Loading...
HomeMy Public PortalAbout065-2012 - L.V. Baker - Purchase Agreement - 2PURCHASE AGREEMENT The CITY OF RICHMOND, INDIANA, hereinafter referred to as 'Purchaser", hereby offers and agrees to purchase from L.V. BAKER, hereinafter referred to as "Seller", certain real estate located at 216 South loth Street, Richmond, Indiana in Wayne County, Indiana, which properties are more particularly described in Exhibit A, hereinafter referred to collectively as the "Property" or "Properties". This Purchase Agreement is further expressly subject to the following terms and conditions: 1. PURCHASE PRICE. Purchaser agrees to pay to Seller the sum of One Dollar ($1.00) which payment shall be in cash and be made at the time of the closing of this transaction. 2. ADDITIONAL CONSIDERATION. Purchaser and Seller agree that Seller owes certain amounts that are due and owing to The Second National Bank of Richmond as the result of an unreleased Mortgage filed in the Wayne County Recorder's Office, Wayne County, Indiana, dated July 31, 1985 at Book Number 576 Page 323 (hereinafter "Second National Bank Mortgage") Purchaser and Seller also agree that Seller owes certain amounts that are due and owing to Union County National Bank of Liberty as the result of an unreleased Mortgage filed in the Wayne County Recorder's Office, Wayne County, Indiana, dated May 1, 2002, in Instrument Number 2002005774. Purchaser and Seller agree that upon the closing of the sale of said properties, both unreleased Mortgages referenced above will be paid in full as follows: Purchaser shall pay the amount of Twelve Thousand One Hundred Twenty-seven Dollars and Fifty Cents ($12,127.50) and Seller shall pay the remaining balance plus any penalties or accumulated interest associated with both Mortgages referenced above. The satisfaction of both Mortgages is deemed by both Purchaser and Seller to be additional consideration. Page 1 of 5 Contract No. 65-2012 Additionally, Purchaser and Seller agree that Seller owes certain amounts that are due and owing to the State of Indiana as the result of certain Tax Warrants filed by the State of Indiana. Specifically, a Tax Warrant in the amount of $23.61 filed October 26, 2006 as Cause No. 05518394 by the State of Indiana against Lovelle V. Baker dba Potters (primary tax payer) plus any penalties and interest as well as a Tax Warrant in the amount of $2,469.58 filed September 1, 2011 as Cause No. 08660050 by the State of Indiana against Lovelle V. Baker (primary tax payer) and Benita S. Carpenter (joint tax payer) plus any penalties and interest. Seller shall pay the balances of the above - referenced Tax Warrants plus any penalties and interest. The satisfaction of both Tax Warrants is deemed by both Purchaser and Seller to be additional consideration. 3. EARNEST MONEY. No earnest money is required of this Purchase Agreement. 4. PROPERTY INCLUDED. This purchase, and price herein, shall also include any improvements and fixtures which are owned by Seller and located upon the Property. 5. FINANCING. Purchaser's obligation to consummate the sale of the Property is not conditioned or contingent upon it obtaining financing for the purchase of the Property. 6. INSPECTIONS. Purchaser has already made an inspection of the property and no further inspections are necessary for the purchase of the property. 7. CONDITION OF PROPERTY. Purchaser accepts the property in "as is" condition. 8. TAXES. Purchaser shall pay the 2012 real estate taxes, due and payable in 2013. 9. TITLE/CLOSING. Seller shall pay for any title or closing costs. At the time of closing, Seller shall deliver to Purchaser, at Seller's expense, an Owner's Title Insurance Policy on the property, issued by a reputable title insurance company, in the full amount of the purchase price dated as of said date, showing good and marketable title in Seller's name, but for current taxes and any standard exceptions, insuring Purchaser's fee simple title to the Property. In addition, Seller shall also provide Purchaser a duly executed and acknowledged Warranty Deed conveying to the Page 2 of 5 Purchaser good marketable title in the Property, free and clear of any and all liens, encumbrances, conditions, reservations and restrictions, except as permitted herein and/or approved by Purchaser in writing. All closing costs required to be incurred shall be paid by Seller. 10. POSSESSION. Purchaser shall be entitled to possession of the Property immediately upon closing. 11. REPRESENTATIONS AND WARRANTIES OF SELLER. Seller represents and warrants to Purchaser as part of this Agreement, the following which shall also be deemed to continue throughout closing and shall survive such closing. Property. (a) Seller is the fee simple owner of the property and is authorized to sell said (b) There is no recorded or unrecorded lien, conveyance, lease, or other encumbrance upon the Property except as stated herein. (c) Seller knows of no existing condition with respect to the Property which violates any government code, rule, statute, ordinance or regulation. (d) The Property is not in a flood plain. (e) There is no pending or threatened condemnation affecting any part of the Property and Seller is not aware of any such proceeding or assessment contemplated by a governmental authority except as stated herein. (f) There is no litigation or administrative proceeding threatened or pending against the Property or Seller's interest therein except as stated herein. (g) To the best of Seller's knowledge, there are no hazardous waste or toxic materials, asbestos or environmental pollutants on the Property, nor are there any materials which would cause Purchaser to expend any money to remove any said materials or pollutants under any federal, state and/or local laws and/or ordinances. Page 3 of 5 (h) Seller is unaware of any latent defects regarding the Property such as sinkholes, burial grounds or the storage or burial of any toxic wastes or other substances not deemed to be "hazardous" under federal or state law, or other conditions which would make the development of the Property for its intended purpose impracticable or extraordinarily expensive. 12. ASSIGNMENT. The parties agree that Purchaser may assign the rights herein and take title in another entity prior to closing, but that such assignment shall not affect any of the obligations and/or rights established hereunder. 12. RISK OF LOSS. The Seller hereby represents and warrants to the Purchaser that there are no special assessments or liens on subject Property other than herein mentioned. Nevertheless, should any other such assessments or liens be found to exist, Seller shall pay off and secure releases for such at or prior to the closing of this transaction. Nothing provided in this Agreement shall take away from the Purchaser the right of enforcing the specific performance of this Agreement. The risk of loss or damage to improvements on said real estate or a substantial portion thereof by fire or otherwise until delivery of deed or contract is assumed by Seller and if all or a substantial portion of said buildings are so destroyed or damaged prior to execution of said deed or contract of sale, this agreement at the election of the Purchaser shall not be binding upon the Purchaser, and in such event any earnest money deposited shall be returned to the Purchaser. 13. COMMISSIONS. The parties agree that no brokers and/or realtors are involved in this transaction and Purchaser shall not be responsible for any fees and/or commissions over and above the previously stated purchase price. 14. MISCELLANEOUS. This Agreement shall be binding upon the parties, their agents, successors and assigns. It shall be modified only by a writing signed by both parties and it shall be construed and governed according to the laws of the State of Indiana. The undersigned individuals represent that they have full authorization to execute this document Page 4 of 5 15. TERMINATION OF OFFER. Unless accepted by Seller and delivered to Purchaser by 5:00 p.m. the _16th _ day of May , 2012, this offer to purchase shall be null and void and all parties hereto shall stand relieved and released of any obligation contained herein. Seller hereby accepts the above Purchase Agreement pursuant to the terms and conditions contained herein, this _14' day of Dated: May 14 2012 Dated: May 18 2012 2012. SELLER L.V. BAKER By: S/S L.V. Baker L.V. Baker PURCHASER CITY OF RICHMOND, INDIANA By and Through Its Board of Public Works and Safety By: S/S Vicki Robinson Vicki Robinson, President Page 5 of 5