereof or when the policy or policies
committed for shall issue, whichever first occurs provided that the failure to issue such policy or policies is
not the fault of the Company
In Witness Whereof, CHICAGO TITLE INSURANCE COMPANY has caused this commitment to be signed and sealed
as of the date of policy shown in Schedule A, the policy to become valid when countersigned by an authorized
signatory
Issued by:
CHICAGO TITLE INSURANCE COMPANY
1800 Columbia Center
701 Fifth Avenue
Seattle, Washington 98104^Nsuriiy
(206) 628 .5666 C� GQPaoagT
.y SE3t ,
CHICAGO TITLE INSURANCE COMPANY
By:
President
By: pp
u�4�4/►'►'t.di
Secretary
4
hCAGO TITLE INSURANCE COMPAIS
18M COLUMBIA CENTER, 701 FIFTH AVENUE
Title Unit' U-06 SEATTLE, WA 98104 SECOND COMMITMENT
Phone: (206) 628-5610 A.L.T.A. COM IITMENT
Fax. (206) 628-9717 SCHEDULE A Order No.: 457486
Officer: DARYL SAVIDIS Your No.: BENAROYA/CITY OF KENT
Commitment Effective Date: MAY 9, 1997 at 8: 00 A. M.
1. Policy or Policies to be issued:
ALTA Owner's Policy Amount: $3, 430, 350.00
1992 STANDARD Premium: $3,969.00
COMMERCIAL OWNERS STANDARD SHORT TERM RATE Tar. $ 341.33
Proposed Insured:
BENAROYA CAPITAL COMPANY L.L.C.
Policy or Policies to be issued:
Amount: $0.00
ALTA Loan Policy Premium:
Tax.
Proposed Insured:
Policy or Policies to be issued:
Amount: $0.00
ALTA Loan Policy Premium:
Tax
Proposed Insured:
2. The estate or interest in the land which is covered by this Commitment is:
FEE SIMPLE
3. Title to the estate or interest in the land is at the effective date hereof vested in:
CITY OF KENT, A MUNICIPAL CORPORATION OF THE STATE OF WASHINGTON
4. The land referred to in this Commitment is described as follows:
SEE ATTACHED LEGAL DESCRIPTION EXHIBIT
CHICAGO TM F INSURANCF COMPANY WLTAC0MA/0WM/RiR
CHICAGO TITLE INSURANCE COMPANY
A.L.T.A. COMMITMENT
SCHEDULE A
(Continued)
Order No.: 457486
Your NO.: SENAROYA/CITY OF KENT
LEGAL DESCRIPTION EXHIBIT
(Paragraph 4 of Schedule A continuation)
THAT PORTION OF THE DAVID A. NEELY DONATION LAND CLAIM NO. 37 LYING WITHIN
THE NORTHWEST QUARTER OF SECTION 14, TOWNSHIP 22 NORTH, RANGE 4 EAST,
WILLAMETTE MERIDIAN, IN KING COUNTY, WASHINGTON AND IN THE NORTHEAST
QUARTER OF SECTION 15, TOWNSHIP 22 NORTH, RANGE 4 EAST, WILLAMETTE
MERIDIAN, IN KING COUNTY, WASHINGTON, DESCRIBED AS FOLLOWS:
BEGINNING AT THE NORTHWEST CORNER OF CITY OF KENT SHORT PLAT NUMBER
SP-89-19, RECORDED UNDER RECORDING NUMBER 9002271332, BEING THE TRUE POINT
OF BEGINNING OF THE PROPERTY HEREIN DESCRIBED;
THENCE NORTH 89013'00" WEST A DISTANCE OF 1279.88 FEET;
THENCE IN A GENERAL SOUTHERLY AND SOUTHEASTERLY DIRECTION THE FOLLOWING
COURSES AND DISTANCES:
SOUTH 15012'32.0" WEST A DISTANCE OF 86.41 FEET;
THENCE SOUTH 18020'13.0" WEST A DISTANCE OF 173.42 FEET;
THENCE SOUTH 15034'47.0" WEST A DISTANCE OF 115.48 FEET;
THENCE SOUTH 20°25'45.0" WEST A DISTANCE OF 75.50 FEET;
THENCE SOUTH 18040'37.0" WEST A DISTANCE OF 108.89 FEET;
THENCE SOUTH 26008'29.0" WEST A DISTANCE OF 83.10 FEET;
THENCE SOUTH 29058'08.0" WEST A DISTANCE OF 95.49 FEET;
THENCE SOUTH 33°14'16.0" WEST A DISTANCE OF 61.48 FEET;
THENCE SOUTH 30057'11.0" WEST A DISTANCE OF 89.20 FEET;
THENCE SOUTH 26011'09.0" WEST A DISTANCE OF 51.40 FEET;
THENCE SOUTH 11°27.43.0" WEST A DISTANCE OF 31.99 FEET;
THENCE SOUTH 01027'50.0" EAST A DISTANCE OF 17.42 FEET;
THENCE SOUTH 21053'44.0" EAST A DISTANCE OF 74.82 FEET;
THENCE SOUTH 48046'04.0" EAST A DISTANCE OF 71.93 FEET;
THENCE SOUTH 56019'12.0" EAST A DISTANCE OF 136.49 FEET;
THENCE SOUTH 60°14'44.0" EAST A DISTANCE OF 174.53 FEET;
THENCE SOUTH 55006'19.0" EAST A DISTANCE OF 63.35 FEET;
THENCE SOUTH 48010'09.0" EAST A DISTANCE OF 77.85 FEET;
THENCE SOUTH 40044'08.0" EAST A DISTANCE OF 73.24 FEET;
THENCE SOUTH 35034'36.0" EAST A DISTANCE OF 88.29 FEET;
THENCE SOUTH 25040'06.0" EAST A DISTANCE OF 131.76 FEET;
THENCE SOUTH 53007'51.8" EAST A DISTANCE OF 204.83 FEET;
THENCE SOUTH 49023'55.3" EAST A DISTANCE OF 175.17 FEET;
THENCE SOUTH 36043'26.8" EAST A DISTANCE OF 393.00 FEET;
THENCE SOUTH 53023'56.7" EAST A DISTANCE OF 213.00 FEET;
THENCE SOUTH 76019'30.3" EAST A DISTANCE OF 312.58 FEET, TO A POINT ON THE
WEST LINE OF SAID SHORT PLAT;
THENCE NORTHERLY ALONG SAID WEST LINE A DISTANCE OF 2251.95 FEET TO THE
TRUE POINT OF BEGINNING.
CHICAGOTITLEINSURANCE COMPANY ancm6/1't5mjr1m
CIIICAGO TITLE INSURANCE COMPANY
A.L.TA. COA04TrN ENT
SCHEDULE A
(Continued)
Order No.: 457486
YOUr NO.: BENAROYA/CITY OF KENT
LEGAL DESCRIPTION EXI-HBIT
(Paragraph 4 of Schedule A continuation)
(ALSO KNOWN AS PARCEL 2 AND A PORTION OF PARCEL 3, CITY OF KENT LOT LINE
ADJUSTMENT NO. LL-89-33, VAN DOREN'S LANDING, RECORDED UNDER RECORDING
NUMBER 8912191639.1
CHICAGO TITLE INSURANCE COMPANY m.mm6/1-15-97/rim
CHICAGO TITLE INSURANCE COMPANY
A.LTA COMMITMENT
SCHEDU R $ Order No.: 457486
Your NO.: BENAROYA/CITY OF KENT
Schedule B of the policy or policies to be issued will contain exceptions to the following matters
unless the same are disposed of to the satisfaction of the Company.
GENERAL EXCEPTIONS
A. Rights or claims of parties in possession not shown by the public records.
B. Encroachments, overlaps, boundary line disputes, or other matters whichwould be disclosed by an
accurate survey and inspection of the premises.
C. Easements, or claims of easements, not shown by the public records.
D. Any lien, or right to a lien, for contributions to employee benefit funds, or for state workers'
compensation, or for services, labor, or material heretofore or hereafter furnished, all as
imposed by law, and not shown by the public records.
E. Taxes or special assessments which are not shown as existing liens by the public records.
F. Any service, installation, connection, maintenance, tap, capacity or construction charges for sewer, water,
electricity, other utilities, or garbage collection and disposal.
G. Reservations or exceptions in patents or in Acts authorizing the issuance thereof;
Indian tribal codes or regulations, Indian treaty or aboriginal rights, including easements or equitable servitudes.
H. Water rights, claims, or title to water.
I. 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 of record for value the estate or interest or mortgage thereon covered by
this Commitment.
SPECIAL EXCEPTIONS FOLLOW
CHICAGO TITLE INSURANCE COMPANY WLTACOMB
•
0
CHICAGO TITLE INSURANCE COMPANY
A.L.TA. COUNT
SCHEDULE B
(Continued)
Order No.: 000457486
Your No.:
SPECIAL EXCEPTIONS
A 1. DECLARATION OF SETBACK RESTRICTIONS, AND THE TERMS AND CONDITIONS
THEREOF:
DATED: MARCH 7, 1990
RECORDED: MARCH 23, 1990
RECORDING NUMBER: 9003231386
B AFFECTS: EASTERLY 40 FEET OF SAID PREMISES
C 2. COVENANTS, CONDITIONS AND RESTRICTIONS CONTAINED IN INSTRUMENT:
RECORDED: DECEMBER 16, 1993
RECORDING NUMBER: 9312162620
D 3. AGREEMENT AND THE TERMS AND CONDITIONS THEREOF:
BETWEEN: UNION PACIFIC LAND RESOURCES
CORPORATION
AND: CITY OF KENT
RECORDED: DECEMBER 13, 1982
RECORDING NUMBER: 8212130036
REGARDING: L.I.D. COVENANT FOR STORM SEWER
E 4. AGREEMENT AND THE TERMS AND CONDITIONS THEREOF:
BETWEEN: UNION PACIFIC LAND RESOURCES
CORPORATION
AND: CITY OF KENT
RECORDED: DECEMBER 13, 1982
RECORDING NUMBER: 8212130037
REGARDING: L.I.D. COVENANT FOR DRAINAGE DITCH
IMPROVEMENTS
C111CAGO TTI1 E INSURANCE COMPANY c*scwbl1l-5471rlm
r
CMCAGO TITLE INSURANCE COMPANY
A.L.TA. CONEMlTMENT
SCHEDULE B
(Continued)
Order No.: 457486
Your No.: SENAROYA/CITY OF KENT
SPECIAL EXCEPTIONS
F 5. AGREEMENT AND THE TERMS AND CONDITIONS THEREOF:
BETWEEN: UNION PACIFIC LAND RESOURCES
CORPORATION
AND: CITY OF RENT
RECORDED: DECEMBER 13, 1982
RECORDING NUMBER: 8212130038
REGARDING: L.I.D. COVENANT FOR STREET
G 6. PAYMENT OF THE REAL ESTATE EXCISE TAX, IF REQUIRED.
THE PROPERTY DESCRIBED HEREIN IS SITUATED WITHIN THE BOUNDARIES OF
LOCAL TAXING AUTHORITY OF CITY OF KENT. PRESENT RATE IS 1.53%.
ANY CONVEYANCE DOCUMENT MUST BE ACCOMPANIED BY THE OFFICIAL
WASHINGTON STATE EXCISE TAX AFFIDAVIT. THE APPLICABLE EXCISE TAX
MUST BE PAID AND THE AFFIDAVIT APPROVED AT THE TIME OF THE
RECORDING OF THE CONVEYANCE DOCUMENTS.
H 7. GENERAL AND SPECIAL TAXES AND CHARGES, PAYABLE FEBRUARY 15,
DELINQUENT IF FIRST HALF UNPAID ON MAY 1, SECOND HALF DELINQUENT IF
UNPAID ON NOVEMBER 1 OF THE TAX YEAR (AMOUNTS DO NOT INCLUDE
INTEREST AND PENALTIES):
YEAR: 1997
TAX ACCOUNT NUMBER: 000620-0002-08
LEVY CODE: 1525
ASSESSED VALUE -LAND: $ 1,301,600.00
ASSESSED VALUE -IMPROVEMENTS: $ 0.00
GENERAL & SPECIAL TAXES: BILLED: $767.61
PAID: $ 0.00
UNPAID: $767.61
AFFECTS: NORTHERLY PORTION OF SAID PREMISES
I S. GENERAL AND SPECIAL TAXES AND CHARGES, PAYABLE FEBRUARY 15,
DELINQUENT IF FIRST HALF UNPAID ON MAY 1, SECOND HALF DELINQUENT IF
UNPAID ON NOVEMBER 1 OF THE TAX YEAR (AMOUNTS DO NOT INCLUDE
CHICAGO TTME INSURANCE COMPANY cu.=e2/rlm/1-1547
CHICAGO TITLE INSURANCE COMPANY
A.L.T.A. COMMITMENT
SCHEDULE B
(Continued)
Order No.: 457486
Your NO.: SEMAROYA/C I TY OF KEMT
SPECIAL EXCEPTIONS
INTEREST AND PENALTIES):
YEAR: 1997
TAX ACCOUNT NUMBER: 000620-0003-07
LEVY CODE: 1525
ASSESSED VALUE —LAND: $ 1,952,300.00
ASSESSED VALUE —IMPROVEMENTS: $ 0.00
GENERAL & SPECIAL TAXES: BILLED: $1,038.19
PAID: $ 0.00
UNPAID: $1,038.19
AFFECTS: SOUTHERLY PORTION OF SAID PREMISES, AND OTHER PROPERTY
J 9. THE PROPERTY HEREIN DESCRIBED IS CARRIED ON THE TAX ROLLS AS
EXEMPT, HOWEVER IT WILL BECOME TAXABLE ON THE DATE OF THE
EXECUTION OF A CONVEYANCE TO A TAXABLE ENTITY AND SUBJECT TO THE
LIEN OF REAL PROPERTY TAXES FOR THE BALANCE OF THE YEAR FROM THAT
DATE.
TAX ACCOUNT NUMBER: 000620-0002-08
LEVY CODE: 1525
ASSESSED VALUE —LAND: $ 1,301,600.00
ASSESSED VALUE —IMPROVEMENT: $ 0.00
K AFFECTS: NORTHERLY PORTION OF SAID PREMISES
L 10. THE PROPERTY HEREIN DESCRIBED IS CARRIED ON THE TAX ROLLS AS
EXEMPT, HOWEVER IT WILL BECOME TAXABLE ON THE DATE OF THE
EXECUTION OF A CONVEYANCE TO A TAXABLE ENTITY AND SUBJECT TO THE
LIEN OF REAL PROPERTY TAXES FOR THE BALANCE OF THE YEAR FROM THAT
DATE.
TAX ACCOUNT NUMBER: 000620-0003-07
LEVY CODE: 1525
ASSESSED VALUE —LAND: $ 1,952,300.00
ASSESSED VALUE —IMPROVEMENT: $ 0.00
CHICAGO TITLE INSURANCE COMPANY nn®nz/rim/v:sm
•
0
CMCAGO TITLE INSURANCE COMPANY
A.L.TA. COMMITMENT
SCHEDULE B
(Continued)
Order No.: 457486
Your No.: BENAROYA/CITY OF KENT
SPECIAL EXCEPTIONS
T AFFECTS: SOUTHERLY PORTION OF SAID PREMISES AND OTHER PROPERTY
N 11. ANY DEFECT IN STATUTORY WARRANTY DEED RECORDED UNDER RECORDING
NUMBER 9312162620 ARISING FROM THE FAILURE TO INCLUDE REFERENCE TO
THE DAVID A. NEELEY DONATION LAND CLAIM AND/OR SECTION 15 IN THE
LEGAL DESCRIPTIONS CONTAINED THEREIN. SAID DEED ALSO CONTAINS AN
ERROR IN THE LEGAL DESCRIPTION FOR PARCEL H. THE 19TH LINE OF
PARCEL H REFERS TO A BEARING OF "SOUTH 88°54'13" WEST" WHICH SHOULD
BE "NORTH 88054'13" WEST". SAID DEED SHOULD BE CORRECTED AND
RERECORDED.
NOTE: THE LOT LINE ADJUSTMENT RECORDED UNDER RECORDING NUMBER
8912191639 ALSO FAILS TO INCLUDE THE REFERENCES TO THE DAVID A.
NEELY DONATION LAND CLAIM AND/OR SECTION 15 IN THE LEGAL
DESCRIPTIONS FOR LOTS 2 AND 3.
N 12. TITLE IS TO VEST IN BENAROYA CAPITAL COMPANY L.L.C., AND WILL THEN
BE SUBJECT TO THE FOLLOWING MATTERS SHOWN AT PARAGRAPH(S) 13 AND 14
0 13. TERMS AND CONDITIONS OF THE LIMITED LIABILITY COMPANY AGREEMENT FOR
BENAROYA CAPITAL COMPANY L.L.C.
P 14. SATISFACTORY SHOWING MUST BE MADE THAT A CERTIFICATE OF FORMATION
FOR BENAROYA CAPITAL COMPANY L.L.C., HAS BEEN FILED IN THE OFFICE
OF THE SECRETARY OF STATE IN ACCORDANCE WITH STATUTE.
Q 15. THE LEGAL DESCRIPTION SUBMITTED HAS BEEN MODIFIED AS SET FORTH
HEREIN TO MATCH THE RECORD. THE SAME SHOULD BE EXAMINED AND
APPROVED BY THE PARTIES TO THE TRANSACTION PRIOR TO RECORDING.
END OF SCHEDULE B
CHICAGOTTILEINSURANCE COMPANY d"cm°2/rlm/l'L%V
CMCAGO TITLE INSURANCE COMPANY
A.L.TA. COMN TfMENT
SCHEDULE B
(Continued)
Order No.: 457486
Your No.: BENAROYA/CITY OF KENT
SPECIAL EXCEPTIONS
S THE FOLLOWING PARTIES HAVE BEEN SENT A COPY OF THIS COMMITMENT:
CB COMMERCIAL
GARY VOLCHOK 1/1
BENAROYA CAPITAL COMPANY L.L.C.
JOSEPH ALHADEFF 1/1
CITY OF KENT
BRENT MCFALL, DIRECTOR OF OPERATION 1/1
CITY OF KENT
ROGER LUBOVICH, CITY ATTORNEY 1/1
CHICAGO TITLE ESCROW-MARRIA FUQUA
MARRIA FUQUA 1/1
JAMESON BABBITT STITES AND LOMBARD
DAVE LOMBARD 1/1
CHICAGO TITLE INSURANCE COMPANY dM=bz/rIm/i•Lsm
CHICAGO TITLE INSURANCE COMPANY
N=/ 7800 COLUMBIA CENTER, 701 STH AVE, SEATTIE, UASHINGTON 98104
IMPORTANT: This is not a 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.
01D
2 t
CM M
EXCLUSIONS (Cont'd.) ,
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
(i) the transaction creating the estate or interest insured by this policy being deemed a fraudulent conveyance or
fraudulent transfer, or
(ii) 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.
(a) to timely record the instrument of transfer, or
(b) of such recordation to impart notice to a purchaser for value or a judgment or lien creditor
ALTA LOAN POLICY FORM (10-17-92)
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;
(u) the character, dimensions or location of any improvement now or hereafter erected on the land, (w) a separa-
tion 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 encum-
brance 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 (except to the extent that this policy insures the priority of the
lien of the insured mortgage over any statutory lien for services, labor or material), or
(e) resulting in loss or damage which would not have been sustained if the insured claimant had paid value for the
insured mortgage
4. Unenforceability of the lien of the insured mortgage because of the inability or failure of the insured at Date of Policy,
or the inability or failure of any subsequent owner of the indebtedness, to comply with applicable doing business laws
of the state in which the land is situated
5 Invalidity or unenforceability of the lien of the insured mortgage, or claim thereof, which arises out of the transaction
evidenced by the insured mortgage and is based upon usury or any consumer credit protection or truth in lending law
6 Any statutory lien for services, labor or materials (or the claim or priority of any statutory lien for services, labor or
materials over the lien of the insured mortgage) arising from an improvement or work related to the land which is con-
tracted for and commenced subsequent to Date of Policy and is not financed in whole or in part by proceeds of the
indebtedness secured by the insured mortgage which at Date of Policy the insured has advanced or is obligated to
advance
7. Any claim, which arises out of the transaction creating the interest of the mortgagee insured by this policy, by reason
of the operation of federal bankruptcy, state insolvency, or similar creditors' rights laws, that is based on
(Q the transaction creating the interest of the insured mortgagee being deemed a fraudulent conveyance or fraudulent
transfer, or
(u) the subordination of the interest of the insured mortgagee as a result of the application of the doctrine of equitable
subordination, or
(m) the transaction creating the interest of the insured mortgagee being deemed a preferential transfer except where
the preferential transfer results from the failure
(a) to timely record the instrument of transfer, or
(b) of such recordation to impart notice to a purchaser for value or a judgment or lien creditor.
CHICAGO TITLE INSURANCE COMPANY
ESTIMATED SELLER'S SETTLEMENT STATEMENT
ESCROW NUMBER: 00633-000457486-001 ORDER NUMBER: 00633-000457486
CLOSING DATE: 07/03/97 CLOSER: SUE STEVENS (206) 628-5694
BUYER: BENAROYA CAPITAL COMPANY L.L.C.
SELLER: CITY OF KENT
PROPERTY:
Sales Price
Prorations And Adjustments
SWM CHARGES from 07/03/97 to 01/01/98
Total amount $ 2,573.41 for 365 days
1/2 ESCROW FEE TO CHICAGO TITLE
OWNER'S POLICY TO CHICAGO TITLE
EXTENSION FEES PAID TO SELLER
LIMITED USE PERMIT FEE TO SELLER
Funds Due To Seller At Closing
TOTALS
Q.-v, �- A! Z/-
C TY Of Ti , JIM �A7�1lik� Akwrz—
DATE: 07/02/97 07:39:1
PAGE: O1
CHARGE SELLER CREDIT SELLER
$ $ 3,298,590.00
1,194.60
4,165.90
60,000.00
1,283.18
=61pus
3,235,112.6E
--------------------------
$ 3,300,473.18 $ 3,300,473.18
----------------------------
----------------------------
®CHICAGO TITLE SURANCE COMPANY
1800 COLUMBIA CENTER, 701 5T - ENUE, SEATTLE, WASHINGTON 98104 (206) 628-5666
(206) 628-9737
ESCROW INSTRUCTIONS
Escrow No. 457486
Title No. 457486
Dale: JULY 2, 1997
Buyer: BENAROYA CAPITAL COMPANY L.L.C.
Seller: CITY OF KENT
Property: KENT, WASHINGTON
TO: CHICAGO TITLE INSURANCE COMPANY
1800 COLUMBIA CENTER, 701 5TH AVENUE
SEATTLE, WASHINGTON 98104
SELLER herein shalt deposit with escrow under these instructions the following:
REAL ESTATE PURCHASE AND SALE AGREEMENT & ADDENDUMS THERETO, IF ANY
ESTIMATED SETTLEMENT STATEMENT
NOTICE: THE ESTIMATED CLOSING STATEMENT IS SUBJECT TO CHANGES,
CORRECTIONS AND/OR ADDITIONS AT THE TIME OF FINAL COMPUTATION OF
CLOSING ESCROW STATEMENT.
STATUTORY WARRANTY DEED
EXCISE TAX AFFIDAVIT
FIRPTA AFFIDAVIT
EASEMENT
which you are instructed to deliver, release and/or record when you have for the account of the seller
($3,298,590.00
subject to any chaiges and/or credits authorized hci em and
PURCHASER herewith deposits with escrow:
FUNDS AS REQUIRED TO CLOSE
ESTIMATED SETTLEMENT STATEMENT
NOTICE: THE ESTIMATED CLOSING STATEMENT IS SUBJECT TO CHANGES,
CORRECTIONS AND/OR ADDITIONS AT THE TIME OF FINAL COMPUTATION OF
CLOSING ESCROW STATEMENT.
EXCISE TAX AFFIDAVIT
which sums and documents you are instructed to use:
1. When you are able to close according to the terms and conditions set forth in the Real Estate Purchase and Sale
Agreement and Addendums attached thereto and in compliance with these instructions, and issue your policy
(or policies) of title insurance in the amount (or amounts) as follows.
OWNER'S EXTENDED TITLE POLICY IN THE AMOUNT OF $3,298,590.00
containing the insuring clauses, exceptions, exclusions, provisions and stipulations as contained in commitment
issued under number 457486 under which parties herein have read and approved, and
a. Conditions, restriLtions or reservations as may be contained in the plat or Federal or State patents.
b. Matters attaching by, through or Under the Grantee
c Special Exceptions
ESCROW INSTRUCTIONS`
Escrow No. 457486 VF qwtjatc: JULY 2, 1997
Title No. 457486
3 The undersigned have examined and hereby approve for use in this escrow the documents described above as to
content and form.
4. Assume a per deem basis in any pro -rate herein provided, and unless parties otherwise instruct you, you are to use
the information contained in the last available lax statement as provided by the seller, beneficiary's statement,
and fire insurance policies delivered into escrow for the pro -rates provided above.
5. All money received by you in this escrow is to be deposited in your trust account pending closing It is understood
that all checks, money orders or drafts will be processed for collection in the normal course of business. You may
couunmglc funds received in this escrow with escrow funds of others, and you may, without limitation, deposit
such funds in your custodial or escrow accounts with any reputable trust company, bank, savings bank, savings
association, or other financial services entity, including any affiliate of Chicago Title Insurance Company. You shall
be under no obligation to invest the funds deposited with you on behalf of any depositor, nor shall you be accountable
for any earnings or incidental benefit attributable to the funds which you may receive while you hold such funds.
If for any reason funds are retained or remain in escrow after closing date, you are authorized to deduct therefrom
a ieasonable charge as custodian.
6. You are instructed that all money and documents required by you herein shall be deposited with you on or before
JULY 3, 1997 If this escrow has not been placed in a condition to close by said date, the above items
deposited by me (us) are to be returned to me (us) upon written demand, at which time I/we will pay all your
chaiges in connection herewith, but in the absence of such written demand, you will proceed with these instructions
as soon as practicable.
7. These closing escrow instructions may be executed in counterparts with like effect as if all signatures appeared on a
single copy. Facsimile copies of certain documents may be accepted, at the discretion of Chicago Title Insurance
Company, for purposes of closing
8. These escrow instructions are not intended to amend, modify or supersede the terms and conditions set forth in
the Real Estate Purchase and Sale Agreement and Addendums thereto, if any Escrow is to be concerned only with
the provisions specifically set forth in these instructions and identified by the Buyer and Seller as conditions to
the closing of this escrow.
9. You are instructed to furnish to any broker or lender identified with this transaction or anyone acting on behalf
of such lender, any information conccinmg this Escrow upon request of said broker or lender
10, Should any dispute arise between parties interested in property or funds covered by these instructions, you
shall have the option to hold all matters pending in their then existing status or to join in or commence a court
action, deposit the money and documents referred to herein into the Registry of the Cow I. or upon holding this
escrow open for deteimuiation of the rights of the parties, you will be relieved of all responsibility. Il is further
agreed that in the event of any suit or claim made against you by either or both pai ties to this agreement, that said
parties shall be required to pay you all expenses, costs and reasonable attorney's fees in connection therewith,
whether suit is instituted by you or any of the parties hereto
11. Escrow Holder is to assume no responsibility or liability for the preparation of the Truth in Lending, Consumer
Protection Statement
12. Escrow Holder is to assume no responsibililty or liability for the calculation, deduction, or any other act such as
the withholding of funds and/or for the payment of taxes in compliance with the Foreign Investment in Real Property
Tau Act as amended in 1984 (1 RC 1445 cl scot ) The dctci minalion of whelhe, such las is due and its paynnenl or
withholding, it due, shalt be handled by the parties outside of escrow Esci ow Holder has advised the parties to
contact their attorney or tax advisor regarding the applicability of suction 1445 to this transaction. Escrow Holder
reserves the right to take any action it believes the law requires it to take, whether included in instructions or not.
13 The legal description as in Preliminary Commitment for Title Insurance No. 457486 is that of the property
intended to be conveyed in this transaction
14. The undersigned hereby acknowledge receipt of the Commitment for Preliminary Title Insurance covering subject
property together with Escrow Agents Admission to Pi actice Rule Disclosure.
15. You are instructed to prorate as of the date of recording the following:
1997 SUM TAXES
16. THE UNDERSIGNED HEREBY ADVISE ESCROW HOLDER THAT PRORATION AND PAYMENT OF ALL UTILITIES, INCLUDING BUT NOT LIMITED
TO WATER, SEWER, GARBAGE, ELECTRICITY, GAS AND OIL, WILL BE HANDLED BETWEEN THE PARTIES OUTSIDE OF ESCROW. ESCROW
HOLDER SHALL NOT BE RESPONSIBLE FOR DETERMINING WHETHER ANY UTILITY CHARGES ARE OR MAY BECOME DUE OR FOR PAYMENT OF
ANY SUCH CHARGES. BY SIGNING THESE INSTRUCTIONS, THE UNDERSIGNED HEREBY ASSUME FULL RESPONSIBILITY FOR PRORATION
AND PAYMENT, IF ANY, OF UTILITIES.
ESCROW INSTRUCTIONS+
Escrow No. 457486
Title No 457486
Date: JULY 2, 1997
ADDITIONAL INSTRUCTIONS:
THE PARTIES HERETO HOLD ESCROW HOLDER HARMLESS FOR COLLECTION OR PRORATION OF REAL
ESTATE TAXES THAT MAY BECOME PAYABLE DUE TO SELLER'S EXEMPTION.
YOU ARE HANDED HEREWITH AN EASEMENT WHICH YOU ARE AUTHORIZED AND INSTRUCTED TO RECORD
SIMULTANEOUSLY WITH THE RECORDING OF THE REFERENCED DEED.
w
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u
ESCROW INSTRUCTIONS
•
Escrow No. 457486
Title No. 457486
Date: JULY 2, 1997
DECLARATION OF ESCROW SERVICES
Both Purchaser and Seller acknowledge by their signatures hereon the following:
I have been specifically informed that CHICAGO TITLE INSURANCE COMPANY (hereinafter designated
'CHICAGO') is not licensed to practice law and no legal advice has been offered by CHICAGO or any of its
employees. I have been further informed that CHICAGO is acting only as an escrow holder and that it is forbidden
by law from offering any advice to any party respecting the merits of this escrow transaction or the nature of the
instruments utilized, and that it has not done so.
I have not been referred by CHICAGO to any named attorney or attorneys or discouraged from seeking advice of any
attorney but have been requested to seek legal counsel of my own choosing at my own expense, if I have doubt concerning
any aspect of this transaction.
I further declare all instruments to which I am a party, if prepared by CHICAGO, have been prepared under the
direction of my attorney or myself and particularly declare that copying legal description from title reports
into forms of deed, etc or reforming of legal descriptions or agreements is, or will be solely at my direction
or request
I have been afforded adequate time and opportunity to read and understand these escrow instructions and all
other documents referred to therein.
THE UNDERSIGNED HAVE READ AND FULLY UNDERSTAND THE FOREGOING CLOSING INSTRUCTIONS
AND ALSO THE DECLARATION SET FORTH ABOVE AND AGREE TO THE SAME,
BENAROYA CAPITAL COMPANY L.L.C.
By•Its;
CITY OF RENT
JI M Vu I Yfrr-r AyG/L
Forwarding Address:
ZZO q TN /kV f�- S
14=1�1i . Itilq 61 �10 5 Z
CHICAGO TITLE INSURANCE COMPANY
1800 COLUMBIA CENTER, 701 5TH AVENUE, SEATTLE, WASHINGTON 98104 (206) 628-5666
(206) 628-9737
ESCROW SERVICES STATEMENT
CERTIFIED LIMITED PRACTICE OFFICERS MAY RENDER SERVICES AUTHORIZED BY
APR 12 RULE ONLY UNDER THE FOLLOWING CONDITIONS:
(1) Agreement of the Parties: Prior to the performance of the services all parties to the transaction shall have agreed
in writing to the basic terms and conditions of the transaction.
(2) Disclosure to the Parties: The Officer shall advise the parties of the following limitations of service:
(a) That the Officer is not acting as the advocate or representative of the parties hereto;
(b) That the documents prepared by the officer will affect the legal rights of the parties hereto;
(c) That the parties' interests in the documents differs,
(d) That the parties have a right to be represented by attorneys of their own choosing and at their own expense;
(e) That the officer may not and cannot give any legal advice as to the manner in which the documents affect the
parties' legal rights
(3) The following documents have been prepared and selected by the officer
STATUTORY WARRANTY DEED AND EXCISE TAX AFFIDAVIT
(4) Loan documents have been selected and prepai ed by:
(5) Other:
We have read and understand this statement and have elected to:
O Seek legal counsel of our attorney prior to the signing of the documents hereto
O Waive our rights to seek the advice of legal counsel prior to the signing of the documents hereto.
ESCROW NO: 457486
PROPERTY ADDRESS:
LIMITED PRACTICE OFFICER: SUSAN D. STEVENS
BENAROYA CAPITAL COMPANY L.L.C.
BY:
LPO NO. 1049
CITY OF KENT
BA: Q,,e4m- �
WHEN RECORDED RETURN TO
BENAROYA CAPITAL COMPANY L.L.C.
1001 FOURTH AVENUE, SUITE 1700
SEATTLE, WA 98101
0
CHICAGO TITLE INSURANCE COMPANY
STATUTORY WARRANTY DEED 457486
Dated. JULY 2, 1997
THE GRANTOR
CITY OF KENT, A MUNICIPAL CORPORATION OF THE STATE OF WASHINGTON
for and in consideration of
TEN DOLLARS AND OTHER GOOD AND VALUABLE CONSIDERATION
in hand paid, conveys and warrants to
BENAROYA CAPITAL COMPANY L.L.C., A WASHINGTON LIMITED LIABILITY COMPANY
the following described real estate situated in the County of KING State of Washington:
Tax AccountNumber(s): 000620-0002, 000620-0003
LEGAL DESCRIPTION ATTACHED HERETO AS EXHIBIT "A" AND BY THIS
REFERENCE MADE A PART HEREOF AS IF FULLY INCORPORATED HEREIN.
ABBREVIATED LEGAL DESCRIPTION: PARCEL 2 AND PORTION OF PARCEL 3,
CITY OF KENT LOT LINE ADJUSTMENT NO. LL-89-33, VAN DOREN'S
LANDING, RECORDING NUMBER 8912191639
SUBJECT TO: EXCEPTIONS SET FORTH ON ATTACHED EXHIBIT "B" AND BY
THIS REFERENCE MADE A PART HEREOF AS IF FULLY INCORPORATED
HEREIN.
CITY OF KENT
Jk1W Wki LTL, WycrL
STATE OF WASHINGTON
COUNTY OF KING
ON THIS -7- DAY OF v L- , 1997, BEFORE ME, THE UNDERSIGNED, A
NOTARY PUBLIC IN AND FOR THE STATE OF WASHINGTON, DULY COMMISSIONED AND
SWORN, PERSONALLY APPEARED ,)% " W 4 1Tk AND
TO ME KNOWN TO BE THE AND
OF THE CORPORATION THAT EXECUTED THE FOREGOING
INSTRUMENT, AND ACKNOWLEDGED THE SAID INSTRUMENT TO BE THE FREE AND
VOLUNTARY ACT AND DEED OF SAID CORPORATION, FOR THE USES AND PURPOSES
THEREIN MENTIONED AND ON OATH STATE THAT NC -_WAS AUTHORIZED TO EXECUTE
THE SAID INSTRUMENT AND THAT THE SEAL AFFIXED THERETO (IF ANY) IS THE
CORPORATE SEAL OF SAID CORPORATION.
IN WITNESS WHEREOF, I HAVE HEREUNTO SET MY HAND AND AFFIXED BY OFFICIAL
SEAL THE DAY AND YEAR FIRST ABOVE WRITTEN.
PRIAME: %TNOAN^ S L 13lz 01So,
NOTARY PUBLIC IN AND FOR THE STATE OF WASHINGTON,
RESIDING AT bt�-L J=A/L)E, kW
MY COMMISSION EXPIRES 1 L1-4cl/Wl
CHICAGO TITLE INSURANCE COMPANY
EXHIBIT A EscrowNo.: 457486
LEGAL DESCRIPTION
The land referred to is situated in the State of Washington, County of KING , and is described
as follows:
THAT PORTION OF THE DAVID A. NEELY DONATION LAND CLAIM NO. 37 LYING WITHIN
THE NORTHWEST QUARTER OF SECTION 14, TOWNSHIP 22 NORTH, RANGE 4 EAST,
WILLAMETTE MERIDIAN, IN KING COUNTY, WASHINGTON AND IN THE NORTHEAST
QUARTER OF SECTION 15, TOWNSHIP 22 NORTH, RANGE 4 EAST, WILLAMETTE
MERIDIAN, IN KING COUNTY, WASHINGTON, DESCRIBED AS FOLLOWS:
BEGINNING AT THE NORTHWEST CORNER OF CITY OF KENT SHORT PLAT NUMBER
SP-89-19, RECORDED UNDER RECORDING NUMBER 9002271332, BEING THE TRUE POINT
OF BEGINNING OF THE PROPERTY HEREIN DESCRIBED;
THENCE NORTH 89013'00" WEST A DISTANCE OF 1279.88 FEET;
THENCE IN A GENERAL SOUTHERLY AND SOUTHEASTERLY DIRECTION THE FOLLOWING
COURSES AND DISTANCES:
SOUTH 15012'32.0" WEST A DISTANCE OF 86.
THENCE SOUTH 18020'13.0" WEST A DISTANCE
THENCE SOUTH 15034'47.0" WEST A DISTANCE
THENCE SOUTH 20025'45.0" WEST A DISTANCE
THENCE SOUTH 18040137.0" WEST A DISTANCE
THENCE SOUTH 26008'29.0" WEST A DISTANCE
THENCE SOUTH 29058'08.0" WEST A DISTANCE
THENCE SOUTH 33014'16.0" WEST A DISTANCE
THENCE SOUTH 30057'11.0" WEST A DISTANCE
THENCE SOUTH 26011'09.0" WEST A DISTANCE
THENCE SOUTH 11027'43.0" WEST A DISTANCE
THENCE SOUTH 01027'50.0" EAST A DISTANCE
THENCE SOUTH 21053'44.0" EAST A DISTANCE
THENCE SOUTH 48046'04.0" EAST A DISTANCE
THENCE SOUTH 56019'12.0" EAST A DISTANCE
THENCE SOUTH 60014'44.0" EAST A DISTANCE
THENCE SOUTH 55006'19.0" EAST A DISTANCE
THENCE SOUTH 48010'09.0" EAST A DISTANCE
THENCE SOUTH 40044'08.0" EAST A DISTANCE
THENCE SOUTH 35034'36.0" EAST A DISTANCE
THENCE SOUTH 25040'06.0" EAST A DISTANCE
THENCE SOUTH 53007'51.8" EAST A DISTANCE
THENCE SOUTH 49023'55.3" EAST A DISTANCE
THENCE SOUTH 36043'26.8" EAST A DISTANCE
THENCE SOUTH 53023'56.7" EAST A DISTANCE
THENCE SOUTH 76019'30.3" EAST A DISTANCE
WEST LINE OF SAID SHORT PLAT;
THENCE NORTHERLY ALONG SAID WEST LINE A
TRUE POINT OF BEGINNING.
41 FEET;
OF 173.42 FEET;
OF 115.48 FEET;
OF 75.50 FEET;
OF 108.89 FEET;
OF 83.10 FEET;
OF 95.49 FEET;
OF 61.48 FEET;
OF 89.20 FEET;
OF 51.40 FEET;
OF 31.99 FEET;
OF 17.42 FEET;
OF 74.82 FEET;
OF 71.93 FEET;
OF 136.49 FEET;
OF 174.53 FEET;
OF 63.35 FEET;
OF 77.85 FEET;
OF 73.24 FEET;
OF 88.29 FEET;
OF 131.76 FEET;
OF 204.83 FEET;
OF 175.17 FEET;
OF 393.00 FEET;
OF 213.00 FEET;
OF 312.58 FEET,
TO A POINT ON THE
DISTANCE OF 2251.95 FEET TO THE
(ALSO KNOWN AS PARCEL 2 AND A PORTION OF PARCEL 3, CITY OF KENT LOT LINE
ADJUSTMENT NO. LL-89-331 VAN DOREN'S LANDING, RECORDED UNDER RECORDING
NUMBER 8912191639.)
0
CHICAGO TITLE INSURANCE COMPANY
EXHIBIT B EscrowNo.: 457486
1. DECLARATION OF SETBACK RESTRICTIONS, AND THE TERMS AND CONDITIONS
THEREOF.
DATED:
RECORDED:
RECORDING NUMBER:
MARCH 7, 1990
MARCH 23, 1990
9003231386
AFFECTS: EASTERLY 40 FEET OF SAID PREMISES
2. COVENANTS, CONDITIONS AND RESTRICTIONS CONTAINED IN INSTRUMENT:
RECORDED: DECEMBER 16, 1993
RECORDING NUMBER: 9312162620
0
0
CERTIFICATION OF NONFOREIGN STATUS
(CORPORATION, PARTNERSHIP, TRANSFEROR ESTATE)
Section 1445 of the Internal Revenue Code provides that a transferee of a U.S.
real property interest must withhold tax if the transferor is a foreign
entity. To inform the transferee that withholding of tax is not required upon
the disposition of a U.S. real property interest by
CITY OF KENT
the undersigned hereby certifies the following on behalf of A MUNICIPAL CORPORATION
(1) CITY OF KENT is a not a foreign corporation,
foreign partnership, foreign trust, or foreign estate (as those terms
are defined in the Internal Revenue Code and Income Tax Regulations);
(2) CITY OF KENT 's U.S. tax payer identification
number is:
t 2-25;-y
and
(3) CITY OF KENT 's address is:
220 4th Avenue S.
Kent, Washington 98032
The undersigned understands that this certification may be disclosed to the
Internal Revenue Service by transferee and that any false statement contained
herein could be punished by fine, imprisonment, or both.
Under penalties of perjury I declare that I have examined this certification
and to the best of my knowledge and belief it is true, correct and complete, and
I further declare that I have authority to sign this document on behalf of
CITY OF KENT
Dated: Z{
CITY OF KENT
By:
I>4:
FIRPC/11-28-95/RLK
,1.
0306 MoorMB 0305 CnC 16
rl P\,I, I %Pc Oft PRINT REAL ES'I'rvrE EXCISE TAX NI II)AVI'C 1bN knn, Nyotn rrk apt \then N(.11lllted
I'll 1s1, s,lsF R1.1 PI«Is hg kashiu
CI I API I R 82 45 RCAV - Cl f Al' I f R 4" 61 WAC
Fit (Ise .it County I Ik,nu1.I , 011,,(
(I1w Ivnul No 84OWIll IoI Rk1x)iUjig I1,[IN lu, ill ( oil uoihnc lIt, I,,( of I Mill nonLI,blp to lk DtpulIII, ill al Rwtnuil
I IIIS N'1111\l l l WILI. N01 Ill', A(( HN FD UNLI \s, AIA \R4 \s, 1 -7 ARF I Ill I 1 ( ONIN LAUD
Name City of Kent -
a municipal co
oration
_ Sirtcl -_-220 4th Avenue S.
r x
( 11% stale /11) Kent, -WA 98032
iif Villa NN IU \I N) V I IRON Itl\ IA\ RI I V I ❑ I ORRI WONDI Nt I_--�
N 1itle ---SAME AS GRANTEE -- ___
Sued
® Name _ Benaroya_Capital Company-L.L.C.,_
x- a WAshington limited_liabilit company J
:a. r
�e ,t,ccl 1001 Fourth Avenues Suite 1700
City Slack,/y) _ Seattle, WA_ 98101_
Al I IAV I'\R(I I NIINIIiI ILs, O11NfY' IRI tNB11< Pi U I -
IAsuNY D t'AI ill 11' LA\ I \I NII'r
000620-0002-08
1 1,6 \1 DESCRIPI ION OF PROM RVY SI I UATI:D IN Ll UNINCORPOR'%I LU
NIICC( AddION (11 pu)PCrty IS I111PIOW(1)
COON 1'1 IX' OR IN ( 11 )l of -
See legal description attached as Exhibit "A" and made a part herto.
I\ this property cuntnll)
YI?S NO
CIaNNlfied of dtslgnatal .is lolesl
CII,Iplu 81 33 RCW
( LINN111W ,Is kuuet]( Use I.wd lopul
,old a Oculluial, or tunhel)) Chapter 84 33 RCW
1ALAIIpt tlunl plupkuy 6u as a nunpn)Iil (]�
olganlr,Uion' Chapikr 84 36 RCW
SCllLr's Likcmpt It" No _ — — _ _
Itcuakutg NI)Ck1,11 t,du,ulon ,(s Ili SIOIIL Cl I)Q
pn)pulV° Chaptu 84 26 RCW
III opClIN I\pt 14 mid only Lnld \klih nkN hutldutg
1,11111 kkuh plksnnNly u,k.tl Il(Iiltlillg I 1 1,11111 \kith uluhilt huuik
11jnh,,I unit U hndklolg only
lit lilt Ip,il I Ist I \111 (I ! unit1 p I, 'Id, nllal
I II11h,I d,p l%Ithloa1 IMF UIIIIIIIU Ud1111dt(so l.11
uihk I
k ill N(lllt l (II I. ()NIINII\N( 1 (R( \\ NI II III R( W NI Ili
II 1111 nkkk o\knkl(,) ill I.Ind I11,11 Is ANNIhtd ill dC,igialt.kl ,N Lilt It Usk
,il 1nit Nl land k1N11 It) t01111n1ik All kl INN1111 ,111011 lir d.,I-i6111u❑ ill NIILII
11111 !Ilk IIL'k 0kk11.I(N) MUNI ,II'n htlnkk It [lit 110% ukknti(N) du nut deNua
,Inlinlllk Nu.h LLINNlNkaui,n kit IIINr_n,lunn all kunlpkn,,wnt ill Iddl
It"Ild I.I\ L.&LII.Ukd purNu.uU UI It('),1 8'1 11 110 and 1411 of RC\\
NI it IUN 111,01 hk duk dud 1).nahlk h) Ihk NtJlu ui u,IIWI IuI ,n Ill, runt
A It, II(kunuu) INN.NN01Inu,t,let.unnttdtheI,uidu,ulNlul.dyu.ddi.,
1,1 ,unuuuk tLiNsifi.,Iuun ui dk Ntalauun .old InuNI Nu 11011.0k hklu'k
,r:UIUutNdo out IKLLk N,1111\ 111C.01(ht 1,11111 kklll I.(nl,on Ill kl,i\Nllit,uiun
n dt,len,won II It nu luncu yualllltN it kkIII bt IklnuKd'If
Ill IIIC tunr
., n. ulna_ Irnk, kk ill hk a11lbtd \II ncn uU 11kiN IUINI vcll
Ito, 1,md , . Juts I , duc, nol yu,1111y 101 wnwulankk
DIPUIY ASSESSOR
(21 NOIICI; OF CONIPI JANCE (Chapter 83 26 RCW)
II Ih(k nI a okknu(N) ill pnry)cny kkllh Npku,11 kaluaUun aN I1INt0I ik plupclly
1kNil tit,Iitlllllk IIIIS spwal valuauun (h( IICkk uvkIM(NI nwNI sign IX kin
II the nku nkknuIN) (in nu( dkNIIC h) uuu1nuk wL11 ,p(u.d kalwun,n all
I,I,hIlun,ll Li\ kaludalktl pill Nu lilt lu ('111111tI tit 26 W W Nh,ill h. duc
110 p,A,lhlk by 111t Ntllkl III u,ms1t11,1 ,U IhL unik ill 1,111,
(3) OI`iNLR(S) SIGN\I LIRE.
I)CNU Iptluu Of [.111giblC ptlson,ll p((lpcl l\ If Intludcd ill .,Ile (lluultule,
apph.tmcs. elO ^
If ewillpt(on (honed, list WIC nunibel ,Ind e\planalioll
WAC No. (Sc(/sub) 458-61-420 Government Transfer
F.\planatlon Sale from municipal corroration_
Itpk I,I Dounuuli _Statutory Warranty_ Deed _
Datt of DUuuucnl
(.IoNs salt PI uC s 3, 298, 590.00_----
Versonal Ihupctl( Idtdutll
LLahlt \ d1 PI Ik t 1, 3, 298, 590.00
Lunt I.t\ MAU $ -0- _ ------ _ -- -- _
UkhnqucUI IIIteICNL sCitt $--
I ok.11 \ -
Dclur(lucut PelIa111 slalt b
filial Doit-p--__-- -- _-_ --
I Ill It[ Is, N >'_ 011 11 1 1014 PRO( I s,s,l\(, I Ilh 11)R\I 11 \t) 11\ Is, Dl1
�1111)\VII
I (Crfil) under penaltt of 1)(I Jill ) uotI ddw kINIs of th( ,t.I(( of'
\N.ishntgton I11.11 the lol V) onlg IN it u( .Ind u)n ek l IS( C bak IS ill lhls
I'll 1 I1I).
IT OF KENT
Signalule ill \
GranlouAgent Br
Name (print) J ( qaE A,IAyC��—
Data S Pla(e of Si,,nin_ 14-eN7y CIA 0' _1/ Z(�7___
$I Cll.11 lllC of BENAROYA CAPITAL COMPANY L.L.C.
Grarltccr %gcstt—$Y---- -- - - -- -- - --- - -- -
N.ilut (punt)
-- - - --- `-------- - — — I I)alc k; I'lekk ill Slgniug __ _ __`
lit11111PCIJIIt1 IN .1 kluss (' (CIoln lllllk11 IN p11111s16ibIC 11) IIIIpIt\011111Ci11 ill ,i NLIIc k0ilCku011,11 IIINIlluittili Ii'1 .1 Ill,l\IIIItInI lelnl .11 Ih't
II , 1 (11,111 II1( \001S. t,l Ft .1 IIIIC Ill .III .I111 U111 In,d hA IIIC lullll III Iluf Ill tllk 01.111 11A1 1111111,,III,I dill I,U, l `}•N 111)I) 001 01 11A 11u111 Ililpl INUPIIICII(
if. I wi, IN( \V V \ 21) 021) 11( it
I . W .I, 11, ,1st WP 1' 1' °1ol I i lls I I;I \ .l 1t1 R N I ,I uNl 1 (()IIN" ) I It \SUl(I It
(W 1 CHICAGO TI INSURANCE COMPANY
v
1800 COLUMBIA CENTER, 701 STH AVE, SEATTLE, WASHINGTON 98104
Office of flip I° Rvor
Order No.: 457486 Unit: U-06 Property Address:
Your No.: BENAROYA/CITY OF KENT JUL - 3 1997
RECEIVED
CITY OF KENT
220 4TH AVENUE SOUTH
KENT, WASHINGTON 98032
Attn: BRENT MCFALL, DIRECTOR OF OPERATION 1/1
-
Enclosed are your materials for the above transaction If you have any questions regarding these materials,
please contact us
Thank you for this opportunity to serve you.
TITLE UNIT 6 PHONE 206-628-5610 TOLL FREE 800-627-0530 FAX 206-628-9717
DARYL SAVIDIS
SENIOR TITLE OFFICER AND UNIT MANAGER
ROGER TERRIERE
SENIOR TITLE OFFICER
BARBARA WAGNER
SENIOR TITLE OFFICER
PAUL STARIHA
TITLE OFFICER
FLORENCIA BESIN
TITLE TECHNICIAN
«««««« ««««««««>A>L>E>R> T»»»»»»»»»»»»»»»»»»»»»
APRIL 1, 1997 A VOTER APPROVED REGIONAL TRANSPORTATION AUTHORITY TAX GOES INTO
EFFECT, INCREASING LOCAL SALES TAX FOR THE TRI-COUNTY REGION EACH COUNTY WILL
INCREASE BY FOUR -TENTHS OF ONE PERCENT. THE NEW SALES TAX RATES WILL BE:
KING COUNTY: 8.6% SNOHOMISH COUNTY: 8 3% PIERCE COUNTY: 8.4%
<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>
CHICAGO TITLE INSURANCE COMPANY T"TET/10-17-91/SC
CHICTITLE INSURANCE CO ANY
1 COLUMBIA CENTER, 701 STH AVE
SEATTLE, WA 98104
Order No.: 457486
Your No' BENAROYA/CITY OF KENT
Loan No.
Unit No.: o6
SUPPLEMENTAL COMMITMENT
O R D E R R E F E R E N C E I N F O R M A T I O N
SUPPLEMENTAL NUMBER 1 OF THE 2ND COMMITMENT
SELLER: CITY OF KENT
PURCHASER/BORROWER: BENAROYA CAPITAL COMPANY L.L.C.
LOAN NUMBER -
PROPERTY ADDRESS:
Our Title Commitment dated 05/09/97 at 8:00 A.M. is supplemented as follows:
PARAGRAPH(S) NUMBER(S) 3, 4, 5, 12, 13 & 14 OF OUR COMMITMENT IS (ARE) ELIMINATED.
THE FOLLOWING NOTE(S) HAS/HAVE BEEN ADDED TO OUR COMMITMENT:
NOTE 1:
GENERAL EXCEPTIONS A THROUGH D HAVE BEEN DELETED. GENERAL EXCEPTIONS E
THROUGH H WILL REMAIN IN THE OWNER'S POLICY TO ISSUE.
NOTE 2: EFFECTIVE JANUARY 1, 1997, DOCUMENT FORMAT AND CONTENT REQUIREMENTS
HAVE BEEN IMPOSED BY WASHINGTON LAW. FAILURE TO COMPLY WITH THE FOLLOWING
REQUIREMENTS MAY RESULT IN REJECTION OF THE DOCUMENT BY THE COUNTY RECORDER.
FIRST PAGE OR COVER SHEET:
3" TOP MARGIN CONTAINING NOTHING EXCEPT THE RETURN ADDRESS.
1" SIDE AND BOTTOM MARGINS CONTAINING NO MARKINGS OR SEALS.
TITLE(S) OF DOCUMENTS.
RECORDING NO OF ANY ASSIGNED, RELEASED OR REFERENCED DOCUMENT(S).
GRANTORS NAMES (AND PAGE NO. WHERE ADDITIONAL NAMES CAN BE FOUND).
GRANTEES NAMES (AND PAGE NO. WHERE ADDITIONAL NAMES CAN BE FOUND).
ABBREVIATED LEGAL DESCRIPTION (AND PAGE NO. FOR FULL DESCRIPTION).
ASSESSOR'S TAX PARCEL NUMBER(S).
RETURN ADDRESS (IN TOP 3" MARGIN).
**A COVER SHEET CAN BE ATTACHED CONTAINING THE ABOVE FORMAT AND DATA IF THE
FIRST PAGE DOES NOT CONTAIN ALL REQUIRED DATA.
ADDITIONAL PAGES:
1" TOP, SIDE AND BOTTOM MARGINS CONTAINING NO MARKINGS OR SEALS.
CHICAGO TITLE INSURANCE COMPANY SUPPLCOM/114-90/EK
*FHCAGO TITLE INSURANCE COMP
Order No.:
Your No.:
Unit No:
SUPPLEMENTAL COMMITMENT
(Continued)
457486
BENAROYA/CITY OF KENT
06
ALL PAGES:
NO STAPLED OR TAPED ATTACHMENTS. EACH ATTACHMENT MUST BE A SEPARATE PAGE.
ALL NOTARY AND OTHER PRESSURE SEALS MUST BE SMUDGED FOR VISIBILITY.
FONT SIZE OF 6 POINTS OR LARGER.
THE FOLLOWING MAY BE USED AS AN ABBREVIATED LEGAL DESCRIPTION ON THE
DOCUMENTS TO BE RECORDED TO COMPLY WITH THE REQUIREMENTS OF R.C.W. 65.04.
SAID ABBREVIATED LEGAL DESCRIPTION IS NOT A SUBSTITUTE FOR A COMPLETE
LEGAL DESCRIPTION WHICH MUST ALSO APPEAR IN THE BODY OF THE DOCUMENT:
NORTHWEST QUARTER OF SECTION 14, TOWNSHIP 22 NORTH, RANGE 4 AND NORTHEAST
QUARTER OF SECTION 15, TOWNSHIP 22 NORTH, RANGE
EXCEPT AS TO THE MATTERS SET FORTH HEREINABOVE, THE TITLE TO THE PROPERTY
COVERED BY THIS ORDER HAS NOT BEEN REEXAMINED.
JULY 1, 1997 AUTHORIZED BY: BARBARA L. WAGNER
NOTE: THE FOLLOWING PARTIES HAVE BEEN SENT A COPY OF THIS SUPPLEMENTAL
COMMITMENT:
CB COMMERCIAL
GARY�VOLCHOK 1/1
BENAROYA CAPITAL COMPANY L.L.C.
JOSEPH ALHADEFF 1/1
CITY OF KENT
BRENT MCFALL, DIRECTOR OF OPERATION 1/1
CITY OF KENT
ROGER LUBOVICH, CITY ATTORNEY 1/1
CHICAGO TITLE ESCROW -SUE STEVENS
SUE STEVENS 1/1
JAMESON BABBITT STITES AND LOMBARD
DAVID LOMBARD, ESQ. 1/1
CHICAGO TITLE INSURANCE COMPANY SUrLCOy2/11-2-90/ax
- a •
1001 Fourth Avenue, Suite 4700
Seattle, Washington 98154
(206)343-4750
Fax (206) 447-9384
m
January 3, 1997
Mr Brent McFall
Director of Operations
City of Kent
220 4th Avenue South
Kent, WA 98032
Benaroya Capital Company
Re BENAROYA CAPITAL COMPANY, L.L.C.
REAL ESTATE PURCHASE AND SALE AGREEMENT
Kent Lagoon Property, Kent, Washington
Dear Brent
Enclosed is a check in the amount of $15,000 00 payable to the City of Kent This is the
third extension payment due from Benaroya Capital Company, L L C As stated under
paragraph 2 B of the Addendum, these monies are due for each 60-day extension, as
requested, and are applicable but non-refundable
If you have any questions, please do not hesitate to call.
Yours very truly
eph Alhadeff
Enclosure
cc: Larry Benaroya, Benaroya Capital Company, L.L C.
Marria Fuqua, Chicago Title Insurance Company
David Lombard, Jameson Babbitt Stites & Lombard
Gary Volchok, CB Commercial
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1001 Fot;17"
Seattle, W<i
(206) 343-4750
Fax (206)447-9384
0
Benaroya Capital Company
June 25, 1997
Mr. Brent McFall
City of Kent
220 Fourth Avenue South
Kent, Washington 98032
RE: REAL ESTATE PURCHASE AND SALE AGREEMENT
Benaroya Capital Company, L.L.C. and/orAssigns, as Purchaser
The City of Kent, as Seller
Dear Brent
Please be advised that the undersigned hereby removes the "contingencies" stated in Paragraph 2 of
Addendum "A" of the above referenced document Also being transmitted to Chicago Title Insurance
Company herewith is the amount of $100,000 to pay off the earnest money deposit note referred to in the
referenced Earnest Money Agreement
Per Addendum "C" to the Real Estate Purchase Agreement, closing is to take place within one week after
the variance becomes unappealable, or by June 30, 1997. The Hearing Examiner has made his decision
and, that date which it becomes unappealable is June 25, 1997, which makes for a closing on July 2,
1997
Due to vacation schedules, the undersigned would like to set the closing date, July 3, 1997. If this
modification to the Real Estate Purchase and Sale Agreement is acceptable to the City of Kent, please
sign in the space provided below
PURCHASER:
BENAROYA CAPITAL COMPANY L.L.C.
(A Washington Limited Liability Company),
and/or Assigns
By:
Its:
Date: 6It ZA7
SELLER.
THE CITY OF KENT
By:
Its �yik hi 6T Od1G/o T sA `'
Date /� %