HomeMy WebLinkAbout1990-043 Sale Agrmt - BrevikSALE AGREEMENT AND RECEIPT FOR EARNEST MONEY
1. The parties to this agreement are ROBERT BRE¥IK,
hereinafter referred to as "Seller" and the CITY OF ASHLAND,
OREGON, hereinafter referred to as "Buyer".
2. Seller hereby acknowledges receipt from Buyer of
the sum of Three Thousand Dollars ($3,000.00) as earnest money
and in partial payment for the unimproved real property known as
Township 39 E., Range 1 E., Willamette Meridian, Sectin 22, Tax
Lot 400, mot particularly described in Exhibit #A" attached
hereto and incorporated herein by reference, which real property
is hereinafter referred to as "the property".
Seller hereby agrees to sell to Buyer, and Buyer hereby
agrees to purchase from Seller the property for the price and
upon the terms and conditions set forther herein.
Thirty-Five
follows:
The purchase price for the property is One Eundred
Thousand dollars ($135,000.00), to be paid as
a. The earnest money paid herewith of Three
Thousand Dollars ($3,000.00).
b. The sum of Forty-Two Thousand Dollars
($42,000.00) shall be paid at closing.
c. The remaining balance of Ninety Thousand
Dollars ($90,000.00) shall be paid in annual installments of
Thirty-Six Thousand One Eundred Ninety and 34/100 Dollars
($36,190.34) including accrued interest with the first payment to
be paid one year after closing hereof, and a like payment on the
same day of each year thereafter, with the entire amount, both
principal and interest, to be paid in full three years after
closing; such $90,000.00 shall accrue interest at 10 percent per
annum from the date of closing and shal be evidence by promissory
note and secrured by truly deed of the subject real property.
5. This sale is subject to an conditioned upon the
following:
a. The conditions specified in this paragraph
5.a. may be waived by a written instrument executed by Buyer.
This agreement and the underlying sale are conditioned upon the
City of Ashland, Oregon obtaining voter approval for funds to
purchase this property from Buyer which is represented as the
subject of election to be held August 14, 1990 and perhaps in
September, 1990.
6. Earnest money paid at the time of the signing of
this agreement shall be non-refundable.
Page -1- SALE AGREEMENT AND RECEIPT FOR EARNEST MONEY
7. This sale shall be closed in escrow at Jackson
County Title in Ashland, Oregon, on or before October 1, 1990.
Ail closing escrow costs and collection escrow set-up fees shall
be shared equally by Seller and Buyer. Seller's request for
reconveyance of trust deed and the original promissory note shall
be held in said escrow. Buyer shall be entitled to possession of
the property immediately upon closing. Time is of the essence of
this Agreement.
8. Seller agrees to furnish at his expense a title
insurance policy in the amount of the purchase price, showing
clear and merchantable title in Seller, except as to the acts of
the Buyer subsequent thereto, reservations in Federal
Patents, zoning ordinances, comprehensive plans and easements,
and subject to approval by Buyer, of a preliminary title
insurance report, with said approval not to be unreasonably
withheld and no others. If such title insurance policy or
preliminary title report does not show clear and merchantable
title, Seller is allowed thirty (30) days to make it so, after
notice of such defect in writing from Buyer.
9. Real property taxes for the current tax year shall
be prorated between Seller and Buyer as of the date of closing.
10. Buyer acknowledges that Buyer has made an
independent investigation and inspection of the property, and
that Buyer enters into this agreement without relying upon any
statement or representation or covenant or Seller not
specifically embodied in this agreement, but rather, Buyer is
purchasing the property in its present condition.
THE PROPERTY DESCRIBED IN THIS INSTRUMENT HAY NOT HH
WITHIN A FIRE PROTECTION DISTRICT PROTECTING STRUCTURES. THE
PROPERTY IS SUBJECT TO LAND USE LAWS AND REGULATIONS, WHICH, IN
FARM OR FOREST ZONES, MAY NOT AUTHORIZE CONSTRUCTION OR SITING OF
A RESIDENCE. BEFORE SIGNING OR ACCEPTING THIS INSTRUMENT TBE
PERSON ACQUIRING FEE TITLE TO THE PROPERTY SHOULD CHECK WITH THE
APPROPRIATE CITY OR COUNTY PLANNING DEPARTMENT TO VERIFY APPROVED
USES AND EXISTENCE OF FIRE PROTECTION FOR STRUCTURES.
ll. This agreement shall bind and inure to the benefit
of not only the immediate parties hereto, but their respective
heirs, personal representatives, successors in interest and
assigns and may be specifically enforced by either Seller or
Buyer.
Page -2- SALE AGREEMENT AND RECEIPT FOR EARNEST MONEY
12. If suit or action is instituted to interpret any
of the provisions of this Agreement the losing party agrees to
pay the prevailing party's reasonable attorney's fees to be fixed
by the trial court or arbitrator, including any appeal thereof,
the prevailing party's reasonable attorney's fees to be fixed by
the appellate court or courts.
BUYER:
CITY OF ASHLAND
SELLER:
Page -3- SALE AGREEMENT AND RECEIPT FOR EARNEST MONEY
I~ONALD L. SALTER~
ATTORNEY AT LAW
August 1, 1990
Mr. Richard Fairclo
Attorney at Law
280 Main Street
Kl&math Falls, OR 97601
Re: Brevik to Ashland
Dear Dick:
Thank you for your letter of July 24,
the City's check. While not strictly
check to avoid any possible problems.
1990, and enclosed is
a payee, I did endorse the
Very truly yours,
RLS/kr
Enc.
B.P.S. Nan Franklin: Delivered
Earnest Money Receipt.
RONALD L. SALTER
City Attorney
herewith is the original of the
R.L.S.
cc: Mr. Brian Almquist