The URL can be used to link to this page

Home My WebLink About20081016001130 OPTION TO PURCHASE 10/15/2008 St: I 3 ~ f . , Return Address: City of Auburn City Clerk 25 West Main Auburn, WA 98001 $10160m113m 200 TI7L OPT . _ pAGE003 OF 007 16.17 - 10/16/2008 - KING COUNTY, W Above this line reserved for recording information. OPTION TO PURCHASE Reference # (if applicable): Grantor/Borrower: THE STRATFORD COMPANY LLC Grantee/Assignee/Beneficiary: CITY OF AUBURN Legal Description/STR: Assessor's Tax Parcel ID#: 7815700115, 7815700110, 7815700095, 7815700085,and 7815700135, Additional legal on page 4 of this ~ document. G-t.T - ►26q 79Q - 6 The Grantor, THE STRATFORD COMPANY LLC, for and in consideration of Ten Dollars ($10.00) paid to the Grantor by the Grantee, the CITY OF AUBURN, a Municipality of the State of Washington, the receipt and sufficiency of which is hereby acknowledged, hereby gives and grants said 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, attached hereto, and incorporated by reference. The terms of this option are as follows: 1. The Grantor, THE STRATFORD COMPANY LLC shall develop a single, unified development project for the "megablock" bounded by West Main Street on the North, Division Street on the East, First Street Southwest on the South, and "A" Street Southwest on the West ("Stratford Development Project"). The Stratford Development Project shall encompass all of King County Tax Parcels 7815700115, 7815700110, 7815700095, 7815700085, and 7815700135, including the alleyway running East to West through the megablock. 2. THE STRATFORD COMPANY LLC shall begin construction of the Stratford Development Project, assuming regulatory permits have been granted, no later than April 1, 2009 ("Start Date"). The City may approve and grant a 90 day extension to the "Start Date" if the Grantor, THE STRATFORD COMPANY LLC exhibits documentable progress towards the project, which documentable progress must be received by the Grantee, CITY OF AUBURN not later than March 1, 2009, and which shall include at a minimum project financing - consisting of either a commitment letter for conventional financing, an invitation letter for HUD or other governmental financing, or other circumstances satisfactory to the Grantee, CITY OF AUBURN, approved building • permits, approved facility extension agreement(s), and an agreement with a contractor to commence work on the project by the Start Date. 3. The Option shall run for Ninety (90) day from the Start Date, or approved extension thereof, if the Grantor, THE STRATFORD COMPANY LLC has not commenced work on the Stratford Development Project by the Start Date or approved extension thereon. 4. The purchase price for King County Tax Parcel Nos. 7815700135 and 7815700115 shall collectively be One Million One Hundred Eighty-Seven Thousand Nine Hundred Seventy-Nine Dollars and No/100's ($1,187,979.00),which shall be for the Property free of and without any financial encumbrances. If any financial encumbrances are unable to be removed the amount of such financial encumbrance(s) shall be deducted from the purchase price. 5. The purchase price for King County Tax Parcels Nos. 7815700110, 7815700095, and 7815700085, shall be fair market value, plus reasonable documented expenses incurred since the time of purchase, Fair market value shall be determined, by an independent appraisal perFormed by an appraiser mutually agreed upon by the Grantee, CITY OF AUBURN and the Grantor, THE STRATFORD COMPANY LLC. If the Grantee, City and THE STRATFORD COMPANY LLC cannot agree upon a mutually agreed upon appraiser, the Grantor, THE STRATFORD COMPANY LLC shall select one appraiser and the Grantee, CITY OF AUBURN shall select another appraiser, and those two appraisers shall select a third appraiser, and the three appraisers shall determine the fair market value. The Grantee, CITY OF AUBURN may exercise said option within ninety (90) days after the Start Date should the Grantor, THE STRATFORD COMPANY LLC fail to commence construction of the project by the Start Date. 6. This option to shall run with the land, shall be recorded with the King County Recorder's Office against all of the above properties, and shall be binding upon the Grantor, THE STRATFORD COMPANY LLC, and its successors, assigns, and any subsequent purchasers, and shall be binding on any and all persons, companies, corporations, agencies or other entities, owning or holding interests in the Property by reason of their ownership of, affiliation with or interests in THE STRATFORD COMPANY LLC. ) IN WITNK ~VHEREOF, the Grantor has executed this Agreement effective the 1~?L. day of l~.~- , 2008. 6HSTRA F R CO ~ PANY LLC By. Accepted and approved. City uburn Peter B. Lewis, Mayor Date STATE OF ) ) ss COUNTY OF ) I certify I have know or have satisfactory evidence that 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 of THE STRATFORD COMPANY LLC, and acknowledged it to be his/her free and voluntary act for the uses and purposes mentioned in the instrument. Dated Notary Public in and for the State of Residing at My appointment expires Accepted and approved. City of Auburn Peter B. Lewis, Mayor Date STATE OF ) ~ ) ss COUNTY O ) I certify I have know or have satisfactory evidence th&J'-9 'OkWis the person who a p p e a r e d b e f o r e m e, a n d ac know le dge d t ha t he/s he signe d t his inMMAIC- n d on oa t h stated that he/she was authorized to execute the instrument as the of T HE STRATFORD COMPANY LLC, and acknowledged it to be his/ er free and volunta ct for the uses and purposes mentioned in the instrument. Date 2 . Tr Not Publi nd o Sof Residing at My appointment expires ; •A i _er . ,~g•` _ t ' :.,~F,(k B-Yll'~ STATE OF WASHINGTON ss COUNTY OF ~ q Ll- I CERTIFY THAT I KNOW OR HAVE SATISFACTORY EVIDENCE THAT PETER B. LEWIS IS THE PERSON WHO APPEARED BEFORE ME, AND SAID PERSON ACKNOVJLEDGED THAT HE SIGNED THIS INSTRUMENT, ON OATH STATED THAT HIS WAS AUTHORIZED TO EXECUTE THE INSTRUMENT AND ACKNOWLEDGED IT AS MAYOR OF CITY OF AUBURN, A WASHINGTON MUNICIPAL CORPORATION TO BE THE FREE AND VOLUNTARY ACT OF SUCH PARTY FOR THE USES AND PURPOSES MENTIONED IN THE INSTRUMENT. C) P o R{CPA KELLY ~ DATED : 1"vOTARY PUBLIC ~ s /~T~ t)F 1FJASHING70t~ ~ C0MPV'1;S5i0N EXPiR"c 'q2'~,"`-'o'' a `°ua~a~<::~.'•'~ NOTARY I NATU PRINTED NAME : NOTARY PUBLIC IN D FOR TH STATE OF WASHINGTON RESIDING AT '1 MY APPOINTMENT EXPIRES ~ ` l EXHIBIT A PROPERTY SUBJECT OF THE OPTIONS TO PURCHASE Those parts of the below described properties owner, acquired or later acquired by the Grantor: LEGAL DESCRIPTIONS Location 1: Assessor's Property Tax Parcel Number 7815700135 Legal Description: LOTS 7 AND 8, 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 ANY PORTIONS OF THE VACATED ALLEY ADJACENT THERETO VACATED BY CITY OF CITY OF AUBURN ORDINANCE N0. 6195. Location 2: Assessor's Property Tax Parcel Number 7815700115 Legal Description: LOT 4, BLOCK 2, TOWN OF SLAUGHTER, ACCORDING TO THE PLAT THEREOF RECORDED IN VOLUME 2 OF PLATS, AT PAGE 56, RECORDS OF KING COUNTY, WASHINGTON, EXCEPT THAT PORTION OF SAID LOT 4 LYING EAST OF THE FOLLOWING DESCRIBED LINE: BEGINNING AT A POINT ON THE NORTH LINE OF SAID LOT 4, A DISTANCE OF 58.02 FEET EAST OF THE NORTHWEST CORNER THEREOF; THENCE SOUTH TO A POINT ON THE SOUTH LINE OF SAID LOT 4, A DISTANCE OF 0.6 FEET WEST OF THE SOUTHEAST CORNER THEREOF. TOGETHER WITH ANY PORTIONS OF THE VACATED ALLEY ADJACENT THERETO VACATED BY CITY OF CITY OF AUBURN ORDINANCE NO. 6195. Location 3: Assessor's Property Tax Parcel Number 7815700110 Legal Description: LOT 3 AND THAT PORTION OF LOT 4, BLOCK 2, TOWN OF SLAUGHTER, ACCORDING TO THE PLAT THERE'OF, RECORDED IN VOLUME 2 OF PLATS, PAGE(S) 56, RECORDS OF KING COUNTY, WASHINGTON, LYING EAST OF THE FOLLOWING DESCRIBED LINE. BEGINNING AT A POINT ON THE NORTH LINE OF SAID LOT 4, DISTANCE OF 58.02 FEET EAST OF THE NORTHWEST CORNER THEREOF; THENCE SOUTH TO A POINT ON THE SOUTH LINE OF SAID LOT 4, DISTANT 0.6 FEET WEST OF THE SOUTH EAST CORNER THEREOF. TOGETHER WITH ANY PORTIONS OF THE VACATED ALLEY ADJACENT THERETO VACATED BY CITY OF CITY OF AUBURN ORDINANCE NO. 6195. Location 4: Assessor's Property Tax Parcel Number 7815700095 . . Legal Description: LOT 2 IN BLOCK 2 OF TOWN OF SLAUGHTER, AS PER PLAT RECORDED IN VOLUME 2 OF PLATS, PAGE 56, RECORDS OF KING COUNTY, EXCEPT THE EAST 4 FEET THEREOF, SITUATE IN THE CITY OF AUBURN COUNTY OF KING, STATE OF WASHINGTON. TOGETHER WITH ANY PORTIONS OF THE VACATED ALLEY ADJACENT THERETO VACATED BY CITY OF CITY OF AUBURN ORDINANCE NO. 6195. SUBJECT TO THE FOLLOWING EASEMENTS, COVENANTS, CONDITIONS, RESTRICTIONS AND AGREEMENTS: AGREEMENT AND THE TERMS AND CONDITIONS THEREOF RECORDED DECEMBER 28, 1908 RECORDING NO. 589211 REGARDING THE JOINT USE OF THE WALL ON THE EAST LINE OF THE WEST 27-1/2 FEET OF SAID LOT 2 AGREEMENT AND THE TERMS AND CONDITIONS THEREOF RECORDED APRIL 4, 1950 RECORDING NO. 4001269 REGARDING THE JOINT USE OF THE WALL ON THE WEST LINE OF SAID PROPERTY Location 5: Assessor's Property Tax Parcel Number 7815700085 Legal Description: LOT 1 AND THE EAST 4 FEET OF LOT 2, BLOCK 2, TOWN OF SLAUGHTER, ACCORDING TO THE PLAT THEREOF RECORDED IN VOLUME 2 OF PLATS, PAGE 56, IN KING COUNTY, WASHINGTON, TOGETHER WITH ANY PORTIONS OF THE VACATED ALLEY ADJACENT THERETO VACATED BY CITY OF CITY OF AUBURN ORDINANCE NO. 6195. SUBJECT TO THE FOLLOWING: AGREEMENT AND THE TERMS AND CONDITIONS THEREOF: BY KATIE M. BISSELL AND STREETOR H BEALL AND HARRY H BADER RECORDED FEBRUARY 19, 1924 RECORDING NO. 1833681 REGARDING PARTY WALL ALONG THE WEST LINE OF EAST 4 FEET OF LOT 2