HomeMy WebLinkAbout20070711002027 CONVEYANCE AND SUBLEASE AGREEMENT 070607Filed for Record at the Request of
First American Title
Attn: Tammy Walker
11 Bellwether Way, Suite 301
Bellingham WA 98225
20070711
FIRST AMERICRN MISC
PAGE001 OF 006
07/11 COUNTY, UA2
KING
E2297525
07/11/2007 16:01
KING COUNTY, UA
TAX 1,340.00
SALE $75,000.00
PAGE001 OF 001
Name of Document: Conveyance & Sublease Agreement
Grantor: HU Inc.
Grantee: David H. Ordun; Gail L. Ordun f "
Abbreviated Legal: UNIT B11-7 AUBURN HANGARS CONDO. /JGf- ~a3G~~
Tax Parcel Numbers: 030080-0360-04
CONVEYANCE AND SUBLEASE AGREEMENT
This Conveyance and Sublease Agreement is made and entered into
this t5lb day July, 2007, by and between HU INC., a Washington
corporation, dba Hangars Unlimited (hereinafter "Seller"), and David H.
Ordun and Gail L. Ordun, husband and wife (hereinafter "Purchaser")
1. CONVEYANCE. For value received, Seller hereby conveys to
Purchaser all of Seller's right, title and interest in and to the following
described real property improvements:
Unit B11-7, Auburn Hangars Condominium, as per the Declaration
thereof recorded under Recording No. 20030416002595 and the
Survey Map and Plans thereof recorded under Recording No.
20030416002594 and amended under Recording No.
20070409000781, Records of King County, State of Washington.
(hereinafter "the Unit"), exclusive of the land upon which such
improvements are situated, as hereinafter described; subject, however, to
the rights of, including, without limitation, the absolute right of reversion in
and to such real property improvements retained by the CITY OF AUBURN
during the term of, including any extensions thereto, and upon the
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expiration or sooner termination of the Leasee's interest in the CITY OF
AUBURN - AIRPORT HANGAR LAND LEASE AGREEMENT described in
paragraph 2 hereof, and subject further to each and every provision of the
Declaration -and Covenants, Conditions, Restrictions and Reservations for
the Auburn Hangars Condominium as recorded under King County
Recording No. 20030416002595 and amended under Recording No.
20070409000782 (hereinafter "the Declaration").
2. SUBLEASE OF SELLER'S INTEREST UNDER CITY OF
AUBURN LEASE. For value received, Seller further does Sublease to
Purchaser the following described rights of Seller which Seller has, as
Leasee, under that certain CITY OF AUBURN - AIRPORT HANGAR LAND
LEASE AGREEMENT, with the CITY OF AUBURN mutually agreed to on
September 14, 2001, a memorandum of which was recorded with the King
County Auditor on May 1, 2003, under Auditor's File No. 20030501000166,
in and to the real property legally described in Exhibit A hereto, which is
attached hereto and is incorporated herein by reference (hereinafter "the
Premises"), subject to the limitations set forth in paragraphs 3 and 4 hereof.
It is understood and agreed by and between Seller and Purchaser that Seller
shall also grant a Sublease to each other party who acquires from Seller, or
from Seller's successor in interest, any other unit in the Auburn Hangars
Condominium.
A. DEFINITIONS. As used herein, the following terms are
defined and shall be deemed to have a meaning within the context herein
set forth.
1. Lease. The term "Lease" shall refer to that certain
CITY OF AUBURN - AIRPORT HANGAR LAND LEASE
AGREEMENT above described, the memorandum of which was
recorded with the Auditor of King County, Washington, under
Auditor's File No. 20030501000166 on May 1, 2003.
2. CITY OF AUBURN. The term "CITY OF AUBURN"
shall refer to the CITY OF AUBURN, a municipal corporation,
the "Leasor" named in the Lease.
3. Sublease. The term "Sublease" shall refer to this
Sublease as set forth in this paragraph 2, and the term
"leasehold" shall mean the leasehold estate created in favor of
Purchaser in the land described in Exhibit A hereto.
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4. Association. The term "Association" shall refer to the
Auburn Hangars Condominium Owners' Association, a
Washington nonprofit corporation.
B. GRANT OF SUBLEASE. Seller does hereby Sublease to
Purchaser an undivided 2.37 percent interest in the Premises, which
Sublease is coupled with, and is not severable from, the ownership of the
Unit as hereinabove conveyed to Purchaser.
C. TERM. This Sublease shall commence on the h day
of July, 2007, and shall terminate on midnight of the 13th day of
September, 2051, which date of termination is identical to the termination
date of the Lease.
D. USE OF UNIT AND PREMISES. Purchaser shall perform
all covenants and conditions contained in the Lease between the CITY OF
AUBURN and Seller, except for the covenant relating to the payment of rent.
Purchaser also understands and agrees that the only activity authorized by
this Sublease is that which is specifically authorized in the Lease between
the CITY OF AUBURN and Seller and no other activity.
E. PAYMENT OF RENTAL. Purchaser shall pay to Seller or
to the Association in quarterly or other periodic installments as required by
Seller or by the Association, as a portion of the condominium dues owing
from Purchaser, rental under this Sublease, which rental shall be equal in
amount to the undivided percent interest set forth in Subparagraph 2.13
above, times the rental payment then owing by Seller or the Association
under the Lease to the CITY OF AUBURN for such identical period, as
adjusted from time to time as provided in the Lease.
F. ACCESS TO UNIT AND PREMISES. The CITY OF
AUBURN, Seller, prior to the assignment by Seller of Seller's interest in the
Lease to the Association, and the Association, following the assignment by
Seller of Seller's interest in the Lease to the Association, shall have access to
the Unit and the Premises at all reasonable times for the purpose of
securing compliance with the terms and conditions of this Sublease and the
Lease. Except as herein provided, Purchaser shall peaceably hold and enjoy
the Unit for the term of this Sublease, without hindrance or interruption by
Seller, the Association and/or the CITY OF AUBURN.
G. TERMINATION. Termination of the Lease by cancellation
or otherwise shall serve to cancel this Sublease, as more fully set forth in
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the Declaration and in the Lease.
H. DEFAULT. If Purchaser shall violate any of the covenants
and agreements herein contained, then Seller, prior to the assignment by
Seller of Seller's interest in the Lease to the Association, and the
Association, following the assignment by Seller of Seller's interest in the
Lease to the Association, may cancel this Sublease, provided that Purchaser
has been notified of the violation not less than sixty (60) days prior to such
cancellation and such violation has not been corrected in the specified
period of time.
1. APPROVAL OF CITY OF AUBURN. The CITY OF
AUBURN, may require the Seller and Purchaser to execute a consent form;
and no conveyance shall be binding on the CITY OF AUBURN unless Seller
and Purchaser deliver to the CITY OF AUBURN a fully-executed counterpart
of this Conveyance and Sublease Agreement effecting the transfer.
3. SUBJECT TO LIMITATIONS IMPOSED BY LEASE. This
Conveyance and Sublease is expressly subject to the terms and conditions
of the Lease. By acceptance of this Conveyance and Sublease, Purchaser
expressly covenants and agrees to observe and to perform all covenants and
conditions contained in the Lease on the part of the Leasee to be performed
thereunder, save and except only for those obligations to be performed
under the Lease by Seller and, following the assignment identified in
paragraph 4 hereof, by the Association, as more fully described hereafter.
4. SUBJECT TO LEASE ASSIGNMENT TO CONDOMINIUM
ASSOCIATION. This Sublease is further expressly subject to the future
complete assignment of all of Seller's right, title and interest as Leasee in,
and the obligations of Leasee under, the Lease to the Association, which
assignment shall be for the purpose of transferring to the Association each
and every obligation of the Leasee under the Lease to the CITY OF AUBURN,
including, but not by way of limitation, the payment of all charges for rent
and other sums due thereunder, from time to time, to the CITY OF
AUBURN, and which assignment shall be for the further purpose of
establishing the Association as the representative of each of the unit owners
with the CITY OF AUBURN, all as more fully described in the Lease and the
Declaration.
5. MARKETABLE TITLE. Seller warrants that Seller has
marketable title to the Unit, subject to the limitations imposed thereon by
the Lease, and that Seller is not in default under any of the terms or
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Leasee under the Lease and further agrees to indemnify and to hold Seller
harmless on account thereof.
7. APPLICABLE LAW AND VENUE. This Agreement shall be
deemed to be made under, and shall be construed and enforced in
accordance with, the law of the State of Washington. Any action brought to
enforce and/or to interpret any provision of this Agreement shall be
maintained in the Superior Court for the State of Washington at King
County.
8. COSTS AND ATTORNEY'S FEES. In the event any action is
brought by either party to enforce the terms of this Agreement, or for
damages resulting from a breach of this Agreement, the prevailing party in
such action shall be entitled to reasonable attorney's fees and costs of suit,
including in any appeals taken therefrom.
9. MERGER. This Agreement contains all of the agreements,
representations, warranties and understandings of the parties, and all prior
dealings of the parties are deemed merged herein. This Agreement may not
be amended, changed or revised in any respect except in writing and signed
by the party to be charged.
10. BINDING EFFECT. This Agreement shall be binding upon the
heirs, executors, administrators, successors and assigns of the parties.
DATED this _U-tb day of July, 2007.
Seller:
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Bye--- CA,
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J A. Bolster, Secretary
STATE OF WASHINGTON
COUNTY OF Whatcom
On this U-t!) day of July, 2007, before me, the undersigned, a Notary Public in and
for the State of Washington, duly commissioned and sworn, personally appeared Gary E.
Bolster and Jan A. Bolster, to me known to be the President and Secretary, respectively, of
HU Inc., the corporation that executed the foregoing instrument, and acknowledged the
said instrument to be the free and voluntary act and deed of said corporation, for the uses
and purposes therein mentioned, and on oath stated that they were authorized to execute
the said instrument on behalf of said corporation.
n M ~,t official seal hereto affixed the day and year first above written.
n;q
~~~,~~aS10N~y~q.. ~ /IAM u.4J~ Vl ill
a#M "R# q~ i Notary Pub ' nand for the 6jo
%r+ a V State of Washington
.e' " % My commission expires 11 - l5't O
P- 4'8 OP Z
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Dated:
H. Ordun
'AmC Dated:
Gail L. Ordun