HomeMy WebLinkAbout20100211000436 OPTION TO PURCHASE AGREEMENT 120709Return Address:
City of Auburn
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OPTION TO PURCHASE AGREEMENT
Reference # (if applicable).
GrantouBOrroweo CITY OF AU BURN
Granlse Magnee/Beneficiary : THE STRATFORD COMPANY LLC
Legal Descriotioo/STR.
Assessor s Tax Parcel IDN ]815]00085
Additional legal on page 4 of this document.
The Grantor, CITY OF AUBURN, a Municipality of the State of Washington, in
consideration of the mutual promises herein the receipt and sufficiency of which is
hereby acknowledged, hereby gives and grants said THE STRATFORD COMPANY
LLC ('Grantee") an irrevocable option and right to purchase the following described real
property, hereinafter referred to as `Property', situate in the City of Auburn, County of
King, State of Washington, more particularly described in Exhibit A, aftached hereto,
and incorporated by reference.
The terms of this Option Agreement are as follows.
1. The purchase price for the herein described Property shall be the
appraised fair market value. Fair market value shall be determined, by an independent
appraisal performed by an MAI appraiser mutually agreed upon by the Grantee, and the
Grantor. If the Grantee and Grantor cannot agree upon a mutually agreed upon an
appraiser, the Grantor shall select one MAI appraiser and the Grantee shall select
another MAI appraiser, and those two appraisers shall select a third MAI appraiser, and
the three appraisers shall determine the fair market value.
2. This Option to Purchase Agreement to shall run with the land, shall be
recorded with the King County Recorder's Office against of the above property , and
shall be binding upon the Grantor and its successors, assigns, and any subsequent
purchasers.
1 The Grantor and Grantee agree that if the Grantee exercises the option
herein, they shall take appropriate steps to complete the Boundary Line Adjustment or
other mechanism to comply with City of Auburn subdivision codes for the division of
thean existing lot, in accordance with forms prepared by the Grantor.
4. This option shall expire if not exercised by the Grantee by the 20th Day of
November 2012. For the purposes hereof, the Grantee's exercise of the option means
the completion of the purchase and closing thereof whereby the Grantee purchased the
option Property as provided herein: provided that if the Grantee is in the process of
closing the purchase transaction, as evidenced by an executed purchase and sale
agreement and needs more time to complete the closing, or if Grantee fails to secure
reasonable financing for construction of the project after diligently attempting to secure
such financing, the Grantor shall consent to a reasonable extension of the November
20, 2012, date with the intention of providing sufficient time for Grantee to complete the
closing and/or secure such financing. It is further provided that, regardless of whether
an extension is granted, the option shall expire if the Grantee's purchase of the subject
property has not closed on or before June 20, 2013.
IN WITNE/SI S WHEREOF, the Grantor has executed this Agreement effective the
qrl-day of ~/y[lwW~. 2009.
By. eter B. Lewis, Mayor
Attest: Approved as Form:
Dani Daskam, City Clerk Daniel B. Held City amormery,
Accepted and approved
ST TFORD COMPANYLLC
rge Webb DaII' 2/
STATE OF WASHINGTON )
) se
COUNTY OF KING )
I certify I have know or have satisfactory evidence that Peter B. Lewis is the person who
appeared before me, and acknowledged that he/she signed this instrument and on oath stated
that he/she was authorized to execute the instrument as the Mayor of the City of Auburn, and
acknowledged it to be the fre@arctlwmlyptary act of the City of Auburn, Grantor herein, for the
uses and pumosesmenfi "Itil went.
Dated C
Notary Public in and for the State of Washington
yam r'-t t : ,i2 Residing at tt<n e%2~
1111W Ilk ~d`.I... G\~.•.
My appointment expires /Q'l YZoii
Exhibit A
THAT PORTION OF THE NORTHEAST QUARTER OF THE SOUTHEAST QUARTER
OF SECTION 13, TOWNSHIP 21 NORTH, RANGE 4 EAST OF THE WILLAMETTE
MERIDIAN MORE PARTICULARLY DESCRIBED AS FOLLOWS:
LOT 1, BLOCK 2, AND THE EAST FOUR FEET OF LOT 2, BLOCK 2, TOWN OF
SLAUGHTER, ACCORDING TO THE PLAT THEREOF RECORDED IN VOLUME 2 OF
PLATS, AT PAGE 56, RECORDS OF KING COUNTY, WASHINGTON,
TOGETHER WITH THE NORTH HALF OF THE ALLEY ADJACENT TO SAID LOT 1,
BLOCK 2, AND THE EAST FOUR FEET OF LOT 2, BLOCK 2, VACATED BY AUBURN
ORDINANCE 6193 AND RECORDED UNDER RECORDING NO. 20080912001319.
SUBJECT TO AN AGREEMENT DATED 1924 AND RECORDED UNDER
RECORDING NUMBER 1833681 FOR A PARTY WALL ALONG THE WEST LINE OF
THE EAST 4 FEET OF LOT 2.
EXCEPTING THEREFROM
THE EAST TEN FEET OF LOT 1, BLOCK 2, TOWN OF SLAUGHTER,
ACCORDING TO THE PLAT THEREOF RECORDED IN VOLUME 2 OF
PLATS, AT PAGE 56, RECORDS OF KING COUNTY, WASHINGTON,
TOGETHER WITH THE EAST TEN FEET OF THE NORTH HALF OF THE
ALLEY ADJACENT TO SAID LOT 1 VACATED BY AUBURN ORDINANCE
6193AND RECORDED UNDER RECORDING NO. 20080912001319.
(THIS BEING A PORTION OF TAX PARCEL ]815]00085 AS PRESENTLY
DESIGNATED BY THE KING COUNTY ASSESSOR'S OFFICE AND HAVING THE
COMMON ADDRESS OF 2 WEST MIN STREET AUBURN, WA.)