174 Purchase Agreement Meridian Industrial Park
RESOLUTION NO /1 f
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A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
MERIDIAN, SETTING FORTH CERTAIN FINDINGS AND
PURPOSES; AUTHORIZING THE MAYOR AND CITY CLERK
TO ENTER INTO, ON BEHALF OF SAID MUNICIPALITY, AN
AGREEMENT ENTITLED "REAL PROPERTY PURCHASE
AND SALE AGREEMENT, AND ADDENDUM TO REAL
PROPERTY PURCHASE AND SALE AGREEMENT", CITY OF
MERIDIAN, GRANTOR.
BE IT RESOL YED BY THE MAYOR AND COUNCIL OF THE
CITY OF MERIDIAN, IDAHO:
WHEREAS, it is in the best interests of the City of Meridian to
enter into an agreement with MERIDIAN INDUSTRIAL PARK, an
Idaho general partnership, denoted as "REAL PROPERTY PURCHASE
AND SALE AGREEMENT and ADDEDUM TO REAL PROPERTY
PURCHASE AND SALE AGREEMENT" a copy of which is attached
hereto marked as Exhibit "A" to this Resolution, the reasons and
authority for which are as set forth in said Agreement.
NOW, THEREFORE, BE IT RESOLVED BY THE MAYOR
AND CITY COUNCIL as follows:
1. The Mayor and Clerk are hereby authorized to enter into on
behalf of the City of Meridian that certain agreement with MERIDIAN
INDUSTRIAL P ARK, an Idaho general partnership, entitled "REAL
RESOLUTION OF THE CITY OF MERIDIAN, AUTHORIZING 1
CERTAIN FINDINGS AND PURPOSES, AUTHORIZING THE MA YOR AND CITY
CLERK TO ENTER INTO A REAL PROPERTY PURCHASE AND SALE AGREEMENT AND
ADDENDUM TO REAL PROPERTY PURCHASE AND SALE AGREEMENT WITH
MERIDIAN INDUSTRIAL PARK
(-
PROPERTY PURCHASE AND SALE AGREEMENT and
ADDENDUM TO REAL PROPERTY PURCHASE AND SALE
AGREEMENT" a copy of which is attached hereto marked as Exhibit
"A" to this Resolution and to bind this City to its terms and conditions.
PASSED BY THE COUNCIL OF THE CITY OF MERIDIAN,
IDAHO, this ZS1i. day of Sepre/fftIJer , 1998.
APPROVED BY THE MAYOR OF THE CITY OF MERIDIAN,
IDAHO, this 28~ day of ypfe/"Y1-6er , 1998.
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ATTEST:
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CITY CLERK
092898- FINAL
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RESOLUTION OF THE CITY OF MERIDIAN, AUTHORIZING 2
CERTAIN FINDINGS AND PURPOSES, AUTHORIZING THE MAYOR AND CITY
CLERK. TO ENTER INTO A REAL PROPERTY PURCHASE AND SALE AGREEMENT AND
ADDENDUM TO REAL PROPERTY PURCHASE AND SALE AGREEMENT WITH
MERIDIAN INDUSTRIAL PARK
['
ADDENDUM TO REAL PROPERTY PURCHASE AND SALE
AGREEMENT
This document shall be considered an Addendum to and part and parcel of that certain
Real Property Purchase and Sale Agreement by and between Meridian Industrial Park, an Idaho
general partnership as ("Seller"), therein and the City of Meridian, an Idaho municipal
corporation as ("Buyer") therein, dated the 19th day of September, 1998, and which Addendum
provides additional terms and conditions which are to be integrated and considered a part and
parcel of that certain Real Property Purchase and Sale Agreement.
SECTION 1. The Buyers signature to the Real Property Purchase and Sale Agreement is
contingent and conditioned upon the Seller, authorized representative, entering into this
Addendum Agreement on its behalf and signing.
SECTION 2. The Real Property Purchase and Sale Agreement shall be amended as
follows to-wit:
3.1 $150,000.00 in cash tendered, and placed in collection escrow with
Stewart Title Company of Idaho, Inc. ("Title Company") and which shall
be held in accordance with the provisions of Section 4.
SECTION 3. That Section 4 of the Real Property Purchase and Sale Agreement be
amended to provide "Collection Escrow". The parties hereto agree to immediately establish a
collection escrow with Stewart Title Company of Idaho, Inc. ("Title Company") pursuant to this
Agreement. The collection escrow agent shall hold the original cash deposit made by the Buyer
ADDENDUM TO REAL PROPERTY PURCHASE AND SALE AGREEMENT
(
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pursuant to Section 3.1 of this Agreement, and shall hold an original of this Real Property
Purchase and Sale Agreement and Addendum to Real Property Purchase and Sale Agreement
and an original executed Deed to the property as security for payment of the purchase price by
the Buyer and shall be instructed to collect, apply and disperse payments made pursuant and in
accordance with the terms of this Agreement and to release and deliver the Deed to the Buyer as
and when the Buyer becomes entitled to it as set forth herein, and to release all other escrow
documents to Buyer upon the payment in full of the purchase price.
SECTION 4. Section 6 of the Real Property Purchase and Sale Agreement shall be
amended to provide "6. USE. Buyer shall not commence construction on the Property without
first obtaining written approval of its site development and architectural plans by Seller and the
owner of the property adjoining the west boundary of the Property, neither of which approvals
shall be unreasonably withheld in and accordance with the Declaration, Covenants, Conditions
and Restrictions for Meridian Business and Industrial Park recorded in the Ada County records,
as Instrument No. 8149625. Such approval is with the understanding that it is the intent and
purpose of the Buyer in the purchase of the real property to eventually construct a fire station
upon said premises. It is agreed by said parties that it shall be considered a frustration of the
purposes of this Agreement in the event the Buyer could not construct a fire station upon
premises by reason of imposition of any architectural requirements contained in the Declaration
of Covenants, Conditions, and Restrictions for Meridian Business and Industrial Park. It is
agreed that it shall be considered a hardship under Section 2.9 of the Declaration, Covenants,
Conditions and Restrictions thereof if the City of Meridian can establish there is an
improvement, structure or appurtenance that is required to operate the fire station in compliance
with normal operating performance needs. In particular, it is herein represented by the Buyer
2
ADDENDUM TO REAL PROPERTY PURCHASE AND SALE AGREEMENT
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that one of those requirements will be an exterior radio antenna, which would not exceed 75',
and there may be an exterior generator device to provide auxiliary power in the event of a power
outage, and the City will require the right and ability to use of all trucks, vehicles and firefighting
equipment associated with its providence of firefighting and fire preservation services within the
City and the Meridian Rural Fire District; together with any other district and/or city for which
the City contracts for mutual aid for those services.
SECTION 5. That Section 8., TITLE AND TITLE INSURANCE:, should be amended
to provide "TITLE AND TITLE INSURANCE". Buyer and Seller shall request the Title
Company to issue its Preliminary Title Report in conjunction with the issuance of the Title
Policy. The Buyer shall then have 14 days after delivery of the preliminary title report within
which to disapprove in writing all easements and restrictions of record. If the Buyer cannot
remove any disapproved exceptions by closing, then this Agreement shall be deemed terminated
and neither party thereafter shall be liable to the other herein. The escrow agent shall be then so
instructed to return the Purchase and Sale Agreement to the Seller marked CANCELLED, with a
copy to the Buyer and delivered to the Seller the executed Deed to the Property and to deliver to
the Buyer a One Hundred Fifty Thousand Dollars ($150,000.00) cash payment, and any interest
earned thereon.
Buyer and Seller shall cause the Title Company to issue at closing a standard owner's
policy for title insurance in the amount of the purchase price insuring title to the Property in
Buyer's name subject to the following exceptions, Buyer and Seller each paying one half of the
cost thereof. Title to the Property shall be conveyed free of liens, but subject to the Title
Company's usual and customary exceptions, the lien of taxes and regular assessments for the
year of closing, all easements and restrictions of record not disapproved of in writing by Buyer
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ADDENDUM TO REAL PROPERTY PURCHASE AND SALE AGREEMENT
r.
within 14 calendar days after delivery to it of the preliminary title report, and other matters
apparent or of record.
DATED this
day of September, 1998.
MERIDIAN INDUSTRIAL PARK
BY
Authorized Representative
PO Box 8204
Boise, ill 83707
CITY OF MERIDIAN
83642
ATTEST:
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ADDENDUM TO REAL PROPERTY PURCHASE AND SALE AGREEMENT