HomeMy WebLinkAbout08. 14-509 NOVEMBER 25, 2014 14-509 RESOLUTION
(CARRIED LOST LAID OVER WITHDRAWN )
PURPOSE: APPROVE OPTION TO PURCHASE PARCEL J FROM
NORTHPOINTE DEVELOPMENT CORPORATION; CORNER OF
JACKSON STREET/MARION ROAD
INITIATED BY: NORTHPOINTE DEVELOPMENT CORPORATION
REDEVELOPMENT AUTHORITY RECOMMENDATION: Approved
WHEREAS, Northpointe Development Corporation has expressed interest in the
vacant lot at the southwest corner of Jackson Street and Marion Road, within the
Marion/ Pearl Redevelopment Area for construction of a mixed-use building that would
contain commercial and multi-family apartments; and
WHEREAS, Northpointe Development Corporation is requesting an option to
purchase until June 30, 2016 on said lot to complete the design, financing and approval
process for a proposed mixed use commercial/residential building, per the attached
request dated November 11, 2014.
NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City of
Oshkosh that option to purchase Parcel J in the Marion/Pearl Redevelopment area by
Northpointe Development Corporation is hereby approved, and the proper City officials
are hereby authorized and directed to execute any and all documents necessary for
purposes of the same.
BE IT FURTHER RESOLVED that the terms of said option to purchase
agreement shall include, but not be limited to:
1 ) Compliance with the approved Marion Road/Pearl Avenue Redevelopment
Area Phase II Development Guidelines.
2) Formal submittal of a proposal by June 30, 2016.
3) Approval of the final development plan by the Redevelopment Authority and
Common Council.
4) Provide lending financing commitment.
5) Obtain project approval under Planned Development Overlay provisions.
NOVEMBER 25, 2014 14-509 RESOLUTION
CONT'D
6) Submittal of a scaled site plan detailing building elevations.
7) The option fee shall be One Dollar and NO/100 (51 .00).
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TO: Honorable Mayor and Members of the Common Council
FROM: Allen Davis
Community Development Director
DATE: November 18, 2014
RE: Approve Option to Purchase from Northpointe Development Corp / Parcel J,
Corner of Jackson Street & Marion Road
BACKGROUND/ANALYSIS
The developer is proposing to develop a mixed-use building that would contain commercial
establishments on the ground floor, possible commercial on the second floor, and multi-family
apartments for the upper floor(s). The developer is requesting an option on the parcel until
June 30, 2016 to complete the design, financing and approval process for the project. The
developer has a number of possible commercial uses for the lower floor(s). The developer is
planning to apply for New Market Tax Credits as part of the project financing.
City staff will also begin work on the preliminary remediation plan and seek out funding for the
remediation from State and Federal sources. The proposed project would appear to score
well for remediation grants. The Redevelopment Authority (RDA) and/or City would have to
approve any future grant applications for the project. In addition, The RDA and City would
still have to approve a future site plan, planned development, and a Development Agreement.
FISCAL IMPACT
None anticipated at this time.
RECOMMENDATION
Council approves the option to purchase from Northpointe Development Corp.
Approved,
�Z���l��i
City Manager
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Approved by the 4Visconsin Real Estate Examining Board Keystone Development
10-1-12(Optional Use Date) 01-1-13(Mandatory Use Date) WISCONSfN REALTORS�ASSOCIATION
4801 Forest Run Road
W8-24 OPTION TO PURCHASE Madison,wsconsin 63704
Page 1 of 7.WB-24
1 LICENSEE DRAFTING THIS OFFER ON November ii, 2014 [DATE]IS(AGENT OF BUYER)
z (AGENT OF SELLERILISTING BROKER)(AGENT OF BUYER AND SELLER) STRIKE THOSE NOT APPLICABLE
s The Seiler(Optionor), citv of Oshkosh ,hereby grants to
a the Buyer(Optionee), Northpointe Development Corp , and/or Assiqns ,
s an option to purchase(Option)the Froperty known as[Street Address] southeast corner of Marion Road
6 and Jackson Street 111 the citv
� of oshkosh ,County of winnebaao ,Wisconsin,on the following terms:
s DEADLfNE FOR GRANT OF OPTION 7his Option is void unless a copy of the Option, or separate but identical copies, is/are signed by all
s Sellers and delivered to Buyer on or before Januarv 30, 2015 (Time is of the Essence).
to OPTIONTERMS
t� ■ INlTIAL OPTION TERM:A nonrefundabfe option fee of$ will be paid by Buyer to Seiler within days
12 of the later of:{i)the granting of this Option,or(ii)the deadfine for execution of a lease if line 141 of this Option is checked.This OpGon may only be
�3 exercised if 8uyerdelivers written no6ce to Seller no lafer than midnight unless exfended below.
�a ■ EXTENDED OPTION TERM:The Deadfine to exercise this Opiion shall be extended untif midnight ,upon
15 payment of$ to Seller on or before ,as an option
�s extension fee which shall not be refundable.
1� ■ EXERCISE: To exercise this Option,Buyer must sign and deliver(i)the notice at Iines 355-361,or(ii)ar�y other written notice which states that
1 a Buyer exercises this Opfion,If the Optian is exercised,$ of the option fee and$ of the
1 s option extension fee,if any;shail be a credit against the purchase price at clasing,
2o CAUTlON:If the option fees are to be paid into listing brokers trust account or ta a fhird party,specify in addiEional provisions at lines 256•268
2� or 326-330 or in a se arate agreement attached per line 325.
22 TERMS OF PURCHASE If this Option is exercised per the terms of this Op�ion, the following shall be the terms of purchase:
23 ■ PURCHASE PRICE: One Dollars
2a ($ i.00 )wili be paid in cash or equivalent at dosing unless otherwise provided below.
z5 ■ INCLUDED IN PURCHASE PRICE: Seller is including in the purchase price the Properfy,all Fixtures on the Property an the dafe of this Option
2s not excluded at lines 28-29,and the#ollowing additional items:
27
2s ■ NOT INCLUDED IN PURCHASE PRICE:
zs
so CAl1TI0N: Identify trade fixtures owned by Eenant,if applicable,and Fixtures that are on the Prope►ty{see lines 75-82)to be excluded by
s� Seller or which are rented and wili continue to he owned by the fessor.
32 NOTE:The terms of this Option,not the listing contract ar marketing materiafs,determine what items are inciudedlexcluded,
33 OPTIONAL PROVISIONS TERMS OF THIS OFFER THAT ARE PRECEDED BY AN OPEN BOX(�)ARE PART OF THiS OPTION ONLY fF
34 THE BOX IS MARKED SUCH AS WITH AN"X."THEY ARE NOT PART OF THIS OPTION IF MARKED"NIA"OR ARE LEFT BLANK.
35 DELIVERY OF DOCUMENTS AND WRITTE NOTICES Unless ofherwise stated in this Offer, delivery of documents and writtem notices to a
ss party shall be effective only when accomplished by one of the methods specified at lines 37-54.
s� (1) Personal Deliverv:giving the document or written notice personai(y to fhe Party,or the Party's recipient for delivery if named at line 38 or 39.
3s Seller's recipient fordelivery(optional):�-len Davis city of oshkosh
3s Buyer's recipient for delivery(opfional):�dv Dumke Alliance Housinq Development
40 0(2)F�:fax transmission of the document or written notice to the following telephone number.
a1 Seller:{ ) Buyer:( }
a2 �(3) omm r iai Del�verv: deposifing the document or written notice fees prepaid or charged to an account with a commercial delivery
43 seroice, addressed either to the Party,or to the Party`s recipienf for delivery if named at line 38 or 39,for delivery to the Party's delivery address at
44 line 47 or 48.
45 �{4)��il: depositing the document or written notice postage prepaid in fhe U.S. Mail, addressed either to fhe Party, or to the Party's
as recipient for delivery if named at line 38 or 39,far delivery to the Party's delivery address at line 47 or 48.
47 Delivery address for Seller:
as Delivery address for Buyer:
as x0(5)E=6d3ll: electronically transmi�ing the documenf or written notice to ihe Party's e-mail address,if given below at line 53 or 54. If ihis is a
5o consumer transaction where the property being purchased or the sale proceeds are used primarily for personai, family or household purposes,
5� each consumer providing an e-mail address below has first consented electronically to the use of electronic documents, e-mail de�ivery and
sz electronic signatures in the transaction,as required by federal law.
53 E-Mail address for Seller(opfional):
5a E-Mail address for Bu er o tional):
ss TIME IS OF THE ESSENCE "Time is of the Essence" as to: (1)payment of o tion fees; 2 �a ment of extension fees;{3) Sefler's grant of this
56 Option;(4)Buyers exercise of this Opfion;(5)occupancy;(6)date of closing; STRIKE AS APPLICABLE and all other dates and Deadlines in this
57 Option except: .If"Time is of the Essence"applies
58 to a date or Deadline,failure to perform by the exact date or Deadline is a breach of contract.If'Tirne is of the Essence"does not apply to a date
ss or Deadline,then erformance within a reasonable time of the date or Deadline is allowed before a breach occurs.
so Personal delivery to,or Actual Receipt by, any named Buyer or Selfer cons6tutes pe�sonal delivery
s� to,or Actual Receipt by,a!!Buyers or Sellers. �
Kcyrta�eDevclopmart4zoSKoelluSt5te23o0slil;osh.WI54902 Phaic:920-303-9404 F1c 902-303-9A#i Unlilled !
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Page 2 of 7,WB-24
62 DEFINITIONS
ss ■g�TUA� RECEIPT: "Actuai Receipf" means that a Party, not the Pa+ty's recipient for delivery, if any, has the document or written notice
sa physically in the Party's possession,regardless of the method of delivery.
s5 ■ DEADLINES;"Deadlines"expressed as a number of°days"from an event, such as acceptance, are calcufated by excluding the day the event
ss occurred and by counting subsequent calendar days.The deadline expires at midnight on the last day.Deadlines expressed as a specific number
6� of"business days" excfude Saturdays, Sundays, any legal public holiday under Wisconsin or Federal law, and any other day designated by the
sa President such that the postai service does not receive regisfered mail or make regular deliveries on ihat day. Deadlines expressed as a specific
69 numBer of"hours"irom the occurrence of an event,such as receipt of a notice,are calculated from the exact fime of the evenf,and by counting 24
�o hours per calendar day. Deadlines expressed as a specific day of the calendar year or as the day of a specific event,such as closing, expire at
�� midnight of fhat day.
72 ■ DEFEC7: 'Defect` means a condition that would have a significant adverse effect on the value of the Property; that would significanfly impair
�3 the health or safety of fuiure occupants of the Property;or that if noE repaired, removed or replaced would significantly shorten or adversely affect
74 the expected normal life of the premises or adversely affect the use of the Property.
�� `F1XIlIBE: A "fixture" is an item of property which is physically attached to or so closely associated with fand or improvements so as to be
�s treafed as part of the real estate, including, without limifation, physically atfached items not easily remavable wifhout damage fo the premises,
77 items specifical{y adapted to the premises and items customarily treated as fixtures, including, but not limited to, all; garden bulbs; plants;shrubs
�8 and trees; screen and storm daors and windaws; electric lighfing fixtures; window shades;curtain and traverse rods; blinds and shutters; central
�9 heating and cooling units and attached equipment;wafer heaters and treatment systems;sump pumps;affached or fitted floor coverings; awnings;
ao attached aniennas; garage door openers and remote controls; installed security systems; central vacuum systems and accessories; in-ground
8� sprinkler systerns and component parts; builf-in appliances; ceiling fans; feoces; storage buildings on permanent foundations and docks/piers on
82 permanent founda6ons.A"Fixture"does not include trade fixtures owned by tenants of the Property.
83 CAUTION: Exclude any Fixtures to be retained by Selfer or which are not owned by Seller, such as rented fixfures (e,g.,water softener
s4 or other water conditioning systems,home enfertainment and satellite dish components,L.P.tanks,etc.)on[ines 28-29.
se a PROPERTY:Unless otherwise stated,"Properly"means the real estate descri6ed at lines 5-7.
ss 0 V 8uyer acknowledges that any land, building or roorn dimensions, or total acreage or building square
s� foofage figures, provided to Buyer by Se11er or by a broker, may be approximate because of rounding, formulas used or oiher reasons, unless
ea verified by survey or ofher means.
&s CAUTION: Buyer should verify total square footage formula, total square footage/acreage figures, and fand, building or room
so dimensions,if materiat.
s� BUYER'S WALK•THROUGHS Within 3 days of the earlier of:{i)fhe Deadline for Buyer's exercise of this Option; or(ii)the Buyer's exercise of
sz this Option; and again within 3 days priar to closing, at a reasonabfe fime pre-approved by Seller or Seller's agent, Buyer shall have the right to
g3 walk through the Property to determine lhat fhere has been no significant change in the condition of fhe Properiy, except for ordinary wear and
sa tear and chan es a raved b Bu er,and that an Defects Seller has a reed to cure have been repaired in the manner agreed fo by the Parties.
s5 PROPERTY DAMAGE BETWEEN EXERCISE OF OPTION AND CLOSING Seffer shalf rnaintain the Property un61 the earlier of closing or
ss occupancy oF @uyer in materially the same condition as of the daie Suyer exercises this Option, excepf for ordinary wear and tear. If, prior to
s� closing, the Property is damaged in an amounf of not more than flve percent (5%) of the purchase price, Seller shaEl be obligated to repair the
sa Property and restore it fo the same condition that if was on the day this Option was exerased, No laEer than closing, Seller shall provide Buyer wifh
ss lien waivers for all lienable repairs and restorafion. If the damage shall exceed such sum, Seller shall promptly notity Buyer in writing of the
ioo damage and this Option may be canceled at the option of Buyer.Shoufd Buyer elect to carry out this Opfion despite such damage, Buyer shall be
�o� entitled to the insurance proceeds, if any,relating to the damage to fhe Property, plus a credit towards the purchase price equal to the amount of
�02 Seller's deductible on such policy,if any.However,if this sale is financed by a land contract or a mortgage to Seller, any insurance proceeds shall
io3 be held in trust for the sole ur ose of restoring the Property.
1oa DISTRIBUTlON OF INFORMATION Buyer and Seller aufhorize fhe agents of Buyer and Seller to: (i) distribute copies of the Option to Buyer's
105 lender, appraisers, tif{e insurance companies and any other settlement service providers for the transaction as defined by tf�e Real Estate
�os Se�lement Procedures Act (RESPA); (ii) report sales and finanang concession data to mul6ple lisfing service sold databases; and (iii} provide
�o� active IisGng, pending sale, closed sale and finanang concession informa6on and data, and related information regarding seller contributions,
ios incentives or assistance,and third art ifts,to appraisers researching comparabfe sales,market condifions and listings,upon inquiry.
109 NOTICE ABOUT SEX OFFENDER REGIST� You may obtain information abouf the sex offender registry and persons registered wifh the �
110 registry by contacting ihe Wisconsin Department of Correc6ons on the lnternet at h�tp://www.widocoffenders.ora or by telephone at (608) 240-
11'I 5830.
Rnduced wilh zipFortn�by t7pLoglx 18070 FiHeen Mile Road,Fraser,Mlchfgan 48028 www�ip�qt�s:� Untitled
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PropertyAddress:Southeast corner of Marion Road . Page3of7,WB-24
��2 � This transaction is fo be cfosed(within See Addendum days after the exercise of fhis Option)(no later
113 than ) at the pface selecfed by Seller;unfess otherwise
114 a reed b fhe Parties in writing.
115 CLOSING PRORATIONS The folfowing items, it appficable, shall be prorated at closing, based upon date of closing values: real estate taxes,
116 rents,prepaid insurance(if assumed),private and municipal charges,property owners associaiion assessmenfs,fuei and
117
��$ CAUTION:Provide basis for utility charges,fuel or other prorations ff date of closing vafue will not be used.
�1 s Any income,taxes or expenses shall accrue fo Seiler,and be prorated at closing,ihrough fhe day prior to closing.
�2o Real estate taxes shall be prorated at closing based on[CHECK BOX FOR APPLICABLE PRORATION FORMULA]:
iz� 0 The net general real estate faxes for the preceding year, or fhe current year if available (Net general real estafe taxes are defined as
�22 eneral properfy taxes after state tax credits and loitery crediis are deducted){NOTE:THIS CHOfCE APPLIES IF NO 80X IS CHECKED}
�2s �Current assessment times current mill rate(current means as of the date of closing)
�2a 0 Sale price, muliiplied by the municipa(ify area-wide percent of fair market value used by the assessor in the prior year, or current year if
�2e known,multiplied by current mill rate(current means as of the date of closing)
126 Q
127 CAUTlON: Buyer is informed that the actual real estate taxes for the year of cfosing and subsequent years may be substantially
�2e different than the amount used for proration especially in transactions involving new construction, extensive rehabiliEation, remodeling
12s or area-wide re•assessment.Buyer is encouraged to confact the local assessor regarding possible tax changes.
�so 0 Buyer and Sefler agree to re-prorate fhe reaf estate taxes, through the day prior to closing based upon fhe taxes on fhe actual tax bill for
131 the year of closing, with Buyer and Selfer eacfi owing his or her pro-rata share. Buyer shall, within 5 days of receipt, forward a copy of fhe bill
�32 to the forwarding address Seller agrees to provide at dosing. The Pa�ies sha(I re-prorate within 30 days of Buyer's receipt of fhe actual tax
Zss bill, Buyer and Seller agree this is a post-closing obfigation and is the responsibi(ity of the Parties to complete,not the responsibility of ihe real
134 estafe brokers in this transacfion.
�35 LEASED PROPERTY If Property is currently leased and lease(s)extend beyond closing,Seller shall assign Seller's ri hts under the lease(s)and
�3s transfer afl security deposits and prepaid rents thereunder to Buyer at closing.The terms of the(written)(oral}� lease(s),if any,are
137
�3s .Insert additional terms,if any,at lines 256-268 or 326-330 or attach as an addendum per line 325.
1 ss LEASE-OPTION PRdVfSIONS [CHECK BOX ON LINE 140 OR 141,IF APPLICABLE]:
14o Concurrent with the gran6ng of fhe Option,Selfer and Buyer have entered into a written lease for the Property,
�41 0 This Option is confingent upon Seller and Buyer,within days from the granting of this Opfion,entering into a written lease
142 for the Property with minimum ferms which shall include:term from fo and
143 an initial rent of$ per monih or this Opfion shall be null and void,
144 [CHECK ANY OF THE FOLLOWING THAT APPLY,IF LINE 140 OR 141 WAS CHECKED ABOVE]:
�as �In the evenf that this Option is timely exercised,$ of each monthly rent payment of$
1as shall be applied to the purchase price while the balance shall be deemed sofely rent that is retained by Seller.
147 NOTE:Lenders may not•recognize a credit for rent paid under a lease.
148 �8uyer may nof exercise fhis Optian unless Buyer is current with all rent.
149 �Any materia!breach of the lease by euyer shall also constitute a default under ihis Opfion.
15o PROPERTY CONDITION REPRESENTATIONS Seller represents fo Buyer fhat, as flf fhe date Seller grants this Option, Seller has no noiice or
1 s� knowledge of any Defecfs(lines 72-74)ather than fhose identified in Sellers disclosure reporf dated
��2 and,if appficabfe,Real Estate Condition Reporf dafed and,if applicable,Vacant Land Disclosure Report
153 dated ,which waslwere received b Buyer prior to Buyer signing fhis Opfion and which is/are made a part of this Option
154 by reference COMPLETE DATES oR STRIKE AS APPLICABLE and
155
156 INSERT CONDITIONS NOT ALREADY INCLUDED IN THE DISCLOSURE OR CONDITION REPORT S
157 CAUTION: If the Property includes 1•4 dwelling units, a Real Estate Condi6on Report containing the disclosures provided in Wis.Stat.§
�5s 709.03 may be required. If the Property does not incfude any buildings, a Vacant Land Disclosure Report containing fhe disclosures
1ss provided in Wis. Stat. §709.033 may be required. Excluded from these requirements are safes of property wifh 1•4 dwelting units that
�sa has never been Inhabited, sales exempt from the real estate transfer fee, and sales by certain court•appointed fiduciaries (for example,
isi persona{representatives who have never occupied the Property}.The buyer may have certain rescission rights per Wis.Stati§709.05 if
tis2 Seller does not furnish such report(s)within 10 days aRer Sel[er grants this Option or if a report disclosing Defects is furnished before
1s3 expiration of those 10 days, but after the Option is submitted fo Setler. Buyer should review the report form or consutt with an aitorney
�64 far additional information regarding rescission rights,
1s5 Seller agrees to noti#y Buyer in writing of any Defect which Selfer becomes aware of after Seller's gran6ng of, but prior to Buyers exercise of this
�ss Option, which is materially inconsistent with the above representations. For purposes of this provision (lines 150-156), Defect does not include
�s� structuraf,mechanical or other condifions of which the Buyer has actual knowledge or written notice or which 6uyer discovers prior to the exercise
�68 af this tion.
�se ZONING Sel(er represents that ihe property is zoned
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17o OCCUPANCY Occupancy of the entire Property shall be given to Buyer at time of closing unless otherwise provided in this Opfion at lines 256-
171 268 or 326-330 or in an addendum attached per line 325.At time of Buyer's occupancy,Property sha(I be in broom swept condition and free of all
��2 debris and personal property except for personal praperty belonging to current tenants, or that soid to Buyer or left with Buyer's consent.
��3 Occupancy shall be given subject to tenant's rights,if any.
i�a CAUTION:Consider an agreement which addresses responsibitity for clearing the Property of personal property and debris,if applicable.
175 RENTAL WEATHERIZATION Unless otherwise agreed, Buyer shall be responsible for compliance wifh Rental Weafherization Standards (Wis.
�7s Admin.Code Ch.SPS 36�,if applicable.
177 DEFAULT Seller and Buyer each have the legal duty to use good faith and due diligence in cornpleting the terms and conditions of fhis Option.A
t�a materia)failure to perform any obligation under this Option is a default which may subject the defaulting party to liability for damages or other legal
i�9 remedies.
�so If syer defaults,Seller may:
�s� (1) sue for specific performance if Buyer has exercised this Op�on;or
�s2 (2) ferminate the Opfion and may sue for actual damages.
183 If Seller detaults,Buyer may:
184 (1) sue for specific performance;or
�ss (2) terminate the Option and may sue for actual damages.
�8s In addition,the Parties may seek any ofher remedies available in law or equity.
�s� The Parties understand that ihe availability of any judiciaf remedy will depend upon the circumstances of fhe situafion and the discretian of the
�8$ courts, If either Party defaults, the Parties may renegatiafe fhe Opfion or seek nonjudicial dispute reso�ution instead of the remedies outiined
�89 above. By agreeing to binding arbitratian, the Parties may lose fhe right to litigate in a court of law ihose dispufes covered by the arbitration
190 agreement
191 NOTE: IF ACCEPTED, THIS OPTION CAN CREATE A LEGALLY ENFORCEABLE CONTRACT. BOTH PARTIES SHOULD READ THfS
tsz DOCUMENT CAREFULt,Y. BROKERS MAY PROVIDE A GENERAL EXPLANATION OF THE PROVISIONS OF TNE OPTION BUT ARE
193 PROHIBiTED 8Y LAW FROM GIVING ADVICE OR OPtNIONS CONCERNING YOUR LEGAL RIGHTS UNDER THIS OPTION OR NOW TtTLE
�94 SHOULD BE TAKEN AT CLOSING.AN AT70RNEY SHOULD BE CONSULTED IF LEGAL ADVlCE IS NEEDE�.
1s5 ENTIRE CONTRACT This Option, including any amendments to it, contains ihe entire agreement of the Buyer and Seiler regarding the
�ss transaction, All prior negotiations and discussions have been merged into this Opfion. This agreement binds and inures to ihe benefit of the
197 Parties to this Option and their successors in interest.
�sa BUYER DUE DILIGENCE Prior to the granting or exercising of this Option, Buyer may wish to perform certain authorized inspections,
1ss investigations and testing of the Property.Buyer shali provide for any specific inspections, investigations or tests Buyer intends to perform as part
200 of Buyers due diligence items on lines 256-268,314-321,or 326-330 or attach as an addendum per line 325.In addition,Buyer may need to obtain
zo� and review documents refevant to financing approval, appraisals, or perform generaf due difigence activities for the transaction, including but not
202 limited to: business records, condominium documenfs, maps or other information, municipal and zoning ordinances, recorded building and use
2o3 restncGons, covenants and easernenfs of record, as they may prohibit or restrict certain uses and improvements for the Property. Buyer may also
2oa need to obtain or verify certain permits, zoning variances, othar govemmental or private approvals, environmental audits and subsoil iests,
205 required road improvements, utilify hook-up and installafion costs, or olher development relafed cosfs and fees, in order to fully determine the
2os feasibility of any proposed or pfanned development of the Property. Seller agrees to cooperate with Suyer as necessary to complete any due
20� diligence items or any authorized investigafions, testing and inspections as provided for in this Option, without cost fo Seller, unless otherwise
2os agreed by the Pa�ies in writing.
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Properly Addreu:Southeast corner of Marion Road . Page 5 of 7,WB-24
zos RECORDING OF OPTION Bu ler may)(may not) STRIKE ONE record this Option at Buyer's expense.
zio Buyer(may)(may not) STRIKE ONE ("may"if neither is stricken)record a separate instrurnent evidencing this Option at Buyer's expense. If this
2�� Opfion or a separafe instn�menE evidencing this Option is to be recorded, insert legal description at lines 256-268 or 326-330 or attach as an
2�2 addendum per line 325,If recording,the pa�ies agree to provide authenficated or acknowledged signatures as may be required.
2t3 CAUTION:Failure to record may give persons with subsequent interests in the Property priority over this Option.
214 TITLE EV�DENCE
z�s ■ CONVEYANGE OF TITLE: Upon payment of the purchase price, Seller shall convey the Property by warranty deed (or condominium
2�s deed if Property is a condominium unif,trustee's deed if Seller is a frust, personaf representative's deed if Selfer is an estate or other
2�7 conveyance as provided herein), free and clear of all liens and encumbrances, except: muniapal and zoning ordinances and agreements
z�a entered under them, recorded easements for fhe distribution of utility and municipal services, recorded building and use restrictians and
21s covenants, present uses of the Praperty in violation of the foregoing disclosed in Seflers Real Estate Condition Report and in this Option,general
22o taxes levied in the year of closing and
229
222 which constitutes merchantable tiUe for purposes of
223 this transacfion. Seller shall complete and execute the documenfs necessary fo record the conveyance at Seller's cost and pay the Wisconsin
22a Real Estate Transfer Fee.The Parties agree that Se(ler shali not rezone ihe Property or create any additional liens or encumbrances on iitle after
225 Seller grants this Option wiihout Buyer's written consent except forliens and encumbrances that will be removed at closing.
22s WARNING: Municipal and zoning ordinances, recarded building and use restricfions, covenants and easemenfs may prohibit certain
227 improvements or uses and therefore should be reviewed, particularly if Buyer contemplates making improvements to Proper[y or a use
22s other than the current use.
22s ■ TITLE EVIDENCE;Seller shall give evidence of title in the form of an owner's po{icy of title insurance in the amount of the purchase price on a
z3o current ALTA form issued by an insurer licensed to write title�nsurance in Wisconsin.Seller shall pay ali rASts af providing tifle evidence fo Buyer,
zs� Buyer shall pay a!I costs of providing fitle evidence required by Buyer's lender.
232 ■ GAP ENDoRSEMENT; Seller shall provide a"gap' endorsement or equivalent gap coverage af (Seller's)(Buyer's) STRIKE ONE ("Sellers"
2ss if neither stricken) cost fo provide coverage for any liens or encumbrances first fifed or recorded after the effective date of the title insurance
2s4 commitment and before the deed is recorded, subject to the title insurance policy excfusions and exceptions,provided fhe title company will issue
2s5 fhe endorsement. If a gap endorsemenf or equivalent gap covetage is nof available, Buyer may give written nofice that fitle is nof acceptable for
23s ciosing{see lines 242-248).
237 ■ PROVISION.QF MERCHANTABLE TITLE: For purposes of cfosing, fitfe evidence shail be accepfable if the required tiile insurance
23s commi6nent is delivered to Buyer's attorney or Buyer not more fhan days affer Seller grants this Option('15"if left blank),showing
23s title to the Propetty as of a date no more than 15 days before delivery of such tiile evidence to be rnerchantable per lines 215-223,subject only to
2ao liens which will be paid out of the proceeds of closing and standard title insurance requiremenfs and exceptions, as appropriate.
za� CAUTlON:Buyer should consider obtaining an updafe of the fitle commitment prior to exercising this Option.
2az ■ jITLE NOT AG��PTABLF_�g CLOS(NG: If Eitle is not accepfable#or closing, Buyer shall nofrfy Seller in writing of objections to fitle within
zas days("15"if feft blank)after delivery of the tit[e commifinen#to Buyer or Buyer's attorney.In such evenf,Seller shall have a
2aa reasonable time, but not exceeding days("5"if left bEank),from Buyer's delivery of the nofice stating titie abjections,to deliver notice
zas to Buyer stafing Seile�'s election to remove the objec�ions by the time set tor closing. In fhe event that Seller is unable to remove said objections,
2as Buyer may deliver to Se�ler wriften natice waiving the objections, and ihe time for closing shalf be extended accordingfy. li Buyer does not waive
2a� the objections, Buyer shal! deliver written nofice of terminaiion and this Opfion shall be nu(I and void, Providing tiHe evidence acceptable for
2aa closing does noi exfinguish Seller's obligations to give merchantable tiffe to 8uyer.
249 s SPECIAL ASSESSMENTS/oTHER,EXPENSES: Special assessmenfs, if any, levied or for work actually commenced prior to the date this
2eo Option is exercised shal!be paid by Seller no later than cfosing.AIf oEher special assessments shalM be paid by Buyer.
zst CAUTION: Consider a special agreement if area assessments, property owners association assessmenfs, special charges for current
2bz services under Wis. Stat. § 66.0627 or other expenses are contemplated. "Other expenses" are ane-time charges or ongoing use fees
zs3 for puhlic fmprovements {other than thase resulting in special assessments) relating to curb, gutter, street, sidewalk, municipal water,
25a sanitary and storm water and storm sewer (including ali sewer mains and hoolc•uplconnection and interceptor charges), parks, street
255 li hfin and street frees,and impact fees for other public facilities,as defined in Wis.StaE.§66,O6i7(1)(f).
256 ADDITIONAL PROV(SIONS
257
258
259
260
261
262
263
264
265
266
267
268
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269 CONDOMfNIUM UNITS
2�o CAUTION: If this Option involves a condominium unit, Buyer should obtain and rev(ew the condominium disclosure documenfs before
2�� entering into this Option.See lines(198-208)
272 If the Property is a residential condominium unit,Seller must comply with the iollowing:
2�3 ■ CONDOMINi M DI . 0 R MATERIA S; Seller agrees to provide Buyer, at Sellers cost, within 10 days of Buyer exercising fhis Option,
2�a but no later than 15 days prior to closing, current and accurate copies of the condominium discfosure rnaterials required by Wis. Stat. § 703.33, ,
2�e The condominium disclosure materials include a copy of fhe following and any amendments to any of these [except as may be limited for smali
2�s condominiums with no more fhan 12 unfts per Wis. Stat. § 703.365(1){bj and (8)]: (a) proposed or existing declaration, bylaws and any rules or
277 regulafions, and an index of the contents; (b} proposed or existing articles of incorporafion of the association, if it is or is to be incorporated; (c)
Z�8 proposed or existing management contract, employmeni confract or other contract affecting the use, maintenance or access af aEl or parf of Ehe
Z�s condominium; (d) projected annuai operafing budget for ihe condominium including reasonable details concerning the estirnated monthly
2ao payments by the purchaser for assessments and ofher monthly charges; (e} leases to which unit owners or the association will be a party; (f�
281 general descripfion of eny contemplated expansion of condominium including each stafe of expansion and the maximum number of units that can
2s2 be added to the condominium; {g) unit floor plan showing (ocation of common elements and other facilities avaifable fo unit owners; (hJ the
283 executive summary,
2aa ■ BUYER RESCISSION RIGHTS; As provided in Wis Stat. § 703,33(4){a), Buyer may, within 5 business days of receipt of all the required
285 disclosure documents, rescind this Option by written notice delivered to Seller. If the disclosure materials are delivered to Buyer and Buyer does
2ss not receive all of the discfosure documents, Buyer may, within 5 business days of Buyer's receipt of the disclosure materials;either rescind the
2e� Option or request any missing documenfs. Seller has 5 business days following receipt of Buyer's request for missing documents ta deliver the
2ae requested documents. Buyer may rescind the sale wiihin 5 business days of the earlier of Buyer's receipt of requested missing documents or ihe
2as deadline for Seller's defivery of fhe documents [Wis. Stat.§ 703.33(4}(b)].The Parties agree fhat the 5 business days begin upon the earlier
290 of: (1) Buyer's Actual Receipt of the disctasure materials or requested missing documents or(2)upon the deadline for Seller's delivery
2st of the documents.
2s2 HOTE: BUYER SHOULD READ ALL DOCUMENTS CAREFULLY. BROKERS MAY PROVIDE A GENERAt EXPLANATION OF THE
2s3 PROVI510NS OF THE DOCUMENTS BUT ARE PROHI817ED BY LAW FROM GNING LEGAL ADVICE OR OP1NIaNS.
294 ■ ADDITfONAL CONDOMINIUM�SSUES:In addition to the discfosure materials required by Wis.Stat.§703.33,Buyermaywish to consider reviewing
2s5 other condominium materials as may be available,such as copies of:the condominium association's financial statements for the last two years,the
2ss minutes of#he last 3 Unit owners'meeGngs,the minutes of condominium board meetings during the 12 months prior to acceptance,information about
Zg� confemplated or pending condominium special assessmenfs,the association's cerlificate of insurance,a statement from the association indicating the
zsa balance of reserve accounts controfled by the association,a statement from the associafion ofthe amoun#of any unpaid assessments on fhe unit(per Wis.
2ss Stat.§703.165),anycommon elemen#inspectioh reports(e.g.roof,swimming pool,elevatorand parking garage inspections,etc,),any pending lifiga6on
soo involvingtheassociationandthedeciaration,bylaws,budgetand/ormosfrecenffinancialstafementafanymasterassociationoradditionalassoaafionfhe
30� unit may be part of.Not all of these maferiais may exist or be available from the condominium association.
302 ■ OPTION FEES NOT A DEPOSIT:The Parties agree that if this Option is for a residentiai condorninium unit,the option fee and anyoption extension
sos fee are not deposits subject to return under Wis.Sfat.§703.33(4)(c}.
3oa INSPECTIONS AND TESTING Buyer may only conduct inspections or tests if specifc aut�orizafions are included in this Option.An "inspection"
3os is defined as an observation of the Property which does not incfude an appraisal or testing of the Properfy, other than testing for leaking carbon
sos monoxide, or tes6ng for feaking LP gas or natural gas used as a fuel source, which are hereby authorized. A"tesf' is defined as the taking of
307 samples of materials such as soils,water,air or buifding materials from the Property and the laboratory or other analysis of these materials.Seller
3os agrees to aliow Buyer's inspectors, testers, appraisers and qualified third parties reasonable access fo the Property upon advance notice, if
sos necessary fo perform the activities authorized in fhis Option. Buyer and licensees may be present at alf inspections and testing. Except as
310 otherwise provided, Seller's auihorization for inspecfions does not authorize Buyer to conduct festing of the Properfy, Buyer agrees to promptly
311 restore the Property to its originaf condition after Buyer's inspections and testing are completed unless ofherwise agreed fo with Sel(er. Buyer
s12 agrees to promptfy provide copies of ali inspection and festing reports to Seller. Seller acknowledges ihat certain inspections or tesfs may detect
313 environmenfal pollution which may 6e required to be reporfed to fhe Wisconsin Department of Natural Resources.
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Pfoperty Addfess:Gnnthpa et �nr.,Pr of Marion Road . Page 7 of 7,WB-24
sta AUTHORIZATfON FOR APPRAISAL INSPECTIONS AND TESTS Buyer is authorized to have the Property appraised by a Wisconsin licensed orcerfified
315 appraiserandtoconductthefollowinginspectionsandtests(seelines304-3i3jpriortoBuyer'sexerciseofthisOpfion.Anyinspection(s)andtest(s)shali
s�s beperformedbyaqualifiedindependentinspecfororexpett,oranindependentqualifiedthirdparry.inspectionsandtesfingshallbeconductedpursuantto
3» government or industry protocols and standards,as applicable.
318 List inspections{e.g.,home,roof,foundation,septic)here:
319
s2o List fests(e.g.,radon,lead-based paint,weli water)here:
321
322 Describe additional inspe�tians and tests,if any,at lines 256-263 or 326-330 or attach as an addendum per line 32b,
32s NOTE: Any testing authorizations should specify the areas of the Property to be tested, the purpose of the test, (e.g., to determine if
324 environmental contamination is present),any limitations on Buye�'s testing and any other material terms.
s25 Ox ADDENDA:The attached Addendum A islare made part af this Option.
szs ADD(710NAL PROVISIONS
327
328
329
330
331 IF GRANTED,THIS OPTION CAN CREATE A LEGALLY ENFORCEABLE CONTRACT.BOTH PARTIES SHOULD READ THIS OPTION ANDALL
332 ATTACHMENTS CAREFULLY. BROKERS MAY PROVIDE A GENERAL EXPLANATION OF THE PROVfSIONS OF THE OPTION 6UT ARE
333 PROHIBITED BY LAW FROM GIVING ADVICf OR QPINIONS CONCERNING YOUR LEGAL RIGHTS UNDER THlS OP710N OR HOW TITLE
334. SHOULD BE TAKEN AT CLOSlNG IF THE OPTIaN IS EXERCISED.AN ATTORNEY SHOULD BE CONSULTED IF LEGAL ADVICE ES NEEDED.
335 This Option was drafted 6y[Licensee and Firm] cailan r. schultz
s3s on
337 Buyer Entity Name(if any): xorthpointe Development corp.
338 (X) /' 11/11/2019_
s3s Buyer'slAuthorized Signature � Print Name�tl ere /Andy Duaske Date�
340 (X�
341 $uyers(Authorized Signature Print NamelTitle Here / Date�
342 SELLER GRANTS THIS OPTIQN. 'fHE WARRANTIES, REPRESENTATIONS AND COVENANTS MADE !N TNIS OPTION SURVIVE
343 CLOSING AND THE CONVEYAt�CE �F THE PROPERTY. SELLER AGREES TO CONVEY THE PROPERTY ON THE TERMS AND
344 CONDffIONS AS SET FORTH HEREIN AND ACKNOWLEDGES RECEIPT OF A COPY OF TNIS OPTfON.
aa5 Seller Enfity Name(if any):
346 (X}
347 Seller's/Authorized Signature � Print NamelTitle Here ► Date
348 {X� "
sas Sefler's/Authorized Signature A Print Name/Titfe Here ► Date
s5o This Option was presented to Seiler by[Licensee and Firm]
351 on at a.rn.lp.m.
ss2 This Option is rejected This Optian is countered
353 Selfer Ini6als � Date � Seiler lnitials� Date �
354 NOTE:Pa�ties wishing to counter this Option shou(d draft a new Option(WB-24)or draft a Counter-Offer(WB-44)to reference this Option.
355 NOTICE OF EXERCISE OF OPTION By signing below and delivering fhis natice(see lines 35-54)fo Seller,Buyer hereby exercises this Option to
ses Purchase.
357 Buyer Entity Name(if any):
358 (X�
35s Buyers/Authorized Signature� PrintName/TiBe Here ► Date�
sso (x)
3s� Buyer's/Authorized Signature� Print Name/TiUe Nere ► Date�
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Addendum A to Vacant Land Option to Purchase dated November 11, 2Q14
South East Corner, Marion Road and Jackson Street Oshkosh, Wisconsin
Contingencies: Buyer's abligation to c�ose this transaction is contingent upon the following:
A. Buyer and seller agreeing upon a mutually acceptable develaper's agreement.
B. Buyer obtaining and selling new market tax credits on or before June 1, Z01fi.
��