HomeMy WebLinkAboutA012 - Real Estate Contract dated December 17, 1996 _00479 -
RETURN TO: NET.NO.
STORY COUNTY, IOWA
FRANK B. JOHNSTON FILED FOR RECORD
1997
PO BOX 847 A.M. JAN. 15,
AMES IA 50010-0847 �, VUp
L
Sus�LV
Pawdq .
Audlbft Fees
Instrument Prepared By:
Barry J. Nadler, P.O. Box 847, Ames, Iowa 50010-0847; 515-232-1711
REAL ESTATE CONTRACT
IT IS AGREED between JEWEL PARK ASSOCIATION, INC., an Iowa
3"Corporation, with its principal place of business in Ames, Iowa ("Seller") and JEWEL
ARK, L.C., an Iowa Limited Liability Company, with its principal place of business in
es, Iowa ('Buyer"):
Seller hereby agrees to sell and Buyer hereby agrees to buy real estate
v situated in Story County, Iowa, described as follows:.
See Exhibit "A" attached hereto
together with all easements and servient estates appurtenant thereto, upon the following
1 terms and conditions:
0
0 1. PLATTING. Buyer is currently in the process of platting the above-
described property in accordance with Exhibit "B" attached hereto and by this reference
made a part hereof. At such time as the platting process is completed,.Seller and Buyer
shall enter into an amendment to this Contract modifying the legal description on the
N property to conform with the legal description as used in the plat. Seller agrees to sign a
H building application prior to completion of the platting process so construction can
N commence on buildings to be located on the portion of the property which shall become
bknown as Lots 1 and 2 as reflected on Exhibit "B". Seller shall also agree to execute and
deliver any and all documents needed by Buyer to complete the platting process as
ra reasonably approved by Seller's attorney. In connection with Seller's execution of the
anecessary platting documents, Seller shall dedicate Lot A of the proposed plat to.the City
N of Ames, Iowa.
H
cC
2. TOTAL PURCHASE PRICE. Buyer agrees to pay for said real estate
the total sum of Three Hundred Fifty Thousand Dollars ($350,000.00), and Buyer agrees
c- to pay such sum to.Seller as follows:
STI'.Tr
BarryN\Corporat\LLC\Jewel P rk.LC\Real-at.K
En`ered for taxation m
A. The sum of One Hundred Fifty Thousand Dollars
($150,000.00), on or before December 17, 1996.
B. A sum equal to the interest only on the unpaid principal
balance, to be paid monthly commencing on January
17, 1997, and on the 17th of each month thereafter until
December 17, 1999, at which time any remaining
outstanding principal balance and all accrued interest
shall be paid in full.
C. Buyer may prepay, in whole or in part, at any time
without penalty. For any prepayment of Ten Thousand
Dollars ($10,000.00), Seller shall deed to Buyer, free of
all liens, except those permitted as stated in paragraph
8 below, any lot .designated by Buyer of the lots
described on Exhibit "B". Buyer shall be required to pay
no less than Forty Thousand Dollars ($40,000.00) during
any calendar year that the contract remains in force
commencing in the calendar year 1997.
D. All monthly payments shall: (1) be due on the 164 day
of each month, as above provided; and (2) be made
payable to "Jewel Park Association, Inc." and shall be
deposited into the account of the Association at Firstar
Bank, Ames, Iowa 50010, unless and until Buyer ,is
otherwise directed in writing by Seller. Seller shall
provide written directions to Buyer with the necessary
information to permit a direct deposit of the payment
into Seller's Firstar bank account.
E. The parties have previously entered into an agreement in which the
Buyer obtained an option to purchase the above-described property
for Five Thousand Six Hundred and Twenty-Five Dollars ($5625.00),.
Five Thousand of which has been previously paid. The remaining sum
of Six Hundred and Twenty-Five Dollars shall be paid on or before
December 17, 1996.
BarryN\Corporat\LLC\JcwelPrk.LC\Rea l-Est.K 2
3. INTEREST. Buyer agrees to pay interest from the possession date
upon the unpaid balances at the rate of Seven and One-Fourth Percent (7.25%) per
annum, payable monthly. All payments shall first be applied to interest then unpaid, and
the balance credited to principal.
4. POSSESSION. Seller agrees to give Buyer possession of said premises
on or before December 17, 1996.
5. ENTIRE CONTRACT. This Real Estate Contract shall supersede
and replace any prior agreement of the parties in relation to the property sold herein. In
relation to First Parcel, Buyer agrees that it will not construct on said parcel more than
forty-two (42) living units.
6. TAXES. Seller agrees to pay, before they become delinquent,
169/365th of the regular taxes for the fiscal year July 1, 1996, to June 30, 1997 (those
payable in the fiscal year ending June 30, 1998), and any unpaid taxes thereon payable in
prior years, and any and all special assessments certified to the Story County Treasurer on
or before December 6, 1996. Buyer agrees to pay, before they become delinquent, all
other current and subsequent taxes and assessments against said premises. If a proration
of taxes is necessary because this contract is prepaid, any proration of taxes shall be based
upon the last know actual net real estate taxes according to public record.
7. INSURANCE. Buyer agrees, from the date of possession until final
settlement, that it will at its own expense procur and maintain liability insurance in a
responsible company or companies authorized to do business in the State of Iowa, in an
amount not less than Five Hundred Thousand Dollars ($500,000.00) for any one person
injuried and Five Hundred Thousand Dollars ($500,000.00) for any one accident, protecting
the Seller against such claim, damages, costs or expenses on account of injury to any
person or persons, or to any property belonging to any person or persons, by reason .of
such casualty, accident or other happening on or about the property being sold on contract
herein.
8. CARE OF PROPERTY. Buyer shall take good care of the property
and shall keep the grass or weeds on the property properly mowed and maintained. Seller
shall,within thirty (30) days from the execution of this contract, remove from the south end
of First Parcel the pile of trees and debris located thereon at Seller's cost. Seller shall
also, within thirty (30) days from the execution of this contract, demolish and remove from
the north end of First Parcel the concrete and frame laundry and storage structures located
thereon at Seller's cost.
BanyN\Corporat\LLC\JewelPrk.LC\Real-Est.K 3
U � (�nit►74 r � l
9. ADVANCEMENT BY SELLER. If Buyer fails to pay taxes, special
assessments as agreed above, Seller may, but need not, pay any such items, and any sums
so advanced by Seller shall be due and payable upon demand of Seller or such sums so
advanced may, at the option of the Seller, be added to the principal amount due hereunder
and so secured.
10. ABSTRACT. If Buyer so requests, Seller agrees to forthwith deliver
to Buyer for their examination an Abstract of Title to said premises, continued to the date
of this contract, showing merchantable title in accordance with Iowa Land Examination
Title Standards. Seller agrees to pay for any additional abstracting which may be required
by the acts, omissions, death or incompetency of Seller occurring before delivery of deed.
11. DEED. Upon the payment of One Hundred Fifty Thousand Dollars
($150,000.00) as-provided above, Seller agrees to contemporaneously execute and deliver
to Buyer for the property covered by the legal description for First Parcel, a Warranty
Deed. Without the payment of any additional principal, Seller shall deed to Buyer Lots 1
and 2 as described on Exhibit 'B", at such time as the platting process is completed. Seller
shall pay for the cost of the preparation of the deed for First Parcel and Buyer shall pay
for the cost of the preparation of the deed for Lots 1 and 2 as well as the cost of the
preparation of any subsequent deeds for any additional lots sold pursuant to paragraph 2
(A) and (B) above. All deeds shall be executed and delivered as warranty deeds upon
forms approved by the Iowa State Bar Association and which shall be subject to:
(a) liens and encumbrances suffered or permitted by Buyer,
and taxes.and assessments payable by Buyer; and
(b) applicable zoning regulations and easements of record
for public utilities and established roads and highways.
12. FORFEITURE. If Buyer (a) fails to make the payments aforesaid, or
any part thereof, as same become due; or (b) fails to pay the taxes or special assessments
or charges, or any part thereof, levied upon said property, or assessed against it, by any
taxing body before any of such items become delinquent; or (c) fails to keep the property
insured; or (d) fails to keep it in reasonable repair as herein required; or (e) fails to
perform any of the agreements as herein made or required, then Seller, in addition to. any
and all other legal and equitable remedies which they may have, at their option, may
proceed to forfeit and cancel this contract as provided by law (Chapter 656, Code of Iowa).
Upon completion of such forfeiture, Buyer shall have no right of reclamation or
compensation for money paid or improvements made; but such payments and/or
BarryN\Corporat\LLC\JewelPrk.LC\Real-Est.K 4
�- 00479 ( LI)
improvements, if any, shall be retained and kept by Seller as compensation for the use of
said property, and/or as liquidated damages for breach of this contract; and upon
completion of such forfeiture, if the Buyer, or any other person or persons, shall be in
possession of said real estate or any part thereof, such party or parties in possession shall
at once peacefully remove therefrom, or failing to do so may be treated as tenants holding
over unlawfully after the expiration of a lease and may accordingly be ousted and removed
as such as provided by law.
13., FORECLOSURE. If Buyer fails in any one or more of the specified
ways to comply with this contract, Seller may, upon thirty (30) days' written notice of
intention to accelerate the, payment of the. entire balance, during which said thirty (30)
days such default or defaults are not removed, declare the entire balance hereunder
immediately due and payable, and thereafter, at the option of the Seller, this contract may
be foreclosed in equity and a receiver be appointed to take charge of said premises and
collect the rents and profits thereof to be applied as may be directed by the court. It is
agreed that the periods of redemption after sale on foreclosure may be reduced under the
conditions set forth in Sections 628.26b and 628.27, Code of Iowa.
14. ATTORNEYS' FEES. In case of any action, or in any proceedings in
any court to collect any sums payable or secured herein, or to protect the lien or title
herein of Seller, or in any other case permitted by law in which attorney's fees may be
collected from Buyer,.or imposed upon them, or upon the above-described property, Buyer
agrees to pay reasonable attorney's fees.
15. ASSIGNMENT. In the event of the assignment or transfer of this
contract by either of the parties, prompt notice shall be. given to the other party who shall,
at the time of such notice, be' furnished with a duplicate of such assignment by such
assignor. Buyer shall not voluntarily assign or transfer their interest in this property
without the prior written consent of the Seller, which consent shall not be unreasonably
withheld. Any such assignment or transfer by the Buyer shall not terminate the liabilities
of the Buyer as assignors to perform, unless a specific release in writing is given and signed
by the Seller, their successors in interest or assigns.
i
BarryN\Corporat\LLC\JewelPrk.LC\Real-Est.K 5
9 --?- 00479 C � �
16. CONSTRUCTION. Words and phrases ' herein, including
acknowledgments hereof, shall be construed as in the singular or plural number, and as
masculine, feminine or neuter gender, according to the context.
Executed in duplicate this 171� day of Dt5rF.4,g e A-.., 1996.
JEWEL PARK ASSOCIATION, INC. L PARK, L.C.
wrence N. Roden, resi ent Jam Lars n II, Manager
ribeth Car on, Secretary Dickson D. Jensen, ager
SELLER BUYER
STATE OF IOWA )
ss.
COUNTY OF STORY )
On this -'T day of P cc c c ro r3 e,m 1996, before me, the
undersigned, a Notary Public in and for the State of Iowa, personally appeared Dickson D.
Jensen, 41A- , and James R. Larson II, each of who are to
me personally known, who, being by me duly sworn, did state that Dickson D. Jensen is the
President and 56-c.4z-c-rAp-)� of Jensen Property,
Management, Inc., an Iowa co poration, and a member of Jewel Park, L.C., an Iowa
limited liability company, and that James R. Larson II is the President and Sedretary of
Larson Development Corporation, an Iowa corporation, and a member of Jewel Park, L.C.,
an Iowa limited liability company; that no seal has been procured by either of said
corporations, nor by said limited liability company; that said instrument was signed on
behalf of Jensen Property Management, Inc., as a member of Jewel Park, L.C., and on
behalf of Larson Development Corporation, as a member of Jewel Park, L.C., by the
authority of both'corporations' Board of Directors and by the authority of said limited
BarryN\Corporat\LLC\JcwelPrk.LC\Real-Est.K 6
liability cop any's managers, and that the said Dickson D. Jensen,
, and James R. Larson II acknowledged the execution of
the instrume t to be the voluntary act and deed of said corporations as the managers and
as members of said limited liability company, by it voluntarily executed.
�•" `� MARIA RE
WSSION R SN
M CLIC,A.L
Nota Public in and for the State of Iowa
STATE OF IOWA )
)ss.
COUNTY OF STORY )
On this ilµ' day of 1996, before me, the undersigned, a Notary
Public in and for the State of Iowa, personally appeared Lawrence N. Roden and Maribeth
Carlson, to me personally known, who, being by me duly sworn, did say that they are the
President and Secretary; respectively of Jewel Park Association, Inc., executing the within
and foregoing instrument; that no.seal has been procured by the said corporation; that said
instrument was signed on behalf of said corporation by authority of its Board of Directors;
and that the said Lawrence N. Roden and Maribeth Carlson, as such officers,
acknowledged the execution of said instrument to be the voluntary act and deed of said
corporation, by it and by them voluntarily executed.
�•' `SF MARIANNE HARRELSON � >
MY COMMISSION EXPIRES
i - 7 Nota Public in and for the State of Iowa
BarryN\Corporat\LLC\JewelPrk.LC\Real-Est.K 7
9 -3 - 00479 ( -7)
FIRST PARCEL
A parcel of land located in the Northwest Quarter (NW 1/4)
of the Northeast Quarter (NE 1/4) of Section Twenty-three
(23), Township Eighty-three (83) North, Range Twenty-four
(24) West of the 5th P.M., in the City of Ames, Story County,
Iowa, described as follows: Beginning at the intersection of the
South right-of-way line of Jewel Drive and the East right-of-
way line of Duff Avenue (U.S. Highway No. 69), said
intersection being 144.47 Feet South and 50.05 Feet East of the
North Quarter Corner (N 1/4 Cor.) of said Section Twenty-
three (23), thence South 89°46'48" East 49.25 Feet along the
South right-of-way line of Jewel Drive, thence Easterly 156.63
Feet along the South right-of-way line of Jewel Drive and the
arc of a curve concave to the South with a central angle of
07°14'00", a radius of 1,240.69 Feet and a chord that bears
South 86°09'48"East 156.53 Feet, thence South 82°32'48"East
164.45 Feet along the South right-of-way line of Jewel Drive,
thence Easterly 76.18 Feet along the South right-of-way line of
Jewel Drive and the arc of a curve concave to the South with
a central angle of 03°21'16", a radius of 1,301.23 feet and a
chord that bears South 80°52'10" East 76.17 Feet to the West
right-of-way line of Emerald Drive, thence South 06°01'38"
West 51.78 Feet along the West right-of-way line of Emerald
Drive, thence Southerly 63.15 Feet along the West right-of-
way line of Emerald Drive and the arc of a curve concave to
the East with a central angle of 06°00'00", a radius of 603.00
Feet and a chord that bears South 03°01'38" West 63.12 Feet;
thence South 00'01'38"West 177.71 Feet along the West right-
of-way line of Emerald Drive to the North Line of the South
100 Feet of Outlot 2 in Emerald Subdivision, thence South
89°58'53" West 217.30 Feet along the North line of the South
100 Feet of Outlot 2 in Emerald Subdivision to the East line of
Outlot 1 in Emerald Subdivision, thence North 00°00'42"West
200.20 Feet along the East line of Outlot 1 in Emerald
Subdivision to the North line of said Outlot 1; thence North
89°58'03"West 217.50 feet along the North line of said Outlot
1 to the East right-of-way line of Duff Avenue (U.S. Highway
No. 69), thence North 00°00'00" East 136.06 Feet along the
East right-of-way line of Duff Avenue (U.S. Highway No. 69)
to the point of beginning, containing 2.22 acres, more or less,
and subject to any established easements of record.
EXHIBIT"A"
i
9 -7- 00479 C g')
SECOND PARCEL
A parcel of land located in the Northwest Quarter of the
Northeast Quarter of Section 23, Township 83 North, Range 24
West of the Fifth Principal Meridian, City of Ames, Story
County, Iowa being described as follows:
Beginning at the intersection of the South right-of-way line of
Jewel Drive and the East right-of-way line of Emerald Drive,
said intersection being 200.67 Feet South and 552.79 Feet East
of the North Quarter Corner of said Section 23;
Thence South 78°13'43" East, 102.75 Feet along the South
right-of-way line of Jewel Drive;
Thence Easterly, 31.72 Feet along the South right-of-way line
of Jewel Drive and the arc of a curve concave to the North with
a central angle of 02°08'40", a radius of 847.53 Feet and a
chord that bears South 79°18'03" East, 31.72 Feet to the West
right-of-way line of Opal Drive;
Thence South 00'01'42" West, 738.84 Feet along the West
right-of-way line of Opal Drive to a point 15.00 Feet South of_
the North right-of-way line of vacated Patricia Drive;
Thence North 89°49'02"West, 139.53 Feet along a line parallel
with and 15.00 Feet South of the North right-of-way line of
vacated Patricia Drive to the East right-of-way line of Emerald
Drive;
Thence North 00°01'38"East, 662.81 Feet along the East right-
of-way line of Emerald Drive;
Thence Northerly, 56.86 Feet along the East right-of-way line
of Emerald Drive and the arc of a curve concave to the East
with a central angle of 06°00'00" a radius of 543.00 Feet and
a chord that bears North 03°01'38" East, 56.84 Feet;
Thence North 06'01'38" East 45.93 Feet along the East right-
of-way line of Emerald Drive to the point of beginning
containing 2.40 acres more or less and subject to established
easements of record.
This property is a part of the land described in the Warranty
Deed recorded in Book 296, Page 5 in the Story County
Recorder's Office.
EXHIBIT"A"
2
97- 00479 (9)
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