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Justin S Lee and Angela J Choi 4/23/2020
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Justin S Lee and Angela J Choi 4/23/2020
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Last modified
5/13/2020 12:27:09 PM
Creation date
5/13/2020 12:26:45 PM
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Contracts
Contractor's Name
Justin S Lee and Angela J Choi
Approval Date
4/23/2020
Council Approval Date
4/15/2020
Department
Facilities
Department Project Manager
Paul McKee
Subject / Project Title
Sale of 1409 E Marine View Drive
Tracking Number
0002307
Total Compensation
$0.00
Contract Type
Real Property
Retention Period
10 Years Then Transfer to State Archivist
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Authentisign ID:D25BAD20-4B89-43DF-A6C8-A318D3577A86 <br /> to the use, maintenance, occupancy or operation of the Real Property, reports and <br /> studies, including but not limited to physical and engineering inspections, soil studies, <br /> utility and zoning studies, traffic studies, environmental assessment reports, <br /> government correspondence, orders or data relating to any hazardous materials on the <br /> Real Property and any other documented information relating exclusively to the Real <br /> Property. <br /> The Real Property, the tangible personal property, and the intangible personal property <br /> are collectively referred to in this Agreement as the "Property." <br /> 2. Purchase Price. The total purchase price (the "Purchase Price") for the <br /> Property shall be $135,000.. The Purchase Price, less the credit for the Deposit paid <br /> under Section 3, shall be paid to Seller in cash through escrow upon Closing. Payment <br /> in cash means payment by wire transfer of immediately available funds <br /> 3. Deposit. Together with the full execution and delivery of this Agreement <br /> (the date that the later of Buyer and Seller execute this Agreement, the "Effective Date"), <br /> Buyer is depositing with Closing Agent (as defined in Section 7.1) cashier's check or wire <br /> transfer of immediately available funds in the amount of $10,000 as an earnest money <br /> deposit (the "Deposit"). The entire Deposit shall be non-refundable, except (A) in the <br /> event of a Seller default or(B) pursuant to Section 6 below. The Deposit shall be applied <br /> to the Purchase Price at closing. <br /> 4. Conveyance of Title/Recording of Easement. At closing, Seller shall <br /> convey to Buyer fee simple title to the Real Property by duly executed and acknowledged <br /> bargain and sale deed (the "Deed"), subject to those exceptions defined as "Permitted <br /> Exceptions" pursuant to Section 5 below. The Easement (defined below and the form of <br /> which is attached hereto as Exhibit C) will be recorded immediately after the Deed is <br /> recorded, without any intervening document. <br /> 5. Title Insurance. <br /> 5.1 Preliminary Commitment. Buyer has been provided and reviewed <br /> to its satisfaction an ALTA Commitment for Title Insurance issued by Commonwealth <br /> Land Title Insurance Company through its agent, Rainier Title LLC located at 2722 Colby <br /> Avenue, Suite 125, Everett, WA 98201 ("Title Company"). A copy of such preliminary <br /> commitment is attached to this Agreement as Exhibit B (the"Preliminary Commitment"). <br /> 5.2 Permitted Exceptions. Except for monetary encumbrances (see <br /> Section 5.3 below), Buyer hereby approves all those exceptions to title listed on the <br /> Preliminary Commitment. All such approved non-monetary exceptions are defined for <br /> this Agreement as "Permitted Exceptions." <br /> 5.3 Monetary Encumbrances. Seller hereby agrees to remove any <br /> exceptions to title arising out of financial or monetary encumbrances such as deeds of <br /> trust, liens,judgments, mortgages and past due taxes and assessments. <br /> 2 <br />
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