HomeMy WebLinkAboutItem 08March 1, 2013 Item No.
RESOLUTION AUTHORIZING THE PURCHASE OF REAL PROPERTY LOCATED AT
19986 KENWOOD TRAIL
March 4, 2013 City Council Meeting
Proposed Action
Staff recommends adoption of the following motion: Move to adopt a Resolution Approving
Acquisition of Certain Real Property.
Adoption of this resolution will result in the acquisition of the property located at 19986 Kenwood
Trail.
Overview
The City Council has previously approved the allocation of City Community Development Block Grant
(CDBG) funds for Spot Acquisition and Clearance on a Spot Basis. The purpose of this CDBG funded
activity is to allow the City to strategically acquire individual properties that have been determined for
various reasons to be blighted. There is currently $172,750 in CDBG funds available for this activity.
The property located at 19986 was foreclosed on in 2012 and listed for sale by the Federal Home Loan
Mortgage Corporation (Freddie Mac) for $169,900 in late 2012. The City, working through the Dakota
County CDA, contracted for an independent appraisal of the property that was completed in January.
The amount of the appraisal was $120,000. The CDA and City subsequently negotiated a purchase
agreement in the amount of $132,000 with a scheduled closing date of March 12, 2013.
The CDA has a signed purchase agreement with Freddie Mac and is currently working with the listing
broker to get approval of an addendum assigning this purchase agreement to the City. The attached
resolution authorizes the City to approve the assignment of this purchase agreement to the City. If
Freddie Mac does not approve the assignment, the CDA will close on the property and the resolution
authorizes the City to in turn complete the acquisition of the property from the CDA. Upon closing,
the plan is to remove the structures currently on the property and hold the property for the future
development of the adjacent properties and for any future improvements to Kenwood Trail (Co. Rd.
50). Staff recommends approval of the attached resolution.
Primary Issues to Consider
What is the proposed funding source for this acquisition? The entire cost of this property
acquisition and clearance will be funded with federal CDBG funds.
Supporting Information
• Resolutio rovin purchase of property at 19986 Kenwood Trail.
D i L. Olson, Community and Economic velopment Director
Financial Impact: $ 132,000 Budgeted: Y/N Y Source: CDBG Funds
19986 Kenwood Trail
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Disclaimer: Map and parcel data are believed to be accurate, but accuracy is not guaranteed. This is not a Map Scale
legal document and should not be substituted for a title search, appraisal, survey, or for zoning 1 inch = 253 feet
verification. Dakota County assumes no legal responsibility for the information contained in this data. 3/1/2013
CITY OF LAKEVILLE
DAKOTA COUNTY, NHNNESOTA
Resolution No.
RESOLUTION APPROVING ACQUISITION OF CERTAIN REAL PROPERTY
WHEREAS, the Dakota County Community Development Agency ( "CDA ") has entered to
a purchase agreement dated February 1, 2013, with the Federal Home Loan Mortgage Corp.
( "Purchase Agreement ") for acquisition of the property located at 19986 Kenwood Trail, Lakeville,
MN 55044, legally described as follows:
Lots 13, 14, 15 and 16, Block 3, Lenihan's Lots Antlers Park, Dakota County, Minnesota
EXCEPT all of the following: That part of Lots 13, 14, 15, and 16, Block 3, Lenihan's
Lots, Antlers Park, shown as Parcel 65 on Minnesota Department of Transportation Right
of Way Plat Numbered 19 -120 as the same is on file and of record in the office of the
County Recorder in and for Dakota County, Minnesota, as shown in final certificate filed
February 19, 1997, as Document NO. 1406537.
( "Property");
WHEREAS, the Property is located at the intersection of Kenwood Trail and Ipava Avenue
which is a major intersection within the City and the home located on the Property and has been
determined to be blighted;
WHEREAS, the City desires to acquire the Property with CDBG funds programmed for
spot acquisition and clearance;
WHEREAS, if approved by the Seller, the City and CDA desire to have the CDA's interest
in the Purchase Agreement assigned to the City ( "Assignment ");
WHEREAS, if the Seller does not approve the assignment, the City desires to acquire the
Property from the CDA immediately following the closing on the Purchase Agreement for the price
and costs paid by the CDA under the Purchase Agreement, with closing costs to be paid by the City;
WHEREAS, Minn. Stat. § 462.356, subd. 2 requires that the Planning Commission review
the City's proposed acquisition of property for consistency with the Comprehensive Plan, except
upon a 2/3 vote of the City Council dispensing with the requirement and finding that the acquisition
of the property has no relationship to the City's comprehensive plan;
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Lakeville,
Minnesota:
The City Council hereby approves the assignment of the Purchase Agreement from
the CDA to the City in a form acceptable to the City Attorney;
2. In the alternative and in the event the assignment is not approved by the Seller, the
City Council approves the acquisition of the Property by the City from the CDA for
the price and costs outlined in the Purchase Agreement, with all closing costs to be
paid by the City, pursuant to a purchase agreement in a form approved by the City
Administrator and City Attorney;
2. Pursuant to Minn. Stat. § 462.356, subdivision 2, the Council finds that the
acquisition of the Property has no relationship to the City's comprehensive plan and
hereby dispenses with review by the Planning Commission;
3. The Mayor and City Clerk are authorized to execute any documents which, in the
opinion of the City Attorney, are necessary to effectuate this transaction.
ADOPTED this day of , 2013, by the City Council of the City of
Lakeville, Minnesota.
CITY OF LAKEVILLE
Matt Little, Mayor
ATTEST:
Charlene Friedges, City Clerk
2
EXHIBIT A
Purchase Agreement and Addendums
PURCHASE AGREEMENT
This form approved by @m Mlnnesois Association of FIFALTOAr.
which disclaims any newity arlsIng out or use or misuse d this font
02012 Min a Asswatton of RFJU.ti0R8e, Elms, MN
1, Date
2. Page 1 of _
3. RECEIVED OF
4. _
5, the sum of 'j Zma Dollars ($r )• .4 )
6. by Q CHECK 0 CASH Q NOTE as earnest money to be deposited upon Final Acceptance of Purchase
7. Agreement by all parties, on or before the third Business Day after Final Acceptance, In the trust accountaf listing
8. broker, unless otherwise agreed to In writing, but to be returned to Buyer H Purchase Agreement is not accepted
9, by Seller.
10.
11.
12,
13.
14,
15.
16.
17. including all fixtures on the following property, If any, owned by Seller and used and located on said property,
18. Including but not limited to garden bulbs, plants, shrubs and trees; storm sash, storm doors, screens and awnings;
19, window shades, blinds, traverse and curtain and drapery rods; attached lighting fixtures and bulbs; plumbing
20. fixtures, waterheater, heating plants (with any burners, non -fuel tanks, stokers and otherequipment used in connection
21. therewith), built-in air- conditioning equipment, electronic air filter, water softener(] OWNED [] RENTEDQ NONE,
22. built -in humidifier and dehumidifier, liquid fuel tank(s)E] O E] RENTED -I0 and controls (il the
--
23. property of Seiler), sump pump; attached television antenna, cable TV jacks and wiring: BUILT-INS: dishwashers,
24. garbage disposals, trash compactors, ovens, cook -top stoves, microwave ovens, hood fans, Intercoms;
25. ATTACHED: carpeting; mirrors; garage door openers an" controls; smoke detectors; fireplace screens, doors and
26. hestitators; AND the following personal property: �V -�•
27.
28.
29,
30, all of which property Seller has this day agreed to II to Buyer for sum of { � �m
31. 170 1Arb ' Dollars,
32. which Buyer agrees to pay in the following manner:
33. 1. Cash of /00 percent ( %) of the safe price, or more in Buyer's sole discretion, which Includes the earnest
34. money; PLUS
35. 2. Financing of " percent (96) of the sale price, which will be the total amount secured against this property
36. to fund this purchase.
37. Such llnanclrQ shall be (check ow) ❑ a first rortgage; Q a contract for deed; or Q a first mortgage with
38. subordinate financing, as described in the attached Addendum:
39, ❑ Conrrent+onaf 0 MA ❑ DVA ❑ Assu [I Canb f or Deed Q Other: __._.........�
40. The data of closing shall be -A // 26e& ! Z
WWI (tQlr2)
r17 77w2i��_o
Said earnest money is part payment for the purchase of the property located at
Street Address:.
City of ate V) ll , County of _Z)2k -'T _' ._
PURCHAS AGREEMEW
41.. Page 2 Date �' 1
42. Property located at
43. This Purchase Agreement ❑ 1132f IS NOT subject to a Contingency Addendum for sale of Buyer's property.
44. (If answer is IS, see attached Addendim.)
45. (If answer is IS NOT, the dosing of Buyer's property, If any, may all$ affect Buyer's ability to obtain financing, if financing
46. is applicable.)
47. This Purchase Agreement Q IS �IS NOT subject to cancellation of a previously written purchase agreement
48. dated .20
48. (If answer is IS, said cancellation shall be obtained no later than , 20 . II
50. said cancellation Is not obtained by said date, this Purchase Agreement Is canceled. Buyer and Seller shall Immediately
51, sign a CsnceNatlon of Pwchase Agreement confirming sold cancellation and directing all earnest money paid
62. hereunder to be refunded to Buyer.)
53. Buyer has been made aware of the availability of property inspections. Buyer Q Elects Declines to have a
54, property inspection performed at Buyer's expense.
55. This Purchase Agreement Q IS IS NOT subject to an Inspection Contingency Addendum.
56. (If answer Is IS, see attached Addendum.)
57. D-EEDIMARKETABLE Upon performance by Buyer, Seller shall deliver a
58. Warranty De ed or Q Other. feed joined In by spouse. If any, conveying
59, marketable title, subject to
W. (a) building and zoning laws, ordinances, and state and "rat regulations;
61. (b) restrictions misting to use or Improvement of the property without effective forfeiture provisions;
62. (c) reservation of any mineral rights by the State of Minnesota;
83. (d) utility and drainage easements which do not Interfere with exlsifng Improvements;
64. (e) rights of tenantb as 10110YV4 (unless specified, not subject to tenancies):
65. ; and
66, (f) others (must be specified in writing):
67.
68. Seller shall pay on the date of closing all real estate taxes due and payable in all prior years including all penalties and
69. interest.
70. ❑ BUYER SHALL PAY S SHALL PAY on date of dosing any deterred real estate taxes (e.g., Green
71. Acres) or special assessments, payment of which Is required as a result of the closing of this sale.
72. p BUYER A ND SELLER SHALL PRORATE AS O F THE DATE OF CLOSING SELLER SHALL PAY ON
73, DATE OF CLOSING all Installments of spacial assessments csrtlfled for payment, with the real estate taxes due and
74. payable In the year of closing.
75. Q BUYER SHALL ASSUME SELLER SHALL PAY on date of dosing all other special assessments levled as
76, of the date of this Purchase Agreement.
77. ❑ BUYER SHALL ASSUME SELLER SHALL PROVIDE FOR PAYMENT OF special assessments pending as
78. of the date of this Purchase Agreement for improvements that have been ordered by any assessing authorilies. (Seller's
79. provision for payment shall be by payment Into escrow of two (2) times the estimated amount of the assessments or
80. lose, as required by Buyer's fonder.)
WPM (10112)
- PURCHASE
C C t. Page 3 Dal e r /'
82. Property located at ' / _��
83. Buyer shall pay any unpaid special assessments payable in the year following closing and 1hamatter, the payment of
84. which Is not otherwise herein provided.
85. As of the date of this Purchase Agreement, Seiler represents that Seller ❑ HAS ❑ HAS NOT received a notice
86, regarding any new improvement project from any assessing authorities, the costs of which project may be assessed
87. against the property. Any such notice received by Seller after the date of this Purchase Agreement and before dosing
88. shall be provided to Buyer immediately. It such notice Is Issued after the date of this Purchase Agreement and on
89. or before the date of closing, then the parties may agree in writing, on or before the date of closing, to pay, provide
90. for the payment of or assume the special assessments. to the absence of such agreement, either parry may dadare
91. this Purchase Agreement canceled by written notice to the other party, or licensee representing or assisting theother
92. party, In which case this Purchase Agreement is canceled. 0 either party declares this Purchase Agreement canceled,
93. Buyer and Seller shell immediately sign a Grncelletfort of Purchase Agreement confirming said cancellation snd
94, directing all eamest money paid "under to be refunded to Buyer.
95. Buyershall psyg PRORATED FROM DAY OF CLOSING C] 12ths OF[QALLDNO real estate taxes due
rcnx* 0094- -
96. and payable In the year 20 L
97. Seller shall pay �] PRORATEDTO DAY OF CLOSING ❑ 12ths OF Q ALL 0 NO real estate taxes due and
98. payable In the year 20 If the closing date Is changed, the real estate taxes paid shall, If prorated, be adjusted
99, to the new dosing date. Bellerwarantstaxes due and payable In the yesr shag bodFULL- C PART E)NOW
err.}- --- --
100. homestead classification.
101. If part or non-homestead classification Is chocked, Seller agrees to pay Buyer at closing $
102. toward the non - homestead real estate taxes. Buyer agrees to pay any remaining balance of non - homestead taxes
103. when they become due and payable. Buyer shall pay real estate taxes due and payable In the year following closing
104. and thereafter, the payment of which Is not otherwise herein provided. No representations are made concerning the
105, amount of subsequent real estate taxes.
106. POSSESSION: Seiler shall deliver possession of the property no later than -L} ptMr rloaing.
107. Seller agrees to remove ALL DEBRIS AND ALL PERSONAL PROPERTY NOT INCLUDED HEREIN rn the property
108. by possession date.
tag. PRORATIONS: All Interest; unit owners' association dues; rents; and charges forcity water, city sewer, electricity and
110, natural gas shall be prorated between the parties as of date of closing. Buyer shall pay Seller for remaining gallons of
111. fuel dl or liquid petroleum gas on the day of closing, at the rate of the fast fill by Seiler.
112. TITLE AND EXAMINATION: As quickly as reasonably possible after Final Acceptance of this Purchase Agreement:
113. (a) Seller shall surrender any abstract of title and a copy of any owner's title Insurance poky for the property, If
114. In Seller's possession or control, to Buyer or Buyer's designated title service provider; and
115. (b) Buyer shall obtain the title services determined necessary or dealraNs by Buyer or Buyer's lender, Including
116. but not limited to title searches, title examinations, abstraedng, a title Insurance commitment or an attorney's
117. title opinion at Buyer's selection and cost end provide a copy to Seller.
118. Seller shall use Seller's beef efforts to provide marketable Vile by the data of dosing. Seller agrees to pay ell costs
119. and fees necessary to convey marketable title including obtaining and recording all required documents, subject to the
M. following:
121. In the event Seiler has not provided marketable title by the date of closing, Seller shall have an addltional 30 days 10
122. make title marketable, or In the alternative, Buyer may waive title defects by written notice to Seller. In addlflon to
123. the 30-day extension, Buyer and Seller may, by mutual agreement, further extend the dosing date. Lacking such
124. extension, elther party may declare this Purchase Agreement canceled by written notice to the other party, or
125. licensee representing or assisting the other party, In which case this Purchase Agreement is canceled. If either
126. party declares this Purchase Agreement canceled, Buyer and Salver shaft Immediately sign a Cmwellatlwr of
127. Purchase Agreement confirming said cancsllalion and directing all earnest money paid hereunderto be refunded
128. to Buyer.
WNAA -3 (10/12)
PURCHASRAGREEMENT
q
129, Page 4 Date �.- � & � 3
130. Properly located at & e mlLuht Tfieu
131, SUBDRgSiON OF LAND: If this sale constitutes or requires :a subdivision of land owned by Seger. Boiler shall pay
132. all :subdivialon expenses and obtain all necessary governmental approvals. Seiler warrants that the legal description
133. of the real property lo be eorm yed has been or shag be approved for recording es of the d lae of closing. Seger wantants
134. that the buildings are or shall be constructed entirely within the boundary lines of the property. Seller warrants that
135. there is a right of access to the property from a public right- of- way.Thess warranties shall survive the delivery of the
t39. deed or contract for deed.
137. MECHANIC'S LIENS: Seller warrants that prior to the closing, payment In full will have been made for all labor, materials,
138. machinery, fixtures or tools furnished within the 120 days Immediately preceding the closing in connection with
139, construction, alteration or repair of any structure on, or Improvement to, the property.
140. NOTICES: Seller warrants that Seller has not received any notice from any governmental authorityasto oo ldemnafion
141, proceedings, or violation of any law, ordinance or regulation. If the property is subject to restrictive covenants, Seller
142. warrants that Seller has not received any notice from any person or authority as m a breach of the covenants. Any
143. such notices received by Seller shall be provided to Buyerlmmedlately.
144. DIMENSIONS: Buyer acknowledges any dimensions, square footage or acreage of land or Improvements provided
148, by Seiler. third parry, or broker representing Of assisting Soler are approximate. Buyer shall verify the accuracy of
146. information to Buyer's satisfaction, if material, at Buyees sole cost and expense;
147. ACCESS: Seller agrees to allow reasonable access to the property for performance of any surveys or Inspections
148. agreed to herein.
149. RISK OF LOSS: if there is any loss or damage to the property between the date hereof and the date of ciosing for any
150. reason, Including ore, vandalism, flood, earthquake or act of God, risk of k*$ shall be an Seiler. 9 the property
151. Is destroyed or substantially damaged before the closing date, this Purcc tease Agreement is canceled, at Buyer's option,
152. by written notice to Seller or 11censes representing or assisting. Seiler. If Buyer cancels this Purchase Agreement,
153. Buyer and Seller shall Immediately sign a Canceftion of Purchase AgAmmsW confirming said cancellation and
154. directing al earnest money paid hereunder to be refunded to Buyer.
155, TIME OF ESSENCE: Time is of the essence in this Purchase Agreement.
156. ENTIRE AGREEMENT- This Purchase Agreement, any attached exhibits and any addenda or amendments signed
157, by the parties shall constitute the entire . agreement between Seller and Buyer and supersedes any other written or
158, oral agreements between Seller and Buyer. This Purchase Agreement can be modffled or canceled only in writing
159. signed by Seller and Buyeror by operation of low.The parties agree the electronic signature of any party on any document
190, related to this transaction constitute valid, binding signatures. AIt monetary sums are deemed to be United States
181. cu rrenoy for purposes of this Purchase Agreement, Buyer or Seger may be required to pay certai n dosing costs, which
162. may effectively increase the cash outlay at closing or reduce the proceeds from the sass.
163. FINAL ACCEPTANCE: To be binding, this Purchase Agreement must be fully executed by both parties and a copy
164. must be delivered.
165. CALCULATION OF DAYS: Any calculation of days begins on The first day (calendar or Business Days 0(e specified)
169. following the occurrence of the event specified and Includes subsequent days (calendar or Business Days as specified)
187. ending at 11:59 P.M, on the last day.
198. BUSINESS DAYS: "Business Days" are days which are not Saturdays, Sundays or state or le0eral holidays unless
199. stated elsewhere by the parties In writing.
174. DEFAULT: If Buyer defaults In any of the agreements herein, Seiler may cancel this Purchase Agreement, and any
171. payments made hereunder. including earnest money, shall be retained by Seller as liquidated damages and Buyer
172. and Seiler shall affirm the same by a written cancellation agreement.
173. It Buyer defaults in any of the agreements hereunder, Seller may terminate this Purchase Agreement under the
174, provisions of MN Statute 55921. If either Buyer or Seller defaults in any of the agreements hereunder or there exists
175. an unfulfaloo condition triter the data specified for fulfillment, either party may cancel Iris Purchase Agreement under
17$. MN Statute 556.217, Subd.3. Whenever it is provided horeinihal this Purchase Agreement Is canceled, said language
177. shall be deemed a provision authorfxing a Declaratory Cancellation under MN Statute 569.217, Subd. 4.
178. if this Purchase Agreement is not canceled or terminated a¢ provided hereunder, Buyer or Seller may seek actual
179. damages for breach of this Purchase Agreement or specific performance of this Purchase Agreement; and, as to
180. specific performance. such action must be Commenced within six t6J months after such right of action arises.
M RA-4 (10(12)
PURCHASE AGREEMENT
182, Property located al
183. BUYER HAS THE RIGHT TO A WALK-THROUGH REVIEW OF THE PROPERTY PRIOR TO CLOSING TO
184, ESTABLISH THAT THE PROPERTY IS IN SUBSTANTIALLY THE SAME CONDITION AS OF THE DATE OF
185. THIS PURCHASE AGREEMENT.
18e. BUYER HAS RECEIVED A (check any that apply): ❑ SELLER'S PROPERTY DISCLOSURE STATEM&4T OR A
187. ED SELLER'S DISCLOSURE ALTERNATIVES FORM.
ISO. DESCRIPTION OF PROPERTY GONpMON: See SeUer'8 Property DbClosure Statement or Seilertz Dlsclvsrml
189. Atterna&w for description of disclosure responsibilities and limitations, if arty.
190. BUYER HAS RECEIVEDTHE INSPECTION REPORTS, IF REQUIRED BY MUNICIPALITY,
191. BUYER ACKNOWLEDGES THAT NO ORAL REPRESENTATIONS HAVE BEEN MADE REGARDING THE CONDITION
192, OF THE PROPERTY.
193. (Check approprlate boxes.)
194. SELLER WARRANTS THAT THE PROPERTY IS EITHER DIRECTLY OR INDIRECTLY CONNECTED TO:
195. CITY SEWER . YES ❑ NO / CITY WATER []YES ❑ NO
196. SUBSURFAC
197, SELLER CERTIFIES THAT SEDER [] DOES 5DOES NOT KNOW OF A SUBSURFACE SEWAGE TREATMENT
198. SYSTEM ON OR SERVING THE PROPERTY. (If answer is DOES, and the system does not require a state permit,
199. see Subsurface Sewage Reatment System Disclosure Statement.)
200, PRIY$M WELL
201. SELLER CERTIFIES THAT SELLER ❑ DOES ❑ DOES NOT KNOW OF A WELL ON OR SERVING THE
202. PROPERTY. (If answer is DOES and well Is localed on the property, see Well Disclosure Statement.)
203, THIS PURCHASE AOREEMENTQIS ❑IS NOT SUBJECT TOA SUBSURFACE SEWAGE TREATMENTSYSTEM
204. AND WELL INSPEC770M CONTINQENCYADOENDUM. (If answer Is IS, see attached Addendum.)
205. IF A WELL OR SUBSURFACE SEWAGE TREATMENT SYSTEM EXISTS ON THE PROPERTY, BUYER HAS
208. RECEIVED A WELL DISCLOSURE STATENWr ANDIOR A SUBSURFACE SEWAGE TRZ1r"EkT SYSTEM
207. DISCLOSURE STA'rEMEN7*
acu1. NUTIGL REGARDING PREDATORY OFFENDER INFORt#ATION: Information regarding the prodstory offender
209. registry And persons registered with the prodatory offender reglatry undetr MN Sisk* 243.1$6 may be obtakwd
210. by contacting the local Iawenfoncernent offkes In the community whore the property Is located orate Minrmsolls
211. Deportment of Corrections at (851) 301 -7200, or from the Department of Corrections web site at
212. www.corr.atate,mmus,
213. HOME PROTECT10NfWARRANTY PLAN: Buyer a'nd Seller are advised to lnvestlgate the various home pro oWnl
214, warranty plans available for purchase. Different home Pratectionlwarranty plans have di ferent coverage optror+s,
215. exc[usions, limitations and service lees. Most plans exclude preexisting conditions, ( Check one.)
216. ❑ A Home Protecdon/Warranly Plan will be obtained and paid by[] BUYER ❑ SELLER to be Issued by -.
217. at a cost not to exceed $
218. There will be no Home Protectlon/Warranty Plan as part of this Agreement.
Lr MN,AA4 (I0/12)
� PURCHASE AGREEME
c7� I?GL•�2� ��X � 9 Page B
220. Property boated at j � t aio tlwc,
221. -
222.
1�+�1
223.
(pall EMIG Company Nuns)
224. Andrew Krenzer
NOTICE
is ❑ Seller's Agent ❑ Buyer's Agent [] Dual Agent ❑ Facilitator.
IS RI Seller's Age ❑ Buyer's Agent n Dual Agent Q Faclitator.
225 Ad visors Realty
(ROW essate Company Narm)
226. THIS NOTICE DO KZ S ATISFY MINNESOTA STATUTORY AGENCY DISCLOSURE REAtiIREYENM
227. DUAL AGENCY REPRESENTATION
247.
248.
M/ � 249,
i
253.
254,
256.
259.
257.
228. PLEASE CHECK DBL OFTHE FOLLOWING SELECTION&
229. ❑ Dual Agency representatbn DOES NOT apply in this transaction. Do not complete fines 230-246.
230. ❑ Dual Agency representation DOES apply in this transaction. Complete Me disclosure In #nes 231 -246.
231. Broker represents bath the Seller(&) and the Buyers) of the property Involved In this transaction, which Creates a
232. dual agency. This means that Broker and its salespersons owe fiduciary duties to both Soller(s) and Buyers). Because
233, the partles may have contficting Interests, Broker and its salespersons are prohibited from advocating exciuslveiy for
234. either party. Broker cannot act as a dual agent in this transaction without the consent of both Sellers) and Buyer's).
235. Seller(s) and Buyer(s) acknowledge that
236. (1) confidenttal Information communicated 10 Broker which regards price, terms, or motivation to buy or sell will
237. remain confidential unless Seller(s) or Buyer(s) instructs Broker In writing to disclose this information. Other
238. Information will be shared;
239, (2) Broker and its salespersons will not represent the Interest of either party to the detriment of the other; and
240. (3) within the llmtts of dual agency, Broker and Its salespersons will work diligently to laoliitote the mechanics of
241. the sale.
242 With the knowledge and understanding of the explanallon above, Seller(s) and Buyer(s) authorize and Instruct Broker
243, and Its salesperson to act as dual agents in this transaction. -% _
244. Seller
245. Seller
248. Date
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274. X
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275. X
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276. X
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277. FINAL ACCEPTANCE DATE: The Final Acceptance Date
278, is the date on which the fully executed Purchase Agreement is delivered.
279, THIS IS A LEGALLY BINDING CONTRACT BETWEEN BUYERS) AND SELLER(S).
280. IF YOU DESIRE LEGAL OR TAX ADVICE, CONSULT AN APPROPRIATE PROFESSIONAL.
281. I ACKNOWLEDGETHAT I HAVE RECEIVED AND HAVE HADTIIE OPPORTUNITYTO REVIEWTHE ARWRATION
282. DISCLOSURE AND RESIDEPMAL REAL PROPERTY ARBITRAT►ON AGREEMENT, WHICH IS AN OPTIONAL,
283. VOLUNTARY AG E EM AND IS NOT PART OFTHIS PURCHASE OREEMENT.
284. SELLER( r BUYER(S)
_
* Federal Home moan Morgags Corp.
288. SELLERS) IbBlti $UYER(S)
MrcPA - (i vr, z)
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PURCHASE AGREEMENT
258.
Property located at I �� J
258. Page 7 Date Ci�2t-
rk +Ctr✓ /1 � _ .
280.
281.
ADDENDA AND PAGE NUMBERING: Attached addenda are a part of this Purchase Agraw, nt.
Enter total number of pages of this liluoAsse Agreement, Including addenda, on line two (2) of pegs one (1).
262.
NOTE: Disclosures and optional Arbitration Agreement are net part of this Purcluse Agreement and should
263.
not be Part of the page numbering.
254.
265.
266.
267.
266.
1, the owner of the property, accept this Purchase
Agreement and authorize the listing broker to withdraw
said properly from the market, untess Instructed
otherwise in writing.
1 have rsvieured all pages of this Purchase Agreement.
I agree 19 purchase the properly for the price and on
the terms and conditions set forth above
I have reviewed all pages of this Purchase
Agreement.
269.
270,
27,.
272.
❑ Ifffif9ked, this Purchase Agreement Is subjsat to
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277. FINAL ACCEPTANCE DATE: The Final Acceptance Date
278, is the date on which the fully executed Purchase Agreement is delivered.
279, THIS IS A LEGALLY BINDING CONTRACT BETWEEN BUYERS) AND SELLER(S).
280. IF YOU DESIRE LEGAL OR TAX ADVICE, CONSULT AN APPROPRIATE PROFESSIONAL.
281. I ACKNOWLEDGETHAT I HAVE RECEIVED AND HAVE HADTIIE OPPORTUNITYTO REVIEWTHE ARWRATION
282. DISCLOSURE AND RESIDEPMAL REAL PROPERTY ARBITRAT►ON AGREEMENT, WHICH IS AN OPTIONAL,
283. VOLUNTARY AG E EM AND IS NOT PART OFTHIS PURCHASE OREEMENT.
284. SELLER( r BUYER(S)
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288. SELLERS) IbBlti $UYER(S)
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