HomeMy WebLinkAboutEC17-206 - Other - Marquee on Meeker - Phase I - Section 01: Closing Instructions - 03/30/2018Section 1
i- s": s'T T" g. Fr r, {r r tl Direct Phane (206) 447€893
litect Facaimlle (206) 749-1916
bElh.clark@f ostar.com
March 30. 2018
wuESsENSES
first American Title lnsuranse Cornpany
818 Stewarl, Suite 800
Seattle. WA 98101
Attn: lVloniqueje Schrnitt-.lohnson
LaVonne Bowman
Escrow No. NCS-839539-WA 1
City of Kent/Marquee On Meeker l-LC
Dear Moniqueje and LaVonne:
We represent the Seller, the City of Kent, ("Seller") in connection with the above*
refcrenced essrow, These are our closing instructions.
I ' Definitions. The following delinitions apply in these instructions.
I.l Seller. I"he City of Kent, a Washington municipal c<irporation.
1'2 Seller's Atlornu. Foster Pepper PLLC, I I 11 'Ihird Avenu€, Suite 3000,
seatlle, washington 98101, Attenlion: Beth A. crark, facsimile (206) ?4g-lgl6.
1.3 Pulchase Agleemcnt. Real llstate Furchase and Sale Agreement With
Leasei0pticn to Purchase dated as of May 5,2A17. and anrended by that cerrain Anrendment to
Real Estate Purchase and Sale Agreement With l-ease/Option 1o Purchase dated on or aboul
Seplember 20, 20 I 7 {the "Purchase Agreement").
1,4 purqhatsr. Marquee orr Meeker LLC, a washington limited liability
cCImpany ("Purchaser")"
1.5 Property. The real property refersrced in the Purchase Agreement as the*Phase 1 Propefiy" and consisting of Lols I and 2 af that cerlain City of Kent Short plat No. Sp-
2017 -l recorded March 21,2A18 under King County recording no, 20180321g00004 (rhe .,Sale
Property"). The Sale Properly is the subject of ynur preliminary comnritment lbr tirle insurance
daled as of Marsh 19, 2018, Cighth Report, Order no. NCS-8:pS:g (r:r" "Title Commitmenl").
Re:
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Irirst Anrericar: Tille lusurance Compary
March 30, 2018
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1.6 Lllosi4q. Closing of'tlris eserow is sclreduled to occur on or belbre April 2. l0l I
(the actual dalc on which f'lcsing ol:cllrs being relbrred tc lrerein as the "'Closing Date"),
2' Ider:tification of lloeunrcnl$. Yeru have or will be receiving originals oj' tirelbllowing docutnents tr: be execuled. where necessary. by Seller and Furchaser in this
transaction. All of the docun'rents shall be identical 1o the moclcls atlached 1o these instruetions
{including exhibits where applicable} or olhenvise approved by Seller. you are to obtain
signatures of Seller and Purchaser {and ary other applicable padyJ on these docurnents.
including acknawledged signatures where required. Please rJale tlte undated elocuments ibr the
date you obtain signatures,
2-l Evidence of recorded short plal relbrenced in Seclion 1.5 above ilhe"Shorl Plat") {provided to you fbr informalional purposes cnly: no signatures required)2.2 Bargain and Sale Deed ibr the property (Deed)2.3 {leal Esrate Hxcise'fax Affidavit {..REET.A,,)2,4 Lease {rvith Optio:r 1o Pruchase) rvith respect 1r: Lots 3, 4 ancl 5 ol the
Short Plal ("Lease") {slLawine Buver's trtitinls on pnril l4 lhereol}?-5 Memorandum of l,ease iwith Option 1o Purchase) ("Lease Memt"rrandum"l2.6 GeneralAssignment{,'GeneralAssignnrett,,)
2.7 I;lRP"fACeriificate{"FlRpTA',)
2.8 Option to Repurchase Agreement (.,llepurehasc- Option")2.9 Memorandurn of Option to Repurchase Agreemerit {"Repurchase Option
Menroratdum")
2-lA Ccmpletion and Perfcrnnance Guaranty sxecuted by FNW Inc, as
guaranlor and by Brett Jqcsbsen gnd John.!/. McKenrya {,,Cuaranty")2"11 Linrited Salc and Jransfer Restricticu {"Transfer Restriction")2.12 Memorandum o1'Limited Sale and 'fransfer Restriction ("'l'ransfcr
Restriction Memorandum")
2.13 Seller's Closing Statemenl approved and executed by $eller ("Seller's
Closing Staiemcnl')
7.14 Public Pedestrian'Irail Easenrert execuleel by Buyer {"Trail Easemento')2.15 Suyer's Certilicate
2.tO Seller'sCer-tifieate
2.17 Real Estate property J-ax Acknowledgment
3. Conglitipns ro Clore ol'Esqrqu. J'hese instructians cJei nat authorize ycu to close.When yoll are prepared lo perfbrm as required below, you are insinrcted to do fie l.oilowing:
3.1 Deliver to Seller's Aitotney a copy ol these Closing lnstruclions, accepled
by you.
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l'irst Arnerican'l'i1le lnsurancc Conrpany
March 30,2018
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7'2 Conlirm lhat First Americart Title lnsumnce Conrpany is preparecl to
issuc: 1o Purchaser the owner's policy af title ilsurance in the amounl oi'$6. t46,341.46;anel (ii)
to Seller the Owner's-Setler's policy as reflecleel in the approved Seller's Closing Statement (the
"Purchase Price").
1.3 Conflrnr that all docunrents lefbrenced in Sectian ? above have been tialeil
as ol"the Closing l)ate, executed by allparlies thcreto. acknowlcdged where applicable, all
exhibits have been attached and all docunrents to bc recorded as instructcd heiein are otherrvise
in reeordable fcrnn.
3.4 Confir:n that you lrave received lunds f'ronr Purchaser sulficienl to pay the
Purchase Price together rvith all closing costs anrJ olher payments lbr which purchaser is
responsibie.
3.5 Conlirm that you have recsived frorn Seller ancl Purchaser such other
docunrents as you reasonably require to close this escrow as instrucled.
3,6 Confinl that you have received verbal authorizalion liam Seller's
Attorney and Purchaser's Attcnrey lo close this escrow as instr"ucreeJ.
4' Close of lis$ro.w. When and nnly ra'hen all of the con<Jitions to Closirrg set forlh
in Section 3 have been satisfied. you slrall close this escrow by taking the iallowing sieps in the
tollowing order:
4' I Record lhe Deed, the i-ease Mernorandum, the Repurchase Optio1l
lvlenorandtrm" the Transfer Restriction Memorandum and the ll.ail Easement.
1.? File fte Real Estate Excise Tax Affidavir.
4.3 Disburse the net lunds due Seller as set lorth in Seller's Ctosing Statementin accotdance rvith seiler's wiring instruclions rjelivered to you separalely. Ail funds due sellersliall be disbursed on ths Closing Date"
4-4 Wilhin severl {7) days aller recordatior: o{ the Deecl, nrail to Seller,sAttorney: {i) rhe final Seller's Closing Statement; (ii} conlbrmed recordedililccl ceipies of thel)eed, the Lease Memomndum, the Repurchase Oplion Memorandum,lhe Transfer ReslriclionMemorandum and the Trail Easement; and (iii) originnls oithe fully executed Lease, GeneralAssignment. Repurchase oprion, Guaranty and frarrstbr Restriction.
5' Expirati-Qn g{lnstructions' You are to proceed with the ciosing of this iransactionas soon as you have.all of the required items. Closing must occur on or belbre Aprii 2, z0lg.T'hese in*ructions will expire if they have not been corirplied with on or before A.pril 3,201g or
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First Ameriean Title Insurance Company
Marsh 30,2018
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such later date to whish &ey may be extended by wriuen approval of Seller's Attomey and
Purchaser's Aftorney.
Sincerely,
FOSTER PEPPER PLLC
Beth
Seller's Attorney
Accepred*- ,qf[L duvor N!fid&ro*
FIRST AMERICAN COMPANY
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