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HomeMy WebLinkAbout2009-158 - Property Purchase from AscotBILL N0.2009-158 ORDINANCE N0.2009-158 AN ORDINANCE AUTHORIZING THE MAYOR TO SIGN A REAL ESTATE CONTRACT TO PURCHASE PROPERTY FROM ASCOT LLC BE IT ORDAINED BY THE BOARD OF ALDERMEN OF THE CITY OF RIVERSIDE, MISSOURI, AS FOLLOWS: (1) The Mayor is hereby authorized to sign in behalf of the City the attached Real Estate Contract to purchase property from Ascot LLC. (2) This ordinance shall be in full force and effect immediately upon passage. ADOPTED AND APPROVED by the Board of Aldermen and Mayor of the City of Riverside, Missouri, this 17`h day of November, 2009. APPR VED: /l .[~A16~.1~p~/~Q~ MAYOR REAL ESTATE CONTRACT THIS CONTRACT, made and entered into this 16th day of November, 2009, by and between ASCOT LLC, "Seller", and CITY OF RIVERSIDE, MISSOURI, a Municipal Corporation, 'Buyer". WTTNESSETH: Seller hereby sells to Buyer the following described real estate, together with all improvements thereon, including, if any, central air conditioning, lighting, heating and plumbing equipment and fixtures, attached mirrors and linoleum, window and porch shades, venetian blinds, storm windows and doors, screens, curtain and drapery rods, and awnings in Platte County, State of Missouri, to-wit: All that part of Lots 11, 12, 18 and 19, RENNER PLAZA #5, a subdivision in Riverside, Platte County, Mssouri, according to the recorded plat thereof, described as follows: Beginning at the Southwest wrner of Lot 19, RENNER PLAZA #5; thence on an azimuth of 162 degrees 18 minutes 57 seconds along the Easterly line of West Riverside Street, as now established, 187.17 feet; thence on an azimuth of 230 degrees 31 minutes 41 seconds, 365.10 feet; thence on an azimuth of 318 degrees 30 minutes 07 seconds, 80.0 feet to a point on the Northwesterly right of way line of Interstate Route 635; thence on an azimuth of 48 degrees 47 minutes 06 seconds along said Northwesterly right of way line, 43.86 feet; thence on a curve to the left having a radius of 3719. I 1 feet along said right of way, an arc distance of 250.92 feet to a point on the Southerly line, of Lot 19, Renner Plaza #5, said point being 99.48 feet as measured along the Southerly line of said Lot 19 on an azimuth of 72 degrees 18 minutes 57 seconds from the Southeast corner of said Lot 19; thence on an azimuth of 72 degrees 18 minutes 57 seconds along said Southerly line, 130.52 feet to the point of beginning. Subject, however, to any recorded restrictions, easements, parry wall agreements and community contracts and subject also to any existing leases, tenancies and zoning laws, on the following terms and conditions, to-wit: 1. The purchase price is Three-Hundred Nineteen Thousand Dollars ($319,000.00) which Buyer agrees to pay as follows: One Thousand Dollars ($1,000.00) at the signing of this contract, the receipt whereof is hereby acknowledged by Seller and which is deposited with Integrity Land Title Co. as part of the consideration of the sale; the balance to be paid in the following manner: cash on delivery of deed as herein provided. This sale is contingent upon Seller removing all tenants from property prior to closing. Closing to occur on December 8, 2009. 2. Seller shall pay all taxes, general and special, and all assessments which are due and have accrued at the date of this contract and Buyer shall assume such taxes, assessments, installments of unpaid special assessments becoming due thereafter, except that all general, state, county, school and municipal taxes (exclusive of rebates, penalties or interest) payable during the calendar year in which the deed is delivered shalt be pro-rated between Seller and Buyer on the basis of said calendar year, as of the date of delivery of the deed. If the amount of any such tax to be pro-rated cannot then be ascertained, proration shall be computed on the amount thereof for the preceding year. 3. Buyer shall obtain at its costs an Owner's Title Insurance Policy in the amount of the purchase price from a company authorized to insure titles in the state in which above said property is located, insuring a merchantable Fee simple title in Buyer as of the date of recording the deed. Buyer shall have 10 days after delivery of the preliminary title report to examine it and to advise Seller in writing as to any objections to title. Seller shall have any objections to title corrected prior to closing. If such objections to title cannot be rectified by Seller prior to closing, or if Seller cannot deliver a commitment for such title policy, this contract shall be null and void (unless Buyer elects to waive such objections), and the money deposited aforesaid shall be returned to Buyer. 4. HAZARDOUS SUBSTANCES: Seller hereby warrants and represents that there has not been, as of the date hereof, and that there will not have been, as of the Closing Date, any "release" (as defined in 42 U.S.C. §9601(22) or threat of a "release" of any "hazardous substances" (as defined in 42 U.S.C. §9601(14) on or about the Subject Property. Seller hereby covenants and agrees to indemnify, protect and hold harmless Buyer from and against any and all claims, demands, liabilities and costs, including attorneys' fees, arising from (a) any "release" (as defined above) or threat of a "release", actual or alleged, of any "hazardous substances" (as defined above) upon or about the Subject Property, or (b) any violation, actual or alleged, of any law, statute, ordinance, rule or regulation of any governmental or quasi-governmental authority, specifically including without limitation any environmental protection or toxic waste or hazardous substance handling, treatment, storage or disposal laws, statutes, ordinances, rules or regulations, upon or about the Subject Property. 5. )f Seller has a merchantable fee simple title to said property, as aforesaid, Seller shall deliver for Buyer at the office of Integrity Land Title Company, a General Warranty Deed, properly executed and conveying said property free and clear of all liens and encumbrances whatsoever, except as hereinabove specified; Buyer shall thereupon pay the balance of said cash payment. Closing shall be handled by Integrity Land Title Company. 6. If before delivery of deed any of the improvements on said property are destroyed or substantially damaged by fire, lightning or any cause that could be covered by what is known as extended coverage insurance, Buyer may, at his option, enforce this contract (and, if so, shall be entitled to the receipt of insurance payable as a result of such destruction or damage) or may cancel it by written notice ten (10) days thereafter. 7. If Seller has kept his part of this contract, and Buyer fails to do so, within five (5) days thereafter, then this contract may or may not be operative thereafter, at the option of Seller, and, in the event Seller shall declare the corract inoperative, the money deposited aforesaid shall be paid to Seller as liquidated damages. Time is of the essence of this contract. IN WITNESS WFIEREOF, said parties hereumo subscribe their names. Executed in triplicate. Ascot LLC by f/~- SELLER BUYER