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HomeMy WebLinkAboutPK04-199 - Amendment - #1 - Don and Barbara Clasen - Purchase of Parcel Numbers 3422059187 & 3422059192 - 10/08/2002 01/01/1996 00. 31 2536313333 D D CLASEN PAGE 02 ADDENDUM TO REAL ESTATE PURCRASE AND SATE AGREEMENT THIS ADDENDUM between the DONALD CLASEN and BARBARA CLASEN ("Seller's and the CITY OF KENT ("BuyeeD, a Washington municipal corporation, amends that certain Real Estate Purchase and Sale Agreement entered into between Seller and Buyer on or about the O'day of October, 2002(the "Agreement") The Seller and Buyer agree as follows 1 Seller believes that the Purchase Price for the Property is below the fair market value of the Property Seller intends that the difference between the Purchase Price and the fair market value shall be a chantable contribution to Buyer Buyer, however, makes no representation as to the tax consequences of the transaction contemplated by this Agreement Seller shall obtain independent tax counsel and be solely responsible for compliance with the gift value substantiation requirements of the Internal Revenue Code of 1986, as amended To the extent that the Purchase Price is below the fair market value, the Parties agree that it does not reflect the Parties' knowledge of defects in the Property, for example, environmental conditions requiring remediation, nor does it reflect any other consideration or benefit flowing from Buyer or any other charitable, governmental, or quasi-governmental organization to Seller Buyer is a political subdivision of the State of Washington, qualified under Sections 170(c)(1) of the Internal Revenue Code of 1986, as amended, and the regulations promulgated thereunder 2 Section 7 of the Agreement shall be amended as follows 7. CLOSING OF THE SALE a WITH THE UNDERSTANDING THAT TIME IS OF THE ESSENCE FOR THIS AGREEMENT,this sale shall be closed on or before May 1, 2003, unless said Closing date is extended in writing by mutual agreement of the parties ("Closing") When notified, the Buyer and Seller will deposit,without delay, in escrow with Pacific Northwest Title, 116 Washington Avenue N,Kent,Washington 98032, all instruments and monies required to complete the transaction in accordance with this Agreement At Closing all documents will be executed and the sale proceeds will be available for disbursement to the Seller ADDENDUM ONE TO REAL ESTATE PURCHASE AND SALE AGREEMENT- 1 (November 7,200 (herwevn Clax"and r 1ryofKany 01/01/1996 00 31 2536313333 D D CLASEN PAGE 03 b Seller wants to potentially delay closing on that portion of the Property not containing the subdivision contemplated under Section 4 of this Agreement to facilitate Seller's tax plannir>,q, which delay could be up to approximately two (2) years after the initial closing Seller's decision on whether such a delay would further Seller's tax planning cannot, however, be determined until completion of the contemplated subdivision Buyer, therefore, agrees to consider in good faith an addendum to this Agreement that may be hereafter proposed by Seller, which amendment would delay closing on such portion of the Property If Seller proposes an addendum, it shall be no later than fourteen (14) days after preliminary plat approval, or thirty (30) days prior to Closing, which ever is first Notwithstanding the foregoing in this subsection 7(b), Buyer has no obligation to so amend this Agreement should such amendment, in Buyer's sole discretion, impede or otherwise delay the sale of the contemplated subdivision or result in any additional costs, expenses, or liabilities to Buyer 3 Except as amended by this addendum, all provisions of the Agreement shall remain in full force and effect except as specifically modified by this Addendum 4. Facsimile signatures on this Addendum 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.: SELLERS: C1 F KENT DON CLASEN By Jim White, ayor Dated /Z " © a Dated APPROVED AS TO F RM: BARBARA CLASEN By lXr �i UCcv �--r Tom Brubaker, City Attorne Dated Dated //- 7-0(D P M,.aU aIJ�Cr +PaeMWA4dadm P-EPSN Mc ADDENDUM ONE TO REAL ESTATE PURCHASE AND SATE AGREEMENT-2 (Nm ember 7 2002; (beavacn Cld<en and Gry ufKent) 11/07/02 17 31 FAX 4254153196 SNC-LAVALIN/BD Z 003/003 b Seller wants to potentially delay closing on that portion of the Property not containing the subdivision contemplated under Section 4 of this Agreement to facilitate Seller's tax planning, which delay could be up to approximately two (2) years after the initial closing Seller's decision on whether such a delay would further Seller's tax planning cannot, however, be determined until completion of the contemplated subdivision Buyer, therefore, agrees to consider in good faith an addendum to this Agreement that may be hereafter proposed by Seller, which amendment would delay closing on such portion of the Property If Seller proposes an addendum, it shall be no later than fourteen (14) days after preliminary plat approval, or thirty (30) days prior to Closing, which ever is first Notwithstanding the foregoing in this subsection 7(b), Buyer has no obligation to so amend this Agreement should such amendment, in Buyer's sole discretion, impede or otherwise delay the sale of the contemplated subdivision or result in any additional costs, expenses, or liabilities to Buyer, 3 Except as amended by this addendum, all provisions of the Agreement shall remain in full force and effect except as specifically modified by this Addendum 4 Facsumle signatures on this Addendum 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: SELLERS: CITY OF KENT D)CkN �C�LA,QS�E�N(� By. Jim White,Mayor Dated Dated, APPROVED AS TO FORM: BARBARA,CLASEN By. Tom Brubaker, City Attorney Dated Dated P ICnvd\n)FZIOpcnt,les�61PAddendum AEPSAdoc ADDENDUM ONE TO REAL ESTATE PURCHASE AND SALE AGREEMENT-2 (November 7.2002) (bebveen Clasen and City of Kent)