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3637
PARKS & RECREATION
Pendergast Regional Park - Real Estate Contract
PW Util
LEG 12-1
05/01/1995
04/15/2025
01/01/2025
REAL ESTATE CONTRACT
THIS CONTRACT, made and entered into this ~=o~ day of
~~ , 1995, between BREMERTON PUBLIC WORKS &
UTILITIES DEPARTMENT, hereinafter called the "Seller", and
BREMERTON PA~KS AND RECREATION DEPARTMENT, hereinafter called the
"Purchaser",
WITNESSETH: That the Seller agrees to sell to the Purchaser
and the Purchaser agrees to purchase from the Seller the following
described real estate, with the appurtenances, in Kitsap County,
State of Washington:
Approximately 50 acres described as:
N1/2 N1/2 SE1/4 SW1/4, SE1/4 SW1/4, all in Section 21,
Township 24 North, Range 1 East, W.M.
The terms and conditions of this contract are as follows: The
purchase price is Two Hundred Fifty Thousand Dollars ($250,000.00).
Said purchase price shall be paid as follows:
Unpaid principal shall accrue simple interest at six and
one-half percent (6%%) per annum during the first five
(5) years, with payments of Sixteen Thousand Two Hundred
Forty-eight Dollars ($16,248.00), or more, payable
commencing April 14, 1996 annually.
After five years, and every five (5) years thereafter,
interest will be recalculated by the City Treasurer to
reflect current returns on municipal investment, and
annual payments adjusted to amortize remaining principal
over a term ending April 15, 2025. Principal may be
prepaid at any time without penalty.
Ail payments to be made hereunder shall be made at Office of the
City Clerk, 239 Fourth Street, Bremerton, Washington 98337, or at
such other place as the Seller may direct in writing.
REAL ESTATE CONTRACT --1--
PARKS.REC - Real Eetate - 3/28/95
AS referred to in this contract, "date of closing" shall be April
15, 1995.
(1) The Purchaser assumes and agrees to pay before
delinquency all taxes and assessments that may as between grantor
and grantee hereafter become a lien on said real estate.
(2) The Seller agrees, upon receiving full payment of the
purchase price and interest in the manner above specified, to
execute and deliver to Purchaser a Statutory Warranty Deed to said
real estate, excepting any part thereof hereafter taken for public
use, free of encumbrances except any that may attach after date of
closing through any person other than the Seller, and subject to
the following:
a. Ail standing timber or the tract shall remain the
property of the Seller, with future harvest at the
discretion and control of the Seller. Timber harvest
shall be coordinated to minimize Purchaser's uses of the
property. Purchaser shall have an option to match the
net timber sale proceeds within sixty (60) days notice of
a planned timber harvest or sale; and
b. Any environmental damage or costs attributable to the
operation of development of the golf course facility
shall be the responsibility of the Purchaser.
(3) Unless a different date is provided for herein, the
Purchaser shall be entitled to possession of said real estate on
date of closing and to retain possession so long as Purchaser is
not in default hereunder. The Purchaser covenants to keep the
buildings and other improvements on said real estate in good repair
and not to permit waste and not to use, or permit the use of, the
real estate for any illegal purpose. The Purchaser covenants to pay
all service, installation or construction charges for water, sewer,
REAL ESTATE CONTRACT -2-
PARKS.I~EC - Real Estate - 3/28/95
electricity, garbage or other utility services furnished to said
real estate after the date Purchaser is entitled to possession.
(4) Time is of the essence of this contract, and it is agreed
that in case the Purchaser shall fail to comply with or perform any
condition or agreement hereof or to make any payment required
hereunder promptly at the time and in the manner herein required,
the Seller may elect to declare all the Purchaser's rights
hereunder terminated, and upon his doing so, all payments made by
the Purchaser hereunder and all improvements placed upon the real
estate shall be forfeited to the Seller as liquidated damages, and
the Seller shall have right to re-enter and take possession of the
real estate; and no waiver by the Seller of any default on the part
of the Purchaser shall be construed as a waiver of any subsequent
default.
Service upon Purchaser of all demands, notices or other papers with
respect to forfeiture and termination of Purchaser's rights may be made
by United States Mail, postage pre-paid, return receipt requested,
directed to the Purchaser at its address last known to the Seller.
IN WITNESS WHEREOF, the parties hereto have executed this instrument
as of the date first written above.
CITY OF BREMERTON
LYN~ HORTON, Mayor
DEP AR~NT/~ROVAL:
W. EUGENE~AM~L~k~_D/r-ector of Public Works & Utilities
\\
REAL ESTATE CONTRACT -3-
PARKS.MC - Real Estate - 3/28/95
Director of Parks & Recreation
STATE OF WASHINGTON )
SS.
COUNTY OF KITSAP )
On this day personally appeared before me Mayor Lynn Horton, of the
City of Bremerton, the municipal corporation described in and that
executed the within and foregoing instrument, and acknowledged said
instrument to be the free and voluntary act and deed of said corporation,
for the uses and purposes therein mentioned, and on oath stated that she
was authorized to execute said instrument on behalf of said department.
G~V~ under my hand and official seal this /_~2~_ day of
, 1995.
Notary P~blic In ~nd for~e State of
Washington, residigg at~.~~2~.
My appointment expires: ~-/$- ~ .
RECEIVED FOR FILING:
~THLEE~NL~ CITY CLERK
REAL ESTATE CONTRACT -4-
PARKS.REC - Real Estate - 3/28/95