HomeMy WebLinkAboutA002 - Real Estate Contract - Bloomington Heights Parkland DO NOT WRITE IN THE SPACE ABOVE THIS LINE,RESERVED FOR RECORDER
Prepared by:John R.Klaus,City of Ames Legal Department,515 Clark,Ames,Iowa 50010(Phone:515-239-5146)
REAL ESTATE CONTRACT
BLOOMINGTON HEIGHTS PARKLAND
IT IS AGREED between THE WILLIAM C. KNAPP REVOCABLE TRUST("Sellers'l, and THE
CITY OF AMES, IOWA ("Buyers"), that Sellers shall sell and Buyers shall buy real estate consisting
of 4.531 acres described as:
Beginning at a point 40 feet north of the east 1/4 corner of Section 28, T84N, R24W
of the 5th P.M., Ames, Story County, Iowa, thence south 89" 46' 30" west, 310.37
feet, thence north 517.82 feet, thence northeasterly along a curve to the right having
a radius of 465.00 feet, a chord bearing of north 070 45' 25" east and an arc length
of 126.05 feet to a point; thence south 740 28' 07" east, 132.70 feet; thence south
880 00' 00" east, 147.54 feet; thence southeasterly on a curve to the left having a
radius of 55.00 feet, a chord bearing of south 680 21' 58" east and an arc length of
70.33 feet, thence south 150 00' 00" east 119.02 feet; thence south 890 04' 19"
west, 69.54 feet; thence south 000 31' 27" west, 460.16 feet to the point of
beginning, containing 4.531 acres,
with any easements and appurtenant servient estates, but subject to the following: (a) any zoning
and other ordinances, (b) any covenants of record; and, (c) any easements of record for public
utilities, walkways, roads and highways (the "Real Estate") upon the following terms:
1. PRICE. The total purchase price for the real estate is $91,745.00 of which -0- has
been paid. Buyers shall pay the balance to Sellers at closing.
2. PLAITING. Seller shall cause the Real Estate to be platted, officially, as Lot 38 of
Bloomington Heights, Plat 7, Ames, Iowa.
3. ABSTRACT AND TITLE. Sellers shall promptly deliver to the Buyers, an abstract
of title for the Real Estate continued to a date subsequent to the date of contract, prepared pursuant
to Iowa Code Sections 614.29 through 614.38, Iowa Land Title Association Abstracting Standards,
and Iowa Land Title Examination Standards of the Iowa State Bar Association. The abstract shall
begin with the government patent to the property and show merchantable title in the Sellers. The
cost of the continuance of an existing abstract shall be paid by the Sellers. In the event the Sellers
are unable to deliver an existing abstract to the Buyers, the costs of creating a new abstract shall be
paid by the Sellers. The Sellers shall pay all costs required to perfect its title to the Real Estate and
shall pay the costs of any additional abstracting and/or title work due to acts or omissions of Sellers,
including transfers or deaths, or assignments. The abstract shall become the property of the Buyers
when the purchase price is paid in full.
4. DEED. On or before the 1st day of September , 1998, (the"closing date"),
the Sellers shall have completed their obligations under paragraphs 2, 3, and 11, and the Sellers shall
then execute and deliver to the Buyers a Warranty Deed for the Real Estate in recordable form (i.e.,
signed and acknowledged) conveying fee simple title to the Real Estate to the Buyers. The Sellers
shall further deliver to the Buyers a groundwater hazard statement as required under Section 558.69
of The Code. The Deed shall be on the General Warranty Deed form approved by the Iowa State
Bar Association.
5. POSSESSION. On or before the 1st day of September , 1998, the Buyers
shall be entitled to possession of the Real Estate.
6. SPECIAL ASSESSMENTS. Sellers shall pay in full all assessments on the Real Estate
which have been certified to the County Treasurer for collection before the closing date.
7. TAXES. Seller shall pay a pro-rata share of taxes on the Real Estate for the fiscal
year (July 1 - June 30) of Closing, and all unpaid taxes for prior years. To determine the pro-rata
share of taxes for the current fiscal year, payable in the next fiscal year, the following procedure shall
be used:
A. The most recent amount of annual tax pertaining to the Real Estate shall be
divided by 12 to determine the amount of tax owed for each month.
B. The total number of months in the current fiscal year commencing with the
first day of July and ending with the Closing Date shall be determined and
said number multiplied by the monthly amount of tax owed and that figure
shall be the portion of taxes to be paid by the Seller on the pro-rata basis.
C. When the Closing Date is on or before the 15th of the month, no taxes will be
due for that month. When the Closing Date is after the 15th of the month, a
full month's taxes shall be due for that month and shall be added to the
Seller's pro-rata share.
8. ENVIRONMENTAL MATTERS. Sellers hereby represent and warrant to Buyers that
there are no abandoned wells, agricultural drainage wells, solid waste disposal sites; or underground
storage tanks(as defined in Iowa Code Chapter 4552) located in, on, or about the said Real Estate;
and, that there are no known environmental problems pertaining to said Real Estate.
9. OTHER CONDITIONS. Sellers shall, at Sellers sole expense, in accordance with the
time schedule established for completion of improvements required as a condition of the approval
of the subdivision plat referred to in paragraph 2:
A. Grade the Real Estate so as to provide effective drainage of surface water
from all of the Real Estate into the storm sewer system established for the
developing residential area surrounding the Real Estate.
B. Place the existing electric utility lines underground, after platting as aforesaid,
in accordance with the specifications of the engineers for the Ames Municipal
Electric Utility.
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C. It is understood and agreed that the cost of any and all improvements
required as a condition of approval of the subdivision plat referred to in
paragraph 2 shall be paid by the Seller without contribution from the Buyer.
10. CONTRACT BINDING ON SUCCESSORS IN INTEREST. The document shall
apply to and bind the heirs, executors, administrators; partners, assigns and successors in interest
of the respective parties.
11. INTENTION OF USE OR WORDS AND PHRASES. Words and phrases contained
herein including the acknowledgment clause, shall be construed as in the singular and plural number,
and as masculine, feminine or neuter gender; according to the context.
IN WITNESS WHEREOF, the Parties hereto have caused this contract to be executed
effective the 9th day of June , 1998.
THE WILLIAM C. KNAPP THE CITY OF AMES, IOWA
REVOCABLE TRUST
By: By
William C. Knapp, Trust 'fed T esco, Mayor �.
ATTEST: C)
B
Jill Ripperger, ity Clerl
STATE OF IOWA, STORY COUNTY ss:
On this�day of ,Tt L"e 1998,before me,the undersigned,a Notary Public in and for the State
of Iowa, personally appeared William C. Knapp,to me known to be the identical person named in and who executed the
foregoing instrument, and acknowledged that the person, as the fiduciary,executed the instrument as the voluntary act
and deed of the said person and of the fiduciary.
i`°F DARYL A.NEUMANN
MY COMMISSION EXPIRES Notary Pu c in and for Story County, Iowa
October 10,2000 ry ry tY,
STATE OF IOWA, STORY COUNTY ss:
On this / 7"z' day of 1998, before me, a Notary Public in and for the State of Iowa,
personally appeared Ted Tedesco and Jill Ripperger, to me personally known, and, who, being by me duly sworn, did
say that they are the Mayor and City Clerk, respectively, of the City of Ames, Iowa; that the seal affixed to the
foregoing instrument is the corporate seal of the corporation, and that the instrument was si ned and sealed on behalf
of the corporation�,by authority of its City Council, as contained in Resolution No. 92,_.2�1p adopted by the City
Council on the -�� day of 1998,and that Ted Tedesco and Jill Ripperger acknowledged
the execution of the instrument to be their voluntary act and deed and the voluntary act and deed of the corporation,
by it voluntarily executed. /
Notary Public in and for Story County, Iowa
law\blooming.318 _ _. ���,..��,.,.. ,.•
rev.6/03/98 "' + -KAREN C.THOMPSON`
14AYCOM SSUVEXPiRES
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