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HomeMy WebLinkAbout9502270053 KITSAP COUNTY CHCK FILEO~¥: CITY OF BRENERTON Filed for Record at Request of: KAREN FLYNN, AUDITOR CLERK: BEUANS When Recorded Return to: A.F. ~-' ~ f~ ER 224~ Name Bremerton City Clerk Address 239 Fourth Street Bremerton. Washington 98310 ET~TUTORY WARP~a_NTY DEED (For Use in the State of Washington Only) THE GPJ&NTORS, DELBERT L. DAVIS and BOBBIE J. DAVIS, husband and wife, for and in consideration of good and valuable consideration, conveys and warrants to the CITY OF BREMERTON, a municipal corporation, the following described real estate, situated in the County of Kitsap, State of Washington: Lots 7 and 8, Block 3, Ole Hanson's Navy Yard Addition, according to the plat thereof, recorded in Volume 4 of Plats, Page 56, records of Kitsap County, Washington; EXCEPT the East 10 feet; AND EXCEPT the West 10 feet. DATED this .//~/~ COUNTY day of ~ , 1995. tRANSACTION EXCISE TAX ,TREASURER CO~TY OF KITSAP ) On this date, before me, the undersigned, a Notary Public in and for the State of Washington, duly co~issioned and sworn, personally appeared DELBERT L. DAVIS and BOBBIE J. DAVIS, husband STATUTORY W~TY DEED -1- and wife, to me known to be the individuals described in and who executed the within and foregoing instrument, and acknowledged that they signed the same as their free and voluntary act and deed, for the uses and purposes therein mentioned. ~I~EN under my hand and official seal this /~+~ay of _ ~ I_1. O_A_A~ .~ , 1995. ~, residing a~ My appointment expires: STATUTORY WARRANTY DEED -2- DAV]S.SWD - Re~l Eslate - 2/14/95 REAL ESTATE PURCHASE AND SALE AGREEMENT Improved Property THIS CONTRACT CONTROLS THE TERMS OF THE SALE OF THE PROPERTY. READ CAREFULLY BEFORE SIGNING. THE CITY OF BREMERTON, a Washington municipal corporation, (hereinafter called "Purchaser") hereby agrees to purchase and the undersigned Sellers hereby agree to sell the following described real estate located in the City of Bremerton, County of Kitsap, commonly known as .1201 O[ster Bay Avenue S. Bremerton, WA , and legally described as'follows: (See attached Exhibit "A") 1. PURCHASE PRICE: The total purchase price is One Hundred Twenty-Eiqht Thousand, Four Hundred Ninety Dollars ($ 128,490.00 ). 2. CONDITION OF TITLE: The title is to be free of all encumbrances or defects except: Rights reserved in federal patents or state deeds, building or use restrictions general to the area, existing easements not inconsistent with Purchaser's intended use, and building or zoning regulations or provisions shall not be deemed encumbrances or defects. Encumbrances to be discharged by Sellers may be paid out of purchase money at date of closing. 3. TITLE INSURANCE: Sellers shall furnish to Purchaser a Washington Land Title Association Standard Form Owner's or Purchaser's Policy of Title Insurance in the amount of the purchase price. Sellers authorize the closing agent to apply as soon as practical for such title insurance, and as soon as reasonably possible, Purchaser shall be furnished a preliminary commitment therefor issued by Land Title Company. (The Sellers shall assume any cancellation fee of such commitment or policy.) The title policy to be issued shall contain no exceptions other than those provided in said standard form plus encumbrances or defects noted in paragraph 1 above. If title is not so insurable as above provided and cannot be made so insurable by the termination date set forth herein, this agreement shall REAL ESTATE PURCHASE AND SALE AGREEMENT --1-- REPSAZ.AGT - Agreement Forms - 5/9/94 terminate; provided, however, that Purchaser may waive defects in writing and elect to purchase. The closing agent shall not be responsible for delivery of title. 4. DEFAULT: If either party defaults (that is, fails to perform the acts required of that party) in that party's contractual performance herein, the non-defaulting party may seek specific performance pursuant to the terms of this agreement, damages, or rescission. 5. PRO-RATION: Taxes for the current year, rents, insurance, interest, water and other utilities constituting liens shall be prorated as of date of closing. Purchaser shall pay for remaining oil in fuel tank, the amount to be determined by the supplier. 6. POSSESSION: Sellers shall deliver possession to Purchaser on closing, or day~ after closing. Sellers agree to pay Purchaser the sum /~.~,/~ for each day of possession beyond date of closing. Posses'~i~n shall be deemed given when Sellers have vacated the premises and delivered the keys to same to Purchaser or to closing agent. Said payment shall be the sole responsibility of Sellers. 7. CONDITION OF PROPERTY: Purchaser offers to purchase the property in its present condition on the terms noted. Sellers hereby warrant that to the best of their knowledge the premises described herein and the improvements thereon do not violate the applicable building or zoning regulations and that they are unaware of any material defect in the premises or improvements thereon with the exception of the following, to-wit: None. 8. TIME FOR ACCEPTANCE: Purchaser's offer is made subject to acceptance of Sellers on or before Twelve o'clock midnight on 9. TIME FOR CLOSING - RESPONSIBILITIES OF PARTIES: The sale shall be closed in the office of the Bremerton City Attorney within 45 days after preliminary commitment for title ~olicy is delivered showing title insurable, as a~ove provided, but in any event not later than the ~ day of /~JL--/;%~ , 19 ~ , upon which date the agreement shall terminate. The Purchaser and Sellers shall deposit with the Bremerton City Attorney all instruments, documents and monies necessary to REAL ESTATE PURCHASE AND SALE AGREEMENT -2- REPSAZ.AGT - Agreemen~ Fo~ms - 5/9/94 complete the sale in accordance with this agreement. 10. CLOSING COSTS AND PRORATIONS: The Sellers agree to pay for the costs of clearing the Sellers' title to the sale property, including any delinquent property taxes, the owner's standard title insurance policy, and any real estate excise tax related to the sale property. Real estate taxes for the year of closing, and utilities constituting liens against the property, shall be prorated as of closing. Any assessments shall be paid by the respective Sellers. 11. DATE OF CLOSING: For purposes of this agreement, "date of closing" shall be construed as the date upon which all appropriate documents are recorded and proceeds of this sale are available for disbursement to Sellers. Funds held in reserve accounts pursuant to escrow instructions shall be deemed, for purposes of this definition, as available for disbursement to Sellers. 12. RISK OF 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 Purchaser shall become null and void. If Purchaser elects to continue, all insurance proceeds, if any, shall be payable to Purchaser. 13. PERSONAL PROPERTY: All attached floor coverings, attached television antenna, window screens, screen doors, storm windows, storm doors, plumbing and lighting fixtures (except floor, standing, and swag lamps), shades and venetian blinds, curtain rods, attached bathroom fixtures, trees, plants, shrubbery, water heating apparatus and fixtures, awnings, ventilating, cooling and heating systems including built in and "drop in" ranges (but exceeding all other ranges) and all other fixtures that are now on the premises shall be included in the sale unless otherwise provided herein. 14. ATTORNEYS' FEES: If either party hereto is required to retain an attorney to bring suit or seek arbitration to enforce any provisions of this agreement, said party shall be entitled to reasonable attorneys' fees regardless of whether the matter proceeds to judgment or is resolved by defaulting party curing default. 15. ENTIRE AGREEMENT: There are no other verbal or other agreements which modify or affect this agreement. Time is of the essence of this agreement. All subsequent modifications or waivers REAL ESTATE PURCHASE AND SALE AGREEMENT -3- REPSA2.AGT - Agre~ent For~ - 5/9/9& of any condition of this agreement shall be in writing and signed by the appropriate parties. .CITY OF BR~ERTON ~/~Date BY' L~N HoR~~r PURCHASER KATHLEEN McCLUSKEY, Clerk~ ~L~PPR0VAL: EDDY tHU, Director of Public Works & Utilities APPR(~/~ TO FORM: IAN R. SIEVERS, City Attorney Purchaser's Address: Bremerton City Hall Attention: Kathleen L. McCluskey, Clerk 239 Fourth Street Bremerton, Washington 98310 Purchaser's Phone: (206) 478-5290 On this date ~4 ~ /Y~ , we hereby approve and accept the sale/~et~orth/in th~ above agreement and agree to carry out all the ~erms' thereof on the part of the Sellers. We further acknowledge receipt of a true copy of this agreement signed by both parties. Sellers' Address: REAL ESTATE P~C~SE ~D SALE AGREEMENT -4- .-.. IZOl A REAL ESTATE PURCHASE INQUIRY Instructions: Please fill out this form as detailed as possible and return to: Attn: Real Estate Purchase, Department of Public Works and Utilities 3027 Olympus Drive, Bremerton, Washlngton 98310-4799. Data= -7 / ~'~ / Owner's Nsmo ~--'L~T/ IL~D~:a~l~ ~1~ Signature Owner'aAddreas(Ifdl~eren~fromabove) IlOfl~ ?10~ ~, 3~A&g~ Home Phone~ (~) ~50- ~ ' Business Phone ~ . Re~e~s home phone ~ ~0~ - ~ Monthly rant amount ~ ~. ~ ~rent ten'owner desires tenancy a~er sale O Yes D No D Not Sure Flnanclal Information 1. County assessor's appralsed value $ /~,~O ~a~ ~ In19 ~ . 2. Balance of mo~gage (approximate) $ ~OO ~/-- as of .~ i 3. ~Mo~gage Bank ~I~A~ (~C~a~ Branch 4. Recent appraisal, If any $ Vg: ~ ~ ~ Appraiser ~ ~(~ Da[~f app~ House Information ~ ~ ~O~i 'P~.. I- ~00- ~5- 1. No. of bedrooms 2. Total livable square forage ~(2~ + 3. L~ size ~ 4. Number of sto~ 5. Basamant ~Yes D No ~:~ ~ t I~, ~ 6. Garage: DA~ached DD~ached DSingle DDouble~None 7. Heating system D Ele~rlc baseboard ~ Eie~ric force air D Gas force air ~ Wood Sale Information 1. Asking sale price (if known) $ ] ~1 ~ 2. Willing to negotiate with the City of Breme~on regarding the sefllement of the sale price ~ Yes ~ No 3. Desire to use a ce~ified appraiser to determine final sale price (cost of appraiser to be shared) D Yes ~ No 4. Willing to have closing documents prepared by the City Aflorney, subJe~ to your approval ~ Yes ~ No 5. Desire to close the transa~ion by an outside escrow office (closing costs shared by owner and CRy) ~ Yes ~ No 6. Owner deslres to have the sale flnallzed by ~h ~~ ~V (Date or number of months) NOTES: a. The City has a limited fund In 1994 to purchase ceflaln prope~les within the designated area. b. If the owner has listed the prope~y with a real estate broker, owner may be subje~ to sales commission set fo~h In the listing agreement. c. The City Is able to close the transa~ion wlthln one (1) month after the terms and conditions are finalized. The City Is willing to pay up to 1~% of the agreed purchase price. The balance can be arranged to be paid off within 2 to 5 years, depending on the avallabilRy of funds at the selle(s option for tax consideration. (Please use the back of the she~ for ADD~O~L INFOR~ON AND/OR COMME~) SELLERS' CLOSING STATEMENT SELLERS= DELBERT L. and BOBBIE J. DAVIS PURCHASER= CITY OF EREMERTON LEGAL DESCRIPTION= Lots 7 and 8, Block 3, Ole Hanson's Navy Yard Addition, according to the plat thereof, recorded in Volume 4 of Plats, Page 56, records of Kitsap County, Washington; EXCEPT the East 10 feet; AND EXCEPT the West 10 feet. AMOUNTS DUE/PAID SELLERS First Installment to Sellers (1/4 of Total Purchase Price $128,490.00, to be paid in 4 equal annual installments) $32,122.50 Less Mortgage Payoff Balance to William A. Eastman & Co. (See Exhibit "A" attached) (19.105.77) Cash payment payable to Sellers at Closing $13,016.73 REDUCED BY Sellers' Closing Costs: Title Insurance Premium (Land Title Insurance Company) $ 428.08 1% Real Estate Excise Tax (1.78% - Kitsap County Treasurer) 2,287.12 Recording Fee for Fulfillment Deed held by William A. Eastman & Co. (Kitsap County Auditor) 8.00 SELLERS' CLOSING STATEMENT -1- DAVIS.SCS - REAL ESTATE - 2/9/95 One-half Rental fees for received for rental units located on property for month of February: 120lA $247.50 120lB 137.50 1203A 275.00 1203B 125.00 Total $785.00 785.00 Total Sellers' Closing Costs $3,508.20 (3.508.20) FIRST INSTALLMENT, LESS CLOSING COSTS, PAYABLE TO SELLERS AT CLOSING $ 9,508.53 NOTE: It is understood and agreed by all parties hereto that this closing statement is subject to audit and should there be any errors or omissions, they are to be corrected. Further, if any legitimate monetary error is discovered, it is to be assessed and immediately collected from the party or parties liable therefor. 1995. ACCEPTED AND APPROVED this /~day of j~ , SELLERS ~ CLOSING STATEMENT --2- DAVIS.SCS - REAL ESTATE - 2/9/95 EXHIBIT NO. ,,. ,, PURCHASER'S CLOSING STATEMENT ~[ SELLERS: DELBERT L. and BOBBIE J. DAVIS PURCHASER: CITY OF BREMERTON ---- LEGAL DESCRIPTION: Lots 7 and 8, Block 3, Ole Hanson's Navy Yard Addition, according to the plat thereof, recorded in Volume 4 of Plats, Page 56, records of Kitsap County, Washington; EXCEPT the East 10 feet; AND EXCEPT the West 10 feet. AMOUNTS DUE/PAID SELLERS First Installment to Sellers (1/4 of Total Purchase Price $128,490.00, to be paid in 4 equal annual installments) $32,122.50 Less Mortgage Payoff Balance to William A. Eastman & Co. (See Exhibit "A" attached) (19,105.77) Cash payment payable to Sellers at Closing $13,016.73 ADD Purchaser's Closing Costs to Cash Payment Payable at Closing: Recording Fee for First Deed of Trust (Kitsap County Auditor) $11.00 Total Purchaser's Closing Costs $11.00 11.00 TOTAL CASH REQUIRED FROM PURCHASER TO CLOSE $13,027.73 NOTE: It is understood and agreed by all parties hereto that this closing statement is subject to audit and should there be any errors or omissions, they are to be corrected. Further, if any legitimate monetary error is discovered, it is to be assessed PURCHASER'S CLOSING STATEMENT --1-- DAV~.~S - REAL ~TATE - 2/9/95 and immediately collected from the party or parties liable therefor. ACCEPTED AND APPROVED this day of - , 1995. .CITY,BREtON IAN R. SIEVERS Bremerton City Attorney PURCHASER'S CLOSING STATEMENT -2- DAVIS.PCS - REAL ESTATE ' 2/9/95 AMERICAN LAND TITLE ASSOCIATION OWNER'S POLICY (10-17-92) 48 0025 106 01045 CHICAGO TITLE INSURANCE COMPANY SUBJECT TO THE EXCLUSIONS FROM COVERAGE, THE EXCEPTIONS FROM COVERAGE CONTAINED IN SCHEDULE B AND THE CONDITIONS AND STIPULATIONS, CHICAGO TITLE INSURANCE COMPANY, a Missouri corporation, herein called the Company, insures, as of Date of Policy shown in Schedule A, against loss or damage, not exceeding the Amount of Insurance stated in Schedule A, sustained or incurred by thc insured by reason of: 1. Title to the estate or interest described in Schedule A being vested other than as stated therein; 2. Any defect in or lien or encumbrance on the rifle; 3. Unmarketability of the title; 4. Lack of a right of access to and from the land. The Company will also pay the costs, attorneys' fees and expanses incurred in defense of the rifle, as insured, but only to the extent provided in the Conditions and Stipulations. la Witness Whereof, CHICAGO 'I'ITLE INSURANCE COMPANY has caused this policy to be signed and sealed as of Date of Policy shown in Schedule A, the policy to become valid when countersigned by an authorized signatory. CHICAGO TITLE INSURANCE COMPANY Issued by: By: OF KITSAP COUNTY, INC.,. 400 Warren Avenue Bremerton, Washington 98310 (206) 377- 0133 By: Secretary PLEASE Tree OR PRn~r REAL ESTATE EXCISE TAX AFFIDAVIT This form is your receipt when stamped PLEASE SEE REVERSE by cashier. Form No. 84 000lA CHAPTER 82.45 RCW - CHAPTER 45841 WAC For Use at County Treasurer's Office (Use Form No. 84~001B for Reporting Transfers of ControLling Interest of Enlily Ownership to the Department of Revenue) THIS AFFIDAVIT WILL NOT BE ACCEPTED UNLESS ALL AREAS 1--7 ARE FULLY COMPLETED m Name bELBERI L. DAV',~ [] Name CITY OF BRENER'I'C:,, ~2i Se. abeck ~4,~-a =~ City Bce~0ect:;o,I Zi~8337 City _ State ,~g. Zip ....... State Street :.!:.!:.!:.!:.!:.!:.!} ~! ? !:~!:~!:~!:~!:~!:~!:~!:~!:~!:~!:~!:~!:~!:~!:~!:~!:~!:~!:~!:~!:~!:~!:~!:~!:~!:~!:~!:~!:~!:~!:~!!!! ~l LEGAL DESCRIPTION OF PROPERTy SITUATED IN [] UNINCORPORATED COUNTY OR IN CITY OF~-~ 1201 Oyster Eay Av~tlUe South Street Address (if property is ~nproved): Lots 7 anO 8, Block 3, Ole Hansen's Navy Yard Addition, acco~dio, g to the plat thereof, recorded iii ¥oiume Plats, ~age 56, recoi'(~s O~ Kit~a~ :?oullty, AND eJXCEPT the ~e.~t 10 fe~t. ~Is propeAy currently: [] Description of tangthic p~rsonal pro[~y if included in sale (furniture. this YES NO Classified or designated as forest land? [] {~ appliances, em.) Chapter 84.33 RCW Classified as currant use land (open space, farm [] and agricultural, or timber)? Chapter 84.34 RCW Exempt from property tax as a nonprofit [] ~] If exemption claimed, list WAC number and explanation. organization? Chapter 84.36 RCW WAC No. (Sec/Sub) Seller's Exempt Reg. No. -- Receiving special valuation as historic [] ~] Explanation property under? Chapter 84.25 RCW Property 'I~pe: [] land only [] land with new building ~1 land with previously used building [] land with mobile home Type of Document [] timber only [] building only Z Date of Document2 / 1 4 / Principal Use: [] Apt. (4 + unit) [] residential [] timber [] agricultural [] commercial/industrial Gross Sale Price -0- [] other Personal Property (deduct) $ -O .... · I~1 (1) NOTICE OF CONTINUANCE (RCW 84.33 or RCW 84.34) Taxable Sale Price $ Excise Tax State $ -G - If the new owner(s) of land that is classified or designated as current use or forest land wish to continue the classification or designation of such Local $ land, thc new owner(s) must sign below. If the new owner(s) do not desire Delinquent Interest: State $ to continue such classification or designation, all compensating or additional Local $ - 0- tax calculated pursuant to RCW 84.33.120 and 140 or RCW 84.34.108 shall be due and payable by the seller or transferor at the time of sale. The county Delinquent Penalty: State $ ., assessor must determine if the land transferred qualifies to continue Total Due $ classification or designation and must so indicate below. Signatures do THERE IS A $2~0 FEE FOR PROCESSING THIS FORM IF NO TAX IS DUE not necessarily mean the land will remain in classification or designation. If it no longer qualifies, it will be removed and the compensating taxes [] AFFIDAVIT will be applied. All new owners must sign. I certify under penalty of perjury under the laws of the state of This land [] does [] does not qualify for continuance. Washington that the foregoing is true and correct. Date Signature of Grantor/Agent DEPUTY ASSESSOR i~ ['. ~ ~ b] (2) NOTICE OF COMPLIANCE (Chapter 84.26 RCW) Name (print) If the new owner(s) of property with special valuation as historic property wish to continue this special valuation the new owner(s) must sign below. Date & Place of Signing, ,- ,,,.,,~ ....... ,,~,,. ~ '~ A, If the new owner(s) do not deslre to continue such special valuation, all additional tax calculated pursuant to Chapter 84.26 RCW, shall be due Signature of and payable by the seller or transferor at the time of sale. Grantee/Agent (3) OWNER(S) SIGNATURE Name (print) Date & Place of Signing ~,~. PERJURY: Perjury is a class C felony which is punishable by imprisonment in a state correctional institution for a maximum term of not more than five years, or by a fine in an amount fixed by the court of not more than five thousand dollars ($5,000.00), or by both imprisonment and fine (RCW 9A.20.020 (lC)). FOR TREASURER'S USE ONLY TAXPAYER FORM REV 84 000lA (12-93) (PD 12-17-93) ~IAN R. SIEVERS, City Attorney 239 4th Street · Bremerton, WA 98337 * (360) 478~5345 * FAX (360) 478-5161 DATE: May 5, 1995 TO: Kathleen McCluskey, Director of Administr~;ive Services FROM: Jackie Cronk, Legal Assistant ·c~- C~i~ RE: 1201 Oyster Bay Avenue South ~ ~ Delbert L. and Bobbie J. Davis/city of Bremerton Transaction Please find attached hereto the Title Insurance Policy issued by Land Title Company with regard to the City's purchase of the above- referenced property. Please call our office if you have any questions in this regard. · Celebrating 50 Years of Freedom · ~~ IAN R. SIEVERS, City Attorney 239 4th Street · Bremerton, WA 98337 · (360) 478-5345 · FAX (360) 478-5161 DATE: March 1, 1995 TO: Kathleen McCluskey, Director of Administrative Services FROM: Jackie Cronk, Legal Assistant- i~7'~.~ RE: 1201 Oyster Bay Avenue South Delbert L. and Bobbie J. Davis/City of Bremerton Transaction The above-referenced real estate transaction has now been closed. I have attached hereto the following for your information and file: 1. Original Statutory Warranty Deed between Delbert L. Davis and Bobbie J. Davis, as Sellers, and City of Bremerton, as Purchaser, together with corresponding 1% Excise Tax Affidavit receipt; 2. Copy of First Deed of Trust between City of Bremerton, as Grantor, and Delbert L. Davis and Bobbie J. Davis, as Beneficiaries, together with copy of Promissory Note of even date; 3. Original Sellers' Closing Statement; and 4. Original Purchaser's Closing Statement. The Davises had an underlying mortgage on the subject property held by Wm. Eastman & Company with regard to that Real Estate Contract between the Davises and Roy D. and Tyres Brown, dated May 17, 1979. The mortgage was paid off on February 14, 1995 (see copy of letter to Wm. Eastman & Company and Real Estate Contract attached hereto for your information and file). Wm. Eastman & Company was holding the Statutory Warranty Fulfillment Deed on the Real Estate Contract and they will see that this Deed is recorded. When negotiating this sale with the Davises, Eddy Chu agreed that the City would pay the purchase price for this property in four annual installments, without interest, hence the need for the City'sPromissory Note and Deed of Trust hack to the Davises. Please note that the first installment of $32,122.50was paid to the Davises out of closing (See Sellers' Closing Statement), leaving three payments of $32,122.50 to be paid on February 14th of each calendar year. However, pursuant to the Promissory Note, the City has the option of substituting the security of the Promissory Note with an assigned cash account at a commercial bank within the City. Please let me know if there is anything you would like me to do to ensure that the three remaining payments are made to the Davises. I will be sure to forward the final Title Policy on this transaction to you when I receive it from Land Title. Please let me know if you have any questions in this regard. · Celebrating 50 Years of Freedom · LEGAL DEPARTMENT lan R. Sievers - City Attorney James J. McNamara Leila Mills Gateway to the Olympics and Home of the Puget Sound Naval Shipyard T. David A~daca DATE: January 23, 1995 TO: Kathleen McCluskey, Director of Administrative Services FROM: Jackie Cronk, Legal Assistant RE: 1201 Oyster Bay Avenue South D¢lbert L. and Bobbi¢ J. Davis/City of Bremerton Transaction Please find attached hereto the Preliminary Title Insurance Policy received from Land Title Company regarding the City's upcoming purchase of the above-referenced property. This transaction is pursuant to that Real Estate Purchase and Sale Agreement between the D¢lbert and Bobble Davis and the City dated August 1, 1994. Closing for this transaction has been scheduled for February 14, 1995. Please call our office if you have any questions in this regard. 239 4TH STREET · BREMERTON, WA98310 · (206)4785345 · FAX(206)478-5161 OF~CE OF THE CITY ATTORNEY · IAN R. SIEVERS, CITY ATTORNEY Gateway to the Olympics and Home of the Puget Sound Naval Shipyard February 13, 1995 SENT VIA "UPS NEXT DAY AIR" Wm. Eastman & Company . Bainbridge Island, Washington 98110 ATTENTION: Janet Dailey, Accounting Re: Delbert L. Davis Bobbie J. Davis Property Address: 1201 Oyster Bay Avenue S. Bremerton, WA. Mortgage Loan No. 6021 Dear Ms. Dailey: The City of Bremerton has purchased the above-referenced property from Delbert L. and Bobbie J. Davis. I have enclosed a check herein for the amount of $19,105.77, which is the payoff balance for Loan No. 6021 as of February 14, 1995 (closing date for the transaction between Mr. and Mrs. Davis and the City of Bremerton), pursuant to that Payoff Quotation dated February 9, 1995, received via facsimile from Wm. Eastman & Company. I have enclosed a copy of said Payoff Quotation herein for your reference. Please apply the enclosed check to the above-referenced loan on the 14th day of February. Please do not hesitate to call our office should you have any questions in this regard. Thank you for your. assistance. Sincerely, Enclosures: as cited cc: Mr. and Mrs. Delbert L. Davis 239 4TH STREET · BREMERTON. WA98310 · ~06)478-5345 · FAX~6)47~5161 W['IA EASTMA[~ AND ~. . : U~IAM A. EASTMAU & CO. ~ 365 day basis ~ CONTRACT COLLECTION DEPT. r.o. sox 112 6 BAINBRIDGE ISLAND, WA 98110 PAYOFF QUOTATION Account Number: 6021 DELBERT DAVIS Buyer: 11087 NW PIONEER ROAD DELBERT DAVIS SEABECK, WA 98380 Seller: RICHARD CRANZ Date Interest Paid To: 02/01/95 Principal Balance: 19034.75 Interest to 02/14/95: 61.02 4.694 Per Diem Total P & I: 19095.77 Recording Fee 10.00 Late Charge Balance: .00 Total Payoff Amount: 19105.77 Reserve Bal. to Buyer: ,00 Trust Balance: .00 0ackie, Above please find the revised payoff quotation due to a payment made on 2/1/95 If you have any further questions please give me a call. Please use the per diem interest amount to adjust for other closing dates. PROMISSORY NOTE . ! . Bremerto~% Washington $128,490.00 FOR VALUE RECEIVED, the undersigned CITY OF BREMERTON, promises to pay to the order of the DELBERT L. and BOBBIE J. DAVIS, husband and wife, at 11087 Pioneer Road N.W., Seabeck, Washington 98380, or at such other place within the United States of America which the Holders hereof may designate in writing to the undersigned, the sum of One Hundred Twenty-eight Thousand Four Hundred Ninety Dollars ($128,490.00), in annual installments of Thirty-two Thousand One Hundred Twenty-two and 50/100 Dollars ($32,122.50) each, with the remaining balance payable on February 14, 1998. Said installments shall be paid as fc .lows: One on the 14th day of Februar}', ]995, and one on the 14th day of February each an.~ every calendar year thereafter until February 14, 1998, when the entire remaining balance shall be ~-.aid in full. Each installment, when paid, shall be ~pplied to the reduction of the unpaid balance owing. ~t' any installment shall not be paid when due, then the remaining balance owing shall, at the election of the Ho]qers hereof, become due 'and payable at once and from the date of such election, this Note shall bear interest at the highest legal rate. If this Note is not paid when d~e, and is given to an attorney for collection, or suit filed thereon, the parties hereto severally agree to pay, in addition to the unpaid balance owing, all costs of collection and such additional sum as the court may adjudge reasonable as attorney's fees in such suit. At the option of the Holders, the venue of said suit may be laid in Kitsap County, Washington. This Note is secured by a Deed of Trust of even date. At the option of the City of Brem~rton this security may be substituted at any time prior to pa'~'ment of this Note, with an assigned cash account at a commercial bank within the City of Bremerton in an amount equal to tb,~ balance of principal and interest remaining under this Note a~ the date of substitution. PROMISSORY NOTE DAVIS.PN - ~ESTHILLS/REAL ESTATE - 2/13/95 This account shall be held by the City of Bremerton but withdrawal shall be restricted to payments payable to the Holders of this Note upon prior approval of the Holders of the Note, or by the Holders alone when accompanied by a declarat~©n that the City of Bremerton has failed to make timely payment. CITY OF BREMERTON 239 Fourth Street Bremerton, W~shington 98337 ~D AS ~_RM: IAN R. SIEVERS, Bremerton City Attorney PROMISSORY NOTE DAVIS.PN - ~ESTHILLS/REAL ESTATE - 2/1~/95