HomeMy WebLinkAboutAddendum "I"
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Paul Nolte/Brian Almquist
City of Ashland
482-3211
488-5311
@!J)
Carlene Hester, CRS, GRI
Ashland Homes Real Estate
(541) 482-0044
(541) 482-0046
voicetel(541) 858-1838
12/6/95
3
Re: Imperatrice property
Paul and Brian: I spoke with Paul on the phone and received his
fax about adding anew paragraph (5) to the Addendum.
I've done that and enclose that addendum for your review. I've
also incorporated all but the meeting into pa~agraph (1), and
enclose that addendum for your review as well.
Early in the negotiations, I approached the listing agent about
the idea of the seller meeting directly with the City and was
told that would not be a possibility--the reason the seller had
listed the property with an agent was so she would not have to
deal with buyers directly. so I am concerned that we won't get
far with that approach. I believe we may get our point across
by including the verbiage in paragraph (1) just as well.....do
you authorize releasing a copy of the appraisal to the listing
agent?? It seems as though we should; if we are relying on infor-
mation that we have, then we should be providing it to them to
substantiate our position.
I'll be glad to present either addendum you would like, so just
le;~; know, and I' 11 run it-right d~~~ to Bri~n f~r- sig-
nature. If we go with the paragraph (5) one, as you su~geste~,
then I feel we'll need to extend the seller's repo~se ~lme, s~nce
the meeting would need to take place first. Keep In ml~d,she s
an elderly lady living down around Stockt~n or Fresno, It s
winter time, and getting close to the holldays....more of my
concerns for requesting the meeting.
Call me at 482-0044; I'm standing by!-'
!/~!lY!t.~
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DATE OF SALE AGREEMENT: October 6, 1995
ADDENDUM "I" TO SALE AGREEMENT & RECEIPT FOR EARNEST MONEY #345457
DATE OF COUNTER OFFER: October 31, 1995
BUYER: CITY OF ASHLAND, OREGON
SELLER: MARION IMPERATRICE, KAREN WHITE and KIMBERLY WHITE
PROPERTY ADDRESS: The Imperatrice Ranch property off Butler
Creek Road, Ashland, Oregon
Buyer is in receipt of Seller's Addendum "G" herein, hereby agrees to
all terms and conditions set forth therein with the exception of the
changes specifically noted herein, as follows:
(1)
(2)
(3)
(4)
(5)
Purchase price shall be changed to $895,000.00.
Close of escrow shall be four (4) months from seller's acceptance
hereof to allow Buyer time to complete the "prove up" process with
regard to the irrigation rights. If the "prove up" process is
completed prior to the expiration of the 4-month period, then the
parti~s agree that, with /~ days' notice from Buy~r to Seller,
that close of escrow may be moved up to an earlier date.
If the "prove up" process has not been completed by the appointed
closing date (4 months from seller's acceptance), then the parties
agree to close escrow* but shall instruct the closing escrow com-
pany to hold back $50,000 out of the seller's sale proceeds for
up to an additional 90 days. If, at the end of that additional
90-day period the "prove up" process has not yet been completed,
then the $50,000 being held back shall be immediately released to
seller, and Buyer's right to proceed under paragraph (4) below
shall end.
The parties agree that if any of the acres being represented by
seller as having irrigation rights in fact, are found during the
"prove up" process to not have irrigation rights, then the purchase
price shall be reduced by $1,950 per acre for each acre that does
not survive the "prove up" process; (this provision would expire
at the end of the 90-day period in paragraph (3) above.
Before Seller responds t~~sAddendum, Buyer requests to meet
directly with Seller ana~r's representatives. Buyer is
using public funds for purchase and must be able to justify
purchase price. Buyer is having difficulty justifying value
established by the Seller. Buyer has evaluated the appraisal
on the property and the land valuation provided with Seller's
counter.
Buyer has two concerns: (1) the basis of the land value
determination by the Seller; and (2) the irrigation land
(224.5 acres) water rights prove-up with the State Water Master.
Based upon the appraisal, Buyer can support Seller's value of
$550 per acre of dry land but only $2,500 per acre for all
irrigated property. Based upon hhese values, the offer is for
$895,000, less $1,950 for each acre that does not "prov.e-up"
for irrigation rights. ...
Seller's respon~ time to respond to this Addendum "I" shall expire
on DecernP~r c;;:2O'--'T 1995 at 5: 00 p.m.
CITY OF ASHLAND, (BUYER)
:2.
ity Administrator
DATE:
SELLER
DATE: December 6 1995
..
...
ADDENDUM TO SAL[
GREEMENT & RECEIPT F(- EARNEST MONEY
Exhibit S
Earnest Money Receipt No. 34'5437
Date of: d'Sale Agreement
Oct. 05, ., 995 D Counteroffer
Buyer:
Seller:
~~ity or A5hland
Property Address:
M~~ion Imperatrics, Karen Whi~~ Rnd Ki.~A~ly ~hJtB
The ImD.~atrioe Rnnch property oFf Butl~r Crk 9osd. Ashl~rd.Or,
~el1~r ~grees to 311 terms and conditions G9 set forth in
~~hiblt F, with th~ exception of any ch~nges not~d her-ain
~0d m.ntioned 3peclFic~11y in this Exhibit G.
~ye~ elects al~.rnativa '1 for B2B aoree, more or loss, but
''Ie ;:n..,..C.hS9B pr-ioe ahall h"ll chi'!ngod to t'357,nOO,
c9sh at clo'cilrq.
~~rB- hereby approves the lease of March 19, 1993 batw~$n
payable
.
1M
ari~n Imperetrice, Landlord. 3nd Ron Anderson. Tenent, and
GJrB~s to purc~~ge the property gubject to tho leese.
-..tyt::;r"':s re3pOn;:H~ time to "'espond to this Addendum 3 shell
"'","l: expire on Fr-iday Dec. 01: 1995 at '3:00 p.m..
Seller A
Seller B
Date \ \ I .
Date \
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,_ i fr,~-r .1,', /(,rl(i..l.1A. ,I" _.
'1
Buyer A Ci. ty of Ashland . Date __ .
B .~.. 12/6/}5
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LINES WITH THIS SYMBOL. REQUIRE A SIGNATURE OR INITIALS.
Broker's Initials
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@ 1991 Real Estate Forms Plus, Inc. (3/92)
REFP 002
Page
of
BUYER'S INITIAL COpy
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