HomeMy WebLinkAboutR-1992-D6077 Lukehart Real Estate / Water Slide, Inc. / GMAARESOLUTION NO.
A RESOLUTION authorizing execution of an Amendment of Real
Estate Contract with Gary D. Lukehart and Mary M.
Lukehart.
WHEREAS, the City of Yakima and GMAA Water Slide, Inc.
entered into a real estate contract on March 30, 1985 with
regard to the purchase and sale of real estate in the vicinity
of the proposed I-82/Fair Avenue Interchange Project area;
and
WHEREAS, GMAA Water Slide, Inc. assigned its purchaser's
interest in that real estate contract to Gary D. Lukehart and
Mary M. Lukehart, husband and wife, by purchaser's assignment
of contract and deed, dated February 3, 1988; and
WHEREAS, purchaser and seller desire to amend that real
estate contract for the purpose of extending the final payment
date and continue interest on the outstanding balance at a
rate of 10% per annum; and
WHEREAS, the amendment of that contract coordinates the
logical development of the I-82/Fair Avenue Interchange Pro-
ject and provides to the City of Yakima a continuing interest
rate return in excess of the current market interest rate,
now, therefore,
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF YAKIMA:
The City Manager and City Clerk are hereby authorized and
directed to execute the attached and incorporated Amendment of
Real Estate Contract with Gary D. Lukehart and Mary M.
Lukehart. It is further resolved that the City Clerk is
hereby authorized and directed that upon proper execution of
the aforementioned contract by all parties, she shall file it
with the County Auditor in the chain of title of the affected
property.
(res/i jv)
ADOPTED BY THE CITY COUNCIL this 44114 day of March,
1992.
calf- >4644v0
Mayor
ATTEST:
City Clerk
(res/i82.jv)
AMENDMENT OF REAL ESTATE CONTRACT
DATE:
PARTIES:
RECITALS:
February , 1992
Seller: CITY OF YAKIMMA, WASHINGTON,
a municipal corporation
Purchaser: GARY D. LUKEHART and
MARY M. LUKEHART,
husband and wife
A. City of Yakima and GMAA Water Slide, Inc. entered into
that certain Real Estate Contract dated March 30, 1985 with regard
to the purchase and sale of real estate more particularly described
in Exhibit A.
B. GMAA Water Slide, Inc. assigned its purchaser's interest
in said Real Estate Contract to Gary D. Lukehart and Mary M.
Lukehart, husband and wife, by Purchaser's Assignment of Contract
and Deed, dated February 3, 1988.
C. Seller and Purchaser desire to amend said Real Estate
Contract for the purpose of extending the final payment date and
continue interest on the outstanding balance at the rate of ten
percent (10%) per annum.
D. The amendment of the contract coordinates the logical
development of the I-82/Fair Avenue Interchange project and
provides to the City of Yakima a continuing interest rate return in
excess of current market values. It is in the best interest of the
parties to extend such payment in accordance herewith.
NOW, THEREFORE, PURCHASER AND SELLER AGREE AS FOLLOWS:
1. Amendment of Payment Schedule. The present outstanding
principal and interest balance of Eighteen ThousandFourHundredEighty-Three
AMENDMENT OF REAL ESTATE CONTRACT 1
jcc-c:\data\real\lukehart.a
and 06/100 Dollars ($18,483.06), together with compounded interest at the
rate of ten pereent (10%) per annum, shall be due on the earlier of the
following: (a) March 30, 1994; or (b) the completion of the I-
82/Fair Avenue Interchange project. Purchaser shall pay, in full,
said amount on such date.
2. Partial Fulfillment Deed. Seller agrees to execute a
Partial Fulfillment Deed for those portions of the property subject
to the Real Estate Contract as may be required for incorporation
into the I-82/Fair Avenue Interchange project. In consideration
for the issuance of the Partial Fulfillment Deed, Purchaser shall
pay to Seller a sum equal to that proportion of the outstanding
principal and interest balance, together with accrued compounded
interest, as the square footage of the property released bears to
the total square footage of property subject to the Real Estate
Contract. Any remaining portion of the Real Estate Contract
balance for which no Partial Fulfillment Deedhas been executed
shall be payable in full as prescribed in preceding paragraph 1.
(a) Notice of Partial Release. Purchaser shall advise
Seller of the legal description of real property which is the
subject of the Request for Partial Fulfillment Deed together with
a computation of square footage and payment. Purchaser shall
tender with such request the appropriate payment to be made in
consideration of the transfer.
(b) Partial FulfillmentDeed. Upon receipt of request
and payment, Seller shall prepare a Partial Fulfillment Deed and
deliver the same to Purchaser within twenty (20) days.
(c) Dedication. Purchaser and Seller acknowledge that
property to be conveyed hereunder is subject to agreements with
regard to the dedication of rights-of-way in the I-82/Fair Avenue
intersection project, and agree to cooperate in all regards with
respect thereto.
AMENDMENT OF REAL ESTATE CONTRACT 2
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3. Effect of Amendment. Except as expressly amended herein,
the remaining terms and conditions of that certain Real Estate
Contract dated the 30th day of March, 1985 shall remain in full
force and effect as if fully set forth herein.
IN WITNESS WHEREOF the parties hereto have entered into this
Amendment of Real Estate Contract as of the date first above
written.
Purchaser:
Seller:
STATE OF WASHINGTON )
County of Maki* a 3 ss.
CITY OF YAKIMA, WASHINGTON
By
Title N pcmlo,>-
{
6o77/f�^,�,bs 25- -
I certify that I know or have satisfactory evidence that
GARY D. LUKEHART and MARY M. LUKEHART, husband and wife, are the
persons who appeared before me and said persons acknowledged that
they signed this instrument and acknowledged it to be their free
and voluntary act for the uses and purposes mentioned in the
instrument.
AMENDMENT OF REAL ESTATE CONTRACT 3
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Dated this /7.4q day o6:4,2
STATE OF WASHINGTON )
ss.
County of Yakima
, 1992.
IC in and for he State o
residing a
t expires 9-477-9V .
vo�oSSION ���t
N
NOTARY
PUBLIC
40
I certify that I know vim, : V actory evidence that
P2,4 si`trument, on oath stated
that he was authorized to execute - strument and acknowledged
it as the C4,1 VIA0,0c_s.; .r of CITY OF YAKIMA, WASHINGTON, a
municipal coiporation, to be the free and voluntary act of such
corporation for the uses and purposes mentioned in the instrument.
Dated this a' 'L day of
, 1992.
NOTARY PUBLIC in and for the State of
Washington, residing at YG�-i_ 1;
My appointment expires
AMENDMENT OF REAL ESTATE CONTRACT 4
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E FREDERICK VELILINJE
JOHN S MOORE
MORRIS G. SHORE
GEORGE F. VELIKANJE
C. JAMES LUST
JAMES P. HVITON
ALAN D. CAMPBELL
AIIVCK F. RUSSET
JAMES C. CARMODY
LAW OFFICES OF
VEIIKANJE, MOORE & SHORE INC, R S.
405 FAST LINCOLN AVENUE
P. 0. BOX 02550
YAKIMA, WASHINGTON 98907
TELEPHONE (509) 248-6030
TELECOPIFR (509) 453-6880
March 19, 1992
Mr. John Vanek
City of Yakima Attorneys
201 East Lincoln
Suite 5
Yakima, Washington 98901
John Vanek
Re: Lukehart - I-82/Fair Avenue Project
Dear John:
CARTER L FIELD
RICHARD L JOHJ1SON
3LA1NE L m wm
JOHN R H TiVH1NSON
J. JAY CARROLL
MARK E FRS
DOUGLAS L FEDFz PIEL
MATTHEW J. ANDFJOVN
SARAH GEARY MMM
R08W IL LBADONN (1916.1986)
We represent Gary Lukehart with regard to the I-82/Fair Avenue
project and GMAA Water Slide Purchase Agreement. We have worked
over the past year or two with regard to the structure and
participation in the I-82/Fair Avenue project. In this regard,
Gary Lukehart has agreed to convey real property with a value of up
to Six Hundred Thousand Dollars ($600,000) to the City of Yakima.
Mr. Lukehart is also the assignee of interests in a Real Estate
Contract between GMAA Water Slide and the City of Yakima. This
contract relates to the acquisition of property, a portion of which
lies within,the scope of the I-82 project. It is difficult at this
time to specifically ascertain the exact properties to be included
in the project.
The Real Estate Contract provides for annual principal and interest
payments. In order to coordinate the transfer of property and
payment on the contract, Mr. Lukehart has requested that the Real
Estate Contract be extended for a period of two (2) years. This
extension has been set forth in an Amendment to the Real Estate
Contract.
The extension has been requested in order to coordinate the
transfer of property under both the I-82 agreement and Real Estate
Contract. In the absence of coordination, there will be multiple
transfers and transactional costs.
The Real Estate Contract would also be extended and bear interest
at the current contract rate. This would provide the City of
Mr. Johh Vanek
March 19, 1992
Page 2
Yakima with a higher than market return as well as simplifying
property dedication.
We appreciate the City's consideration in this matter. If I can
be of further assistance or answer any questions, please do not
hesitate to call.
Very truly yours,
James C. Carmody
JCC:ji
cc: Mr. Gary Lukehart
Via hand. delivery
OFFER OF PURCHASE
Yakima, Washington
Received From Gmaa Water Slide Inc.
January 29th 19 85
Five -Thousand Dollars and No/100 Dollars, $ 5,000.00
Herein Called Purchaser Check p evi usly deposited into
in the form oflrust
as earnest money tor purchase of the following described real estate situated in Yakima County, Wash (If the legal description is omitted, incomplete or inaccurate, Agent is
authorized to write in, complete, correct, or attach hereto, at any time, the correct legal description of the property agreed to be sold)
City of Yakima. Property located East of 10th Street and North of "B" Street, consisting
of 3 Parcels, Numbers: 181318-43529, 44005, and 44007.
Total purchase price is One Hundred Thirty Five Thousand Dollars and No/ 100 Dollars
($ 135, 000.), Payable as follows.
See ADDENDUM TO PURCHASE AGREEMENT ATTACHED HERETO AND INCORPORATED HEREIN BY REFERENCE.
1 Title of Seiler is to be free of encumbrances, but shall be subject to rights reserved in Federal Patents, state or railroad deeds, buildings or use restrictions general to
the area, zoning regulations; utility easements of record, rights of way or easements shown on the plat or visible by inspection, and any future adjudication of surface water
rights by any appropriate Federal and/or state proceeding, and further subject to.
NONE
Any other encumbrances may be removed or paid out of Seller's proceeds at .closing.
2. Seller shall obtain for Purchaser before closing a standard form policy of title insurance or preliminary report subject to the above encumbrances and the standard ex-
ceptions in such policy or report; Agent is authorized to apply therefor Delivery of such policy or title report to agent shall constitute delivery to Purchaser If title is not in-
surable as above provided and cannot be made insurable within 90 days from date of delivery of policy or report, earnest money shall be refunded and all rights of Purchaser
terminated, provided Purchaser may waive defects and elect to purchase or may extend time for removal of defects.
3. If Seller complies with the terms of this agreement and Purchaser fails or refuses to complete the purchase, the earnest money shall be forfeited as liquidated damages
unless Seller elects to enforce this agreement or seek actual damages. Agent shall not be responsible for delivery of title
4 If financing is required, Purchaser shall make immediate application therefor, sign necessary papers, pay required costs, and exert best efforts to procure such financ-
ing Purchaser and Seller authorize Agent to select lending institution and arrange financing of this sale and to apply so much of the earnest money as may be necessary for
loan costs, to be repaid by Purchaser when sale is closed Seller and Agent agree to refund earnest money (Less credit report fee and appraisal fee, if any) in event financing
is not obtainable. If Purchaser is obtaining an FHA insured loan or a Veteran's Administration loan, it is expressly agreed that, notwithstanding any other provision hereof, the
Purchaser shall not be obligated to complete the purchase of the property described herein or to incur any penalty by forfeiture of earnest money deposits or otherwise, unless
the Purchaser has obtained (1) a written statement issued by the Federal Housing Commissioner setting forth the appraised value of the property (excluding closing costs) of
not less than $ or (2) if the contract purchase price or cost exceeds the reasonable value of the property established by the Veteran's Ad-
ministration, whichever is applicable Provided, if the loan is to be an HUD insured loan, the Purchaser shall, however, have the privilege and option of proceeding with the
consummation of the contract without regard to the amount of the appraised valuation made by the Federal Housing Commissioner The appraised valuation is arrived at to
determine the maximum mortgage the Department of Housing & Urban Development will insure..HUD does not warrant the value or condition of the property. The Purchaser
should satisfy himself/herself that the price and condition of the property are acceptable If the Purchaser is a veteran, the Purchaser, shall, however, have the privilege and
option of proceeding with the consummation of this contract without regard to the amount of the reasonable value established by the Veteran's Administration, provided the
veteran pays in cash from his or her own resources a sum equal to the difference between the purchase price or cost of the property and its reasonable value as established by
the Veteran's Administration
5 Unless mutually agreed otherwise, any deed, bill of sale, note, mortgage, lease, Purchaser's or Seller's assignment or exchange agreement shall be on forms as pro-
vided by any title insurance company in Yakima County A contract shall be on the form issued by the Yakima Bindery & Printing Company designated Form No 1415 1/2.
6 Taxes, rent, interest, FHA mortgage insurance premiums, water and other utility charges constituting liens shall be prorated as of DATE OF CLOSING
and the Purchaser shall reimburse Seller for mortgage reserves as of said date
7 Water rights and water stock thereunto belonging, air conditioning, heating equipment (both general and water), trees, shrubs, plants, linoleum and similar floor
covering, wall-to-wall carpeting (but not rugs unless listed above), electric light fixtures, plumbing and bathroom fixtures, underground sprinkling systems, window and door
screens, window blinds, venetian blinds, drapery or curtain rods, awnings now installed on or used in connection with the property, television and/or a radio aerial and
leadins shall be included, except NO EXCEPTIONS
8 Seller shall deliver physical possession to Purchaser on the date of closing or days after day of closing, in which event Seller agrees
to pay directly to Purchaser the sum of $ for each day of possession beyond -Possession shall be deemed given when Seller has
vacated the premises and delivered keys to same to Purchaser or to Broker Said payment shall be the sole responsibility of Seller and collection shall be the sole responsibility
of Purchaser
9 Purchaser offers to purchase the property on these terms in its present condition This agreement is subject to acceptance by Seller within TWELVE (12) days
from date Purchaser agrees with agent not to withdraw this offer during said period or until earlier rejection by Seller Written notice of the acceptance hereof given to Agent
shall be notice to Purchaser If Seller does not accept this agreement within the time specified, earnest money will be refunded to Purchaser
10. This sale shall be closed at Fidelity Title Company Any monies deposited with agent may be disbursed to the closing
agent or mortgagee on request of said closing agent or mortgagee
Purchaser and Seller agree to sign promptly when notified all papers necessary to close this transaction, and it transaction is to be closed other than at Agent's office, Pur-
chaser and Seller agree to deposit with escrow agent all instruments and monies necessary to complete the purchase upon request. Purchaser and Seller shall each pay one-
half of the customary charge made by escrow agent. Seller shall be responsible for delivery of water stock to the closing Agent.
11. This sale shall be closed on or before the 28th day of February 19 85 provided, however, this sale shall be closed after said date
unless Seller or Purchaser gives written notice of termination atter said date and before closing to the other party and to Agent and escrow Agent.
12. Is this new construction? Yes ❑ No Y) If so, attach insulation disclosure information.
13. There are no verbal or other agreements which modify or alter this agreement.
14 In any action that may be brought upon this agreement the prevailing party shall
Yakima County.
15. Time is of the essence hereof
By
Heritage Brokers, Inc.
arrison
I agree to the above sale and to the foregoing terms and conditions and agree to pay
Agent
..• onable attorne 's fees and the venue of any such action shall lie in
. it
Gordon L. liolmquis urchaser Gmaa Water Slide -Inc.
Secretary/TreasureY
Marviu D. Morris PreS-t&eiL
16342 Fremont ik�ahase&. (206) 745-2342
Address Spa. tl1 P, WA 98 33 Phone No.
Heritage Brokers, Inc.
As Agent, a tee of $ Six Percent (6%) of the gross sales price for services.
If Earnest money receipted for is forfeited, or a money settlement is made, I agree that said earnest money or money settlement shall be apportioned to the Agent and Owner
equally but in no event shall the amount of money apportioned to the Agent exceed the amout-the fee
Accepted this �v ''v-, day of , 19C
Address 129 N. 2nd St.? Yaks: Wa
Phone 5756040
A true copy of the foregoing agreement, signed by the Seller is hereby receipted for on
City of Yakima
4 ' City --Manager
Owner
Owner
19
Purchaser Purchaser
Distributed by MULTIPLE LISTING SERVICE — Yakima Board of Realtors
APRIL, 1983
ADDENDUM TO PURCHASE AGREEMENT
In reference to Agreement of Sale between Cmaa Water Slide Inc., the
Purchaser and the City of Yakima, the Seller, dated January 29, 1985,
covering the real property commonly known as: Parcel Numbers
181318-43529, -44005 and -44007, the undersigned Purchaser and Seller
hereby agree to the following:
A cash down payment of $45,000.00 including the earnest money
above received, is to be paid at the time of closing. The balance
of $90,000.00 shall be on an "Executory Land Contract" providing
for annual payments of $18,486.90 or more at purchasers option,
including interest, the first payment shall be due one year from
date of closing and thereafter on or before the same day of each
year for 7 consecutive years. The deferred balance shall bear
interest at the rate of 10% per annum.
This offer is subject to purchasers being able to construct and
operate their business under the current zoning and their ability
to obtain the necessary permits and approvals.
This offer is subject to the city providing purchasers with a
boundary survey of subject property with on site identification of
property lines.
This offer is further subject to purchasers successfully
re -organizing their financing prior to February 10, 1985. Sellers
would agree to close the sale within 10 days from receiving notice
that this contingency has been removed.
The herein agreement, upon its execution by both parties, is herewith
made an integral part of the aforementioned Agreement of Sale.
DATED:
DATED:
DATED:
City Contract No. 85 712
Resolution is --598
50810
Purchaser
Purchaser
Seller
Seller
Al Ha risongem
Heritage Brokers, Inc.
/'
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n
p✓ t!
J
RESOLUTION NO. D- 5 0 t 6
A RESOLUTION accepting an offer to purchase surplus real property
owned by the City and authorizing the closing of
the transaction.
WHEREAS, the City owns real property in the vicinity of 10th
Street and "B" Street in the City of Yakima for which property the
City has no forseeable use and for which property an offer to pur-
chase has been made to the City, a copy of which offer is attached,
and
WHEREAS, the City Council deems it to be in the best interests
of the City that the offer be accepted by the City and the trans-
action closed, accordingly, now therefore,
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF YAKIMA:
The City of Yakima does hereby accept the Offer of Purchase
for the City owned surplus real property referred to above, and
the City Manager is hereby authorized to execute a land contract
and otherwise do all things necessary to the closing of the trans-
action by which the property will be sold by the City in accordance
withthat offer.
ADOPTED BY THE CITY COUNCIL this \C\ day of C:13(.20.
1985.
1985.
ATTEST:
CITY CLERK