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HomeMy Public PortalAbout057-2012 - COR - John Mueller - Purchase AgreePURCHASE AGREEMENT The CITY OF RICHMOND, INDIANA, hereinafter referred to as 'Purchaser", hereby offers and agrees to purchase from JOHN MUELLER, hereinafter referred to as "Seller", certain real estate located at 132 South I Ith Street, Richmond, Indiana, and 133 South I Ith Street, Richmond, Indiana, all in Richmond, 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 an amount that is due and owing to the City of Richmond as the result of a certain weed lien that has been recorded against one of the Properties on October 4, 2011, in the Wayne County Recorder's Office in Instrument Number 2011007133. Purchaser and Seller agree that upon the closing of the sale of said Properties, said lien will be released or extinguished. The release or extinguishment of said lien is deemed by both Purchaser and Seller to be additional consideration. Additionally, Purchaser and Seller agree that Seller owes certain amounts that are due and owing to Capital One Bank (USA), N.A., as the result of a Default Judgment filed in Wayne County, Indiana, dated November 10, 2010, in Cause Number 89C01-1006-CCO24. Capital One Bank (USA) has agreed to release its judgment lien on the Properties in exchange for a total payment of Two Thousand Dollars ($2,000.00), which payment will be paid by Purchaser and is deemed by both Purchaser and Seller to be additional consideration. 3. EARNEST MONEY. No earnest money is required of this Purchase Agreement. Contract No. 57-2012 Page 1 of 4 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. Purchaser shall pay for any title or closing costs. At the time of closing, Seller shall deliver to Purchaser, at Purchaser'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 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 Purchaser. closing. 10. POSSESSION. Purchaser shall be entitled to possession of the Property immediately upon 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. (a) Seller is the fee simple owner of the property and is authorized to sell said Property. (b) There is no recorded or unrecorded lien, conveyance, lease, or other encumbrance upon the Property except as stated herein. Page 2 of 4 (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. (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 Page 3 of 4 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 15. TERMINATION OF OFFER. Unless accepted by Seller and delivered to Purchaser by 5:00 p.m. the _15th _ 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 _15th day of May , 2012. SELLER JOHN MUELLER Dated: May 15, 12012 By:S/S John Mueller John Mueller Dated: May 18, 12012 PURCHASER CITY OF RICHMOND, INDIANA By and Through Its Board of Public Works and Safety Bv:S/S Vicki Robinson Vicki Robinson, President Page 4 of 4