Congress Cr. Offer - J & G KalbRobert L. Sudmeier ISBA # 000005432
OFFER TO BUY REAL ESTATE AND ACCEPTANCE
(NONRESIDENTIAL)
TO: CITY OF DUBUQUE (Seller)
The undersigned BUYERS hereby offer to buy and the undersign SELLER by their acceptance agree to sell the real property situated in
Dubuque, Iowa, locally known as _______________ and legally described as:
entirety of Congress Court right of way from its westerly most point easterly to Kennedy Road right of way line
together with any easements and opputtenant servient estates, but subject to any reasonable easements of xecord for public utilities or roads, any
zoning restrictions customary restrictive covenants and mineral reservations of record, if any, herein referred to as the "Property," upon the following
1. PURCHASE PRICE. The Purchase Price shall be $65,000 and the method of payment shall be as follows: $500 with this offer, to be
deposited upon aeeeptence of this offer and held in trust by City of Dubuque as earnest money, to be delivered to the SELLER upon performance
of SEI~LER'S obligations and sadsfaciion of BUYERS contingencies, if any; and the balance of the purchase Price, as follows: Bainnee at ciosing
2. SPECIAL ASSESSMENTS.
SELLER shall payin full at time of closing all special a~sessments which are a lien on the Property as of the dots of acceptance
D. Auy prelimina~ or deficiency assessment which cannot be disele~ged by payment shall be paid by SFI I aR through an escrow account
,...- E. BUYERS shall pay all other special assessments or installments not payable by SELLEtL
3. RISK OF LOSS AND INSURANCE. SELLER shall bear the risk of loss or damage to the Property prior to closing or possession,
whichever first occurs. SELLER agn~s to maintain existing insurance and BUYERS may purchase additionalinsumuce. In the event of substantial
damage or destruction prior to closing, this Agxeement shall be null and void; provided, hawever, BUYERS shall have the option to complete the
closing and receive insurance proceads regardless of the extent of damages. The property shall be deemed sabstaufially damaged or destcoyed if it
A- Upon the delivery of the tire transfer documents to BUYERS and receipt of oll tirade then due at closing from BUYERS under the
Agreement.
B. (If"A" is s~icken) Upon the filing of the tire transfer documents and receipt of all fiuuls due at olosing from BUYERS under the
5. FIXTUKES. Included with the Prapcuty shall be all fixtures that integrally belong to, are specifically adapted to or are & part of the rem
estate, whether atlached or detached. Also included shall be the following:
6. CONDITION OF PROPERTY. Tha propel~y as of the deta of thls Agreement, in¢luthng bnildings, ~-ouads, and all in~rovements, will
A. BUYERS aeknowladge that they have made a satisfactory inspection of the Property and am purchasing the t~nsperty in its existing
condition.
B. (If "A" is stricken) Within days after the acceptance of this Agreement, BUYERS may, at their sole expanse,
have the propefoj inspected by a pemon or persons of their chaise to de~n~ine if thexe are any sia~actural, n~chanical, plumbing, electrical,
environmental, or other deficiencies. Within this ~me period, the BUYERS may notify in writing the SELLER of any deficiency. The SELLER
shall immediately notifif the BUYERS in writing of what steps, if any, the SELLER will take to correct any deficiencies before closing. The
BUYERS ~ then immediately in writing noti~ the SELLER that ( 1 ) such steps are acceptable, in wbieh case this Agreera~nt, as so modified,
shall be binding upon all pa~ies; or (2) that such steps are not acceptable, in wbfoh ease tiffs Agreement shall be null and void, and any earnest
money shall be ~etumed to BUYERS.
9. ENVIRONMENTAL MATTERS.
B. BUYERS may at their expense, within days after the date of acceptance, obtain a report from a qualified e~iveer
or other person qualified to analyze the existence or nature of any hazardous materials, substances, conditions or wastes located on the Property.
In the event any hazardous materials, substances, conditions or wastes are discovered on the Pzoperty, BUYERS' obligation hamundea- shall
be contingent upon the mmovul of such materials, substances, conditions or wastes or other resolution of the matter reasonably satisfactory to
BUYERS. However, in the event SELLER is required to expend any sum in excess of $ to ~emove any hazardous
materials, substances, conditions or wastes, SELLER shall have the option to cancel this transaction and rethnd to BUYERS all earnest money
paid and declare this Agreement null aad void. TheexpenseofanyinspectionshallbepaldbyBUYERS. Thaexpenseofanyactinnneeessary
to remove or othenvise nmke safe any hazardous material, substances, conditions or waste shall be paid by SELLER, subject to SELLER'S right
10. DEED. Upon payment of the Purchase Price, SELLER shall convey the Property to BUYERS by deed, fxee and
clear of all liens, resections, and encumbrances except as provided in this Agreement_ General wana~ties of the tire shall ex~nd to the time of
delivery of the deed excepting liens and encumbrances sa flexed or penuiRed by BUYERS.
11. JOINT TENANCY IN PROCEEDS AND IN REAL ESTATE. If SELLER, immediately preceding acceptance of the offer, holds tire
to the Propertyin joint tenancy with full rights of survivm~dp, m~d the joint tenancy is not later destroyed by operation of law or by ~cte of the
SELLER, then the proceeds of 0sis sale, and any continuing or recaptured rights of SELLER in the Property, shall belong to SELLER as joint tenants
with full fights of surdvorship and not as tenants in common; a~d BUYERS ia the event of death of any SELLER, agree to pay any balance of the
price due SELLER under tlfis contract to the surviving SELLER and to accept a daed from the surviving SELLER consistent with paragraph 15.
12. JOINDER BY SELLER'S SPOUSE. SELLER~Ssp~use~if~tatilleli~da~inmaediately~recedingaeceptanee~exeeutesfaisAgreement
only for the purpose of relinquishing all rights of dawer, homestead and distributive share or in corr~liance with Section 561.13 of tho Code of Iowa
13. STATEMENT AS TO LIENS. ~fBuyersintendto~ssume~rtake~bje~ttoa~ien~ntheProperty~SELLERshal~f~ruishBUYERSwith
a written statement prior to closing from the holder of such lien, showing the correct balance due.
16. 1LEMEDIES OF THE pARTIES.
A. If BUYERS fail to timely perform this Agreement, SELLER may forfeit it as provided in the Iowa Code (Chapter 656), and all
payments made shall be forfeited; or, at SELLER'S option, upon thirty days written notice of intention to accelerate the payment of the entire
balance because of BUYERS' default (during which thirty days the default is not corrected), SELLER may deelaze the entire bulance
immediately due and payabfe. Thereafle~ this Agreement may ha forealosed ui equity and the Court may appoint a receiver.
17. NOTICE. A~yn~tice~~derthisAgreementshal~beinwsitingandbedeemedservedwlienitisda~ivexedbyp~rs~nalde~ivery~rmal~ed
by certified mail, addressed to the parties at the addresses given below.
i8. GENE1LAL PROVISIONS. In the performance of each par~ of this Agreement, time shall be of the essence. Failure to promptly assert
fights herein shall not, however, be a waiver of such rights or a waiver of any existing or subsequent default. This A~eement shall apply to and bind
19. NO ILEAL ESTATE AGENT OR BROILER. Neither party has used the service of a real estate agent or broker in connection with this
20. ADDITIONAL PROVISIONS. This offer is contingent upon the City of Dubuque successfully vacating Congress Court Street right of
way and providing Buyers a 20' wide access to Kennedy Road.
21. ACUEFIANCE When accepted, this Agreement chall become a binding contract.
Accepted
SELLER BUYERS
Dated /0— 25--- 702,/
5211/fit6e1/ fq/X
Print Name CITY OF DUBUQUE Print Name James G. Kalb
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Print Name Print b
Natr77 Cire/ .Kai
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Address: Address : /03 LI .70 ETWO Clec,
Telephone: Telephone: 5512-A 5-9, 3