Loading...
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 1 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. 2 (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. 3 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. 0 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