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OPTION AGREEMENT TO PURCHASE REAL PROPERTY This Option is entered into this 28th_ day of >ril , 1997, by and between RICHARD BEEBE and ROSETTA BEEBE, husband and wife, EDDIE SHIPLEY and JUDI SHIPLEY, husband and wife, and RALPH WEIGLEY and CHRISTINE WEIGLEY, husband and wife, (hereinafter the "GRANTORS"), and the CITY OF MOSCOW, a municipal corporation of the State of Idaho, 206 East Third Street, Moscow, Idaho 83843 (hereinafter the 'GRANTEE"); WITNESSETH In consideration of the mutual covenants set forth herein, the GRANTORS and GRANTEE agree as follows: I. CONSIDERATION AND PROPERTY In consideration of the sum of FIVE THOUSAND, SEVEN HUNDRED AND FIFTY AND NO/ONE HUNDREDTHS ($5,750 00) DOLLARS, paid by GRANTEE to GRANTORS, GRANTORS hereby grant unto GRANTEE an exclusive and irrevocable Option to purchase real property situated in the County of Latah, State of Idaho (hereinafter the "PREMISES"), and more particularly described as Parcel as shown in Exhibit a legal description of which, agreed upon by GRANTORS and GRANTEE, is to be supplied at a later date and before expiration of the Option created herein See EXHIBIT Additional consideration for this Option Agreement is that GRANTEE agrees that Meadow View Estates parkland dedication requirement pursuant to Moscow City Code §5-l-5(F) has been met upon receipt by GRANTEE of the PREMISES, which dedication is valued at THREE THOUSAND FOUR HUNDRED FIFTY AND NO/ONE-HUNDREDTHS ($3,450.00) DOLLARS. 2. TERMS AND CONDITIONS This Option is subject to the following terms and conditions A. This Option Agreement must be executed by the parties on or prior to April 30, 1997, or any extension thereto, as herein provided. B. GRANTORS shall have full use of the PREMISES until this Option has been fully exercised by GRANTEE. Provided however, that GRANTORS shall commit no waste upon the PREMISES or place any improvements thereon, including but not limited to, filling of the PREMISES or any portion thereof OPTION AGREEMENT TO PURCHASE REAL PROPERTY Page I 97-]3 ---PAGE BREAK--- C. GRANTORS shall pay all taxes on the PREMISES due until this Option has been fully exercised by GRANTEE. D. The term of this Option shall be from the date it is executed until on or before November 30, 1997 or any extension thereof E. Upon the first occurrence of either of the two events described herein, GRANTORS do hereby covenant and agree to donate in fee simple absolute to GRANTEE, the parcel of land marked as Parcel as shown in Exhibit a legal description of which, shall be agreed upon by GRANTORS and GRANTEE prior to conveyance of Parcel Conveyance of Parcel described herein shall occur as soon as legally possible upon either of the following two events, whichever occurs first in time: The conveyance to GRANTEE of real property situated in the County of Latah, State of Idaho, and more particularly described as Parcel as shown in Exhibit generally described as all the real property from the top of the southern bank (including the top of the southern bank) of Paradise Creek, including Paradise Creek north to the northern boundary of Parcel along its entire boundary in common with the southern boundary of Parcel all as shown in Exhibit a legal description of which, agreed upon by GRANTORS and also from Ralph Weigley and Christine Weigley, husband and wife, is to be supplied at a later date and before conveyance of Parcel or The expiration of five years from the date of the execution of this Option Agreement to Purchase Real Property. 3. EXERCISE OF OPTION BY GRANTEE GRANTEE may exercise this Option in the following manner A. By giving thirty (30) days notice to GRANTORS; and B. By setting a closing date for transfer of the PREMISES within ninety (90) days from the date of such notice. 4. CONDITIONS OF SALE A. Purchase Price. The total purchase price of the PREMISES shall be FIFTY-SEVEN THOUSAND FIVE HUNDRED AND NO/ONE HUNDREDTHS ($57,500 00) DOLLARS payable as follows OPTION AGREEMENT TO PURCHASE REAL PROPERTY Page 2 ---PAGE BREAK--- FIVE THOUSAND SEVEN HUNDRED AND FIFTY AND NO/ONE-HUNDREDTHS ($5,750.00) DOLLARS previously paid as consideration for this Option, and any sums paid in any renewal thereof; and FIFTY-ONE THOUSAND SEVEN HUNDRED FIFTY AND NO ONE-HUNDREDTHS ($51, 750.00) DOLLARS (less any monies paid for any renewal of this Option) to be paid at closing; or, FIFTY-ONE THOUSAND SEVEN HUNDRED FIFTY AND NO/ONE-HUNDREDTHS ($51,750.00) DOLLARS (less any monies paid for any renewal of this Option) to be paid at any time prior to closing, in any increment so long as such amount is paid in full before or at closing. B. Warranty Deed. 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 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, and title shall not be subject to any such liens or encumbrances or defects. C. Preliminary Commitment and Title. Upon due exercise of this Option by GRANTEE, GRANTORS shall immediately, at GRANTEE'S expense, apply for a preliminary commitment for a standard form Purchaser's policy of title insurance for the PREMISES to be issued through Latah Title Company. Said preliminary commitment and the title policy to be issued shall contain no exceptions other than those provided in said standard form and those noted in paragraph 4 hereof If title cannot be made so insurable prior to the closing date called for herein at GRANTEE's option, the Option consideration noted in paragraph l , Consideration and Property, and any other money paid by GRANTEE pursuant to this Agreement, herein shall be returned to GRANTEE and this Option Agreement shall terminate, unless GRANTEE elects in writing to waive such defects or encumbrances. D. 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 1 ( 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. GRANTORS OPTION AGREEMENT TO PURCHASE REAL PROPERTY Page 3 ---PAGE BREAK--- assert that they have no specialized knowledge regarding hazardous substances or expertise beyond that of ordinary persons. E. It is hereby agreed that the "closing agent" for the purchase of the PREMISES shall be Latah Title Company. F. On or before the closing date, GRANTORS and GRANTEE shall deposit with the closing agent all instruments necessary to complete the sale of the PREMISES. G. GRANTORS shall deliver possession of the PREMISES to the GRANTEE at time of closing. Closing means the date on which all documents are recorded and the sale proceeds are available to GRANTORS. H. Closing costs and pro-ration. GRANTEE shall pay closing fees. Taxes for the current year shall be prorated as of closing. 5. RIGHT TO ENTER ON PREMISES GRANTEE shall have the right to enter PREMISES for inspection, investigation, surveying, and testing of the PREMISES during the life of this Option at reasonable times. If such inspection, investigation and/or testing results in damage to growing crops, GRANTEE shall pay the reasonable cost of such damage. 6. RENEWAL At any time prior to the expiration of this Option Agreement on November 30, !997, GRANTEE shall have the right, to be exercised in its sole discretion, to renew this Option Agreement for one additional period of twelve (12) months by delivering notice to GRANTORS of its intention to renew and paying to GRANTORS additional option consideration in the amount of FIVE THOUSAND SEVEN HUNDRED FIFTY AND NO/ONE HUNDREDTHS ($5,750.00) DOLLARS. If GRANTEE exercises the right to renew this Option Agreement, all rights and duties contained herein shall continue during said period. 7. FORFEITURE BY GRANTEE Failure to exercise or renew this Option Agreement on or prior to November 30, 1997 shall result in a forfeiture to GRANTORS of the Option consideration described in paragraph 4.A(l), and this Option Agreement shall be terminated and said Option shall expire. Provided that in the event that the GRANTEE shall have paid any amounts toward the purchase of the PREMISES, GRANTORS shall refund those monies to GRANTEE OPTION AGREEMENT TO PURCHASE REAL PROPERTY Page 4 ---PAGE BREAK--- 8. VENUE AND ATTORNEY FEES GRANTORS and GRANTEE agree that should any provision of this Option Agreement be litigated in the future, the prevailing party will be entitled to reasonable attorney's fees and costs. Venue for any such litigation shall be with the District Court of the Second Judicial District of the State of Idaho in and for the County of Latah. IN WITNESS WHEREOF, GRANTORS and GRANTEE have executed this Agreement the day and year first set forth above. GRANTORS Richard Beebe and Rosetta Beebe, Husband and Wife L Richard Beebe Ralph and Christine Weigley Husband and Wife /ZJ,jj I L . Ralph etgley . . I . WR.uz/3z) Christine Weigley (J GRANTEE City of Moscow, Idaho Pau7(X89:;<= Pamela Palmer, Acting Mayor ATTEST OPTION AGREEMENT TO PURCHASE REAL PROPERTY Page 5 ---PAGE BREAK--- STATE OF IDAHO ) ) ss County of Latah ) ACKNOWLEDGMENT On this .2 S day of ;\px: I , 1997, before me, a Notary Public in and for said State, appeared Richard Beebe and Rosetta Beebe, husband and wife, known to me to be the persons named above and acknowledged to me that they executed the foregoing document. STATE OF IDAHO ) ) ss County of Latah ) \pL % f Js NOTARY PuDuc for Idahq \ Residing at 5. h<:'w My Commission expires ACKNOWLEDGMENT On this S day of A-f.( / , 1997, before me, a Notary Public in and for said State, appeared Eddie Shipley and Judi Shipley, husband and wife, known to me to be the persons named above and acknowledged to me that they executed the foregoing document. t. NOTARY PUBL for Idaho Residing at S ·it"' . ho>il3eebe 3 option to purchaseidm : j NOTARY PUBLIC for Idaho L • • ' !j ' cl"' • Res1d1ng at (ti My Commission expires 2 ' OPTION AGREEMENT TO PURCHASE REAL PROPERTY Page 7 ---PAGE BREAK--- j I 8 u QJ c 3: 0 \ \ \ 1 " I\ i\ \ \ \ " " Ul u B56 l 93 i ri:i:>: Z4 ' 0 8 0 ( g 8 0 0 • j 0 0 N ;v I ' l 5 I II I l ii! l!i lj! lil iii it I! ! j