Loading...
Sale of City-owned property at 654 Clarke Drive_InitiateCopyrighted August 16, 2021 City of Dubuque Items to be set for Public Hearing # 3. City Council Meeting ITEM TITLE: Sale of City -owned property at 654 Clarke Drive SUMMARY: City Manager recommending the City Council set a public hearing for September 7, 2021, on the disposition of City -owned real property located at 654 Clarke Drive to Torrent Property Management LLC for the amount of $35,250. RESOLUTION Intent to dispose of an interest in City of Dubuque real estate to Torrent Property Management LLC, setting a time and place for hearing, and providing for the publication of notice thereof SUGGESTED Receive and File; Adopt Resolution(s), Set Public Hearing for DISPOSITION: September 7, 2021 Suggested Disposition: ATTACHMENTS: Description Type Intent to Dispose of Property at 654 Clarke Drive-MVM City Manager Memo Memo Staff Memo - 1st Meeting Resolution to Dispose Public Notice Signed Offer from Torrent Staff Memo Resolutions Supporting Documentation Supporting Documentation THE CITY OF DUB E Masterpiece on the Mississippi TO: The Honorable Mayor and City Council Members FROM: Michael C. Van Milligen, City Manager SUBJECT: Sale of City -Owned Property at 654 Clarke Drive DATE: August 12, 2021 Dubuque All-A�a�ip qq �� �:; �� 2007.2012.2013 zoi�*Zoi9 Housing and Community Development Director Alexis Steger recommends the City Council set a public hearing for September 7, 2021, on the disposition of City -owned real property located at 654 Clarke Drive to Torrent Property Management LLC for the amount of $35,250. The property is being sold as is. I concur with the recommendation and respectfully request Mayor and City Council approval. Mic ael C. Van Milligen MCVM:jh Attachment cc: Crenna Brumwell, City Attorney Cori Burbach, Assistant City Manager Alexis M. Steger, Housing and Community Development Director THE CITY OF Dubuque DUB E All•ga�eriea 6igr w�,:��.,�� ����� �����®� Maste iece on the Mississi i � pp z°°'.Z°1z`Z°13 zoi�*zoi9 TO: Michael C. Van Milligen, City Manager FROM: Alexis M. Steger, Housing and Community Development Director SUBJECT: Sale of City -owned property at 654 Clarke Drive DATE: August 6, 2021 Introduction The purpose of this memorandum is to request the City Council to set a Public Hearing for the purpose of disposing of City -owned real property located at 654 Clarke Drive. Background The property at 654 Clarke Drive had been identified as a problem property and in substandard condition with numerous complaints since 2018. The property was seriously neglected with a collapsed sewer line identified in 2019. The City successfully petitioned for title to the property and took possession August 2020. The Housing Department's intent was to rehab the property as part of the Community Development Block Grant (CDBG) Purchase/ Rehab/Resale Program. However, as other community needs came up that needed CDBG funding, staff decided to list the property with a local realtor to sell as is. Three offers were received. Discussion This property was identified to have great potential for rehabilitation. This would remove it from the vacant and abandoned property lists and put it back on the housing market. An offer was accepted from Torrent Property Management LLC in the amount of $35,250 to purchase 654 Clarke Drive as is. Recommendation I respectfully request the City Council approve the attached resolution, declaring the City's intent to dispose of the property and set the date for the public hearing to receive comments on the proposed sale. Prepared by: Kris Neyen, Rehabilitation Programs Supervisor Prepared by Alexis Steger Housing &Community Devel 350 W 6'^ St Suite 312 (5631690-6072 Return to Adrienne N. Breitfelder, City Clerk, 50 W. 13'^ St., Dubuque, IA 52001, (563) 589-4100 RESOLUTION NO. 285-21 INTENT TO DISPOSE OF AN INTEREST IN CITY OF DUBUQUE REAL ESTATE TO TORRENT PROPERTY MANAGEMENT LLC, SETTING A TIME AND PLACE FOR HEARING, AND PROVIDING FOR THE PUBLICATION OF NOTICE THEREOF WHEREAS, the City of Dubuque, Iowa (City) owns real property situated in Dubuque County, Iowa, legally identified as 654 Clark Drive, Dubuque, Iowa and legally described as: Lot 63 in Littleton & Sawyer's Subdivision of Mineral Lot 194 the City of Dubuque, Iowa, according to the recorded plat thereof— 654 Clarke Drive and WHEREAS, City acquired the through a petition fortitle to abandoned property forthe purpose of its rehabilitation and reuse as affordable housing; and WHEREAS, City received an offer to purchase and rehabilitate the property from Torrent Property Management LLC; and WHEREAS, by accepting the selected offer the City's objectives of rehabilitation of dilapidated residences can be realized and is consistent with the City goal of creating opportunities for affordable homeownership. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF DUBUQUE, IOWA: Section 1. That the City of Dubuque, Iowa, proposes to dispose of its interest in the above -described real estate to Torrent Property Management the sum of $35,250.00. Section 2. That the City Council shall conduct a public hearing on the proposed disposition of real estate in the City Council Chambers at the Historic Federal Building, 350 W. 6�' Street, Dubuque, Iowa on the 7�h day of September 2021 beginning at 6:30 p.m. Section 3. That the City Clerk be and is hereby authorized and directed to publish notice of the public hearing in the form attached hereto, according to law. Passed, approved and adopted this 16�' day of August 2021. 4�1�/g..-�`. Ca�anny C. Sprank, Mayor Pro Tem ATTEST: Adrienne N. Breittelder, City Clerk CITY OF DUBUQUE, IOWA OFFICIAL NOTICE PUBLIC NOTICE is hereby given that the City Council of the City of Dubuque, Iowa, will hold a public hearing on the 7t" day of September 2021, at 6:30 p.m. in the Historic Federal Building, 350 West Sixth Street, 2nd floor, Dubuque, Iowa, at which meeting the City Council proposes to dispose of an interest in the following described real property by sale to Torrent Property Management LLC: Lot 63 in Littleton & Sawyer's Subdivision of Mineral Lot 194 the City of Dubuque, Iowa, according to the recorded plat thereof — 654 Clarke Drive At the meeting, the City Council will receive oral and written comments from any resident or property owner of said City to the above action. Written comments regarding the above public hearing may be submitted to the City Clerk's Office, City Hall, 50 W. 13t" Street, on or before said time of public hearing. Copies of supporting documents for the public hearings are on file in the City Clerk's Office, and may be viewed during normal working hours. Any visual or hearing impaired persons needing special assistance or persons with special accessibility needs should contact the City Clerk's Office at (563) 589-4100 or TTY (563) 556-9948 at least 48 hours prior to the meeting. Dated this day of August 2021. Adrienne N. Breitfelder, City Clerk dofloop signature verification �� �� .c. r . . I �_ �a� 1� PURCIASE CONTRACT Page 1 of 4 Pages TFIIS IS A LEGAL 13INDI[VG DOCLIttiIE[ti'T. II' [VOT U[VDERSTOOD SEEPi LEGAL ADYTCE DATE OF OFFER08/03/2021 AGENCY RELATIONSHIP NOTIFICATION/CONFIRMATION 1. This document is prepared by: Ruhl & Ruhl Realtors Pamela Helmer AS AGENT FOR firm name/agent name 2. (Check one) ®Seller Exchtsively ®Buyer Exclusively ®Both Buyer and Seller (Dual Agency), 3. or 4. Buyer and Seller confirm that written disclosures of agency representation were provided to them, they understand 5. who is representing them and the disclosures were provided prior to signing this Offer For Reai Estate. 6. DOCUMENTS ATTACHED TO THIS PURCHASE CONTRACT 7. Dual Agency Consent Agreement 8. .Lead Base Paint Disclosure .Seller Disclosure of Property Condition 9. ®Inspection Addendum Sale Contingency 10. Addendum to Purchase Rental Addendum 11. ®IL Radon Disclosure Other Documents/Attachments/Legal Description:_ 12."AS I5" Addendum 13. OFFER TO: (herein designated as SELLER) Seller Names 14, The undersignedTorrent Property Management LLC (herein designated as BUYER) Buyer names 15. Hereby propose to purchase your property known as: 654 Clarke Drive Dubuc{ue Address Ciry 16. IA 52001 Parcel #(s) State ZIP 17. and agrees to pay you the sum of:Thirty Five Thousand and Two Hundred and Fift Dollars 1.8. $35,250.00 as follows: $2,500 earnest money to be held in tntst by (select one) � Listing Broker, 19. or, � other------------------------------------------------------------------------------------------------------------------ .Earnest money shall be 20. increased to $:----------------- within-----------_ days of acceptance and again held in tntst as previously agreed. In the event of 21. satisfaction of both Buyer and Seller contingencies herein, the earnest money deposits and balance of the purchase price shall be 22. delivered to Seller at settlement. In the event either Buyer or Sellers' contingencies or obligations herein are not satisfied, the 23. earnest money shall be distributed in accordance with the paragraph entitled "Remedies of the Parties". 24. ALL USUAL COSTS INCURRED IN SECURING SUCH MORTGAGE SHALL BE PAID BY THE BUYER EXCEPT: SELLER TO PAY UP TO 25. $------------ TOWARD BUYERS CLOSING COSTS AND PREPAID [TENTS. 26. OTHER TERiVIS/CONTINGENCIES-----------______________________________________ 27. The Purchase Price is be paid as follows: (Cheek the Appropriate Box(s)) 28. ®CASH to be paid on settlement date. This offer is not contingent upon Buyer obtaining financing. Seller has 29. right to receive immediate verification of fluids. ❑Seller ❑ Buyer is responsible for settlement fee. 30. Terms as follows: 31. ®FINANCING This contract is contingent upon the Buyer obtaining a written commitment for financing with 32. terms as provided in lines 39-41 of this contract. 33. ®Conventional Conventional Insured 34, FHA VA 35. ®Land Contract(terms as follows) 36, ®OTHER Commercial loan 37. If Buyer provides written proof Buyer is unable to obtain financing, this contract is terminated and earnest 38. money returned. 39. DO`VNPAYNIENT 20 (%) percent (or) $:--------------- INTEREST RATE not to exceetl:4 %per annum 40. TEltivt OF MORTGAGE/LOAN 15 years. DATE FOR FINANCING CONTINGENCY RELEASE: pg/24/2021 Or 41. `Vithin-------- days after--------------------------------------------------------------------------------------- 42. If Buyer does not make timely delivery of sa[d contingency release, then Seller may terminate this offer by written 43. notice to Buyer. 44. PRE -APPROVAL LETTER (checl: one) attached delivered by �] Other BUYER IMTIAL o _i INITIAL oa � SELLER INITIAL INITIAL ha4 PM Di 4: hPM DT dodoop verified dodoop verified dotloop signature verification. �- � .>. , . Page 2 of 4 Pages PROPERTY654 Clarice Drive, Dubuque, IA 52001 Address City State ZIP 45. Broker may continue to offer and show the property for sale and Seller may accept baclatp offers until settlement. 46. SETTLEIVIENT. Settlement shall occur and legal possession shall be given on or before Date: 09/17/2021 Or, 47. Within --- days after the---------------------------------------------------------------------------------------------------� 48. OCCUPANCY. Occupancy shall be given to Bttyer (choose one) ®at settlement, or ®Date: 49. THIS AGREEMENT IS ALSO SUBJECT TO THE FOLLOWING TERMS AND CONDITIONS: 50. TRUST PAYlYIENTS. It is agreed that at time of settlement, fiords, up to the purchase price, received from the 51. Bttyer and/or Buyer's lender• may be used to pay taxes, other• liens and expenses associated with this 52, transaction, same to be handled under the supervision of the Listing Broker so as to produce marketable title. 53. Seller hereby appoints the Listing Broker, escrow company or lender to receive such fiords and make such 54, payments and disbursements. 55. REAL ESTATE TAXES, SPECIAL ASSESSMENTS, AND CIIARGES 56. Unless otherwise agreed to in writing, all Real Estate taxes due and payable prior to and including the settlement date will 57, be paid by the Seller. Any taxes that cannot be paid to the Treasurer at the time of settlement will be pro -rated between the 58. Seller and the Buyer. Any such pro -rates will be based on current millage rates, current roll backs, and current assessed 59, values as certified by the appropriate taxing authority. All Real Estate Taxes due and payable after the settlement date will 60. be paid by the Buyer. All special assessments that constitute a lien at the time of settlement of this offer are to be paid 61. by Seller. All charges for solid waste removal, utilities, and assessments for maintenance attributable to Seller's 62. possession are to be paid by Seller. All liens caused by Sellers) ownership, such as mechanics liens, mowing, snow 63. removal, etc. are to be paid by Seller. All subsequent taxes and special assessments are to be paid by Buyer. Interest, rents, 64. homeowners' association dues and assessments, unused fitels, and other appropriate charges shall be prorated as of 65. the date of settlement. Accreted income and expenses, including taxes for the day of closing, shall accrue to the 66. Seller. 67. INSURANCE. Seller shall bear the risk of loss or damage to property prior to settlement or possession, whichever 68. first occurs. Seller agrees to maintain existing insurance, and Buyer may purchase additional insurance. In the 69. event of damage to the property prior to settlement in an amount of not more than 5 percent of the selling price 70. Seller will be obligated to repair the property and restore it to the same condition that it was on the date of this 71. offer. If the damage should exceed this amount, Seller shall promptly notify Buyer in writing of the damage and 72. this contract may be terminated at the option of the Buyer and earnest money returned . 73. Should the Bttyer elect to complete the transaction despite such damage, Buyer will be entitled to the insurance proceeds relating 74, to the damage, plus a credit towards the purchase price equal to the amount of the Seller's deductible on such policy. However, if 75. the sale is financed by a land conh•act or a mortgage to Seller, the insurance proceeds shall be held in bust For the sole purpose of 76. restoring the property. 77. INCLUDED PROPERTY (if any). All property that integrally belongs to, are specifically adapted to, or is part 78. of the real estate (except rental items), whether attached or detached, such as but not limited to, wall to wall 79. carpeting and vinyl, light flxhtres and bulbs, ceiling fan(s), batlrr•oom mirrors, shades, rods, blinds, awnings, 80. shutters, storm windows, storm doors, screens, plumbing fixtures, automatic heating equipment, air conditioning 81, equipment (except window), door chimes, alarm devices, built-in items and electrical service cable/fencing, garage 82. door opener and control(s), other attached fixtures, radio and/or attached TV antenna/dish and complete TV mounting brackets, 83, fencing, trees, bushes, sluubs, plants, garden bulbs, water heaters and softeners, sump pumps, attached or fitted floor 84, coverings, installed security systems, central vacuum systems and accessories, in -ground lawn sprinkler systems and 85. component parts, built in appliances, fences, fireplace screen, fire grate and attached equipment, appurtenant 86. stntctttres or equipment, storage buildings, astral water membership shall be cousideced a part of real estate and 87. included in this sale. OTHER INCLUDED ITEMS: 88. 89. 90. EXCLUDED'PROPERTY AND RENTALITENIS (i:e. `eater -softener, LP or other• gas ink):` 91. BUYER INITIAL o 1 INITIAL os _i SELLER INITIAL INITIAL 4;td PM CDT J:14 PM CDT dodaop verified dotloop verified dotloop signature verification: r .. , , , Page 3 of � Pages PROPERTY 654 Clarke Drive, Dubuctue, IA 52001 Address City State 92. DUTIES OF PARTIES: 93. Seller and Buyer acknowledge and agree that REACTOR®/Broker(s), its affiliated licensees and employees: 94. must respond to all questions of the parties; however they are not required to discover hidden defects or give 95, advice on matters outside the scope of their real estate license; make no (and Seller and Buyer are not relying 96, upon) representations or warranties as to the physical or mechanical condition of the property, its size, value, 97. firture value, income potential, whether the basement is waterproof, etc.; are not qualified to advise on questions 98. concerning the condition of the property, the legal sufficiency, legal effect or tax consequences of this document 99, or transaction. I'or such matters, Seller and Buyer are advised to consult the appropriate professional(s). 100.Seller and Buyer acknowledge that the Seller of real property has a legal duty to disclose in good faith material 101.adverse facts and material defects of which Seller has achral knowledge and which a reasonable inspection by 102.Buyer would not reveal. Buyer has the right to obtain inspections, survey and measurements at Buyer's 103.espense. Buyer is advised to request that special provisions be written into this contract prior to signing, to cover 104.any and all conditions which Buyer might consider to be questionable or problematical (whether such be lOS.inspection for ternlites, drainage, water and soil conditions, adequacy of stnicture or any components, zoning, 106.bottndaries, utility connections, or any other matters). Professionals are available within the community to consult regarding 107.these and many other issues relating to your transaction and. you are encouraged to consult with such professionals on an 108.as needed basis. By acceptance of the Offer, the Seller warrants and represents: That Seller has disclosed notice or lrnowledge 109.of any planned public improvement which may result in special assessments or other liens, that no government agency has 110.served any notice requiring repair, alterations or corrections of any existing conditions not previously disclosed. This 111.representation of Seller shall survive the settlement of this transaction. 112 JOINT TENANCY It`t PROCEEDS AND IN SECURITY RIGHTS IN REAL ESTATE. If Seller, 113.immediately pt•eceding this offer, holds title to the property in joint tenancy, and such joint tenancy is not later 1l�l.destroyed by operation of law or by acts of Seiler, then the proceeds of this sale, and any continuing and/or 115.recaphu•ed rights of Seller in real estate shall be and continue in Seller as joint tenants with rights of survivorship 116.and not as tenants in common; and Buyer in the event of the death of either Seller agree to pay any balance of the 117.proceeds of this sale to the surviving Seller and to accept deed fiom such surviving Seller, 118.CONDITION OF PROPERTY. Seller agrees to remove all debris and all personal property not included herein from the 119.property by possession date unless there is a prior written agreement by the parties. The property shall be delivered to 120.Buyer on the date stipulated above swept and vacuumed and ready for occupancy. At a reasonable time before settlement 121.as pre -approved by the Seller or Seller's agent, the Buyer shall have the right to inspect the property to determine that there 122.has been no significant change in the condition of the property, except for ordinary wear and tear and changes approved by 123.the Buyer, and any defects Seller has elected to cure have been repaired in a good workman like manner. 124.SURVEY. Buyer may, prior to settlement, have the property surveyed at Buyer's expense. If Buyers elects to 125.have the property surveyed, Buyer will have the survey completed within days of acre tance. �t IK��t � (7) �«t�ys prier-t�tl�o --�� I36:sehec���'���*a��. If the survey, certified by a Registered Land Surveyor, shows any encroaclunent on 127.properry, or if any improvements located on the subject property encroach on lands of others, such encroachments 128.shall be treated as a title defect. 129.REMEDIES OF THE PARTIES - TORI'EITURE - I+'ORE+ CLOSURE 130.If Seller fails to fitlfill this agreement, Buyer has the right to terminate the contract and earnest money shall be rehtmed to 131.the Buyer. 132.If Buyer fails to fulfill this agreement, Seller has the right to terminate the contract, all payments by Buyer may be forfeited and 133xetained by Seller as provided in the Laws of the state in which the property is located, In addition to the foregoing remedies, 134.Buyer and Seller each shall be entitled to any and all other remedies, or action at law or in equity, including foreclosure and 135.the party at fault shall pay costs and attorney fees, and a receiver may be appointed. 136. ABSTRACT AND TITLE. Seller shall furnish Buyer an abstract of title, or policy of title insurance, in 137.conformity with this agreement and land title law of the State, If abstract does not show good merchantable 138.title to said property, free and clear of all liens and encumbrances, not expressly waived or assumed by the Buyer, 139.Seller shall correct defects in title before settlement is made. Ntunicipal building codes and zoning ordinance or 140.mineral reservations and public easements shall. not be construed as title encumbrances. Seller shall pay costs of 141.adclitional abstracting and/or title work due to act or omission of Seller, including transfers by death of Seller 142.or assigns. Marketable title to be established by the existing laud law and title standard of the state in which 143.the property is located. BUYER INITIAL o _1 INITIAL oa _1 SELLER INITIAL INITIAL 4;14 PM CDT 4;14 PM CDT dotloop veriFled dotloop verified dotloop signature verif(cation r ,. Page 4 of 4 Pages PROPERTY654 Clarke Drive, Dubuque, IA 52001 Address Clty State ZIP 144.COURT APPROVAL. If the property is an asset of any estate, trust, conservatorship, or receivership, this 145.contract shall be subject to Court approval, unless declared unnecessary by Buyer. If necessary, the appropriate 146.fiduciary shall proceed promptly and diligently to bring the matter on for hearing For Court approval. In this event 147.a Court Officer's Deed shall be used. 148.DEED. Upon payment of purchase price, Seller shall convey title by warranty deed or other instrument that is 149.required by Buyer's attorney. 150.GENERAL PROVISIONS. In the performance of each part of this agreement, time shall be of the essence. This 151.agreetnent shall be binding on and inure to the benefit of the heirs, executors, administrators, assigns and 152.successors in interest of the respective parties. This agreement shall survive the settlement. Paragraph headings 153.are for the convenience of reference and shall not limit nor affect the meaning of this agreement. Words and 154.phrases herein, including any acknowledgement hereof, shall be construed as in the singular or phtral number, and 155.as masculine, feminine or neuter gender, according to the context. 156.NOTICE. Any notice required under this Agreement shall be deemed delivered when it is received or provided 157.either by hand delivery, facsimile, electronic communication or certified mail. Persons designated for receipt or to 158.give any notice shall be Sellers) and Buyers) at the addresses set forth below or their Broker or Agent. 159.Electronic or facsimile transmission sent to the other party or to the appropriate Broker, followed by electronic or 160.faxed aclaiowledgement ofreceipt, shall constitute delivery of signed document. 161.ENTIRE AGREEMENT. This document and attachments contains the entire agreement of the parties and supersedes all 162.prior offers with respect to the property. This Offer maybe modified only by a written agreement signed and dated by 163.both parties. This Offer for Real Estate shall not be assigned by Buyer without the written consent of Seller. 164.1�IEDIATION. In the event of a dispute, Buyer and Seller agree to consider mediation as an alternative to 165.initiating legal action. The mediation will be conducted in accordance with the rules and procedures of a mutttal(y 166.agreed mediation service. Even when utilizing mediation, parties may still seek legal remedies. 167.ACCEPTANCE. When accepted, this offer shall become a binding contract for the sale and purchase of the 168.above described property and the professional service feels) shall be due to the Agents) in accordance with the 169.Exclusive Listing Agreement, Buyer Agency Agreement or other written commission agreement, between either 170.party or their Agent(s). This Offer shall not negate or change any of the conditions or terms of said Agreement(s), 171.which, by this reference shall remain in fitll force and effect through the settlement.. 172_If this offer is not accepted by Seller on or before4:00 a.m, or p.m. Date:08/06/2021 the offer shall 173.become null and void and earnest money returned to Buyer without liability on the part of said Agents) to either 174.party. 1.75.This offer was presented to Seller by at a.m, or p.m. Date: 176.The foregoing. offer is_(check onn� ®ACCEPTED RF�ECTED COUNTERED (Buyer's Signature) DATE: 's Signature) DATE Matthew J. Flood, Manager/IyIember City of Dubuque (Buyer's Signature) DATE: (Seller's Signature) � Dr\TE Pauline D Flood, Member (Print name here) (Print came here) Address I'KONI Address Pt[(�NE City Slate ZIP City State "LIP E-mail FAX E-mail FAY Pamela Helmer Ruhl & Ruhl REACTORS -Dubuque Angela Mozena (Buyer's Agent) Office (Seller's agent) Office Buyer Attorney Name:Nate Runde ECIAR 1 /18 C�Cbpyright 2018 East Central Iowa NCultiple Listing Service For Nletnber Use Only dotloop signature verification: ;� ,, ' ECIAR % INSPECTION ADDENDUM Page 1 of 3 Pages RE: PURCHASE CONTRACT, dated08/03/2021 by and between the undersigned Buyer and Seller concerning the real estate com►nonly known as: 654 Clarke Drive, Dubullue, IA 52001 Street C►ty State ZIP THIS SECTION 1VIUST BE READ, UNDERSTOOD AND INITIALED These Inspections only cover conditions of the property not previously disclosed. They are not to be construed as inspections to bring an older home into compliance with current local building codes. They are only intended to discover any major structural, mechanical, safety and health related issues and defects. Notwithstanding the foregoing, Buyer and Seller agree that if the inspection report describes a condition of the property as one tivhich can be remedied by routine maintenance or normal servicing, such condition shall not constitute grounds for termination of the Purchase Contract. Additionally, with respect to the items noted in said inspection reports to have reached or exceeded normal useful life, so long as such items are in working order, such conditions) shall. not be a basis for finding that said items are in a defective condition, and Seller shall not be required to repair or replace such items, and said conditions(s) shall not constitute grounds for termination of the Purchase Contract. If Buyer does not complete any of the inspections within the time frames agreed to, they are deemed to accept the property in "As Is" condition relative to that inspection. A copy of this inspection addendum may be provicded to any inspector prior to the start of any inspection. NOTE: Inspections required by FHA, VA oe° lender do not eliminate the need for other inspections. We the tndersigned have read and understand the information in the section above and agree by providing our initials. BUYER INITIAL OII/03/21 INITIAL 0A/03/21 SELLER INITIAL INITIAL 2:32 �M CST 2:07 �M CDi dotloop verified dotloop verired CHECK ONE 1. HOME INSPECTION a, [❑] With written acceptance of said Purchase Contract, Buyer shall have the right to conduct a home inspection, at the Buyer's expense by a qualified independent inspector, Or other specific inspection Inspection will be completed, report received and delivered to Seller along with the Response to Inspection Report. (CHOOSE ONE) 1. On or before 2. Within days after b. [�] Buyer has been afforded the opportunity to have a Home Inspection. However, Buyer hereby waives his/her right to to have a home inspection and relies upon his/her own determination as to the condition of said property. 2. RADON — (See IDPH pamphlet Iowa Radon Hotr►e-Buye►^s and SeClers Fact S/teet or visit www.epa.cov/radon) a. [❑] With written acceptance of said Purchase Contract, Buyer shall have the right to conduct a Radon Inspection at Buyer's expense, to be performed by a licensed Radon Inspector. Inspection will be completed, report received and delivered to Seller along with the Response to Inspection Report. (CHOOSE ONE) 1. On or before 2. Within days after b. [®] Buyer has been afforclecl the opporhulity to have a Radon Inspection. However, Buyer hereby waives his/her right to to have a radon inspection and relies upon his/her own detet7nination as Co the condition of said. property. dotloop signature verification: �- ... '- � INSPECTION ADDENDUM PAGE 2 ECIAR 7 Page 2 of 3 Pages PROPERTY ADDRESS_654 Clarice Drive, Dubuctue, IA 52001 Street City State ZIP 3. WOOD DESTROYING PEST INSPECTION — `SLENDER MAY REQUIRE FOR FINANCING APPROVAL" a. [®] With written acceptance of said Purchase Contract, Buyer shall have the right to conduct a Wood Destroying Pest Inspection at Buyer's expense, to be performed by a qualified Pest Inspector. Inspection will be completed, report received and delivered to Seller along with the Response to Inspection Report. (CHOOSE ONE) 1. On or before 2. No later than days prior to closing b. [❑] Buyer is seeking a VA Loan. which requires that Seller conduct a wood destroying Pest inspection at Seller's expense to be performed by a qualified Pest Inspector. Inspection will be completed, report received and delivered to Buyer who will, if needed, prepare a Response to Inspections Report. (CHOOSE ONE) 1. On or before 2. No later than days prior to closing. a [®] Buyer has been afforded the opporhmity to have a Wood Destroying Pest Inspection. However, Buyer hereby waives his/her right to have a wood destroying pest inspection and relies upon his/her own determination as to the condition of said property, 4. WATER TEST (If Applicable) — �°LENDER MAY REQUIRE FOR FINANCING APPROVAL" a. [®] With written acceptance of said Purchase Contract, Buyer shall have the right to conduct a water test performed by a qualified third party at Buyer's expense. Water test to be completed, report received and delivered to Seller along with the Response to Inspection Report. (CHOOSE ONE) 1. On or before 2. No later than days prior to closing. b. [®] Buyer has been afforded the right to have a Water Test performed by a qualified third party. However, Buyer hereby waives his/her right to have a water test and relies upon his/her own determination as to the condition of said property. 5. SEPTIC INSPECTION (If Applicable) Iowa Code 455B.172 mandates the inspection of septic systems, unless exempt, prior to the transfer of property. The code applies to transfer of property which includes at least one but not more than four dwelling units. This property has a septic system and is not connected to a sanitary sewer system. a. [®] With written acceptance of said Purchase Contract, Buyer shall require the Seller to provide the results of a Septic System Inspection performed by a DNR Certified Inspector. (CHOOSE ONE) 1. By 2. No later than days prior to closing. b. [�] Septic System Inspection will be completed by a certified DNR septic system inspector at Buyer's Expense, report received and. delivered to Seller along with the Response to Inspection Report. (CHOOSE ONE) 1. By 2. No later than days prior to closing. c. [®] Buyer has been presented with satisfactory results of a Septic System Inspection conducted by a Certified Septic System Inspector within the appropriate two-year state mandated time frame. d. [❑] Illinois -Buyer has been afforded the right to have the septic system inspected by a qualified third party. However, Buyer hereby waives his/her right to have a septic system inspection and relies upon his/her own determination as to the condition oI'said property. e. [ ] N/A -property not served by septic system 6. LEAD -BASED PAINT (See EPA paanphlet Protest yotcr Family frorve dead in Your Hos�te) a. [®] This contract is contingent upon a risk assessment or inspection of the property for the presence of lead -based paint and/or paint hazards at the Buyer's expense with such inspection to be completed before 9:00 P.M. on the 1 Oth calendar day after acceptance of the Purchase Contract. This contingency will terminate at the above predetermined deadline unless the Buyer, or Buyer agent, delivers to the Seller (or Seller agent) a written contract addendum listing the specific existing deficiencies and corrections needed, together with a copy of the inspection and/or risk assessment report. The Seller may, at the Seller's option, within days after delivery of the addendum, elect in writing whether to correct the conditions) prior to settlement. If the Seller will correct the condition, the Seller• shall fiirnish the Buyer with certification from a risk assessor or inspector demonstrating that the condition has been remedied before the date of the settlement. If the Seller does not elect to make the repairs, or if the Seller makes acounter-offer, the Buyer shall have days after receipt to respond to the counter-offer or remove this contingency and take the property in "As -Is" condition or this contract shall become terminated. Intact Lead -based paint that is in good condition is not necessarily a hazard. BU�'ER INITIAL o8,0�- INITIAL_ 08,121 SELLER INITIAL INITIAL 2:32 PNI CDT 2:W �M CDi — dodoop verified dotloop verified dotloop signature verification: �� _ r; '; � INSPECTION ADDENDUM PAGE 3 ECIAR 7 Page 3 of 3 Pages PROPERTY ADDRESS654 Clarke Drive, Dubuque, IA 52001 Street City State ZIP LEAD BASED PAINT (CON'T) b. [®] Buyer has been afforded the opporttulity to have aLead-based Paint Inspection. However, Buyer hereby waives his/her right to have alead-based paint inspection and relies upon his/her own determination as to the condition of said property, 7. RIGHT TO CURE/REPAIR Seller has the right to cure/repair any defective condition discovered by inspections report except*: a. [❑] No exceptions apply, OR b. [❑] (fill in) - *If Buyer has excepted an area or system from the right to cure/repair a defective condition by checking box "b" above and if an inspection describes a defective condition in the excluded area or system, this purchase contract shall be terminated, unless otherwise mutually agreed by the parties in writing, In the event that option "a" above has been selected such that no exceptions apply, the existence of a defective condition shall not constitute grounds for termination of the Purchase Contract if the Seller agrees to cure and/or repair said condition. THIS SECTION MUST BE READ, UNDERSTOOD AND INITIALED 8. RENOVATION, REPAIR, OR REPLACEMENT In the event any of the above inspections reveal a defective condition not previously disclosed, Uuyer will deliver to seller Response to Inspections Report, together with a copy of the complete inspection report(s), outlining what procedure, the Buyer will require the Seller to complete in order to remedy defective condition(s). If Buyer fails to respond within the required time, they agree to accept the property in "AS IS" condition and forfeit any right to terminate the Purchase Contract based on the terms outlined in the Inspection Addendum. Seller agrees to respond to Bttyer on said Response to Inspection Report within0 calendar days after receiving the Inspection Report and_Response to Inspection Form IJCIAR-8 from Buyer. In the event Seller fails to respond as required then they agree to complete the above -mentioned procedures required by the Buyer and forfeit any right to terminate the Purchase Contract based on any terms outlined in the Inspection Addendum. BUYl;R INITIAL oe,�3,2, INITIAL 3,�2, SELLER INITIAL INITIAL 232 PM CDT 2:07 Pbl CDT dotloop verified dotloop verified Buyer and Seller hereby release Brokers and Salespersons from any liability relating to any defect or deficiency or inspection or disclosure affecting the property, said waiver shall survive the closing. The above shall be attached to and made ��t/aGB�LrTe��I+cPni dotloop verified OS/03/21 2:32 PM CDT FNEO-YQGL-MC4H-MGP7 dotloop verified OB/03/pi 2;07 PM CDT 3KOM-VWPU-E01 C-TZ'NP dotloop verified OS/03/21 2:03 PM CDT RB GO-JXIiJ-NPNP P-UVUB of said Purchase Contract ECIAR 7 1/20 ©Copyright 2020 East Central Iowa Multiple Listing Service For Member Use Only