HomeMy WebLinkAboutCorder,Sidney & Damian, Denee IJstieg Broker (Co.)
Se~ Broker (Co.)
PURCHASE AGREEMENT
(IMPROVED PROPERTY)
1 Date: Ocf. obe= ze, 2000
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3 1. BUYER: ci.c-y o~ Ca.tee1 ('Baye~) agrees
4 to buy the following propert,/from the owner ("Seller') for the considera~on and subi/ict to the tellowing terms, provisions, and
5 conditions:
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PROPERTY: The propedy ('Pmpe~) is known as 1411 & 1427 E. 116~,b S~_~eet
Hamilton County, Carme1
Indtana, andtsgatiydesaibedas: ~L~Cel t 1713010000008000 and Pazcal I 1713010202002000
together with any existing permanent improvements and rtxtures attached (unless biased), such as, but not limited te,
ebctrical and/or gas fixtures, heating and, 't:enbal air-eanditioning!equipment and all attachments thereto, built-in kitches
equipment, sump pump, water sottenet, gas grills, cantral vacuum equipment, window shades/blinds, curtain rods, drapery poles and
fixtures, ceiling fans and tight fixtures, towel racks and bars, storm does, windows, awnings, W antennas, satelite dishes and
conbols, storage m, all landscapi~, maibo~, garage door opener with controt(s) AND THE FOLLOWING:
All items sold shall be fully paid for by Seller at time of closing the transadion.
$944,000 for 1411 E, ll6th St,
PRICE: Buyor will pay the total purchase price of $1,350,000 for the Propsty $4O6,00o for 1427 E. ll6tb St.
· For a total sales price oF
EARNEST MONEY: Buyer submits $ -O- as e=est ~ey to thapurcha.
pdce. The listing broker shall deposit the earnest money into its escrow account within two (2) banking days of acceptance of
this Agreement and hold it until time of dosing the transaction Or termination of this Agreement If Buyer fails for any reason to
submit earnest money, Seller may terminate this Agreement. Eamest money shall be relumed promptly in the evant this offor
is not accepted. If this offer is accepted and Buyor fails or refuses lo dose the transaction, without legal ceuce, the eamest
money shall be forfeited by Buyor to Seller as iquidated demages, and Seller may pursue any other legal and equitalY, e
remedies. The Broker holding any earnest money is absolved from any responsibility to make payment to the ,Seller or Buyer
unless the parties enter into a Mutual Release or a Coud issues an Order for paymenL If the parties do not mutually onnsent
to the release of the earnest money, then they egme that the Broker holding the earnest money may file an interpleeder actice
with a Court regarding disposition of the earnest money and that the payment of the Broker's resulting costs (including
attorneys fees) incurred in connedion with such inteq~eadar are a prk:~ty claim egalnst the earnest money regardless of the
Coud's aplxrlionment of the balance of the eamest money.
METHOD OF PAYMENT: (Check appropriate paragraph letter)
rmA. CASH: The eafire rchase pdce shall be paid in cash and no ~nandng is required.
D B. MORTGAGE: Compledon of this tranr,.3daon shall be cun~ngont upon the Buyor's__~~
E3 Conventiona sured Conventional [] FHA [] VA [] Other: first
~ % of purchase price, payable in not less than _.----"~rs, with an odginal rate of
interest not to exceed ~d not to exceed / points. Buyer shall pay all costs of
obtaining financing, except /
Notwithstanding any other provisions of this 'ons and charges v/nich are required to be made
and charged te Buyer or Seller by ' , or dosing agent, shall be made and
charged in accordance with ' e any provisions of this
Agreement.
~C. ASSUMPTI ·
TIME FOR OBTAINING FINANCING= Buyer agroes to make waltton application for any financing nocosea~y to comploto this
tr3ns3c~on or for 3pFoval to nr..~mo tho unp~ bolanco of tho oxistjng mortgage within doys aftor tho acceptanon
1427 ~-. 116th St=eet (Property Adds and/or Initials)
Page I of 5 (Purchase Agreement)
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59 of this Agroomant and to m3ke 3 dillgant effod to moot tho Iondor'~; requiromant6 3nd to obtain tinondng in cooperaLlan v,tth
60 tho Brokor and Soilor. No more than dayc after aeanptanco of tho ~ranmant sh~ll be ailo~3d for obtaining
61 favor3bto wffiton anmrnttmant{s) or modgage as~umptlan approval. If 3 anmmitmont or approval is not obtainod within tho
62 spod~od above, this Agroomant shall torninato unlans an oxtandan of ~imo for this purlx=o is mutually agrood to in ,.~d~ng.
64 7. CLOSING: The dosing of the sale (the 'Closing Date')shal be on or beb'e Deaambe= 3.5, 2000 .or
65 extension of time is mutually agreed to in wdtjng. If the method of ayment for this transaction is cash, assumption or conditional sales
within dayo oftor , whichever is later or this Agreement shall terminate unless an
66 contract the do~ing fee shall be paid by [] BUYER [] SELLER ~ .hared equally. b~ ~, / ~,'
,
72 before . For each day Sdler is antj0e] to possession after deaing, Sdler shall pay to Buyer at
73 dosing $ per day. If Sdler does not deliver posse~ by the date required in the flint sentence
74 of this paragraph, Sells' shal pay Buyer $per day as liquidated damages until possession
I r
is delivered to Buyer;, and Buyer shall have all other legal and equitab e emedies available against the Sdler.
B. Maintenance of property: Sailer shall maintain the Properly in its present canditian until its possession is ddivered
to Buyer, subjed to repaim in response to any inspection. Buyer may inspect the Property prior to dosing to
C. Casualty Loss: Risk ~ loss by damage or dealruc~an to the Properly prior to the dosing shall be berne by Selk~. In
the event ..any damage or deslmdicn is not Mly repaired Ftor to dosing, Buyer, at Buyers opfian, may ellher (a)
terminate thLs Agreement or (b) elect to close ~e transaction, in which event Seller's right to all insurance
proceeds resurdag from such damage or destruction shall be assigned in wdting by ,Sdler to Buyer.
D. Utilities/Municipal Servican: Seller shall pay for all munidpal sen/ices and public utility charges through the day of possession.
SURVEY: Bu shai receive a (check ONE) rm SURVEYOR LOCATION REPORT, which is a survey where corner markers am not set;
[] BOUNDA~Y~,~JRVEY, which is a su where comer markers of the Property are set prior to dosing; FI WAIVED, no survey required
at (Check ONE) [] BUYER'S expense~ SELLER'S expense. The survey shall (1) be received prior to closing and certffied as of a
currant date, (2) be reasonably sefisfactory to Buyer, (3) show the location of all improvemants and easements, and (4) show the flood
zone designation of the Property.
91 10. FLOOD AREA/OTHER: Buyer O ntmai~i tho~ may not to~minato thic Agroomont if tho Properly requiro¢ flood insurance or Buyer []
92 [] my not torminQto thic Agranmo Pmpody is subioct to building or u~ limitottons by reasan of the Iocetian.
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94 11, INSPECTIONS: (Check paragraph letter A or B)
95 A. BUYER RESERVES THE RICNT TO NAVE THE PROPERTY I[tlSPECTED (including Lead Bo~ed Paint) indopondant o~ and '
99 INSPECTIONIR NSE PERIOD: Buyer shall order all INDEPENDENT INSECTIONS immediately after accep of the Pa'chase
100 Agmement. Buyer sh ve calandar days beginning ~e day following ~e date of acce e of ~e Purchase
101 Agreement to respond inspedkxt relxxt(s) In wh~ng to Sdler (see 'Buye~'s Response') t: (check appropriate
102 aragreph(s))
103 ~ Buyer shall have caieq days to receive and respond in wdting to the wrIttan ased paint inspection and/or risk
104 assessment mpod. '
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105 []Buyershallhave__caJandardaysto ' and respand in writing tO the ' RadanReport.
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105 inspections may include but are not limited to the canditian o e fallowing eros and components: heating, coding, decbtcai, plumbing,
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105 roof, walls, cei ings, floo~s, foundaLlan, basement, cra~ space,, water, wood-eating insects and organisms, lead-based paint
110 (note: intad lead-based paint that is in good condiVan is ne adly a hazard), radan (tested at lowest livable area either
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122 If the BU oes not comply with Inspectjan/Response Peded or make a written objedan to any problem revealed in the r 'thin the
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3.42? ~. 3.3.6f~. St..=eet: (Property Address and/or Iniitals)
Page 2 of 5 (Purchase Agreement)
Produced ~ 23pFonnm t~/RE FormsNet, LLC 18025 Flte/n MI® Road. Clinton Township, k~ 48035. (~)0) 383~805
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o(e roam~oblo 6ofisfaction boforo dosing (or at 3 tim othondr, o ogrond to by tho p~rljo6), thon this Agrnoment m be
terr~ the Buys or such defed shall be waived by the Buyer and the b'ansadlen shall proceed toward ' YER
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BE A BASIS FOR TERMINATION OF TH NT.
E::] B. BUYER HAS BEEN MADE AWARE THAT INDEP NS DISCLOSING THE CONDITION OF THE PROPERTY
ARE AVAILABLE AND HAS BEEN AFFOR N INSPECTIONS AS A CONDITION OF THE
AGREEMENT. However, B based upon BWefs own
examination and from any and
SELLER'S RESIDENTIAL REAL ESTATE SALES DISCLOSURE: (check one)
[] Buyor aoknowiodgoc mGoipt and oxocution of n Soflor's Rocidentiai Real Estato Saloc Disctosuro Form.
[] ....
TITLE APPROVAL: Prior to dosing, Buyer shall be furnished rm a commitment for time insurance in the amount of purchase price
or [] an abstract of Utie continued to date showing marketable ~ to the Property in Sdler's name. The cost shall be paid by
[] Buyer [] Seller FI shared equally [] Seller to pay owners policy and Buyer to pay mortgage policy. Any encumbrances or
defects in tifie must be removed and Seller must convey ti6e flee end dear of any encumbrances and title defects, with the excepUon
of any mortgage assumed by Buyer and any resthcbens end easements of record ~nich il not matedagy interfee with Buyers intended
usp nf the shall order the cemmitment [] immediately [] alter mortgage approval [] other ate, e= alULI. Z
Seller agrees to pay the cost of Obtaining all other documents necessary to perfed titie (including the cost of the deed end vendors
affidavit), so that marketable titie can be conveyed.
TAXES: (Check paragraph A or B)
[] A. Buyer will assume end pay all taxes on the Propsty baginning with the taxes due and payable m May
2001 ~andagta~esduethereafter-Atorbe~reck~`Jng~Sellershai~payagtaxesforthepr~perlypayab~ebef~rethatdate.
[] B. All toxoc assert,,od for any prior c31cndor y~r ~nd remaining unpGid shall be poid by Sdler, and oJl taxoc 3cr, ocr, ed for tho curront
calendar ),oar sholl be prorated batworm Sellor and Buyor on 3 Galend;~ yoar buds as of tho doy immndidtoly prior to tho
Ck:~ngDate. ifth~axmtoand/eras~cueantfort~x~c~r~"enr~dinth~curronty~orhav~n~tbeendetmninndatth~d~P~gofthe
trortsudden, tho rato asd/or asenscmont shall be assumod to bo tho same as the Ixior yoar for tho purpou3 of cuch rku, uG3n arKJ
Crcdit for duo but unpaid taxoc, nnd thic shall be ;:] final r, ettlemont.
If at the time of dosing the tax bill for the Property for the succeeding year has not been issued, taxas pa ble by either party shall be
compatnd based on the most recent tax rate and/or assessment available to the dosing agenL WARNING: ~he succeadlng year tax bill
for recently constructed homes or following resssessment periods may greatly exceed the last tax bill available to ~e dosing
agent.
PRORATIONS AND SPECIAL ASSESSMENTS: Insurance, if assigned to Buyer, interest on any debt assumed or taken s 'ed to, any
rents, all other income end ordinary operating expenses of the Property, including but not limited to, public utility charge, sh~ll~ prorated
as of the day priG' to the C, loeing Date. Sager shag pay asy special assessments appicable to the R'opady for munidpai improvements
assessments and that no governmental or private ~ has served nclce requiring repah, allera~ns or con'ec~r~ of eny exts~ng
conditjons. Pubi'm or munidpal improvements which are not completed as of the date above but which will result in a lien or charge shall be
paid by Buyer. Buyer witl assume and pay all spedal assessments for munidpal improvements completed afler the date of this Agreement.
TIME: .tim is of the essence. Time periods spedfled in this Agreement and any Subsequent Azidenda to the Purchase ~reement are
calendar days and shag expire at midnight of the date stated unless the pardes agree in vaffing to a different date and/or time.
NO. MEOWMcue ^e~t'IATIO.NIC. ONDOMINIUM ASSOCIATION: Doc~.montc for a mandatory membemhip acsociati. "KgM bo
the provisions in Ihe ~"'~ts and such ~ --. ,'.?.~'-..~.~= '~,, -. i; T; :,c -.:","-". mv he terminaled by the Buyer and the earnest
ATTORNEY'S FEES: Any party to this Agreament. who is the prevailing party in any legal or equitable proceeding against any other party
brought under or with retstien to the Agreement or transaction shall be additionally entitled to recover court costs and reasonable attomey's
1427 g. 116'c_h, S~et (Property Address and/or Initials)
Page 3 of 5 (Purchase Agreement)
191 19. MICELLANEOUS:
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231 20. FURTHER CONDITIONS:
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A. Unless othen~ise Fovided, any proralions f~ mnL taxas, insurance, damage deposits, association dues/assessments, or my
oth~ items shall be computed Ihrongh the date of dosing.
C. Conveyance of this Properly shall be by general Wa~anty Deed, ~ by
subject to taxes, easements, relictlye covenants and encumbrances of raced, unless othen~ agreed,
D. Sdls. represents and warrants ~at Sdler is not a 'foreign person" (individual entity) and, theefore, is nof subject to the
Foreign thvestmant in Real ProperlyTax,act
E. Any notice required or pemitted to be delivered shall be deemed received when personally delivered, transmitted by facsimile or sent
by express courier or United States mail, postage prepaid, certilied and return receipt requested, addressed to ,Sells' or Buyer or the
designated agent of alther purty at the addreas set fodh betow the signalure of the party.
F.ThisAgr~mentshallbec~emedunds.andinamwiththe~aws~f~eStateof~ndmaandisbindingupontheps.~ies~
resp~ heirs, executors, edrninistmtors, legal representa~ves, successors, and assigns.
G. In case any provision cantreed in this Agreement is held invalid, illegal, or unerr~s.ceable in any respect, fie invalidity, itiegality,
s' unenfs.ceability shall not affect any other provision of this AgreemeaL
agreements bet~..~'~, the parfias' ranpudng the transaction and cennot be changed except by their writtan consenL
I. AJt rights, du6es and obligafions of the parties shall survive the passing of tiUe to, or an interest in, the Property.
J. Broko~s) may rofs. Buyor or S4~or to olhor profoc~ionols, sonrice Fovid~s or produGt rondos, inalu~ng Iondoes, loan brd~e~s, fide
guomntoo tho performance of any SQP~CO providor. Buyor and Sd~ oro froo to calod providors othor th'~n thoco roforred or
reGainmended to thorn by Broks.(s).
K. By r, igning botow, tho por~os to this tronc,~on acknowiodge roocipt of 3 copy of this Agronmont and givo thdr ponn~k~ to a
Multjplo L.i~ing So~ or other advodidng modia, if any, to publich inforrnolion mgoKling this trjn~;lion.
L. Buys' dir, docos to Sdinr ih,lt Buys' is licon~ ;~nd holds Liocn~o #
M. Where the word 'Broker appears, it shall mean 'Licensee' as provided in I.C.25-34.1-10-6.8.
s~ ~k~ndu~ t 1
247 21. EXRRATION OF OFFER: Unless accepted by Seller and delivered by Buyer by 5: O0 (:3 A.M. [] P.M. rn Noon, the
248 day of Oc'cobe~ 2000 , this Purchase Agreement shall be null and void and all parties shall be reieved of any and all
249 liability or obligations.
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25122. CONSULT YOUR ADVISORS: Buys' and Seller acknowiedge they have been advised that, prior to signing this document, the/may seek
252 the advice of an attome/for the legal or tax consequences of this document and the transaction to which it rdatas. In any real estate
253 transm, it is recommended that you consult with a professional, such as a dvil engineer, environmental engineer, s' other person, with
254 expedex;e in evalu.Yilg the ocndition of the Property.
1427 I. ll6t_h S~eet (Properly Address and/er Iniljals)
Page 4 of 5 (Pumhaan Agreement)
255 23. ACKNOWI. EDGEMENT$: Buyof md ~lter ~knowl that ~ has roe~xI ~on olfina pdi~y dlado~ures, h~ h~l ~
256 oxplainod, and now ;on~rn~ all agency rd,~ond~;/.el~u,, and Sogof furthor anknowl~fg~ thot thoy undarBtend ond a<xxapt agone/
257 rotalonahlpe lindrod In this Iranero. By signature ~';, e parlies verify that they understand and approve this Purchase
th
258 Agraementand~recelptofaslgnadcopy.
261 which together shall constitute one and the same insb'urnant. The padtes agree that this AgmeTm~t may be transmitted bet':.,...------'~ them by
262 facsimile macrO. The parlies htexl that faxel signalures constitute ofiginal signafures and are binding on ~ parses. The original
~2~ BUYER'S~2C~T:JRE DATE BUYC2~'~SIGNATURE DArE
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268 C/.ty of Careel
269 PRINTED PRINTED
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272 BUYER'SSOCIALSECURITYWFEDERALLD.# BUYER'S SOCIAL SECURITY i'FEDERAL I. D.#
273
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275 MAILING ADDRESS ZIP COOE MAILING ADDRESS ZIP COOE
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278 (Area Code) TFI FR..IONE NUMBER (Area C, ele) TELEPHONE NUMBER
279
280 (Check appropriate paragraph letter)
281
262 at
rmA. As the Sdleq(s) of the describedberein, the above terms and condiljoes am acesptel this 18 day'el October 2000
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287 [] B. The above offer Is [] Rejected or [] Countered this
288
281
293 PRINTED e,.~
296 SF/I~R'8 SOCIAL SEeORrPft/FEDF. R~ LD. #
288 t~{~e E it ~g Th ~T"
299 MAILING ADDRESS
302 (Area C. ele) TR FPHONE NUMBER
OR
day of ,
DArE SELLEFTS SIGNATURE
DEHEE M,
PRINTED
m ~ L- SELLER'S SOCIAL SECURITY ~WFEDERAL I.D. #
/ ,4 /q// a". l/z,, '~ ST"
ZIP COOE MAILING ADDRESS
(Area Cele) TELEPHONE NUMBER
DArE
ZIP CODE
I I
This m a lega~y binding contracL if not understood see legaladvice. Form .Copyfi~'~t lAR2{X]O
1427 !i. 116th street (Property Address and/of Initials)
Page 5 of 5 (Purchase Agreement)
P~duc~fa1~F~m1N~NREF~e~i~LLLC18~25F~nM~eR~d.~Teev1e~A~ich~gen48~35.(8~)383-98~5 CGi$55OIUfD
Approved and Adopted thiC~/qt day of
2000.
CITY OF CARMEL, INDIANA
by and through its Board of Public
Works and Safety
BY:
Jd~rainard, Mayor
d~, e, Member
ate: A~ i ;~,, ; ,~ _
Billy Walker, Member
Date:
ATTEST:
Diana Cordra~
Page 1 of 2 October 18, 2000
ADDENDUM ONE
Closing of the transiction set forth in the Agreement is conditioned upon the following:
Buyer's receipt of a Phase One environmental assessment, including an asbestos
evaluation, within forty-five (45) days of the date of this Agreement, which Phase One
Assessment shall be satisfactory to Buyer in Buyer's sole discretion. This assessment
is at Buyer' s expense.
Seller providing Buyer within ten (10) days of the date of this Agreement a Seller's
Residential Real Estate Sales Disclosure form, as required by Indiana law.
Buyer obtaining all approvals required by local, state or federal law to complete the
obligations contained in this Agreement, including but not limited to necessary
appropriations, loans, and approval of Agreement.
Purchaser agrees to move all personal property currently in home at 1427 E. 116th
Street to 1411 E. 116th Street. Purchaser shall move said property at their expense
within 30 days after closing. Seller agrees to hold harmless purchaser and their
"movers" should any nicks, scrapes, etc. occur to personal property during the move.
Purchaser declares that there are no current plans to develop this property (1427 E.
116th St.) for "commercial" use. Therefore, Purchaser agrees not to develop this
property for any commercial use through December 15, 2003. This obligation shall
apply to any party or parties to whom Purchaser would convey ownership, lease,
privileges or other use. "Commercial" site definition shall not include the City of
Carmel's intended use of the property for a park, or park services, or street department
and a fleet maintenance facility or lease of the property for residential purposes.
The final legal description proposed for the Property, to be utilized at the closing of the
transaction set forth in this Agreement, shall be prepared in conjunction with the Survey
to be completed per the terms of Paragraph 9 of the Agreement.
Page 2 of 2
Addendum One continued
October 18, 2000
Neither Buyer nor Seller are or will use a broker(s) for this transaction, except for
Craig Kaiser, Kaiser Land Company, who has been retained by the City of Carmel at
their expense.
As a result of the Buyer' s receipt of a Phase One environmental assessment, if there are
any actions required the Buyer may request and the Seller shall grant up to a sixty (60)
day extension to the closing date.
Buyer and Seller shall at closing enter into a one year lease agreement (lease period).
Seller shall be responsible for contents insurance, maintenance, utilities and other
standard items. Said lease payment shall be one dollar ($1.00) for said lease period.
Buyer shall provide property and casualty insurance.
After closing, Buyer agrees to reasonably maintain the property at 1427 E. ll6th
Street.
Any notices that need to be given puruant to this agreement shall be addressed as
follows:
1)
If to the Buyer:
Joe Staehler
City of Carmel
One Civic Square
Carmel, IN 46032
2)
If to the Seller: Sid Corder
1411 E. ll6th Street
Carmel, IN 46032
October 23, 2000
Sidney V. Corder
Denee M. Damian
1411 East 116th Street
Carmel, 1N 46032
Dear Sidney and Denee:
On October 23, 2000, the Board of Public Works and Safety approved the Purchase Agreement
for the properties located at 1411 and 1427 East 116th Street. A copy of the Agreement is
enclosed for your records.
Please do not hesitate to contact me at 317.571.2413 if you have any questions or concerns.
Sincerely,
COPY
Carfie A. Groce
Deputy Clerk-Treasurer
Enclosure
cc: Joseph Staehler
Department of Administration