HomeMy WebLinkAboutA 11051986 � t � 1 � .
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REAL ESTATE PURCHASE AND SALE AGREEMENT � ��
This is an agreement ("Agreement"j made on November 5,
2986, between E&H Properties, a sale proprietarship af Eugene
Harbach, as his separa�e praperty {"Buyer") and The City of
Ren�on, Washingtan, a Washingtan Municipal corporation
("Seller") . Buyer and Seller agree as �'ollows.
1. RECITALS.
� � 1. 1 Seller awns the impraved real property described
in Schedule 1 to this Agreement ("Property'�) and is willing to -
, sell the Property to B�yer pursuant to this Agreement. The
Property is cammonly known as Mother's Park, Renton, K�,ng
Caunty, Washington.
1. 2 Buyer is willing ta purchase the Property from
Seller pursuant to this Agreement. .
2 . PURCHASE PRICE AND PAYMENT TERMS.
2 . 1 The purchase price far the Property shall be
Eiqht pallars ($8 .00) per square foot af the Praperty as
determined by a survey of the Property which Seller has pravided
ta Buyer. The parties agree that the Property consists af
154 , 463 , 97 square �eet. Therefore, the purchase price for the
Property shall be Or►e Million Two Hundred Thirty-Five Th.ousand
Seven Hundred Dollars ($1, 235,700) .
2 . 2 Buyer shall pay Seller th� purchase price for
the Praperty pursuan�. to a real estate cantract ("Real Estate
Con.tract'�) , Form A-19b4 , which shall pravide for a dawnpayment
in cash at c3osing in the amount of twenty percent {20�j aE the
purchase price. Buyer shall pay Sel2er the downpayment in cash
at closing. The Real Estate Contract shall provide that the
balance af the purchase price shall be paid by Buyer tQ Seller
in quarterly installments of interest only at an interest ra.te
which is the averaqe interest rate quat�d by Traveler's
Insurance Company, Aetna Li�e & Casualty Company and B�nker's -
Life ("Mortgage Lenders"} for loans for a term of three (3)
years, rounded to the nearest ane-eighth (1/8th} of a percent.
Huyer shall provide Seller with a written quate of such interest
rates �ram Mortgage Lenders no later than December 10, 198b.
The Real Estate Contract shall be in the farm attached hereto as
Schedule 3 and shall be paid in full on or before the third
(3rdj anniversary of the Closing Date. The Real Estate Con�ract
shall provide for deed releases in the manner therein specified. � -
3 . EARNEST M4NEY AND LI�UIDATED DAMAGES. � �
3 . 1 4n the date of this Agreement, Buyer is . , . � '
delivering to Seller three (3} originals af this Agreement
siqned by Buyer and ar� original Earnest Maney Nate in the amouni�
of orie Hundred Thousand Dollars ($100, 000) in the farm attached
hereto as Schedule 2 {"Earnest Money No�e") . The Earnest Maney
Nate shall be due and payable on the date of closing of this „ �
transac�ion �"Closing Date"� , promptly following Seller's
executian of this Agreement ("Acceptance Date") ; (a} Seller
shall deliver to Escrow Agent one fu11y execu�ed original of �•�
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PURCHASE AGREEMENT ` � CITY OF• RENTON/HOR$ACH �
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n�l Daniel Kellogg - David M. Dean -M; , R. Parry
� p(LI,C+Z, `�"� Cv�M �O;r,� ttorneys
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TO: Barbara Y. Shinpoch, Mayor �
NOV 2 6 ��'���
FROM: Daniel ::ellogg, Assistant City Attorney
RE: Sale of Mother' s Park to Gene Horbach
Dear P�ayor Shinpoch:
I enclose to you two copies of the Real Estate Purchase and
Sale Agreement for the sale of the Alother ' s Park property
which have been signed by Mr. Horbach. This document has
now been approved by our firm for execution by the City.
Please execute the document on behalf of the Seller on page 7
on each copy. The Clerk should attest to your signature on
both documents and return the documents to me.
Our last raeeting with Mr. Horbach and his attorney ��as held
in Dick Houghton' s office on November 5, 1986. We were to .
have received these documents by Plovember 7, 1986. Unfortunately
they were held up by P�lr. Horback until he delivered ther.► to our
office on November 24 , 1986. The closing of this matter is
scheduled on or before December 19 , 1986 so your prompt review
of this matter would be appreciated. . _ �'
We have received the earnest money note in the sum of $100 ,000. 00
together with Mr. Horbach' s contribution commitment and Promissor.y
Note in the sum of $216 ,250. 00.
Please call me if you have any questions.
Ver yours , •�
Daniel Kellogg
DK/jw
Lncls.
cc: John Webley
cc: Dick Houg�zton
cc: NIike Parness �
cc: Dan Clements i
Post Office Box 626 - 100 S 2nd Street - Renton, Washington 98057 - (206) 255-8678 ".
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