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HomeMy WebLinkAbout1978 - Real Estate Contract - Van Woerden Robert / Southcenter Investors - 7802080653 Rlad fa !Word at Request of (lam Mnurlcan Tllie Company of Bet, 12506 N.E. Bsllovug•Redmond RtftE Bellevue, WA 98005 K l L ESTATE CONTRACT THIS CONTRACT, made and entered into this 1St day of February, 1978, between ROBERT D. "VAN WOERDEN and SYLVIA VAN WOERDEN, his wife, FEB Q fL I42 • RECORDED KC REC(1RLl•; hereinafter calle the "s eller," and SOUTHCENTER INVESTORS, a Joint Venture organized under the laws of the State of Washington, hereinafter railed the "purchaser," WITNESSETH: That the seller agrees to sell to the purchaser and the purchaser agrees to purchase from the seller the following described real estate, with the appurtenances, in King See Legal Description hereto attached. See Rider "A" hereto attached for additional provisions hereof. County, State of Washington: KING N COUTY EXCISE TAX PAID FEB 8 1978 E45S6e44 The terms and conditions of this contract are as follows: The purchase price is Five Hundred Ninety - Three Thousand, Nine Hundred Ninety -Two and 00 /100 ($ 593,992.00 ) Dollars, of which One Hundred Thirty -Six Thousand, Six Hundred Twenty - Eight and 20/100($136,628.20) Dollars have been paid, the receipt whereof is hereby acknowledged, and the balance of said purchase price shall be paid as follows: See Rider "A" hereto attached. -(4 } ,\ -or int re-at -pa rehaier3 d r -option-; -clay-o4- ey , 14- .1 `U 3rnt 4$ dellais< • orTrore- at- purehaserreptror�-m -nr- before -+he flay- of- eaah-- saceeedir ►p- eakndar- naenlh- Aust41- the•- bele ace - o1-said - purchase -prier zhaH- ravrbeerrf+r}k- paid- fhe ,. pay- iMerest-on- tfrrelmrinishirx -balance- of-saiel-pemhaxpriee -at- tlre-ratr.nf- per- cent -pr rammen -from the •day -erf- , 1 - - - r --evh4c4t -interest -shall.- km- eletiti eted- .fra as -ea eh-- ity,talirmont- ft ftytneat- and- 4.be-baktase-ef--eaah- fay-meat- applied- in- fed uogon- - pristoipaf, NS All payments to be made hereunder shall be made at Seattl�- k'irst Nat' 1 Bank, or at such other place as the seller may direct in writing. As referred to in this contract, "date of dosing" shall be February 1, 1978 (except that Purchaser shall pay as due all storm drainage assessments on said real estate (1) The purchaser assumes and agrees to pay a ore delinquency all taxes and assessments may as between grantor and grantee hereafter become a lien on said real estate; and if by the terms of this contract the purchaser has assumed payment of any mortgage, contract or other encumbrance, or has assumed payment of or agreed to purchase subject to, any taxes or assessments now a lien on said real estate, the purchaser agrees to pay the same before delinquency. (2) The purchaser agrees, until the purchase price is fully paid, to keep the buildings- new -eed• hereafter placed on said real estate insured to the actual cash value thereof against loss or damage by both fire and windstorm in a company acceptable to the seller and for the seller's benefit, as his interest may appear, and to pay all premiums therefor and to deliver all policies and renewals thereof to the seller. (3) The purchaser agrees that full inspection of said real estate has been made and that neither the seller nor his assigns shall be held to any covenant respecting the condition of any improvements thereon nor shall the purchaser or seller or the assigns of either be held to any covenant or agreement for alterations, improvements or repairs unless the covenant or agreement relied on is contained herein or is in writing and attached to and made a part of this contract. (4) The purchaser assumes all hazards of damage to or destruction of any improvements now on said real estate or hereafter played 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 constitute a failure of consideration. In case any part of said real estate is taken for public use, the portion of the condemnation award remaining after payment of reasonable expenses of procuring the same shall be paid to the seller and applied as payment on the purchase price herein unless the seller elects to allow the purchaser to apply all or a portion of such condemnation award to the rebuilding or restora- tion of any improvements damaged by such taking. In case of damage or destruction from a peril insured against, the proceeds of such insurance remaining after payment of the reasonable expense of procuring the same shall be devoted to the restoration or rebuilding of such improvements within a reasonable time, unless purchaser elects that said proceeds shall be paid to the seller for application on the purchase price herein. (5) The seller has delivered, or agrees to deliver within 15 days of the date of closing, a purchaser's policy of title insurance in standard form, or a commitment therefor, issued by First American 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 dosing and containing no exceptions other than the following: a. Printed general exceptions appearing in said policy form; b. Liens or encumbrances which by the terms of this contract the purchaser is to assume, or as to which the conveyance hereunder is to be made subject; and c. Any existing contract or contracts under which seller is purchasing said real estate, and any mortgage or other obligation, which seller by this contract agrees to pay, none of which for the purpose of this paragraph (5) shall be deemed defects in seller's title. (6) If seller's title to said real estate is subject to an existing contract or contracts under which seller is purchasing said real estate, or any mortgage or other obligation, which seller is to pay, seller agrees to make such payments in accordance with the terms thereof, and upon default, the purchaser shall have the right to make any payments necessary to remove the default, and any payments so made shall be applied to the payments next falling due the seller under this contract. M (7) The seller -agrees,- apee-receiviesfull- payment -e the- •purchase - price -ardi- interest in Abe- manneFObove -speei5edr4e- elee tte -end (o deliver- to. pisschasss- a- .atatutery- svas+aaty 4aed -to said- real.estata -any- Part- thasmat- atiaF takewdar- puhlic -ua, Sus. at-easwntNaaees4xcapt.aays.ihaLarmy-attach -attar-data- of-closing -through -aay. -parson-44w -thaa-tha-aelloc sod saki ect 4e-4ha -following: (:) See Legal Description and Rider "A" hereto attached. 0 N O c tom. (8) Unless a different date is provided for herein, the purchaser shall be entitled to possession of said real estate on date of dosing and to retain possession so long as purchaser is not in default hereunder. The purchaser covenants to keep the buildings and other improve- ments on said real'estate in good repair and not to permit waste and not to use, or permit the use of, the real estate for any illegal purpose. The purchaser covenants to pay all service, installation or construction charges for water, sewer, electricity, garbage or other utility services furnished to said real estate after the date purchaser is entitled to possession. (9) In case the purchaser fails to make any payment herein provided or to maintain insurance, as herein required, the seller may make such payment or effect such insurance, and any amounts so paid by the seller, together with interest at the rate of 10% per annum thereon from date of payment until repaid, shall be repayable by purchaser on seller's demand, all without prejudice to any other right the seller might have by reason of such default. (10) Time is of the essence of this contract, and it is agreed that in case the purchaser shall fail to comply with or perform any condition or agreement hereof or to make any payment required hereunder promptly at the time and in the manner herein required, the seller may elect to declare all the purchaser's rights hereunder terminated, and upon his doing so, all payments made by the purchaser hereunder and all improvements placed upon the real estate shall be forfeited to the seller as liquidated damages, and the seller shall have right to re-enter and take possession of the real estate; and no waiver by the seller of any default on the part of the purchaser shall be construed as a waiver of any subsequent default. Service upon purchaser of all demands, notices or other papers with respect to forfeiture and termination of purchaser's rights may be made by United States Mail, postage pre -paid, return receipt requested, directed to the purchaser at his address last known to the seller. (11) Upon seller's election to bring suit to enforce any covenant of this contract, including suit to collect any payment required hereunder, the purchaser agrees to pay a reasonable sum as attorney's fees and all costs and expenses in connection with such suit, which sums shall be included in any judgment or decree entered in such suit. If the seller shall bring suit to procure an adjudication of the termination of the purchaser's rights hereunder, and judgment is so entered, the purchaser agrees to pay a reasonable sum as attorney's fees and all costs and expenses in connection with such suit, and also the reasonable cost of searching records to determine the condition of title at the date such suit is commenced, which sums shall be included in any judgment or decree entered in such suit. IN WITNESS WHEREOF, the parties hereto have executed this instrument as of the date first written above. STATE OF WASHINGTON, County of KING On this day personally appeared before me ROBERT D. and SYLVIA VAN WOERDEN, 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 act and deed, for the uses and purposes Address } SS. Filed for Record at Request of /r/ First American Title INSURANCE COMPANY Name FIRST AMERICAN ' 1 Y OF BELLEV 12505 N.E. Bellevue- Redmond Road City and State Bellevue, Washington 98005 #2364 SaUTH R I D. VAN W O ' a (SEAL) fig ;� 0 • a1;N, iTe a Joint Venture .. (S (SEAL) By: .... vS ,y Mo iha, o s ates tTiathe has autho'ty to sign for said Joint Venture day of • fr�� residing at 13elleM1 e .........._ „_.._ • E ..- , 1978. • Notar/Jublic in and for the State of Washington,' THIS SPACE RESERVED FOR RECORDER'S USE LEGAL DESCRIPTION TO REAL ESTATE CONTRACT Seller: Robert D. and Sylvia Van Woerden' Purchaser: Southcenter Investors Dated: February 1, 1978 >� co O Cb LEGAL N DESCRIPTIOtN: . Co i PARCEL A That portion of Government Lot 1, Section 25, Township 23 North, Range 4 East U.tl., in King County, Washington, described as follows: Beginning at the Northwest corner of said Government Lot; thence South 89 °47'00" East along the North line thereof 110.30 feet to the true point of beginning; thence South 0 °14'00" East 970.00 feet; thence South 89 °47'00" East 369 feet, more or less, to the Easterly line of said Government Lot; thence Northerly and Westerly along the Easterly and Northerly line of said Government Lot to the true point of beginning; . EXCEPT that portion thereof deeded to the City of Seattle by deed recorded under Recording No. 4106155, records of said County; AND EXCEPT roads; (BEING KNOWN AS Tracts 9, 10, 11, 12, 13, 30, 31 and 32, METROPOLITAN ADDITION according to the unrecorded plat thereof; EXCEPT that portion thereof deeded to the City of Seattle; AND EXCEPT roads). PARCEL B A portion of the Southwest quarter of the Southwest quarter of Section 24, Township 23 North, Range 4 East tl.t4., in King County, Washington AND That portion of the W. H. Gillians Donation Land Claim which lies Easterly of County Road tlo. 1479, Southerly of Highway Station No. 83 -50 of the proposed right of way for Primary State Highway No. 1, Green River Inter- change as shown in Volume 2 of Highway Plats, page 193, records of King County, Washington, and lying Southerly and Westerly of .the present left bank of Green River; EXCEPT the Westerly 10 feet abutting the James Christensen Road, which has been deeded to the City of Tukwila for a public street. Situate in the Town of Tukwila, County of King, State . of Washington. NOTE: See attached copy �f Blue Line Print of Meriwether - Leachman Associates, dated 1/12/73 - Drawing No. 2115 for approximate outline of Parcel #1 and Parcel #2. Legal Description -1- Legal Description (Cont'd) SUBJECT TO: 1. General taxes for the year 1978, in the amount of $8,518.37, which amount cannot be paid until February 15, 1978. Tax Account No.: 252304- 9039 -06 M (Affects Parcel A) O 2. General taxes for the year 1978, in the amount of $207.76, 00 which amount cannot be paid until February 15, 1978. Tax Account No.: 000320 - 0022 -07 0 C\1 (Affects Parcel B) O 00 3. EASEMENT AND COPNDITIONS CONTAINED THEREIN: Grantor: Robert D. Van Woerden and Sylvia D. Van Woerden Grantee: King County, a legal subdivision of the State of Washington Location: Along the Left Bank of Green River Purpose: The right to enter upon the above described land to construct, reconstruct, maintain and repair a bank protection and /or other flood control . works, including all appurtenances thereto, together with right to trim, cut, fell and remove all such trees, brush and other natural growth and obstructions as are necessary to provide adequate clearance and to eliminate interference with, or hazards to the structures. Dated: July 28, 1976 Recorded: August 4, 1976 Recording No.: 7608040557 4. Any question that may arise due to the shifting and changing in the course of Green River. 5. Right in the general public to the unrestricted use of all the waters of a navigable body of water not only for the primary purpose of navigation, but also for corollary purposes; including (but not limited to) fishing, boating, bathing, swimming, water skiing and other related recreational purposes, as those waters may affect the tidelands, shorelands, or adjoin- ing uplands and whether the level of the water has been raised naturally or artificially to a maintained or fluctuating level, all'as further defined by the decisional law of this state. (Affects all of the premises subject to such submergence.) 6. Right of the State of Washington in and to that portion of Parcel B, if any, lying in the old bed of the Green River. 7. PRELIMINARY ESTIMATED ASSESSMENT: City of: Tukwila Estimated Amount: $4,420.00 Improvement: Storm Drain Local Improvement District No.: 27 Filing Date: January 20, 1975 The lien of said assessment, as between Grantor and Grantee, or seller and purchaser, attaches thirty days after said filing date. (Affects Parcel A) • -2- Legal Description (Cont'd) • 8. PRELIMINARY ESTIMATED ASSESSMENT: M City of: Tukwila Ltd Estimated Amount: $357.00 �. Improvement: Storm Drain CD Local Improvement District No.: 27 pp Filing Date: January 20, 1975 C7 The lien of said assessment, as between Grantor and Grantee, N or seller and purchaser, attaches thirty days after said filing date. (Affects Parcel B) - End of Legal - Rider A RIDER A TO REAL ESTATE CONTRACT 01 CCU Q Seller: Robert D. and Sylvia Van Woerden 00 Purchaser: Southcenter Investors O Dated: February 1, 1978 O 00 1. The real estate being purchased under the terms of this Real Estate Contract is more particularly described on the Legal Description, hereto attached; and the parties agree that the same is to be treated as if divided into two (2) parcels, namely Parcel 1 (the so- called "North Half "), more particularly described as follows: The real estate described on said Legal Description North of a line being the Easter- ly extension of the centerline of Baker Boulevard, as shown on Exhibit "B" hereto attached; and Parcel 2 (the so- called "South Half "), more particularly described as follows: The real estate described on said Legal Description located South of a line being the Easterly extension of the centerline of Baker Boulevard, as shown on Exhibit "B" hereto attached. 2. Two (2 separate payment schedules shall be kept regarding the payment of said $593,992.00 purchase price relating to the purchase of said Parcels 1 and 2 as follows: Parcel 1 Explanation Amount Purchase Price $356,596.00 Down Payment (25 %) 89,149.00 Balance $267,447.00 Said balance shall be paid in twenty (20) equal semi- annual payments or more, plus interest at the rate of 8 -1/2 per cent per annum, computed on diminishing principal balances. Said semi - annual payments shall each be in the amount of $13,372.35 or more, commencing on August 1, 1978 and next on February 1, 1979, and thereafter on the 1st day of each August and February until the entire sum of principal and interest is paid in full. Interest shall commence on February 1, 1978. -1- Rider A (Cont'd) • Parcel 2 Explanation Amount Purchase Price $237,396.00 Down Payment.(20 %) 47,479.20 Balance $189,916.80 The balance of said purchase price in the amount of $189,916.80 shall be paid in forty (40) semi- annual pay- ments or more, plus interest at the rate of 8 -1/2 per cent per annum, computed on diminishing principal balances, such semi - annual payments to be in the amount of $4,747.92 or more, commencing on August 1, 1978 and next on February 1, 1979, and thereafter on the 1st day of each August and February until the entire sum of principal and interest is paid in full. Interest shall commence on February 1, 1978. 3. The Seller agrees that upon full payment of the purchase price and interest, in the manner herein provided, for either parcel, to execute and deliver to the Purchaser a Statutory Warranty Deed to said parcel, except any part thereof here- after taken for public use, free of encumbrances except any that may attach after the date of closing through any person other than the Seller and subject to those matters more par- ticularly described on the Legal Description hereto attached. 4. Notwithstanding other provisions herein to the contrary, said semi - annual payments may not be accelerated to the ex- tent that the Seller receives more than 29 per cent of the aggregate purchase price of both parcels in the year 1978; for the Seller wishes to take advantage of the installment sale reporting of this transaction under the United States Internal Revenue Code. If the Purchaser elects to pay the semi - annual payments faster than the specific dollar basic semi - annual payments above provided, it must pay the same to a commercial bank selected by the Seller, to be managed by the bank under a irrevocable escrow, which provides that the bank distribute to the Seller annually, on January 15th of each year after the escrow is established, accumulated principal and inter- est, so that the Seller does not receive in the aggregate from the bank or the Purchaser more than 29 per cent of the said aggregate purchase price in any calendar year. The Purchaser may prepay this Contract in whole or in part at any time without penalty, provided that any such prepayment is made to said commercial bank as hereinabove provided. 5. An irrevocable escrow has been established with the Seattle - First National Bank, with whom has been deposited the Statutory Warranty Deeds in fulfillment of this Contract, with irrevocable escrow instructions providing for the de- livery of each as in this Contract provided. The Seller and Purchaser have arranged with said bank to limit distributions to the Seller so that Seller may take advantage of said in- stallment sale reporting for tax purposes, as herein provided. - 2- Rider A (Cont'd) 6. The Seller will join with the Purchaser in signing neces- sary documents so that Purchaser can proceed with proces- sing of a short plat regarding the real estate here pur- chased, but any expenses thereto relating shall be paid by the Purchaser together with the expenses of Seller's attorney reviewing any of such documents, which services will be billed at said attorney's usual hourly rate; and M the Purchaser agrees to save the Seller harmless from any to damage caused by the Purchaser's nonpayment of any obliga- (} tions or for any liabilities of the Purchaser regarding C} work done under this numbered paragraph. O C? 7. No representations are made nor responsibilities assumed 04 by the Seller as to the present or future condition of any G? said real estate. The Purchaser states that the property OD is intended to be developed for commercial buildings, in- r' cluding clinics. Any notice or demand under this Contract shall be by register or certified mail to the parties as follows: To the Seller: Mr. & Mrs. Robert D. Van Woerden 27625 - 10th S Redondo, WA 98054 To the Purchaser: Southcenter Investors c/o Morris.Piha Company, Inc. 612 Hoge Building Seattle, WA 98104 8. All escrow fees charged on the escrows herein mentioned shall be shared 50/50 between the Seller and the Purchaser. 9. The Purchaser has been informed of the month -to -month tenants now occupying a portion of said real estate, and the Purchaser will manage said tenancies subsequent to said date of closing. 10. The Purchaser need not insure the buildings now located on the property. -3- • • :•••••••• • Sar lam 1••••• • •. 1 1.... in.,. V ••• .. 1. & IV. 1....o. 1.••• T.. 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I.• 6., ••••• . • ,.... .• t..91- •••• • ...a •..4 9.. f.....••••• . 4.0., VW,. •Ort) 1,44 • •••• Om. .... . 41 fo. 9.1:., 4 7 i ralr,••• mt. ow. ••••• dr. of I•• rift. ••• of •..• .4.t06 v. . ..••• f........ ••••.•• . ewe... ....16 .1.r% 1. ■••• •,•• 1 •••••••.• p.a.. •I ••39 ••••?••• am. ft... SA.* •••• 4. •••• to. ••••• 01 ewe . ••••••. ••■•••••• ••••• .... •••••• So. •••••• ••••••••• 113.... . . L ww kr. D. Vat! idossassa S....we Cm ...ow. •arfoteal.r.... A: r ''•111111 • *..... ...or L' • .. ''''•"' :moo ••••••• -..:',',..... ' ......, ,............. • IL& 616 • 44..1 OMR . J r , Exhibit •"B"- M CO 0 CO cD N 0 CO . • DISCLOSURE FORM King County Ordinance No. 1490 requires the following disclosure or alternative waiver Corm be - completed prior to entry into n binding agreement to purchase. Three copies of each disclosure or alternative waiver must be prepared. One copy shall be retained by the prospective vendor; one copy shall be retained by the prospective purchaser. If the prospective purchaser enters into n binding agree- ment to purchase, the vendor shall file the third copy with the King County Department of Records and Elections when other documents are recorded. A violation by any vendor or vendor's agent of any provision of Ordinance No. 1490 may result in assessment of a civil penalty in an amount not to exceed $ 250.00 for each violation. If there is no reasonable access to a public sanitary sewer system from the parcel you are thinking of buying, you must install a private sewer system approved by the King County Department of Health in order to build 'a house or any structure which will be used for human habitation. No building permits are issued for parcels which cannot have access to approved public or approved private sewer systems. No permit will be issued for and no septic tank systems may be located on this parcel unless it. has been subjected to a per-, colation teat within one year prior to application for a building permit. Even if a timely percolation test has been made, no permit will be issued and no septic tank system may be located on this parcel if the Department of Health has not approved the plan for and approved the installation of the private sewer system. Before you enter into an agreement to purchase this parcel, you should contact the King County Department of Health to determine the procedures for installing a private sewer system. Your seller may have had a percolation test made on the parcel by a registered civil or sanitary engineer or certified sewage dispos- al system designer. if so, that fact and the conclusions of the test appear below. SELLER'S REPRESENTATIONS PERCOLATION TEST. Seller must complete either Statement A or Statement B as appropriate. A. My agent (Name of Agent) • a registered civil or sanitary engineer or certified sewage disposal system designer, has conducted percolation tests on this parcel: (Legal Description) The percolation test was conducted on (Date) From the tests, my agent concluded that a septic tank system could could not be installed on this parcel in conformance with stand- ards set by King County and in effect at the date of the test. 1 represent that the statements above are true. Seller's Signature Date B. No percolation tests have been conducted on this parcel: (Legal Description) As set forth in "Exhibit - Legal Description to Real Estate Contract" attached hereto and by this reference made a part hereof. I have no knowledge or information from which a determination can be made as to whethcr?a septic tank system may be installed on this parcel, except do follows: (To be completed by seller.) 4s I represent that the statements above are true. Seller's Signature I have read this statement and understand its contents. Prospective Purchaser's Signature Or NOTICE TO PURCHASER BUYER'S SIGNATURE Date Date WAIVER (IN THE ALTERNATIVE) I have read this disclosure form and understand its contents. I waive •endor's disclos jJ Unconditionally El Upon the condition this sale will not be closed unless this p requirements of the King County Department of Health. • SOUTHCENTER INVESTORS a Joint Venture Prospective Purchaser's Signature to a percolation test which meets the Feb. 6 1978 CS 13.15.45