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RERL ESTATE CONTRACT � '�,�" ����,����r��r "'k�^
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THIS CONTRACT, made and entered into this�day of ��_ ,
� � 19��_, between King County, a political subdivision of the State of Washington,
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� hereinafter called the "seller," and the City of Renton , a municipal corporation
� of the State of Washington, hereinafter called the "purchaser".
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WITNESSETH: That the seller agrees to sell to the purchaser and the purchaser
agrees to purchase from the seller the following described real estate, with the
appurtenances, in King County, State of 6dashington.
See Attached "Exhi bi t A" . �i.jn�,�rr� ��-���! �.
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The terms and conditions of this contract are as follows: The purchase price
is FOUR HUNDRED FIFTY THOUSAND AND NO/100 ($450,000.00) DOLLARS, of which FORTY
FIVE THOUSAND AND NO/100 ($45,000.00) DOLLARS have been paid, the receipt whereof is
hereby acknowledged, and the balance to said purchase price shall be paid as follows:
SIXTY ONE THOUSAND FOUR HUNDRED FIFTY AND 37/100 ($61 ,450.37) DOLLARS, or more at
purchaser's option, on or before the lst day of September , 19 82 ,
and SIXTY ONE THOUSAND FOUR HUNDRED FIFTY AND 37/100 ($61 ,450.37) DOLLARS, or more
at purchaser's option, on or before September lst of each succeeding year
until the balance of said purchase price shall have been fully paid. The purchaser
further agrees to pay interest on the diminishing balance of said purchase price at
the rate of 8.4 percent per annum from the lst day of' September ,
19 81 , which interest shall be deducted from each installment payment and the
balance of each payment applied in reduction of principal . All payments to be made
hereunder shall be made at King County Real Property Division
500-A King County Administration Building
Seattle, Washington 98104
or at such other place as the seller may direct in writing.
For schedule of payments, see attached "Exhibit B".
As referred to in this contract, "date of closing" shall be September 1 , 1981
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FILED for Record at Re uesf o�x � '�� � � �._�..:�� r� .� +..
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Name..�:�.. ......�:......�.. �......�����.��ZJ
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r d i u all axes and
(1 ) The purchaser assumes and agrees to pay. befo e el nq ency t
assessments that may as between grantor and grantee hereafter become a lien on said
' real estate; and if by the terms of this contract the purchaser has assumed payment
of any. mortgage, contract or other encumbrance, or has assumed payment of or agreed
to purchase subject to, any taxes or assessments now a lien on said
real estate, the purchaser agrees to pay the same before delinquency.
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(2) The purchaser agrees, until the purchase price is fully paid, to keep the
� buildings now and hereafter placed on said real estate insured to the actual cash
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N value thereof against loss or damage by both..fire and windstorm in a company accept-
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Oable to the seller and for the seller's benefit, as his interest may appear, and to
� pay a71 premiums therefore and to deliver all policies and renewals thereof to the
seller.
(3) The purchaser agrees that full inspection of said real estate has been made
and that neither the seller nor his assigns shall be held to any covenant respecting
the condition of any improvements thereon nor shall the purchaser or seller or the
assigns of either be held to any covenant or agreement for alterations, improvements
or repairs unless the covenant or agreement relied on is contained her.ein or is in
writing and attached to and made a part of this contract.
(4) The purchaser assumes all harzards of damage to or destruction of any
improvements now on said real estate or hereafter placed thereon, and of the taking
of said real estate or any part thereof for public use; and agrees that no such
damage , destruction or taking shall constitute a failure of considerataon. In case
any part of said real estate is taken for public use, the �ortion of the condemnation
award remaining after payment of reasonable expenses of procuring the same shall be
paid to the seller and applied as payment on the purchase price herein unless the
seller elects to allow the purchaser to apply all or a portion of such condemnation
award to the rebuilding of such improvements within a reasonable time, unless purchaser
I elects that said proceeds shall be paid to the seller for application on the purchase
price herein.
(5) If seller's title to said real estate is subject to an existing contract
under which seller is purchasing said real estate, or any mortgage or other obligation,
which seller is to pay, seller agrees to make such payments in accordance with the
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thereof, and upon default, the;:aurcf�aser shall ha�e the right to make any payments
necessary to remove the default, and any payments so made shall be applied to the I
payments next falling due the seller under this contract.
(6) The seller agrees, upon receiving fall payment of the purchase price and
interest in the manner above specified, to execute and deliver to purchaser a deed to
said real estate, excepting any part thereof hereafter taken for public use, free of
� encumbrances except any that may attach after date of closing through any person other
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p than the seller, and subject to the following:
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� Easements, encumbrances, reservations and restrictions of record.
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(7) Unless a different date is provided for herein, the purchaser shall be
entitled to possession of said real estate on date of cl:osing and to retain possession
so long as purchaser is not in default hereunder. The purchaser covenants to keep
the buildings and other improvements on said real estate in good repair and not to
permit waste and not to use, or permit the use of, the real estate for any illegal
purpose. The purchaser covenants to pay all service, installation or construction
charges for water, sewer, electricity, garbage or other utility services furnished
to said real estate after the date purchaser is entitled to possessione
(8) In case the purchaser fail� to make. any payment herein provided or to
maintain insurance, herein required, the seller may make such payment or effect such
insurance, and any amounts so paid by the seller, together with interest at the rate
of 10% per annum thereon from date of payment until repaid, shall be repayable by
purchaser on �seller's demand, all without nrej.udice to any other right the seller ,
might have by reason of such default.
(9) Time is of the essence of this contract, and it is agreed that in case
the purchaser shall fail to comply with or perform any condition or agreement hereof
or to make any payment required hereunder promptly at the time and in the manner
herein required, the seller may elect to declare all the purchaser's rights hereunder
terminated, and upon his doing so, all payments made by the purchaser hereunder
a.nd all impravements placed upon the real estate shall be forfeited to the seller
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as liquidated damages, and the seller shall have right to re-enter and take possession
of the real estate; and no waiver by the seller of any default on the part of the
purchaser shall be construed as a waiver of any subsequent default.
Service upon purchaser of all demands, notices or other papers with respect
to forfeiture and termination of purchaser's rights may be made by United States
Mail , postage pre-paid, return receipt requested, directed to the purchaser at his
I � address last known to the seller.
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� (10) Upon seller's election to bring suit to enforce any covenant of this
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contract, including suit to collect any payment required hereunder, the purchaser agrees
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to pay a reasonable sum as attorney's fees and all costs and expenses in conne�tion
with such suit, which sums sha11 be included in any judgment or decree entered in
such suit.
If the seller shall bring suit to procure an adjudication of the termination
of the purchaser's rights hereunder, and judgment is so entered, the purchaser
agrees to pay a reasonable sum as attorney's fees and all costs and expenses in
connection with such suit, and also the reasonable cost of searching records to deter-
mine the condition of title at the date such suit is commenced, which sum shall be
included in any judgment or decree entered in such suit.
IN WITNESS WHEREOF, the parties hereto have executed this instrument as of
the date first written above.
. .�
(�eal . (Seal)
Mayor
(Seal
(Seal )
City Clerk
STATE OF WASHINGTON )
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COUNTY OF )
On this day personally appeared before me �3��r�a�,z )/. 5�,,;r p��„ an d
�\ e.�o�es 4� • �2;a.� to me known to��he i ndi vi dua15 descri bed i n �and who executed
the within anToregoing instrument, and acknowledged that .���
s i gned the same as �1�e.� r ��
free and vo untary act and deed, for the uses and purposes therein mentioned.
GIVEN under my hand and offi ci al seal thi s Zo+� day of A.��u s-E- � 19 �� .
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Notary Public in ancTfor the State of • .�,��.�
4Jashi ngton, resi di ng at ` ��„�-�,,,, � �-" '� ti
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STATE OF WASHINGTON )
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COIJNTY OF )
On this day per onally appeared before me `����� (�.. �/l�G�k%XX
to me lrnown to the County Fxecutive of King County, Washington, �
the person who signe the arove and foregoing instrurnent for King County for
the uses and purposes therein stated and aclrnowledged to me that he signed
the same as the free and voluntary act and deed of King County and that he
Q,,� was authorized to so sign.
O IVEN under my hand and official seal this day of � ,
� 19 l J\' .
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NOT Y PL'I3LICi�'in d for the�State o£ . ,��� -
� tivashington, residing at ,�'�Q, .
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EXHIBIT A
Commencing at the Southwest corner of the Northeast 1/4 of Section
16, Township 23 North, Range 5 East, :W�M.; Thence along the East-
west center of section line South 89Q01 '16" East a distance of
683.33 feet; Thence North 1a04'13" East 363.53 feet to the true
point of beginning; Thence continuing North 1°04'13" East a distance
-»- 960 feet to the North line of the Southwest 1/4 of the Northeast 1/4
i, � of said Section 16; Thence South 89°03'38° _East along said North
line a distance of 642.05 feet to the Northeast corner of the South-
' o west 1/4 of the f�ortheast 1/4 of said Section 16; Thence South 1°00'49"
� West along East line of said Southwest 1/4 of the Northeast 1/4 a
p distance 960 feet; Thence North 89°03'38" West parallel with the North
-- line of said Southwest 1/4 of the Northeast 1/4 a.clistance of 643 feet
� to the true point of beginning. Except the West 30 feet thereof.
Together with and subject to a 60 foot easement for ingress, egress
and utilities over, under and across the following described parcels:
� the East 60 feet of tfie West 713.33 feet of the Southwest 1/4 of the
Northeast 1/4 of Section 16, Township 23 Norht, Range 5 East, W.M. ;
the North 60 feet of the East 373.33 feet of the bdest 653.33 feet of
the Southwest 1/4 of the Northeast 1/4 of Section 16, Township 23
North, Range 5 East, W.M.; ALSO together with a 60 foot easement for
ingress and egress over and across the North 60 feet of the �Jest 280
feet of the Southwest 1/4 of the Northeast 1/4 of said Section 16,
Township 23 North, Range 5 East, MeWe .
Contains 5�8,024 square feet or 13.50 acres, more or less.
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EXHIBIT B
Payment Due Tota1 Payment Principal Interest Remaining Balance
$ 405,000.00
1 . $ 61 ,450a37 $ 27,430.37 $ 34,020.00 377,569e63
2. 61 ,450.38 29,734e52 31 ,715.85 347,835.11
„_ 3. 61 ,450.38 32,232,22 29,218.15 315,602.89
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I O 4' 61 ,450.38 34,939.73 26,510.64 280,663e16
� 5. 61 ,450.38 37,874.66 23,575.71 242,788s50
� 6. 61 ,450.38 41 ,056.14 20,394.23 201 ,732,36
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7. 61 ,450.38 44,504.85 16,945,52 157,227.51
8. 61 ,450.38 48,243.26 13,207.11 108,984.25
9. 61 ,450.38 52,295.69 9,154.68 56,688.56
10. 61 ,450.38 56,688.53 4,761 .84 .03 (Rounding
error)
Totals 614,503.70 404,999.97 209,503.73
Purchase Price: $450,000.00
10% Down . (45,000.00)
Remaining Balance: $405,000.00
Interest . 8.4% per annum computed on remaining balance
Term . Ten (10) years