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Home My WebLink About07/07/2015 11 Exclusive Sale Listing Agreement with Heritage Moultray Real Estate; Former Tiger Mart Property; 2312 W. Nob Hill Blvd.ITEM TITLE: SUBMITTED BY: SUMMARY EXPLANATION: BUSINESS OF THE CITY COUNCIL YAKIMA, WASHINGTON AGENDA STATEMENT Item No. 11. For Meeting of: July 7, 2015 Resolution authorizing an sale listing agreement with Heritage Moultray Real Estate for the former Tiger Mart property located 2312 W. Nob Hill Blvd Sean Hawkins, Economic Development Manager, 575-6274 The attached sale listing agreement allows the City to work with Heritage Moultray Real Estate to market and sell the former Tiger Mart property located at 2312 W. Nob Hill Blvd. Resolution: X Other (Specify): Contract: X Start Date: July 8, 2015 Item Budgeted: Funding Source/Fiscal Impact: Strategic Priority: Insurance Required? No Mail to: Phone: APPROVED FOR SUBMITTAL: RECOMMENDATION: ATTACHMENTS: Description Ordinance: Contract Term: One year End Date: July 1, 2016 Amount: Economic Development City Manager Upload Date Type El Resolution - Heritage Moultray Agreement 6/29/2015 Cover IMleirnno CI 2312 Nob Hill Blvd Sales Agreement 6/29/2015 Cover Memo A RESOLUTION RESOLUTION NO. R -2015 - authorizing the City Manager to execute an exclusive sale listing agreement with Heritage Moultray Real Estate for the former Tiger Mart property located 2312 W. Nob Hill Blvd. WHEREAS, the Yakima City Council approved $870,000 for the purchase of four former Tiger Mart facilities in the City of Yakima with the goal of cleaning the blighted properties and returning them to profitable uses by the private sector and the public; and WHEREAS, the City of Yakima worked in partnership with the Department of Ecology to remediate the properties by removing the contamination caused by underground storage tank; and WHEREAS, the property at 2312 W. Nob Hill Blvd is the first of the four Tiger Mart properties ready to be declared surplus by the City and Hertiage Moultray Real Estate is a reputable local company specializing in the commercial real estate sales; and WHEREAS, the City of Yakima and Heritage Moultray Real Estate have negotiated a listing agreement for the commercial real estate marketing and sale of such property, which agreement is attached hereto as Exhibit "A" and incorporated herein by this reference; and WHEREAS, the City Council finds and determines that approval of such agreement is in the best interests of residents of the City of Yakima and will promote the general health, safety and welfare; now, therefore BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF YAKIMA: The Agreement by and between the City of Yakima and the Heritage Moultray Real Estate, which Agreement is attached hereto and incorporated herein, is hereby approved; and the City Manager is hereby authorized to execute and administer such Agreement. ADOPTED BY THE CITY COUNCIL this 71h day of July 2015. ATTEST: Micah Cawley, Mayor Sonya Claar-Tee, City Clerk 0 Copyright Commercial Brokers Association 2011 ALL RIGHTS RESERVED CBA Form XS Exclusive Sale Listing Rev. 6/2011 Page 1 of 4 EXCLUSIVE SALE LISTING AGREEMENT cBe gby City of Yakima This Agreement is made and between ........ _ " Heritage 'oultra Real Estate "Firm" Seller (Seller') and .� �,. ___.. __�_,_ ("Firm"). hereby grants to Firm the exclusive and irrevocable right to sell and to receipt for deposit in connection therewith, Seller's commercial real estate legally described as set forth on attached Exhibit A and commonly described as 2312 W. Nob Hill Blvd City of Yakima Yakima County, Washington (the "Property"). 1. DURATION OF AGREEMENT. This Agreement shall commence on expire at 11:59 p.m. on July 1, 2016 2. PRICE AND TERMS. Seller agrees to list the Property at a price of $ Per new city aPP►aIar and shall consider offers that include the following terms: Possession: Closlna July 8th and shall Terms: Cash, Conventional Flnaclna 3. DEFINITIONS. As used in this Agreement, (a) "CBA" shall mean the Commercial Brokers Association; and (b) "sell" shall mean sell, contract to sell, enter into a contract to sell, exchange, lease for over 5 years, and/or enter into an option to purchase the Property. The phrases "this Agreement" and "during the term hereof" include separate, written extensions or renewals of this Agreement. 4. AGENCY 1 DUAL AGENCY. Seller authorizes Firm to appoint Mike Abrams and Russ Roberts as Seller's Listing Broker. This Agreement creates an agency relationship with Listing Broker and any of Firm's brokers who supervise Listing Broker's performance as Seller's agent ("Supervising Broker"). No other brokers affiliated with Firm are agents of Seller, except to the extent that Firm, in its discretion, appoints other brokers to act on Seller's behalf as and when needed. If the Property is sold to a buyer represented by one of Firm's brokers other than Listing Broker ("Buyer's Broker"), Seller consents to any Supervising Broker, who also supervises Buyer's Broker, acting as a dual agent. If the Property is sold to a buyer who Listing Broker also represents, Seller consents to Listing Broker and Supervising Broker acting as dual agents. Seller has received from Listing Broker the pamphlet entitled "The Law of Real Estate Agency." If any of Firm's brokers act as a dual agent, Firm shall be entitled to the entire commission payable under this Agreement plus any additional compensation Firm may have negotiated with the buyer. 5. PROPERTY OWNERSHIP AND INFORMATION. Seller warrants that Seller has the right to sell the Property on the terms set forth in this Agreement and agrees to fumish and pay for a buyer's policy of title insurance showing marketable title to the Property. Seller also warrants that the Property information on the Property Information pages of this Agreement is correct. Seller understands that Firm and other members of CBA will make representations to prospective buyers based solely on the Property information in this Agreement and agrees to indemnify and hold Firm and other members of CBA harmless in the event the foregoing warranties are incorrect. Seller confirms that following closing, the amount of the purchase price and any other terms of the sale of the Property shall not be deemed confidential information and Seller authorizes disclosure of the same. Seller acknowledges receipt of a copy of this Agreement, with the Property Information pages of this Agreement fully filled in. Form generated by: True Forms' www.TrueForms.cofn B00-499-9612 ® Commercial Brokers Association 03k/ 2011 (1� ALL RIGHTS RESERVED CBA Form XS Exclusive Sale Listing Rev. 6/2011 Page 2 of 4 EXCLUSIVE SALE LISTING AGREEMENT (continued) 6. CLOSING COSTS. In addition to purchasing a buyer's policy of title insurance, Seller agrees to pay one-half of any escrow fees. Rents, insurance, taxes, interest and reserves on assumed encumbrances are to be prorated between Seller and buyer as of the date of closing. A sale on real estate contract shall be on Form LPB45, currently distributed by title insurance companies. 7. COMMISSION. Firm shall be entitled to a commission if: (a) Seller sells the Property during the term of this Agreement; (b) Seller sells the Property within six months after the expiration or sooner termination of this Agreement to a person or entity that submitted an offer to purchase the Property during the term of this Agreement or that appears on any registration list provided by Firm pursuant to this Agreement or to an "Affiliate" of such a person or entity that submitted an offer or that appears on the registration list; (c) the Property is made unmarketable by Seller's voluntary act; or (d) Seller withdraws the Property from sale, or otherwise prevents Broker from selling it. The commission shall be calculated as follows: 6% of the total sales orlce. Firm shall submit any registration list to Seller within 15 days after the expiration or sooner termination of this Agreement and shall only include on the registration list persons or entities to whose attention the Property was brought through the signs, advertising or other action of Firm, or who received information secured directly or indirectly from or through Broker during the term of this Agreement. Seller shall provide the registration list to any other brokers that assist the Seller with this Property. "Affiliate" means, with respect to any person or entity that submitted an offer during the term of this Agreement or that appears on the registration list, any buyer which has more than a 10% ownership or voting interest in such an entity or any buyer in which more than 10% of the ownership or voting interests are owned or controlled by such a person or entity. 8. FIRM/MULTIPLE LISTING. Firm shall cause this listing to be published by CBA for distribution to all CBA members through CBA's listing distribution systems. Firm shall cooperate with all other members of CBA in working toward the sale of the Property. Seller understands and agrees that all Property information contained in this Agreement or otherwise given to CBA becomes the Property of CBA, is not confidential, and will be given to third parties, including prospective buyers, other cooperating members of CBA who do not represent the Seller and, in some instances, may represent the buyer and other parties granted access to CBA's listing systems. Seller agrees that Finn may record this Agreement. Regardless of whether a cooperating member is the Firm of the buyer, the Seller, neither or both, the member shall be entitled to receive the selling office's share of the commission as designated by the listing office. IT IS UNDERSTOOD THAT CBA IS NOT A PARTY TO THIS AGREEMENT, AND ITS SOLE FUNCTION IS TO FURNISH THE DESCRIPTIVE INFORMATION SET FORTH IN THIS LISTING TO ITS MEMBERS, WITHOUT VERIFICATION AND WITHOUT ASSUMING ANY RESPONSIBILITY FOR SUCH INFORMATION OR IN RESPECT TO THIS AGREEMENT. 9. ATTORNEY'S FEES. In the event either party employs an attorney to enforce any terms of this Agreement and is successful, the other party agrees to pay a reasonable attomey's fee and any costs and expenses incurred. In the event of trial, venue shall be in the county in which the Property is located, and the amount of the attomey's fee shall be as fixed by the court. Form generated by: True Forme" www.TrueForms.com 800-499-9612 C Commercial Brokers Association 2011 ALL RIGHTS RESERVED CBA Form XS Exclusive Sale Listing Rev. 8/2011 Page 3 of 4 EXCLUSIVE SALE LISTING AGREEMENT (continued) 10. ADDITIONAL TERMS. In addition to the Property Information pages of this Agreement and Exhibit A (legal description), the following amendments or addenda (which are also attached hereto) are part of this Agreement: SELLER Seller/Authorized Signature Seller/Authorized Signature Title Title Date Date FIRM Heritage Moultray Real Estate , (Company) (Office) By (Authorized Representative) Date: 6/24/2015 Form generated by: True Forms www.TrueForms,com 800499-9612 ® Commercial Brokers Aseodation 2011 ALL RIGHTS RESERVED CBA Form XS Exclusive Sale Listing Rev. 6/2011 Page 4 of 4 EXCLUSIVE SALE LISTING AGREEMENT (continued) EXHIBIT A [Legal Description] See attached Forth generated by: Tr ueForms" www.TrueForms.com 800-499-9812 EXHIBIT A (Continued) PARCEL C 2312 W. Nob Hill Blvd.. Yakima The North 141 feet of the West 147 feet of the Northwest '/4 of the Northwest 'A of the Southeast'' /4 of Section 26, Township 13 North, Range 18, E.W.M., EXCEPT the North 26 feet and the West 20 feet, AND EXCEPT those portions conveyed to the City of Yakima by Deeds recorded October 16, 1964, under Auditor's File Nos. 2014381 and 2014382, and recorded January 20, 1987 under Auditor's File No. 2787766. AND that portion of the Northwest ''A of the Southeast '/4 of Section 26, Township 13 North, Range 18, E.W.M., as described as follows: Commencing at the Northwest corner of said subdivision; thence South along the centerline of 24th Avenue South, a distance of 141.00 feet, said centerline being the West line of said subdivision; thence South 89°17'00" East a distance of 28.50 feet to the Easterly margin of said 24th Avenue South and the true point of beginning; thence continuing South 89°17'00" East a distance of 118.50 feet; thence North on a line parallel with the West line of said subdivision 115.00 feet to the Southerly margin of Nob Hill Boulevard; thence South 89°17'00" East along said Southerly margin a distance of 40.00 feet; thence South a distance of 132 feet; thence North 89°17'00" West a distance of 158.51 feet to the Easterly margin of 24th Avenue South; thence North along said Easterly margin a distance of 17.00 feet to the true point of beginning. Situate in Yakima County, State of Washington. Yakima County Assessor's Parcel No. 181326-42051