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HomeMy WebLinkAbout2002-098 - Real Estate Purchase AgreementBILL NO. 2002-98 ORDINANCE NO. 2002-98 AN ORDINANCE AUTHORI7.ING THE EXECUTION OF A REAL ESTATE PURCHASE AGREEMENT FOR THE PURCHASE BY THE CITY OF CERTAIN PROPERTY LOCATED AT LAKOTA COURT IN RIVERSIDE, MISSOURI WHEREAS, the City of Riverside, Missouri ("City") has engaged in negotiations ~o purchase certain property and the improvements thereon legally described as "AIl of Lot 12, Indian Hills Estates, a subdivision in Riverside, Platte County, Missouri" (the "Property") from Full Moons Homes LLC; and WHEREAS, the City has reached an agreement on a purchase price for the Property. NOW, THEREFORE, be it ordained by the Board of Aldermen of the City of Riverside, Missouri, as follows: Section 1. The City of Riverside shall enter into an agreement to purchase the Property for no more than amount of twenty seven thousand and no/I00 dollars ($27,000.00) (the "Agreement'). Section 2. The execution and delivery of the Agreement, in substantially the form attached hereto as Exhibit A, is approved, the Mayor is authorized to execute Lhe Agreement and to fake such other actions reasonably necessary to carry out the intent of this Ordinance on behalf of the City, the execution of the Agreement being conclusive evidence of such approval. Scction 3. This Ordinance shall be i^ full force and effect from and after its passage and approval. ~f,J~, Passed this ~~! " day of August, 2002. /1 i ~~r ~~:~ ~~.lC ~ t' ,~~ Mayor ATT y Clerk RESIDENTIAL REAL ESTATE CONTRACT THIS CONTRACT ("Contract") is made between Full Moons Homes LLC, a Missouri limited liability company ("Seller") and The City of Riverside, a Missouri municipal corporation ("Buyer") and is effective as of the date and time of the f nal signature (the "Effective Datc") on the signature page of this Contract. PROPERTY. (a) BUYER agrees to purchase and SELLER agrees to sell the real property, free and clear of any and all liens and encumbrances, subject to the Permitted Exceptions, as defined herein, and the improvements thereon, in Platte County, Missouri, legally described as: All of Lot 12, Indian Ilills Estates, subdivision in Riverside, Platte County, Missouri. (the "Property"). (b) Seller represents and warrants to Buyer that Seller is unaware of (i) any defects or (ii) any environmental contamination or pollution, which exists in or on the Property, and further that there is no deficiency of title to the Property, which Seller holds in fee simple, which would Kann, infringe upon or otherwise lessen Buyer's fee title interest in the Property after closing. 2. PURCHASE PRICE. The purchase price for the Property is ............................27,000.00 which Buyer agrees to pay as follows: APPROXIMATE CASH BALANCE PROM BUYER, to be paid in guaranteed funds or cashier's check, adjusted at closing by inspection fees, prorations, closing costs, or other prepaid expenses ...............................$27,000.00 3. CLOSING POSSESSION AND COSTS. Subject to all of the teens and provisions of this Contract, including, without limitation, the provisions of Section 4 below, closing shall be completed within five (5) business days after Buyer's receipt of a title conm>ihnent and survey for the property ("Closing Date"). BUYER to pay all closing costs. SELLI/R agrees to deliver possession to BUYER immediately following "Closing". 4. INSPECTION. BUYER has made an inspection of the Property. Buyer abu~ees to accept the Property "as is." 5. CLEAR TITLE. BUYER may purchase a title insurance commihnent from a company authorized to insure titles in the state where the Property is located. The title commitment shall be subject to the conditions in this Contract and to customary covenants, declarations, restrictions, zoning laws, easements, party wall agreements and special assessments of record as of the effective date of the title commitnent ("Pernitted Exceptions"). If there are objections to the condition of title to the Property as evidenced by the title commitment, Buyer shall specify the objections in writing and deliver same to the office of Seller within five days of receipt of the commitment for title insurance. Seller shall have the specified defects to the title removed from the commitment for title insurance within 10 days from the date of delivery of such objections. If such objections have not been cured within such ten day period, then Buyer shall have the right to terminate this Agreement by written notice thereof given to Seller and both parties shall be discharged from further duties of performance hereunder, each without liability to the other. If Buyer fails to so terninate this Agreement, Buyer shall be deemed to have waived its right to object to such matters of title and the same shall be deemed to be Permitted Exceptions. 6. SURVEY. BUYER at its own expense may obtain a survey of the Property before the Closing Date to assure that there are not defects, encroachments, overlaps, boundary line or acreage disputes or any other matter that would be disclosed by a survey. Upon receipt of the survey, Buyer shall specify any concerns regarding such survey writing and deliver same to the office of Seller within five days of receipt of the survey. Seller shall have ] 0 days from the date of delivery of the concerns to address and cure the same to the satisfaction of the Buyer. If such concerns have not been cured within such ten day period, then Buyer shall have the right to terminate this Agreement by written notice thereof given to Seller and both parties shall be discharged from fizrther duties of performance hereunder, each without liability to the other. If Buyer fails to so terminate this Agreement, Buyer shall be deemed to have waived its concerns. 7. DELIVERY OF DEED; PAYMENT; DISBURSEMENT OF PROCEEDS. On or before the Closing Date, SELLER agrees to properly execute and deliver to the Closing Agent a general wan•anty deed and all other documents and funds reasonably necessary to complete the closing. The warranty deed shall convey to BUYER marketable fee simple title to the Property, free and clear of all liens and encumbrances, except as provided in this Contract. On or before the Closing Date, BUYER agrees to deliver to the Closing Agent a cashier's check or certified funds sufficient to satisfy their obligations under this Contract. SELLER understands that unless otherwise agreed, disbursements of proceeds will be made at closing. 8. TAXES. SELLER shall pay all taxes, general and special, and all assessments, which are a lien on said property and can be paid as of the date of closing, 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 shall be prorated between SELLER and BUYER on the basis of the said calendar year, as of the date of delivery of the general warranty deed to BUYER. If the amount of any such tax to be prorated cannot then be ascertained, proration shall be computed on the amount thereof for the preceding year. However, if the preceding year's taxes were based on a lesser improved property, taxes will be computed based on the preceding year's mill levy at current assessed value, if ascertainable. P,SLRVERVC~PublicAGap",RiveaideK0294?IO~K0294210.DOC 2 The parties agree that if the Property has been reappraised or reclassified within the preceding year and the actual taxes based on the new value are not available, they will agree to a reasonable estimation of the cur~ent year's taxes based on the information available on the Closing Date and prorate on that basis. 9. ENTIRE AGREEMENT AND MANNER OF MODIFICATION. This Contract, and all attachments hereto, constitutes the complete agreement of the parties concerning the Property, supercedes all previous agreements and may be modified only by a written agreement. 10. ADDITIONAL TERMS AND CONDITIONS. BUYER acknowledges that William Quitmeier is a real estate broker, but is acting ou]y as an attorney for SELLER, Full Moon Homes LLC. SELLER hereby discharges and excuses Buyer from any obligation or duty to make any payments or commission payments to Quitmeier or any other broker, agent or representative of SELLER. 11. SURVIVAL. All representations, warranties, covenants and agreements herein will survive the closing and will not merge in the Deed or any other document executed and delivered in performance of this Agreement. This Agreement shall be binding on and inure to the benefit of the parties, their heirs, successors and assigns. 12. FURTHER ASSURANCES. The parties hereto agree that shall take all further actions and execute all further documents required to complete the transaction contemplated hereby and to further the intent of this Agreement. WHEN SIGNED BY ALL PARTIES THIS IS A LEGALLY BINDING CONTRACT. IF NOT UNDERSTOOD, CONSULT AN ATTORNEY BEFORE SIGNING. IN WITNESS WHEREOF, SELLER AND BUYER execute this Contract on this date(s) and at the time(s) indicated below their respective signatures. BUYER City of Riverside By: ~~ Betty Bu ,Mayor Date: C~ ~ 03 ATTEST: !~-~-~ -. Guava Riverside City ~}erl~ ~a~~Ni ~~, 5` ~ Qe}7©~Z Date: D `t ~ SELLER Full Moon Homes LLC Gary L~Smith, Member Date: ~ ~~~~- PSERV ER`,C~Nublic~Gary'~RiversideK029a210.K0294?IQDOC 3