HomeMy WebLinkAbout1978 - Real Estate Contract for Unimproved Property - Puget Western / MA Segale - 78060606867806060686
REAL ESTATE CONTRACT YOR UNIMPROVED PROPERTY
THIS CONTRACT. made and entered into this 80 day of
• 1978. between PUGET WESTERN, INC., a Washington
corporation, hereinafter called the "Seller", and M. A. SECALE, INC..
a Washington corporation, hereinafter called the "Purchaser".
WITNESSETII: That the Seller agrees to sell to the Purchaser
and the Purchaser agrees to purchase from the Seller, the following
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described real estate, with the appurtenances, in Tukwila, King County,
CD State of Washington:
Cg
OD That portion of the Southeast 1/4 of the Northeast
r- 1/4 and the Northeast 1/4 of the Southeast 1/4 of
Section 26, Township 23 North, Range 4 East, W.M.,
in the City of Tukwila, County of King. State of
Washington, described as follows:
Beginning at a point 30 feet south of the northwest
corner of the Southeast 1/4 of the Northeast 1/4 of
said Section 26; thence S 8815'33" E along the south
margin of Strander Boulevard a distance of 578.68
feet to the true point of beginning; thence contin-
uing S . 88!15'33" E along said south margin of Strander
Boulevard a.distance of 76.63 feet" the northwest
corner of Lot 5, Andover Industrial Park No. 3. as
recorded in Volume 78 of plats. pages 6 & 7. King ._.
County. Washington; thence S 1439'30" E along the
west line of said Lot 5 a distance of 89.17 feet;
thence along a curve to the left along said west line
of Lot 5, through a central angle of 68'55'41" an arc
distance of 493.58 feet to a poine*Ilithe north line
of Lot 4, Andover Industrial Park No4 as recorded
in Volume_113. plats, pages ?I 6. 23. records of King .,
CouritY thence N 8425'51" W along the
north line of Lot 4 a distance of 198.11 feet; thence
..along-a curve to the left along Agiaprth and west .. .
line of said Lot 4, through a centri1 angle of 93'46'41".
an arc distance of 671.52 feet; S 0147'28" W along th i
west line of said Lot 4 and Lot 5 in said a distance
of 136.73 ft; thence along a curve to the right with a
.......radius of 410.28 feet through a central angle of 82'55'27",
an arc distance of 593.80 feet to the east margin of ..
Andover Park West; thence N 0147'28" E along said east
margin a distance of 21.25 feet; thence N 01'05'05" E ..
along said east margin a distance of 352.26 feet;
thence N 49'35'10" E a distance of 69.89 feet;
thence N 4225'32" E a distance of 56.76 teet;
them_ N 45'49'29" E a distance of 50.24 feet;
thence N 1623'24" E a distance of 50.05 feet;
thence N 2616'54" E a distance oC 56.50 feet:
thet.ce N 1606'21" E a distance of 41 43 feet; ,-
thence N 36'3155" E a distance of 56 10 feet;
thence N 22'4635" L a distance ot iii.50 feet;
thence N 3441'35" E a distance of 304.50 feet;
thence N 39'31'35" E a Instance of 157.50 feet;
thence N 2101'35" E • distance of 114.00 feet;
theace N 0928'25" W a distance of 38.39 feet;
to a true point of beginning.
SUBJECT TO: Easements for railroads as recorded under Auditor's
file No. 7504210345, records of King County. Washington
Containing 326.090 square feet. or 7 44 mcreo
The terms and conditions of this contract are as follows:
1. The purchase price is Seven Hundred Fifty Two Thousand
One Hundred Eighty Dollars ($752,180.00), of which Sixty -Five
Thousand Dollars ($65,000.00) has been paid, the receipt of which
is hereby acknowledged.. The balance of the purchase price (Six
Hundred Eighty -Seven Thousand One Hundred Eighty Dollars, or
$687,180.00)shall be paid as follows: Fifteen (15) equal annual
installment payments of Seventy Five Thousand Four Hundred Forty
Eight Dollars and Sixty -Seven Cents ($75,448.67) each or sore, at
Purchaser's election, including interest on diminishing principal
balances payable with each installment at seven percent (7%) per
annum from date of closing until the purchase price and accrued
interest have been fully paid. First annual installment payment
to be made one year from closing, and annually thereafter on or
before a like day until principal and interest have been fully paid.
All payments to be made hereunder shall be made -at Puget Western,
Inc., Puget Power Building. Bellevue, Washington 98009, or at such
other place as the Seller may direct in writing.
2. As referred to in this contract, 'date of eloping' shall
be May 1, 1978.
3. The Purchaser assuscs and agrees tp_az before delinquency
all taxes and assessments that may as between grantor and grantee
hereafter become a lien on said real estate.
4. The Purchaser assumes all hazards of damage to or
destruction of any improvements hereafter placed thereon. and of
the taking of said real estate or any part thereof for public use;
and agrees that no such damage. destruction or taking shall con-
stitute a failure of consideration. In case any part of said
real •atate is taken for public use, the portion of the uw.aeana-
tion adsrd remaining after payment of reasonable expenses of pro-
curing the same shall be paid to the Seller and applied as pay-
ment on the purchase price herein. unl,•.s the Seller elects to
allow the Purchaser to apply all or a portion of such condemna-
tion award to the rebuilding or restoration of any improvements
damaged by such taking.
S. The Seller has delivered, or agrees to deliver within
15 days of the date of closing, a full coverage (ALTA) purchaser's
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policy of title insurance or a commitment therefor, issued by
Safeoo Title Insurance Company, insuring the Purchaser to the full
amount of said purchase price against loss or damage by reason of
defect in Seller's title to said real estate as of the date of
closing and containing no exceptions other than the printed general
exceptions appearing in said policy form, and easements referred to
in paragraph 7 herein.
6. Purchaser may prepay the balance of the purchase price,
or any portion thereof, at any time without penalty, and any such
prepayment shall be applied against the installment payment or
payments next becoming due.
7. The Seller agrees, upon receiving full payment of the
purchase price and interest in the manner above specified, to
execute and deliver to Purchaser a fulfillment warranty deed to said
real estate, excepting any part thereof hereafter taken for public
use, free of encumbrances except the following: Water rights issued
August 30, 1934, recorded August 31,1,934 in Department of Records
and Electionpf King County, Washington,in Xing County under
Auditor's File Number 2816744.
Easement granted to CHICAGO, MILWAUKEE, ST. PAUL, AND PACIFIC
RAILROAD COMPANY, a Wisconsin corporation, OREGON- WASHINGTON
RAILROAD AND NAVIGATION mew:, an Oregon corporation and its
lessee, UNION PACIFIC RAILROAD COMPANY, a Utah Corporation, by
instrument recorded April 21. 1975 in the office of the recording
officer of King County, Washington under Recording Number 7504210345.
Easeaent granted to PUGET SOUND POWER AND LIGHT COMPANY, a Washington
corporation, recorded October 24, 1975 in the office of the
officer of King County Washington under Auditor's File Number
7510240504. Also except any encumbrances that may attach after
date of closing through any person other than the Seller.
8. Seller agrees to release and convey to Purchaser, fro
time to tine, by partial deed releases, in statutory warranty
form, parcels to be selected by Purchaser from the subject property,
on the following basis:
A. Parcels to be so released shall be latera) teast-
west) strips running across the subject property, the northerly and
southerly boundaries of which shall be perpendicular to Andover Park
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each.
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Nest• arld shall be in increments of not less than 40,000 square feet
B. The first parcel to be released shall be located in
the approximate center of the subject property, and its northerly
or southerly boundary shall cross the center line of Trek Drive
at its intersection with the easterly line of the subject property.
The other boundary of said parcel, northerly or southerly, shall
be distant therefrom by such amount as required to constitute the
desired area to be so released.
C. The next parcel to be so released shall be contiguous
to the first parcel, either on the northerly or southerly sides and
subsequent parcels shall be similarly contiguous to the combined
area of previously released parcels.
D. Purchaser shall be entitled to deed releases at the
rate of Two Dollars and Thirty Cents ($2.30) per square foot,
as the unpaid principal balance of the purchase price, through
regular annual installment payments or prepayments on this contract,
is reduced below the level of Six Hundred Thousand Dollars ($600,000.00).
E. Any prepayments on this contract, whether made for deed
release purposes or otherwise, shall be applied toward payment of
principal and interest of installments next becoming due.
9. Purchaser shall be entitled to possession of said real
estate on date of closing and to retain possession so long as
Purchaser is not in default hereunder. The Purchaser covenants not
to use, or permit the use of, the real estate for any illegal
purpose. The Purchaser covenants to pay all service. installation
or construction charges for water, sewer, electricity, garbage, or
other utility services furnished to said real estate after the date
Purchaser is entitled to possession.
10. Tine is and shall be the essence of this contract and upon
failure of the Purchaser to fulfill any of the covenants herein
contained at the time specified. the Seller nay, at its option,
fulfill any such covenant for the Purchaser at any time and without
notice, and any money paid by the Seller for this purpose. together
with interest at the rate of ten percent (10%) per annum until
r .'pitd, shall be payable by the Purchaser to the Sailer and shall be
secured by this contract. The Seller nay. at its option, in the
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M.A. SEGALE, INC. i 'M ... - -•
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• Pressden � n .j
Attest :ci 2c
Secretary
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