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HomeMy WebLinkAboutR-1995-036 34th & West Nob Hill Boulevard• • • RESOLUTION NO. R-95- 36 A RESOLUTION authorizing the execution of a Real Estate Purchase and Sale Agreement with Charles R. Hahn and Amber A. Hahn for property located in the vicinity of South 34th Avenue and West Nob Hill Boulevard. WHEREAS, Charles R. Hahn and Amber A. Hahn, husband and wife, have offered to purchase property owned by the City of Yakima and located adjacent to South 34th Avenue and West Nob Hill Boulevard (Yakima County Assessor's Parcel No 181327-41403), and WHEREAS, the City Council has reviewed the offer to purchase and determined that the subject property is surplus to the City's requirements and is no longer needed for any purpose; and WHEREAS, the City Council has further determined that this property has a fair market value of $70,680 00 and that its sale to Mr and Mrs. Hahn would be in the best interest of the citizens of the City of Yakima, now, therefore, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF YAKIMA: The City Manager is hereby authorized and directed to execute the attached and incorporated Real Estate Purchase and Sale Agreement with Charles R. Hahn and Amber A. Hahn, husband and wife, and to further take all necessary and prudent actions to implement and close this real estate transaction. ADOPTED BY THE CITY COUNCIL this 7th day of Marc -h , 1995 (Q/et.- ATTEST p Mayor City Clerk 11. ) re. /hahn purchase. rp BUSINESS OF THE CITY COUNCIL YAKIMA, WASHINGTON AGENDA STATEMENT Item No,,, 11 For Meeting Of March 7 .1995 ITEM TITLE: Resolution Authorizing the City Manager to execute a Real Estate Purchase and Sale Agreement. SUBMITTED BY: Glenn J.Valenzuela, Director of Community and Economic Developm CONTACT PERSON/TELEPHONE: Glenn J. Valenzuela, 575-6113 SUMMARY EXPLANATION: The City Council has approved the Real Estate transaction as proposed by Charles and Amber Hahn to purchase Parcel No. 181327-41403 adjacent to South 34th Avenue and West Nob Hill Boulevard. The attached resolution authorizes the City Manager to execute the Real Estate Purchase and Sale Agreement with the Hahns. Resolution x Other (Specify). Funding Source APPROVAL FOR SUBMITTAL: Ordinance Contract Manager STAFF RECOMMENDATION: Approve Resolution BOARD RECOMMENDATION: COUNCIL ACTION: Council has agreed to the sale. Resolution No. R-95-36 REAL ESTATE PURCHASE & SALE AGREEMENT 1 THIS CONTRACT CONTROLS THE TERMS OF THE SALE OF REAL PROPERTY 2 (Please read both sides carefully before signing) 3 February 19 95 4 Received from Charles R. Hahn and Amber A. Hahn, husband and wife hereinafter called Buyer, the sum of Five hundred — — — — _ _ _ 5 Dollars ($ 500.00 ) in the form of: check 7 which has been deposited with Selling 7 Agent and who is authorized to hold said deposit as earnest money (Agent shall deposit the earnest money check only after this agreement has 8 been fully executed by Buyer and Seller) and as part payment on the purchase price of the following located in Yakima County, State of Washington, 9 commonly known as S. 34th Avenue, south of W. Nob Hill Blvd. 10 parcel no. 181327-41491 and legally described as follows: 11 Lot 3, being approximately 60' x 200', being immediately south and contiguous to Assessor's Parcel #181327-41403. Purchase price is based on the property being 12,000 square feet of total area, at $5.89/SF. (Buyer and Seller authorize Agent to insert, over their signatures the legal description of the above property and/or correct any legal description entered) ❑ See addendum for legal. PURCHASE PRICE: The total price is Seventy thousand—six hundred eighty — — — — Dollars ($ 70, 680.00 ) payable as follows: All cash at closing, including earnest money receipted for above. Conditioned upon simultaneous closing of Purchaser's acquisition of part of 181327-41403. 12 13 14 15 1. FINANCING: If financing is required, Buyer agrees to make formal or written application for the same within five 16 business days after notification of Sellers acceptance. ( ) Seller ( ) Buyer agrees to pay a mortgage discount rate of NA % of the 17 Amount Financed. IF FINANCING IS NOT OBTAINABLE, EARNEST MONEY (LESS APPRAISAL FEE, CREDIT REPORT, AND CANCELLATION 18 FEE(S), IF ANY) shall be refunded to the Buyer. Buyer and Seller authorize Agent to disburse funds from the trust account for payment of credit 19 report, appraisal fees, and any title cancellation fees prior to closing, to be repaid by Buyer when sale is closed. Agent is authorized to disburse 20 the funds from the trust account to the escrow agent designated herein. if financing is required then the INSPECTIONS clause on the reverse side 21 may be a part of this agreement. Agent makes no representation as to the type and/or availability of financing: Buyer assumes sole responsibility 22 to investigate, arrange for and complete financing conditions. 23 2. NON FINANCING CONTINGENCIES: This agreement is contingent on: See above 24 (IF THE FOREGOING IS COMPLETED, THE CONTINGENCY CLAUSE ON THE 25 REVERSE SIDE IS A PART OF THIS AGREEMENT AND THE SPECIFIED NUMBER OF DAYS SHALL BE DAYS). 26 3. PROPERTY DISCLOSURE: Buyer's offer X is _ is not, condtioned on Seller providing a completed Seller's Property Disclosure Form within 27 3 business days of mutual acceptance of this Agreement. Buyer shall have _ business days (3 business days if not filled in) on receipt in which 28 to approve of the disclosure information. 29 4. SELLER'S REPRESENTATIONS: Seller represents that at closing (1) the property is connected to a: ❑ public/community water main 30 ❑ weii u public sewer ❑ septic tank u cesspooi u gas main ❑ eieuuicai power XI none of the foregoing (IF WELL OR SEPTIC TANK ARE 3 CHECKED, THE WELL OR SEPTIC TANK PROVISIONS ON THE REVERSE SIDE HEREOF ARE PART OF THIS AGREEMENT), (2) ❑ that 32 there is a Condominium or Home Owner's fee, (3) that the property contains leased or encumbered items identified as ❑ water softeners ❑ Other 33 None , (4) that all electrical wiring, heating, cooling, plumbing systems, appli- 34 ances, wood stoves, and fireplaces will be in normal working order at the time Buyer is entitled to possession, (5) that he knows of no material 35 structural defects, (6) that he will maintain the property and yard in present or better condition until agreed possession, (7) that shares in light and/ 36 or water companies and associations, if any, shall be included in the sale, unless noted, (8) that he has no knowledge or notice from any 37 governmental agency of any violation of laws relating to the subject property. Exceptions: None 38 39 5. TITLE: Seller to provide title insurance at closing. Title to the property is to be free of all encumbrances, but shall be subject to ights reserved 40 in Federal Patents, state or railroad deeds; buildings or use restrictions general to the area; zoning regulations; utility easements o record; rights 41 of way or easements shown on the plat or visible by inspection; reserved oil and/or mineral rights; and any future adjudication of surface water rights 42 by any appropriate Federal and/or state proceeding and further subject to: None that would prohibit or unreasonably 43 restrict use for purchaser's continued business — Hahn Business Forms 44 6. ADDITIONAL PROVISIONS: In addition to INCLUDED ITEMS, CONVEYANCE, TITLE INSURANCE, CASUALTY LOSS, DEFAULT AND 45 GENERAL PROVISIONS, printed on the reverse side of this agreement, the following checked items are also included: ❑ FHA/VA/CONVENTIONAL 46 FINANCING AND FHA/VA/CONVENTIONAL REQUIREMENTS 0 INSPECTIONS (� 47 SELLER ( ) ( ) Page 1 of 2 BUYER( \ \ 1 ( C�� 1 40 7. NEW CONSTRUCTION ONLY: To be completed by NA 19 egulation (for new 49 construction only) the following must be filled in: Wall Insulation: Type: Thickness: R-Value:rsuant to FTC RCeiling Insulation: 50 Type: Thickness: R -Value: Floor Insulation: Type: Thickness: R -Value: 51 The type of insulation will be noted or the equivalent thereof. 52 8. CLOSING COSTS AND PRO -RATIONS: The cost of escrow shall be shared equally between Buyer and Seller, except those fees which 53 are expressly limited by Federal Regulation. Seller shall pay for excise tax. Taxes for the current year, rents, interest, Association, Condominium 54 and/or Home Owner's fees, water and other utility charges constituting liens, shall be pro -rated as of date of closing unless otherwise agreed. Buyer 55 agrees to pay for remaining heating fuel (excluding wood) provided that, prior to closing, Seller obtains a written statement as to the quantity and 56 current price thereof from the Supplier. Buyer shall reimburse Seller for mortgage reserves as of said date. 57 9. CLOSING OF THE SALE: WITH THE UNDERSTANDING THAT TIME IS OF THE ESSENCE FOR THIS AGREEMENT, this sale shall be 58 closed on 03-30-95 , or before upon mutual agreement of seller and buyer, which shall also be the termination date of this agreement, 59 provided, however, this sale shall be closed after said date unless Seller or Buyer gives written notice of termination after said date and before closing 60 to the other party and to Agent and escrow Agent. When notified the Buyer and Seller will deposit, without delay, in escrow with 61 Valley Title Guarantee , all instruments and monies required to complete the transaction in accordance with 62 this agreement. Sellers herein authorize their lender to furnish payoff or assumption data to closing Agent upon request. Closing, for the purpose 63 of this agreement, is defined as the date that all documents are executed and the sale proceeds are available for disbursement to the Seller. 64 10. POSSESSION: Buyer shall be entitled to possession on 0 closing, or 0 65 Seller agrees to pay the Buyer the sum of $ for each day of possession beyond 66 (Said payment shall be the sole responsibility of the Seller, due on demand.) 67 11. AGREEMENT TO PURCHASE: Buyer's decision to purchase is not based upon statements by either Listing or Selling Agent concerning 68 the property unless the facts have been either (1) included as contingencies for the purchase or (2) independently verified as true to the complete 69 satisfaction of Buyer. Except for conditions and contingencies specifically noted elsewhere in this agreement, Buyer accepts the property, building 70 and improvements in their present condition, as is. (Buyer's knowledge of the property has been solely obtained from personal observations, and 71 representations made by Seller). Buyer hereby acknowledges receipt of copy of this agreement. Buyer offers to purchase the above property on 72 the above terms and conditions. Notice of acceptance given to Agent by Seller shall be considered as given to Buyer. Seller shall have until 73 5:00 id Alm. Fc rru ryu 14 , 19 95 to accept this offer by delivering a signed copy thereof to Agent. 74 12. AGENCY DISCLOSURE: At the �igriin ot'this Agreement the sellingagent Almon Realty 9 e ty Commercial — Bill Almon 75 (name of selling agent and broker) represented Buyer and the listing agent 76 NA (name of listing agent and broker) represented 77 . Each party signing this document confirms that prior oral and/or written disclosure 78 of agency was provided him/her in this transaction. 13. DEFAULT: If this Agreement is terminated for any reason, any costs authorized under this agreement to be advanced from the earnest money deposit shall be deducted before the remaining earnest money is refunded to Buyer or forfeited to Seller. If the earnest money is forfeited to Seller, said money shall be divided equally between Seller and Agent, provided, however, that the amount due Agent shall not exceed the agreed brokerage fee. If a dispute should arise regarding the disbursement of any earnest money, the party holding the earnest money may interplead the funds into the court. Furthermore, if either Buyer or Seller defaults, the non -defaulting party may seek specific performance or damages, except that the Seller's remedy shall be limited as follows if the paragraph below has been initialed by both parties: s Initials: In the event the Buyer fails, without legal excuse, to complete the purchase of the Property, the earnest money deposit made by the Buyer shall be forfeited to the Seller as the sole and exclusive remedy available to the Seller for such failure. Furthermore, if the earnest money deposited exceeds five percent (5%) of the sale price, Seller may retain as liquidated damages and as Seller's sole remedy earnest money equalling only 5% of the purchase price; any additional earnest money shall be refunded to Buyer. In the event that Buyer, Seller or Agent shall commence proceedings or institute suit to enforce any rights hereunder, the prevailing party shall be entitled to costs and a reasonable attorneys fee. In the event of a trial, the amount of the attorney's fee shall be fixed by the court. Venue shall lie in Yakima County, Washington. Bu Seller's Initials: BUYER BUYER Charles R. Hahn (Signature) Hahn (Signature) Amber A. BUYER'S PRESENT ADDRESS 79 80 81 82 83 84 85 86 87 88 89 90 91 92 93 SELLING AGENT Almon Realty Commercial 94 95 By c--`— Bill Almon 97 Buyer's Phone 575-7818 965-1187 98 (Work) (Home) 99 14. SELLER'S ACCEPTANCE: On , 19 , Seller agrees to sell the property on the terms and conditions 100 specified herein. Seller acknowledges receipt of a copy of this agreement, signed by both parties. 101 15. SELLER'S COUNTER OFFER: Seller has made a Counter Offer hereon or attached hereto on , 19 . 102 Buyer shall have until a.m./p.m. , 19 within which to accept same. 103 Notice of acceptance given to agent by buyer shall be considered as given to seller. 0 104 16. BROKER'S FEE: Seller agrees to pay listing agent a fee of — — — — and any selling agent a fee of "'9'' 7 0 .105 Escrow Agent is authorized by and directed to pay listing agent and any selling agent said fees from the sales proceeds at closing. 106 SELLER SELLER 107 (Signature) (Seller's Address) 108 Phone 109 _ L- s -3i0 (Signature) (Work acr ---1 — 8 — ) (Home) 110 17. BUYER'S RECEt "A='trne copy of the foregoing, signed by Seller is hereby received on , 19 111 112 Buyer 113 (only one signature is required) 114 Page 2 of 2 115 DISTRIBUTED BY YAKIMA ASSOCIATION of REALTORS MLS 9/91 Broker's Cnnv-Whitn• hi inlirntn Cnnv-(rem Pi mnr'r ami r,,,,,,r,..,.,, cmf—, ... r r<,,,, n. (A) CONVEYANCE (a) If this is for conveyance of fee title, title shall be by Statutory Warranty Deed free of encumbrances except those noted in Paragraph 4. (b) If this agreement provides for a sale by real estate contract, Seller and Buyer agree to execute a real estate contract for the balance of the purchase price on Real Estate Contract Form 141512/ (Yakima Bindery), or such other form as attached hereto, and the terms of which are incorporated herein by reference. Said contract shall provide that title be conveyed by Statutory Warranty Deed. (c) If said property is subject to an existing contract, mortgage, deed of trust or other encumbrance which Seller is to continue to pay, Seller Agrees to pay said contract, mortgage, deed of trust or other encumbrance in accordance with its terms, and upon default, purchaser shall have the right to make any payments necessary to remove the default, and any payments so made, shall be applied to the payments next falling due on the contract between Seller and Buyer herein. (d) If this agreement is for sale and transfer of vendee's interest under existing real estate contract, the transfer shall be by purchaser's assignment of contract and deed sufficient in form to convey after acquired title. (B) TITLE INSURANCE Seller authorizes Agent at Seller's expense, to apply for a preliminary commitment for astandard form owners/purchaser's policy oftitle insurance lobe issued by such title insurance company as the Seller may designate. Said preliminary commitment, and the title policy to be issued shall contain no exceptions other than those provided for in such standard form and encumbrances or defects noted in paragraph 5 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 the Buyer, less any costs incurred or advances by Agent for Buyer, and this agreement shall be terminated. (C) GENERAL PROVISIONS Seller and buyer warrant that AGENT has made no representations concerning the condition of the property, boundary lines or size, buyer's financing ability, or any other matters concerning the property or the parties, unless otherwise noted herein or in writing separately. SQUARE FOOTAGE: Unless otherwise expressly stated to the contrary on the reverse hereof, any square footage as to the building or lot used by Seller or any real estate agent in marketing said property are understood to be approximations and are not intended to be relied upon to determine the fitness or value of the property Buyer has personally observed the property and has reached his own conclusion as to the adequacy and acceptability of the size of property based upon said personal inspection. TIME IS OF THE ESSENCE. THERE HAVE BEEN NO VERBAL OR OTHER AGREEMENTS WHICH MODIFY THIS AGREEMENT. THIS AGREEMENT CONSTITUTES THE FULL UNDERSTANDING BETWEEN SELLER, BUYER AND AGENT (D) CONTINGENCY CLAUSE - NON FINANCING If CONTINGENCIES paragraph of front side herein has been filled in, it is agreed that Seller may keep the property on the market and continue to show it until the contingency has been met or waived by Buyer. If prior to that time, Seller receives another acceptable offer to purchase the property, he shall give Buyer notice of his intent to accept the new offer. Seller's written notice shall be personally delivered to Buyer, or sent by certified mail to Buyers address on the front side of this agreement. BUYER MUST KEEP SELLING AGENT ADVISED OF HIS OR HER WHEREABOUTS. SELLING AGENT HAS NO RESPONSIBILITY TO BUYER BEYOND INFORMING SELLER OF BUYERS LATEST KNOWN WHEREABOUTS, WHEN REQUESTED. The specified number of days shall commence on the day after delivery or, if mailed, then on the third day following its deposit into the mail. In either case, said specified days shall expire at midnight of the last day unless that day is a Saturday, Sunday or legal holiday, in which event, it shall expire at midnight the next business day If within said specified days, written notice from Buyer that said contingency has been met or waived is actually received by Seller or Listing Agent, or is delivered to Sellers address on the front side of this agreement. Buyer's right to purchase hereunder shall continue in accordance herewith. In the event that Seller does not receive such notice from Buyer within the specified number of days, then this agreement shall be terminated and the earnest money shall be returned to Buyer less costs incurred, if any. BUYER'S CONTINGENCY MAY ONLY BE WAIVED BY WRITTEN NOTIFICATION TO LISTING BROKER OR SELLER THAT BUYER HAS REMOVED THE CONTINGENCY AND WILL PROCEED TO CLOSE THE SALE ACCORDING TO ITS TERMS. (E) INCLUDED ITEMS The following items are included in the sale unless noted otherwise: linoleum, window screens, screen doors, water rights, water stock, plumbing and light fixtures (except floor, standing and swag lamps) attached television antennas, attached carpeting, trees, plants and shrubs in the yard, built-in appliances, shades, Venetian blinds, curtain rods, all attached bathroom fixtures, attached apparatus and fixtures, awnings, ventilating, heating and cooling systems, attached irrigation equipment, unless otherwise specified. (F) CONDITION OF WELL Seller warrants that: (1) The private well serving the property has provided an adequate supply of household and yard water for the Sellers purposes, and (2) continued use of the well is authorized by a governmental permit or other established and existing water right, if required. (G) FHA/VA/CONVENTIONAL FINANCING AND FHA/VA/CONVENTIONAL REQUIREMENTS If this agreement is conditioned upon Buyer obtaining FHANA/CONVENTIONAL financing, it is expressly agreed that notwithstanding any other provisions of this contract, the Buyer shall not be obligated to incur any penalty by forfeiture of earnest money, or otherwise be obligated to complete the purchase of the property described herein, unless Buyer has received a written statement issued by FHANA/CONVENTIONAL LENDER, as applicable, setting forth an appraised value of the property (excluding closing costs) of not less than the purchase price. The Buyer shall, however, have the privilege and option of proceeding with the consummation of the contract without regard to such appraised value, provided the difference in excess of the appraised value be paid in cash. Neither the FHANA/CONVENTIONAL LENDER warrant the value or the condition of the property The Buyer should satisfy himself that the price and the condition of the property are acceptable. Seller understands that FHANA/CONVENTIONAL LENDER may require that the property comply with governmental requirements, including, but not limited to, local codes of the district in which it is located plus requirements pertaining to septic tank, termite and water well inspections, in order for the Buyer to finance FHANA/CONVENTIONAL. If required, Seller authorizes Agent to have said property inspected by FHANA/CONVENTIONAL inspectors. Seller further agrees to pay the cost of said inspection, it is understood that as a result of inspections of the property, the Seller may be required to make repairs to the property in order to complete a sale under this agreement. Seller is not obligated to complete this sale if repairs to the property are required unless Buyer agrees to make said repairs as allowed by Federal Regulations, and or other agreement. NEW CONSTRUCTION - In the event funds for this transaction are to be obtained through a VA guaranteed new construction loan, Seller agrees not to violate VA Technical Bulletin 26 A-5 or any amendment thereto. ;I -I) CONDITION OPRIVATE SEWAGE DISPOSAL vYC TEM Seller warrants that at the time of closing the private sewage disposal system serving the property is in working order and Seller has no knowledge of any needed repairs. (I) CASUALTY LOSS If prior to closing, improvements on said premises shall be destroyed or materially damage by fire or other casualty, this agreement at option of the purchaser shall become null and void. (J) INSPECTIONS MAY BE REQUIRED. Seller understands that in order for Buyer to obtain financing, THE LENDING INSTITUTION, FHANA/CONVENTIONAL LENDER; MAY REQUIRE THAT THE PROPERTY COMPLY WITH THE HOUSING CODE and other governmental requirements of the city of county in which it is located, and require other inspections, including, but not limited to, pest, heating, plumbing, roof, electrical, septic tank and well water. COST OF INSPECTION: Seller agrees to pay, in advance, upon request of agent, costs of any of the above inspections. (K) NOTICE TO SELLER, PURCHASER and AGENT/BROKER This form contains provisions for an agreement for the purchase and sale of real estate. The Yakima Association of REALTORS ©makes NO WARRANTY OR REPRESENTATION OF ANY KIND that this form, or any of its provisions, is intended to meet factual and legal requirements of a particular transaction, or that it accurately reflects the laws of the State of Washington at the time you enter the agreement. THIS AGREEMENT HAS SIGNIFICANT LEGAL AND FINANCIAL CONSEQUENCES AND YOU ARE ADVISED TO SEEK INDEPENDENT LEGAL AND FINANCIAL COUNSEL REGARDING THESE CONSEQUENCES. (If you do not understand the effect of any part, consult your Attorney before signing. The Broker or Agent cannot give you legal advice. Federal law may impose certain duties upon Brokers or Signatories when any of the signatories receive certain amounts of U.S. currency in connection with a real estate closing.)