HomeMy WebLinkAboutAddendum "H"
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A.S.H.L.A.N.D H.Q.M.E'S
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REAL ESTATE.INc
FaC5imile Cover Sheet
To:
COmp41"1Y:
rhone:
Fax:
:Paul Nolte/Brian Almquist
City of Ashland
482-3211
488-5311
From:
Compal"lY:
Phone:
Fax:
Carlene He5ter, CR5, GRI
AShland Homes Real E$tate
(541) 482.0044
(541)482-0046
voicetel(541) 858-1838
Date:
f'a~ il"lcludil"l9 this
cover ,8ge:
12/5/95
2
Comment.:
Re: Imperatrice property
.Dear :ea:ul~~al1d Brian:
Enclosed is a draft of what I've prepared as a result of Paul's
and my phone conversation this afternoon. Please review it to
see if it covers what you intended for it to cover, and let me
know any suggested changes you might have.
My thought on paragraph 2. was that if we get the prove up done
very quickly, you.would want to cQntrol the closing date, so we
would put something in there like 10 or 15 days--or whatever
other idea:s::you mic;ht have in that regard.
I'll be out most of Wednesday morning, and a Board meeting at
noon, but you could voicemail me with any changes and let me know
when would be a good time to meet with Brian Wednesday afternoon
(after 2PM) to. get his signature---or I .~I oan always drop it off
and pick i~ u later when hels signed it if he's hard to oatch
tomorrow'
Thanks!
150 East
treet Ashland, Oregon 97520 503w482-OO44
T
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Buyer'is in receipt of Seller's Addendum -G" herein, hereby agrees to
all ~.rms and conditions setfort~ therein with the exception of the
changes specifically noted herein, as follows:
(1)
(2)
(3)
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 t.o'the irriqation.'rights. If the "prove up" process is .
comp~eted prior to the ,expiration of the" 4-monthperiod, t.hen the
parties agree that, with 4ays' notice from Buyer to Seller,
that close of escrow may be mQved 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 t.o 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
. ",.,:::el..le,r, and Buyer's right to proceed und4!!r paragraph. (4) below
sli'i"r'l er&t.J .
The parties agree that if any of the acres being represented by
seller as having irrigation rights in fact, are found during the
"p:ove uplt process to not have irrigation rights, then t.he purchase
pr1ce shall be reduced by $~,9S0 per. acre for each acre that does
not survive the "prove up. process; (this provision would e~pire
at the end of the 90-day period in paragraph (3) above.
Seller's response time to respond-to this Addendum "I" shall expire
on Friday, December 15, 1995 at 5:00 p.m.
(4)
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We are having difficulty with the value established by the seller. The City is using
public funds for the purchase and is limited in its discretion as to what it can pay. In
any purchase by the city, it is obligated to ensure market value is paid for the
property. We have evaluated the appraisal completed on the property and the land
valuation provided with the owner's counter.
We have two concerns; 1) the basis of the land value determination by the owner and
2) the irrigation land (224.5 acres) water rights prove-up with the State Water Master.
Based upon the city's appraisal, we can support the owner's value of $550 per acre of
dry land but only $2,500 per acre for all irrigated property. Based on these values, we
offer $895,000, less $1950 for each acre that does not prove-up for irrigation rights.
We are suggesting a 4 month closing. If the State Water Master has not determined
the quantity of the prove-up land within that time, we will close placing $50,000 of the
purchase price in an escrow account for up to 90 days, with the condition of $1950
per acre to be deducted for land that does not prove-up for irrigation rights. If, after 90
days, prove-up has still not occurred then the escrow account will be closed and the
money distributed to the seller.
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ADDENDUM TO SAL;
-H"
Exhibit
lGAEEMENT & RECEIPT F -) EARNEST MONEY
Earnest Money Receipt No. 3454516
Date of:
~ Sale Agreement OCtober 6, 1995~ Counteroffer October 31, 1995
eIn OF MIlLAND
MARION IMPSRATlUCB, KAREN WHITE and KIMBERLY WHITE
The Impera~rice Ranch propet:ty off Butler Creek Road,
Aahland, OreQOD
herein, and hereby requests
5:00 P.M., Wednesday,
Buyer:
Seller:
Property Address:
Buyer is in receipt of Seller'. Addendum "G"
that Buyer t. response time be extended until
December 6, 1995.
,
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..II..
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Seller A
Date
I.. Datell/2&19.
strator
Seller B Date Date
Patricia Sprague Real Estat.e Ash1-~A ttome Real Es..te
Listing Office Selling Office . .~~ u S ~
Licensee AJ.an Kaufman Date Licensee Carlene Heater Date
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LINES WITH THIS SYMBOL" REQUIRE A SIGNATURE OR INITIALS.
Broker's Initials
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C 1991 Real Estate Forms Plus, Inc. (3/92)
REFP 002
Page
of
BUYER'S INITIAL COpy
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