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OPTION AGREEMENT TO PURCHASE REAL PROPERTY This Option Agreement to Purchase Real Property ("Agreement"), is made this day of De:c.c: V,be.r , 1998, 9,ytve* Cit,;: wf )osc,xw I?ahp , a ·(gal corporation of the State of Idaho ("GM'r(liba 1't6llifi 'L ton A Courtright, husband and wife ("GRANTOR'ffir' thly6fpo§s58!:'1ptozffitll& 8%EE with property for use as a City of Moscow, Idaho fire station. WITNESSETH In consideration of the mutual covenants set forth herein, GRANTORS and GRANTEE agree as follows: I. CONSIDERATION AND PROPERTY In consideration of the sum of FIVE HUNDRED AND NO/ONE HUNDREDTHS DOLLARS ($500), paid GRANTEE to GRANTORS, GRANTORS hereby grant unto GRANTEE an exclusive and irrevocable Option to purchase real property and any and all improvements thereon situated in the County of Latah, State of Idaho ("PREMISES"), and more particularly described as follows: The West .5 acre of Lot I, Peterson/Williams Addition to the County of Latah and shown generally by Exhibit 2. TERMS AND CONDITIONS This Agreement is subject to the following terms and conditions: A. As a condition to be met prior to the purchase of the PREMISES, all necessary rezones of the PREMISES and the property retained by GRANTORS from which PREMISES originates, special use permits, annexations and the like must be obtained to allow for the development, construction and use of a City of Moscow, Idaho fire station on the PREMISES. GRANTEE shall be responsible for obtaining such approvals, including the costs thereof, and shall exercise due diligence in obtaining such approvals. If GRANTEE is denied such approval , rezones, Special Use Permits, annexations or the like necessary to carry out the purposes of this Agreement, this Agreement is void. B. The total purchase price is Thirty-Six Thousand, Five Hundred and no/one-hundredths Dollars ($36,500.00), payable on or before the closing date. Said money shall be delivered to GRANTORS, less costs and fees, upon the proof of good and marketable title and delivery of the warranty deed on or before the closing date. The Five Hundred and no/one hundredths ($500 00) dollars earnest money paid in consideration of this Agreement shall be applied to the total purchase price. C. Title to the PREMISES is to be conveyed by Warranty Deed, and is to be marketable and insurable except for rights reserved in federal patents, state or railroad deeds, building or use restrictions, building and zoning regulations and ordinances of any governmental OP110N AGREEMENT TO PURCHASE REAL PROPERTY Page 1 of 4 98-b3 ---PAGE BREAK--- 440442 unit, and rights-of-way and easements of record. There are no liens, encumbrances or defects which are to be discharged or assumed by GRANTEE, other than as described above, and title shall not be subject to any such liens or encumbrances or defects. D. GRANTORS shall, after removal of all contingencies set out in paragraph 2.A of this Agreement and at GRANTORS' expense, provide a survey of the property for recording, with new corners set prior to closing. E. GRANTORS shall, after removal of all contingencies set out in paragraph I herein and at GRANTORS' expense, immediately apply for a preliminary commitment for a standard form Purchaser's policy of title insurance to be issued by Latah Title Insurance Company. Said preliminary commitment, and the title policy to be issued, shall contain no exceptions other than those provided for in said standard form and those noted in paragraph 2.B. of this Agreement If title cannot be made so insurable prior to the closing date called for herein, unless GRANTEE elects in writing to waive such defects or encumbrances, this Agreement shall be terminated. F. Environmental Matters. GRANTORS covenant that they have not placed or brought onto the PREMISES, nor permitted to be placed or brought onto the PREMISES, hazardous substances [as defined by Section I 0 I (14) of the Comprehensive Environmental Response, Compensation and Liability Act of 1980, as amended, 42 U.S C. Section 9601(14)] or materials including, but not limited to, petroleum products, the removal of which is required or the maintenance of which is prohibited or penalized by any applicable local, state or federal law, ordinance, rule, regulation or requirement and, to the best knowledge of GRANTORS, the PREMISES is free of all such hazardous substances and materials. G. It is hereby agreed that the "closing agent" for this Agreement shall be Latah Title Company. H Closing Date. Closing shall occur within sixty (60) days after the removal of all contingencies, but in no case later than June 30, 1999. L On or before the closing date, GRANTEE and GRANTORS shall deposit with the closing agent all funds and instruments necessary to complete the sale. The closing date shall be within sixty (60) days after the removal of all contingencies, but in no case later than June 30, 1999. J. GRANTORS shall deliver possession to GRANTEE at time of closing. Closing means the date on which all documents are recorded and the sale proceeds are available to GRANTORS. K Closing costs and pro-ration. GRANTORS and GRANTEE shall each pay one-half of the closing fee. GRANTORS shall pay title insurance. Taxes for the current year and insurance acceptable to GRANTEE shall be prorated as of closing, if applicable. OPTION AGREEMENT TO PURCHASE REAL PROPERTY Page 2 of 4 ---PAGE BREAK--- 440442 L. Should the PREMISES or any improvement thereon be materially damaged prior to closing this sale, this Agreement is voidable at the option of GRANTEE. M. If GRANTORS execute this Agreement, and title to said PREMISES is marketable and insurable, and GRANTEE refuses or neglects to comply with the terms or any conditions of sale within thirty (30) days from the date on which said term or condition is to be complied with, then and in that event GRANTEE shall be liable for any and all costs incurred by GRANTORS in the execution of this Agreement, and GRANTEE'S interest in the PREMISES shall be immediately terminated. N. In the event of default by either of the parties in their performance of the terms and conditions of this Agreement, the defaulting party agrees to pay all attorney fees and costs incurred by the non-defaulting party. 0. GRANTORS shall deliver PREMISES at closing without restrictions, covenants or other encumbrances. P This Agreement constitutes the entire Agreement between the parties. Q. This Agreement, unless expressly stated otherwise herein, is the final Agreement and shall be binding upon the heirs, personal representatives, successors and assigns of the respective parties hereto. R. The parties agree that should any provision of this Agreement be litigated in the future, venue for such litigation shall be with the District Court of the Second Judicial District of the State ofldaho, in and for the County of Latah. S. Time is of the essence in the performance of this Agreement. DATED this 8- day of fJece.111/x:y- , 1998. GRANTEE• GRANTORS OPTION AGREEMENT TO PURCHASE REAL PROPERTY Page 3 of 4 ---PAGE BREAK--- STATE OF IDAHO ) ) ss County of Latah ) '140442 On this 8- day of lxcem ber , !998, before me, the undersigned, a Notary in and for said State, personally appeared Robin L. Courtright, Grantor, known to me to be the person whose name is subscribed to the within statement and acknowledged to me that he executed the foregoing agreement. IN WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal the day and year l;tcreinabove written. ( STATE OF IDAHO ) ) ss County of Latah ) ·for Idaho Residing at My Commission expires: h(.;03 I I On this day of 1998, before me, the undersigned, a Notary in and for said State, personally appeared Lori A Courtright, Grantor, known to me to be the person whose name is subscribed to the within statement and acknowledged to me that she executed the foregoing agreement. IN WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal the day and year hereinabove written. C:\Agrecments\New Fire Station Purchase & Sale.doc+tb OPTION AGREEMENT TO PURCHASE REAL PROPERTY Page 4 of4