HomeMy WebLinkAbout91-023 - Tri-State Construction - Purchase Agreementr
& C FILE
DATE —l4—i/
AGREEMENT POR PURCHASE _�� 2ei _Q,tc_
AND SALE Off' PROPERTY co �" "
The City Of Tukwila, Washington, as "Buyer, T' and Tri-State
Construction, Inc., as "Seller'" agree to the purchase and sale
of real estate according to the terms of this agreement.
1. Property. The property to be purchased is legally described
as follows:
Lots 13 through 16, of W. P. Bush Quarter Acre Tracts
Addition to Tukwila, as per plat recorded in Volume 17
of Plats, on page 26, records of King County,
Washington.
This real estate is described in this agreement as the
"Property."
The property is located generally on the southwest corner of
South 144th Street and minimally improved 55th Ave. South,
Tukwila, Washington. The escrow agent is authorized to correct
the legal description above, if necessary.
2. Price/Closing. The purchase price shall be $50,000,
payable all cash at closing. Closing shall occur by April 15_, 1991.
3. Conveyance/Title. At closing, title shall be conveyed
to Buyer by Statutory Warranty Deed, subject to no defects or
encumbrances except those previously agreed to in writing by
Buyer, and those items in the preprinted exclusions as referenced
in Northwestern Title preliminary commitment for Title Insurance
order # NT038687, dated April 4, 1990, 8:30 a.m. flights reserved
in federal patents or state deeds, building or use restrictions
general to the district, and building or zoning restrictions or
provisions shall not be deemed encumbrances or defects.
Encumbrances to be discharged by Seller may be paid out of funds
Purchase and Sale Agreement - Page 1
Tukwila -Tri-State
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tendered by Buyer.
4. Title Insurance. seller shall provide a standard form
of purchaser's policy of title insurance on the property issued
by Northwestern Title, containing no exceptions other than those
provided for in the standard form, plus the approved items, as
described above.
5. Possession. Buyer shall be entitled to possession on
date of closing,
6. Closing Charges. Taxes for the current year, rents,
insurance, interest, mortgage reserves, utilities, and any other
charges constituting liens, shall be prorated as of closing.
Seller shall pay the real estate excise transfer tax, and the
parties shall each pay one-half of the cost of escrow. Closing
shall occur in the office of Northwestern Title.
7. Ins ection and Warranties. The Buyer has made
inspection of the property to its satisfaction and accepts the
same in present condition. Seller warrants that to the best of
its knowledge, the Property has not been used for storage of, and
is not contaminated by any hazardous materials, including but not
limited to asbestos, PCB, other
and underground storage tanks.
8. Broker/Agency. The parties acknowledge that no broker
or agent is involved in this transaction, and each will indemnify
and hold harmless the other from any such claim arising because
of the engagement by that party of any person claiming commission
or fees from this transaction.
9. Failure to close. In the event of failure to close
toxic or contaminated substance,
Purchase and Sale Agreement -- Page 2
Tukwila -Tri-State
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this transaction, the non --defaulting party shall be entitled to
seek specific performance, including attorneys'
failure was due to the other party's breach.
fees, if such
10. Other. This agreement shall be construed
Washington Law.
11. Effective date.
is February 14, 1991
under
The effective date of this agreement
Seller:
Tri-State Construction, Inc.
by `• ��-✓
Joe A sten , President
320 106th A enue N.E.
P.O. Box 3686
Bellevue, WA 98009
(206) 455-2570
Buyer:
The City -` Tu.. ila
dP4f9•Y __4/ J�� .`
Gary i'. anDusen, Mayor
6200 Southcenter Blvd.
Tukwila, WA 98188
433-1800
form approved by city attorney
Purchase and Sale Agreement - Page 3
Tukwila -Tri-State
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NORTHWESTERN TITLE COMPANY
1201 Third Avenue, Suite 1410, Seattle, WA 98101 (206) 625-1952
COLLECTED FUNDS STATUTE AMENDMENT (R.C.W. 18.44.070)
Effective: June 7, 1990
A recent change in our state law became effective June 7, 1990, which affects
the time frame in which we are authorized to disburse funds on our escrow
transactions.
This change affects all the parties to a real estate transaction, as it may
cause a delay between the date of recording a transaction and the date on
which we can disburse the funds from the escrow. The amendment restricts
the form in which funds must be deposited into our escrow account. Funds
wired into our bank account are the only form that will be acceptable if
we are to be able to disburse funds on the same day as those funds are
deposited.
Since it is the current practice of some lenders to fund their loan proceeds
on the day of recording by issuance of their company check, those transactions
will be delayed one day before any of the closing funds can be disbursed.
In the event the ]ender involved in the transaction wires the funds to us on
the day of recording, there should be no delay.
It is currently required that purchasers/borrowers deposit their closing
funds by cashier's check or by wire. If the purchaser/borrower chooses to
deposit their funds with a cashier's check, there will be a one day delay.
In the event the purchaser deposits their funds one day prior to the recording
date, there should not be a delay.
In the event a transaction is scheduled to close on a Friday and the funds
for the closing are not deposited in an acceptable form, the disbursing
of that transaction will be delayed until the next business day.
The results of any delay will impact both the seller and the purchaser.
The seller will be delayed in receiving the net sale proceeds and will
accrue additional interest on loan payoffs and the purchaser may also
be delayed in receiving possession of the property. Any and all other
disbursements from the escrow will also be delayed until we are in a
position to release the funds.
We suggest that the real estate agent, seller, purchaser/borrower and
lender confirm the form in which the closing funds from the lender and
purchaser/borrower will be deposited. If this issue is addressed promptly,
it should alleviate any last minute delays and allow your closing to be
finalized in an efficient and timely manner.
NORTHWESTERN TITLE COMPANY
A.P.R. 12 DISCLOSURE TO CLIENT
The services of the Closing Agent under this Agreement will be performed
by a certified Limited Practice Officer under the Admission To Practice
Rule 12 for Closing Officers adopted by the Washington State Supreme
Court, which provides that Closing Officers may only select, prepare and
complete certain documents, on forms which have been previously approved
for their use. The Officer is not permitted to negotiate terms which
are not included in the written Purchase and Sale Agreement. The Officer
is not permitted to practice law.
You are further advised:
1. That the Limited Practice Officer is not acting as the advocate or
representative of either (or any) of the parties;
2. That the documents prepared by the Limited Practice Officer will
affect the legal rights of the parties;
3. That the parties' interests in the documents may differ;
4. That the parties have the right to be represented by attorneys of
their own selection;
5. That the Limited Practice Officer cannot give legal advise as to
the manner in which the documents affect the parties.
Dated: 3/14/91 NOR TERN TITLE) 1PANY
By.
ited Pra ce •ff icer
di E. Jac son
Each party is advised to obtain the advise of an attorney in connection
with the transaction to be closed. If you wish to be represented by
counsel, please write the name and phone number of your attorney in the
space below:
My attorney is:
Phone:
**Please sign one copy of this notice and return it to us in the**
**enclosed envelope. The other copy is for your records. **
I/WE ACKNOWLEDGE RECEIPT 1F THIS NOTICE OF COMPLIANCE WITH A.P.R. 12.
rah,."Wi
CITY OF TUKW
BY:LW)
Escrow No. 9102-4799 CJ
date
date
TIT'
A Minnesota Title Company
1201 Third Avenue
Suite 1410
Seattle, WA 98101
PRELIMINARY COMMITMENT FOR TITLE INSURANCE
** 2ND REPORT **
Our Order No.:
Unit:
To:
William R. Coffin E1 Assoc.
7990 170th Ave. N.E.
Redmond, WA 98052
Attn: William R. Coffin
Your Reference: Tri-State Const. Inc.
Effective Date: February 20, 1991 at 8:30 a.m.
Policy or Policies to be issued:
ALTA Owner's Form B-1970 Policy X
Standard X Extended
Amount:
Premium:
Tax:
Rate:
$50,000.60
$ 128.00
10.50
Sub -rate
(206) 625-1952
NT038687
3
Proposed Insured: City of Tukwila
TITLE INSURANCE COMPANY OF MINNESOTA agrees to issue on request and en
recording of any appropriate documents, its policy or policies as
applied for, with coverage as indicated, based on this preliminary
commitment that title to the property described herein is vested on
the date shown above in
TRI-STATE CONSTRUCTION, INC., a Washington Corporation
subject only to the exceptions shown herein and to the terms,
conditions and exceptions contained in the policy form.
This report and commitment shall have no force or effect except as a
basis for the coverage specified herein.
Jack Hagen, Title Officer
Phone: 625-0313 and 625-1952
FAX: 292-8057
SEE ATTACHED EXHIBIT "A" for LEGAL DESCRIPTION.
( CONTINUED, )
Itl ti W tJ I tKN
A�
A Minnesota Title Company
1 GENERAL TAXES, PLUS INTEREST AND PENALTY AFTER DELINQUENCY; 1ST
HALF DELINQUENT ON MAY 1; 2ND HALF DELINQUENT ON NOVEMBER 1:
For Year:
Amount Billed:
Amount Paid:
Parcel No.:
Levy Code:
1991
$846.29
$ 0.00
127630-0065-01
2380
ASSESSED VALUATION PER KING COUNTY OFFICE OF FINANCE:
Land:
Improvements:
$71,100.00
0.00
2. Excise tax, if unpaid.
NOTE:
For purpose of determination of amount cf excise tax due, said
property is situate in: City of Tukwila
Current rate of real estate excise tax as of the date herein is:
.0153.
3. Showing of authority of the officers executing the proposed deed,
or contract, on behalf of the herein named corporation should be
submitted.
Corporation: Tri-State Construction, Inc., a Washington
Corporation
NOTE 1:
Tlie language contained in the printed Exclusions from Coverage and
Conditions aid Stipulations of the policy committed for may be
examined by inquiry at the office which issued the Commitment, and a
specimen copy of the insurance policy form (or forms) referred to in
this commitment will be furnished promptly upon request.
NOTE 2:
Investigation should be made to determine if there are any service,
installation, maintenance, or connection charges for sewer, water or
electricity.
NOTE 3:
In the event this transaction fails to close, a cancellation fee will
be charged for services rendered in accordance with our schedule.
NOTE 4
SEE ATTACHED EXHIBIT "B" FOR FURTHER EXCEPTIONS BL/ip:797
2cc: WARREN MARGUARDSON, ATTY
701 5TH AVE #2400
SEATTLE, WA 98104
3cc: ATTN: SHARON
NORTHWESTERN TITLE ESCROW DEPT.
NT038687/797 Page 2
r -'()R I N W tSTERN
E
4
EXHIBIT "A"
A Minnesota Title Company
Lots 13 through 16, of W. P. BUSH QUARTEF. ACRE TRACTS ADDITION TO
1UK1nvILA, as per plat recorded in Volume 17 of Plats, on page 26,
records of King County,
Situate in the City of Tukwila, County of King, State of Washington.
END GF EXHIBIT "A"
NT038687/797 Page 3
r " )K I h W tJl tRN
E
•" 11 A Minnesota Title Company
EXHIBIT "B"
NONE
END OF EXHIBIT "E"
NT038687/707 Page 4
-NORTHWESTERN
- TITLE A A l irwoo Tato Co, ny
250 Arctic Building
700 Thad Avenue
Seattle. Washington 98104-1849
Order No.
Plat. Vol.
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29&87
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Dimensions of subject premises are:
This sketch does not purport to show all highways, roads or easements affecting said property. No liability is assumed for variations in dimensions and
location, and is not based upon a survey of the property described in this order. It is fumished without charge, solely for the purpose of assisting in
locating the described premises. The Company assumes no liability for inaccuracies therein.
A.P.R. 12 DISCLOSURE TO CLIENT
The services of the Closing Agent under this Agreement will be performed
by a certified Limited Practice Officer under the Admission To Practice
Rule 12 for Closing Officers adopted by the Washington State Supreme
Court, which provides that Closing Officers may only select, prepare and
complete certain documents, on forms which have been previously approved
for their use. The Officer is not permitted to negotiate terms which
are not included in the written Purchase and Sale Agreement. The Officer
is not permitted to practice law.
You are further advised:
1. That the Limited Practice Officer is not acting as the advocate or
representative of either (or any) of the parties;
2. That the documents prepared by the Limited Practice Officer will
affect the legal rights of the parties;
3. That the parties' interests in the documents may differ;
4. That the parties have the right to be represented by attorneys of
their own selection;
5. That the Limited Practice Officer cannot give legal advise as to
the manner in which the documents affect the parties.
Dated: 3/14/91 NOR
By.
TERN TITLE ? IPANY
di E. Jac
ce Officer
son
Each party is advised to obtain the advise of an attorney in connection
with the transaction to be closed. If you wish to be represented by
counsel, please write the name and phone number of your attorney in the
space below:
My attorney is:
Phone:
**Please sign one copy of this notice and return it to us in the**
**enclosed envelope. The other copy is for your records. **
I/WE ACKNOWL
BY:
THIS NOTICE OF COMPLIANCE WITH A.P.R. 12.
Escrow No. 9102-4799 CJ
date