HomeMy WebLinkAboutPURCHASE & SALE AGREEMENT - 04-00070 - Profit St & Dividend Dr - Rexburg Business Park - Final Plat (Dev. Workshop)REAL ESTATE PURCHASE
AND SALE AGREEMENT
City of Rexburg (hereinafter called "Seller") agrees to sell, and Development
Workshop, Inc. (hereinafter called "Buyer") agrees to purchase, real estate property
currently owned by Seller in Madison County, Idaho described as:
A 2.79 acre parcel designated by the Buyer within the northeast corner
of the Rexburg Business Park including Lots 10 and 11 of Block 4 of
the Final Plat, Phase 2.
an undeveloped parcel, (hereinafter "the Property") subject to the following terms and
conditions:
1. PURCHASE PRICE. Buyer agrees to pay a total purchase price of ONE
HUNDRED ELEVEN THOUSAND, SIX HUNDRED DOLLARS ($111,600). Such purchase
price is to be paid as follows:
A. Cashiers Check. Buyer shall pay to Seller the amount of $111,600 at the
time of closing by cashiers check.
2. TITLE CONVEYANCE. Title of Seller is to be conveyed by Warranty Deed and
is to be marketable and insurable, except for rights of way and easements of record. The
grantee of the Deed shall be in the name of Buyer or another person or entity designated
by Buyer in writing.
3. CONSTRUCTION CONDITION. Buyer shall begin construction of facilities on
the property within a three (3) year period from April 21, 2004 or the property will be scld
back to the City of Rexburg at the original purchase price, plus 4 percentage points
.-ounded annually.
4. TITLE INSURANCE:
A. Title Commitment. The Seller shall, within a reasonable time after closing,
furnish to the Buyer a title insurance policy in the amount of the purchase price
showing marketable and insurable title. Prior to closing the transaction, the Seller
shall furnish to the Buyer a commitment for a title insurance policy showing the
condition of the title to the Property. Buyer shall have ten (10) business days from
receipt of the commitment or until 24 hours prior to closing, whichever is less, within
which to object in writing to the condition of the title as set forth in the commitment.
If the Buyer does not so object, the Buyer shall be deemed to have accepted the
condition of the title. It is agreed that if the title of the Property is not marketable, or
cannot be made so within ten (10) business days after notice containing a written
statement of defects is delivered to the Seller, or if the Seller, having approved said
sale, fails to consummate the same as herein agreed, this Agreement shall be
voidable at the option of the Buyer.
14. FACSIMILE TRANSMISSION. Facsimile or electronic transmission of any
signed original document, and retransmission of any signed facsimile transmission, shall
be the same as delivery of an original. At the request of either party, orthe closing agency,
the parties will confirm facsimile transmitted signatures by signing an original document.
15. COUNTERPARTS. This agreement may be executed in one or more
counterparts, each of which is deemed to be an original hereof, and all of which shall
together constitute one and the same instrument.
16. ENTIRE AGREEMENT. This agreement contains the entire agreement of the
parties respecting the matters herein set forth and supercedes all prior agreements
between the parties respecting such matters.
17. ATTORNEY'S FEES. If either party initiates or defends any arbitration or legal
action or proceedings which are in any way connected with this Agreement, the prevailing
party shall be entitled to recover from the non -prevailing party reasonable attorney's fees,
including such costs and fees on appeal.
18. TIME. Time is of the essence in this agreement.
19. CLOSING. The closing date shall be on or before June 1, 2004 at 10:00 a.m.,
or at another date mutually agreeable to the parties.
DATED: May _, 2004.
DATED: May , 2004.
Representative of Seller
Mayor, City of Rexburg
Representative of Buyer
Chair, DWI Board of Directors
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