HomeMy WebLinkAbout2008-12-01-Resolutions 08-265_Copeland - Property Purchase - Option 4TIIE CITY OF WAUKEE,IOWA
RESOLUTION 08-265
APPROVING THE EXERCISE OF THE OPTION TO PURCHASE LAND FROM
ESTELLA L.COPELAND AS TRUSTEE OF THE ESTELLA L.COPELAND TRUST
AND ESTELLA COPELAND AND J.HARRY COPELAND AS CO-TRUSTEES OF THE
RALPH C.COPELAND TRUST
IN THE NAME AND BY THE AUTHORiTY OF THE CITY OF WAUKEE,IOWA
WHEREAS,the City of Waukee entered into an option to purchase land from Estella L.
Copeland as Trustee of the Estella L.Copeland Trust and Estella Copeland and J.Harry
Copeland as Co-Trustees of the Ralph C.Copeland Trust,said option dated December 20,2002;
AND,
WHEREAS,the City ofWaulcee desires to exercise the option to purchase for the Northwesterly
most 40 acres between the Northeasterly and Northwesterly parcels already acquired by the City
together with the southeasterly most 40 acres both combined parcels being legally described as:
The Northeast Quarter of the Southwest Quarter (NEl/4 SWl/4)and the Southeast Quarter of the
Southwest Quarter (SEl/4 SWII4)of Section 36,Township 79 North,Range 27 West of the 5th
PM,Dallas County,Iowa.
WHEREAS,the deadline for the execution of the option concerning said property under the
option is March 1,2009;AND,
WHEREAS,the total purchase price for the execution of the option is $560,000.00 plus all
expenses of sale,including the cost of abstract continuation,except for expenses incurred by
sellers for their own attorney's fees and expenses incurred in making title merchantable.
NOW THEREFORE BE IT RESOLVED by the City of Waukee City Council that the option
to purchase land from Estella L.Copeland,as Trustee of the Estella L.Copeland Trust and the
Estella Copeland and J.Harry Copeland,as Co-Trustees of the Ralph C.Copeland Trust on the
above described property should be exercised.
BE IT FURTHER RESOLVED by the City of Waukee City Council that the purchase
agreement attached hereto as Exhibit A should be executed in accordance with paragraph 7 of
the option to purchase land dated December 20,2002 and the same should be submitted to the
sellers in accordance with the option to purchase land,and the Mayor and the City Administrator
are authorized to execute the same.
BE IT FURTHER RESOLVED that the City Administrator and Mayor are authorized to
proceed with closing on the property upon delivery of marketable title to the property by the
sellers and are authorized to execute any and all documents necessary to effectuate closing.
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Passed by the City Council of the City of Waukee,Iowa,and approved this the 1 s t day of
December ,2008.
Attest:
ROLL CALL VOTE
Donald 1.Bailey,Jr.
Casey 1.Harvey
C.Isaiah McGee
Darlene Stanton
Mike Watts
AYE NAY ABSENT ABSTAIN
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EXHIBIT D,OFFER TO BUY REAL ESTATE AND ACCEPTANCE.'JI.,-,
TO Estella L.Copeland Trust end Ralph C.Copeland Trus!,Sellers:
1.REAL ESTATE DESCRIPTION,The Buyal"$.offer 10 buy ceal estale In Dallas COl/nly,Ill\\'il,deSCIlbed as follows:
'the Northeast Quarter of the Southwest Quarter (N'E1I4 SWl/4)ono the.Southeast Quarter MUle Southwest Quarter (SEl/4
SWIM)of Section 36,Township 19 N?rth,R\\.uge27 West of the 5lh P.M.Dallas Couoty,Iowa.
,
I wDh any oasemcq!s and sppUltananl servlenl 8slal~B,but sUlI]alil {Othe r~lIoVilng:a.any zonIng and other ordinances;h.illy covenants or
(Ol:Onlj c.)lilY easemeets of lecard for pi/Me umillns,roads and hlghwuys;and d.(consider:liens,min~rallighls;oliJ~r easements:1Illefosl.
i <II"!hers.)
I,
I dPslllnaled 1M Real Es[a[e;provided Buyers,0'"pos5eo61~n,a "pormilllild 10 mako lli•following use 01 lhn Raal Eslale:
2.PRICE.1h..pUfChnfl srtce shall be:l:560,000.00 ,payable at Dallas County,Iowa,as follows:
Upon dolivery cran abstnlet sllllwing merchantable title in Sellers,Buyer shall pay the full purchase price as set outhcreln.
3.REAL esrxre TAXES.Sallers shall pay
:RBalestate rexes pre-rated 10 dale of closing.
and allY unpaid rear Bslata lexes payeble In prlar yeals.Buyers shall pay all B!Jbsequenlleal PBtale roes.Any proraljoo otreal estete laxes
lJl\1111'Real Eslale sllall be based upon su~h laKeS tor tlIl!.year currenily pa~bla unlese lhe paJl1es slale olh:erwiso.
4.SPECIAL ASSESSMENTS.
a.ScUms shall pay aR spedal asses~menlt whl~h Me a lien lin lhe Real Eslal~as of tho dale of Bccaplanca of lllis IIffer.
h.IF a.IS ST~ICKEN,Ilion Sollols sllall pay an In.laUmll/lls of spacial assessmenls wh!~h Me a lien 011Iho Real Estato :a.nd,If not paid,
would be~ome daUnljUenldurirlg tho salefldar yaar this o!for Is accepled,and all prior Il13lellmen!s Ihereof.
Co Allolhllr specIal assOl;smenls shall \Ie paId py Buyers,
5.RISK OF lOSS I\HD INBURJlNGe.Risk of loss .prior 10 SaUet's delivery 01 possessio"of Ihe Real Eetnla 10 BlJyers !lhall be as folloW.:
a.AlI tlsk 1111055shall remain wUh Sellers Uam possession /Jf Iha Rul Estale Shall be delivered 10 Buyers.
b.IF a.IS STRiCKEN,Sollars ~Ilall malnlaln ~ol-nrl:,Wlndslorm and oXlendad coverage illsuml\ca Oil thEiReal
Eslalo ulJliIpossession Is gkrenlo Buyms and shaU promplly seClInI endoraemenlS 10 lila appCoVII~lBIllsurallce policIes nam1o!:l Buyeni as
addilipnal 1l1sureds as Ih~1r1~Il!rI!5IsInay appear.Risk 01 Ion frmn sUGh.lnoured hnards shaB ue on Buyers aller soners have performed
lIpdll/lhis p~ragraph anti net!fiod B~YlIfSof ouch peIfDfman~e.6~-ers,lllhuy deslr",Ini!.Yohlain additlonul insurallCe 10 CO\'Drsuch fisk.
6.CARE AND MA.INTENANCE.Thl!.Real Es[a!1!shall ba p/esl!/l)ed in lis pr"'Senl CJIndll10nlind delivoled lnlaet al Ille IImtl pus.wslon Is
delivrlfed w Buyers,pUlvidcd,hllWIl.~ar,If S.a.15 stockon and Ihere 15 loss or deslrucijlln of all or any part of HIDReal Eslate rmm "BUllas
caVilled by Ih\l.11l5Ulelll:llffl.,lnlnlnud by SePars,I'l\lyer~a.!lree 10 ..c~opl such damaged Dr deslroyed Real Eslate logtllher with:.lIrn
insurance 1I1ll~er:dsIn lIou lit lllo Reel eslale In 115prasenl eonditlon 'Ind Sellers ~h;,11no\be required 10 cepalc Dr replace same.
7.POSSESSION.If BUylll.Iimoly perform all obllgallons,possaso'km uf lhe Real Eslalo shal be delIvered 10 Buye,~_~n _-------......-------,wIth lJilY"lWlii~!monisDfrall!,In,urance,and Cnterest to be melle as or lIle (Iale ofIransrerofJlossesslQ.J1.
.6.FlXTlJR"'S,AUploperl)'Illal InleymUy belongs 10 or Is pnrl or lhe Real E"slale,Ylhelher alla~hcd Dr delached,SUch as IIghl nxture~,
s"edlls,!(Ids,b"nds,awnlngs,windoWS,slorm doors,sC(aens,plUmbing IixllliIlS,water healers,Vfalfor softel]ers,ilutomallc healing
eqUlprnalli,aK-clllldillonln!l 0lluipmenl,wall 10 wall carpeting,bum.ln lIems and floolnca)ae/VtcB Gable,oUlsllie lelevhlol]jOW(lrs lind
rml"nna,fentlllll,gales-lind landspopln!l shaU Ill!wnsldorad a part of Roar Eslal/!Dlld intluded In tho sale excepl:(~onsider-rat)!ol items.}
"no"d-e>Od-__EXHIBIT1tTh>RI.;S1;h~r~_21:()\PAGE r'1if-=1;3 <lFF~R 10 OUY.il~l..f;arATEAtIO AflC8'TAUC ~
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9.USE OF PURCHASE PRICE.A\IIm~of eelnemenl,funds or Ihe pwchase price may be used La pay I~)le&and ather llens and tc·f;acquJre oUlslandirlg Inleresls,If any,of olhers .
.'·~'10.ASSTRA.C.AND TlTlE.aenee,allheir expense,shall promplly cblaln <in abstract of nile 10 lhe Real Eslale conllnlled Ihrough!he
.daYe of acceptance 011111/;offer,and lIeli v er it la Buyors 'lor ilxamlnaUon.It shan shew merchantable lllje In 8a!l~/lj ill confo/mily wilh lhls
agreamanl,Iowa law aOOTille Slanda/ds af lila lewa Slsle Bar Assoclallan.The ll.b&lrllctsnail become Ihe prapal\y ef lhe Buy,us when ilia
purchase plice Is paid III full.Se!Jats shall pay Iha COSll of BOYaddlUon.1 ebstracUng and UUework due \0 any act or omission af S.lIMS.
Including IIlmslurs by or lhe dealh or SaIlors Of Ihalr ~ssI9naas.
11.DEED.Upon payment of lhe purchase priC6,SoUers shall con v ey tho ~ea\Eslate tc Buyers or their ess!gnolls,by
Warranty deed,frae .no claar uf aliitens,1e5!riclrol\s,lind encumtsenees except 115 'PrOVided In I.a.lhrouoh
1.d.Any ganural warranUoll of 1I11eshan extend only te Ihe Ums of 8l;Ceptanl;(l of Ihls offer,wIth spaclal·wanan!is5 ali 10 eels of Sellers
to/ll/nuing up 10 lima of delivery of llle deed.
12.JOINT TENANCY IN PROCEEDS ANa It-!REAL ESTATE.If Sellers.Immodlelely preceding acceptance 01 [his offer,hold [Ilia 10 Iha
Ralll Eslate In jolnllonaocy wlltl rull rlgh!01 SUtvlVorshlll,and Ihe Jolnl tenancy Is no!laler d8Sltoye.d by opllraUOn of law ur by acla 01 the
Sollors,lhen Ihe pfooeeds of Ihls sale.and any con[lnuing or recapturud rights of 8ullan In Iha Rea[Eslala,snaIl halung 10 8oll~rll as jolnl
leo.fils wllb full rlohls of sUlviltorshlp and nQI 85 lenanls In common;und BUyllfs,In lha avenl of lhe duplh of a!lh~r Seller,agOle 10 pay any
balance of Ihe plice due sonars under lhlli o:lOlr~cllo lha ~urvlvlng Gahr and 10 accepl a deed from [he survMng Saller cons/sian I wllhparagraph.1.
13.JOINIJER BY SElLeR'S SPOUSE,Sellel's spouse,if nol a tiUaholder Immedia[ely p/ecedlnll acceplance of Ihl5 offer,execUl!!s lhis.
1:0nlro1c\only {Dr lhs purpose of rel1nqulshlng a~rlghls of dower,homestead and disltlbullva sharos or In compll.nce wllh BecUon 561.13 of
lh"Iowa Cede and ogrel!5 10 EI:«lcule 1hll dBed or real 9slal.conlract (er Ihls purposo.
1'1.TIME IS OF THE ESSE!'4CE.Time 15 of Ihe usence In Ihls COl\t{~r.l.
15.REMEDIES OF THE PAATIES.
a.If BlIyere fan 10 lmoly perform Ihb conlroG!,Sellers may (orfulLII as provided In lho Iowa Code,amf all paymenls madu shall be
/Orfelled or,aL E"llarB i1plion,lipan Ihirly da.ys written nollce I:If lnlenlion to accelorllte llie paymonl of /he-enllre balance becausll of such
laijure (/furing whlcl1 !bMy days slIch faUl/re is not correcled)SaUers J1'Iay declare Ihe enUre balance immediatelY due.and payable.
Thernahet lhis I:I1l1lrnclmay be foreclosed In aqujly and lite Court may appoInt II racelver.
b.If Selle's foilla timely pelform Ibis llDl1lJacl,Buyars hava Ihu dohl III havu ;al!pnymnnls mude rel~med 10 Ihem.
o.Buyers and SUnUfS also are enlillsd 10 ullliIIl aliI'and all olher remedioa oraclkms a[law or in equl!y avaffabla to Ihm lind shall be
enlhled 10 obtalfl JUdgmen[fllr CGSls and nlloTlllly fees-as permmed by law.
16.STATEMENT AS TO l-IENS.If Iluyars !nlemf [0 ilS5uma or takl1 BuhJaCI(0 n Dun on lhe Real Eslal€-,Sellers shall furnish Bu~ers Ylllh
a wrlllen Slale/llan(I/om lhe holder 01 BUd!Ilan,sllOYling!he corracl balance due.
17.SUBSEQUENT CONTRACT.Any roal oalala c~nlrac!execulcd In.patfofmance of lhls conlracl shall ba all 0 form of llle-lol'Jo StaliOBarAssocfallon.
fa.APPROVAL OF COURT.If lh~sole ofllle Re~I6;lale is >subJecl l()Coun approvat.[he IidllCi.ry shall prompUy 6ubmlt this conlrad for
5llCh <Ipproval.It this conlrocL Is no!so approVIllf.11 shal!be voId.
1.9.CONTRACT lllNDlNG ON sUCCESSORS tN INTEREST.Ttlls conliaCI 51lall apply 10 and hind llie successors in Inleresl of Ihepilrlills
20.CONSTRUCTION.Wom~and phr~sos sholl he.oomlwed as In Iho slngulaf or plurol number.and as muscullne,felllinlilo or-neulergeMer,accor(llng Ie lhe conlext
21.TIME FOR ACCEPTANCE.lr lhls llfler h nalllCCIJpled by SeUer5 on or berara _
II sh~D bellOme VOid elld all paymenls sholl be ropaid La lha llu.yafS.
22..OWER PROVISIONS.Mach Addendllm.
Sellers desire and Buyer agrees lhat Ihis sale Shall bEl eomplllilld in SUO'nmll.nner tnllt will enable Sellers Lo quaUfy for Section
10:31 ex:chlll1ge under the Inter Revenue Code.
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