HomeMy WebLinkAboutDeed1`~ • •
WARRANTY DEED
FOR VALUE RECEIVED, GENE A. BABBITT and FREDA E. L. BABBITT,
husband and wife, the Grantors, do hereby grant, bargain, sell and convey unto MARTY
GOLDSMITH, whose current address is 4550 WP..St State Street, Boise, Idaho 83703, the
Grantee, the following described premises, designated as Tract 3, and situated in Ada County,
Idaho, to-wit:
A tract of land situated in the North Half of the Southwest Quarter of Section 20,
Township 3 North, Range 1 East, Boise Meridian, Ada County, Idaho, described
as follows:
Commencing at a found steel pin monumenting the Southwest Corner of said
Section 20, thence along the westerly line of said Section 20, North 00°44'37"
East a distance of 2654.76 feet to a found steel pin, said pin monumenting the
West Quarter Corner of said Section 20, thence leaving said westerly line along
the East-West Center of section line of said Section 20 North 89°55'21" East a
distance of 1940.58 feet to a point, said point being the POINT OF
BEGINNING.
Thence leaving said center of section line South 00~04~'39" East a distance of
295.00 feet to a point,
Thence North 89°55'21" East a distance of 79.41 feet to a point,
Thence South 00°23'35" West a distance of 110.00 feet to a point,
Thence South 49°58' 17" East a distance of 77.62 feet to a point,
Thence South 00°04'39" East a distance of 253.15 feet to a point,
Thence South 02°09'16" West a distance of 50.03 feet to a point,
', Thence South 00°04'39" East a distance of 130.00 feet to a point,
Thence North 89°56'58" West a distance of 560.00 feet to a point,
Thence North 00°04'39" West a distance of 99.93 feet to a point,
Thence along the arc of a circular curve concave southeasterly a distance of 47.19
feet, said curve having a radius of 30.00 feet, a central angle of 90°07'04", a
chord bearing North 44°59'08" East, a chord distance of 42.47 feet to a point,
Thence North 00°03'02" East a distance of 50.00 feet to a point,
WARRANTY DEED - 1
Thence South 89°41'15" West a distance of 28.23 feet to a point,
Thence North 00°04'39" West a distance of 252.08 feet to a point,
Thence North 35°18'08" East a distance of 61.32 feet to a point,
Thence North 00°04'39" West a distance of 110.00 feet to a point,
Thence North 89°55'21" East a distance of 72.00 feet to a point,
Thence North 00°04'39" West a distance of 295.00 feet to a point on the East-
West Center of section line of said Section 20,
Thence along said center of section line North 89°55'21" East a distance of
314.62 feet to the POINT OF BEGINNING.
The above described tract of land contains 9.42 acres more or less, subject to all
existing easements and rights-of--way.
TO -HAVE AND TO HOLD the said premises, with their appurtenances unto the
said Grantee, his heirs and assigns forever. And the said Grantors do hereby covenant to and
with the said Grantee, that they are the owners in fee simple of said premises; that said premises
are free from all encumbrances, and that they will warrant and defend the same from all lawful
claims whatsoever.
DATED thisd~~day of October, 1993.
~~ _ ~,,
GE A. BABBITT
FREDA E. L. BABBITT
WARRANTY DEED - 2
`Y , ~i,
,~
i
,. ,
STATE OF IDAHO
ss
County of Canyon )
On this ~ 9 ~ _ day of October, 1993, before me, the undersigned, a Notary
Public in and for said State, personally appeared GENE A. BABBITT and FREDA E. L.
BABBITT, husband and wife, known to me to be the persons who executed the within and
foregoing instrument, and acknowledged to me that they executed the same as their free and
voluntary act and deed for the uses and purposes therein set forth.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed by official
seal the day and year in this certificate first abov written. ~ ~(
r,.
~`'° :' Notary Public for I aho
(S~AL~~' n;~i- Residing at: ~1 ,Idaho
., a .~ ~.,
~..;
4, ~~
~, 1:`,
' I4 r'1
• 4y
9610663`t
~ 1r n ~~ {~ i~t~ i~~
„. U ri r l IJ _ 1-~ V
BUiSE IJ
I~rtR -r rr~~
WARRANTY DEED - 3
'96 DEC 3~ Fl~ 10 3S
o~
F E F _ ~_ ~~ a : f'
REC~~i?.')'"=':a ,i i =, _ ` t~U[ST OF
ESCROW AGREEMENT FOR THE SALE
OF REAL PROPERTY
THIS AGREEMENT, made and entered into this 27th day of
August, 1993, by and between GENE A. BABBITT and FREDA E. L.
BABBITT, husband and wife, of Meridian, Ada County, Idaho,
hereinafter referred to as "Seller", and SIERRA HOMES, INC., an
Idaho corporation, with its principal place of business in Boise,
Ada County, Idaho, hereinafter referred to as "Buyer."
W I T N E S S E T H•
Seller agrees to sell to Buyer on performance of all of
the agreements and covenants of Buyer at the time and in the manner
hereinafter specified, and convey or cause to be conveyed by the
legal owner or owners thereof by good and sufficient Warranty Deed,
free of all liens and encumbrances excepting any that may have
attached by reason of any act, deed or omission of said Buyer, and
excepting any lien to which this Agreement is expressly made
subject, the following described real property, commonly known as
the Babbitt Real Estate, located at 2570 South Locust Grove Road,
situated in the County of Ada, State of Idaho, and more
particularly described as follows, to-wit:
PARCEL A• ~
The North Half of the Northwest Quarter of the Southwest
Quarter and the North Half of the Northeast Quarter of
the Southwest Quarter, Section 20, Township 3 North,
Range 1 East of the Boise Meridian, EXCEPT the following-
described tract:
Beginning at the Northwest corner of the Southwest
Quarter of Section 20, Township 3 North, Range 1 East of
the Boise Meridian; thence East 16 rods; thence South 15
ESCROW AGREEMENT FOR THE SALE OF REAL PROPERTY - 1
rods; thence West 16 rods; thence North 15 rods to the
place of beginning.
Together with all water and water rights, ditches and
ditch rights used thereon or appurtenant thereto,
including but not limited to water and ditch rights under
the Nampa-Meridian Irrigation District; also rights to
waste water.
SUBJECT TO existing easements for roads, highways,
ditches, canals, laterals and power and transmission
lines.
PARCEL B•
Beginning at the Southwest 1/16 corner on the West side
of Section 20, Township 3 North, Range 1 East, Boise
Meridian, which 1/16 corner is North 1327.9 feet from the
Southwest corner of said Section 20; thence continuing
North 663.7 feet to a point; thence North 89°17' East
2, 267. 0 feet to the Real Point of Beginning; thence North
89°17' East 347.8 feet to a steel pin; thence South
39°36' West 174.2 feet to a steel pin; thence North
72°41-1/2' West 179.9 feet to a steel pin; thence North
40°22-1/2' West 100.1 .feet to the Real Point of
Beginning.
The above tract contains 0.641 acres.
PARCEL C•
Beginning at the Southwest 1/16 corner on the West side
of Section 20, Township 3 North, Range 1 East, Boise
Meridian, which 1/16 corner is North 1327.9 feet from the
Southwest corner of Section 20; thence continuing North
663.7 feet to a point; thence North 89°17' East 794.9
feet to the Real Point of Beginning; thence North 89°17'
East 1472.2 feet to a point; thence South 40°22'30" East
100.1 feet to a point; thence South 72°42'30" East 179.9
feet to a point; thence South 33 °56' 30" West 86.2 feet to
a point; thence South 89°17' West 1544.9 feet to a point;
thence North 29°46' West 232.9 feet to the Real .Point of
Beginning.
The above tract contains 7.206 acres.
SUBJECT TO a 50-foot permanent easement for ingress and
egress along the entire West side of the above-described
property, and together with a 50-foot permanent easement
for ingress and egress along the entire North side of the
following described two tracts:
ESCROW AGREEMENT FOR THE SALE OF REAL PROPERTY - 2
•
,~
IN ADA COUNTY, STATE OF IDAHO:
Beginning at the Southwest 1/16 corner on the West side
of Section 20, Township 3 North, Range 1 East, Boise
Meridian, which 1/16 corner is North 1327.9 feet from the
Southwest corner of said Section 20: thence continuing
North 663.7 feet to a point; thence North 89°17' East
242.8 feet to the Real Point of Beginning; thence North
89°17' East, 552.1 feet to a point; thence South 29°46'
East, 230.4 feet to a point; thence South 89°22' West,
666.55 feet to a point; thence North 200.3 feet to the
Real Point of Beginning.
The above described tract contains 2.810 acres.
IN ADA COUNTY, STATE OF IDAHO:
Beginning at the Southwest 1/16 corner on the West side
of Section 20, Township 3 North., Range 1 East, Boise
Meridian, which 1/16 corner is North 1327.9 feet from the
Southwest corner of said Section 20; thence continuing
North 463.7 feet along the West side of said Section 20
to a point; thence North 89°22' East 25.0 feet to a steel
pin, the Real Point of Beginning; thence North 89°22'
East 217.8 feet to a point; thence North 200.3 feet to a
point; thence South 89°22' West, 217.8 feet to a point;
thence South 200.0 feet to the Real Point of Beginning.
Containing 1 acre, more or less.
PARCEL D•
This parcel is a portion of the South Half of the North
Half of the Southwest Quarter of Section 20, Township 3
North, Range 1 East of the Boise Meridian and is more
particularly described as follows:
COMMENCING at the Southwest corner of said South Half of
the North Half of the Southwest Quarter; thence South
89°49'39" East along the South boundary of said South
Half of the North Half of the Southwest Quarter a
distance of 1272.85 feet; thence North 41°53'08" West a
distance of 263.20 feet; thence North 40°44'08" West a
distance of 140.40 feet; thence North 29°00'08" West a
distance of 183.80 feet; thence South 89°57'08" East
parallel with the North boundary of said South Half of
the North Half of the Southwest Quarter a distance of
114.38 feet to the TRUE POINT OF BEGINNING;
Thence continuing South 89°57'08" East parallel with said
North boundary a distance of .1430.52 feet; thence South
34°42'22" West a distance of 12.00 feet; thence South
39°11'22" West a distance of 8.41 feet; thence North
89°57'08" West parallel with said North boundary a
distance of 1409.28 feet; thence North 29°00'08" West a
ESCROW AGREEMENT FOR THE SALE OF REAL PROPERTY - 3
•
distance of 18.75 feet to the TRUE POINT OF BEGINNING.
This parcel contains 0.534 acres,, more or less.
Together with all water rights, ditch rights, rights of
way, tenements, hereditaments and appurtenances thereto
belonging or used in connection therewith.
EXCLUDING THEREFROM, the Babbitt. residence located
thereon and approximately one acre of ground, more
particularly described as follows, to-wit:
A portion of the North Half of the Southwest Quarter of
Section 20, Township 3 North, Range 1 East, Boise
Meridian, more particularly described as follows:
Beginning at the Southwest 1/16 corner of the West side
of Section 20, Township 3 North, Range 1 East, Boise
Meridian, which 1/16 corner is North 1327.9 feet from the
Southwest corner of said Section 20; thence continuing
North 663.7 feet along the West side of said Section 20
to a point; thence North 89°17' East 25.0 feet to a steel
pin, the REAL POINT OF BEGINNING; thence North 89°17'
East 217.8 feet to a point; thence North 200.0 feet to a
point; thence West 217.8 feet to a point; thence South
200.0 feet to the REAL POINT OF BEGINNING.
I. THE PROPERTY: The property consists of
approximately 50 acres, more or less, which property shall be
surveyed by a licensed engineer at Buyer's expense on or before
closing of this transaction as hereinafter defined. The licensed
engineer employed by the Buyer shall divide the above described
real property .into four parcels of nearly equal size, to be
designated as Tracts 1, 2, 3 and 4.
II. PURCHASE PRICE: Buyer agrees to buy the said above
described real property and to pay Seller therefor the sum of
FOURTEEN .THOUSAND DOLLARS ($14,000.00) per acre,. being
approximately $700,000.00, the exact amount of which is to be
determined upon the survey of the total acreage as agreed herein,
payable in lawful money of the United States, payable in the manner
ESCROW AGREEMENT FOR THE SALE OF REAL PROPERTY - 4
as follows, to-wit:
A. The sum of $2,500.00 in cash, receipt of which
is hereby acknowledged by Seller, to be paid, to Pioneer Title
Company of Ada County, Boise, Idaho, as escrow agent in the form of
earnest money deposit.
B. An additional sum of $47,500.00 in cash, shall
be deposited with the escrow holder on or before the date of
closing;
C. The balance of the purchase price shall be
divided into four equal annual installments, each equal to twenty-
five percent (25~) of the balance of the purchase price, with the
first of said annual installments to be paid on or before December
31, 1994, the second annual installment to be paid on or before
December 31, 1995, the third annual installment to be paid on or
before December 31, 1996, and the fourth and final annual
installment of the remaining balance due shall be paid on or before
December 31, 1997. All payments shall be credited first to accrued
interest and the balance to principal.
D. Said unpaid principal balance shall bear no
interest if all annual installments are timely paid. In the event
any annual installment is not timely paid, said annual installment
4
shall bear interest at the rate of ten percent (10%) per annum from
the date said annual installment is due until paid. The payment
thereof shall be applied first to interest and the balance to the
principal amount of said annual installment.
E. Buyer shall have the privilege of prepaying all
ESCROW AGREEMENT FOR THE SALE OF REAL PROPERTY - 5
or any portion of the remaining principal balance at any time.
IT IS FURTHER EXPRESSLY COVENANTED AND AGREED by and
between the parties hereto as follows:
1. POSSESSION: The Seller shall deliver and surrender
possession of the above described premises to the Buyer as each of
the said tracts, numbered 1, 2, 3 and 4, are paid for through
escrow. The Seller shall be entitled to continued possession of
said tracts of the property for the time period from the execution
hereof until those tracts are paid for and the warranty deed
covering said tract is delivered to Buyer. However, during said
time period, Buyer shall have the right to enter and go upon each
of said tracts for purposes of conducting, obtaining or preparing
soil and water tests, engineering studies, and such other studies
and tests as Buyer may reasonably determine to be appropriate,
using extreme care and caution not to disturb or cause damage to
any crops Seller may have growing upon said tracts of property.
Further, during said time period, Buyer shall be entitled to make
applications for such governmental permits, certificates and
licenses as may be required for Buyer's ultimate development of
each tract of the property.
2. ENGINEERING AND ZONING APPROVAL: Seller hereby
S
authorizes Buyer to enter upon the property for purposes of survey,
soil tests and other engineering studies as Buyer deems necessary
for Buyer's intended use of the property. Seller agrees to execute
zoning applications, or other zoning documents, as may be required
by Buyer, and agrees to cooperate with Buyer on all governmental
ESCROW AGREEMENT FOR THE SALE OF REAL PROPERTY - 6
applications contemplated herein and to be submitted by Buyer. All
costs of said tests, surveys, engineering, planning or zoning
documents shall be solely at the expense of and paid for by Buyer.
Buyer agrees to indemnify and save harmless Seller from any claims,
actions, suits or demands resulting from any actions of the Buyer.
Buyer will not allow any labor or material liens to be filed on the
property. Should Buyer default under the terms of this contract,
Buyer shall restore said property to its original condition, with
respect to soil tests or any other engineering studies done on the
property, and pay for any crop damage that may occur as a result
thereof.
3. WARRANTIES: Buyer has inspected the above described
real property and premises, and accepts the same in the condition
the same are now in. There are no verbal or implied promises,
agreements, stipulations, representations or warranties of any
character whatsoever, except those set forth in writing in this
Agreement, and Buyer in entering into this Agreement is relying
wholly upon Buyer's own inspection and judgment.
4. TAXES AND ASSESSMENTS: Taxes mean all general and
special taxes levied against the premises and the improvements and
fixtures thereon by an taxing unit for any purpose and includes but
4
is not limited to those for bonds and special improvements.
Seller agrees to pay all taxes, water assessments and all
other assessments of any type or kind upon the above described real
property for the year 1993 and all prior years; and the Buyer
agrees to pay all taxes, water assessments and all other
ESCROW AGREEMENT FOR THE SALE OF REAL PROPERTY - 7
assessments of any type or kind assessed on Tract No. 1 for the
year 1994 and all subsequent years, promptly and before the same
become delinquent. Buyer agrees to pay the taxes and assessments
on Tracts numbered 2, 3 and 4 for the years 1995, 1996 and 1997
respectively, unless those tracts are purchased sooner, in which
event the taxes will be prorated as of the date of the prepayment
and purchase of each of said tracts.
5. CONDITION OF TITLE TO PREMISES: The Seller warrants
that the Seller is vested with a merchantable, unencumbered, fee
simple title to the premises, subject only to taxes and
assessments, subject to easements and restrictions as appear of
record, and subject to the following:
All claims arising from the uncertainty in the
description of the premises because of reservations in patents or
state grants or in the laws authorizing the issuance thereof; the
bonded debt of all taxing units; all zoning requirements and
restrictions provided by any fire, building, plumbing, electrical
or other similar codes imposed by any governmental unit; and all
rights of way under, over and across the premises regardless of how
evidenced or acquired and whether the same appears of record or
not.
6. TITLE INSURANCE POLICY: The Seller shall as
hereinafter provided cause a title insurance policy to be issued
after the effective date hereof by Pioneer Title Company of Ada
County, Idaho, insuring the Buyer in the sum of the purchase price
of the premises against all losses which the Buyer might sustain by
ESCROW AGREEMENT FOR THE SALE OF REAL PROPERTY - 8
reason of defects in the Seller's title, subject only to those
exceptions usually printed in such policies and those exceptions
expressly set forth in the paragraph of this contract entitled
"Condition of title to premises."
7. ISSUANCE AND SERVICE OF PRELIMINARY REPORT: The
Seller shall, upon closing, cause a preliminary report on the title
insurance policy to be issued and shall serve the same on the Buyer
for examination within thirty (30) days after the date of closing.
8. EXAMINATION OF PRELIMINARY REPORT: Within ten (10)
days after service of such preliminary report, the Buyer shall
examine it and notify the Seller of each defect in the Seller's
title to the premises not herein expressly excepted. The Buyer
forever waives each defect not so noticed. The Seller shall within
a reasonable time correct each defect so noticed and not herein
expressly excepted.
9. ISSUANCE OF TITLE POLICY: When the time has expired
within which the Buyer may give notice of each such defect without
any such notice having been given as herein provided or when the
Seller has corrected each such defect so noticed as herein
provided, the Seller shall forthwith cause the the policy to be
issued according to such preliminary report and to be deposited
with the escrow holder and shall cause a true copy of the title
insurance policy to be served upon the Buyer as verification that
the title insurance policy has been issued in compliance with the
provisions of the contract.
10. WARRANTY DEED AND QUITCLAIM DEED: Seller agrees to
ESCROW AGREEMENT FOR THE SALE OF REAL PROPERTY - 9
execute and deliver in escrow at such time as the survey is
completed and the legal descriptions are available for Tracts 1, 2,
3 and 4, good and sufficient Warranty Deeds to said Tracts 1, 2, 3
and 4, conveying unto Buyer the said real property in conformity
with the provisions of this Agreement, which Warranty Deeds shall
be placed and held in escrow as hereinafter specified. Also, at
said time, Buyer shall execute .and cause to be deposited with the
escrow agent Quitclaim Deeds to said Tracts 1, 2, 3 and 4, from the
Buyer to Seller. If Buyer makes full payment, said Quitclaim Deeds
shall be delivered to Buyer. If Buyer defaults in this Escrow
Agreement as hereinafter set forth, said Quitclaim Deeds, or any
Quitclaim Deeds remaining in escrow, shall be delivered by the
escrow agent to the Seller herein.
11. TITLE RESERVED: Title to Tracts 1, 2, 3 and 4 is
hereby reserved in the Seller until the deferred portion of the
purchase price for each specific tract is paid in full.
12. PERSONAL PROPERTY: The sale and purchase of the
property herein does not include any of Seller's personal property,
and there is specifically excluded from this sale all such fencing
and irrigation equipment as the same now exists that Seller desires
to remove. Seller shall affect such removal on each respective
9
tract within one hundred twenty (120) days from the date of payment
of each respective tract.
13. ESCROW: The balance of the monies to be paid to
Seller under the terms of this Agreement shall be paid through the
office of Pioneer Title Company of Ada County, Idaho, 821 West
ESCROW AGREEMENT FOR THE SALE OF REAL PROPERTY - 10
•
State Street, Boise, Idaho, which said office is hereby designated
escrow agent under the terms of this Agreement. A copy of this
Agreement, the above described Warranty Deeds conveying the real
property to Buyer, the above described Quitclaim Deeds, and the
title insurance policy, when provided pursuant to this Agreement,
shall be placed in escrow with the said escrow agent., to be
delivered to Buyer as follows: When Buyer shall have paid to the
escrow agent the sum of twenty-five percent (25%) of the balance of
the purchase price, together with any accrued interest if
applicable, the warranty deed to Tract No. 1 shall be delivered to
Buyer by the escrow holder; when Buyer shall have paid to-the
escrow agent the sum of fifty percent (50~) of the balance of the
purchase price, together with any accrued interest if applicable,
the warranty deed to Tract No. 2 shall be delivered to Buyer by the
escrow holder; when Buyer shall have paid to the escrow agent the
sum of seventy-five percent (750) of the balance of the purchase
price, together with any accrued interest if applicable, the
warranty deed to Tract No. 3 shall be delivered to Buyer by the
escrow holder; when Buyer shall have paid to the escrow agent the
entire principal balance of the purchase price, together with any
accrued interest if applicable, the warranty deed to Tract No. 4
shall be delivered to Buyer by the escrow holder, and the said
escrow agent may thereupon close this escrow.
The initial escrow fee, all monthly and annual fees shall
be paid one-half by Seller and one-half by, Buyer.
ESCROW AGREEMENT FOR THE SALE OF REAL PROPERTY - 11
14. DEFAULT AND FORFEITURE: Time and the punctuality of
payments are of the essence and a material part of this Agreement.
In the event of a failure to comply with the terms hereof by Buyer,
the Seller shall be released from all obligations in law or in
equity to convey the said real property as herein set forth. If
Buyer shall fail to comply with the terms and conditions of this
Agreement, Seller shall give notice thereof to the escrow agent in
conformance with the escrow instructions attached hereto and
incorporated herein by this reference, and direct the escrow agent
to give notice to Buyer of such default in accordance with the
terms and provisions of the escrow instructions entered into
simultaneously with the execution of this Agreement. Said escrow
holder shall then give immediate notice by certified mail to Buyer
at the demised premises, or to such other address as furnished by
Buyer, advising said Buyer in what respect Buyer has failed to
comply with the terms and conditions of this Agreement. In the
event the said Buyer shall fail to comply with the terms of this
Agreement so specified within thirty (30) days after the giving of
such notice by certified mail from the escrow holder, then and in
that event, all payments previously made under the terms and
conditions of this Agreement by Buyer upon the premises shall be
1
forfeited to Seller and shall be considered as liquidated damages
and rentals for the use and occupation of said real property, and
not in any manner be considered as penalties, and all rights of
Buyer under this Agreement to the possession or ownership of said
real property shall terminate and be at an end, and said Buyer
ESCROW AGREEMENT FOR THE SALE OF REAL PROPERTY - 12
• •
shall surrender and vacate said real property upon demand by
Seller, and failing to do so, shall be deemed and considered an
unlawful detainer of said real property. The said .escrow holder
shall thereupon return to the Seller the said Warranty Deeds and
all other papers pertaining to this transaction held by it.
~~
~~. ' th
tha terms of this A_grg,Qmant w; thin ±~:~~~~.--{-3 Cam},--~.g-i- -~;m
~~~
notification of defa_ t a pr~~-- °r°i~-~a-a ~- -~ ~ }
e
r ma
Sel?
~ at Gal 1 pr ~
- S el ectl0n r7ac-1 ar }~
- -, -.+-_ _,_..,_- - ~;~
_
.
unpaid bal an c^a ^~ t~3is ~g~ee~~ #'--,1„A p:p.~-~&}~ ~~e €o~'~~~~7~tlZ,~d
-
x ~~ a ~
-€ ~
1-
- - " ~ f
~
~ ~ r.
~
-
r~c
.eye
Nom; f;..~~;
a
;ho demised p agree
~e
~• n ®~
remis.c3s er ~ ~e~
ega
~rree
,~n•,eT, i,la+~ t, fl-. ~-i ~~ ~1~~~ ~ 1
to oach other address a -~
ses
.
~
,
.° rlccmcrl r-mm~l
t
s €~Te~ to the
oc~-rnW h~yi no r h
zaid ~~
e~~~a~es
a hprA; n f~Y
~~~3
default on~
-o,,,o~; ac and r-
he part
*+^t as a~ ~
~
a vons~
:aive~ a e
~ --
de~e~-e~tio~.aa1
~e~red-mss--ti~a~-the
S~e
11°Y ^^„~ ~ „~-~°,-,,; °e >
~a=re at la~
a-e~~-i~-®
~i te ee€e~ce~
t
-
pEar~ar.~~n^~
_... ~o
~f tr,; ~ nn,- o
q
oomoni- ~,- } , e, „~.s,-
1 V V L T-
~
~ mane for breath
R'R'1..~~,
hereof. any
p~ovidect-i~p~-~ seller may
a~1T-th_-.r~am
` ~~ pursue any other remes~
ecl~es ak~evo Snares; f; c~-7 .,
~ ~' ~ . v n w or her~a.~~r
.,~- l-,c; r~rr cvr~l,•,•~l•=•e
15. ADVANCES: Seller may, without prior notice (but is
not obligated to), pay any taxes, water .charges, insurance
premiums, liens and payments on liens or contracts, which the Buyer
is herein obligated to, but fails to pay when due. The amounts so
ESCROW AGREEMENT FOR THE SALE OF REAL PROPERTY - 13
i •
paid by the Seller shall be immediately due, and shall bear
interest at ten percent (10$) per annum until paid, and shall be
deemed secured by this contract. By paying such items, the Seller
does not waive the Buyer's default for failure to pay the same, and
may thereupon cause a notice of default to be given to the Buyer as
herein provided. The Buyer may, without prior notice (but is not
obligated to), pay any obligations for which Seller is responsible
hereunder, but fails to pay when due. The amounts so paid by Buyer
shall constitute an offset against the purchase price due to Seller
by Buyer hereunder.
16. INDEMNITY: Buyer hereby agrees to assume all risk
and indemnify and hold Seller harmless from any and all
responsibility or liability for any and all causes of action,
claims, accidents, injury or damage to any person or property
arising by reason of the use or occupancy of the premises by
Buyer or by an agent, invitee, licensee, or tenant of Buyer. Buyer
agrees to carry insurance covering liability for any such claims.
17. SELLER'S DEFAULT: The Buyer may without prior
notice to the Seller pay any sum which the Seller is herein
obligated to but fails to pay when due and each such payment when
so paid by the Buyer shall be secured by the Seller's interest in
4
this contract and shall be immediately repaid to the Buyer by the
Seller who shall remain in default until each such sum is repaid
with interest while not repaid at the maximum percent per annum
permitted by law or at the rate of ten percent (l0~) per annum,
whichever is less. The foregoing shall in no way limit the
ESCROW AGREEMENT FOR THE SALE OF REAL PROPERTY - 14
•
following. If the Seller defaults in performing any of the
provisions of this contract to be performed by the Seller, the
Buyer shall notify the Seller thereof specifying each such default.
If the Seller fails to correct each such specified default within
thirty (30) days after service of such notice, the Buyer may
without further notice immediately:
(a) Correct each such specified default and deliver
the receipts evidencing payment of the cost thereof to the escrow
holder which amount shall be credited by the escrow holder on the
next payment or payments coming due on the deferred portion of the
purchase price; or
(b) Pursue any other remedy now or hereafter
provided by law, no remedy above specified being exclusive.
18 . ATTORNEY FEES : In the event an action is brought to
enforce any of the terms or provisions of this Agreement, or
enforce forfeiture thereof for default thereof by either of the
parties hereto, the successful party to such action or collection
shall be entitled to recover from the losing party a reasonable
attorney's fee, together with such other costs as may be authorized
by law. In addition, Buyer agrees to pay all costs and reasonable
attorney's fee for each notice of default which Seller causes to be
served upon Buyer for Buyer's failure to pay the installment
payments under this Agreement when due, or for any other default of
Buyer under this Agreement, and the said costs and attorney's fees
thereof shall be paid by Buyer to the escrow holder in addition to
all other payments due in order to cure a default in payments, and
ESCROW AGREEMENT FOR THE SALE OF REAL PROPERTY - 15
•
failure to pay said costs and attorney's fees shall be a material
and substantial breach of this Agreement.
19. REPRESENTATION OF ATTORNEY: The parties hereby
acknowledge that they have been advised by Wm. J. Brauner, of the
law firm of Wm. J. Brauner, P.A., concerning the possibility of
conflicts of interest arising when one lawyer represents both sides
of a sale transaction; that a lawyer can have only one master and
if he represents two clients, having opposing interests, a conflict
of interest may arise and it may then be desirable for each of the
parties to have their own independent legal counsel. It was
explained that this law firm represents the interests of Seller in
this matter, and therefore cannot represent the interests of the
Buyer and as a result of this situation, Seller is required to pay
said firm for legal services and no part of such fees can be paid
to the firm by the Buyer.
a. The parties further acknowledge that they have
agreed between themselves that the Buyer will reimburse the Seller
for the fees ,and expenses to paid by the Seller for having the
contract and related documents prepared and placed in escrow
excepting, however, the costs of title insurance and any expenses
incurred in perfecting marketable title.
b. In the event future conflict shall arise between them
involving litigation by reason of this sale, Wm. J. Brauner of the
law firm of Wm. J. Brauner, P.A., can only represent the interests
of the Seller and cannot in any way represent the interests of the
Buyer. The Buyer acknowledges that Buyer has the privilege of
ESCROW AGREEMENT FOR THE SALE OF REAL PROPERTY - 16
consulting independent legal counsel at any phase of this
transaction, and has consulted with Brian McColl of Boise, Idaho.
20. ASSIGNMENT OR TRANSFER PERMITTED: The interest of
the Seller and the Buyer in this Agreement and in the premises
under this Agreement shall be freely assignable or transferable but
no such assignment or transfer shall diminish or extinguish the
liabilities hereunder of any of the parties hereto. It is
specifically understood and agreed to by the parties hereto that
Buyer intends, contemporaneously with the execution of this
Agreement or as soon thereafter as is practical, to assign to Marty
Goldsmith all of Buyer's right, title and interest in and to this
Agreement in the form and manner of the Assignment set forth in
Exhibit "A", a copy of which is attached hereto and by this
reference incorporated herein, which assignment Seller hereby
consents to, and by signing this contract, Marty Goldsmith assumes
and acknowledges the obligations of this agreement.
21. RECORDING MEMORANDUM OF CONTRACT PERMITTED: The
parties hereto have simultaneously with the signing of this
contract signed an instrument entitled "Memorandum of Contract of
Sale for Recording" and the Buyer shall have the right at the
expense of the Buyer to record or file such memorandum in the
F
office of the recorder of the County in which the premises are
situated and in any other public office which the Buyer deems
advisable.
22. NOT RECORDED: This Agreement shall not be recorded
in the records of Ada County without the prior joint written
ESCROW AGREEMENT FOR THE SALE OF REAL PROPERTY - 17
• •
consent of the parties.
23. BROKER'S COMMISSION: Seller acknowledges that ReMax
Realty of Boise, Ada County, Idaho, has been instrumental in this
transaction on behalf of Seller, has been representing Seller and
will be paid a brokerage fee by Seller. Seller agrees to pay said
commission in installments of 'twenty-five percent of said
commission as each annual installment is received from Buyer.
Seller represents that Seller has not executed or entered into any
contract of employment or "listing agreement" with regard to the
sale or possible sale of the property hcrein with anyone other than
ReMax Realty.
24. ALL MODIFICATIONS TO BE WRITTEN: No modification of
this Agreement nor any waiver of a provision thereof shall be of
any force or effect unless the same is in writing and signed by the
parties hereto.
25. IMPUTED INTEREST: In the event that the Internal
Revenue Service imputes interest to Seller because of the way this
installment contract has been agreed upon, the Buyer agrees to
reimburse Seller for any income tax so assessed to Seller on said
interest only by either the Internal Revenue Service or Idaho State
Tax Commission. The reimbursement shall be made within sixty (60)
days after notice from Seller to Buyer of the imputed interest tax.
26. FINAL AGREEMENT: All contracts and agreements
heretofore made by the parties hereto or their agents pertaining to
the sale and purchase of the premises are merged into and
superseded by this Agreement which constitutes the sole and the
ESCROW AGREEMENT FOR THE SALE OF REAL PROPERTY - 18
•
entire Agreement thereon between the parties hereto.
27. INTERPRETATION: The paragraph headings used herein
are for convenience only, are not a part of this contract and are
not to be used in construing it. This contract will be executed in
several counterparts, each of which shall be deemed an original.
Singular terms used herein shall be read as if written in the
plural when the context so requires or permits.
28. BINDING EFFECT: The provisions and stipulations of
this Agreement shall insure to and bind the heirs, executors and
administrators, assigns and successors in interest of the parties
hereto.
IN WITNESS WHEREOF, the parties have hereunto set their
hands the day and year first above written.
GE A. BABBITT
O~ -.
REDA E. L. BABBITT
SEI,I~t
ATTEST:
By--~~ S
J Secretary
(CORPORATE SEAL)
1
SIERRA HOMES, INC.
By
President
BUYER
ESCROW AGREEMENT FOR THE SALE OF REAL PROPERTY - 19
•
CONSENT OF ASSIGNEE
The undersigned, MARTY GOLDSMITH, does hereby acknowledge
that he has read the above and foregoing contract, and accepts the
assignment thereof and agrees to perform the contract according to
its terms.
DATED this 27th day of August, 1993.
MART GOLDSM TH
STATE OF IDAHO )
~ ) ss
County of E~~ )
On this 27th day of August, 1993, before me, the
undersigned, a Notary Public in and for said State, personally
appeared GENE A. BABBITT and FREDA E. L. BABBITT, husband and wife,
known to me to be the persons whose names are subscribed to the
foregoing instrument and acknowledged to me that they executed the
same.
IN WITNESS WHEREOF, I have hereunto set my hand and
affixed my official seal the day and year in this certificate first
above written.
~~ ~~~! T• e~~,,~ Notary ublic for Idaho
(SEAL) ~`OQ•q'••.~• 9=I Residing at: ~ , Idaho.
• • 2 L : N
•
• ~ ~ :o
.,, ~r.., e,~ ...
ESCROW AGREEMENT FOR THE SALE OF REAL PROPERTY - 20
• •
STATE OF IDAHO )
ss
County of ~~n )
On this 27th day of August, 1993, before e a Not~}r
Public in and for said State, personally appeared L~~ T ~6 yJ~'•~
and ~d~ly ~~~ _, known to me to
be the president and secretary, respectively, of SIERRA HOMES,
INC., an Idaho corporation, that they executed the within and
foregoing instrument on behalf of said corporation, and
acknowledged to me that the said instrument is the free and
voluntary act and deed of said corporation, and acknowledged to me
that such corporation executed the same.
IN WITNESS WHEREOF, I have hereunto set my hand and
affixed my official seal the day and year in this certificate first
above written.
No ary Public for Idaho
(SEAL) Residing at: ^~'r, Idaho.
~: ~-Z3-q~ ~
STATE OF IDAHO )
Act- ) s s
County of ~°anyorr )
On this 27th day of August, 1993, before me, the
undersigned, a Notary Public in and for said State, personally
appeared MARTY GOLDSMITH, known to me to be the person whose name
is subscribed to the foregoing instrument and acknowledged to me
that he executed the same.
IN WITNESS WHEREOF, I have hereunto set my hand and
affixed my official seal the day and year in this certificate first
above written.
~ ~~ ~ ~
Notary Public f~
(SEAj,) t Residing at: , Idaho.
ESCROW AGREEMENT FOR THE SALE OF REAL PROPERTY - 21
ASSIGNMENT AND ASSUMPTION AGREEMENT
ASSIGNOR: Sierra Homes, Inc., an Idaho corporation
ASSIGNEE: Marty Goldsmith
DATE: •~~t 27 1993
1. Assic,~nment. Assignor does hereby sell, transfer, set over and assign .
to Assignee all of Assignor's right, title and interest in and to that certain Real Estate
Purchase Contract dated August 27 1993 assigning and conveying as well to
Assignee all of Assignor's right, title and interest in and to the real property
described in said contract.
2. Assumption. Assignee does hereby assume and agree to pay, perform
and discharge promptly when the same should be done all the remaining duties and
obligations of the Buyer under the contract hereby assigned.
3. Consideration. In consideration for the assignment made herein,
Assignee has made and transferred to Assignor the sum of Twenty-five Thousand
Dollars ($25,000.00) and title by deed to Lot 13, Block 3 Hunts Bluff Subdivision,
records Ada County, Idaho, receipt whereof is hereby acknowledged by Assignor.
DATED this 27 day of August 1993.
ASSIGNOR:
ATTEST • SIERRA HOMES, INC., an Idaho corporation
L B ..
By ,; eases ecretary~ y
,j~~ ~p~yf °•~, President
y'" ~'--~ ~~- ASSIGNEE:
y ~ i~ Q ~ •
n: + ~®B 9 e
..v 9
Tye {`9 T O ~
'~q.~ .~', SS L L 111 ••.9~ ~',''`O ~~
+.,~.~ •......o'° o .• M RT G LDSMIT
''~ qT~ of ~vA~:.•~.
EXHIBIT ~~A"
ASSIGNI~IVY'AND ASSUMPTION AGREEMENT - 1
~~2aa