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HomeMy WebLinkAboutBREMERTON AREA CHAMBER OF COMMERCE LAND TITLE ESCROW 9657 Levin Road NW, #110, Silverdale, WA 98383 Phone: (360)692-4033 Fax: (360)692-8669 SELLER'S FINAL SETTLEMENT STATEMENT Date: April 30, 2008 Settlement Date: April 30, 2008 Buyer: Bremerton Area Chamber of Commerce Seller: City of Bremerton , a municipal corporation Property: 286 4th Street Bremerton, WA 98337 Time: Escrow No.: Escrow Officer: 09:16.AM E-223654 Cathie Ames , ',' c~:~:r '~.: ~ l'!;:.') r:~ mM 'J 2008 '.r,~::rne~ior ;. :P'./~i 'Qftc , . Financial Consideration Total Consideration Deposit retained by seller ::'~ .l~l ~~j ).: .4. -~ ... '" ,~ , -. .'- U;l1 ''if..' .. '-'viii Escrow Charges Settlement or Closing Fee Title Charges Title Insurance Sales Tax/Owners Premium Sales Tax/Escrow Fee Recording Charges Excise State Technology Fee Affidavit Processing Fee Other Debits/Credits Prorata Rents Subtotals Balance Due TO Seller TOTALS City of Bremerton, a Washington Municipal Corporation By: Cary Bozeman, Mayor Read, accepted and approved: By: Roger A. Lubovich, City Attorney -~ ;.~Lf~ l\,i.),~:~ DEBIT 5,000.00 450.00 1,135.00 97.61 38.70 5.00 5.00 75.23 6,806.54 353,193.46 360,000.00 CREDIT 360,000.00 360,000.00 360,000.00 (E-223654. PFD/E-223654/49) REAL ESTATE PURCHASE AND SALE AGREEMENT WITH EARNEST MONEY PROVISION (DCD Building) This agreement controls the terms of the sale of real property. (Please read carefully before shming.) This Agreement is entered between the CITY OF BREMERTON, a Washington municipal corporation ("Seller"), and the BREMERTON AREA CHAMBER OF COMMERCE, a non- profit corporation ("Buyer"), for the sale and purchase of real property as follows: 1. PROPERTY. The property, which Buyer agrees to buy and Seller agrees to sell, is commonly known as the DCD building located at 286 4th Street, Bremerton, Washington (the "Property"), and which Property is legally described in Exhibit A, attached hereto and incorporated herein by this reference. Buyer agrees to buy the property and assume title to the same in its current condition, "as is". 2. EARNEST MONEY. Received from Buyer, Five Thousand and Noll 00 Dollars ($5,000.00) as earnest money and part payment on the purchase price for the Property. 3. PURCHASE PRICE. The total purchase price for the Property is Three Hundred Sixty Thousand Dollars ($360,000.00), 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. 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 rights, duties or obligations hereunder, except that the Earnest Money held in escrow shall be immediately returned to Buyer. 5. 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 in Paragraph 6 below. 6. TITLE INSURANCE. At Closing, Seller shall cause Land Title Company, whose address and telephone number is 9657 Levin Road NW Silverdale, Washington 98383, (360 692- 4321), to issue a standard form owner's policy oftitle insurance to Buyer in an amount equal to the total purchase price of the Property. The cost of this policy 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 REAL ESTATE PURCHASE AND SALE AGREEMENT Page 1 of5 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 excise tax and revenue stamps as applicable. Taxes for the current year, rents, interest, water and other utility charges, if any, shall be pro-rated as of date of closing unless otherwise agreed. 8. CLOSING OF THE SALE. With the und,erstanding that time is of the essencefor this agreement, this sale shall be closed by April 30, 2008, 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 Land Title 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. CASUAL TY 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 full possession on closing. 11. SELLER'S REPRESENTATIONS. Seller represents that: (a) Seller has no knowledge or notice from any governmental agency of any violation oflaws relating to the subject property, and (b) the property is not encumbered by any leases with the exception of Buyer's lease. 12. SELLER'S ENVIRONMENTAL REPRESENTATIONS. Seller makes no representations as to the environmental condition of the property. This provision shall survive closing. 13. 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 of litigation to enforce any of the terms or provisions herein, each party shall pay all its own costs and attorney's fees. REAL ESTATE PURCHASE AND SALE AGREEMENT Page 2 of 5 14. 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 ofthe 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. 15. 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. 16. 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. 17. 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: Bremerton Area Chamber of Commerce Attn: S'dv; C{ KLf tl-hq i\ 286 Fourth Street PO Box 229 Bremerton, W A 98337 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. 18. 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. REAL ESTATE PURCHASE AND SALE AGREEMENT Page 3 of 5 19. BINDING EFFECT AND SURVIVAL. 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. 20. 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. IN WITNESS WHEREOF, the parties hereto have executed this Agreement on the date set forth below. SELLER: BUYER: THE CITY OF BREMERTON BREMERTON AREA CHAMBER OF COMMERCE BY:~ ). ---- Cary Bozeman, Mayor Dated: ""3- Cc.- 6P APPROVED AS TO FORM: BSiit~~~~ Roger A. Lubovich, Ci orney --- R:\Legal\Legal\Files\Current Active Files\286 4th Street\REPSA.doc REAL ESTATE PURCHASE AND SALE AGREEMENT Page 4 of5 EXHIBIT A LEGAL DESCRIPTION Lot 3 and the west 17/1 OOth (.17) of a foot of Lot 4, Block 6, Plat of the Town ofBremerton, according to the plat thereof, Kitsap County, Washington and recorded in Volume 2 of Plats, Page 30, records of said county. REAL ESTATE PURCHASE AND SALE AGREEMENT Page 5 of 5