HomeMy WebLinkAbout35354 / 89-54 May 4, 1989 # 54 RESOLUTION
(CARRIED LOST LAID OVER WITHDRAWN )
PURPOSE: APPROVE REAL ESTATE AGREEM11EM1T - 109/I11 Otter Avenue
INITIATED BY: CITY ADMINISTRATIOiJ
BE IT RESOLVE� by the Common Council of the City of Oshkosh that the
attached Rea] Estate Sale Agreement between Oshkosh Savings & Loan Association
and the City of Oshkosh for the purchase of 109/111 Otter Avenue is hereby
approved and the proper City officials are hereby authorized and directed Lo
enter into same.
BE IT FURTHER RESOLVED that money for this purpose is hereby appropriated
from: AccL. No. 7L7-215 -- Parking Utility - Land for Off-StreeC Parking Lots.
SUHMITTED BY
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A?PROV�D L%���
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{ �� - R25. #54w���.�„ w� m.ot c�. �o�.
' Na. 1000RBALB9TATT9ALE.�OR66Y£NT YIlw�okw. Wb.
This a eement, Made and executed in duplicate 6y and between �tllCO$,H,__$j1VIN(ZS S,,IAF1N
.ASSOCIATS� a W�,ssYJVOSa.n Cv,tPOrdSlon . ....
. .... . . . . . ..seller,
and__CITY._4E..OSH1543Ii.._sZ..hAm.1..C.iP.AI._S'A�Fa..ti.on ....._...., buyer.
_.._____... _._....._ __.._..
Wimes�eth, The seller aQrees to sell and the buyer aQreas [o buy the followinQ deecribed real astate:
As set forth in E#ubit A attact,ied hereto„and made a part hernof� also knv�rn as
�,Q�IJ.ZJ. D.kt.2F A�lte....... .............. .. _ . _....... _._. ____ ...._.... ..... .. . .. .
....... ...__..__ __.............. .._....._. .._. .........._. ..___ _..__ _.......: .......... ..
........ _...._.. ____....... .._...._ ..._. ..._..... ._... . .._....... . . . ..._....... ....._.__..._ ..__.
....._.... . . ....... . .. ........ _ ......_.._.... ... ._......_._. ......__._ ._....._ .__..._ ___ ...
....__. . ...._....._.... ........._..._ . ........._.._. ........_. . ...._...._.._. ....__.. ___.. _..._........
........ ...._._...__. .._.......... ..._._.. .._....... ........._. __... . .
. _... ......_ ...... ...
.___ ........._... _......__ _.__.... ...._..._ ....__._ ._.. ... .
___.. __..... __. . .
_. ....._....... .. _........... ............... .....___ .........eiCUated in
.�ty of Oshkosh� County of Wl[vY�bago .,_„ Wisconsm upon the followinQ terms and�conditions, to-wi[:
The purchase price shall be Seven,ty Thousand _ {$70,000,00)— — — ,-._— — — — — — —_ —_Doilars,
to be paid as follows $.��. .........as earnest money. at the exewtion antl tlelivery hereof, receipt of which is
hereby acknowledQad, the eame to be applied on Durchasa price w�en sale is consummated. If seller connot furnish
merchantable title, then eaid initial payment shall be returnetl to buyer on axpiration date of this cantract.
Balance of paymenc as follows 1� ,,,,,Cash at closing in the arto�t_of Ten Thousand Dullazs
,($10,000.00) ; and 2),,,,,The balanrn of the,,.purchase,price in the a,mimt of Sixty Tlwusand
Dollars ($60,000.00) under the tesns of a Prortussory Nota as follows: Interest only �
fmn the date of clasing for a.period of se�cn (7) years in the artuunt o£ Four-�Thousan3
7WO Hundred Sixty—ore__& BO/100 Oollars .($9.,261,80)„per year; instalLlent, payrtents of
p.ziRCiPaI i.n Che....aAmW1t_Rf._1.WentY._TkX?vSand.AAll.az�S....L520,090..00) camrncing MaY 5.....1997,e
Seller ayrees Co furnish buyer within_.fifteen (1S) ,,,,._,days from data a complete abstract o( titla by a
responsibla abstract company extended to date, showin¢ a yood antl merc�anta6le title o( record, or an owner'e
policy of title insurance, in the sum of $�0,�000.00- — — — — —_ —_ q.ritten by an insurance company licensed
by the State of Wisconsin, showinp title as called for Dy this aQreement.
Sale shall be consummatad and conveyance mada on or 6efore the.. 5� _. day of �Y_.
lg._89 a�office of the.City Attorney� 215 Ctturch Avenue� Oshkosh� Wisconsin 54901. �
. . __._ ___._.
Any objections to the ti[le must be raised by buyer in writiny within.._...five (5)__ ,.days from delivery of
absCract,and thereaf ter seller shall cure such de(ects,if the same rend er title unmerchanta6le,before completiny sale.
Seller hereby agrees to convey title by_{!'az;anty. L�ed . (ree and clear of all liens and encumbrances,
accept ��nts and _xestrictions of record, ..
_.__. ..._.._. __.... .. . . . ... .. . ... .. . .. .._.. .
. .. .... _........_.._.._..... .....
Occupancy of premises to be Qiven buyer OA..k}1E..S�C£ Of..C1QS.i,z�g, . � ����
I�al es:atP ta�s .fqr the �'�
..year 1939 shall be psnratt:. as o: the c:osiny date i�ysE�
.on_pnor .real estate. taxes levi.ed and assessed for the year 1988. ,,,,,,, _
*contimm�g May 5� 1998, and �ncluding on May 5, 1999� with interest on the unpaid .�.. �
principal balance. The interest rate under the promissory Note shall be�7.103d. ��
If the buyer fa�la to carry out....._.....]..iS........part of this aQteement in completinQ the said sale, then the sum of
money paid hereon may be retained hy the selier at........1.kS .. ......option. .____ ....
..... ..............__..
.......... .____... ____ ......... __....._ .........
._... _...... .........
.__.._.._......____.
If more than ona person executes this ayreemant, as seller or buyaq sinpular terms harein used shall be read
aa i( written in plural.
[n Wimess W6ereof, the parties have hereumo set their hands and seals this..__.. .........__.....______.........._........d ay
of.....__......�X.........................._... 19.89..... OSi�(OSH SAVINGS 6 IAAN ASSOCIATIIXd
BIONCD, 9EAL6D AND DBIAVBRBD �N PRYB6NCC OP A��
�i.i......... ..... ................... ... .. .. ...._�SWL�
_._..._.__............_......................._ __....._.._......._..._ __...._....._....
CITY..4F_QStA54?S!!......._.__._...'."".."""_'_"(Ssu,)
�'' ° - _......_......... - .............._._...._..._.(Sw.)
__._.. . ___...... __ .... _ .
...._.. ........................ ........_.......---'-.....--'--(Sw.)
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� Res. #54
r
� _�
/ Lots Twenty-five (25) and Twenty-six (26) of
Block Twenty (20) in L. M. MZLLER'S FIRST AUDN. ,
in the Eighth Ward, City oP Oshkosh, Winnebago
County, Wieconsin, per Leach 's Map oP 1894 ,
excepting �herefrom that portion of said Lot
Tventy-six (26) dascribed as Pollowe, viz: -
Commencing at the most Easterly corner of said
Lot 26; thence southerly, along the Easteriy line
of said Lot 26, to the most Southerly corner of
said Lot 26; thence westerly, along the
Southerly line of said Lot 26, to the most
Westerly corner of said Lot 26; thence northerly,
along the Weoterly 11.ne of eaid Lnt 26, 40 faet ;
thence easterly, parallel with the Southerly line
oP said Lot 26, to a point 29 fee� weeterly of
the Easterly line of said Lot 26; thence
northerly, parallel with, and 29 feet distant of,
the Easterly line of said Lot 26, to the
Northerly line of said Lot 26 ; thence easterly,
along the Northerly line of said Lot 26, 29 feet, S , n
to the place of beginning. �l• �-�
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