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5500 S. 1st Avenue, LLC 12/23/2024
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10 Years Then Transfer to State Archivist
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5500 S. 1st Avenue, LLC 12/23/2024
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Last modified
12/26/2024 9:30:25 AM
Creation date
12/26/2024 9:29:41 AM
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Contracts
Contractor's Name
5500 S. 1st Avenue, LLC
Approval Date
12/23/2024
End Date
1/17/2025
Department
Facilities & Property Management
Department Project Manager
Darcie Byrd
Subject / Project Title
Purchase and Sale Agreement
Tracking Number
0004627
Total Compensation
$500,000.00
Contract Type
Real Property
Contract Subtype
Other Real Property
Retention Period
10 Years Then Transfer to State Archivist
Imported from EPIC
No
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8 <br />iii. a nonforeign affidavit pursuant to Section 1445 of the Internal <br />Revenue Code; and <br />iv. any other documents, instruments, records, correspondence and <br />agreements consistent with the terms of this Agreement as may <br />be required by Closing Agent or the Title Company to close this <br />transaction. <br />(d) Additional Instruments and Documentation . Seller and Buyer shall each <br />deposit any other instruments and documents that are reasonably required by Closing Agent or <br />otherwise required to close the escrow and consummate the purchase and sale of the Property <br />in accordance with this Agreement. <br />(e) Closing Costs. On closing, Seller shall pay real estate excise taxes; sales tax, <br />if any; half of the Closing Agent’s escrow fee; and shall pay the premium for a standard coverage <br />owner’s policy of title insurance. Buyer shall pay half Closing Agent’s escrow fee and shall also <br />pay the cost of the additional premium for an extended coverage title insurance policy (if <br />required by Buyer) and recording fee for the deed. Additionally, Seller shall pay applicable <br />prorated items as set forth in below. Buyer and Seller shall prepare a real estate excise tax <br />affidavit as required to close the sale. Each Party will pay for their own attorneys’ and <br />consultants’ fees. <br />(f) Prorations. All normal and customarily pro-ratable items, including <br />without limitation real estate and personal property taxes and utility bills, shall be prorated as of <br />the date of closing, on the basis of a 365-day year, with Seller being charged and credited for all <br />of same up to the closing date and Buyer being charged and credited for all of same on and after <br />such date. If the actual amounts to be prorated are not known as of the closing, the prorations <br />shall be made on the basis of the best evidence then available, and thereafter, when actual <br />figures are received, a cash settlement will be made between Seller and Buyer. The parties <br />acknowledge that Buyer is exempt from all taxes and special assessments of city, county, state <br />or any political subdivision thereof (“Taxes”) pursuant to RCW 35.82.210(1), therefore, Seller will <br />pay all Taxes, in each case, in connection with the Property and Seller may seek reimbursement <br />for any overpayment from the applicable taxing authority directly pursuant to RCW 84.60.050, <br />and Buyer shall not be obligated to pay any amounts related to any Taxes at Closing. <br />(g) Possession. Buyer shall be entitled to possession on closing. <br />(h) Certification of Warranties and Representations. By closing the purchase <br />of the Property, Buyer certifies and reaffirms that as of the Closing Date that all of Buyer’s <br />representations and warranties under this Agreement are true and correct. By closing the sale <br />of the Property, Seller certifies and reaffirms that as of the Closing Date that all of Seller’s <br />representations and warranties under this Agreement are true and correct. <br />(i) Escrow Instructions. Each of the Parties may provide Closing Agent with <br />additional closing instructions, provided that such instructions do not contradict the terms of this <br />Agreement. In absence of and/or in addition to any such instructions, the provisions of this <br />Agreement are intended by Seller and Buyer to constitute their joint closing instructions to <br />Closing Agent. Escrow instructions may be signed on behalf of Seller by Seller’s attorney or other
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