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HomeMy WebLinkAbout9602020011 Filed for Record at Request of: KiTSAP COUNTY When Recorded Return to: $8. 00 CliCK FILED-BY: CITY OF BREMERTON Name Bremerton City Clerk ~ 2~ t~9~ ~:i~ ~ KAREN FLYNN, AiJDITOR Address 239 Fourth Street CLE : BEVAN$ Bremerton. Washinaton 98337 A.F. #: 960282081 BTATUTORY 1;ARR~_W~Y DEED (For Use in the State of Washington Only) THE GRANTORS, JOHN T. ELLIOTT, and LYNNE MARIE ELLIOTT, husband and wife, for and in consideration of good and valuable consideration, convey and warrant to the CITY OF BREMERTON, a municipal corporation, the following described real estate, situated in the County of Kitsap, State of Washington: LOT(S) 4, EXCEPT THE SOUTH 25 FEET THEREOF, AND LOT 5, BLOCK 3, OLE HANSON'S NAVY YARD ADDITION, ACCORDING TO THE PLAT RECORDED IN VOLUME 4 OF PLATS, PAGE (S) 56, RECORDS OF KITSAP COUNTY, WASHINGTON. DATED this f/~ day of~,~, , 1996. TRANSAGTION EXIDI~F.. TAX . COU T STATE OF WASHINGTON) SS. COUNTY OF KITSAP ) On this date, before me, the undersigned, a Notary Public in and for the State of Washington, duly commissioned and sworn, personally appeared JOHN T. ELLIOTT, and LYNNE MARIE ELLIOTT, husband 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 STATUTORY WARRANTY DEED -1- act and deed, for the uses and purposes therein mentioned.  GIVEN under my hand and official seal this //~ day of A~ IA ~.~1~. , 1996. ,'~"2""'. ........ ~ Notary Public in and for the State of Washinoton, residing at ~. ~l. ~, ~,..<~ . My appointment expires: ~. ~,. F. #: 9602020011 REEL 0895 FR 1716 STATUTORY WARRANTY DEED -2- REAL ESTATE PURCHASE AND SAT.R 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 1207 OYSTER BAY AVENUE S.. BREMERTON. WA, and legally described as follows: SEE ATTACHED EXHIBIT 1. PURCHASE PRICE: The total purchase price is EIGHTY-FOUR THOUSAND Dollars ($84.000.00). 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 City Attorney 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 REAL ESTATE PURCHASE AND SAT.R AGREEMENT -1- ~.A~ - A~t t'on~ - 3/15/95 not so insurable as above provided and cannot be made so insurable by the termination date set forth herein, this agreement shall terminate; provided, however, that Purchaser may waive defects in writing and elect to purchase. 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. PR__~Qr~ATION: 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 ~ ~ afte~_~c~Qsing. Sellers agree to pay Purchaser the.sum o-~--$~'~ of possession beyond date of closing. Possession 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 conditions 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 policy is delivered showing title insurable, as__above provided, but in any event not later than the~_~day of~/~W#~4-~ , 19 c~ , upon which date the agreement shall t~rminate. The Purchaser and Sellers shall deposit with the Bremerton City REAL ESTATE PURCHASE AND SAT.R AGREEMENT -2- R~SA.A~ - A~eemeat F0~ - 3/15/95 Attorney all instruments, documents and monies necessary to 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. ~ ~/~ ~ ~/~/ ~/~~ ~/~ ~- 12. 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 covering, 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, awnings, ventilating, cooling and heating systems including build 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. ATTORNEY'S 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 attorney's 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 REAL ESTATE PURCHASE AND SALE AGREEMENT -3- R~SA.AGT - Agreement Forms - 3/15/95 essence of this agreement. Ail subsequent modifications or waivers of any condition of this agreement shall be in writing and signed by the appropriate parties. CITY OF BREMERTQN Date LY~ HORTON, Mayor PURCHASER DEP~TME~ / W. EUGENE S~PLEY,~D~'roctor of Public Works & Utilities IAN R. SIEUERS, City Attorney Purchaser's Address: Bremerton City Hall Attention: Kathleen L. McCluskey, Clerk 239 Fourth Street Bremerton, WA 98337 Purchaser's Phone: (360) 478-5290 On this date II ; ~¢~ I ~ , we hereby approve and accept the sale ~e~ forth in the above agreement and agree to carry out all the terms thereof on the part of the Sellers. Sellers' Phone: REAL ESTATE PURCHASE AND SALE AGREEmEnT -4- ~.a~ - alree~at ~or.s - ~/15/95 A true copy of the f~egoing agreement signed_b~A--~ellers is hereby received on ~;~ '~ ~ , 19~ - . IAN R. SIEVERS Bremerton City Attorney/ Agent for Purchaser RECEIVED FOR FILING: KATHLEEN L. McCLUSKEY, CITY CLERK REAL ESTATE PURCHASE AND SALE AGREEMENT -5- R~SA.AG? - A~mt F0r~ - 3/15/95 EXHIBIT ~A" TO PURCHASE AGREEMENT MADE WITH JOHN AND LYNN~ELLIOTT OF 1207 OYSTER BAY AVENUE~ BREMERTON ~ WASHINGTON LEGAL DESCRIPTION OF PROPERTY AT 1207 OYSTER BAY AVENUE~ BREMERTON~ WASHINGTON TAX ID NO: 4546-003-004-0003 HANSONS OLE NAVY YARD ADDN LOT 4, EXCEPT THE SOUTH 25 FEET AND LOT 5, BLOCK 3, OLE HANSON'S NAVY YARD ADDITION, AS PER PLAT RECORDED IN VOLUME 4 OF PLATS, PAGE 56, RECORDS OF KITSAP COUNTY; SITUATE IN KITSAP COUNTY WASHINGTON. AMERICAN LAND TITLE ASSOCIATION OWNER'S POLICY (10-17-92) 48 0025 106 02467 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 the insured by reason of: 1. Title to the es*ate or interest described in Schedule A being vested other than as stalecl therein; 2. Any defect in or lien or encumbrance on the title; 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 expenses incurred in defense of the title, as insured, but only to the extent provided in the Conditions and Stipulations. In Witness Whereof, CHICAGO TITLE 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. Issued by: LAND TITLE COMPANY CHICAGO TITLE INSURANCE COMPANY OF KITSAP COUNTY, INC. By: Bremerton, Washington 98337 (360) 377- 0133 By: Secretary ALTA Owner's Policy (10-17-92) LAND TITLE COMPANY OF KITSAP COUNTY ALTA (F6N~'S POLICY STAMD~RD SC~EDOT~ A Office File No.: E-105754-2 Policy Number: 48 0025 ~06 02467 Date of Policy: February 2, ~996 at 9:19 a.m. Amount of Insurance: $84,000.00 Pre~iu~: $322. O0 1. Name of Insured: CITY OF BREMERTON, a municipal corporation 2. The estate or interest in the land which is covered by this policy is: A FEE 3. Title to the estate or interest in the land is vested in: THE NAMED INSURED 4. The land referred to in this policy is described as follows: SEE LEGAL DESCRIPTIO~ ATTAC~ED ON "EXHIBIT A" A~D BY ~2E MADE A PART HEREOF SCHEDULE A ALTA Owner's Policy 10-17-92 · EXHIBIT 'A' Office File No.: E-~ 05754-2 DESCRIPTION: LOT(S) 4, EXCEPT THE SOUTH 25 FEET THEREOF, AND LOT 5, BLOCK 3, OLE HANSON'S NAVY YARD ADDITION, ACCORDING TO THE PLAT RECORDED IN VOLUME 4 OF PLATS, PAGE(S) 56, RECORDS OF KITSAP COUNTY, WASHINGTON. S~HEDULE B Office File NO.: E-105754-2 Policy NO: 48 0025 106 02467 EXCEPTIONS FROM COVerAGE This policy does not insure against loss or damage (and the Company will not pay costs, attorneys' fees or expenses) which arise by reason of: G]9~ERAL EXCEPTIONS: A. Rights or claims disclosed only by possession, or claimed possession, of the. premises B. Encroachments, and questions of locat{on, boundary and area disclosed only by inspection of the premises or by survey. C. Easements, prescriptive rights, rights-of-way, streets, roads, alleys or highways not disclosed by the public records. D. Any lien, or right to a lien, for contributions to employee benefit funds, or for state workers' compensation, or for services, labor, or material heretofore or hereafter furnished, all as imposed by law, and not shown by the public records. E. Taxes or special assessments which are not yet payable or which or not shown as existing liens by the public records. F. Any service, installation, connection, maintenance, tap, capacity or construction charges for sewer, water, electricity natural gas or other utilities, or garbage collection and disposal. G. Reservations and exceptions in the United States Patents or in Acts authorizing the issuance thereof; Indian tribal codes or regulations; Indian treaty or aboriginal rights, including easements or equitable servitudes. H. Indian tribal codes or regulations, Indian treaty or aboriginal rights, including easements or equitable servitudes. I. Water rights, claims or title to water. FOR SPECIAL EXCEPTIONS, SEE ATTACHED Office File No.: E-105754-2 Policy No.: 48 0025 106 02467 ALTA STANDARD O~ POLICY SC~D{~-~ B -cont' d SPECIAL EXCEPTIONS: 1. Easement as dedicated on the face of the plat of said addition; For: slopes, also the right to drain all streets over and across any lot or lots where water might take a natural course after the street or streets are graded. Affects: said premises and other property 2. Covenants, conditions and restrictions contained in the following instrument; Recording No.: 327853 3. Covenants, conditions and restrictions contained in the following instrument; Recorded: March 9, 1990 Recording NO.: 9003090065 4. Liability for maintenance of sewer line as disclosed by instrument recorded under Auditor's File No. 8410230074. 5. General taxes for 1996, payable after February 15, 1996, which become delinquent after April 30, 1996, if first half not paid; Amount: $45.00 Tax Account No.: 4546-003-004-0003 Affects: said premises Levy Code: 1170 Land Value: $13,310.00 Improvement Value: $51,900.00 a. Taxes, interest and penalties, if any, which may result from the loss of the tax exemption for which this property has qualified. Amount: $1,025.42 Tax Account No.: 4546-003-004-0003 Affects: said premises Levy Code: 1170 SC/bl END SCHEDULE B AUTHORIZED SIGNATORY OWNER'S POLICY ENDORSEMENTS: NONE SELLERS' CLOSING STATEMENT 1207 OYSTER BAY AVENUE SOUTH SELLNRS~ JOHN T. ELLIOTT and LYNNE MARIE ELLIOTT PURC~ASER~ CITY OF BREMERTON LEGAL DESCRIPTION~ LOT(S) 4, EXCEPT THE SOUTH 25 FEET THEREOF, AND LOT 5, BLOCK 3, OLE HANSON'S NAVY YARD ADDITION, ACCORDING TO THE PLAT RECORDED IN VOLUME 4 OF PLATS, PAGE (S) 56, RECORDS OF KITSAP COUNTY, WASHINGTON. AMOUNTS DUE/PAID SELLERS Total Purchase Price $84,000.00 Less two months' rent for Sellers residing at residence located on property for period of 1/11/96 through 3/11/96 1.000.00 Cash payment payable to Sellers at Closing $83,000.00 REDUCED BY Sellers' Closing Costs\Expenses: (Purobaeer and Sellers to split closing costs pursuant to Purchese Agreement) Mortgage Payoff Balance to Countrywide Funding Corp. (See Exhibit "A" attached) $71,796.52 1/2 Title Insurance Premium (Land Title Insurance Company - $348.08) 174.04 1/2 1% Real Estate Excise Tax (1.78% - Kitsap County Treasurer - $1,495.20) 747.60 Total Sellers' Closing Costs $72,718.16 (72.718.16) TOTAL CASH PROCEEDS PAYABLE TO SELLERS AT CLOSING $10.281.84 NOTE~ It is understood that real property taxes for the 1995 tax year have been paid and that said taxes become exempt as of the date of closing. Taxes for the 1996 tax year are not due and owing until February 14, 1996. It is further understood and agreed by all parties hereto that this closing statement is subject to audit and should there be any errors or omissions, they are to be corrected. Further, if any SELLERS' CLOSING STATEMENT --1-- ELLIOTT.$CS - ~est HilLS Closings - 12/29/95 legitimate monetary error is discovered, it is to be assessed and immediately collected from the party or parties liable therefor. ACCEPTED AND APPROVED this //~# day of ~ , 1996. J6RN T. ELLIOTT - SELLERS' CLOSING STATEMENT -2- ELL]OTT.SCS - ~est HiLLs Closings - 12/29/95 ~DEC 11 '95 13:~6 ABEYTA&ASSC 00000B0 ?~ (~ } ~2o-~$~ Stat=m~nt date: DECEUB~R 07, 1995 M~[LED CFC FDDTO; PROPERTY RDDRESS: X JO~ T & LYNNE M~RIE X ~ BR/WERTON, WR ESCROW · 3~78B27 CRGE ~: LH ~58223WA LD~ ~: Pri.~/pal Balance aa of ~2~01/~ 5 7~,'~ ~ Interest from 22/~/95 to 1/~5/ 6 ) I ~.~ , 8 EScrow Balance S (This is not an amount o~in$ and cannot be used l= a credit PER DIEM FROM T0 RRTE% 18..~ 12/el/95 1/e5/96 9.5Co sub~ect to =han~e for t~e rollow~n~ reasons: o gl~meflts in trans;t o 9chedu~ed payment{s) from the escrow account (for tax, insurance other o Potential collection charnel (if the account iS_plat due) 0 Late char~es for del;n;uent payments received after: 2/~6/~6 CERTZF[ED F~9 HU~7 BE MROE PRYRBLE T0 COUNTRY~[DE FUNDING CORPORRT[0~ P~YOFFS ~[LL BE ~CEPTED BY ~[RE OR CERTZFZED FUNDS ~LY. FUNDB CFC LO~ ~MBER ~ CUSTOMER NRHE OR THEY ~[LL BE RETURNED. ~f funde are ~[RED, se~d to: If funds are M~ZLED, send 8Ink Uf ~ertca Country~lde Fundln~ CorporBt ion RBR fl~oOunt t 1210ee358 ~[[n: Payment Prooess;nt Dept.~3F S m~ Valley, CR ~3~65 Fu~dl received after 3:ce p.m. Pacific Standard Time may be posted bum i nese day. Escrow funds will be procesald 1~ ~ays after payoff. PLEASE CONTRCT OUR OFFICE PRIOR TO CLOSII~3 FOR THE Ex. qCT AMOUNT DUE. Our toll frei number ia 3-BOO-GSg-$B33. S31eL1 PURCHABER'S CLOBING STATF~ENT 1207 OYSTER BAY AVENUE SOUTH SELLERS~ JOHN T. ELLIOTT and LYNNE MARIE ELLIOTT PU~CH~SBR~ CITY OF BREMERTON LEGAL DBBCRIPTION~ LOT(S) 4, EXCEPT THE SOUTH 25 FEET THEREOF, AND LOT 5, BLOCK 3, OLE HANSON'S NAVY YARD ADDITION, ACCORDING TO THE PLAT RECORDED IN VOLUME 4 OF PLATS, PAGE (S) 56, RECORDS OF KITSAP COUNTY, WASHINGTON. AMOUNTS DUE/PAID SELLERS Total Purchase Price $84,000.00 Less two months' rent for Sellers residing at residence located on property for period of 1/11/96 through 3/11/96 1.000.00 Cash payment payable to Sellers at Closing $83,000.00 ADD Purchaser's Closing Costs to Cash Payment Payable at Closing: (Purchaser end Bsllsrs to split closing costs pursuant to Purchase Agreement) 1/2 Title Insurance Premium (Land Title Insurance Company - $348.08) 174.04 1/2 1% Real Estate Excise Tax (1.78% - Kitsap County Treasurer - $1,495.20) 747.60 Recording Fee for Statutory Warranty Deed (Kitsap County Auditor) 8.00 Total Purchaser's Closing Costs $929.64 ( 929.64) TOTAL CASH REQUIRED FROM PURCHASER TO CLOSE ~ NOTEs It is understood that real property taxes for the 1995 tax year have been paid and that said taxes become exempt as of the date of closing. Taxes for the 1996 tax year are not due and owing until February 14, 1996. It is further understood and agreed by all parties hereto that this closing statement is subject to audit and should there be any errors or omissions, PURCHASER'S CLOSING STATEMENT --1-- ELLIOTT.PCS - West Hi[ts Closings - 12./29/95 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 theref~)~. B~R'~ON IAN~. SIEVERS Bremerton City Attorney PURCHASER'S CLOSING STATEMENT -2- ELL]OTT.PCS - West Hitts CLosings - 12/29/95 CLOSING AGREEMENT AND ESCROW INSTRUCTIONS For Purchase and Sale Transaction ESCROW NO. S-11456-KL PRELIMINARY TITLE COMMITMENT NO. E- 127091 DATE: December 16, 1998 TO: LAND TITLE ESCROW 9657 LEVIN ROAD N.W., SUITE 110 P.O. BOX 2737 SILVERDALE, WA 98383 Thc -n,tersigned buyer and seller (referred to herein as "the parties") hereby designate and appoint LAND TITLE COMPANY OF KITSAP COUNTY (referred to herein as "the settlement agent") to act as their settlement and escrow agent according to the following agreements and instructions IT IS AGREED, AND THE SETTLEMENT AGENT IS INSTRUCTED, AS FOLLOWS: *TERMS OF SALE* The terms and conditions of the transaction which is the subject of these instructions (referred to herein as "the tramacfion") are set forth in the parties' Purchase and Sale Agreement, Earnest Money Agreement, or other written ag~cment, and any attachments, amendments or addenda to that agreement (referred to l~rein as "the parties' agreement" ), which is made a part of these insmlctions by this referenee. Any chnn~oes to the parties' agreement will be made a part of these instructions, without further reference, when signed by the panics and delivered to the settlement agent. These instructions are not intended to ameod, modify or snpemede the terms aaa conditions of ~ palries' agreement and if there is any conflict or inconsistency between these instructions and the parties' agreement, the terms and conditions of the parties' agreement ~hall control. Escrow is to be concerned only with the provisions specifically set forth in these insamctions and idemified by the Buyer and Seller as conditions to the closing of this escrow. All terms and provisions of the above agreement have been met to the satsfaction of all parties herein or will be complied with, outside of this escrow. *DESCRIPTION OF REAL PROPERTY* The real property which is the subject of the transaction (referred to herein as "tbe property") is identified in the parties' ag~ement. The doo~meuts l~lltired to close the transaction must contain the "legal description" of the property. If the parties' agreement does not yet contain the correct legal description, fl~e parties or the real estate agent shall obtain an addendum setting forth the legal description as soon as possible and deliver it to the settlement agent. *CLOSING DATE* The date on which the documents required to close the transaction are filed for record (referred to herein as "the closing date") nhall be on or before the date for closing of tile transaction specified in the parties' agreement or in an addendum extending that date. *DOCUMENTS* The settlement agent is instructed to select, prepare, complete, correct, receive, hold, record and deliver doc, meats as necessary to close the transaction. The settlement agent may request that certain documents be prepared or obtained by the parties or their atWrneys, in which case the parties shall deliver the requested docnme~s to the :settlement agent before the closing date. Execution of any doc-meat will be considered approval of its form and contents by each party signing such document. *DEPOSITS AND DISBURSEMENTS OF FUNDS* Before the clo~ing date, each party shall deposit with the settlement agent all fimtln required to be paid by such party to close the transaction, less any earnest money previously deposited with the real estate agent. The settlement agent is autho~,.ed, but not r~luired, to consider a lending institution's written cemmltment to deposit fi,nan as the equivalent of a deposit of such fimds, if all conditions of the commiUngnt will be met on or before the closing date. All fi,mia received by the settlement agent shall be deposited in one or more of its general escrow or trust accounts with any bank doing business in the State of Washington and may be transferred to any other such accounts. The settlement agent shall not be required to disburse any fimds deposited by check or draft until it has been advised by its bank that such check or draft has been honored. All disbursements ~hall be made by the settlement agent's check~ *SETTLEMENT STATEMENT* The settlement agent is instructed to prepare a settlement statement showing all funds deposited for the account of each of the parties and the proposed disbnrsenl~nts flom such ~mda. No ~hndn ~hall be disbursed until the parties have examined and approved the settlement statement. Some items may be estimated, and the final mount of each estimated item will be adjusted to the exact amount rtxluired to be paid at the time of disbursement. The settlemem statement will be subject to audit and any errors or omissions may be corrected at any 6me. If any monetary error is found, the amount will be immediately paid by the party liable for such payment to the party entitled to receive it. *PRO-RATIONS* Adjustments or pro-rations of real estate taxes, and other charges if any, ~hatl be made on a per-diem basis using a 365 day year, unless the settlement agent is othenvise instructed. *TITLE INSURANCE* The settlement agent is instructed to obtain and forward to the parties a preliminary commitment for title insurance on the property and on any other parcel of real property that will be used to secure paymem of any obligation created in the transaction (referred to herein as "the title report"). *VERIFICATION OF EXISTING ENCUMBRANCES* The settlement agent is instructed to request a written statement from the holder of each existing encumbrance on the property, verifying its status, terms, balance owing and, if it~fll ~°t be removed at closing, the requirements that must be met to obtain a waiver of any chle-on-sale provision: Thegn.gent is authorized to rely upon such written statements in the perfor,mnee of its duties, without: liability or accuracy or completeness. EsCRow INSTRUCTIONS Page No. 2 Escrow No. S-11456-KL *INSTRUCTIONS FROM THIRD PARTIES* If any written instructions necessary to close the transaction according to the parties agreement are given to the settlement agent by anyone other than the parties to the transaction or their attorneys, including but not limited to lenders, these instructions will be deemed valid, only, upon approval of all parties and will then be considered in this closing, *DISCLOSURE OF INFORMATION TO ~ PAR'rff. S* The setflemem agent is authorized to furnish, upon request, copies of any closing documents, agreements or instntcfions conoeruing the ~aasacfion to thepatties, attorneys, and to any real estate agent or lender involved in the transaction. Other papers or do~ ~n~alni~.o personal or financial information concerning any party may not be released to anyone other than the partY's attornc~/-or lender, without prior written approval. *POTENTIAL LEGAL PROBLEMS* If the settlement agent becomes aware of any facts, circumstances or potential problems which in the settlement agent's opinion should be reviewed by any of the parties' attorneys, the settlement agent is authorized, in its sole discretion, to advise the parties of such facts, circumstances or potential problems and recommend that legal counsel be sought. *SETTLEMENT AGENT'S FEES AND EXPENSES* The settlement agent's fee is intended as compensation for ~ closing and escrow services set forth in these instructions. If additional services are required to comply with any eh.n~¢ or addition to the parties' agreement or these instructions, or as a result of any party's assignm.nt of interest or delay in perform.nee, the parties agree to pay a reasonable additional fee for such services. The parties ~h~ll also reimburse the settlement agent for any out-of-pocket costs and expenses incurred by it under these instructions, Title insurance preminm~ or cancellation fees will be billed separately to the appropriate parties. The settlement agent'S fees, cos~ and expenses shall be due and payable on thc closing date or other termination of the settlement agent's dUties and respOnSibilities under these instructions, nnd shall be paid one-half by the buyer and one-half by the selle~ Unless otherwise provided in the parties' agreement. *CANCELLATION* ,_T~.ese instructions may be canceled by a written ~gr~e~, signed by all of the parties, and payment of the settlement agent s fees, costs and expenses. Upon receipt of such agree~ and payment, the settiement agent ~h~ll return any money Or doclnxLents then held as it is instructed, and shall hay6 no further dUties or responsibilities ~mder these instructions. *INABILITY TO COMPLY VflTlt INSTRUCTIONS* If the settien~nt agent receives conflicting instructions or determines, for any reason, that it cannot comply with these instructions by the date roi closing specified in the parties' agreement or in any written extension of that date, it ~h~ll notify the parties, request further instructions, and inits discretion: (1) continue to perform its duties and close the transaction as soon as possible after receiving further insU'uctions, or (2) if no conflicting instructions have been received, return any money or documents then held by it to the parties that deposited the s~me, less any fees and expenses chargeable to such party, or (3) commence a court action, deposit the money and doLn!ments held by it into the registry of the court, and ask the court to determine the rights of the parties. When the money and documents have been returned to the parties or deposited into the registry Of the court, the settlement agent shall have no further duties or responsibilities ,ruder these instn]ctions. ~ ' *DISPUTE* Should any dispute arise between the parties interested in property or fi%,,~l~ covered by these instructions, yon ~h~]l have the option to hold all matters pending in their ~-n existing s~atus, 6f to join in or commence a court action, deposit the money and doc. ments referred to herein into the Registry of tl~iCourt or UPon holding this escrow open for determination of the rights of the parties, you will be relieved of all responsibility. *ATTORNEY'S FEES* In tbe event of any suit or claim arising out of this agreement, the prevailing party shall be entitled to recover its expenses, costs ~nd reasonable attorney's fees in connection the~with, or as otherwise adjudicated by the court or arbitrator in such action or proceeding, includinE appeals. *NOTICES* Any notice, declaration or request made -nd.r these instructions shall be in writing, signed by the party giving such notice or m~ldng such declaration or request, and peI~on~lly delive~d or mailed to thc settlement agent and other parties at their addresses set forth in tbese instructions. *AMeNDMeNTS* Any ~mendmellt, addition or supplement to these instructions must be in writing, signed by the appropriate parties ~nd delivered to the settlement agent. *COUNTERPARTS* These instructions may be executed in one or more counterparts with like effect as if all signatures appeared on one copy. ' ' *EI~'I,'ECT* These instructions shall bind and benefit the parties, the settlement agent, and their successors in interest. *MATTERS TO BE COMPLETED BY THE BUYER AND` sELLER* *IMPORTANT - READ CAREFULLY* *THE FOLLOWING ITEMS MUST BE COMPLETED BY THE PARTIES, oUTSIDE OF ESCROW, AND ARE NOT PART OF THE SETTLEMENT AGENT'S D'UTIES UNDER THESE INSTRUCTIONS,* *SELLER DISCLOSURE STATEMENT* The property being sold within this transaction may necessitate seller disclosures as set forth in Title 64 of the RCW. The parties to this transaction will h~nd]e this outside of this your settlement agent will not inquire into this matter, However, the settlement agent advises the parties to of their attorney if there are questions. ESCROW INSTRUCTIONS Page No. 3 Escrow No. S-11456-KL INSPECTION AND APPROVAL OF IHE PROPERTY Any reqmredl~ns~e cUons or a'approvalsofthe o ,'property of The settlement agent 8hall have no liability with respect to the physical condition of the property, or any buildings, improvements, pl. mh~ng, heating, cooling, electrical, septic or oth~ systems on the property, and no responsibility to inspect the property, or to otherwise determine its physical condition, or to determine whether any required, improvements, additions or repairs have been satisfactorily completed. *POSSESSION OF THE PROPERTY* The transfer of possession of the property shairhe' arranged directly between the parties outside of escrow and ~hall not he the responsibility of the settlement agent. *INDIVIDUAL TAXES* The parties are advised to consult with their attorneys to determine whether they must report income, deduct expemes or losses, or withhold or pay any income or business taxes as a result of the transaction. The settlement agent shall have no responsibility for the parties' individual tax consequences arising from the transaction. *COMPLIANCE WITH CERTAIN LAWS* The parties are advised to consult with their attOrneys to determine their responsibilities, ff any, under the Con,~!mer Protection Act, Truth-in-Lending Act Interstate 1 -~nd Sales Act or other similar laws. The settlcmc~ agent shall have no responsibility for th~ parties compliance, nor any liability arising from thc failure of any party to comply, with any such law. *UTILITIES* The parties advise settlement agent that the proration and pa~ of utilities, including but not limited to, electricity (except if lienable in certain counties, pursuant to RCW 60.80), gas and oil, will be handled between the parties outside of escrow, except for those utilities enumerated in RCW 60.80, ~scrow Holder Shall not be responsible for dcter~ulng whether any utility charges are due or may become due or for payment of any such charges. By signing these instructions, the -nd~signod hereby astatines full responsibility for prOratiOn and payraent, if any, of utilities as described above and as may he contained in said Agreement between parties. **ADDITIONAL INSTRUCTIONS ARE HEREBY ATTACHED** *NOTICE TO PARTIES* The services of the settlement agent under these instructions will be performed by a person certified as a Limited Practice Officer Under the Admission to Practic~ Rule 12 and 12.1, Adopted by,the Washington State:Supreme Court. Under that rule, Limited Practice Officers may only select, prepare and complete certain documents on forms which have been approved for their use. You are further advised that: THE LIMITED PRACTICE OFFICER IS NOT ACTING AS THE ADVOCATE OR REPRESENTATIVE OF EITHER (OR ANY) OF THE PARTIES. THE DOCUMENTS PREPARED BY THE LIMITED PRACTICE OFFICER WILL AFFECT THE LEGAL RIGHTS OF THE PARTIES. THE PARTIES INTERESTS IN THE DOCUMENTS MAY DIFFER. THE PARTIES HAVE A RIGHT TO BE REPRESENTED BY LAWYERS OF THEIR OWN SELECTION. THE LIMITED PRACTICE OFFICER CANNOT GIVE LEGAL ADVICE AS TO THE MANNER IN WHICH THE DOCUMENTS AFFECT THE PARTIES. BY SIGNING THESE INSTRUCTIONS, EACH PARTY ACKNOWLEDGES: I have been specifically informed that the settlement agent is forbidden by law from offering any advice concerning the merits of the transaction or the documents that will be used to close the transaction. .: The settlement agent has not offered any legal advice or referred me to any named attorney, but has clearly requested that I seek legal counsel if I have any doubt concerning the transaction or these instructions. I have had adequate rime and opportunity to read and ,nclerstand these instructions and all other existing docnmeuts referred to in these instructions. THE FOLLOWING DOCUMENTS ARE ANTICIPATED TO BE SELECTED/COMPLETED BY THE LFO NOTED/ EXCISE TAX AFFIDAVIT STATUTORY WARRANTY DEED The Limited Practice Officer for this transaction is: LPQ# KATHY LACEY ESCROW INSTRUCTIONS Page No. 4 Escrow No. S-11456-KL DATED: SIGNEI): TROY C. CARSON DATED: SIGNED: GATFIERINE O. CARSON DATED: SIC_nNED: DATED: SIGNED: Buyer's Mailing Address: Phone: Home Mr. work 2127 12TH STR., #B205 MS. work BREMERTON, WA 98312 Social Security No:. Mr. Social Security No.: Mrs./Ms DATED: SI ~., DATED: SIGNED: DATED: sIGNED: DATED: ~GNED: Seller's Mailing Address: Phone: Home Mr. work 239 4TH STR. Ms. work ~REMERTO~, WA 98337 SO~ Sec~ty NO:~! q I' Social Security No: Mrs./Ms, ADDITIONAL INSTRUCTIONS - continued ESCROW NO.: S-11456-KL 1. THE UNDERSIGNED HEREIN acknowleckjes that escrow will need the following item(s) prior to recording~ 1. These instructions initialed, si~ned and returned. 2. Borrowers Loan Documents and loan closing instructions Crum lender. 3. All terms and conditions o£ the Purchase & Sale Agreement have'been met. 2. The purchaser and seller herein acknowledge and understand that pursuant to the utility lien law, closing agents are only required to handle the following utilities through closing: 1. Water 2. Garbage 3. Sewer 4. Irrigation and Aquifer Ail other utilities must be handled outside of escrow. 3. THE UNDERSIGNED PARTIES HEREIN acknowledge notice that pursuant to RCW 18.44.070 as amended and effective June 7, 1990, escrow will NOT disburse funds collected into the escrow depository bank the same day as deposited, unless funds are received by wire transfer or cash, or in a form that permits conversion of the deposit to cash on the same day the deposit is made. 4. Inasmuch as the legal description contained in the Real Estate Purchase and Sale Agreement has been modified as set forth in Commitment for Title Insurance NO. E-127091, the undersigned parties hereby state that they have examined the legal description contained in said Commitment for Title Insurance and instruct Escrow Closer to use said legal description in the documents prepared in c°nnection with thls transaction. 7~ ~_,~,~ ,-(~.~.~ .~_~_~ j ~ 5. Borrower shall deposit into escrow prior to closing, evidence of fire insurance coverage with loss payee clause in favor of the lender. SELLER DISCLOSURE STATEMENT. The property being sold within this transaction may necessitate seller disclosures as set £orth in Title ~A of the RCW. The parties to this transaction will handle this outside of this closing and your Settlement A~ent will not inquire into this matter. However, the Settlement Agent advises the parties to seek the advice of their attorney if there are questions. PLEASE TYPE OR PRINT REAL ESTATE EXCISE TAX AFFIDAVIT This form is your receipt when stamped PLI~SE SEE REVERSE by cashier. CHAPTER 82.45 RC'~I - CHAPTER 458-61 WAC For Use at County Treasurer's Office (Use Form No. 844)001B for R~portthg Tmmfers of Coatmlltag Inlere. st of Entity Ownership to the Departmeat of Revenue) THIS AFFIDAVIT WILL NOT BE ACCEPTED UNLF.,SS ALL ARE. AS 1--7 ARE FULLY COMPLETED Name JOHN F. ELLIOTT [] ! ' Name CITY OF BRBMERTON ~ LYNNE MARIE ELLIOTT I~l~reet ' s~t 239 4TH STREET o Cit /State/Z ~REMERTON WA 98312 ! I Y p City/Stare/Zip BREMERTON WA 98337 mm ~i ADDRESS TO SEND ALL PROPERTY TAX RELATED CORRESPONDENCE ALL TAX PARCEL NUMBERS Name C±t¥ of Bremerton 454S-003-004-0003 239 4th Street City/Sta~e/Zip B r e$e v t o n WA 98337 ]LEGAL DESCRIPTION OF PROPERTY SITUATED 1N [] UNI/qCOIGr'OIL~TED COUNTY ~ OR IN crr¥ o~8remer ton 1207 Oyster Bay Ave S Street Address (if property is improved): LOT(S) 4, EXCEPT THE SOUTH 25 FEET THEREOF, AND LOT 5, BLOCK 3, 0LE HANS0fl'S NAVY YAR0 ADOITION, ACCORDING TO THE PLAT RECORDE0 IN VOLUME 4 OF OLgTS, PAGE(S) 56, RECOROS OF KITSAP COUNTY, WASHINGTON. ]Is this property currently: YES NO [] Description of tangible personal property if included in sale (furniture, Classified or designated as forest land? [] ~] applianre~, etc.) Chapter 84.33 RCW Classified as currant use land (open spa~, farm [] and agricultural, or timber)? Chapter 84.34 RCW Exempt from property tax as a nonprofit [] ~] If exemption claimed, list WAC number and explanation. V~// organization? Chapter 84.36 RCW Seller's Exempt R~g. No ...... -- WAC No. (Sne/Snb) Receiving special valuation as historic [] ~] Explanation property? Chapter 84.26 RCW Property Type: [] lam only [] land with new building ~ land with previously used building [] land with mobile home Type of Document [] timber only [] building only Date of Document Principal Use: [] Apt. (4 + unit) ~] residential 84,000.00 [] timber [] agricultural [] commernial/industrial Gross Sale Price $ ~ other Personal Property (deduct) $ l!a~ble Sale PriCestate $$ :t7495 ;20 [] (1) NOTICE OF CONTINUANCE (RCW 84.33 or RCW 84.34) , .,?''a'~'*~x: Ifthcncwowner(s) of land that is classified or designated as current use \ :?? t.. Loeal$ or forest land wish to continue the classification or designation of such land, d~e new owner(s) must sign below. If the new owner(s) do not desire De[in~tuent Interest: State to continue such classification or designation, ali compensating or addi- Local $ -0 - tional tax calculated pursuant to RCW 84.33.120 and 140 or RCW Delinquent ~talty: State $ 84.34. 108 shall be due and payable by the seller or transferor at the time of sale. The county assessor must determine if the land transferred qualifies t~ Total Due $ to continue classification or designation and must so indicate below. THERE IS A $2.00 FEE FOR PROCESSING THIS FORM IF NO TAX 1S DUE Signatures do not necessarily mean the land will remain in classification or designation. If it no longer qualifies, it will be removed and the eom- [] AFFIDAVIT pensating taxes 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 (See back of this form). Date Signature of DEPUTY ASSESSOR Grantor/Agent jOHN T. E-L[~0~ (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 contthue this special valuation the new owner(s) must sign below. Date & Place of Signing Januar), ~3., ~.cj96 Bremer'tor~ If thc new owner(s) do not desire to continue such special valuation, all additional tax calculated pursuant m 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) tAN R. SIEVERS~ City Attorney Date & Place of Signing Jenua.vy ~.~, !996 Bvemer'ton Perjury: Perjury is a class C felony which is punishable by imprisoranent in a state correctional institution for a maximum term of not more thun yea s, .ne i. un umo nt not more lha. ousau imprisonment and fine (RCW 9A.20.020 (lC)). REV 84 00Jla (6-16-95) (PI) 6-19-95) FOR TREASURER'S USE ONLY TAXPAYER A.SETTLEMENT STATEMENT U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT 0MD Ho. 8502-0265 B. TYPE OF LOAN 1. [] FHA 2.[] FmHA 3.0 CONV.UMINS. 6. File N~J~Der: 7. Loan Ntlnber: 8. Mortgage Insurance Case Nurd~er: 4.[~ VA 5.[~ CONV.INS. S-11456-KL 08800142 This form is furnished to give you a statement of actual settlement costs. ~ounts paid to and by the C. NOTE: settlement agent are shown. Items marked "(p.o.c)" were paid outside the closing; they are shown here for informational purposes and are not inclbded in the totals. D.NAME AND ADDRESS OF BORROWER: !E. NAME AND ADDRESS OF SELLER/TAX I,D.: F. NAME AND ADDRESS OF LENDER: TROY C. CARSON p.. ,~.Y o? BREMERTON CATHERINE O. CARSON~r I~L ACCUBANC MORTGAGE 9975 MICKELBERRY RD #102 2127 12TH STR., #B205 239 4TH STR. SILVERDALE WA 98383 BREMERTON, WA 98312 BREMERTON, WA 98337 G.PROPERFY LOCATION: N.$ETTLEMENT AGENT: [.SETTLEMENT DATE: 1207 OYSTER BAY LAND TITLE ESCROW BREMERTON, WA 983 12 PLACE OF SETTLEMENT: 9657 LEVIN ROAD N.W., SUITE 110 03/04/99 SILVERDALE, WA 98383 J. SLaY OF BORROWER'S TRANSACTION K. S~Y OF S~T~,k~P/S TRANSACTION 100. (~OSS AMOUNT DUE FROM BORROWER: 400. (~OSS ~Nv~DL~FE DUE TO SRTL~: 101. Contract Sales Price 71,000.00 401. Contract Sales Price 71,000.00 102. Persona[ property 402. Persona[ property 103. Settlement charges to borrower (line 1400) 4,878.14 403. 104. PRINCI PAL REDUCTION TO CITY 194.22 404. 105. 1St Half 1999 Real Estate Tax 447.64 405. Adjustments for items paid by seller in advance Adjustments for items paid by seller in advance 106. City/town taxes to 406. City/town taxes to 107. County taxes to 407. County taxes to 108. Assessments to 408. Assessments to 109. 409. 110. 410. 111. 411. 112. 412. 113. 413. 114. 414. 120. GROSS AMOUNT DUE 420. GROSS AMOUNT DUE -- ~ BORRO[%~ 76,520.00 TO Sk~T~.~ 71,000.00 200. AM(TJNTS PAID BY OR IN BEHALF OF BORROWER: 500. REDUCTIONS IN AMOUNT DUE TO SELLER: 201. Deposit or earnest money 500.00 501. Excess deposit (see instructions) 202. Principal amount of new Loan(s) 72,A20.00 502. Settlement char~es to seller (Line 1400) 10,593.57 203. Existing loan(s) taken subject to 503. Existing loan(s) taken s~ject to 204. 504. Payoff of first nmrtgage loan 205. HOMEBUYER ASSISTANCE 3,600.00 505. Payoff of second mortgage loan 206. 506. 207. 507. 208. 508. 209. 509. Adjustments for items unpaid by seller Adjustments for items unpaid by seller 210. City/town taxes to 510. City/town taxes to 211. County taxes to 511. County taxes to 212. Assessments to 512. Assessments to 213. 513. 214. 514. 215. 515. 216. 516. 217. 517. 218. 518. 219. 519. 220. TOTAL PAID BY/FOR 520. T~ REDUCTION AMOUExT~ BORROWE~ 76,520.00 DUE ~RT~.~ 10,593.57 300. CASH AT S~'l'll~ FROM/TO BORROWER 600. CASH AT S~1'112~ TO/FROM Sk~,~{ -- 301. Gross amount due from borrower (Line 120) 76,520.00 601. Gross ~ount due to seller (line 420) 71,000.00 302. tessamountspaidby/for borrower(Line 220) 76,520.00 602. Lessreductionsinamountduese[ler(lJne52( 10,593.57 303. CASH( O FROM) ( [~ TO)BORROWER 0.00 603. CASH(~TO) (DFROM) ~TJ,k~P. 60,406.43 have carefully reviewed the HUD-1 Sett[ement Statement and to the best of my know[edge and bolLef it is a true and accurate statement of all receipts and dJsborsements made on my account or by me in this transaction. I further certify that I have received a copy of the HUD-1 Settlement Statement. TROY C. CARSON CITY OF BREMERTON Borrowers CATHERINE O. CARSON Sellers The HUO-1 Settlement Statement which I have prepared is a true and accurate account of this transaction. I have caused or will cause th~ funds to be disbo~sed in accordance with this statement. se~t*emen~ Agent/'--- ~/ ~ Date~'/ ~'/~ ~rning: It is a crimeL~o knowingly make false statements to the United States on this or any similar form. NUD-1 (8-87) Penalties upo9 conviction can inctude a fine and impr sonment For details see: Title 18 U.S. Code Section RESPA HB 4305.2 1001 and Sect]on 010. Previous edition is obso ere. -2- L. SETTLEMENT CHARGES ?00. TOTAL SALES/BROKERIS COMMISSION 800. ITEMS PAYABLE IN CONNECTION WITH LOAN 804. Credit Report to AMERICAN REPORTING 25.00 POC 20.00 900. ITEMS REQUIRED BY LENDER TO BE PAID IN ADVANCE 901. Interest from 03/04/99 to 03/01/99 aS 13.890000 /day 0.00 -41.67 1000. RESERVES DEPOSITED WITH LENDER 1100. TITLE CHARGES 1109. Lender's coverage $ 72.420.00 S 275.00 Tax S 22.28 1110. 0~ner's coverage $ 71.000,00 S 329.00 Tax S 26.65 1200. GOVERNMENT RECORDING AND TRANSFER CHARGES 1204. Excise Tax Tax S 0,00 1300. ADDITIONAL S~.'T'I'LEMENT CHARGES 1304. Final Garbac~e/Account Closed Brem-Air Disposal O.OQ 1306. Repairs Broussard Home Services 1.791.64 1·500,QQ 1400. TOTAL SETTLEMENT CHARGES(e.ter on lines 103,Sect J and 502,Sect K; 4. 878. 14 10. 593, 57 W.A.R. Fo~ No, L-102-R ~ Copyright 1996 Exch/Nve Sale EXCLUSIVE SALE AND LISTING AGREEMENT Washington infom~s~io~l Netwoll~ The undersigned Seller ('Seller") hereby grants ,o .(*Broker') 1 andt~rec~iptf~rdep~sit~nc~1ne~ti~ntherewi~h~therea~pr~berty(~thePr~perty~)c~mrn~niykn~wna~ I&o? DyS, Z'~ ,~/~ 3 Ihe term '~mker' means LislJr~g Agent(s) iaduding any subagents and Usling Agent's Broke-, Designated Broker ~- Branch Manager, unless expressly slated olhef~se. 14 8. DISCLAIMER/SELLER'S INSURANCE, Nei[her Broker, MLS, nor any members of MLS or of any multiple listing service to which this ~isting is referred shell be responsible 49 ~:. for loss, their, or damage of any nature or kind whatsoever to the pmberty and/or to any bersonal pmberty therein, incbding entry by tbe master key to the keybox and/or aloben 50 acompletedandelgned"ReelProbertyTransferDieclosureS a emen"(W.A,R. ForrnD.5orNWMLSForm17). Selleragreestoindemni~y, defendandholdBrokerharmless 58 ~.' BROKER ( 66 NWMLS Form No. 1 REV. 02.96 RESIDENTIAL Exclusive Listing Agreement *PROPERTY ©,Copyr ght 1996 (page 2 of 2) TYPE Northwest Multiple Listing Service LISTING INPUT SHEET All Rights Reserved *INDICATES REQUIRED INFORMATION TRANSACTION # LISTING# *STR - STREET NAME ZiP CODE LIST PRICE $ (SEE REVERSE) DSR ~ PRJ .... , , .... BLD .... NC ~"=.~ LT , , , : D~STRICT PROJECT UILDE~ NEW CONSTRUCTION LOTNUMBER *COU ,~ ~,~ *LO LIST OFFICE NAME & PHONE NO. LIST AGEN~ ~ ~ LIST AGENT NAME & PHONE NO. ' AGE Unk~n ,... 777 (no decimals} ~ OF CARS/GARAG~ FAM~LY/REC ROOM: *XD ~ *TAX ~ FP F=~ami~; R=rec EXPIRE DATE ~ING~IERC~ C~U~TY T~ ~F FIREPLACES *OAD ,~ ~,~, ,~~ ...... LSZ , , t ~ SDW ~ HOD , , PMT ,~ ..... S'OE~ALK (Y/N) HOMEOWNER DUES $ PE~ WDW ............... LND ~ .............. TX ' ~NDOW COVERING ~T LENDER WET ,~ ~ ....... lEE ,' .............. TXY , SD RM4 EMS ~K* 1 ~NOFL~R ~J. ~OFPLC~FL~R ~D. C~ICTILE ~* CA~HO~ ~D. RVPARK~G ~ L. 2 ~ 2N~ ~L~ FRR F~LY/~C R~ ~ E. SLATE ~ ~. CONVE~IONAL ~ E. DEC'PATIO ~ M. 3 ~ 2aO FL~ ~ A. FAMILY R~M iN ~SEME~ ~ F. CONCRETE 3 Initials: (Se~ler) (Seller) ........ ME TRO S CAN PROPERTY PRO F I L E ........ Parcel :4546 003 004 00 03 PLATTED Total :$68,510 Owner :CITY OF BREMERTON Land :$17,000 CoOwner: Struct :$51,510 Site :*NO SITE ADDRESS* %Imprv :75 Mail :239 4TH ST BREMERTON WA 98337 Levy Cd:ll70 Phone #: 1998 Tx: NbrhdCd:105Q Bldg No:l Zoning :9 R-9 Easemnt: Use :11101 RES,SINGLE FAMILY RESIDENCE Q-S-T-R:SE-21-24N-01E Plat :HANSON'S, OLE, NAVY YARD ADDN Vol:4 Page:56 Legal :LOT 4, EXCEPT THE SOUTH 25 FEET AND -- CENSUS -- :LOT 5, BLOCK 3, OLE HANSON'S NAVY Tract : :YARD ADDITION, AS PER PLAT RECOR... Block : PROPERTY CHARACTERISTICS Bedrooms :3 1st Floor SqFt:888 Lot Acres :.17 Bath Total:l.00 2nd Floor SqFt:399 Lot SqFt :7,405 Bath Full :1 3rd Floor SqFt: Year Built :1941 Bath Half : 4th Floor SqFt: Eff YearBlt: Fireplace : Attic SqFt : Paving Matl:BLACKTOP Laundry : AboveGrnd SqFt:l,287 Ground Covr:CLEARED Heat Type :FORCED Bsmnt FinSF : Topography : Floor Covr:CRPT~VINYL Bsmt Unfin SF :888 View Qlty : Roof Matl :COMPOSITIO Bsmnt Total SF:888 WtrFrntQlty: Insulation: Building SqFt :2,175 Bldg Marl :SIDING Patio SqFt :72 UTILITIES Bldg Grade:FAIR Deck SqFt :16 ............ Bldg Style:l.5 STY-FI Garage SqFt :209 Sewer Type :SEWER Bldg Cond :AVG Garage Type :ATTACHED Pwr Source :YES Bldg Value:S51,510 Bsmnt Type : Wtr Source :YES TRANSFER INFORMATION Sale Date :02/02/96 E Tax#:691 Previous Sale:01/ll/96 Document #:11 Loan : Previous $:$84,000 Sale Price:S84,000 FULL Type : Seller:BREMERTON CITY OF Deed Type :WARRANTY Lender: The Information Provided Is Deemed Reliable, But Is Not Guaranteed. PUGET SOUND APPRAISAL COMPANY 3627 WHEATON WAY, SUITE 100 BREMERTON, WA 98310 (360) 479-2727 September 2, 1997 CITY OF BREMERTON/PUBLIC WORKS 3027 OLYMPUS DRIVE BREMERTON, WA 98310 RE: Property - 1207 OYSTER BAY AVENUE BREMERTON, WASHINGTON 98312 Borrower - NOT APPLICABLE Fil~ No. - 97261 Case No. - 1207 OYSTER BAY Dear Sir or Madam: In accordance with your request, I have prepared a Limited Scope Summary Report of the real property located at: 1207 OYSTER BAY AVENUE, BREMERTON, WASHINGTON The purpose of this Limited Scope Summary Report is to estimate the market value of the property described in the body of this report. Enclosed, please lind the Limited Scope Summary Report which describes certain data gathered during the investigation of the property. The methods ol approach and reasoning in the valuation of the various physical and economic factors of the subject property are contained in this report. An inspection of the property and a study of pertinent factors, including valuation trends and an analysis of neighborhood data, leads me to the conclusion that the market value, as of AUGUST 19, 1997, is: $86,000 The opinion of value expressed in this report is contingent upon the Limiting Condilions attached to this report. It has been a pleasure to assist you; if I may be of further service to you in the future, please let me know. Respectfully submilted, PUGET SOUND APPRAISAL COMPANY SCHELL S LUZIK, STATE CERT. RESIDENTIAL "LIMITED APPRAISAL ANALYSIS - SUMMARY APPRAISAL REPORT" tarrower NOT APPLICABLE CeflsesTrect 810 Mr~Refersnca SE 21-24-1E ~ropertyAddress 12 ER BAY AVENUE Check One: [] SF ~ I I Condo [] 2-4 Units ~ity BREM.ERTON County KITSAP State WASHINGTON Zip Code 98312 ~hone No. Res. N/A Loan Amount Requested $ N/A Term N/A Months Owner's Estimate of Value $ M/A NO. O, R.~s NO. ~ Beerccms NO. oHiath, Family Re(m1 or Den Grcss Uvln§ Area GaraJle/Carpod Porches Pa o o c,~nr,I A ~.25 [~Yes ~No I ($paclfy~Ypa&Number) l Pool(SpacIfy) I~ ~ ~IEIGHBORHOOD .................................................................................................................................................... .ocation [] Urban [] Suburban [] Rural Good Fair Poor .,tup []evo,1-12 to7 []Undar2 P,ope ,Compatibi,ty [] [] ~rowth R~te [] Fully Dev. [] Rapid [] Steady [] Slow General Appearance of PropertiesI I [] [] [] 'roperty Values ~ Increasing [] Stable [] Declining Appeal [] [] [] [] )amend/Supply I I Shortage [] In Balance [] Oversupply Aarketing Time [] Under 3 Months [] 4-6 Months [] Over 6 MonLhe 'resent Land Use 90 % 1 Family L % 2-4 Family I % Apta ! % Condo 2 % Commercial % Industrial 5 % Vacant % :hange in Present Land Use [] Not Likely ~kely [] Taking Place From SINGLE FAMILY To COMMERCTAL 'redominant Occupancy 60'/, [] Owner 40% [] Tenant 0 - 5 % Vacant ;inoleFamilyPrkeRange $ 30.000 To$ 160.000 Predominant Value $ 70.000 ;ingle Pamily Age 0 . YearsTo 80 Years PredominantAge 50-55 Yrs. ',omments including those factors, favorable or uhfavorsble, affecting marketability (e.g. public parks, scho~ls, view, noise) UREAN AREA O~' ESTABLI SHED OLDER HOME~S/$UBDIVI__SIONS WITH TYPICAL MIXTURE OF IMPROVEMENTS. COMHF. I~CTAL USES NORTH OF RESIDENTIAL AREAS~. AVEP-3%G_~E ACCESS TO CITY SERVICES. LOCATED APPROX. 2 MIF,ES WEST OF DOWNTOWN BREMERTON, WEST OF HIGHWAY 3t GOOD ACCESS TO MAJOR EMPLOYMEMT CENTERS, SERVICES, FREEWAY, ETC. SUBJF:CT P~O~EFITY %pproximate Year Built 19 4_!1 No. Units 1 No. Stories 1. §+BSMT PROPERTY RATING Good Avg. Fair Poor type (detached, duplex, $imi-det, etc.) DETACHED Condition of Exterior [] [] [] [] )esign (rambler, split level, etc.) 1.5 STORY + EASEMENT Compatibility to Neighborhood [] [] [] [] ixterior Walls Material BEVELED WOOD Roof Material COMP. SHINGLE Appeal and Marketabirity [] [] [] [] s the property located in a HUD- dent iedSpecialFIoed-HazardArea? [] No [] Yes 530092 0315 B 5/15/80 ~pecialEnergyEfficientltams SINGLE PANE WOOD SASH WITH STOEM WINDOWS. NO SPECIAL ITEMS. ;omments (favorable or untavo able 'nclud&ng any deferred maintance) 1.5 STORY HOME WITH UNFINISHED FULL BASEMEMT, AVEP. AGE QUALITY CONSTRUCTION AND CONDITION FOR A HOME OF THIS AGE & TYPE. TYPICAL UPDATING, NO SIGNIFICANT REMOD~LING. SEE ~0MMENTS... ITEM I SU~ECT. I C0MPA~BLE N0. 1 I COMPARABLE N0. 2 I COMPA~BLE N0. 3 ~drese ~207 OYSTER 1348 RAINIER AVENUE ~407 ~RGUERITE AVE 4134 "N" STREET BAY AVENUE BR~ERTON BREMERTON BREMERTON MILES NE 2 MILES NE MILE NE ~ales Pdca N/A 97 IALUE A~USTMENTS DESCRIPTION DESCRIPTION DESCRImlON DESCRIml0N )ate of SaleKime 5/30/97 i I 11/5/96 i .ocation SUPERIOR ~1 SUPERIOR ~ AVENGE ~ ~iteNiew .16AC/NO ~ I 09AC/AV .45AC/NO %ge 56/EA20 I AA57/~20 I ~55/EA20 I ~ondition ~ SL. SUPERIOR [ -1.00O AVERAGE ~ ~oomCount -500 7 '1 3 ', ~ ', -500 5 2 Z I '+800 ~roes Living Ama 1.330 ~,~10 ~ -Z,iO0 ~.532 . ~-2.800 1.3~ ~ -20( ~eatino/Cooling F.A.OIL F.A.OIL I F.A.GAS I B.B. ELECT. I +1,000 ;stage/Carport 1 CAR G~. 1 CAR GAR, ] ~ I - ~orches, Patio. AVENGE AVERAGE I 1 CAR G~. I~ 1 CAR GAR. ~l I AVENGE I AVERAGE I ~ools, etc. NO EIREPL. 1 FIREPL. II -1,200 1 FIREPL. ~ -1,200 WOOD STO~ II ~p~ialEnergy ALL F~CED ~L FENCED ; ALL F~CED ~ I -1,209 ~ PTL. F~CE ~ +500 ~flicientltems [ NO BLT INS NO BLT INS ~ NO BLT INS ~ I NO BLT INS ~ )the~ (e.g. ~ilchen ] 888 SF BSMT 625 SF BSMT , 697 SF BS~ ; 569 SF BSMT ~ ~quip.,mmodeling) I NO FINISH ;NO FINISH I +1,300 17~ FIN. ~ +50~ NO FINISH { +1,600 qetAdj. (total) ' '~ ....... ~ ~:' ~' ' 3eneraiComments APPRISED IN "AS IS" CONDITION. FINAL VALUE INDICATION IS BASED ON A CO.ELATION OF ALL THREE COMPA~BLE SALES. AN ATTEMPT WAS ~DE TO "B~CKET" THE ~UBJECT WHEREVER POSSIBLE. SEE ADDITIONAL COMMENTS... ~TIMATEO VALUE $ 86,000 ~ ~ el AUGUST 19 19 97 ~ompletedBy SCXELL SLUZIK ~. Title STATE CEAT. ~SID~TIAL ~ignature ~ ~ ~~ Date AUGUST 19 ,1997 Property Address 1207 OYSTER BAY AVENUE City BREMERTON County KITSAP State WASHINGTON ZipCode 98312 Lender CITY OF BREMERTON/PUBLIC WORKS LEGAL LOT 4. EXCEPT THE SOUTH 25 FEET AND LOT 5. BLOCK 3, OLE HANSON'S NAVY YARD ADDITION. RECORDED IN VOLUME 4. PAGE 56 OF PLATS, KITSAP COUNTY. PROPERTY DESCRIPTION THE SITE CONTAINS APPROX. 7.500 SO.FT. AND HAS FRONTAGE ON OYSTER BAY AVENUE. SINGLE FAMILY ZONING IN THIS AREA. SF-3. MINIMUM LOT SIZE 4.800 SO.FT. THE SITE APPEARS TO BE LEGAL AND CONFORMING, UNDER CURRENT ORDINANCES. AND IS LOCATED WITHIN THE BREMERTON CITY LIMITS. THE BUILDING IMPROVEMENTS ARE ABOVE GRADE OF OYSTER BAY AVENUE. ALL FENCED. AVERAGE LANDSCAPING. NEIGHBORHOOD THIS GENERAL AREA IS CURRENTLY UNDERGOING TRANSITION AS COMMERCIAL USES NORTH OF LOXIE EAGANS AVENUE/WERNER ROAD EXPAND SOUTHWARD INTO THE OLDEST NEIGHBORHOODS IN CLOSE PROXIMITY TO HIGHWAY 3. WIDE VARIETY OF QUALITY OF CONSTRUCTION AND MAINTENANCE LEVELS. NEW CONSTRUCTION ON VIEW SITES ALONG HUMPHREY AND LANSING STREETS. JUST WEST OF THE SUBJECT NEIGHBORHOOD. SINGLE FAMILY. CONDOMINIUM & APARTMENT COMPLEXES INTERSPERSED WITH COMMERCIAL AND LIGHT INDUSTRIAL USES IN THIS AREA. COMMENTS ON SUBJECT PROPERTY PLASTER INTERIOR WALLS. CEILING FANS IN LIVING AND DINING ROOM. OAK FLOOR IN DINING ROOM. NEW VINYL IN KITCHEN. ONE BATH ON MAIN LEVEL. TOILET ONLY IN UPPER FLOOR MASTER BEDROOM. UNFINISHED BASEMENT. TYPICAL PORCHES. ONE CAR GARAGE WITH ELECTRIC GARAGE DOOR OPENER. FULLY FENCED YARD. PAVED DRIVE. AVERAGE LANDSCAPING. MARKET DATA ANALYSIS NO EVIDENCE OF INFLUENCE ON COMP. SALES BY FINANCING TERMS OR CONCESSION. AND ALL ARE CONSIDERED CASH EQUIVALENT SALES. ALL ARE CLOSED SALES. AND APPROPRIATE ADJUSTMENTS MADE FOR VARIATIONS BASED ON ANALYSIS AND MARKET IMPACTS. SALES #1 AND 2 ARE ADJUSTED FOR LOCATION IN SUPERIOR NEIGHBORHOODS. HOWEVER ARE VERY SIMILAR TO THE SUBJECT IN MOST RESPECTS. SALES WERE FINANCED V.A.. COMMON FOR THE BREMERTON AREA. SALES CITED APPEAR TO BE THE BEST AVAILABLE FOR COMPARISON PURPOSES. PUGET SOUND APPRAISe. COMPANY (360) 4~9-2;'27 Borrower NOT APPLICABLE .......................... PropedyAddreas ~207 OYSTER EAY AVENUE Cl~y BREMERTON County KITSAP State WAS Zip Code 98312 Lender/Cbem CITY OF BREMERTON/PUBLIC WORKS THE PURPOSE OF THIS APPRAISAL IS TO DETERMINE THE MARKET VALUE OF THE SUBJECT PROPERTY AS DEFINED IN THE ATTACHED CERTIFICATION AND STATEMENT OF LIMITING CONDITIONS. SOLELY AND ,EXCLUSIVELY FOR USE BY THE LENDER/CLIENT FOR THE PURPOSES STATED IN THE APPRAISAL REQUEST. ::~,,~,,,~,,~:~:::t~ ,p~ :::::~::~::::.~:!: ~:: ::::::::::::::::::::::::::::::::::::::::: ~ ~: ::::::::::::::::::::::::::::::::::::::::::::::: :::::::::::::::::::::::::::::::::::::::::::: :::::::::::::::::::::::::::::: ::: ...... . THE FOLLOWING STEPS WERE FOLLOWED IN ARRIVING AT A FINAL ESTIMATE OF VALUE INCLUDED IN THIS REPORT. 1) PROPERLY IDENTIFY THE REAL ESTATE AND INTEREST BEING APPRAISED; 2) VISIT THE SUBJECT PROPERTY AND RESEARCH ALL AVAILABLE AND RELIABLE DATA FOR SIMILAR RECENT SALES THAT WOULD COMPETE WITH THE SUBJECT PROPERTY IN THE MARKET PLACE. THIS DATA WAS THEN ANALYZED TO D.I~TZKMINE MARKET TRENDS, INFLUENCES AND OTHER SIGNIFICANT FACTORS PERTINENT TO THE SUBJECT PRO~'I~KTY: 3) A DETAILED ANALYSIS OF THE MOST COMPARABLE PROPERTIES WAS THEN COMPLETED AND DESCRIBED IN DETAIL (IN THE FORM OF AURAR FORM REPORT) TO ARRIVE AT A CONCLUSION OF MARKET VALUE FOR THE SUBJECT PROPERTY AS LEGALLY DESCRIBED IN THE REPORT. H~ls thetheSUbJeCtpro.dyproperlYsold durlngCUrrenUYthe listed?prior year? [~] ~YesYes NoN° IfLl~t 'l~;ICe:yes. descr~ $ ~at Is your estlmme of marketing time for the ~ubJeot mo~r~? 90-120 DAYS Daserlbebelowthebasls(ratlonale)foryourastlm~te? BASED ON TREND ANALYSIS, LOCAL MULTIPLE LISTING SERVICE STATISTICAL DATA AND NEIGHBORHOOD INFORMATION, IT IS THE APPRAISER'S OPINION THAT THIS PROPERTY WOULD HAVE SELL FOR THE APPRAISED VALUE IN A TIME PERIOD OF NINSTX TO ONE HUNDRED TWENTY DAYS WITH APPROPRIATE MARKETING TECHNIQUES. TRENDS IN THE AREA AS REVEALED BY MULTIPLE LISTING STATISTICS. COUNTY ASSESSORS DATA AND IN HOUSE DATA FILES SHOWED APPRECIATING MAR~T VALUES, GENE~LLY STABLE VACANCY RATES. NO INCREASING USE OF SALES OR RENT CONCESSIONS, AND GENERALLY STABLE LISTING ACTIVITY AND SUPPLY FOR THE TIME FRAME REFLECTING THE EFFECTIVE DATE OF THIS REPORT. Does the transaction Involve the transfer of personal propar~, fixtures, or intangibles that are not real proart? ~yas ~ NO If yas, provide description and valual~n ~low. NO PERSONAL PROPERTY, FIXTURES OR INTANGIBLE ITEMS ARE INCLUDED IN THE ESTIMATE OF MARKET ~ALUE. THE SUBJECT PROPERTY IS RENTED ON AN INTERIM BASIS, HOWEVER TO THE BEST OF MY KNOWLEDGE NO CONTINUED INCOME PRODUCING PURPOSES ARE ANTICIPATED. THE APPRAISER HAS MADE A REASONABLE EFFORT TO EMPLOY TEE THREE RECOGNIZED APPROACHES TO VALUE. SINGLE FAMILY RESIDENCES ARE LESS FREQUENTLY PURCHASED FOR INCOME PRODUCING PURPOSES, MAKING THIS APPROACH LESS INDICATIVE OF MARKET VALUE. AS THIS IS A MOSTLY OWNER OCCUPIED MARKET WITH LITTLE RENTAL DATA, THE INCOME APPROACH WAS NOT USED. 1. The acceptance of this appraisal assignment by the appraiser was not based on a requested minimum valuation, e specified valuation, or an approval of the loan. 2. The appraiser certifies that the compensation for this appraisal is not contingent upon the reporting of a predetermined value or direction In value that favors the cause of the client, the amount of the value estimate, the attainment of a stlpuleted result of the occurrence of e subsequent event. 3. This appraisal has been prepared to conform with the Uniform Standards of Professional Appraisal practice ('USPAP') adopted by the Appraisal Standards Board of the THE APPRAISER ASSUMES A PARTY IN POSSESSION OF THIS REPORT IS AWARE THAT THIS APPRAISAL IS AN kSTIMATE OF MARKET VALUE ONLY, NO "HOME INSPECTION" WAS DONE, THIS DOES NOT SERVE AS A W~ITY OR REPORT OF THE CONDITION OF THE SUBJECT PROPERTY, AND IS NOT A "HOME INSPECTION" -- '~PORT. IT IS THE RESPONSIBILITY OF ANY PARTY IN INTEREST TO EXAMINE THE PROPERTY CAREFULLY AND TO TAKE ALL NECESSARY PRECAUTIONS PRIOR TO I~N'r~RING INTO ANY LEGALLY BINDING AGREEMENTS. IT IS ALWAYS RECOMMENDED THAT A PROSPECTIVE PURCHASER OBTAIN A "HOME INSPECTION REPORT" FROM A PUBLIC ENGINEER PRIOR TO ENTERING INTO ANY AGREEMENT TO PURCHASE. AND CONSULT WITH LEGAL L'~0-~EL PRIOR TO ENTERING INTO ANY BINDING AGREEMENT. OPINIONS CONCERNING N~.EDED, OR ~I~TES FOR. REPAIRS ARE A NON-WARRANTED OPINION OF THE APPRAISER AND ARE PROVIDED FOR TH~ ~ONVENIENCE ONLY OF THE CLIENT OF THE ~APPRAISER, WHO IS THE PERSON WHO ORDERED THIS REPORT. Date: 8/19/97 Appraiser(e,: _~3~.~_-( 3<.'~ _ ~-¢ ~ SCULL S. LUZIK · Form g53 Copyright (c) 199% 1992 Software for Real Estate Professionals Revision, 1/92 SKETCH/AREA TABLE ADDENDUM File No. 97281 PropertyAddreu 1207 OYSTER BAY AVENUE City BREMERTON State WA County Kft'SAP Zip Code g8312 Borrower NOT APPLICABLE Lender/Client CITY OF BREMERTON PUBLIC WORKS 28' 28' I 12' 12' 12' MAIN FLOOR 28' 4 14' UPPER FLOOR 10' SCALE: 1 Inch - 12,00 feet AREA CALCULATIONS SUMMARY LIVING AREA CALCULATIONS Area Name of Area Size Totala Breakdown Subtotale GLA1 HAIN FLOOR 888.00 28.00 X 34.00 952.00 UPPER FLO0~ 442.00 1330.00 -16.00 X 4.00 -64.00 NSNT NASENENT 888.00 888.00 28.00 X 19.00 532.00 P/P PORCH 16.00 -3.00 X 5.00 -15.00 PORCH 49.00 65.00 -15.00 X 5.00 -75.00 GAR GARAGE 240.00 240.00 TOTAL LIVABLE (rounded) 1330 1330 File No, 97261 Borrower NOT App'r,ICABL~ PropertyAddmss 1207 O¥ST'~R HAY AV'~NU~. City BREMERTON County KITSAP State WASHINGTON Zip Code 98312 Lender GITY OF BHEMERTON/PUBLIG WORKS FUGET SOUND APPR~IS, kL COMPANy (360} 4?9-2?2? Proper~Address 1207 OYSTER BAY AVENUE BREMERTON Coun~ KITSAP Slate WASHINGTON Zip Cede 98312 ~ITY OF BRE~K'A'ON/PUBLIG WORKS ~IACKSON PARK RO( POINT ,._._, NAVAL Ostrich er. WAY WEflNER RO ; ~ 23 SINCLAIR HEIGHTS P1JGET SOUND APPRN~AL COMPANy (360) 4~J-2727 Client: CITY OF BREMERTON/PUBLIC WORKS Case No. ' OYSTER RAY File No: 9T2§1 PURPOSE AND USE OF LIMI't ED APPRAISAL The purpose of this limited appraisal is to estimate market value by performing an evaluation of real property collateral for use in a proposed underwriting. This limited appraisal is for the use of the party to whom it is addressed and any turther use or dissemination without consent of the appraiser and addressee is prohibited. DEFINITION OF MARKET VALUE Market value, as referenced In CCC Rule 12 CFR 34.42(I): The most probable price which a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller, each acting prudently, knowledgeably and assuming the price Is not affected by undue ~ttmulus. Implicit tn this definition is the coneummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby: (1) buyer and seller are typically motivated; (2) both parties are well informed or well advised, and each acting in what he considers his own best interest; (3) a reasonable time is allowed for exposure in the open market; (4) payment is made in terms of cash in U.S. dollars or in terms of financial arrangements comparable thereto; and (5) the price represents the normal consideration Ior the prop- erty sold unaffected by special or creative financing or sales concessions* granted by anyone associated with the sale. Adjustments to the comparables must be made for special or creative financing or sales concessions. No adjustments are necessary for those costs which are normally paid by sellers as a result of tradition or law in a market area; these costs are readily identifiable since the seller pays these costs in virtually all sales transactions. Special or creative tinancing adjustments can be made to the comparable property by comparisons to financing terms offered by a third party institutional lender that Is not already involved in the property or transaction. Any adjustment should not be calculated on a mechanical dollar for dollar cost of the financing or concession but the dollar amount of any adjustment should approximate the market's reaction to the financing or concessions based on the appraiser's judgement. DESCRIPTION OF LIMITED VALUATION PROCESS In performing this preliminary value analysis, the valuation process consisted of: (1) Reviewing ecsessmentJpublic records and com- parable database listing information for the subject; (2) Conducting an inspection for the subject and its environs; (3) Analyzing sales of regional residential real estate; (4) arriving at a value conclusion; (5) Writing this report. Departures from specific appraisal guidelines included: SR 1-3 because the appraiser has presumed, for the purpose of the limited appraisal, that the existing use of the subject property is the highest and best use; SR I-4 because only a sales comparison analysis of value was employed in this limited appraisal since It is the primary valuation method for residential dwelling similar to the subject. Any additional uses of the departure provision are specifically stated in the attached appraisal report or its' attachments. SALES HISTORY Aooording to the data utilized in preparing the report, the property E~has [~hasnot traneferred within'the past12 months. LEVEL OF RELIABILITY The use of the departure provision to allow a limited appraisal with a single approach to value reduces the level of reliability of this report. RECONCILIATION Complete weight was given to the Sales Comparison Approach as it is the approach used by most buyers when purchasing a single family dwelling. The Income Approach was not applicable because of the lack of rental information and meaningful relevancy to the value of a dwelling located tn this primarily owner occupied neighborhood. On the other hand, the Departure Provision was utilized to eliminate the Cost Approach because the appraiser decided this omission in this limited appraisal assignment would not confuse or mislead the silent or the intended users of this report. The market value is estimated on the FHLMC form 704 or similar form attached. ASSUMPTIONS AND LIMITING CONDITIONS No responsibility is assumed for the legal description or for matters including legal or title considerations. Title to the property is as- sumed to be marketable. The property is appraised free and clear of any and all liens or encumbrances, except as noted In the report. Information furnished by others during the course of the research has been verified to the extent possible and is believed to be reli- able, but no warranty is given for its accuracy. No responsibility is assumed for the effect on value of hidden or unapparent conditions of the subsoil or structures; or for arranging engineering studies to discover such conditions. No evidence of contamination or haz- ardous materials was observed. However, the appraiser is not qualified to detect potential hazardous waste material that may have an effect on the subject property. The client may wish to retain such an expert if he desires. Sketches and other illustrative material are included only to assist the reader in visualizing the real estate and its environs, are based on data developed and supplied by others, and are not meant to represent a survey or as-built plan. Any distribution of the total valuation among land, improvement, and/or other components applies only under the stated program of utilization and must not be interpreted or used as individual for other purposes. The appraiser is not required to provide consultation, testimony, or attendance in court by reason of this assign- ment, unless such services have been arranged in contracting the assignment. Possession of the report or a copy thereof does not carry with it the right of publication, and it may not be used for any purpose by anyone other than the addressee, without the written consent of the author and addressee. Even with such permission, out-st-context quoting from and/or partial reprinting of the report is prohibited. The report is an integrated entity and is only valid in its entirety. Neither atl nor part of the contents of the report shall be disseminated to the public relations, news, sales, or other media without the prior written consent and approval of the author. LIMITED SCOPE APPRAISAL CERTIFICATION I certify to the best of my knowledge and belief that: the statements of tact contained in this report are true and correct; the reported analyses, opinions, and conclusions are limited only by the reported assumptions and limited conditions and are my personal, unbi- ased professional analyses, opinions and conclusions; I have no present or prospective interest in the real estate and have no per- sonal interest or bias with respect to the parties involved; my compensation is not contingent upon the reporting of a predetermined value estimate, the attainment of the stipulated result, or the occurrence of a subsequent event; the analyses, opinions and conclu- sions were developed and the report prepared in conlormance with and subject to the requirements of the Uniform Standards of the Professional Appraisal Practice of the Appraisal Foundation; the appraisal assignment was not based upon a requested minimum valuation, a specific valuation, or the approval of a loan; I personally prepared all conclusions and opinions about the real estate that were set forth tn the appraisal report. If I relied on significant professional assistance from any individual(s) in the performance of the appraisal or the preparation st the appraisal report, I have named such individual(s) and disclosed the specific tasks performed by each in the reconcilliation section of this appraisal report. I certify that any individual so named is qualified to perform the tasks. I have not authorized anyone to make a change to any item in the report; therefore, if an unauthorized change is made to the appraisal report, I will not take the responsibility for it. SUPERVISORY APPRAISER'S CERTIFICATION If a supervisory appraiser signed the appraisal report, he or she certifies and agrees that: I directly supervised the appraiser who prepared the appraisal report, have reviewed the appraisal report, agree with the statements and conclusions of the appraiser, agree to be bound by the appraiser's certifications above, and am taking full responsibility for the appraisal and the appraisal report. PROPERTY: 1207 OYSTER BAY AVENUE, BREMERTON APPRAISER;~ )(~ SUPERVISORY APPRAISER [0nty ff required): Signature: ~,~:~)~e~, ~,.~, Signature: Name: ~CHE~L S LUZ K Name: Date Signed: AUGUST 19, 1997 Date Signed: State Certificetlon ~: LUZiI(SS551LC State Certification: or State License ~: or State License ~': State: WA State: Expiration Date gl Certification or License: 6/3/99 /,,~Did [~ Did Not Inspect the Interior of th~ pr-'o-'~perly Expiration Date of Certilicetion or Licnese: [--]Did E~ Did Not Inspect Property IAN R. SIEVERS, City Attorney 239 4th Street · Bremerton, WA 98337 · (360) 478~5345 · FAX (360) 478-5161 DATE: April 17, 1996 TO: Kathleen McCluskey, Administ~ervices Director FROM: Jackie Cronk, Legal Assistant"~f\~{~"'~ RE: 1207 Oyster Bay Avenue Elliott/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. Equal Opportunity Employer 1AN R. SIEVERS, City Attorney 239 4th Street · Bremerton, WA. 98337 · (360) 478-5345 · FAX (360) 478-5161 DATE: February 8, 1996 TO: Kathleen L. McCluskey, Administrative Services Director FROM: Jackie Cronk, Legal Assistan~---'~.~ RE: 1207 Oyster Bay Avenue South, Br~nerton, Washington Elliott/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 John T. and Lynne Marie Elliott, as Seller, and City of Bremerton, as Purchaser, together with corresponding Real Estate Excise Tax Affidavit receipt; 2. Original Seller's Closing Statement; and 3. Original Purchaser's Closing Statement. I will forward the title policy on this transaction to you after we receive the same from Land Title. Please let me know if you have any questions in this regard. Attachments: as cited · Celebrating 50 Years of Freedom · ~ OF B~ ~IAN R. SIEVERS, City Attorney 239 4th Street · Bremerton, Wa, 98337 · (360) 478-5345 · FAX (360) 478-5161 DATE: December 29, 1995 TO: Kathleen McCluskey, Director of Administrative Services RE: 1207 Oyster Bay Avenue South( i John T. & Lynn Marie Elliott/ 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 John and Marie Elliott and the City of Bremerton. Please call our office if you have any questions in this regard. · Celebrating 50 Years of Freedom ·