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Home My WebLink About200609070195 Alter I'ICCrdlng retIJm to: Han Kim Mihyung Kim 239 4th Street an:~rton,VVA 98337 .... ",,:: .:' 1~llj~illllllllllll 1IIIillllll glll~1 ~II ~~~ln:~p5 jRANSNATION TITLE INS CO DEED $33.SS Kitsap Co, WA ,:' ,:. '("': . =.:! .::=; " . ",:,. .:;. Reference: :lO~l~..i~'r,ipl. -ttDFi(':': .,. ',." "'"".,, ST~Tji.:rQ'V, WARRANTY DEED {$}oClty of B~~~~~... "~n1d,* Corpor.tIOft, ":,":::.:,' tor and i~"cc)'~sideration ofTen ($'10:00) Dollars and other good and valuable consl~ation AND AS PArr or AM I.R.C. SECTION 1031 TAX-DEFERRED EXCHANGE in hand Pilld, conveys and warrants to Han Kim and Mihyung Kim, husband ancl wife the following described real estate, situated in the County of K1tsap, State ofWuhington: See .xhlblt 4 attached h.-.to and mad. a part h..-.of. SubJlIct to: Those items speclflcally set forth on Exhibit "A" i1ttadled hereto. Abbreviated legal: (Required It h1lllellal not Inserted abov,,) LOTS 14, 15, :Z:Z, 23, 24, 15, 26, AND 27, BLOCK 7, BR!M!RTON Tax Parcel Number(s): :1711-007-014-0006 _d,........".~. _ ~ ""~ ~, m,"~," '""~ 200SEX08108 Total: $10.00 / 09f07f20~ Initi.~_____ Clark'. Not~ry Publ"-ln and for thel~tatll of. Waf:: it 1t'l1.J..n n Re1i.d.ng at ~""Pt'Y'P~~~ ~ . My Appointment expires: ~- '2. 1- h .., Statutory VVarranty Deed TRANSNATION TITLE INSURANCE COMPANY 55: ,~lbl~"A SITUATE IN THE em OF BREME'''''''''; 'PO... ':U.....~ OF KITSAP, em Of BREMERTON, STATE Of WASHINGTON. . LOTS 14, 15, 22, 23, 24, 2S, 26, AND 27./Sl RECORDED IN VOWME 2 OF PlATS, ~:~e.,.j~,,, . :.PlAr Of TOWN Of &REMERTON, AS . OS OF KlTSAP COUNTY, WASHINGTON; SUbject to: .::~: '. " LOCAlIMPROIi BREMERT9N; .... ":. 'i. ., ," "i.,::' ;~::~;::".~E TE~~!~~;i:~:E:~::rr COMPANY, A WASHINGTON ./~.lJR.PQS~\ " "." elEcrRIC TRANSMISSION AND/OR DISTRIBUTION 5YSTEM '\~~." .;~.. ' EFl!D' CT., ED: ';, ';" l 'pORTION OF SAID PREMISES "o;.w""" '""":::,,.'OtrO&ER 10, 1991 RECOROING NO.: ""9110100056 UNRECORDEO cm Of BRfMERTON ORDINANCE NO. 4490 AND THE TERMS AND eONOITIOIllS THEREIN, APPROVED NOVEMBER 7, 1992. MATTERS SET FORTH BY SURVEY: RECORDED: JULY 21, 2005 RECORDING NO.: 200507210023 DISClOses: PERIMETER UNRECORDED LEASEHOLDS, IF ANY; RIGHTS OF VENDORS AND HOLDERS Of SECURITY INTERESTS ON PERSONAL PROPERTY INSTALLED UPON THE LAND; AND RIGHTS OF TENANTS TO REMOVE TRADE FIXTURES AT THE EXPIRATION OF THE TERM. 1/11/11111111111111 II 11/111111/11 1/111111111111 111/1111 ~~~~li~~~,::5 TRANSNATION TlTIl: INS CO DEEO $JUS Kits~p Co. WA TRANSNATION TITLE INSURANCE COMPANY 9619 Levin Road, NW, Silverdale, WA 98383 (360) 692-4556 SELLERS CLOSING STATEMENT FINAL Seller: City of Bremerton Escrow No: Close Date: Proration Date: Date Prepared: 20213886-101 HDF 09/0712006 09/0712006 09/07/2006 Property: TOTAL CONSIDERATION: Total Consideration TITLE AND ESCROW CHARGES: Title Insurance to Transnation Title Insurance Company Escrow Sales Tax to Transnation Title Insurance Company Title Sales Tax to Transnation Title Insurance Company 930,000.00 3,072.00 i REC 64.93 264.19 755.00 10.00 4,166.12 930,000.00 925,833.88 $930,000.00 $930,000.00 EIVED 08 2006 rS';>erfon Y S Office Escrow Fee to Transnation Title Insurance Company RECORDING FEES: County Transfer Tax to KITSAP COUNTY TREASURER Sub Totals Proceeds Due Seller Totals SEP C'nl City" Y Of B Attome I I I I l Printed: 09/07/2006 4: 15:36PM , 1. D, FHA 4. D VA ~. ESCROW FILE NUMBER: 20213886-101 HDF 8. MORTGAGE INSURANCE CASE NUMBER: FINAL C. NOTE: This form is furnished to give you a statement of actual settlement costs. Amounts paid to and by the settlement agent are shown. Items marked "(P. O. C.)" were paid outside the closing; they are shown here for informational purposes and are not included in the totals. 2. D 5. D FMHA CONV. INS. OMB No. 2502-0265 3. D CONV. UN INS. A. U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT SETTLEMENT STATEMENT Transnation Title Insurance Company 9619 Levin Road, NW Silverdale, WA 98383 B. TYPE OF LOAN 7. LOAN NUMBER: D. NAME OF BORROWER: EXCHANGE FACILITATOR CORPORATION RECEIVED ADDRESS OF BORROWER: 2627 EASTLAKE AVE E. SEATTLE, WA 98102 City of Bremerton SEP 0 8 2006 City of Bremerton City Attorney's Office E. NAME OF SELLER: ADDRESS OF SELLER: 345 6th St. Bremerton, WA 98337 F. NAME OF LENDER: ADDRESS OF LENDER: G. PROPERTY LOCATION: 239 4th St. Bremerton, WA 98337 Kitsap 3718-007-014-0006 LOTS 14,15,22,23,24,25,26, AND 27, BLOCK 7, BREMERTON H. SETTLEMENT AGENT: Transnation Title Insurance Company PLACE OF SETTLEMENT: 9619 Levin Road, NW, Silverdale, WA 98383 I. SETTLEMENT DATE: 09/07/2006 PRORATION DATE: 09/07/2006 FUNDING DATE: SUMMARY OF BORROWER'S TRANSACTION K. SUMMARY OF SELLER'S TRANSACTION , 'W?ill'_i~i'i'i"'i::~:i":':':i" ;';;'ii kt1gillQ:~i:grQ~:~:':'~~'ptou:fj_:t,l,m:y,~:':~[ 930,000.00 ... "'401.C6ntra2tsalesPrlce 402. Personal Property 1 ,176.03 403. 404. 405. Adjustments For Items Paid By Seller In Advance: 406. Cityrrown Taxes 407. County Taxes 408. Assessments 409. 410. 411. 412. 413. 414. 415. 420. Gross Amount Due to Seller 09/07/2006 101. Contract Sales Price 102. Personal Property 103. Settlement charges to Borrower (line 1400) 104. Payoff to 105. 930,000.00 Adjustments For Items Paid By Seller In Advance: 106. Cityrrown Taxes 107. County Taxes 108. Assessments 109. 110. 111. 112. 113. 114. 115. 120. Gross Amount Due from borrower: 1~.~g:~TOYQts'l~~id 201. Deposit or earnest money 202. 203. Existing loan(s) taken subject to 204. Exchange funds 205. buyers closing funds 206. 207. 208. 209. Adjustments For Items Unpaid By Seller: 210. Cityrrown Taxes 211. County Taxes 212. Assessments 213. 214. 215. 216. 217. 218. 219. 220. Total Paid By/For Borrower '~,'QO!\'G~.~H ", me'i,t"fromltol'IE3Qrro "30'1. <3r68s amount du~fr6m SCJrrower(line 120) 302. Less amount paid by/for Borrower (line 220) 303. Cash FROMrrO Borrower: 50,000.00 501. Excess deposit (see instructions) 502. Settlement charges to Seller (line 1400) 503. Existing loan(s) taken subject to 638,739.05 504. Payoff of first mortgage loan 242,436.98 505. Payoff of second mortgage loan 506. Seller Deposit 507. 508. 509. Adjustments For Items Unpaid By Seller: -~-_. 510. Cityrrown Taxes 511. County Taxes 512. Assessments 513. 514. 515. -~.----I~-~---------~-_.. 516. 517. 518. 519. 520. Total Reductions In Amount Due Seller /fro 601. Gross amount due to Seller (line 420) 602. Less reductions in amount due Seller (line 52 603. Cash TO Seller: 4,166.12 931,176.03 931,176.03 0.00 930,000.00 4,166.12 925,833.88 Hudc.rpt (09/16/2002) Printed by Tricia L. Fisher on 09/07/2006 at 04:15: 19 PM L. SETTLEMENT CHARGES: ,70o:....ii6.t~fis.are.$lB..6ke..i$fCommissI6'n'~f.. ';'_' "':' , ':':""~;:G~,,~~,~::',:::::,,.:::,,-_':,-:;,_,_,,:,:,,___::::,-,:-,_::,,'-::_C:._ -, " ,,::->,i~;,~,::'::, ," , " : ,::",:::",:;"",~,."" Based on Price $930,000.00 @ % = Division of Commission (line 700) follows: 701.$ to 702. $ to $ to 703. Commission paid at settlement 704. :ii~pO..i.ltems PaY~.~I~.lb...pg55'~gf'Qr:...Wi!h.i.~g~b:'i""" 801. Loan Origination Fee 802. Loan Discount Fee 803. Appraisal Fee 804. Credit Report 805. Lenders inspection Fee 806. Mortgage Insurance Application Fee 807. Assumption Fee 808. 809. -,;,,~'tl~iX':':',~ ;-:':":x:nB@)7~'tL!Y ;:':':',+}~~SA'Fif' / ,. '<;f0illf@b. -;y,JRi::IWITt.;" ESCROW FILE NUMBER: 'WiN11V::~ -->i~%W 'TTHiIMiNt}- -t;:':~'~I~_~~H:! l l l ~I I I I :i':%!I!!i;i' I I I I I I I I I I I .i:il.i..:...E.'~_,__.:~.__~.I1ii.'.i.~.~.~..~.i.;.~.:\) ;'ojW!!dMt ~.... I I I I I i",:",~;:O:';;_""N_'-^;_' ; dL::g;;gili'i, >tW~Il!W OMS No. 2502-0265 20213886-101 HDF l l l I I I I I I I I I I I I I ~ I I I I I I I I I I I I I I 755.00 I I I I I I I I I I I I I I 64.93 I I Paid from Borrower's Funds at Settlement 810. 811. i~Q.Q..!t~m~...~~g~Ir~d By L~9]:!~~~1fp.Be;.G,~I~:I~..A~y~(l:~lJl1fr' 901. Interest 902. Mortgage Insurance Premium 903. Hazard Insurance Premium 904. 905. 1.'(),qQ.:~~li~rR~13...o.~R9sit~(j..wI!mlW~~~~r: 1001. Hazard Insurance ~, ::';:ti'l~~~!~ii;~j>:] ~': :~,l8litii;i~ki "';i::t';"-".'1$iXV < ;~',;%Jfri~J1Y'~""~ .,',,---,-----.,-----,-,--,-,-,--,-,-..-,,-,,-, <""" ,- TOO, >.-:-:_:::_:-,:-o::::_:'::::'",,:,<<:.:\- ., "-:"",--":::'~'~""H"';', ' d%@k '\1ij{j());,,;:,~,~:~ 1002. Mortgage Insurance 1003. City Property Taxes 1004. County Property Taxes 1005. Annual Assessments 1006. 1007. 1008. Aggregate Adjustment months @$ 11,QQ;'Ii!I~.?ti~"r9~~~1~1ili~liiii::'ii.:o, o,F;L;ziit;'rrW[3j?iii' ......,... .....r.;.)F;\Y;%XnT' 1101. Settlement or closing fee to Transnation Title Insurance Company 1102. Abstract or title search 1103. Title examination 1104. Title insurance binder 1105. Document preparation 1106. Notary Fees 1107. Attorney's Fees (includes above item numbers: ) 1108. Title insurance to Transnation Title Insurance Company (included above item numbers: ) 1109. Lender's coverage $ 1110. Owner's coverage $ 930,000.00 1111. 1112. ~':l~~~:~~jf:}:j:;;,:,:::::, <"S,,-S,.> ~,r;)j4rj~~iji\':: I I I ?:'2;:,,%;E:h';':~;~ ,<,:%~'~""" I I I I I I I I I I I I I ~ I l:jn4lg~:~! , j;~Agii&'iltE~~~_>~,;- u, H~):;W"i ....3i;::'t1t~ji;::;iiii::.. 1113. "See attached for breakdown 120Q.~Qvernmenf'8~~Qffaing'ana"TransfEi:e?harges 1201. Recording Fees: Deed$ 34.00 Mortgage $ 1202. City/County tax/stamps 1203. State tax/stamps 1204. City Transfer Tax 1205. County Transfer Tax to KITSAP COUNTY TREASURER 1206. 1207. 1'30"p;~r~~,~jti6~;~I' Sel!Igmel1fCharges :'y,.;, 1301. Survey to 1302. Pest Inspection 1303. FUNDS held for final audit 1304. Home Warranty Program 1305. Property Disclosures Report 1306. Taxes --_",0',"";"'''.''.'''''.' ,;:'tf;~~]8.ftlfffi~~~! Reiease $ ~. ::'~fti~lll~l~i ""'qzll!ti~>+i :?+~' GFfffSk ..' "':":}~T"'~'"~': ::'~,:: L I I I I I I I I I I I I I L i.i:.~@jl~~j TtBtilij) :-kf::r"']iliillJ' Paid from Seller's Funds at Settlement ;,u:;;JJiE~&##jF~~" ~~':':':iS~n 755.00 3,072.00 34.00 . "":~~'V:0~og~'Y:n:<Efg::~n;i+.~;g'N+.'ii.~'i".~fn,:~ "^ .,.".."" ",..'" ,,,.,..,.....u..u...u..., 329.12 1307. "See attached for breakdown 1400. Total Settlement Charges (Enter on line 103,Section J -and-line 502, Section K) Hudc.rpt (09/16/2002) 322.10 1,176.03 10.00 l:;~t;f_Wlj;~m;j;?i '<";:~?0't% 4,166.12 Printed by Tricia L. Fisher on 09/07/2006 at 04:15:19 PM , Attachments,: t,;i1]jP.i1i1::~i~DET AI LED.i:$~~~~[)(,)IJIIr;ii:C:>F...TI Escrow Number: OMS No. 2502-0265 20213886-101 HDF Buyer Seller I Description Amount Amount 1114. Escrow Sales Tax to Transnation Title Insurance Company 64.93 64.93 1115. Title Sales Tax to Transnation Title Insurance Company 264.19 I Total as shown on HUD Page 2 Line #1113. 64.93 329.12 Buyer Seller I Description Amount Amount 1311. FACILITATION FEES AND CHARGES to EFC ($515.50 P.O.C.) 1312. refund to Han Kim and Mihyung Kim 322.10 I Total as shown on HUD Page 2 Line #1307. 322.10 Hudc.rpt (09/16/2002) Printed by Tricia L. Fisher on 09/07/2006 at 04: 15: 19 PM : 1~ ~ ' REAL ESTATE PURCHASE AND SALE AGREEMENT WITH EARNEST MONEY PROVISION ( This Agreement is entered between the CITY OF BREMERTON, a Washington municipal corporation, whose mailing address is 345 6th Street, Bremerton, Washington 98337, ("Seller"), and HOTEL CONCEPTS, INC., a Washington corporation, ("Buyer"), for the sale and purchase of real property as follows: Iw\.et eLl k.s.s.1~ I ~~ 1. PROPERTY. The property, including all improvements and appurtenances situated thereon, which Buyer agrees to buy and Seller agrees.to sell, is commonly known to be located at 239 4th Street, Bremerton, Washington (the "Property"), and which is legally described in Exhibit A, attached hereto and incorporated herein by this reference. A map indicating the location of the Property is also attached as Exhibit B, incorporated herein by this reference. 2. EARNEST MONEY. Received from Buyer, Fifty Thousand and Noll 00 Dollars ($50,000.00) as earnest money and part payment on the purchase price for the Property. 3. PURCHASE PRICE. The total purchase price for the Property is Nine Hundred Thirty Thousand and No/lOO Dollars ($ 930,000.00), including earnest money, payable on closing. 4. CONTINGENCIES. This agreement is contingent upon: (a) Acceptance of its terms by the Bremerton City Council. (b) Buyers review and approval of the title report. on the property prior to Closing. (c) Buyer obtaining a binding site plan approval for development of hotel and extended stay apartments on the property within four (4) months from the date of mutual acceptance of this Agreement. (d) Abandonment of alley easements within the footprint of the new building site development plan as approved by the Seller. Abandonment shall occur prior to closing. (e) Written agreement between seller and Buyer regarding the cost of relocating the utilities from the vacated alleys on theptoperty. The cost to Buyer to relocate the utilities shall not exceed $200,000.00. Said agreement shall be executed by Buyer no later than ten (10) days from the date of site plan approval. Should any of these contingencies not be met prior to closing, then this Agreement shall terminate except neither Buyer nor Seller shall have any further ri~hts,'duties or obligations REAL ESTATE PURCHASE AND SALE AGREEMENT Page 1 of5 hereunder, except that the Earnest Money held in escrow shall be immediately returned to Buyer. s. CONVEYANCE AND CONDITION OF TITLE. The.title to the real property shall be conveyed by Seller to Buyer at closing by Statutory Warranty Deed, free and clear of all liens, encumbrances or defects except those described inParagraph 6 below; 6. TITLE INSURANCE. At Closing, Seller shall cause Transnational Title Insurance Company, whose address and telephone number is qlLlI t:1 L:e ,;" '" ~Dd. N W \5, \ vecc\a\e- \JJ ~ q%?,%~ ) (bleD') IoCtd. - L\f>5 (0 , to issue a standard form owner's policy oftitle insurance to Buyer in an amount equal to the total purchase price of the Real Property, and insuring the Real Property be discharged by Seller shall be paid from Seller's funds at Closing. If an extended coverage owner's policy is requested by Buyer, then Buyer shall pay the increased costs associated with that policy including the excess premium over that charged for a standard coverage policy, and the cost of any survey required by the title insurer. For purposes of this Agreement, the following shall not be deemed encumbrances or defects: rights reserved and federal patents or state deeds; building or use restrictions consistent with current zoning, and utility and road easements of record. If title cannot be made so insurable prior to the Closing date called for herein, unless, Buyer elects to waive such defects or encumbrances, this agreement shall terminate. 7. CLOSING COSTS AND PRO-RATIONS. The cost of escrow shall be shared equally between Buyer and Seller, except those fees which are expressly limited by Federal Regulation. Seller shall pay for excisetax and revenue stamps as applicable. 8. CLOSING OF THE SALE. With the understanding that time is of the essencefor this agreement, this sale shall be closed by January 31, 2007 or sooner, at Buyers option, which shall also be the termination date of this agreement unless said closing date is extended in writing by mutual agreement of the parties. When notified, the Buyer and Seller will deposit, without delay, in escrow with Transnational Title Insurance Company all instruments and monies required to complete the transaction in accordance with this agreement. Closing, for the purpose of this agreement, is defined as the date that all documents are executed and the sale proceeds are available for disbursement to the Seller. 9. CASUALTY LOSS. If prior to closing, improvements on said premises shall be destroyed or materially damaged by fire or other casualty, this agreement, at option of the Buyer, shall become null and void. 10. POSSESSION. Buyer shall be entitled to possession on January 31,2007. Seller may move up the date of transfer of possession upon thirty (30) days prior written notice, but in no event shall" the transfer of possession occur earlier than the date of closing as provided in Paragraph 8 above. REAL EST ATE PURCHASE AND SALE AGREEMENT Page 2 of5 11. SELLER'S REPRESENTATIONS. Seller represents that: (a) Seller will maintain the property in present or bett~r condition until time of agreed possession, (b) Seller has no knowledge or notice from any governmental agency of any violation oflaws relating to the subject property, and (c) the property is not encumbered by any leases. 12. SELLER'S ENVIRONMENTAL REPRESENTATIONS. Seller makes no representations as to the environmental condition of the property. Thi~ provision shall survive closing. 13. HOLD HARMLESS. As partial consideration for the purchase of the Property, Buyer purchases the property and improvements "as is" and agrees to hold the Seller harmless from any environmental condition or defect whether known or unknown. This provision shall survive closing. 14. DEFAULT AND ATTORNEY'S FEES. (a) Buyer's Default. If Buyer defaults hereunder, Seller's sole remedy shall be limited to damages against Buyer in the liquidated amount of the earnest money previously paid the Buyer. Buyer and Seller intend that said amount constitutes liquidated damages so as to avoid other costs and expenses to either party in connection with potential litigation on account of Buyers' default. Buyer and Seller believe said amount to be a fair estimate of actual damages. (b) Seller's Default. If Seller defaults hereunder, Buyer shall have all the rights and remedies available at law or in equity. (c) Attorney's Fees and Costs. In the event oflitigation to enforce any of the terms or provisions herein, each party shall pay all its own costs and attorney's fees. 15. NOTICE TO BUYER. This form contains provisions for an agreement for the purchase and sale of real estate. The Seller makes no warranty or representation of any kind that this form, or any of its provisions, is intended to meet the factual and legal requirements of a particular transaction, or that it accurately reflects that laws of the State of Washington at the time you enter the agreement. This agreement has significant legal and financial consequences. By signing this agreement, Buyer acknowledges that Buyer has or has had the opportunity to consult with an attorney regarding Buyers rights and obligations in this agreement. 16. BROKERS FEES/COMMISSIONS. Buyer agrees to indemnify, defend and hold harmless Seller with respect to any claim by any person or entity claiming through Buyer to be entitled to a commission with respect to the transaction contemplated by this agreement. REAL ESTATE PURCHASE AND SALE AGREEMENT Page 3 of5 17. NON-MERGER. The terms, conditions, and provisions of this Agreement shall not be deemed merged into the deed, and shall survive the Closing and continue in full force and effect. 18. NOTICES. All notices required or permitted to be given hereunder shall be in writing and shall be sent U.S. certified mail, return receipt requested, or by facsimile transmission addressed as set forth below: (a) All notices to be given to Seller shall be addressed as follows: Mayor City of Bremerton 345 6th Street, Suite 600 Bremerton, Washington 98337-1873 (b) All notices to be given to Buyer shall be addressed as follows: t1~ [~ (1-\.1- "Z2-" .A-tM(U~ ~AJ J ~-ttt'-e tWI+ ejR,O Ej Either party hereto may, by written notice to the other, designate such other address for the giving of notices as being necessary. All notices shall be deemed given on the day such notice is personally served, or on the date of the facsimile transmission, or on the third day following the day such notice is mailed in accordance with this paragraph. 19. ENTIRE AGREEMENT. This agreement, including all incorporated exhibits, constitutes the full understanding between seller and buyer. There have been no verbal or other agreements that modify this agreement. 20. BINDING EFFECT AND SURVIV AL. This Agreement shall be binding upon parties hereto and their respective heirs, successors and assigns; and the terms, conditions and provisions of this Agreement shall survive the closing of this transaction. 21. DATE OF MUTUAL ACCEPTANCE. For the purposes of this Agreement, the date of mutual acceptance of this Agreement shall be the last date on which the parties to this Agreement have executed this Agreement as indicated below. 22. EXPIRATION OF OFFER. Buyer shall have only until 5:00 p.m. on , to accept the purchase and sale agreement as written, by delivering a signed copy thereof to the Seller or the Seller's agent. If Buyer doesnc.?t so deliver a signed copy REAL ESTATE PURCHASE AND SALE AGREEMENT Page 4 of5 within said period, this agreement shall lapse and all right of the parties hereunder shall terminate. IN WITNESS WHEREOF, the parties hereto have executed this Agreement on the date set forth below. SELLER: By: Cary Bozeman, ayor .:;2- /J~ :z>? / Dated: APPROVED AS TO FORM: By: Roge A. Lubovich, City Attorney BUYER: HOTEL CONCEPTS, INC. ~ c9-{ A5>~~~ BY:~' Its:&~~~ ~ - Dated: '~ -:,\ olv By: Its: ~ selAL~ FA 5 J 0 -6 Dated: R:\Legal\Files\Current Active Files\ City Hall Sale\REPSA-HotelConceptslnc.doc REAL ESTATE PURCHASE AND SALE AGREEMENT Page 5 of5 . . __R~_a,J.E~t~t~_r.uL~h~_~~_a!l~L~!l!e___ ___ _________________ Agreement with Earnest Money Provision City of Bremerton & Hotel Concepts, Inc. EXHIBIT A Legal Description: Lots 14-15, Lots 22-27, Block 7, Plat of Bremerton Identity of the Property: This is a commercial building, parking garage and open parking lot, located between Fourth Street and Burwell Street, just West of Washington Avenue within the incorporated City limits of the City of Bremerton. The site address is 239 Fourth Street. !Zeal Estate Purchase and Sale Agreement with Earnest Money Provision City of Bremerton & Hotel Concepts, Inc. PLOT MAP EXHIBIT B '~.: 1'1 "f" 11 {>", ,.. ,~ I ~ '8~ , '-:;1 ")I,~( .',': ' \ f Jj.... :.'_ .-~ l. ~.' ",1' ."... . ,i1.. , , .-'.B}.'..h .J .1 \ , ::t-:' "."I~ '1' , , "l "n ,.~' , ~. " :/-\i~~v:.{ ,r~:-. .. .~ J .' -~.~ " (!:'i' '.. ~ ,.; t~ . ""- h ,.~ ,:;-:. ,-~;''''7-. J. I :,~:;;~<k~-;f,..:;' . ':, :.;"~~ ':" ,\o}:.:,,1~L{:~ ; :>'{ ,<:;\~;, - ',' _ ,:'~:.\' ;F'-~'" ,3) ,,.t-1'~~-~"~'::::!'~'/;'; '.'.,; ,.stlftEr j--~,I"" ." " ., -r.{"",.-; '1 ;, I, ' 'ji~' :"tll!4" I 1,,- ~~~~r-, \'10:. f. , , ./ ,.., l,~' J ;'r:~~':' 'r'~"'1'.,r,.~<:-.~: /,','" "g2,'1L~ ~;, ",:-. ;-!, '~'~f.J1 Ill.'r" 12. I' u "~':;., ~'j '1:,; Zl :JA~Jf, -'i' "'~,' ,., . ,,;, - -'1 ' . ~ .dl --', c_~i~" l ...!t;!.j/'-"~I}" .~. ~:;t~: -i' > f.}W:?jjl~"";';; 'l~'.<-..,-;~.... 't~;l1 ;,.)'.1,:: 'J .v ". /' ,:~':':' ,I ~ .J , ~ ("r;~.loJ ,_l...-~ ..,'J ::.,~ i 1. . ~ - t"".' I _' J t.. ,f... " ..~, . , . F' ,... f t S;.~l r~:'," ',~.. .'..>1 .',___' ~ :.... 0 ~.~. -0 '0' 0 ~ ! :.:,;,,;.., !,: ,..) , "'J" f / I' . -. I'"~ i I "'f'" 0" ',.. ~ ~. 'I. : ':, ,:', .("", !?~ ,f.;:I,~~':.:>,S;'~<~/<~ ,~._.~~-i::d~~'1 :'~:': :,' ~, stREEt '-l I S "'" ,., n .14 ., ~4 o v :;~~~j:<,: ',' /....,. ., L .. .' _0- '., " . ,. , t" " 12 FIRST AMENDMENT TO PURCHASE AND SALE AGREEMENT WITH EARNEST MONEY PROVISION BETWEEN THE CITY OF BREMERTON AND HAN KIM AND MIHYUNG KIM. This First Amendment to Purchase and Sale Agreement with Earnest Money Provision is entered into between the CITY OF BREMERTON (Seller) and HAN KIM and MIHYUNG KIM as assignees of Hotel Concepts, Inc. (Buyers) and amends the Real Estate Purchase and Sale Agreement as follows: A. Section 4, paragraph (c) of the Purchase and Sale Agreement is amended to read as follows: 4. CONTINGENCIES. This agreement is contingent upon: *********** (c) Buyer obtaining a binding site plan approval for development of hotel and extended stay apartments on the property on or before July 17, 2006. ************ All other terms of the Purchase and Sale Agreement with Earnest Money Provision shall remain in full force and effect. IN WITNESS WHEREOF, the parties hereto have executed this Amendment on the date set forth below. SELLER: CI~ B~O~ (~) By: Cary Bozeman Its: Mayor Dated: t.-1J,.- 01- BUYER: ~ ~ Han Kim Dated: tf('r I ~ C' Jh'~ 7. ~ (JIt Mihyung 1m Dated: 51? /7) { APPROVED AS TO FORM: B~ -~ ---, R g . Lubovion, y Attorney R:\Legal\Legal\Files\Current Active Files\City Hall Sale - Hotel Concepts\lst Amendment to REPSAdoc 1 ... ,. .: From: e 03121/:_ 14:48 #025 P .005/007 ,-' AssianMent AOfflGmSl1t This Assignment Agreement is made and effective as of the 21st day 'of March; 2006, by an~ .~etween City of Bremerton, a Washington municipal oorporation ("Seller"), Exchange FacIlitator CorporatIon, a Washington corporation ("Intermediary"), Hotel Concepts Inc., a Washington COrporation C'Hotel Concepts Inc.6}, and Han Kim and Mihyung Kim, husband and wife (8Exchangor6), and is executed as an addendum to the Real Estate Purchase and Sale Agreement dated February 3, 2006, between Seller and Hotel Concepts Inc. ' \) RecItals SeUer and Hotel Concepts Inc. entera':! 1rrto the above-referenced Rear Estate Purchase and Sale Agreement, a true and cort'ectcopy of which is attached hereto as Exhibit · A" (IIAgreement'~ I in which Seller agreed to sell the real property described In said Agreement ('IProperty"). Exchangor desires to structure the acquisition 'Of the Property to qualify as a tax-deferred exchange pursuant to Section 1031 of the Internal Revenue Code of 1986, as amended. " " Exchangor and Intermediary entsred into an Exchange Agreement ,in' whioh ' Exchangor transferred certain real property to Intermediary in exchan.g~ for Repla~ment Property to b~ acquired by Intermediary snd transferred to EXchangor within the deadlines of Section 1031. , Exchangor and Intermediary deSire that Hotel Concepts Inc. assign to EXchangor and Exchangor assign to Intermediary all of Its right, title and Interest under the Agreement With respect to the purchase of the Propertyln order to facilitate the tax~deferred exchange of Exchangor, ,Seller is agreeable to such assIgnment. Now, therefore, for good and valuable consideration, the parties hereto agree as follows: 1. Asslanment .9 Exchan9o{.Hot~H Concepts Inc. hereby assigns and " transfers to EXchangor all of its right, title and interest in and under the Agreement with raspect to the purchase of the Property. " "Exchangor hereby assumes all of Hoter Concepts Inc, 's right. title and interest in ' and under the Agreement with respect to the purchase ofthe Property. ' 2. ASslgnmel1l. Exchangor hereby assigns and transfers to IntermedIary all of theIr right, title and interest in and under the Agreement with respect to the purchase of the Property. Intermediary hereby accepts an assignment of an of Exchangor's right, title and intere~t in an,~ under the Agreement With respect to the purohase of the Property, '" , , 3. Co,:,sent ~ Assianment. Seller hereby consen~ to this assignment, and aoknowledges reoelpt of thIS assign~ent prior .to Clo.Slng. Upon Intermediary depositing $50,000.00 of the Exchange Credrt (as defined In the Exchange Agreement) with ASSignment Agreement Page 1 Td WdS0:cT 900c cc '~~W 09SV Tvv 90c 'ON X~j Sld3JNOJ l310H WO~j From: e 03/21/_ 14:49 #025 P .006/007 .-~ LandAmerioa TransnatJon (UEscrow Agene), Seller authorizes Escrow Agent to reimburse Hotel ConceptS, Inc. its prior earnest money deposit of $60,000.00. .. 4. Direct Deeq. In. order to .avold dopllcative recording, escrow and title fees and other like charges, Intermediary h$reby instructs Seller, and Seller hereby agrees, to execute a deed to the Property in favor of Exchangor upon closing. In addition, Intermediary hereby instructs Seller to execute au other conveyance documents in favor of Exchangor such as an Assignment of Leases upon closing. Intermediary further Instructs Exchangor to execute any and all recourse financing required to obtain the Property. Seller hereby consents to such Instruction. .5. Contlnulnq QbllaatiQD. Notwithstanding this Assignment Agreement, all . warranties, . representations, duties and obligations of Seller and Exchangor under the Agreement shall continue in full force and effect, and neither Seller nor Exchangor shall be released from the same. 6. Tax Efl&c~. No party has. made or Is making any representations to the other concerning any of the tax effectS of the transactions provided for in this Assignment Agreement. No party shall be liable for .or in any way responsible to the other party because of any tax effect resulting from the transactions provided for in this Assignment Agreement. Each party is' relying on its own tax advisors. . 7. Count~rpar1i.~ This Assignment Agreement may be executed in counterparts and shall be binding. on all the parties hereto as if one agreement has been signed. Dated as of the date set forth above. Intermediary: Exchange Facilitator Corporation, a Washingto corporation Exchangor: ....~ Han zt 4~~~ Mil1Yung Kim - Hotel Concepts Inc_ Hotel Concepts Inc. Seller: City of Bremerton, aW~m"~~n - -} Byf.ar"'r' ~/,)7~rV\nn \ fts H () lfD r .J~~. . . ~ ~~'>'~L~)~' fts f.J..u..1J 1.M* ' Assignment Agreement Page 2 ~.._. ---..--- ?M WMq~:?1 q~~? ?? '~pw ~q~b 1bb q~? "nN XH4 SIM~~Nn~ 1~lnH wn~4 From: e Q 03/21.. 14:50 #025 P .007/007 .,;-- ."-' v 1~ !(EAL ESTATE PURCHASE AND SALE AGREEMENT WITHEARNEST MONEY PROVISION EXHIBIT A Ihi~ AO'l'p~Pft'fo~r ~+~...11-.......l-....n...-.. ..1..._ ~~ 1"'\."I"":I-.....T:'I....~:::--.J:lt"O:z.T'..............~b.._a.u.IltoLL.d.V.lp~. corporation, whose mailing address is 345 6th S~t. Brem.erton., Washington 98337. ("Seller"). and i HOTEL CONCEPTS~ INC., a Washington corporation, ("Buyer'!), fOT the sale and purchase of f1., t real property as follows: ~ '4.. -'d.s,.t ~ . . 1. FROPERTY. The property, including all improvements and appurtenances situated thereon, which Buyer agrees to buy and Seller agrees.to sell. is cotmnon1y known to be located at 23941b Street, Bre1Ilerton, Washington{the "Property"). and which is legally described in Exhibit A. attached heretO and incorporated herein by this reference. A map indicating the location of the Property is also attached as Exhibit B, incorporated.herein bytbis reference. 2. . EARNEST MONEY. Received from Buyer, Fifty Thousand and No/100 Dollars ($50,000.00) as earnest money and part payment on the purchase price f~r the Property. . 3. PURCHASE PRICE. The total pUI:chase price for the Property is Nine Hundred Thirty Thousand and No/I 00 Dollars ($ 93,0,QOO.00), including earnest money. payable on closing. 4. CONTINGENCIES. Thillagteement is contingent upon: (a) Acceptance. of its terms by the Bremerton City Council. (b) Buyers review and approval of the title report. on the property prior to Closing.. .' (c) 'Buyer obtaining a binding site plan approvai for development of hotel and -extended stay aparto1~ts on the property within four (4) months from the date of mutuai accep~ce of this Agreement. . (d) Abandonment of alley easements within the footprint of the new building site development plan as approved by the Seller. Abandomneni shall occur prior to closing. ,- . (e) Written agreement between seller and Buyer regarding the cost of relocating the utilities. from the \.Tacated alleys on the .property. The cost to Buyer to relocate the utilities shall not exceed $200~OOO.OO. Said agreement shall be execute? by Buyernlll later than tc:n (10) days from the date of site plan approval. . . Should any oftbesecontingenciesnot be met prior to closing, then this Agreement . .... shalJtennmate except neither Buyer nor Seller shall have any ~er ri~tS;"diIttes or obligations 1tEAL EsTATE PURCBASEAND SALE AGREEMENT . Page 1 of5 , ~ --..,---.. ....~ ". 'ano'n.,_ [d WdL0:G1 900G GG 'Jew 09S;17 11717 90G 'ON Xtl.::l Sld3JNOJ l310H WO~.::l