HomeMy Public PortalAbout004-2007 - COR - Allen - Purchase AgreementPURCHASE AGREEMENT
The City of Richmond, Indiana, by and through its Board of Public Works and
Safety referred to as "Purchaser", hereby offers and agrees to purchase from Charles A.
Allen, hereinafter referred to as Seller", certain real estate consisting of approximately
0.25 of an acre and located in Richmond, Indiana, which property is more particularly
described as follows, to -wit:
See Exhibit A attached hereto
Subject to the right of way for drainage tiles, ditches, feeders and laterals, if any.
Subject to the Rights, if any, of Chesapeake and Ohio Railroad, its successors and/or
assigns and which property is outlined in red on Exhibit B attached hereto and made a
part hereof, (hereinafter referred to as the "Property"). Such purchase shall be for the
purposes of acquiring sufficient property which is adjacent to the Cardinal Greenway
Trail. This Purchase Agreement is subject to the following terms and conditions:
1. PURCHASE PRICE. Purchaser agrees to pay to Seller the sum of Twenty
Thousand Dollars and Zero Cents ($20,000.00), which payment shall be in cash and be
made at the time of the closing of this transaction.
2. TAXES. Purchaser agrees to assume and pay the first installment of 2006
real estate taxes, due and payable in May, 2007, and all subsequent taxes thereafter.
3. TITLE/CLOSING. Within ten (10) days after approval of the
contingencies herein, Purchaser shall secure a current Commitment for Owner's Title
Insurance on the Property in the amount of the purchase price showing good marketable
Contract No. 4-2007
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title in Seller's name, and showing the Property free and clear of any and all liens,
encumbrances, conditions, reservations and restrictions, but for current taxes, and
including the elimination of any standard, pre-printed exceptions. If Purchaser shall have
any objection to any item disclosed therein, such objection shall immediately be made in
writing to Seller, who shall have five (5) days thereafter to cure the same. If the
objections are not reasonably cured within such period, Purchaser may terminate this
Agreement or waive the unsatisfied objections and proceed to closing.
At time of closing, which shall occur within thirty (30) days thereafter, Seller
shall provide the Purchaser, at Purchaser's cost, an Owner's Title Policy issued by a
reputable title insurance company in the full amount of the purchase price dated as of said
date, insuring Purchaser's fee simple title to the Property, subject only to current taxes
and deleting any standard exceptions. In addition, Seller shall also provide Purchaser a
duly executed and acknowledged Warranty Deed conveying to the Purchaser good
marketable title in the Property. Any other closing costs required to be incurred shall also
be paid by Purchaser.
4. POSSESSION. Purchaser shall be entitled to possession of the Property at
closing.
5. 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.
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(a) To the best of his knowledge, Seller is the fee simple owner of the
Property and has transferred no interest therein except as shown on the title commitment
or previously disclosed to Seller
(b) Seller is authorized to sell the Property.
(c) There is no recorded or unrecorded lien, conveyance, lease, or other
encumbrance upon the Property except at stated herein.
(d) Seller knows of no existing condition with respect to the Property
which violates any governmental code, rule, statute, ordinance or regulation.
(e) The Property is not in a flood plain.
(f) 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
another governmental authority.
(g) There is no litigation or administrative proceeding threatened or
pending against the Property or Seller's interest therein.
(h) 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.
(i) 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.
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6. 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 the Property or a substantial portion thereof by fire or
otherwise, until delivery of deed, 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.
7. 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.
8. 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 on behalf of their respective parties.
9. TERMINATION OF OFFER. Unless accepted by Seller and delivered to
Purchaser by 5:00 p.m. the day of January, 2007, this offer to purchase shall be null
and void and all parties hereto shall stand relieved and released of any obligation
contained herein.
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PURCHASER
City of Richmond, Indiana
through its Board of Public
Works and Safety
Dated: january 11, 2007 By: _nn S/S John P. Key
John P. Kenny, Chairman
Seller hereby accepts the above Purchase Agreement pursuant to the terms and
conditions contained herein, this _12th_ day of _January , 2007.
SELLER
S/S Charles A. Allen
Charles A. Allen