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OPTION AGREEMENT TO PURCHASE REAL PROPERTY /1 This Option is entered into this day of il DLA•f/ • 19 by and between DAVID PLUMMER AND FAITH PLUMMER, lfusbamfand wife, (hereinafter the "GRANTORS"), and the CITY OF MOSCOW, a municipal corporation of the State of Idaho, (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 EIGHT THOUSAND THREE HUNDRED DOLLARS ($8,300.00), paid by the GRANTEE to the GRANTORS, the GRANTORS hereby grants unto the GRANTEE an irrevocable option to purchase real property situated in the County of Latah, State of Idaho (hereinafter the "PROPERTY"), and more particularly described as follows: See EXHIBIT 2. TERMS AND CONDITIONS: This option is subject to the following terms and conditions: k\ A. This Option agreement must be executed by the parties on or prior to Jtmel 3, 193@. B. The GRANTORS shall have full use of the Property until this Option has been fully exercised by the GRANTEE. Provided however, that GRANTORS shall commit no waste upon the PROPERTY or place any improvements thereon, including but not limited to, filling of the PROPERTY or any portion thereof. C. The GRANTORS shall pay all taxes due until this Option has been fully exercised by the GRANTEE. D. The term of this Option shall be ten (10) months from the date hereof. 3. EXERCISE OF OPTION BY GRANTEE: The GRANTEE may exercise this Option in the following manner: A. By giving thirty (30) days notice to the GRANTORS; and OPTION AGREEMENT TO PURCHASE REAL PROPERTY Page 1 96-34 ---PAGE BREAK--- B. By setting a closing date for transfer of the Property within ninety (90) days from the date of such notice; 4. CONDITIONS OF SALE: A. The total purchase price of the Property shall be EIGHTY THREE THOUSAND DOLLARS ($83,000.00), payable as follows: EIGHT THOUSAND THREE HUNDRED DOLLARS ($8,300.00) previously paid as consideration for the Option, and any sums paid in any renewals thereof; and SEVENTY FOUR THOUSAND SEVEN HUNDRED DOLLARS ($74,700.00) (less any moneys paid for any renewals of this Option) to be paid at closing; or, SEVENTY FOUR THOUSAND SEVEN HUNDRED DOLLARS ($74,700.00) (less any moneys paid for any renewals 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. Title to the Property 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 casements 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. Upon due exercise of this Option by the GRANTEE, the GRANTORS shall immediately, at their expense, apply for a preliminary commitment for a standard form Purchaser's policy of title insurance 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.B. 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 I herein shall be returned to GRANTEE and this Agreement terminated, 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 Property, nor permitted to be placed or brought onto the Property, hazardous substances (as defined by section 101(14) of the Comprehensive Environmental Response, Compensation and Liability Act of 1980, OPTION AGREEMENT TO PURCHASE REAL PROPERTY Page2 ---PAGE BREAK--- 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 the GRANTORS the Property is free of all such hazardous substances and materials. GRANTORS 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 Property shall be Latah title Company. F. On or before the closing date, GRANTORS and the GRANTEE shall deposit with the closing agent all funds and instruments necessary to complete the sale of the Property. G. GRANTORS shall deliver possession of the Property 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. GRANTORS and the GRANTEE shall each pay one-half of closing fees. Taxes for the current year shall be prorated as of closing. 5. RIGHT TO ENTER ON PROPERTY: The GRANTEE shall have the right to enter property for inspection, investigation, surveying, and testing of the property during the life of this Option at reasonable times. If such inspection, investigation and/or testing results in damage to growing crops, the GRANTEE shall pay the reasonable cost of such damage. 6. RENEWAL At any time prior to the expiration of ten (I 0) months from the date of execution of this Option Agreement, the GRANTEE shall have the right, to be exercised in its sole discretion, to renew this Option Agreement for an 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 EIGHT THOUSAND THREE HUNDRED DOLLARS ($8,300.00). If the GRANTEE exercises this 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, prior to the expiration of ten (I 0) months from the execution hereof shall result in a forfeiture to the OWNER of the option OPTION AGREEMENT TO PURCHASE REAL PROPERTY Page3 ---PAGE BREAK--- consideration described in paragraph 4A(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 Property, GRANTORS shall refund those moneys to the GRANTEE. 8. VENUE AND ATTORNEY FEES: The parties 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 auy 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, the OWNER and the GRANTEE have executed this agreement the day and year first set forth above. GRANTORS: David Plummer and Faith Plummer, Husband and Wife David Plummer Faith Plummer GRANTEE: 7 Paul C. Agidius, Mayor ATTEST: OPTION AGREEMENT TO PURCHASE REAL PROPERTY Page4 ---PAGE BREAK--- STATE OF IDAHO ) ) ss County of Latah ) ACKNOWLEDGMENTS .On this /S::.day of Cryj 1 · 1996, before me, a Notary Public in and for said State, appearedDa id\Plummer and Faith Plummer, husband and wife, known to me to be the personsė nacled :above and acknowledged to me that they executed the foregoing document. STATE OF IDAHO ) ) ss County of Latah ) ! / r i , l :r Notary Public"fniand for the State of Idaho My Commission Expires: On this rc:"!f day of . 1996, before me. a Notary Public in and for said State, appeared Paul C. A' 1dius and Elaine Russell, in their respective official capacities as Mayor and Clerk of the City of Moscow, known to me to be the persons named above and acknowledged to me that they executed the foregoing document. t-L Notary Pu lie m and for the State ofldaho My Commission Expires: #z contract!plumopt!dm OPTION AGREEMENT TO PURCHASE REAL PROPERTY Page 5 ---PAGE BREAK--- EXHIBIT A parcel of land located in Section 17, T 39 N R5W BM, and more particularly described as follows: Beginning at a point on the east and west quarter line of Section 17, and 988.4 feet N 89°30' E of the Quarter comer on the west side of said Section 17, and running thence N 00°14' W a distance of 200 feet to the Southwestern right of way line of the Northern Pacific Railway Company; thence in a Southeasterly direction a distance of 376 feet, more or less, on said southwestern right of way line to a point 52.5 feet N 00°14' W of the northeast comer of the NW 114 SW 114 of said Section 17; thence S 00°14' E a distance of 196.1 feet on the forty line; thence N 83° 14' W a distance of 344.6 feet; thence N 00° 14' W a distance of 99.16 feet to the point of beginning, and containing 1.88 acres, more or less. Excepting therefrom, a parcel of land located in the southwest quarter of the northwest quarter and the northwest quarter of the southwest quarter of Section 17, Township 39 North, Range 5 West, Boise Meridian, Latah County, Idaho, said parcel being a portion of the Plummer tract described in Warranty Deed No. 403102 on file with the Recorder's office of said County, and being more particularly described as follows: Beginning at a point on the south line of the southwest quarter of the northwest quarter of Section 17, said point being N 89° 30' E 988.4 feet from the southwest corner of said southwest quarter of the northwest quarter; thence N 0° 14' W 70.0 feet along the west boundary of said Plummer tract to the TRUE POINT OF BEGINNING; thence continuing N 0° 14' W 130.0 feet along said west boundary to the southerly right-of-way line of the Burlington Northern Railroad; thence southeasterly along said right-of-way line to the east line of the southwest quarter of the northwest quarter of said Section 17; thence S 0° 14' E 52.5 feet along said east line to the southeast comer of said southwest quarter of the northwest quarter; thence continuing S 0° 14' E 20.0 feet along the east line of the northwest quarter of the southwest quarter of said Section 17; thence N 58° 03'48" W 167.8 feet; thence S 89° 30' W 200.0 feet parallel with and 70.0 feet distant of the south line of the southwest quarter of the northwest quarter of said Section 17 to the TRUE POINT OF BEGINNING. Said parcel contains 0.55 acres, more or less. ---PAGE BREAK--- Subject to a 20 foot wide pedestrian easement located in the northwest quarter of the southwest quarter of Section 17, Township 39 North, Range 5 West, Boise Meridian, Latab County, Idaho, said easement being a portion of the Plummer tract described in Warranty Deed No. 403102 on file with the Recorder's office of said County, and being more particularly described as follows: Beginning at a point on the north line of the northwest quarter of the southwest quarter of Section 17, said point being N 89° 30' E 988.4 feet from the northwest corner of said northwest quarter of the southwest quarter; thence S 0° 14' E 99.16 feet along the west boundary of said Plummer tract; thence S 83° 14' E 324.45 feet along the southerly boundary of said Plummer tract to the TRUE POINT OF BEGINNING; thence N oo 14' W 133.72 feet parallel with and 20.00 feet westerly of (as measured perpendicularly) the east line of said northwest quarter of the southwest quarter; thence S 58° 03' 48" E 23.63 feet to a point on said east line of said northwest quarter of the southwest quarter, said point bears S oo 14' E 20.00 feet from the northeast corner of said northwest quarter of the southwest quarter; thence S 0° 14' E 123.60 feet along said east line to the southeast corner of said Plummer tract; thence N 83° 14' W 20.15 feet along the southerly boundary of said Plummer tract to the TRUE POINT OF BEGINNING. Said casement contains 2573 square feet, more or less. And A1so: A parcel of land located in the northwest quarter of the southwest quarter of Section 17, Township 39 North, Range 5 West, Boise Meridian, Latah County, Idaho, said parcel being a portion of the City of Moscow tract as described in Warranty Deed No. 405473 on file with the Recorder's office of said County, and being more particularly described as follows: Beginning at the northwest corner of said northwest quarter of the southwest quarter of Section 17; thence S 89° 20' 34" E 988.40 feet along the north line of said northwest quarter of the southwest quarter; thence S 01 o 08' 46" W 184.16 feet to the southwest comer of the Claypool tract as described in Warranty Deed No. 400633 on file with said Recorder's office and shown on Baune & Hodge survey for Bill Patterson, Record of Survey Inst. No. 310967 also on file with said Recorder's office; thence S 86° 37' 26" E 124.21 feet along the south boundary of said Claypool tract; thence N 01 o 08' 46" E 49.82 feet along the east boundary of said Claypool tract to the centerline of an existing 50 foot wide access easement as described in Warranty Deed No. 281680 on file with said Recorder's office and the TRUE POINT OF BEGINNING; thence N 01° 08' 46" E 25.18 feet continuing along said east boundary to the northeast corner of said Claypool tract; thence S 82° 02' 20" E 159.39 feet along the southerly boundary of the Plummer tract as described in Warranty Deed No. 403102 on file with said Recorder's office; thence S 01 o 08' 46" W 25.18 feet parallel with and 60.00 feet westerly from (as measured perpendicularly) the east line of the northwest quarter of the southwest quarter of said Section 17 to said easement centerline; thence N 82° 02' 20" W 159.39 feet ---PAGE BREAK--- along said centerline to the TRUE POINT OF BEGINNING. Said parcel contains 3985 square feet, more or less. Subject to and lying entirely within said existing 50 foot wide easement affording access to and from said parcel by vehicle or utility services over and across the following described land: Beginning at the northwest comer of the northwest quarter of the southwest quarter of Section 17, Township 39 North, Range 5 West, Boise Meridian, Latah County, Idaho; thence S 89° 20' 34" E 988.40 feet; thence S 01° 08' 46" W 99.16 feet; thence S 82° 02' 20" E 125.00 feet to the TRUE POINT OF BEGINNING; thence S 82° 02' 20" E 219.82 feet; thence S 01 o 08' 46" W 186.40 feet; N 89° 20' 34" W 50.00 feet; thence N 01° 08' 46" E 142.81 feet; thence N 82° 02'20" W 169.46 feet; thence N OJO 08' 46" E 50.00 feet to the TRUE POINT OF BEGINNING. cootra'-i\plumexdm nt;sc3 tb 5354'3 f:L-t+t Nri }\usSe".__z_