SAMPLE MUNICIPALITY OF ANCHORAGE HERITAGE LAND BANK AGREEMENT FOR THE PURCHASE OF REAL PROPERTY HERITAGE LAND BANK PARCEL # 2-144
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1 SAMPLE MUNICIPALITY OF ANCHORAGE HERITAGE LAND BANK AGREEMENT FOR THE PURCHASE OF REAL PROPERTY HERITAGE LAND BANK PARCEL # This agreement is between the Municipality of Anchorage, Real Estate Department, hereafter referred to as the "Seller," whose mailing address is P.O. Box , Anchorage, Alaska , and,, hereafter referred to as Purchaser, whose mailing address is, Anchorage AK 995XX. For and in consideration of the mutual promises set forth below, Seller and Purchaser agree as follows: 1. Purchase and Sale of Real Property. The Seller shall sell to the Purchaser, and the Purchaser shall purchase from the Seller, that certain real property, hereinafter referred to as the "Property," legally described as: HLB Parcel 2-144: T11N, R3W, Section 14, Portion N1/2 subject to taxes and assessments for the sale year not in default and reservations, restrictions, and easements of record. 2. Purchase Price. The total purchase price for the Property shall be the sum of $ total bid amount, paid as follows: (a) DEPOSIT AMOUNT of $.00, received by Seller on October 17, 2012, 5% of total bid amount; (b) Plus a 20% DOWN PAYMENT in the amount of $, to be paid by Purchaser; (c) BALANCE to be paid within sixty (60) days of signatures upon this Purchase Agreement, in the amount of $.00, not including costs.
2 Agreement for the Purchase of Real Property Page 2 of 5 3. Improvements. Any improvements left on the property at closing shall be considered abandoned by Seller. 4. Condition Precedent. At closing, Seller shall convey marketable title to the Purchaser subject only to covenants and easements of record, none of which affect the marketability of the title. 5. Brokers. Both Seller and Purchaser warrant and represent to each other that neither party is represented by a real estate broker. 6. No Warranties. Purchaser agrees that, except as expressly contained in this agreement, no representations or warranties by or on behalf of HLB, express or implied, are or have been made to Purchaser as to the condition of the subject property including improvements situated thereon, any restrictions related to development of use thereof, the applicability of any government requirements pertaining thereto, including but not limited to environmental requirements, the presence or absence of hazardous materials thereon, presence of ground water, the suitability or fitness thereof for any purpose, the layout, leases, footage, rents, income, expenses, operation, the property s compliance with federal, state and municipal laws, or any matter or thing affecting or related to the subjects property (including improvements) and Purchaser accepts the same as is with all faults. HLB has agreed to sell the property on the terms specified herein in reliance upon the foregoing limitations of HLB s liabilities and would not have agreed to a sale of the same to Purchaser on any terms without such limitations. The Purchaser has been advised to investigate and determine regulations, restrictions and potential defects which would affect the use of the parcel. Costs to remedy defects, obtain permits, variances, engineered septic systems, and replat shall be borne by the Purchaser. The Parcel is sold as is, where is. 7. Closing. The closing may be scheduled by the parties as soon as the conditions precedent specified in paragraph 4 shall have been performed. In no event shall the closing be scheduled later than sixty days from the date of this agreement. 8. Escrow. This transaction shall be placed in escrow with. A copy of this agreement, together with the deposit, shall be delivered to the escrow agent by Seller, which agreement shall serve as the escrow instructions. The escrow agent may attach its standard conditions of acceptance thereto; provided, however, that in the event said standard
3 Agreement for the Purchase of Real Property Page 3 of 5 conditions are inconsistent or in conflict with the terms of this agreement, then this agreement shall control as between Seller and Purchaser. 9. Obligations at Closing: (a) The Seller shall execute a Quitclaim deed conveying the Property to the Purchaser and shall deliver to the escrow agent the Purchaser s deposit. (b) The Purchaser shall deliver to the escrow agent the sum described in paragraph 2 above, less deposit, plus appraisal cost, all closing costs and the sum of $500 as Seller s administrative fee. (c) All other conditions precedent to closing shall have been performed. 10. Closing Costs. Taxes on the Property shall be paid by Purchaser. The Purchaser shall assume any pending or future assessments. Each party shall pay its own legal fees outside of escrow. All other closing costs including costs of title insurance fees (if Purchaser so chooses to obtain such insurance), deed preparation, and recording of documents required for closing, shall be paid by the Purchaser. 11. Possession. Seller shall deliver possession of the Property to the Purchaser as of the date of closing. 12. Risk of Loss. Risk of loss due to fire, earthquake, acts of God, or other calamity shall rest on the Seller until closing and the Purchaser has the option to rescind this agreement if such event shall occur or close the transaction as provided hereafter. 13. Authority. Seller acknowledges that the sale of this property has been authorized by both the Heritage Land Bank Advisory Commission and the Assembly of the Municipality of Anchorage prior to closing. 14. Default by Seller. If the Seller fails within the timeframe allocated in Paragraph 7 to deliver marketable title, the Purchaser may terminate this agreement without any further obligations between the parties. 15. Default by Purchaser. In the event of default by Purchaser hereunder, Seller shall be entitled to the deposit as liquidated damages without any further obligations between the parties.
4 Agreement for the Purchase of Real Property Page 4 of Integration. All representations and warranties exchanged between the parties and all understandings and agreements between them are set forth herein. All previous offers or counter-offers of the parties are hereby revoked. No provision hereof may be waived or amended except in writing signed by both parties. 17. Interpretation. Purchaser has had the opportunity to obtain legal counsel in connection with the execution of this agreement. Accordingly, this agreement shall not be construed more strictly against the Seller. 18. Venue and Applicable Law. This agreement shall be interpreted in accordance with the laws of the State of Alaska. Any dispute between the parties arising from this agreement will be heard in the State of Alaska Superior Court at Anchorage, Alaska, or addressed via arbitration. 19. Extension. This agreement may be extended by written mutual agreement of both Seller and Purchaser. 20. Environmental Issues. Wetlands may make up a portion of the property which may not be developable. Prior to any site preparation or development, wetland delineation should be done to determine the extent or presence of wetlands within a proposed building area. If present, a wetlands permit may be required from the Corps of Engineers. IN WITNESS WHEREOF, the parties have executed this agreement on the dates indicated below. PURCHASER: Date:
5 Agreement for the Purchase of Real Property Page 5 of 5 SELLER: Municipality of Anchorage George Vakalis Municipal Manager Date: Approved as to content: Tammy R. Oswald Executive Director Real Estate Department Date:
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