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HomeMy WebLinkAboutResolution 55-1996 . • � RESOLUTION NO. 55-96 AUTHORIZING THE MAYOR TO SIGN A PURCHASE AGREEMENT WITH DEAN AND HELEN CHRISTIE FOR A PORTION OF THE N1/2 OF THE NE1/4 SECTION 11- T109N-RSOW BE IT RESOLVED by the City Commission of the City of Brookings, to hereby authorize the Mayor to sign a Purchase Agreement with Dean and Helen Christie for a portion of the N1/2, NE1/4 of Section 11-T109-RSOW(approximately 58 acres) in Brookings County, South Dakota. Passed and approved this l lth day of June 1996. /Y ' Mayor �O Tfp ti � �.9 0 �� � m � s� ��.�N ...o So Finance Officer .� � ' REAL FSTATE PURCHASE AGREEMENT THIS REAL FSTATE PURCIiASE AGREFMENT made and executed by and between DEAN CHRISTIE and IiELFN CHRISTIE , husband and wife, ( here- inafter sometimes referred to as "Sellers " ) and the CITY OF aR00KINGS, SOUTH DAKOTA , a Municipal Corporation ( hereinafter � sometimes referred to as "Buyer" ) . WITNESSFTH: In consideration of the covenants , provisions and terms of this Agreement , t:he parties aforesaid mutually agree and cove- nant as follows , to-wit : 1 , Real Property . Sellers hereby agree to sell to Buyer and Buyer�iere �Ty- agrees to purchase from Sellers , the following described real estate located in the County of Brookings , State of South Dakota , to-wit : The North One-half of the Northeast One-fourth ( N1/2NE1/4) of Section Eleven ( 11 ) , Township One Nundred Nine ( l0y ) North , Range Fifty ( 50) West of the Fifth Principal Meridian, County of Brookings , State of South Dakota, except Outlot "M" and Outlot "C" , and except the South Two Nundred Twenty-six Feet ( S 226 ' ) of the West One Thousand Two Hundred Thirteen and one-half Feet (W 1 , ?13. 5 ' ) , and except I_ots Two ( 2) and Three ( 3) of Christie Addition , and except the North Two Hundred Eighty and five-tenths Feet ( N 28U . 5 ' ) of the Fast One Thousand Thirty-eight and one-tenth Feet ( E 1 , 038 . 1 ' ) of the North One-half of the Northeast One-fourth ( N1/2NE1/4 ) of Section Eleven _ ( 11 ) , Township One Hundred Nine ( 109) North , Range Fifty ( 50) West of the Fifth Principal Meridian , County of Brookings , State of South Dakota , con- sisting of approximately 57 . 88 acres , more or less . 2 . The Purchase Price and Manner of Payment . The Buyer agrees to pay Sellers an Sellers agree to accept from Buyer the sum of $525 . 00 per acre , based upon a survey of the above described property, The Sellers shall be paid by Buyer as follows : A . The sum of $200 . 00 as earnest money for this transaction , B . The balance of the purchase price , based on a purchase price of $525 . U0 per acre shall be paid at Closing . .� � ' 3 . Contingency. The obligations of the Buyer under this Agreement are contingent upon the following condition : A. Sellers provide clear and marketahle title to the above-described real property by Warranty Deed . If the foregoing contingency is not satisfied by August 1 , 1996, then this Real Estate Purchase Agreement may be ter- minated at the option of the Buyer and Sellers shall immediately refund the earnest money paid herewith . 4 . Title . Sellers shall promptly request a Title Insurance Policy based upon the estimated purchase price of $30, 400. 00, the cost of which shall be divided equally between Buyer and Sellers . In the event the Title Insurance Policy indicates any defects in or objPctions to the title , the Sellers shall promptly clear the title of defects and objections so specified on the Title Insur- ance Policy. Title to be conveyed as provided in this Real Estate Purchase Agreement shall be by Warranty Deed and shall be merchan- tible title , free and clear of all liens , encumbrances and restrictions , except easements and reservations of record . 5 . Real Estate Taxes . Sellers agree to pay the 1995 and 1996 real e`s�ate �axes a� assessments . Buyer shall be respon- sible for any and all other taxes and assessments , if any, after the date of Closing. 6 . Closing . The Closing of this purchase shall be held at such place as may be mutually convenient for Sellers and Buyer, as soon as title objections , if any, have been identified and cleared . 7 . Possession . Sellers shall continue in possession of the property unti�December 1 , 1996 . 8 . Risk of Loss . Risk of loss from any casualty upon the property s�ia�—be Sellers until December 1 , 1996. 9 . ��Bind�_i�ng Effect . This Real Estate Purchase Agreement shall bin ad nd—i-nure to the benefit of the heirs , administrators, executors and successors of the respective parties . This Real Estate Purchase Agreement may not be assigned by the City of Brookings , except upon express consent of the Sellers . 10. Closing Documents . Sellers shall provide a Warranty Deed to the rea property , subject to the reservations , exceptions and easements of record . The property shall be free of liens and mortgages , but may be s�abject to easements and reservations of record . -2- 11 . Rents . All rent fnr the yE�ar 1996 Sh�� ll remain the pro- ��erty of SeTlerS and sh,� ll not c�nstitutP t:l�e ,ub,ject matter of tl� is Agreement . 1 ?_ . Miscellaneous . A . the p►'oper• ty which is the subject nf this Real Estate Purr,hase llgr-eement shall be surveyed prior to Closing an�l the c�st of the survey shall be paid by Quyer . TI�� s�irvPy sl�all be iased to compute the total acreage to bP sold ta Buyer and the purr.hase price shall he prn-rated based ��pc�n a purchase price of g525 . (1U p?r acr•e multiplied by the exact acreage as ci?termined by s� id siirvey. 13 . Entire A�reement . ThiS written Agreement constitutes the complete Agre�ment fietween the parties and supersedes any prior oral or written Agreement between t{ie parties regarding the sub,ject matter of this Agreement , There �re no verbal agreements that change this Agreem�nt an�l no waiver of its terms will be effective unless s�icl� �re made ��nd execufie�l in writing and duly acknowledgPd as re,ceive�l by thP parties . .. �ate�1 this `_�_ d�y nF _ ---------• 1996 . pFAN f,HR1StIE _ . �.�c��___-��'___�..�:�;.,�u�". S e� �P r ___._._ IIFLFN CHRISTIF 1�`-`�----�--------�^ — Se11er• CiTY �F BROOKiNGS , SOUTH D1IKOTA, Buyer Ro R_Y:�-�----�--���,� L�D.� ���°�aae�,�"� Ma,y�r0 _ u � T 1. . � � o� F �nance O��cer _ - --_._ _- _ � _ I J :; � ; ��*. � �` -�F��i� ' � . '�. .. j1M�E�� � � _�r y� �'.y,��.. r.- s (� :� ! • . y A �'� , !!. �t- ✓ . . ..� ' � �.}s � . t _ /!-.,• . , �q. -,. ,L� �r _ � �1��• � ' � i + f ` . �' '�j� ��/ . -• >.•' . 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