Full Text
AGREEMENTTO PURCHASE REALPR OPERTY eement To Purchase Real Property ("Agreement") is entered into this /6 & day of -uJ!E 2002 by and between BFH&H, Inc., 4801 Atlas Road, Coeur d'Alene, Idaho, 83814 (hereinafter referred to as "GRANTOR") and City of Moscow, Idaho, 206 East Third Street, Moscow, Idaho, 83843, a municipal corporation of the State ofldaho, (hereinafter referred to as "GRANTEE"). WI T N E S S E T H: In consideration of the mutual covenants set forth herein, GRANTOR and GRANTEE agree as follows: I. CONSIDERATION AND PROPERTY: In consideration of the sum of Two Thousand Dollars ($2,000) paid by GRANTEE to GRANfOR, receipt of which is hereby acknowledged by GRANTOR, GRANTOR hereby grants unto GRANTEE, the right to purchase real property ("Property") situated in the County of Latah, State ofidaho, and more particularly described as follows: Lots 16, 17 and 18, Block 5, Quail Run Addition to the City of Moscow as shown by the recorded plat thereof. 2. TERMS AND CONDITIONS: This Agreement is subject to the following terms and conditions: A. GRANTOR shall have full use of the Property until all of the terms and conditions contained within this Agreement have been fully exercised by GRANTEE. B. GRANTOR shall pay all taxes due through and including December 31, 2002. 3. PURCHASE PRICE: A. The total purchase price of the Property shall be One Hundred Five Thousand Dollars ($105,000), payable as follows: I. Two Thousand Dollars ($2,000) paid as consideration for this Agreement; and 2. Payment in the amount of One Hundred Three Thousand Dollars ($103,000) on or before March 14, 2003; and 3. All sums paid in exercise of this Agreement shall be credited toward the total purchase price of the Property. AGREEMENT TO PURCHASE REAL PROPERTY PAGE1DF3 ---PAGE BREAK--- 4. OTIIER CONDITIONS OF SALE: A. 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 easements of record. There are no liens, encumbrances or defects which are to be discharged or assumed by GRANTEE and title to Property shall not be subject to any such liens or encumbrances or defects. B. Upon setting of the closing date by GRANTEE, GRANTOR shall immediately, at GRANTEE'S 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 conunitment 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.A. hereof. If title cannot be made so insurable prior to the closing date, this Agreement is voidable at the option of GRANTEE. C. It is hereby agreed that the "closing agent" for the purchase of the Property shall be Latah Title Company. D. On or before the closing date, GRANTOR and GRANTEE shall deposit with the closing agent all funds and necessary to complete the sale. E. GRANTOR shall deliver possession to GRANTEE at time of closing without restrictions, covenants, or other encumbrances. Closing means the date on which all documents are recorded and the sale proceeds are available to GRANTOR. F. GRANTEE shall pay closing fees. Taxes owing shall be prorated as of January 1, 2003. 5. OTHER PROVISIONS: A. GRANTEE shall have the right to enter the Property for inspection, investigation, surveying, geotechnical work, and testing of the Property at reasonable times during the life of this Agreement. B. Should the Property or any improvement thereon be materially damaged by GRANTOR prior to closing this sale, this Agreement is voidable at the option of GRANTEE. C. 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 except as otherwise provided in this Agreement. D. The parties agree that should any provision of this 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 ofidaho in and for the County of Latah. E. Time is of the essence in the performance of this Agreement. AGREEMENT TO PURCHASE REAL PROPERTY PAGE 2 OF 3 ---PAGE BREAK--- F. 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. G. GRANTEE has viewed the Property and accepts it in an "as is" condition as of the date of the execution of this Agreement. H. This Agreement constitutes the entire Agreement between the parties regarding the Property. IN WI1NESS WHEREOF, GRANTOR and GRANTEE have executed this Agreement the day and year first set forth above. GRANTOR: STATE OF IDAHO ) ) ss County of£J!obT¤f.; GRANTEE: City of Moscow, Idaho ACKNOWLEDGMENT On this I & day of lOu , 2002, before me, a Notary Public in and for said State, appeared Frank Bening, GRANTOR, known to me to be the person named above and acknowledged to me that he executed the foregoing.d!)Cument as an authorized representative ofBFH&H, Inc < : . • oy··. -1 ,A;r'i \ - . ' - : . PUBLIC/o r. 0 nr.: ' , , , _ , Agreement\Purchaso::RealProperty,BFH&H( 12-2002)\prn AGREEMENT TO PURCHASE REAL PROPERTY and for the tate ofldaho Residing at: 1 My Commission Expires: PAGE 30F 3