Loading...
Real Estate Purchase and Sale Agreement with Keller Williams for 15 W Broadway RE-21 REAL ESTATE PURCHASE AND SALE AGREEMENT JULY 2012 EDITION Page 1 of7 THIS IS A LEGALLY BINDING CONTRACT, READ THE ENTIRE DOCUMENT, INCLUDING ANY ATTACHMENTS. Idaho Assoclalion of REnLTOIrS' IF YOU HAVE ANY QUESTIONS, CONSULT YOUR ATTORNEY ANDJOR ACCOUNTANT BEFORE SIGNING. " ~ ~ ' ID# 20120807 DATE 08/07/2012 LISTING AGENCY Keller Williams Office Phone # 629-9000 Fax # 387-0005 Listing Agent Tricia Callies, CPM, CCIM _ E-Mail calliest~minds r~'Ing.com Phone # 412-4771 SELLING AGENCY 5atne Office Phone # _ Fax # Selling Agent E-Mail Phone # 10 11 1z 13 14 15 1s 17 1a 1s 20 21 22 23 24 25 26 z7 20 zs 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 s5 ss 1. BUYER: City of Meridian ~nldaho Municipal Corporation (Hereinafter called "BUYER") agrees to purchase, and the undersigned SELLER agrees to sell the following described real estate hereinafter referred to as "PROPERTY" COMMONLY KNOWN AS 15 W. Broadwa~~ Meridian City Ada county, ID, zip- $3~~2_legally described as: Lots 1-3 Inc Blk 1 J M OR Legal Description Attached as addendum # (Addendum must accompany original offer.) 2. $ 58,000.00 PURCHASE PRICE: _ Fitly-Eight Thousand and Zero/100 _ DOLLARS, payable upon the following TERMS AND CONDITIONS (not including closing costs): 3. FINANCIAL TERMS: Note: A+C+D+E must add up to total purchase price. (A). $ X00.00 EARNEST MONEY: BUYER hereby deposits Five Hundred and Zero/100 DOLLARS as Earnest Money evidenced by: ^ cash ^ personal check ^ cashier's check [\7 note {due date): Note dt ^ other and a receipt is hereby acknowledged. Earnest Money to be deposited in trust account ^upon receipt or ^ upon acceptance by BUYER and SELLER or ^ other and shall be held by: [ ;Listing Broker [~] Selling Broker ^other for the benefit of the parties hereto. THE RESPONSIBLE BROKER SHALL BE: Erica Hill (B). ALL CASH OFFER: ^ NO [] YES If this is an all cash offer do not complete Sections 3C and 3D, fill blanks with "0" (ZERO). IF CASH OFFER, BUYER'S OBLIGATION TO CLOSE SHALL NOT BE SUBJECT TO ANY FINANCIAL CONTINGENCY. BUYER agrees to provide SELLER within .business days (five [5] if left blank) from the date of acceptance of this agreement by all parties, evidence of sufficient funds and/or proceeds necessary to close transaction. Acceptable documentation includes, but is not limited to, a copy of a recent bank or financial statement or contract(s) for the sale of BUYER'S current residence or other properly to be sold. (C). $ 0.00 NEW LOAN PROCEEDS: This Agreement is contingent upon BUYER obtaining the following financing: ^ FIRST LOAN of $ not including mortgage insurance, through ^ FHA, ^ VA, ^ CONVENTIONAL, ^ IHFA, ^ RURAL DEVELOPMENT, ^ OTHER _ with interest not to exceed % for a period of year(s) at: ^Fixed Rate^ Other _. In the event BUYER is unable, after exercising good faith efforts, to obtain the indicated financing, BUYER's Earnest Money Inay be returned at BUYER'S request. BUYER shall pay no more than point(s) plus origination fee if any. SELLER shall pay no more than point(s). Any reduction in points shall first accrue to the benefit of the ^ BUYER ^SELLER ^ Divided Equally ^ N/A. ^ SECOND LOAN of $ with interest not to exceed % for a period of year(s) at: ^Fixed Rate ^ Other .BUYER shall pay no more than point{s) plus origination fee if any. SELLER shall pay no more than point(s). Any reduction in points shall first accrue to the benefit of the ^ BUYER ^SELLER ^ Divided Equally ^ N/A. LOAN APPLICATION: BUYER ^ has applied OR ^shall apply for such loan(s) within- business days (five (5) if left blank) of SELLER'S acceptance. Within business days (ten [10] if left blank) of final acceptance of all parties, BUYER agrees to furnish SELLER with a written confirmation showing lender approval of credit report, income verification, debt ratios, and evidence of sufficient funds and/or proceeds necessary to close transaction in a manner acceptable to the SELLER(S) and subject only to satisfactory appraisal and final lender underwriting. If such written confirmation is not received by SELLER(S) within the strict time allotted, SELLER(S) may at their option cancel this agreement by notifying BUYER(S) in writing of such cancellation within business days (three [3] if left blank) after written confirmation was required. If SELLER does not cancel within the strict lime period specified as set forth herein, SELLER shall be deemed to have accepted such written confirmation of lender approval and shall be deemed to have elected to proceed with the transaction. SELLER'S approval shall not be unreasonably withheld. If an appraisal is required by lender, the PROPERTY must appraise at not less than purchase price or BUYER'S Earnest Money may be returned at BUYER'S request. BUYER may also apply for a loan with different conditions and costs and close transaction provided alt other terms and conditions of this Agreement are fulfilled, and the new loan does not increase the costs or requirements to the SELLER. FHA / VA: If applicable, it is expressly agreed that notwithstanding any other provisions of this contract, BUYER shall not be obligated to complete the purchase of the PROPERTY described herein or to incur any penalty or forfeiture of Earnest Money deposits or otherwise unless BUYER has been given in accordance with HUD/FHA or VA requirements a written statement by the Federal Housing Commissioner, Veterans Administration or a Direct Endorsement lender setting forth the appraised value of the PROPERTY of not less than the sales price as stated in the contract. (D). $ ADDITIONAL FINANCIAL TERMS: ^ Additional financial terms are specified under the heading "OTHER TERMS AND/OR CONDITIONS" (Section 4). ^ Additional financial terms are contained in a FINANCING ADDENDUM of same date, attached hereto, signed by both parties. (E). $ 57,500.00 APPROXIMATE FUNDS DUE FROM BUYERS AT CLOSING (Not including closing costs): Cash at closing to be paid by BUYER at closing in GOOD FUNDS, includes: cash, electronic transfer funds, certified check or cashier's check. NOTE: !f any of above loans being Assumed or taken "subject fo", any net differences between the approximate balances and the actual balance of said loan{s) shat! be adjusted at closing of escrow in: ^ Cash ^ Other BUYER'S Initials ()( )Date 0 $ t Z SELLER'S Initials ( )( )Date This form is printed aid distributedby the Idaho Association of REALTORS®. Inc This form has been tlesigned and is provided for use by the real estate professionals who are members of the Idaho Asvciation of REALTORS®. USE BY ANY OTHER PERSON IS PROHIBITED. ©Copynght tlaho Association of REALTORS®, Inc- All rights reserved. JULY 2012 EDITION RE-21 REAL ESTATE PURCHASE AND SALE AGREEMENT Page 1 of 7 JULY 2012 EDITION RE-21 REAL ESTATE PURCHASE AND SALE AGREEMENT Page 2 of 7 PROPERTY ADDRESS: 15 W. BrOadwa~/ Meridian ID#: 20120807 s7 4. OTHER TERMS AND/OR CONDITIONS: This Agreement is made subject to the following special terms, considerations andlor contingencies which sa must be satisfied prior to closing 1._This fro e(Lrt~ is being sold in as is condition. ss 70 7z 73 75 76 77 78 7s 5. ITEMS INCLUDED & EXCLUDED IN THIS SALE: All existing fixtures and fittings that are attached to the PROPERTY are INCLUDED IN THE eo PURCHASE PRICE (unless excluded below), and shall be transferred free of liens. These include, but are not limited to, all seller-owned attached floor e1 coverings, attached television antennae, satellite dish, attached plumbing, bathroom and lighting fixtures, window screens, screen doors, storm doors, storm a2 windows, window coverings, garage door opener(s) and transmitter(s), exterior trees, plants or shrubbery, water heating apparatus and fixtures, attached 83 fireplace equipment, awnings, ventilating, cooling and heating systems, all ranges, ovens, built-in dishwashers, fuel tanks and irrigation fixtures and as equipment, that are now on or used in connection wish the PROPERTY and shall be included in the sale unless otherwise provided herein. BUYER should e5 satisfy himself/herself that the condition of the included items is acceptable. It is agreed that any item included in this section is of nominal value less than $100. as e7 (A). ADDITIONAL ITEMS SPECIFICALLY INCLUDED IN THIS SALE: __ 88 89 90 91 --- 92 (B). ITEMS SPECIFICALLY EXCLUDED IN THIS SALE: 93 94 95 96 97 6. MINERAL RIGHTS: Any and all mineral rights appurtenant to the PROPERTY are included in and are part of the sale of this PROPERTY unless 9a otherwise agreed to by the parties in writing. 99 100 7, WATER RIGHTS: Any and all water rights including but not limited to water systems, wells, springs, lakes, streams, ponds, rivers, ditches, ditch rights, 101 and the like, if any, appurtenant to the PROPERTY are included in and are a part of the sale of this PROPERTY unless otherwise agreed to by the parties in 102 writing. 103 104 8. TITLE CONVEYANCE: Title of SELLER is to be conveyed by warranty deed, unless otherwise provided, and is to be marketable and insurable except 1os for rights reserved in federal patents, state or railroad deeds, building or use restrictions, building and zoning regulations and ordinances of any 1os governmental unit, and rights of way and easements established or of record. Liens, encumbrances or defects to be discharged by SELLER may be paid out 107 of purchase money at date of closing. No liens, encumbrances or defects which are to be discharged or assumed by BUYER or to which title is taken 1aa subject lo, exist unless otherwise specified in this Agreement. 1os 110 9. TITLE INSURANCE: There may be types of title insurance coverages available other than those listed below and parties to this agreement 111 are advised to talk to a title company about any other coverages available that will give the BUYER additional coverage. 112 113 (A). PRELIMINARY TITLE COMMITMENT: Prior to closing the transaction, ^ SELLER or ^ BUYER shall furnish to BUYER a preliminary commitment 114 of a title insurance policy showing the condition of the title to said PROPERTY. BUYER shall have business days (five [5] if left blank) from receipt 115 of the preliminary commitment or not fewer than twenty-four (24) hours prior to closing, within which to object in writing to the condition of the title as set 11s forth in the preliminary commitment. If BUYER does not so object, BUYER shall be deemed io have accepted the conditions of the title. It is agreed that if 117 the title of said PROPERTY is not marketable, or cannot be made so within business days (five [5] if left blank) after notice containing a written 11e statement of defect is delivered to SELLER, BUYER'S Earnest Money deposit will be returned to BUYER and SELLER shall pay for the cost of title 119 insurance cancellation fee, escrow and legal fees, if any. 120 121 (B). TITLE COMPANY: The parties agree that Pioneer Title Company 122 located at Bannock shall provide the title policy and preliminary report of commitment, 123 124 (C). STANDARD COVERAGE OWNER'S POLICY: SELLER shall within a reasonable time after closing furnish to BUYER a title insurance policy in the 1zs amount of the purchase price of the PROPERTY showing marketable and insurable title subject to the liens, encumbrances and defects elsewhere set out 1zs in this Agreement to be discharged or assumed by BUYER unless otherwise provided herein. The risk assumed by the title company in the standard 127 coverage policy is limited to matters of public record. BUYER shall receive a ILTAlALTA Owner's Policy of Title Insurance. A title company, at 1za BUYER' request, can provide information about the availability, desirability, coverage and cost of various title insurance coverages and endorsements. If 12s BUYER desires title coverage other than that required by this paragraph, BUYER shall instruct Closing Agency in writing and pay any increase in cost 13o unless otherwise provided herein. 131 132 (D). EXTENDED COVERAGE LENDER'S POLICY (Mortgagee policy): The lender Inay require that BUYER (Borrower) furnish an Extended Coverage 133 Lender's Policy. This extended coverage lender's policy considers matters of public record and additionally insures against certain matters not shown in 134 the public record. This extended coverage lender's policy is solely for the benefit of the lender and only protects the lender. 135 BUYER'S Initials )( )Date ~ ~ 12- SELLER'S Initials ( )( )Date This form is printed aid distribuledby the Idaho Association of REALTORSm. Inc. This form has been designed and is provided for use by the real estate professionals who are rrembers of the Idaho Association of REALTORS®. USE BY ANY OTHER PERSON IS PROHIBITED.O Copyright tlaho Association of REALTORS®. Inc. All rights reserved. JULY 2012 EDITION RE-21 REAL ESTATE PURCHASE AND SALE AGREEMENT Page 2 of 7 JULY 2012 EDITION RE-21 REAL ESTATE PURCHASE AND SALE AGREEMENT Page 3 of 7 PROPERTY ADDRESS: 15 W. BC08CjWa~/ M~i.~ian _______ ID#: 20120807 136 137 136 139 140 tai 1az 143 144 145 146 147 148 149 150 151 152 153 154 155 156 157 158 159 160 is, is2 163 isa 165 iss 1sT 166 169 no 171 172 173 174 175 17s 177 178 ns 180 181 182 183 fs4 1es ies 187 188 189 190 191 192 193 194 iss 19s 197 198 1ss 200 201 zoz 203 10. INSPECTION: (A). BUYER chooses ^ to have inspection ^~ not to have inspection. If BUYER chooses not to have inspection, skip Section 10C. BUYER shad have the right to conduct inspeciions, investigations, Pests, surveys and other studies at BUYER'S expense. BUYER shall, within business days (ten [14] if left blank) of acceptance, complete these inspections and give to SELLER written notice of disapproved items or written notice of termination of this Agreement based on an unsatisfactory inspection. BUYER is strongly advised to exercise these rights and fo make BUYER'S own selection of professionals with appropriate qualifications to conduct inspeciions of the entire PROPERTY. SELLER shall make PROPERTY available for inspection and agrees to accept the responsibility and expense for making sure alt the utilities are turned on for the inspection except far phone and cable. 5orne inspections, investigations, tests, surveys and other studies may require additional days to complete. The parties agree that unless specifically set forth below, the above tirneframe for investigations, tests, surveys and other studies shall govern. Additional inspectionslfimeframes: (B). FHA INSPECTION REQUIREMENT, If applicable: "For Your Protection: Get a Home Inspection", HUD 92584-CN must be signed on or before execution of this agreement. (C). SATISFACTIONIREMOVAL OF INSPECTION CONTINGENCIES: 1}. If BUYER does not within the strict time periad specified give to SE!_LER written notice of disapproved items or written notice of termination of this Agreement, BUYER shall conclusively be deemed to have: (a) completed all inspections, investiyations, review of applicable documents and disclosures; (b) elected to proceed with the transaction and (c) assumed all liability, responsibility and expenso for repairs or corrections other than for items which SELLER ttas otherwise agreed in writing to repair or correct. 2). if 8UYER does within the strict time period specified give to SELLER written notice of termination of this Agreement based on an unsatisfactory inspection, the parties will have no obligation to continue with the Transaction and the Earnest Money shall be returned to BUYER. 3). If BUYER does within the strict time period specified give to SELLER written notice of disapproved items, BUYER shall provide to SELLER pertinent section(s) of written inspection reports. SELLER shall have business days (three [3] if left blank) in which to respond in writing. SELLER, at SELLER'S option, may correct the items as specified by BUYER i11 their letter or may elect not to do so. If both parties agree, in writing, as to the items to be corrected by SELLER within business days (five [5] if left blank) of receipt of SELLER'S response, then both parties agree that they will continue with the transaction and proceed to closing. This wtll remove BUYER'S inspection contingency. 4}. If both parties do not come to a consensus as to the disapproved items to be corrected by SELLER within the strict lime period specified, or SELLER does not respond in writing within the strict time period specified, then the BUYER has the option of either continuing the transaction without the SELLER being responsible for correcting these deficiencies or giving the SELLER written notice within business days (three [3] if left blank) that they will not continue with the transaction and will receive their Earnest Money back. 5). If BUYER does not give such written notice of cancellation within the strict lime periods specified, BUYER shall conclusively be deemed t o have elected to proceed with the transaction without repairs or corrections other than for items which SELLER has otherwise agreed in writing to repair or correct, SELLER shall make the PROPERTY available for all Inspections. BUYER shall keep the PROPERTY free and clear of liens; indemnify and hold SELLER harmless from all liability, claims, demands, damages and costs; and repair any damages arising from the inspections. No inspections may be made by any governmental building or zoning inspector or government employee without the prior consent of SELLER Lfnless required by local law. 11- LEAD PAINT DISCLOSURE: The subject PROPERTY C] is ^ is not defined as "Target Housing" regarding lead-based paint or lead-based paint hazards. The term lead-based paint hazards is intended to identify lead-based paint and all residual lead-containing dusts and soils regardless of the source of the lead. If yes. BUYER hereby acknowledges the following: (a) BUYER has been provided an EPA approved lead-based paint hazard information pamphlet. "Protect Your Family From Lead in Your Horne", {b) receipE of SELLER'S Disclosure of Information and Acknewledgment Farm and have been provided with all records, test reports or other information, if any, related to the presence of lead-based paint hazards on said PROPERTY, {c} that this contract is contingent upon BUYERS right to have the PROPERTY tested for lead-based paint hazards to be completed no later than _or the contingency will terminate, (d) that BUYER hereby [U waives ^ does not waive this right, (e) that if test results show unacceptable amounts of lead-based paint on the PROPERTY. BUYER has the right to cancel the contract subject to the option of the SELLER (to be given in writing) to elect to remove the lead-based paint and correct the problem which must be accomplished before closing, {f) that if the contract is canceled under this clause, BUYER'S earnest money deposit wilt be returned to BUYER. Additionally, if any structure was built before 1978 and 'is a residential home, apartment or child-occupied facility such as a school or day-care center, federal law requires contractors that disturb lead-based paint in that structure to provide the owner with a "Renovate Right" pamphlet. The contractor shall be certified and follow specific work practices io prevent lead contamination. 12. MOLD DISCLAIMER: BUYER is hereby advised That mold andlor other microorganisms may exist at the Property. Upon closing BUYER acknowledges and agrees to accept full responsibility and risk for any matters thaE may result from mold and! or other microorganisms and to hold SELLER and any Broker or agent representing SELLER or BUYER harmless from any liability or damages (iinancia! or otherwise) relating to such matters, BUYER'S Initials ( (~ )( )Date a ~ (Z- _. SELLER'S Initials ( )( )Date This Torm is prir.led aid dislnbutedby the Idaho Association of REALTORS®, Inc. This form has been designed and is provided for use by the real estate professionals who are rrQmbers of the daho Association of REALTORS. USE BY ANY OTHER PERSON IS PROHIBITED. O Copyright kiaho Association of REAL1gR5~, Inc. All rights reserved- JULY 2012 EDITION RE-21 REAL ESTATE PURCHASE AND SALE AGREEMENT Page 3 of 7 JULY 20t2 EDtTION RE-21 REAL ESTATE PURCHASE AND SALE AGREEMENT Page 4 ofi 7 PROPERTY ADDRESS: 15 W. BrOadWa~ Meridian tD#: 2012Q$07 204 zo5 zos 207 zos 209 z1o 211 z1z 2i3 z14 2ts z1s 2n 218 219 zzo 221 2zz 223 224 225 226 227 22e 229 230 231 232 233 234 235 13. SQUARE FOOTAGE VERIFICATION: BUYER 15 AWARE THAT ANY REFERENCE TO THE SQUARE FOOTAGE OF THE REAL PROPERTY OR IMPROVEMENTS IS APPROXIMATE. IF SQUARE FOOTAGE IS MATERIAL TO THE BUYER, IT MUST BE VERIFIED DURING THE INSPECTION PERIOD. 14. SELLER'S PROPERTY CONDITION DISCLOSURE FORM: If required by Title 55, Chapter 25 Idaho Code SELLER shall within ten (10) calendar days after executiorl of this Agreement provide to BUYER or BUYER'S agent, "Seller's Property Condition Disclosure Form" or other acceptable form. BUYER has received Ehe "Setter's Property Condition Disclosure Form" or other acceptable form prior to signing ibis Agreement; ^ Yes^ No ^ N!A 15. COVENANTS, CONDITIONS AND RESTRICTIONS (CC&Rs): As part of the BUYER'S inspection of the PROPERTY as set forth in Section f0, BUYER is responsible far obtaining and reviewing a copy of any CC&Rs which may affect the PROPERTY. BUYER shall have business days (ten [10] if left blank) (but in no event shall such time period exceed that time period set forth for inspections in Section 10) to review and approve of any such CC&Rs that may affect the PROPERTY. Unless BUYER delivers to SELLER a written and signed objection to the terms of any applicable CC&Rs with particularity describing BUYER's reasonable objections within such time period as set forth above, BUYER shall be deemed to have conclusively waived any objection to the terms of any CC&Rs affecting the PROPERTY. 1S. SUBDIVISION HOMEOWNER'S ASSOCIATION: BUYER is aware that membership in a Home Owner's Association may be required and BUYER agrees to abide by the Articles of Incorporation, Bylaws and rules and regulations of the Association. BUYER is further aware that the PROPERTY may be subject to assessments levied by the Association described in full in the Declaration of Covenants, Conditions and Restrictions. BUYER has reviewed Hortleowner's Association Documents: ^Yes ^ No ~ NlA. Association feesldues are $ per ^ BUYER ^ SELLER ^ N!A to pay Homeowner's Association SET UP FEE of $ andlor PROPERTY TRANSFER FEES of $ at closing. 17. COSTS PAID BY: The parties agree to pay the following costs as indicated below. None of the costs to be paid by the parties in this section creates an inspection or performance obligation other than strictly for the payment of costs. There may be other costs incurred in addition to those set forth below. Such costs may be required by the lender, by law, or by other such circumstances. SELLER agrees to pay up to $ _ _ {$0 it left blank) of lender required repair costs only. BUYER or SELLER has the option to pay any lender required repair costs in excess of this amount. Upon closing SELLER agrees to pay up to EITHER % (N!A if left blank) of the purchase price OR $ {N!A if left blank) of lender-approved BUYER'S closing costs, lender fees, and prepaid costs which includes but is not limited to those items in BUYER columns marked below. BUYER SELLER Shared Equally NIA BUYER SELLER Shared Equally N1A Appraisal Fee Title Ins. Standard Coverage Owners Policy Appraisal Re-Inspection Fee Ti1Ie fns. Extended Coverage Lender's Policy -Mortgagee Policy Closing Escrow Fee Additional Title Coverage Lender Doccrment Preparation Fee Fuel in Tank -- DollarAmount to be Determined by Supplier Tax Service Fee Domestic Well Water Potability Test \ Flood CertificationlTracking Fee \ Domestic Well Water Productivity Test lender Required Inspections Septic Inspections Attorney Contract Preparation or Review Fee Septic Pumping \ Home Warranty Plan Survey \ 236 237 238 239 240 241 18. OCCUPANCY: BUYER ^ does does not intend to occupy PROPERTY as BUYER'S primary residence. 19. RISK OF LOSS OR NEGLECT: Prior to closing of this sale, all risk of toss shat) remain with SELLER. In addition, should the PROPERTY be materially damaged by fire, neglect, or other destructive cause prior to closing, this agreement shall be voidable at the option of the BUYER. BUYER'S Initials ( 1~)( ) Daie D y {2 SELLER'S Initials { )( _) Date This form is punted aid dislnbutedby the Idaho Association of REALTORSfl. ;nc. This Corm has beondesgned and is provided fa use by the realestate professionals aho are members of the Idaho Asmciation of REALTORS®. U5E 8Y ANY OTHER PERSON IS PROHIBITED. ©Copyright tiaho Association of REALTORS®, Inc. All rights reserved. JULY 2012 EDITION RE-21 REAL ESTATE PURCHASE AND SALE AGREEMENT Pago 4 of 7 JULY 21112 EDITION RE-21 REAL ESTATE PURCHASE AND SALE AGREEMENT Page S of 7 PROPERTY ADDRESS: 15 W. Broadway Meridian ID#: 20120807 242 20. FINAL WALK THROUGH: The SELLER grants BUYER and any representative of BUYER reasonable access to conduct a final walk through zas inspection of the PROPERTY approximately calendar days {three ]3] if left blank) prior to close of escrow, NOT AS A CONTINGENCY OF THE zaa SALE, but for purposes of satisfying BUYER chat any repairs agreed to in writing by BUYER and SELLER have been completed and PROPERTY are in 245 subsianiialiy the same condition as on the date Phis offer is made. SELLER shall make PROPERTY available for the final walk through and agrees to accept 24s the responsibility and expense for making sure all the utilities are turned on for the walk through except for phone and cable. If BUYER does not conduct a z47 final walk through, BUYER specifically releases the SELLER and Broker(s) of any liability. 24a 21. SINGULAR AND PLURAL Perms each include the other, when appropriate. 249 250 22. FORECLOSURE NOTICE: If the PROPERTY described above is currently involved in a foreclosure proceeding (pursuant to Idaho Code §45-1506) 25t any contract or agreement with the owner or owners of record that involves the transfer of any interest in residential real property, as defined in § 45- zsz 525(5)(b), Idaho Code, subject to foreclosure must be in writing, and must be accompanied by and affixed to RE-42 Property Foreclosure Disclosure Form. 253 z5a 23. MECHANIC'S LIENS -GENERAL CONTRACTOR DISCLOSURE STATEMENT NOTICE: BUYER and SELLER are hereby notified that, 255 subject to Idaho Code §45-525 of seq., a "General Contractor" must provide a Disclosure Statement fo a homeowner that describes certain rights afforded io 25s the homeowner (e.g. lien waivers, general liability insurance, extended policies of title insurance, surety bonds, and sub-contractor information). The z57 Disclosure Statement must be given to a homeowner prior to the General Contractor entering into any contract in an amount exceeding $2,000 with a zsa homeowner for construction, alteration, repair, or other improvements to real property, or with a residential real property purchaser for the purchase and sale z5s of newly constructed property. Such disclosure is the responsibility of the General Contractor and it is not the duty of your agent to obtain this information on zsa your behalf. You are advised to consult with any General Contractor subject fo Idaho Code §45-525 et seq. regarding the General Contractor Disclosure zsf Statement. zsz 2s3 24. SALES PRICE INFORMATION: Pursuant fo Idaho Code §54-2083{ti)(d}, a "sold" price of real property is not confidential client information. zsa 2ss 25. TRANSMISSION OF DOCUMENTS: Facsimile or electronic transmission of any signed original document, and retransmission of any signed 2ss facsimile or electronic transmission shall be the same as delivery of an original. At the request of either the BUYER or SELLER, or the LENDER, or the 2s7 Closing Agency, the BUYER and SELLER will confirm facsimile or electronic Transmitted signatures by signing an original document. 288 zs9 26. BUSINESS DAYS: A business day is herein defined as Monday through Friday, 8:00 A.M. to 5:00 P.M. in the local time zone where the subject real 27o PROPERTY is physically located. A business day shall not include any Saturday or Sunday, nor shall a business day include any legal holiday recognized z7~ by the state of Idaho as found in Idaho Code § 73-108_ The time in which any act required under this agreement is to be pertormed shall be computed by 27z excluding the date of execution and including the last day. The first day shall be the day after the date of execution. If the Iasi day is a legal holiday, then the 273 time for performance shall be the next subsequent business day. 274 275 27. CALENDAR DAYS: A calendar day is herein defined as Monday through Sunday, midnight to midnight, in the local time zone where the subject real 27s PROPERTY is physically located. A calendar day shall include any legal holiday. The time in which any act required under this agreement is to be performed z77 shall be computed by excluding the date of execution and including the last day, thus the first day shall be the day after the date of execution. Any reference 27a to "day" or "days" in this agreement means the same as calendar day, unless specifically enumerated as a "business day." 279 zso 28. ATTORNEY'S FEES: If either party initiates or defends any arbitration or legal action or proceedings which are in any way connected with this 2sf Agreement, the prevailing party shall be entitled to recover from the non-prevailing party reasonable costs and attorney's fees, including such costs and fees zaz on appeal. ze3 zea 29. DEFAULT: If t3UYER defaults in the performance of This Agreement. SELLER has the option of: {1) accepting the Earnest Money as liquidated 285 damages or (2) pursuing any other lawful right andlor remedy to which SELLER may be entitled. If SELLER elects to proceed under (1), SELLER shall make zas demand upon the holder of the Earnest Money, upon which demand said holder shall pay from the Earnest Money the costs incurred by SELLER'S Broker 287 on behalf of SELLER and BUYER related to the transaction, including, without limitation, the costs of title insurance, escrow fees, appraisal, credit report zas fees, inspection fees and attorney's fees; and sa"sd holder shall pay any balance of the Earnest Monoy, one-half to SELLER and one-half to SELLER'S 289 Brokor, provided that the amount to be paid to SELLER'S Broker shall not exceed the Broker's agreed-to commission. SELLER and BUYER specifically zso acknowledge and agree that if SELLER elects to accep! the Earnest Money as liquidated damages, such shall be SELLER'S sole and exclusive remedy, and z9f such shall not be considered a penalty or forfeiture. If SELLER elects to proceed under (2), the holder of the Earnest Money shall be entitled to pay the costs 2sz incurred by SELLER'S Broker on behalf of SELLER and BUYER related fo the transaction, including, without limitation, the costs of brokerage fee, title z93 insurance, escrow fees, appraisal, credit report fees, inspection fees and attorney's fees, with any balance of the Earnest Money to be held pending zs4 resolution of the matter. If SELLER defaults, having approved said safe artd fails to consummate the same as herein agreed, BUYER'S Earnest Monoy z9s deposit shall be returned fo himlher and SELLER shall pay for the costs of title insurance, escrow fees, appraisals, credit report fees, inspection fees, 2ss brokerage fees and attorney's fees, if any. This shall not be considered as a waiver by BUYER of any other lawful right or remedy to which BUYER may be zs7 entitled. 298 z9s 30. EARNEST MONEY DISPUTE / INTERPLEADER: Notwithstanding any termination or breach of this Agreement, BUYER and SELLER agree that 30o in the event of any controversy regarding the Earnest Money and things of value held by Broker or closing agency, Broker may reasonably rely on the terms 3of of this Agreement or other written documents signed by both parties to determine how to disburse the disputed money. However, Broker or closing agency 302 shall not be required to take any action but may await any proceeding, or at Broker's or closing agency's option and sole discretion, may interpfead all parties ao3 and deposit any moneys or things of value into a court of competent jurisdiction and shall recover all costs which were incurred as a result of the dispute 3oa including, but not limited to, reasonable attorney's fees. 305 306 31. COUNTERPARTS: This Agreement may be executed in counterparts. Executing an agreement in counterparts shall mean the signature of two 307 identical copies of the same agreement. Each identical copy of an agreement signed in counterparts is deemed to be an original, and all identical copies 3os shall together constitute one and the same instrument. BUYER'S Initials { ~){ )Date ~~ ~ 4 ~ _. SELLER'S Initials This `arm is punted azd dislributedby the Idaho Assodalion of REALTORS®, Inc. This form has been designed and is provided for use by the real estate professionals who are rrem6ers or the Idaho Association of REALTORS®. USE 8Y ANY OTriER'PERSON IS PROHtBITEO. C~ Copyright Uaho Association of REALTORS®, Inc. AEI rights reserved. JULY 2012 EDITION RE-21 REAL ESTATE PURCHASE AND SALE AGREEMENT Page S of7 JULY 2012 EDITION RE-21 REAL ESTATE PURCHASE AND SALE AGREEMENT Page 6 of 7 PROPERTY ADDRESS: 15 W. BrOadWay Meridian ._ID#:, 20120807 3os 310 32. "NOT APPLICABLE" DEFINED: The letters "nla," "NIA," "n.a.," and "N.A." as used herein are abbreviations of the term "not applicable." Where this 311 agreement uses the term "not applicable" or an abbreviation thereof, it shalt be evidence that the parties have contemplated certain facts or conditions and 312 have determined that such facts or conditions do not apply to the agreement or transaction herein. 313 314 315 316 317 318 3i 9 320 321 322 323 324 325 326 327 328 3zs 330 331 332 333 334 335 336 337 338 339 340 341 342 343 344 345 346 347 348 349 350 351 352 353 354 355 356 357 358 359 360 361 3sz 363 364 365 366 367 368 ass 370 371 33. SEVERABILITY: In the case chat any one or more of the provisions contained in this Agreement, or any application thereof, shall be invalid, illegal or unenforceable in any respect, the validity, legality or enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 34. REPRESENTATION CONFIRMATION: Check one (1) box in Section 1 and one (1) box in Section 2 below to confirm that in this transaction, the brokerage(s) involved had the following relationship(s) with the BUYER(S) and SELLER(S). Section 1: ^ A. The brokerage working with the BUYER(S) is acting as an AGENT for the BUYER(S). ~ B. The brokerage working with the BUYER(S) is acting as a LIMITED DUAL AGENT for the BUYER(S), without an ASSIGNED AGENT. ^ C. The brokerage working with the BUYER(S) is acting as a LIMITED DUAL AGENT for the BUYER(S) arrd has an ASSIGNED AGENT acting solely on behalf of the BUYER{S). ^ D. The brokerage working with the BUYER(S) is acting as a NONAGENT for the BUYER(S}. Section 2: ^ A. The brokerage working with the SELLER{S) is acting as an AGENT for the SELLER(S). B. The brokerage working with the SELLER{S) is acting as a LIMITED DUAL AGENT for the SELLER{S), without an ASSIGNED AGENT. ^ C. The brokerage working with the SELLER{S) is acting as a LIMITED DUAL AGENT for the SELLER{S) and has an ASSIGNED AGENT acting solely on behalf of the SELLER(S). ^ D. The brokerage working with the SELLER(S) is acting as a NONAGENT for the SELLER(S). Each party signing this document confirms that he has received, read and understood the Agency Disclosure Brochure adopted or approved by the Idaho real estate corrunission arrd has consented to the relationship confirmed above. In addition, each party confirms that the brokerage's agency office policy was made available for inspection and review. EACH PARTY UNDERSTANDS THAT HE IS A "CUSTOMER" AND IS NOT REPRESENTED BY A BROKERAGE UNLESS THERE IS A SIGNED WRITTEN AGREEMENT FOR AGENCY REPRESENTATION. 35. CLOSING: On or before the closing date, BUYER and SELLER shall deposit with the closing agetrcy all funds and instruments necessary to complete this transaction. Closing means the date on which all documents are either recorded or accepted by an escrow agent and the sale proceeds are available to SELLER. The closing shall be no later than (Date) $L17 2012 __ .____.._._._. The parties agree that the CLOSING AGENCY for this transaction shall be located ai ____. .. .._..r.T_ataJ1Q If a long-term escrow /collection is involved, then the long-term escrow holder shall be 36. POSSESSION: BUYER shall be entitled to possession ~] upon closing or ^ date time ^ A.M. ^ P.M. Properly faxes arrd water assessments (using the last available assessment as a basis), rents, interest and reserves, liens, encumbrances or obligations assumed, fuel in fuel tank, and utilities shall be prorated as of CIOSIn~ 37. ASSIGNMENT: This Agreement and any rights or interests created herein ^ may O may not be sold, transferred, or otherwise assigned. 38. ENTIRE AGREEMENT: This Agreernerrt contains the entire Agreement of the parties respecting the matters herein set forth and supersedes all prior Agreelnerlts between the parties respecting such matters. No warranties, including, without limitation, any warranty of habitability, agreements or representations not expressly set forth herein shalE be binding upon either party. 39. TIME IS OF THE ESSENCE IN THIS AGREEMENT. 40. AUTHORITY OF SIGNATORY: If BUYER or SELLER is a corporation, partnership, trust, estate, or other entity, the person executing Phis agreement orr its behalf warrants his or her authority to do so and to bind BUYER or SELLER. 41. ACCEPTANCE: This offer is made subject fo the acceptance of SELLER and BUYER on or before (Date} $/8/2012 ai (Local Time in which PROPERTY is located) 5:00 ^ A.M. [~ P.M. If acceptance of this offer is received after the time specified, if shall not be binding on the BUYER unless BUYER approves of said acceptance within calendar days (three [3) if Eeff blank) by BUYER initialing HERE . If BUYER timely approves of SELLER's late acceptance, an initialed copy of this Agreement shall be immediately delivered to SELLER. BUYER`S Initials ( ' ~( ) Daie SELLER`S Initials ( )( ) Date Th s forr. i=_ crated and d~slrebutedby the Itlaho Association of REALTORS®, Inc. This form has bean designed and is provided for use by the real estate professionals Wno are members or the ~d a~~o Association of REALTORSG~. USE eY ANY OTHER PERSON IS PROHIBITED. ® Copyright kfaho Assocration of REALTOR543~, Inc. AE1 rights reserved. JULY 2012 EDITION RE-21 REAL ESTATE PURCHASE AND SALE AGREEMENT Page 6 of 7 JULY 2012 EDITION RE-21 REAL ESTATE PURCHASE AND SALE AGREEMENT Page 7 of 7 PROPERTY ADDRESS: 15 W,_Broadway Meridian ID#: 2012pgQ~ 372 42. BUYER'S SIGNATURES: 373 37a ^ SEE ATTACHED BUYER'S ADDENDUM(S): (Specify num ber of BUYER addendum(s) attached.) 375 37s BUYER ^does ^does not curt ntly hold an active Idaho real a license. 377 1 37a BUYER Signatu -~ L.-l..~-r'7 ' BUYER (Print Name) Mayor Tammy de Weerd 379 ~f 36o Date i 4 I Z Tim ~ ^ A.M. [~P.M. Phone # Cell # 381 362 Address 33 East Broadway Avenue City Meridian State ID Zip 83642 383 3sa E-Mail Fax # ..- 385 386 ------~ -- --------- ---..., .. -.. ~ ---- ----------- -- - - ----~ --.... 387 3e6 BUYER ^does ^does not currently hold an active Idaho real estate license. 389 39o BUYER Signature BUYER (Print Name) 391 39z Date Time ^ A.M. ^ P.M. Phone # Cell # 393 Sea Address City State Zip 395 ass E-Mall Fax # 397 398 399 400 4p1 43. SELLER'S SIGNATURES:On this date, 11We hereby approve and accept the transaction set forth in the above Agreement and agree to carry out all 4oz the terms thereof on the part of the SELLER. 403 aoa ^ SIGNATURE{S) SUBJECT TO ATTACHED COUNTER OFFER 405 ^ SIGNATURE{S) SUBJECT TO ATTACHED ADDENDUM(S) #.____ 406 ao7 SELLER ^does ^does not currently hold an active Idaho real estate license. AOB 409 SELLER Signature SELLER (Print Name) a1o all Date Time ^A.M. ^ P.M. Phone # Cell # 412 413 Address City State Zip 414 41s E-Mail Fax # 416 4n CONTRACTOR REGISTRATION # (if applicable) _ 418 419 420 4z1 SELLER ^does ^does not currently hold an active Idaho real estate license. 422 4z3 SELLER Signature ___ SELLER (Print Name) _ 424 azs Date Time ^A.M. ^ P.M. Phone# Cell# _W 426 a27 Address City State Zip aza a2s E-Mail Fax # a3o a3f CONTRACTOR REGISTRATION # (if applicable) Th~s+arm is printed aid distributedby the Idaho Aswciation of REALTORS®, Inc. This form has been designed acrd is provided 4a use by fhe real estate professianals who are members of the Idaho As:nraalion of REALTORS. USE BY ANY OTHER PERSON lS PROHIBITED. rc7 Copyright Uaho Association of REALTORS®, Enc. All righfs reserved. JULY 2412 EDITION RE-21 REAL ESTATE PURCHASE AND SALE AGREEMENT Page 7 of 7 Printed Using Processional Computer Forms Co. On-Line Forms Software 7112