HomeMy WebLinkAboutPK07-363 - Other - Addendum #1 - Hoang Tran -Purchase & Sale Agreement - 11/23/2008 ADDENDUM ONE TO REAL ESTATE PURCHASE AND SALE AGREEMENT
THIS ADDENDUM ONE between HOANG TRAN ("Seller") and THE CITY OF
KENT ("Buyer"), a municipal corporation, amends that certain Real Estate Purchase and
Sale Agreement entered into between Seller and Buyer on or about November 26, 2007
(the "Agreement").
1. a) The Seller acknowledges that section 10(C) of the Agreement requires
Seller, prior to Closing, to "provide Buyer with proof, to Buyer's satisfaction, that
any fuel storage tank has previously been decommissioned; or Seller shall
decommission the fuel storage tank in accord with all applicable regulations."
During Phase I environmental review Buyer found evidence that a fuel storage
tank may be present on the Property. Seller and Buyer agree that to satisfy
section 10(C), at Closing twenty-five thousand dollars ($25,000) will be held back
by Pacific Northwest Title from Seller's proceeds to pay for the decommissioning
of the storage tank on the Property and any contamination clean up necessary
from the tank (the "ho(dback funds").
b) Upon the City's determination that no storage tank can be located or that
the storage tank needs to be decommissioned, the City shall provide a notice of
the cost estimate of decommissioning and contamination clean up to Seller, or
provide a notice of release of holdback funds to Pacific Northwest Title and Seller
within a reasonable time.
c) To obtain holdback funds, Buyer will present written proof of payment to
Pacific Northwest Title of costs Incurred by Buyer to decommission the storage
tank and/or contamination clean up. Within fourteen (14) days, Pacific
Northwest Title will release holdback funds to Buyer In the amount of the written
proof provided.
d) The City will notify Pacific Northwest Title in writing when the
decommissioning and contamination clean up is complete. Any holdback funds
remaining with Pacific Northwest Title at that time will be released to Seller within
fourteen (14) days of receipt of the City's notice.
e) If the City notifies Pacific Northwest Title in writing that the
decommissioning and contamination clean up is not required because no fuel
storage tank was found on the property ("release of holdback funds"), all
holdback funds will be released to Seller within fourteen (14) days of Pacific
ADDENDUM ONE TO REAL ESTATE
PURCHASE AND SALE AGREEMENT- 1 (January 18,2008)
(between Haang and the Gty of Kent)
Northwest Title's receipt of this notice.
2. Facsimile signatures on this Addendum One will be considered originals.
IN WITNESS WHEREOF, the parties hereto have executed this Addendum One,
which shall take effect on the last date signed below.
BUYER: SELLER:
CITY OF KENT HOANG TRAN
zett ooke Hoang Tran—
Dated: — --off Dated: 01'2 — G '
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P:\Civil\Files\OpenFiles\1070\AddendumOne-Tran.doc
ADDENDUM ONE TO REAL ESTATE
PURCHASE AND SALE AGREEMENT- 2 (January 18,2008)
(between Hoang and the City of Kent)