HomeMy WebLinkAbout2458ORDINANCE NO. C Lc => J
AN ORDINANCE of the City of Kent,
Washington approving the purchase of
certain real estate located, at and
near north of Meeker Street, east of
Green River, west of Russell Road, all
located in the City of Kent, County of
King, State of Washington, for enlarg-
ing the adjacent municipal golf course
and other municipal purposes.
WHEREAS, on January 16, 1984 the City Council autho-
rized the purchase of approximately 42 acres, known as the Green
River Partnership property for the purpose of enlarging the mu-
nicipal golf course. The purchase price was not to exceed One
Million Six Hundred Fifty Thousand Dollars ($1,650,000), and
terms were to be subject to final approval by the Council; and
WHEREAS, on February 6, 1984 the City Council ap-
proved the AGREEMENT FOR PURCHASE AND SALE OF REAL ESTATE, Appen-
dix A, attached and made a part hereof; and
WHEREAS, on February 21, 1984 the City received the
executed AGREEMENT FOR PURCHASE AND SALE OF REAL ESTATE, said
AGREEMENT requiring: "Approval by the legislative authority
(Mayor and City Council) of the City of Kent; it being under-
stood that the Buyer shall be granted ten days from the date of
Sellers' delivery of this Agreement to Buyer to effectuate said
approval:" NOW, THEREFORE
THE CITY OF KENT, WASHINGTON, DOES HEREBY ORDAIN
AS FOLLOWS:
Section 1. The purchase of certain real estate,
located at the near north of Meeker Street, east of Green River,
west of Russell Road, all located in the City of Kent, County of
King, State of Washington and more particularly described in
Appendix A, attached and made a part hereof, for the purpose of
enlarging the Municipal Golf Course and other municipal purposes,
is approved and confirmed.
Section 2 The Mayor is authorized, for and on be-
half of the City, to execute all documents necessary to closing
of this purchase.
Section 3. This Ordinance shall take effect and be
in force five (5) days from and after its passage, approval and
publication as provided by law.
ISABEL HOGAN, MAIZOR
ATTEST:
MARIE JENSE CITY CLERK
APPROVED AS TO FORM:
P.+ST HEN DiJULIO, ITY ATTORNEY
PASSED the j day of1984.
APPROVED the day of 1984.
PUBLISHED the - day of%� 1984.
I hereby certify that this is a true copy of
Ordinance No. c;?-S6S_�, passed by the City Council of the City
of Kent, Washington, and approved by the Mayor of the City of
Kent as hereon indicated.
(SEAL)
MARIE JEN, ITY CLERK
- 2 -
February 3, 1984
AGREEMENT FOR PURCHASE AND SALE OF REAL ESTATE
THIS IS AN AGREEMENT between the CITY OF KENT, a Washington
municipal corporation, as "Buyer," ALBERT BON and SYLVIA BECK,
individuals dealing in their separate estates and as co -guardians
for Margaret Bon, as owners of the record title of the property
described below and as sellers to the City of Kent under this
Agreement (hereinafter referred to as "Sellers"), and the GREEN
RIVER PARTNERSHIP, a general partnership whose partners are Turtle
Pond, Inc., a corporation whose president is Fred M. Power, and
14KB Industries, Inc., a corporation whose executive vice president
is Kambiz Babaoff, as assignors to the City of Kent of their
interest in the purchase and sale agreement described herein
(hereafter "Partnership").
RECITALS
A. Sellers are owners of certain real estate (the
"Property") in the City of Kent, located at and near north of
Meeker Street, east of Green River, west of Russell Road, all
located in the City of Kent, County of King, State of Washington
and more particularly described in Exhibit A attached hereto and
by this reference made a part hereof.
B. Partnership has an interest in the Property by virtue of
the purchase and sale agreement originally dated April 5, 1979 and
last amended as of 24, 1982. Said agreement is attached
hereto as Exhibit B and by this reference made a part hereof. By
agreement of Sellers and Partnership, as evidenced by this
recital, said agreement is extended for the purpose of completing
the sale contemplated hereby to the City or to complete the
purchase and sale agreement, as amended, within the time period
contemplated by this Agreement.
C. Buyer desires to purchase the Property for the purpose of
enlarging the adjacent municipal golf course and other municipal
purposes, on the terms and conditions set forth in this Agreement,
and Sellers and Partnership are willing to sell their respective
interests in the Property to the Buyer on such terms and condi-
tions.
AGREEMENT
NOW, THEREFORE, the parties hereby agree as follows:
Sellers and Partnership agree to sell and transfer, and Buyer
agrees to buy, the Property and all water rights and permits, if
any, subject only to the following contingencies and subject to
the following terms and conditions:
1. Purchase Price. The total consideration is One Million
Six Hundred Fifty Thousand Dollars ($1,650,000.00).
_2. Payment to Partnership for its Interest. Buyer agrees to
purchase Partnership's interest in the purchase money agreement
for Three Hundred Ninety-four Thousand Five Hundred Dollars
($394,500), to be paid all cash to Partnership at closing.
3. Purchase Price for Property/Method of Payment. The total
purchase price to Sellers for their interest in the Property shall
be One Million Three Hundred Eighty-six Thousand Five Hundred
Dollars ($1,386,500) payable as follows:
3.1 At closing, Buyer shall pay Two Hundred Eighty-four
Thousand Dollars ($284,000) cash down, of which One Hundred
Thirty-one Thousand Dollars ($131,000) has been previously paid to
Sellers under the earnest money agreement, Exhibit B hereto, and
said One Hundred Thirty-one Thousand Dollars ($131,000) shall be
credited against the down payment at closing, and of which the
remainder of One Hundred Fifty-three Thousand Dollars ($153,000)
shall be paid to Sellers, in cash, on closing.
3.2 The balance of the purchase price in the amount of
One Million One Hundred Two Thousand Five Hundred Dollars
($1,102,500) shall be paid with a promissory note, in a form
acceptable to Buyer and Sellers. Said note shall provide for
interest at the rate of eight and one-half percent (8-1/2%), paid
quarterly, computed on the diminishing principal balance. Said
note shall further provide for payment of fifty percent (50%) of
the principal balance, plus accrued interest owing, on the fifth
anniversary of closing. On the sixth anniversary of closing, the
entire unpaid balance of the note, plus all accrued interest
owing, shall be paid in full. Buyer specifically reserves the
right to pay all, or any part, of the unpaid balance of the note
at any time without prepayment penalty.
3.3 The note described in the above paragraph 3.2 shall
be secured by a first deed of trust on the Property, in a form
acceptable to both Buyer and Sellers. The deed of trust shall
designate the Sellers as beneficiary and First American Title
Insurance Company as trustee. Grantee and Trustee shall cooperate
as may be required in the short plating or other division of the
property.
-4. Right of Entry. Sellers and Partnership hereby grant to
Buyer the immediate privilege of entering upon the Property for
purposes of making soils analysis, surveys and such other engi-
neering or other studies as the Buyer may desire, but if Buyer
does not complete the purchase, Buyer shall restore the property
to its condition as of the date of this Agreement.
5. Condition of Title. Title to the Property at closing is
to be free of all encumbrances or defects except for the follow-
ing, which will be assumed and/or paid by Buyer;
5.1 Facility charges, if any, including but not limited
to hookup, or connection charges and latecomer charges, for water
or sewer facilities of the City of Kent as disclosed by instrument
recorded under Recorder's No. 80-05-160282.
5.2 Right in the general public to the unrestricted use
of all of the waters of a navigable body of water not only for the
primary purpose of navigation, but also for corollary purposes,
including, but not limited to, fishing, boating, bathing,
swimming, waterskiing and other related recreational purposes, as
those waters may affect the tidelands, shorelands, or adjoining
uplands and whether the level of th.e water has been raised
naturally or artificially to a maintained or fluctuating level,
all as further defined.by the decisional law of the state (this
exception affects all of the Property subject to such submergence).
5.3 Any question that may arise due to the shifting and
changing in the course of the White River, also known as the Green
River.
5.4 Regulatory control by the state supervisor of flood
control through the establishment of a flood control zone within
the boundaries of the Property and other property as lying with a
flood basin.
5.5 Indenture dated February 10, 1960 between Albert Bon
and the City of Kent, recorded under Recorder's No. 5133794,
relating to flood control matters.
5.6 Rights of the State of Washington under the river
protection easement recorded with the King County Recorder under
Recorder's No. 5589765.
5.7 Rights of the City of Kent under easement recorded
under Recorder's No. 4133794.
5.8 Rights reserved in federal patents or state deeds;
building or use restrictions general to the area; and such other
easements or encumbrances accepted in writing by the Buyer.
5.9 Any pending or outstanding assessments for street or
other public improvements.
Any other exceptions or encumbrances, if any, to be discharged
by Sellers and Partnership shall be paid from the purchase money
at the date of closing.
6. Contingencies. The sale is contingent upon the following
matters:
6.1 Approval by the legislative authority (Mayor and
City Council) of the City of Kent; it being understood that the
Buyer shall be granted ten days from the date of Sellers' delivery
of this Agreement to Buyer to effectuate said approval. If said
approval has not been made within the described ten-day period,
this entire transaction shall be null and void.
6.2 The obtaining of a favorable ruling by Sellers from
the Internal Revenue Service that the interest to be paid to
Sellers by Buyer is not subject to the United States income tax;
Sellers agree to apply forthwith for such a ruling and if such a
ruling has not been obtained within 90 days from the date of
application, this entire transaction shall be null and void.
PROVIDED, this Paragraph 6.2 shall not apply if Buyer elects,
pursuant to its authority under Paragraph 3.2, to pay all cash.
6.3 Review and approval of this Agreement by the King
County Superior Court, on behalf of the guardianship of Margaret
Bon, the individual who owns an undivided one-third of the
Sellers' interest in the Property, and Sellers agree to prepare
and apply forthwith for such approval and if such approval has not
been obtained within twenty (20) days from the date of Buyers'
acceptance of this Agreement, this entire transaction shall be
null and void.
7. Closing of Sale. This sale shall be closed within ten
days after satisfaction of the last of the contingencies mentioned
in paragraph 6 above, and any other contingencies expressed in
this agreement, and in any event by no later than April 30, 1984,
which shall be the termination date. Buyer, Sellers and Partner-
ship will, as soon as reasonably possible, and in any event before
the closing date, deposit with the escrow agent all instruments
and monies necessary to complete the purchase. The costs of
escrow shall be paid as follows: Buyer shall pay 50 percent of
such costs, Sellers shall pay 40 percent of such costs, and
Partnership shall pay 10 percent of such costs. Buyer shall be
entitled to possession on closing. "Closing" means the date on
which all documents are recorded and the sale proceeds are avail-
able for distribution to Sellers and Partnership.
8. Earnest Money Receipt. Sellers acknowledge receipt from
Buyer of One Thousand Dollars ($1,000) in the form of a check as
earnest money, in part payment of the purchase price.
9. Inspections: Buyer's Inspection. Buyer agrees that it
has made a visual inspection of the Property and accepts it in its
present condition unless otherwise noted herein. Sellers agree to
keep the house on the Property in its present condition until and
during the closing of this transaction, and shall deliver posses-
sion of said house to the Buyer in its present condition.
10. Title Insurance. Sellers authorize Buyer, at Sellers'
expense, to apply immediately for a preliminary commitment for a
standard form owner's policy of title insurance to be issued by
First American Title Insurance Company under its Order 78817 (the
pending order for the transaction between Sellers and Partnership)
or such substitute order as First American may provide. Said
preliminary commitment, and the title policy to be issued, shall
contain no exceptions other than those provided for in the
standard form and the encumbrances or defects noted in paragraph 3
hereof. If title cannot be made so insurable prior to the closing
date called for herein, the earnest money shall, unless Buyer
elects to waive such defects or encumbrances, be refunded to Buyer.
11. Conveyancing: Clear Title. This transaction shall be
consummated by the conveyance of the Property to Buyer by a statu-
tory warranty deed of Sellers, free of encumbrances or defects
except for those noted in paragraph 3 above and the deed of trust
from Buyer to Sellers. Partnership shall execute and deliver to
Buyer a quit claim deed for its interest in the Property.
12. Other Closing Costs and Proration. Escrow fees and the
title shall be paid as provided by paragraph 5 above. Sellers
shall pay 80 percent of the title insurance and Partnership shall
pay 20 percent, provided that if Buyer requests any special
endorsements not ordinarily included in standard owner's coverage,
Buyer shall pay the premium for such special enforsements. No
real estate excise or stamp tax shall apply to this sale. Any
other closing costs shall be paid 50 percent by Buyer, 40 percent
by Sellers and 10 percent by Partnership. Real estate taxes shall
be prorated as of the closing date, and the portion of taxes for
1984 prior to the closing date shall be charged to Partnership.
Partnership shall reimburse Seller at closing for the last
one-half 1983 taxes. Sellers and Partnership shall hold Buyer
harmless from any claim for real estate commission arising here-
under.
13. Authority. Sellers and Partnership affirm that they have
a vested, merchantable interest in the Property, and that they are
•authorized and in fact can convey .said Property without any addi-
tional approval from any other parties of interest except for
approval of the King County Superior Court, sitting in probate, of
the transfer of one-third of Sellers' interest held by the
guardianship for Margaret Bon.
�� 6
14. No Lease. Agreements, if any, that may involve the
parties now residing in the residential house at the northwest
corner of Russell Road and West Meeker Street shall not be honored
by Buyer, and Sellers shall deliver title to the Property free of
any lease or license to use said house or the Property.
15. Notices. Any notice or other communication that any
party desires or is required to give to any other party hereunder
shall be in writing and shall be sent by United Stated certified
mail, postage prepaid, return receipt requested, to all of the
other parties to this Agreement at the addresses set forth below.
All such notices and communications shall be deemed delivered and
received on the third business day after deposit in the United
States mails. Either party may change the address to which notice
is to be sent or delivered under this Agreement on five days'
notice in writing to the other party, given in accordance with
this paragraph.
If to Buyer: The City of Kent
Attention: Richard C. Cushing
220 South 4th
Kent, Washington 98032-5895
With copy to: P. Stephen DiJulio, City Attorney
City of Kent
220 South 4th
Kent, Washington 98032-5895
If to Seller: Sylvia Beck
119 Harvard Avenue E. #404
Seattle, Washington 98102
And to: Albert Bon
119 Harvard Avenue E. #404
Seattle, Washington 98102
With copy to: John Sinsheimer, Attorney
Sinsheimer b Meltzer
1930 Bank of California Center
Seattle, Washington 98164
If to
Partnership: Kambiz Babaoff
MKB Industries, Inc.
530 Pico Boulevard
Santa Monica, California 90405
With copy to: Douglass A. Raff, Attorney
Riddell, Williams, Bullitt $
Walkinshaw
4400 Seattle -First National Bank
Building
Seattle, Washington 98154
16. Miscellaneous. There are no verbal or other agreements
which modify or affect this Agreement.
Time is of the essence of
this Agreement. In the event any action is brought by
any party
to enforce this Agreement, the prevailing party in such action
shall be entitled to an award for its costs and attorneys' fees
incurred in such action, assessed against the nonprevailing party.
IN WITNESS WHEREOF, Sellers and Partnership agree to sell the
Property on the terms and conditions specified herein.
SELLERS:
Date:4E�_qert on, ivardian for Margaret Bon
Date: 1S
vliy is ec , in iv u y an as
co -guardian for Margaret Bon
PARTNERSHIP: GREEN RIVER PARTNERSHIP
r•�
By
Date: 2 7 ower', as press ent o
re
Turtle Pond, Inc.
7/ By ='/ -'
Date: am iz a ao as executive vice
president of MKB Industries, Inc.
IN WITNESS WHEREOF, Buyer has executed this Agreement and
acknowledges receipt of a Seller's signed copy of this Agreement,
as of this day of 1984.
1422B -187A
BUYER: CITY OF KENT
By
Richard us ing
City Administrator
220 South 4th
• Kent, Washington 98032
EXHIBIT A
The land referred to in this commitment is situated in the State of
Washington, County of King and is described as follows:
Commencing at the point of intersection of the West line of County
Road No. 722 with the North line of Section 23, Township 22 North,
Range 4 East W.M., in King County, Washington, said point being 3,559.9
feet, more or less, West of the Northeast corner of said Section (this
being the Northeast corner of that property described in Recording No.
2712356);
thence South 9058' East along the West line of said County Road 257.95
feet;
thence South 20035' East along said West line 1,287.7 feet to the
Northeast corner of that property conveyed to John Bon by deed recorded
under Recording No. 2858429 and the true point of beginning;
thence following the boundaries of said Bon property along the
following described courses: continuing South 20035' East 630.9 feet;
thence South 12103' East 322.3 feet;
thence West 1,499.9 feet;
thence South 117.4 feet;
thence West 346 feet, more or less, to the East bank of the Green
(White) River;
thence Northerly along said East bank to a point which bears West from
the true point of beginning;
thence East along the North line of said Bon property 2,250 feet, more
or less, to the true point of beginning;
EXCEPT THAT portion lying Southeasterly of the Northwesterly margin of
Secondary State Highway No. 5-A (Kent -Des Moines Road).
Situate in the City of Kent, County of King, State of Washington.
EXHIBIT B
AMENDMENT TO PURCHASE AND SALE AGREEMENT
OF APRIL 5, 1979, AS AMENDED
1. Attached hereto is a true and correct copy of the
original "Purchase and Sale Agreement" of April 5, 1979,
together with all executed addendum thereto, which is Exhib-
it A and is incorporated in full by this reference.
2. Closing of the subject purchase shall be extended
to close of business March 12, 1983, at the latest, or at
any earlier time and date, at purchaser's election.
3. The purchase price shall be increased to
$1,424,000.00. Any of sellers' real estate taxes and assess-
ments for the property paid by purchaser before closing shall
be added to the purchase price. The down payment will be
$284,000 plus any of sellers' real estate taxes and assess-
ments paid by purchaser, with credit to be allowed for pay-
ments previously made as credit against the down payment.
To date Sellers have received $107,000, not including the
$10,000 earnest money deposit. The parties stipulate and
agree that the $10,000.00 earnest money deposit, held by
American Brokers, Inc. since April 1979, shall be returned
to purchaser.
4. As consideration for this Addendum and extension,
purchasers agree to pay sellers the sum of $3,000.00 per
month commencing July 12, 1982, and continuing on the 12th
day of each succeeding calendar month until the sale is
closed or the Purchase and Sale Agreement, as amended, lapses
by its terms. This sum shall be applicable to credit against
the total purchase price or the down payment, but neither
this sum nor any other sum previously paid by purchaser shall
be refundable should purchaser fail to close.
5. Interest on the Real Estate Contract shall be 10%,
payable every three ( 3 ) months from date of closing.
6. The total balance of the Real Estate Contract, in-
terest and principal, shall be paid in full five (5) years
from date of close. As additional consideration for this
Addendum and extension, purchasers will pay when due, sell-
ers' real estate taxes on ti -e subject property for the last
half of 1982 and the first half of 1983. Purchaser shall be
responsible For any and all assessments.
7. The parties acknowledge and agree that the Pur-
chase and Sale Aareement, Exhibit A attached together with
Addendum, have been assigned and transferred from Gordy
Guinn to the "Green River Partnership", Fred M. Powers and
Kambiz Babaoff, individuals, and Turtle Pond, Inc., and MKB
Industries, Inc., both California corporations, as general
partners. Further, the opportunity to purchase the subject
property, as contained in the Purchase and Sale Agreement of
April 5, 1979, together with Addendum, Exhibit A, attached,
shall be considered as personal to the Green River Partner-
ship and its general partners. This purchase and sale agree-
ment, as amended, shall not be subject to sale, assignment
or transfer, directly or indirectly, or any interest therein,
to any other party or entity except that an assignment to a
partnership or joint venture in which the individual general
partners are general partners shall be permitted; and the
real estate contract at closing shall be signed by Fred M.
Power and Kambiz Babaoff, as individual joint venturers or
partners.
8. The Deed release provisions to be incorporated in
the Real Estate Contract to be executed upon close of sale,
as described in Exhibit A attached, in its entirety, shall
provide and guarantee legal access to the sellers, or to
their successors in interest, if any, to the balance of the
property, to permit its optimum use and development, follow-
ing any conveyance of property pursuant to Deed release.
Access is defined and understood to mean ingress and egress
for construction, development, use and ownership of the re-
maining property to public roads and thoroughfares adjoining,
Russell Road, and/or Kent -Des Moines Road. Additionally,
such leaal access shall be sufficient to accommodate exten-
sion ofallnecessary utilities to service the property re-
maining and any improvements thereon permitted by applicable
land use and zoning regulation. In this regard, the Real
Estate Contract shall, at time of close, contain a precise
formulation of the mechanism for selecting the parcels to be
successively applicable to Deed release. No parcel shall be
Deed released unless it is immediately contiguous to prop-
erty previously Deed released. The Deed release considera-
tion shall increase to $53,846.00 per acre, based upon net
site area of 26.1 acres +/-, per City of Kent Rezone,
RZ-80-2.
9. The parties understand and agree that the Purchase
and Sale Agreement and the Real Estate Contract which will
be executed at time of close of sale is subject to prior
review and approval of the King County Superior Court, on
behalf of the guardianship of ?Margaret Bon, the individual
•,:^o Owns an undivided one-third of the subject property.
;See uaracraph 7 A of Addendum to Bon/Guinn earnest money
dated April 5, 1979.)
K
10. This Agreent_may be signed in counterparts.
DATED at`���mss Washington this day of
1982. v
"SELLERS": "PUR
CHASER
ALBERT BON G0R
GREE r . IV AR_ HIP
SYLVIA BECK
"AGENTS":
The American Brokers, Inc.
H. I�. .AUS E, Bro eer
48DAR:n/sk
7/9/82
By: /r vy -
FREIJ M. POW R, a single
man, individually, and as
President of Turtle Pond,
Inc. / ,
ByLl � -
TiBIZ AOFF, a single
man ndividually, and as
cutive Vice -President
/of MKB Industries, Inc.
t�
3
AMENDMENT TO PURCHASE AND SALE AGREEMENT
BON/GUINN
The undersigned hereby amend that certain purchase and sale
agreement dated April 5, 1979, by and between Gordy Guinn,
as buyer, and Albert Bon and Sylvia Beck, individually and
co -guardians for Margaret Bon as follows:
1. Paragraph 2 A. Deed Release
At the time of, or following the closing of the sale, the seller will
deed to the purchaser, free of the real estate contract referred to 1-A
and 1-B except 9'z% interest should be 10% by the purchaser, provided
however, that the seller shall not be obliged to execute any such deed
unless the purchaser shall have paid to the seller, over and above the
down payment and any interest payment made on the said contract.
The sum of $32,500.00 per acre for the full forty (40) acres, more or
less, at a price of $1,300,000.00 providing the full forty (40) acres
has been rezoned to multi -family dwellings, medium density, or about
420 units. The purchaser may select the portions of the subject
property to be so deeded, however, all property so selected shall be
contiguous to the property first selected, and the seller shall not
be obliged to execute any deed which shall prevent reasonable access
to the remaining property from the Kent -Des Moines or Russell Road.
2. Paragraph 5 A. Is hereby amended to read as:
The terms of this offer shall begin at such time as this offer is
accepted by the seller and returned to the purchaser, and shall run
for six (6) months from the said date. However, if unfulfilled
conditions relating to the change in zoning and building permits, as
referred to contin encies 3-A, are still pending before appropriate
governmental agencies and have not been denied and/or are being
repealed. Then the purchaser may upon written request and payment
to the seller of three thousand dollars (53,000.00) per month
thereafter (applicable to the purchase price but not refundable),
extend the term of this offer from July 12, 1981 to January 12, 1982.
ASSFSSMFNTS
Referring to LID 306 - 'Nest Valley Drainage System or any other
project of assessments of any kind will be the buyers obligation
to pay. All other terms and agreements remain in force.
Albert Bon, individually acid as co -guardian
for Margaret Bon
Sylvia/ 3eck, i nd vidua/� ,' and -as co -guardian
for Mare,' e °on� , /
A!AENDMENT TO PURCHASE AtrU SALE AGREEMENT
BOPS/GUINN
The undersigned hereby amend that certain purchase and sale agreement
dated April 5, 1979, by and between Gordy Guinn, as buyer, and Albert
Bon and Sylvia Beck, individually and co -guardians for Margaret Bon
as follows:
1' Paragraph 2 A. Deed Release
At the time of, or following the closing of the sale, the seller will
deed to the purchaser, free of the real estate contract referred to 1-A
and 1-8 except 9�jZ interest should be 10% by the purchaser, provided
however, that the seller shall not be obliged to execute any such deed
unless the purchaser shall have paid to the seller, over and above the
down payment and any interest payment made on the said contract.
The sum of $32,500.00 per acre for the full forty (40) acres, more or
less, at a price of $1 ,300,000.00 providing the full forty (40) acres
has been rezoned to multi -family dwellings, medium density, or about
420 units. The purchaser may select the portions of the subject
property to be so deeded, however, all property so selected shall be
contiguous to the oroperty first selected, and the seller shall not
be obliged to execute any deed which shall prevent reasonable access
to the remaininq property from the Kent -Des Moines or Russell Road.
2. Paragraph 5 A. Is hereby amended to read as:
The terms of this offer shall begin at such time as this offer is
accepted by the seller and returned to the purchaser and shall run for
six months from the said date. However, if urfulfilled conditions
re',ating to the change in zoning and building permits, as referred
to contingencies 3-A, are still pending before appropriate governmental
agencies and have not been denied and/or are being repealed. Then the
purchaser may upor written request and payment of S10,000 for additional
option to the seller, and -three thousand (S3,000.00) per month thereafter -s
(applicable to the purchase price but not refundable), extend the term
of this offer from January 12, 1982, to July 12, 1982.
ASSESSMENTS
Referring to LID 306 - West `Dalley Drainage System or any other project
of assessments of any kind will be the buyers obligation to pay. All other
terms and agreements remain in force.
Yr A)
H.I. --le o Albert Bon, i ndi�ual ly and as co -
AMERICAN BROKERS, INC guardian,.for Margaret �,on
Selling Agent
Sylvia Beck, i ivi wally and as co-
guardi or % rga�tBon '
Gordui n
i y
AME h Tri c NT
The undersigned hereby amend that certain Purchase and
r.nle Agreruent dated April 5, 1979 by and between Cordy Guinn, as
buyer. and Albert Bon and Sylvia Beck, individually and a
co-j%uardians for Margaret Bon, as follows:
follows:
1, Paragraph 3(a) is hereby amended to read as
"Purchaser's ability to obtain a rezoning of a
portion of the subject property, presently zoned RA t^
y?M zoning medium density and General Commercial, as
previously agreed, or to P.U.D.; and building permits"
2. Paragraph 5(a) is hereby amended to read as
"The term of this offer shall begin at such time
as this offer is accepted by Serer and returnod to
Purcbaser, and shall run CC.0 months from
said date. However, if unfulfilled conditions
relating to the change in zoning are still pending
before Appropriate governmental agencies and have
not been denied, and/or are being appZaled, then
purchaser may, upon written request and payment to
Seller of Three Thousand Dollars ($3,000.) per month
thereafter (applicable to the purchase price, but
nonrefundable), extend the terse of this offer--�`�oh rl'ZC��
3. Except as expressly amendJd to r4by the terms and
conditions of the Purchase and Sale Agreement as
previously amended on April 5, 1979 shall continue
in full force and effect without change. r.xce of
.., .r.. _ ::.e-aed Lc 7rov:ce
?. L _ c;, .-,--cLie glance
Sept ember��' 19A0. t:.� su .�rlCc r'.L
_1 _� t:rT`
/ 1
,C' . ,: :�:,! :; _r:. ALERT EJN, individually and as co-guardiao
for YArgaret Bon
=r-
SYLVLA HECK. ' indidual
for Marg e Bon
C.0RDY
"and #s cp-guardian
0��
'hr undorsi -ned ^PrP$,v amend than rertain Purchase and
�.s!• .._roe-o^t gated April 5, 1479 by and het:;Pen Cordy Guinn, as
',+.n•r• ;n() AIIPrt Son and Sylvia Beck, individually and as
for `iarr,aret ?on, as follows:
f0: 1O' S:
1 . ?aran.raph ; l:i) is herebv arende•i to read as
"Purchaser's ability to ol-ta tr a rP-oni.no of a
^nrtion of th- subject prcoerty, presently zoned RA to
"RM zunin-, medium density and Ceneral Commercial, as
previo+.+sly a+zreed, or to ?.G.D. ; and building permit:-,."
2. Paragraph 5!a) is hereby amended to read as
"The term of this offer shall beein at such ti -.e
as this offer is accepted by Seller ar.d returned to
?urchasar, and shall run six (6) months from Raid data.
'low -ver, if unfulfilled conditions rol-atin" to the
c'anne in zoninz arp still prrdinc before appropriate
oovornmental azenciPs and have not been denied, and'•nr
are i.Pinr appealed, then purchaser may, (1) upon pa}ore^t
nF ��n 'h7�;and Dollars (510,000.00) to Seller (npplf-
^'�ie tr. the purchase price but no^rPft+ndable) -Ind (ii)
-cn •ritter. req•+est and pal:^enc to Seller of Tan
-c • sand and No/100 nnll3r, (52,000.00) per -+oath rherc--
,:-,r (ipplicible to rise p+srchasP price }• r nf'r.ref-1-
1, , extend the term of this offer t�
rxrcpt as expressly amended heretiv the term4 aryl
t►e P:+rrhs,s(- arId Sale A2rPAmenr a9 prevfn,,-ily
1970 shall continue in fl+ll force and effPrr
,ter 197q.
i
i^div!r!•,ally ar,d os
ce)- euardinn for X;-ir-rret Son
IL
=rZI ird vil!un,Iv.and as
d�:n for; Mar^Yet ,Rnr
i
4 ! 10913 SE: -176M4 STREET - rENTON, WA��'c�I�'G'� C Ali 10�s PI: `L r (7A317Z"'6'i•gr10
:11 b1'dsa._yy'.. -as. .a •:fi�lelJSi:'eeylJ
4 PURCHASE AND SALE AGREEMENT c,
�r Kent washingtea, Anri1 5 19 Z2
RECENED FROM r{)j'! J r-uln(} _1!�1j or ass—Ins
(Hereinafter called "purcha►er")
Te?n,7housli:d 71i1�r)f/t�•�!`------ --- --------------------------- — ------DOEWtS Is
in the form of clw:t for S 2'1 •�/?+ C. Cash for S hole for S -- dud -- paid or delivered to Kant as Mrnast money, in part payment of
the purchase price of the lotlowmg described real estate in the County of Ki nrj , Washington; commonly ►notre as
(Theearls hereto hereby authonte agent to Insert ower their ugnstur*t erty the coned fetal description of the above designated propif unavailable at time of sngning, w to carted the legal
d*Ktiption entered it aneneDW or intem,lela.)
71at forty (40) plus or minus acres located at the '1.:7. corner of Russell Road and gent
Des ;-bines Road, Kent, :laslhington as legally describ_d in attachzd leegal.
Total Purchase puce is Ine M111 1m ,!'li`f't' PundPt'd nnl)sanlj rnd f'^/? fin --------------------—Dol.wls
lS yea31��i,rJr:?. 1. payable as tollosva:
See addar:dw a ttadied hereto.
1. TITLE Title of saller is to be from of encumbrances, or defects, except: ; t�^,e C�P_t r)en, *a to dpve1 op vat
Rights reserved in federal patent% or state deeds, building or use restrictions general to the area, ox,stmg ""Merits not Into"$ ant with purchaser's intended its and bwldmg or toning
regulations or provisions shall not be Jaemed encumbrences or delects. Selly authorizes the closing agent to satisfy all other encumbrances out at the purchase money The property contains
leased or encumbered items identified as hot water tank(s), heating system unit(s).said units shall be purctI by seRef and conveyed to purchaser at the time of dosing.
2. TITLE INSURANCE Seller agrees to provide a purchaser's policy of fill* insuraoco. Solar authorizes closing %sent to apply for a preliminary commitment for title maurana. If title isnot no
Insurabie a above p.0 Jod and cannot be made so insurable by termination dab sal focrh in Paragraph 9 hatol, the eareal money. I&%, loan costs expanded. shall be refunded and all tights
of purchase lrmins!od, pravided that purchaser may wawa dialects sna elect to purchase. It titin is Insurable and purchaser tarns or refusal to compiate purcham, thea vest money shall be
forfeited as bacidated damages unies3 sailer e!ects to enforce th,s striernert. The agent shall not be responsible fof de)Ivery of title.
3. FINANCING If hnsnc.nl is rajuued. the Durrhasef apes to apply to a lending mitituhon and the purchaser and sailer hereby authorize the agent to advance to tooth of the earnest money a&
may be necessary for man costs arinbutable to pulchasa.
4. CONVEYANCE (a) 11 this agiaertunt ra for c4nvaysnc4 of tae title• title shalt be anvtred by warranty dead free of amwIntraecq ordefects except those noted in paragraph 1.
C0hT1UCT PURCHASER (b) if this agreement is for sale on a real estate contract, saner and purchaser apace to execute a real *'tat* wntzact for the balance of The purchase price on real
*title conhaci form A•1964 currently distrbuted by title irssurance companies. The contract shall provide that hale ti4 conveyed by warranty deed. (c) If this agreement Is for silo on an install.
e
mrit promiusary, nob secured by a mortzage or deed of trust, purchaser allows to execute an ristaCmont prom ssory note for the Salence of the purchase price au a statutory mottg&ga or
FNMA/FHLMC Uniform deed of trust 11 the security Inst•ucwct is a deed of trust. it shall nom• the sailer or the seller's assigns as beneficiary. (d) It this agroenionl is for sale and transfer
of vendn's intim anter an existing res[ urate cont,ac', the transfer shall be by prouer, purchaser's assignment of contract and deed sufficient in form to convey &tiny omel title. (a) The
terms of this docun»vats which lea referred to above are herein incorporated by reference. M If said property is subject to an existing indebtedness secured by a security agreement wh,ch
obhts lion %."try
a to continue to pay, seller agree& to pay the obligeLon secured by such security apm
toenl in aaotdaisce with its terms, and upon default, purchaser shall hare the right to
rice to any oavo-ents naessary to removal the derau!t, cad any payment ao made shall be applied Io the payment next taxing due on the obligation owed by Purchaser to faller herein.
5 PRO RAJA Taira payable in the current year, itnts. insurance, water and other utilities constituting mans shale be pro-taltd as of closing. Purchaser shalt pay for remaining oil to luel
tan►, the amount to De determined by the s+tppllny.
6 RESERVE FOR INSURANCE AND TAXES Purchaser agrees to reimburse soler for balance of tax and insurance rtserve account which is assigned to purchaser an dale of closing.
7. POSSESSION Purchaser shall be ontitlod to possession on 1 vac
S. TEAMS OF OFFER Purchaser offers to purchase the proporry ,n ill present condition. on the terms noted. This offer is made subject to approval of the saner by midnight of,/ /i.//
_ In convdenton of also, submitting !An offer to sellar, purchaser agrees with agent not to withdraw this oHny Burin said
tkefeot by salter. H stitar does not accept this alraement within the ams spK�!ied, the &gent shalt refund the "frost rho L Dar god. or unit a/ ler � e1K un
rias• upon demand. 1
9 CLOSING The vele shall be closed in the office of the cin'nl start at the earliest 9>011,bl4 date &flet title insurance preliminary report is dalivired showing title insurable, as above provided,
OF after completion of hnanung, if financing is called for herein, wh,c.: er is later• but in any event not later than 1110 days from date of this Agreement, which shall be lha tarrri,uLon
date The pu,chtsar and ";Jar wdl, on demand, deposit in tsnow with the closing agan• all inttrumeah arc manias nectssary to Wcholete the purc6asa .n accordance with this agreement:
IF-* cost of escrow shat! be paid one half each by seer and purchaser leacapt that on V,tensns' Adm:nntnt,on Insured ;cans, se1isf shall pay the full cost of escrow). On FMA ms�red
Iranuct,ons the cost of escrow for sailer and/or purctasir shall be sublect to FtiA rules and reguist,am. Se -lar agrees to pay 1% Regi Estate Elcise Tax and State Documonlary Stamp Tae
10 INCLUDED ITEMS Linoleum; window screens: screen dons: plumbing and fighting fiaturn (except floor and shodinl lamps): stades; Venalren bends: curtain rods: all &H,cf d bathroom
fiaSures; treesplants and shrubbery: water neafing spPara!us and fixtures: awnings, vannla Ung. cdoting And htalirt systems (ex
clPt stoves) that are now on the pramists shall be included
in the salt. Attached television antennas, if any, that are now on the premises shall .main intact and shall be mcl.ded in the salt.
11 That* are no verbal or other agroomants which modify or affect this agrernent. TIME IS OF THE ESSENCE OF THIS AGREEMENT.
1:. In the event any party carried in this agreement shell incur colli and atiorn*y's fees in enforcing, by court action or any other mons, arty rights under this agreement, this successful party skill)
be emb Uild to roxvv tbose mats and reasonable stte(nay's foes.
PURCHASER t PURCHASERS (WIFE)
Purchasers Kerala warrant Iter are of ittal e/e
PURCHASER'S ADDRESS AND PHONE �/ C)
4L
fI On 'his date. --- _1 Araby -Do-ve and any apt the sale set forth in the -Lora etre+—r! and etre. to ary our all e! t:.a tef— y3-r.of en vft. Pett of
I the "-lot and the undersigned further airs" to PIT of rho Yore of clung A comm•sa.on of ?6 of S&," price - .1 "'')err•^.•) tolfNalAM need bNvr lar services.
In the .neat earnest nanay n !arta:tad, •t aha -1 les epputUoned to 34!141 tnC -gent ep.Af!), pvoneing the amcurt. to &tan( doy Rat exceed the agreed wmmasrdn, I furtbr ectnarledge
)eon pt of brut copy of lh.)s agrN merit' finned :y bo!n parties.
SELLER l ./ t.I�t:if �i �Z .i. e
`ELLEE� Pilo r s
*,Obert Bon y Sylvia Beck*
SELLER-rZPAY If al_iy and r_s co -guardians for Margaret Bon.
�ULLER'S PRESENT MCF.1GAGE WITH
LNZ ! P
%f -
by
CaDplgnt 1975, 1971
:r I'x,IK Vit$! Morlssge Co., Inc.
For Financing
i0tornisOon,
CALL • - -
SELLING AGENT
_ SALESMAN
L!ST)NG AGENT
{�Fj{�" 19 �, jJ reraipt of
�e i go,rr apaei go,rr apaepenl ulnad by jjjhe��, owne•s is her.
�.4C1FIC WEST M,CRTG--,, '_ 1� CO., /N(,-.
2: - W SiRp i qi•',t f. i. .�•n5 �N 6:,rtiJ
ADDENDUM TO BON/GUINN EARNEST MONEY
DATED APRIL 5, 1979
LEGAL DESCRIPTION:
Commencing at the point of intersection of the West line of
County Road No. 722 with the North line of Section 23, Town-
ship 22 North, Range 4 East, W.M., in King County, Washing-
ton, said point being 3559.9 feet, more or less, West of the
Northeast corner of said Section (this being the Northeast
corner of that property described in Auditor's File No.
2712356); thence South 9°58' East along the West line of
said County Road 257.95 feet; thence South 20035' East along
said West line 1,287.7 feet to the Northeast corner of that
property conveyed to John Bon by deed recorded under Auditor's
File No. 2858429 and the true point of beginning; thence
following the boundaries of said Bon property along the
following described courses: continuing South 20°35' East
630.9 feet; thence South 12°03' East 322.3 feet; thence West
1,499.9 feet; thence South 117.4 feet; thence West 346 feet,
more or less, to the East bank of the Green (White) River;
thence Northerly along said East bank to a point which bears
West from the true point of beginning; thence East along the
North line of said Bon property 2,250 feet, more or less, to
the true point of beginning.
EXCEPT THAT portion lying Southeasterly of the*Northwesterly
margin of Secondary State Highway No. 5-A (Kent -Des Moines
Road) .
1. PAYMENT OF PURCHASE PRICE:
A. Purchaser to pay 20% of the total purchase price to Seller
at closing.
B. At close of -escrow and upon receipt of 20% of the total
purchase price, Seller and Purchaser shall concurrently
execute a Real Estate Sales Contract in favor of Seller for
the balance of the subject property. Said Contract shall
specify interest only, payments, payable quarterly, bearing
an interest rate of 9-1/2%. The principal balance of said
Contract shall be due six years from the close of Escrow.
Purchaser may prepay any or entire principal balance plus
accrued interest prior to the due date without penalty. The
first payment shall become due three months from the close
of escrow.
2. DEED RELEASE:
A. At the time of, or following closing of this sale, the
Seller will deed to the Purchaser, free of the Real Estate
Contract referred to above, such portions of the property as
shall be requested. by Purchaser. Provided, however, that
t:e Seller shall not be obliged to execute any such deed
unless the Purchaser shall have paid to the Seller, over and
above the down payment and any interest payment therefo— r
inade on said Contract, the sum of $60,000 per acre for the
present GC zoned property, and $28,575 per acre for any
remaining portion of the property. Purchaser may select the
portions of the subject property to be so deeded, however,
all property so selecr_ed shall be contiguous to property
first se_ec=ed, and Seller shall not be obliged to execute
any deed which would prevent reasonable access to the
remaining property from the Kent -Des Moines or Russell Road.
3.
4.
5.
6.
7.
B. Upon receipt of the final principal payment and any accrued
interest, Seller shall convey title to Purchaser on the
remaining portion of the subject property.
CONTINGENCIES:
A. Purchaser's ability to obtain a rezone of the portion of the
subject property, presently zoned RA to MRM zoning medium
density and General Commercial, per attached map; and
building permits.
CONDITIONS:
A. Seller agrees to allow Purchaser or his agent to enter in
and upon the property for purposes of conducting soils,
engineering and other related tests and studies that may be
deemed necessary by Purchaser. Purchaser warrants to remedy
or repair any damage that may occur without delay.
B. Seller agrees to sign any documents requested by Purchaser
for the processing of rezoning and environmental declara-
tions or other development compliances as may be required
for the development of this property, but which do not
relate to the financing of improvements to the subject site.
C. In the event this transaction is not consummated due to
Purchaser's default on the terms and conditions of this
Purchase Agreement, Purchaser and Seller agree that it would
be impractical to affix damaces; thus, Seller shall retain
the earnest money and neither party shall have further
obligations to the other.
TERMS OF OFFER:
A. The term of this offer shall begin at such time when tris
offer is accepted by Seller and returned to Purchaser, and
shall run six months from said date. However, if unful-
filled conditions relating to rezoning are still pending
before appropriate governmental agencies and have not been
denied, and/or being appealed, then Purchaser may, upon
written request and payment of Two Thousand and no/100
Dollars ($2,000.00) to Seller per month (applicable to the
purchase price, but non-refundable) shall extend the term of
this offer for another six months.
B. Closing shall occur within fifteen (15) days after Purchaser
has indicated that all contingencies have been removed.
COI++iMISSION :
A. The commission provided for herein shall be paid one-third
from the down payment, and one-sixth from Purchaser's
second through twelth quarterly interest payments. Seller
shall not be liable for interest thereon, or payment thereof
except to the extent that said payments are received from
Purchaser.
GUARDIANSHIP AUTHORITY:
A.
A
An undivided one-third of the property is owned by Margaret
Bon, an incompetent. This Agreement is subject to obtaining
King County S!2perior Court approval hereof in the present
guardianship _roceedings pending before said Court. Seller
tion for said authority.
Sellina Acent
_e -ler
Se�Ler