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HomeMy WebLinkAbout11.12.18 RDA REDEVELOPMENT AUTHORITY of the City of Oshkosh H.ALLEN DAVIS 1 10 0�11& c/o Community Development Department Executive Director 215 Church Ave.,PO Box 1130 �t Oshkosh Oshkosh,WI 54902-1130 STEVE CUMMINGS (920)236-5055 Chairman (920)236-5053 FAX http://www.ci.oshkosh.wi.us REDEVELOPMENT AUTHORITY OF THE CITY OF OSHKOSH Oshkosh City Hall, Room 203 12:00 p.m. November 12,2018 1) ROLL CALL 2) CONSENT: Approve Minutes: September 19 , 2018 and September 19, 2018 Closed Session 3) MOTION TO GO INTO CLOSED SESSION: The Redevelopment Authority may convene into Closed Session related to the sale of Parcel J in the Marion Road Redevelopment Area pursuant to Section 19.85(1)(e) to discuss bargaining options, strategy, and parameters where competitive bargaining reasons require a closed session. The Redevelopment Authority will reconvene into open session immediately following the closed session for purpose of considering the following: 4) NEW BUSINESS 18-15 Approve Offer to Purchase Parcel J in Marion Road Redevelopment Area; Northpointe Development Corporation 18-16 Approve Option to Purchase Parcel J in Marion Road Redevelopment Area; Grand Management, LLC 5) EXECUTIVE DIRECTOR'S REPORT ➢ Oshkosh Arena Update ➢ Healthy Neighborhoods Initiative ➢ South Shore Redevelopment Area ➢ Marion &Pearl Redevelopment Area ➢ Sawyer Street/Oshkosh Avenue ➢ Future Agenda Items for January 16, 2018 Meeting 6) ADJOURNMENT REDEVELOPMENT AUTHORITY MINUTES September 19,2018 PRESENT: Thomas,Belter,Steve Cummings, Steve Hintz,Jason Lasky,Archie Stam EXCUSED: Jack Bermingham,Doug Pearson STAFF: Allen Davis, Executive Director/Community Development Director; Darlene Brandt, Grants Coordinator;Andrea Flanigan, Recording Secretary; Chairman Cummings called the meeting to order at 4:00 pm. Roll call was taken and a quorum declared present. The minutes of July 26, 2018 and July 26, 2018 closed seession were approved as distributed (Stam/Belter) 18-13 Approve Land Disposition of 948 W. 4th Avenue to Habitat for Humanity ($10,000); Approve Construction of New Affordable Single Family Home Motion by Belter to move Res. 18-13 Seconded by Hintz. E Mr. Davis stated this property had numerous code violations on the property when the RDA acquired it. The building was demolished in 2018 however a garage remains on the lot in good condition. Habitat for Humanity approached staff about buying the property to build a single family home. The anticipated assessed value of the home is around $120,000. There was no further discussion. The item was called. Motion carried 5-0. Executive Director's Report Mr.Davis provided updates to the RDA from the Executive Director's Report. Motion by Belter to convene into Closed Session related to the development agreement with Fox Valley Pro Basketball, Inc. and property located at 1212 South Main Street 1) pursuant to section 19.85(1)(g) of the Wisconsin State Statutes to confer with legal counsel who will give legal advice concerning RDA Minutes September 19,2018 Page 1 strategy to be adopted and 2) pursuant to Section 19.85(1)(e) to discuss bargaining options, strategy, and parameters where competitive bargaining reasons require a closed session. Seconded by Laskey. Motion carded 5-0. There was no further discussion. The meeting adjourned at approximately 4:26 PM. (Hintz/Stam) t Respectfully submitted, Allen Davis Executive Director RDA Minutes September 19,2018 Page 2 c CITY OF OSHKOSH REDEVELOPMENT AUTHORITY City Hall Room 203 September 19, 2018 CLOSED SESSION MINUTES CALL TO ORDER (Chairman Cummings) 4:27 pm ROLL CALL _X_Thomas Belter Jack Bermingham _X_Steve Cu unings X Steve Hintz _X Jason Lasky Doug Pearson X Archie Stam ALSO PRESENT: Allen Davis, Executive Director/Community Development Director;Lynn Lorenson, City Attorney;Amy VandenHogen,Assistant City Attorney;Darlene Brandt, Grants Coordinator,Andrea Flanigan Recording Secretary Discussion held regarding the development agreement with Fox Valley Pro Basketball,Inc. and property located at 1212 South Main Street. A motion was made and seconded to adjourn. Carried by voice vote. The meeting adjourned at approximately 5:05 pm. Respectfully submitted, Allen Davis Executive Director/ Community Development Director TO: City of Oshkosh Redevelopment Authority FROM: Allen Davis, Community Development Director DATE: November 6, 2018 SUBJECT: November 12, 2018 RDA Agenda items CLOSED SESSION Two developers are proposing projects for the same site, Parcel J, which is the parcel on Jackson Street beside the Fox River, in the Marion Redevelopment Area. The RDA has received basic information regarding the two proposals in the agenda packet. The purpose of the closed session is for the proposing developers to present their proposals and provide the RDA with the opportunity to ask clarifying questions regarding the proposals. No action will be taken in Closed Session. OPEN SESSION Upon entering into Open Session, the RDA would take action on both the proposals: approve (with or without conditions), deny or defer action until additional information is provided. or ark ,Prrf✓/ del�;�j�°r` � � � Oi � ,e r ll l M I- CW r � � r rfl ° rp q n , l� ���'i% �� fr� /� �e rr✓{. ;'�, wwd'u Y„ p� ® �""���.� trtn�,��� ��`� � "°aai[. ry 0 PI , / I S F q " i 01 ,f �'���JJ� i r� sr a J , I 1 in 0.05 mi 1 in =250 ft City of Oshkosh maps and data are intended to be used for general identification purposes only,and the City of Oshkosh assumes no liability for the accuracy of the Printing Date: 11/6/2018 information.Those using the information are responsible for verifying accuracy.ForOshkosh full disclaimer please go to www.ci.oshl<osh.wi.us/GlSdisclaimer Prepared by:City of Oshkosh,VM J:\GIS\GIS_Base_Maps\Planning Base Map.rnxd User:andreaf REDEVELOPMENT AUTHORITY OF THE CITY OF OSHKOSH,WISCONSIN NOVEMBER 12, 2018 18-15 RESOLUTION (CARRIED LOST LAID OVER WITHDRAWN ) PURPOSE: APPROVE OFFER TO PURCHASE PARCEL J IN MARION ROAD REDEVELOPMENT AREA; NORTHPOINTE DEVELOPMENT CORPORATION BE IT RESOLVED by the Redevelopment Authority of the City of Oshkosh that the offer to purchase submitted by Northpointe Development Corporation or its Assigns, for Parcel J at the corner of Jackson Street and Marion Road within the Marion/Pearl Redevelopment Area is hereby accepted and the proper officials are hereby authorized and directed to execute any and all documents necessary to sell said property for One Dollar and NO/100 ($1.00.) NORTHPOINTE DEVELOPMENT CORPORATION 230 Ohio Street,Suite 200 Oshkosh,Wl 54902 (920)230-3628 Fax:(920)230.6484 I November 5,2018 City of Oshkosh Attn:Darlene Brandt PO Box 1130 Oshkosh,WI 54903 I RE;Parcel l of Marion Road Redevelopment Dear Darlene, I Our proposed plan for Parcel J of the Marion Road Redevelopment.is a 101,760 square foot building as shown on the attached site plan. The building would consist of four floors,with the first floor being used for commercial space,and the 2nd through 4th floors being residential units. The 5,000 square foot building to the east of the main building would be used as a restaurant. Each residential floor would have 18 units,for a total of 54 residential units. The lower level area would have 60 underground parking stalls. We are working with SVA Certified Public Accountants out of Madison,as we've created the Oshkosh Opportunity Fund,LLC that will own this development. The anticipated ground breaking date will be in the Spring of 2019,with completion Spring of 2020. Our estimated construction and F soft costs will be$15,623,000. We appreciate your consideration. € Sincerely, Andy Dumke i.. Member i 4 4 i i i t i t F t Approved by the Wisconsin Department of Regulation and Licensing Page 1 of 10,WB-13 03-1.11(Optional Use Date) 07-1-11(Mandatory Use Date) WB-13 VACANT LAND OFFER TO PURCHASE i LICENSEE DRAFTING THIS OFFER ON November 5,2018 DA El IS (AGENT OF BUYER) 2 (AGENT OF SELLERILISTING BROKER) (AGENT OF BUYER AND SELLER)ISTRIKE THOSE NOT APPLICABLE 3 IGENERAL PR S O' S The Buyer, Northpointe Development Corporation and/or assigns 4 offers to purchase the Property 5 known as [Street Address] Parcel J of Marion Road Redevelopment 6 in the City of Oshkosh County of Winnebago ,Wisconsin(Insert 7 additional description,if any,at lines 458-464 or 526-534 or attach as an addendum per line 525),on the following terms: s s PURCHASE PRICE: One 9 Dollars ($ 1.00 ), 10 ■ EARNEST MONEY of$ 1,000.00 accompanies this Offer and earnest money of$ 11 will be mailed,or commercially or personally delivered within days of acceptance to listing broker or 12 Earnest money is nonrefundable if the transaction does not close. 13 ■THE BALANCE OF PURCHASE PRICE will be paid in cash or equivalent at closing unless otherwise provided below. 14 ■ INCLUDED IN PURCHASE PRiCE:Seller is including in the purchase price the Property, all Fixtures on the Property on the 15 date of this Offer not excluded at lines 18-19, and the following additional items: 16 17 is ■ NOT INCLUDED IN PURCHASE PRICE: 19 20 CAUTION: Identify Fixtures that are on the Property(see lines 290.294)to be excluded by Seller or which are rented 21 and will continue to be owned by the lessor. 22 NOTE: The terms of this Offer, not the listing contract or marketing materials, determine what Items are 23 included/excluded. Annual crops are not part of the purchase price unless otherwise agreed. 24 a ZONING: Seller represents that the Property is zoned: C-3 Central Commercial 25 CCEPTA CE Acceptance occurs when all Buyers and Sellers have signed one copy of the Offer, or separate but identical 26 copies of the Offer. 27 CAUTION: Deadlines in the Offer are commonly calculated from acceptance. Consider whether shorf term deadlines 28 running from acceptance provide adequate time for both binding acceptance and performance. 29 BINDING ACCEPT This Offer is binding upon both Parties only if a copy of the accepted Offer is delivered to Buyer on 30 or before November 21,2018 Seiler may keep the Property on the 31 market and accept secondary offers after binding acceptance of this Offer. 32 CAUTION:This Offer may be withdrawn prior to delivery of the accepted Offer. 33 [OPTIONAL PRO (S ONS TERMS OF THIS OFFER THAT ARE PRECEDED BY AN OPEN BOX(0)ARE PART OF THiS 34 OFFER ONLY IF THE BOX IS MARKED SUCH AS WITH AN"X."THEY ARE NOT PART OF THIS OFFER IF MARKED"N/A" 35 OR ARE LEFT BLANK. 36 IDELIVERY OF DOCUMENTS-AND WRITTEN NOTICES1Unless otherwise stated in this Offer, delivery of documents and 37 written notices to a Party shall be effective only when accomplished by one of the methods specified at lines 38-56. ss (1) Personal Delivery: giving the document or written notice personally to the Party, or the Party's recipient for delivery if 39 named at line 40 or 41. 40 Seller's recipient for delivery(optional): 215 Church Avenue,Oshkosh,WI 54902 41 Buyer's recipient for delivery(optional): 230 Ohio Street,Suite 200,Oshkosh,WI 54902 42®(2)Fax:fax transmission of the document or written notice to the following telephone number. 43 Seller:�_) Buyer:moi) 44 7_1(3) Commercial Delivery: depositing the document or written notice fees prepaid or charged to an account with a 45 commercial delivery service, addressed either to the Party, or to the Party's recipient for delivery if named at line 40 or 41, for 46 delivery to the Patty's delivery address at line 49 or 60. 47 0(4)U.S. Mail: depositing the document or written notice postage prepaid in the U.S.Mail, addressed either to the Party, 48 or to the Party's recipient for delivery if named at line 40 or 41,for delivery to the Party's delivery address at line 49 or 50. 49 Delivery address for Seller: 5o Delivery address for Buyer: 61 M(5) E-M: electronically transmitting the document or written notice to the Parry's e-mail address, if given below at line 62 55 or 56. If this is a consumer transaction where the property being purchased or the sale proceeds are used primarily for m personal, family or household purposes,each consumer providing an e-mail address below has first consented electronically 54 to the use of electronic documents, e-mail delivery and electronic signatures in the transaction,as required by federal law. 55 E-Mail address for Seller(optional): dbrandt(aD_ci.oshkosh.wi.us 56 E-Mail address for Buyer(optional): andygalliancedevelopment.biz 57 PERSONA DE AC TI—RECTIP — Personal delivery to, or Actual Receipt by, any named Buyer or Seller se constitutes personal delivery to,or Actual Receipt by, all Buyers or Sellers. Property address: Parcel J of Marion Road Redevelopment Page 2 of 10,we-13 5sOCGUPAC Occupancy of the entire Property shall be given to Buyer at time of closing unless otherwise provided in this 6o Offer at lines 458-464 or 526-534 or In an addendum attached per line 525. At time of Buyer's occupancy, Property shall be 61 free of all debris and personal property except for personal property belonging to current tenants, or that sold to Buyer or left 62 with Buyer's consent. Occupancy shall be given subject to tenant's rights,if any. 63 PRO ERTY CONDITION REPRESENTATiONS1 Seller represents to Buyer that as of the date of acceptance Seller has no 64 notice or knowledge of Conditions Affecting the Property or Transaction (see lines 163-187 and 246-278) other than those 65 identified in the Seller's disclosure report dated which was received by Buyer prior to e6 Buyer signing this Offer and which is made a part of this Offer by reference tCOMPLETE DATE OR STRIKE AS APPLICABLE 67 and None provided 68 6sINSERT CONDITIONS NOT ALREADY INCLUDED IN THE DISCLOSURE REPOR 70 C O G This transaction is to be closed no later than 6pril 30,2019 71 at the place selected by Seller,unless otherwise agreed by the Parties in writing. 72 IGLOSING PROTUMUIM The following items, if applicable, shall be prorated at closing, based upon date of closing values: 73 real estate taxes, rents, prepaid insurance (if assumed), private and municipal charges, property owners association 74 assessments, fuel and 75 CAUTION: Provide basis for utility charges,fuel or other prorations if date of closing value will not be used. 76 Any income,taxes or expenses shall accrue to Seller,and be prorated at closing,through the day prior to closing. 77 Real estate taxes shall be prorated at closing based on[CHECK BOX FOR APPLICABLE PRORATION FORMULA]: 78 Q The net general real estate taxes for the preceding year, or the current year if available (Net general real estate 79 taxes are defined as general property taxes after state tax credits and lottery credits are deducted) (NOTE:THIS CHOICE 80 APPLIES IF NO BOX IS CHECKED) 81 Q Current assessment times current mill rate(current means as of the date of closing) 82 Sale price, multiplied by the municipality area-wide percent of fair market value used by the assessor in the prior 83 year,or current year if known,multiplied by current mill rate(current means as of the date of closing) 84 Q a5 CAUTION: Buyer is informed that the actual real estate taxes for the year of closing and subsequent years may be 86 substantially different than the amount used for proration especially in transactions involving new construction, 87 extensive rehabilitation, remodeling or area-wide re-assessment. Buyer is encouraged to contact the local assessor ea regarding possible tax changes. as ®Buyer and Seller agree to re-prorate the real estate taxes, through the day prior to closing based upon the taxes on so the actual tax bill for the year of closing,with Buyer and Seller each owing his or her pro-rata share. Buyer shall,within 5 91 days of receipt,forward a copy of the bill to the forwarding address Seiler agrees to provide at closing.The Parties shall 92 re-prorate within 30 days of Buyer's receipt of the actual tax bill, Buyer and Seller agree this is a post-closing obligation 93 and is the responsibility of the Parties to complete,not the responsibility of the real estate brokers in this transaction. 94 ILEASED PROP—E-R-T-9 If Property Is currently leased and lease(s) extend beyond closing, Seller shall assign Seller's rights 95 under said lease(s) and transfer all security deposits and prepaid rents thereunder to Buyer at closing. The terms of the 96 (written)(oral) STRIKE ONE lease(s),if any,are 97 Insert additional terms,if any,at lines 458-464 or 526-534 or attach as an addendum per line 525. 98 GOVERNMENT PROGRAMS: Seller shall deliver to Buyer,within days of acceptance of this Offer,a list of all ss federal,state, county, and local conservation, farmland,environmental,or other land use programs, agreements, restrictions, 100 or conservation easements, which apply to any part of the Property (e.g., farmland preservation agreements, farmland 1o1 preservation or exclusive agricultural zoning, use value assessments, Forest Crop, Managed Forest, Conservation Reserve 1o2 Program, wetland mitigation, shoreland zoning mitigation plan or comparable programs), along with disclosure of any 103 penalties, fees, withdrawal charges, or payback obligations pending, or currently deferred, if any. This contingency will be 104 deemed satisfied unless Buyer delivers to Seller,within seven(7)days of Buyer's Actual Receipt of said list and disclosure,or los the deadline for delivery, whichever is earlier, a notice terminating this Offer based upon the use restrictions, program 1o6 requirements, and/or amount of any penalty,fee, charge,or payback obligation. 107 CAUTION: If Buyer does not terminate this Offer,Buyer is hereby agreeing that Buyer will continue In such programs, 1oa as may apply,and Buyer agrees to reimburse Seller should Buyer fall to continue any such program such that Seller los incurs any costs, penalties,damages, or fees that are imposed because the program is not continued after sale.The 110 Parties agree this provision survives closing. Ill Q MANAGED FOREST LAND: All,or part,of the Property is managed forest land under the Managed Forest Law(MFL). 112 This designation will continue after closing. Buyer is advised as follows: The MFL is a landowner incentive program that 113 encourages sustainable forestry on private woodlands by reducing and deferring property taxes. Orders designating lands as 114 managed forest lands remain in effect for 25 or 50 years.When ownership of land enrolled in the MFL program changes,the 115 new owner must sign and file a report of the change of ownership on a form provided by the Department of Natural Resources 116 and pay a fee. By filing this form,the new owner agrees to the associated MFL management plan and the MFL program rules. 117 The DNR Division of Forestry monitors forest management plan compliance. Changes you make to property that is subject to 11a an order designating it as managed forest land, or to its use, may jeopardize your benefits under the program or may cause 119 the property to be withdrawn from the program and may result in the assessment of penalties. For more information call the 120 local DNR forester or visit httin://www,dnr.state.wi.us. Page 3 of 10,WB-13 121 FENCES: Wis. Stat. § 90.03 requires the owners of adjoining properties to keep and maintain legal fences in equal shares 122 where one or both of the properties is used and occupied for farming or grazing purposes. 123 CAUTION: Consider an agreement addressing responsibility for fences if Property or adjoining land is used and 124 occupied for farming or grazing purposes. 125 USE VALUE ASSESSMENTS:The use value assessment system values agricultural land based on the income that would be 126 generated from its rental for agricultural use rather than its fair market value.When a person converts agricultural land to a 127 non-agricultural use(e.g., residential or commercial development),that person may owe a conversion charge.To obtain more 128 information about the use value law or conversion charge, contact the Wisconsin Department of Revenue's Equalization 129 Section or visit httr3://www.revenue.wi.govl. 13o FARMLAND PRESERVATION: Rezoning a property zoned farmland preservation to another use or the early termination of a 131 farmland preservation agreement or removal of land from such an agreement can trigger payment of a conversion fee equal to 132 3 times the class 1 "use value"of the land.Contact the Wisconsin Department of Agriculture, Trade and Consumer Protection 133 Division of Agricultural Resource Management or visit http://www.datcD.state.wi.usl for more information. 134 CONSERVATION RESERVE PROGRAM (CRP): The CRP encourages farmers,through contracts with the U.S.Department 135 of Agriculture, to stop growing crops on highly erodible or environmentally sensitive land and instead to plant a protective i36 cover of grass or trees. CRP contracts run for 10 to 15 years, and owners receive an annual rent plus one-half of the cost of 137 establishing permanent ground cover. Removing fonds from the CRP in breach of a contract can be quite costly. For more 133 information call the state Farm Service Agency office or visit http://Www.fsa.usda.cloy/. 139 SHORELAND ZONING ORDINANCES: All counties must adopt shoreland zoning ordinances that meet or are more 14o restrictive than Wis. Admin. Code Chapter NR 115. County shoreland zoning ordinances apply to all unincorporated land 141 within 1,000 feet of a navigable lake, pond or flowage or within 300 feet of a navigable river or stream and establish minimum 142 standards for building setbacks and height limits, cutting trees and shrubs, lot sizes, water runoff, impervious surface 143 standards(that may be exceeded only if a mitigation plan is adopted)and repairs to nonconforming structures. Buyers must 144 conform to any existing mitigation plans. For more information call the county zoning office or visit http://www.dnr,state.wi,us/. 145 Buyer is advised to check with the applicable city,town or village for additional shoreland zoning restrictions,if any. 146 Within 3 days prior to closing, at a reasonable time pre-approved by Seller or 147 Seller's agent, Buyer shall have the right to walk through the Property to determine that there has been no significant change 148 in the condition of the Property, except for ordinary wear and tear and changes approved by Buyer, and that any defects 149 Seller has agreed to cure have been repaired In the manner agreed to by the Parties. 15o Seller shall maintain the Property until the earlier of 151 closing or occupancy of Buyer in materially the same condition as of the date of acceptance of this Offer, except for ordinary 152 wear and tear.If, prior to closing,the Property is damaged in an amount of not more than five percent(5%)of the selling price, 153 Seller shall be obligated to repair the Property and restore it to the same condition that is was on the day of this Offer.No later 154 than closing, Seller shall provide Buyer with lien waivers for all Ilenable repairs and restoration. If the damage shall exceed 155 such sum, Seller shall promptly notify Buyer in writing of the damage and this Offer may be canceled at option of Buyer. 156 Should Buyer elect to carry out this Offer despite such damage, Buyer shall be entitled to the insurance proceeds, if any, 157 relating to the damage to the Property,plus a credit towards the purchase price equal to the amount of Seller's deductible on 158 such policy, if any. However, if this sale is financed by a land contract or a mortgage to Seller, any insurance proceeds shall 159 be held in trust for the sole purpose of restoring the Property. 160 161 ■ ACTUAL RECEIPT: "Actual Receipt"means that a Party, not the Party's recipient for delivery, if any, has the document or 162 written notice physically in the Party's possession,regardless of the method of delivery. 1s3 r CONDITIONS AFFECTING THE PROPERTY OR TRANSACTION: "Conditions Affecting the Property or Transaction" are 164 defined to Include: 165 a. Proposed, planned or commenced public improvements or public construction projects which may result in special 166 assessments or otherwise materially affect the Property or the present use of the Property. 167 b. Government agency or court order requiring repair,alteration or correction of any existing condition. 168 c. Land division or subdivision for which required state or local approvals were not obtained. 169 d. A portion of the Property in a floodplain,wetland or shoreland zoning area under local,state or federal regulations. 170 e. A portion of the Property being subject to, or in violation of, a farmland preservation agreement or in a certified farmland 171 preservation zoning district(see lines 130-133),or enrolled in,or In violation of,a Forest Crop, Managed Forest(see lines 172 111-120), Conservation Reserve(see lines 134-138),or comparable program. 173 f. Boundary or lot disputes, encroachments or encumbrances, a joint driveway or violation of fence laws (Wis. Stat.ch. 90) 174 (where one or both of the properties is used and occupied for farming or grazing). 175 g. Material violations of environmental rules or other rules or agreements regulating the use of the Property. 17o h. Conditions constituting a significant health risk or safety hazard for occupants of the Property. 177 1. Underground storage tanks presently or previously on the Property for storage of flammable or combustible liquids, 178 including,but not limited to,gasoline and heating oil, 179 j. A Defect or contamination caused by unsafe concentrations of, or unsafe conditions relating to, pesticides, herbicides, 180 fertilizer,radon,radium in water supplies, lead or arsenic in soil,or other potentially hazardous or toxic substances on the 181 premises. 182 k. Production of methamphetamine(meth)or other hazardous or toxic substances on the Property. 183 I. High voltage electric (100 KV or greater) or steel natural gas transmission lines located on but not directly serving the 194 Property. im m. Defects in any well, including unsafe well water due to contaminants such as coliform, nitrates and atrazine, and out-of- 186 service wells and cisterns required to be abandoned (Wis.Admin. Code§ NR 812.26)but that are not closed/abandoned 187 according to applicable regulations. 188 (Definitions Continued on page 5) PropertyAddress. _Parcel J of Marion Road Redevelopment Page 4 of 10,WS-13 189 IF LINE 190 iS NOT MARKED OR IS MARKED NIA, LINES 230-236 APPLY. iso Q FINANCING CONTINGENCY:This Offer is contingent upon Buyer being able to obtain a written 1s1 [INSERT LOAN PROGRAM OR SOURCE]first mortgage 192 loan commitment as described below, within _days of acceptance of this Offer. The financing selected shall be in an 193 amount of not less than $ for a term of not less than years, amortized over not less than years. 194 Initial monthly payments of principal and interest shall not exceed$ Monthly payments may 19s also Include 1/1 2th of the estimated net annual real estate taxes,hazard insurance premiums,and private mortgage insurance 195 premiums.The mortgage may not include a prepayment premium. Buyer agrees to pay discount points and/or loan origination 197 fee in an amount not to exceed %of the loan.If the purchase price under this Offer is modified,the financed amount, 19a unless otherwise provided, shall be adjusted to the same percentage of the purchase price as in this contingency and the 1gg monthly payments shall be adjusted as necessary to maintain the term and amortization stated above. Zoo CHECK AND COMPLETE APPLICABLE FINANCING PROVISION AT LiNE 201 or 202. 201 ❑FIXED RATE FINANCING:The annual rate of interest shall not exceed 202 ❑ADJUSTABLE RATE FINANCING: The initial annual interest rate shall not exceed %. The initial interest 203 rate shall be fixed for months, at which time the interest rate may be increased not more than % per 204 year, The maximum interest rate during the mortgage term shall not exceed %. Monthly payments of principal 205 and interest may be adjusted to reflect interest changes. 205 If Buyer is using multiple loan sources or obtaining a construction loan or land contract financing,describe at lines 458-464 or 207 526-534 or in an addendum attached per line 525. 208 ■ BUYER'S LOAN COMMITMENT: Buyer agrees to pay all customary loan and closing costs, to promptly apply for a los mortgage loan,and to provide evidence of application promptly upon request of Seller, If Buyer qualifies for the loan described 210 in this Offer or another loan acceptable to Buyer, Buyer agrees to deliver to Seller a copy of the written loan commitment no 211 later than the deadline at line 182. Buyer and Seller agree that delivery of a copy of any written loan commitment to 212 Seiler (even If subject to conditions) shall satisfy the Buyer's financing contingency if, after review of the loan 213 commitment, Buyer has directed, in writing, delivery of the loan commitment. Buyer's written direction shall 214 accompany the loan commitment. Delivery shall not satisfy this contingency if accompanied by a notice of 215 unacceptability. 216 CAUTION:The delivered commitment may contain conditions Buyer must yet satisfy to obligate the lender to provide 217 the loan. BUYER, BUYER'S LENDER AND AGENTS OF BUYER OR SELLER SHALL NOT DELIVER A LOAN 218 COMMITMENT TO SELLER OR SELLER'S AGENT WiTHOUT BUYER'S PRIOR WRITTEN APPROVAL OR UNLESS 21g ACCOMPANIED BY A NOTICE OF UNACCEPTABILITY. 220 r SELLER TERMINATION RIGHTS: If Buyer does not make timely delivery of said commitment, Seller may terminate this 221 Offer if Seller delivers a written notice of termination to Buyer prior to Seller's Actual Receipt of a copy of Buyer's written loan 222 commitment. 223 r FINANCING UNAVAILABILITY: If financing is not available on the terms stated in this Offer (and Buyer has not already 224 delivered an acceptable loan commitment for other financing to Seller), Buyer shall promptly deliver written notice to Seller of 225 same including copies of lender(s)' rejection letter(s) or other evidence of unavailability. Unless a specific loan source is 226 named in this Offer, Seller shall then have 10 days to deliver to Buyer written notice of Seller's decision to finance this 227 transaction on the same terms set forth in this Offer and this Offer shall remain in full force and effect,with the time for closing 228 extended accordingly. If Seller's notice is not timely given,this Offer shall be null and void. Buyer authorizes Seller to obtain 229 any credit information reasonably appropriate to determine Buyer's credit worthiness for Seller financing. 23o r IF THIS OFFER iS NOT CONTINGENT ON FINANCING: Within 7 days of acceptance, a financial institution or third party 231 in control of Buyer's funds shall provide Seller with reasonable written verification that Buyer has, at the time of verification, 232 sufficient funds to close. If such written verification is not provided, Seller has the right to terminate this Offer by delivering 233 written notice to Buyer. Buyer may or may not obtain mortgage financing but does not need the protection of a financing 234 contingency. Seiler agrees to allow Buyer's appraiser access to the Property for purposes of an appraisal. Buyer understands 235 and agrees that this Offer is not subject to the appraisal meeting any particular value, unless this Offer is subject to an 235 appraisal contingency,nor does the right of access for an appraisal constitute a financing contingency. 237=APPRAISAL CONTINGENCY: This Offer is contingent upon the Buyer or Buyers lender having the Property appraised 238 at Buyer's expense by a Wisconsin licensed or certified independent appraiser who issues an appraisal report dated 239 subsequent to the date of this Offer indicating an appraised value for the Property equal to or greater than the agreed upon 240 purchase price.This contingency shall be deemed satisfied unless Buyer,within days of acceptance, delivers to 241 Seller a copy of the appraisal report which indicates that the appraised value is not equal to or greater than the agreed upon 242 purchase price,accompanied by a written notice of termination. 243 CAUTION:An appraisal ordered by Buyer's lender may not be received until shortly before closing.Consider whether 244 deadlines provide adequate time for performance. Page 5 of 10,WB-13 245 DEFINITIONS CONTINUED FROM PAGE 3 245 n. Defects in any septic system or other sanitary disposal system on the Property or out-of-service septic systems not 247 closed/abandoned according to applicable regulations. 248 0, Subsoil conditions which would significantly increase the cost of development including, but not limited to, subsurface 249 foundations or waste material; organic or non-organic fill; dumpsites where pesticides, herbicides,fertilizer or other toxic 250 or hazardous materials or containers for these materials were disposed of in violation of manufacturer's or government 251 guidelines or other laws regulating said disposal; high groundwater; adverse soil conditions (e.g, low load bearing 252 capacity,earth or soil movement,slides)or excessive rocks or rock formations, 253 p. Brownfields (abandoned, idled or under-used land which may be subject to environmental contamination) or other 254 contaminated land, or soils contamination remediated under PECFA, the Department of Natural Resources (DNR) 255 Remediation and Redevelopment Program,the Agricultural Chemical Cleanup Program or other similar program. 255 q, Lack of legal vehicular access to the Property from public roads, 257 r. Homeowners' associations, common areas shared or co-owned with others, zoning violations or nonconforming uses, 258 conservation easements, restrictive covenants, rights-of-way, easements, easement maintenance agreements, or use of 259 a part of Property by non-owners, other than recorded utility easements. 250 S. Special purpose district,such as a drainage district, lake district,sanitary district or sewer district,that has the authority to 251 impose assessments against the real property located within the district. 262 t. Federal,state or local regulations requiring repairs,alterations or corrections of an existing condition. 263 U. Property tax increases, other than normal annual increases; completed or pending property tax reassessment of the 264 Property,or proposed or pending special assessments. 265 V. Burial sites,archeological artifacts,mineral rights,orchards or endangered species, 265 w. Flooding,standing water, drainage problems or other water problems on or affecting the Property, 267 X. Material damage from fire,wind,floods,earthquake,expansive soils,erosion or landslides. 268 Y. Significant odor,noise,water intrusion or other irritants emanating from neighboring property. 269 z. Substantial crop damage from disease, insects,soil contamination,wildlife or other causes;diseased trees; or substantial 270 injuries or disease in livestock on the Property or neighboring properties. 271 aa.Existing or abandoned manure storage facilities on the Property. 272 bb. Impact fees,or other conditions or occurrences that would significantly increase development costs or reduce the value of 273 the Property to a reasonable person with knowledge of the nature and scope of the condition or occurrence. 274 cc, The Property is subject to a mitigation plan required by DNR rules related to county shoreland zoning ordinances that 275 obligates the owner to establish or maintain certain measures related to shoreland conditions, enforceable by the county 276 (see lines 139-145). 277 dd. All or part of the land has been assessed as agricultural land, the owner has been assessed a use-value conversion 278 charge or the payment of a use-value conversion charge has been deferred, 279 ■ DEADLINES: "Deadlines"expressed as a number of"days"from an event,such as acceptance,are calculated by excluding 280 the day the event occurred and by counting subsequent calendar days. The deadline expires at midnight on the last day. 281 Deadlines expressed as a specific number of"business days" exclude Saturdays, Sundays, any legal public holiday under 282 Wisconsin or Federal law, and any other day designated by the President such that the postal service does not receive 263 registered mail or make regular deliveries on that day. Deadlines expressed as a specific number of "hours" from the 284 occurrence of an event,such as receipt of a notice,are calculated from the exact time of the event, and by counting 24 hours 285 per calendar day. Deadlines expressed as a specific day of the calendar year or as the day of a specific event, such as 286 closing,expire at midnight of that day. 287 ■ DEFECT: "Defecf'means a condition that would have a significant adverse effect on the value of the Property; that would 288 significantly impair the health or safety of future occupants of the Property; or that if not repaired, removed or replaced would 289 significantly shorten or adversely affect the expected normal life of the premises, 290 r FIXTURE:A"Fixture" is an item of property which is physically attached to or so closely associated with land so as to be 291 treated as part of the real estate, including,without limitation, physically attached items not easily removable without damage 292 to the premises, items specifically adapted to the premises,and items customarily treated as fixtures,including,but not limited 293 to,all: perennial crops; garden bulbs; plants; shrubs and trees and fences, storage buildings on permanent foundations and 294 docks/piers on permanent foundations. 295 CAUTION: Exclude any Fixtures to be retained by Seller or which are rented on lines 18-19. 296 r PROPERTY: Unless otherwise stated,"Property"means the real estate described at lines 4-7. 297 1PROPERTY DEVELOPMENT WARNING If Buyer contemplates developing Property for a use other than the current use, 296 there are a variety of issues which should be addressed to ensure the development or new use is feasible, Municipal and 299 zoning ordinances, recorded building and use restrictions, covenants and easements may prohibit certain improvements or Soo uses and therefore should be reviewed. Building permits, zoning variances, Architectural Control Committee approvals, 301 estimates for utility hook-up expenses,special assessments, changes for installation of roads or utilities,environmental audits, 302 subsoil tests, or other development related fees may need to be obtained or verified in order to determine the feasibility of 3o3 development of, or a particular use for, a property. Optional contingencies which allow Buyer to investigate certain of these 304 issues can be found at lines 306-350 and Buyer may add contingencies as needed in addenda (see line 525). Buyer should 305 review any plans for development or use changes to determine what issues should be addressed in these contingencies. i i Property Address: Parcel J of Marion Road Redevelopment Page 6 of 10,wB-13 306 PROPOSED USE CONTINGENCIES: Buyer is purchasing the Property for the purpose of; Apartments,retail,and office 307 308 3o9 [insert proposed use and type and size of building, if applicable; e.g. three bedroom single family home]. The optional 310 provisions checked on lines 314-345 shall be deemed satisfied unless Buyer, within days of acceptance, delivers 311 written notice to Seller specifying those items which cannot be satisfied and written evidence substantiating why each specific 312 item included in Buyer's notice cannot be satisfied. Upon delivery of Buyer's notice, this Offer shall be null and void. Seller 313 agrees to cooperate with Buyer as necessary to satisfy the contingencies checked at lines 314-350. 314 ZONING CLASSIFICATION CONFIRMATION:This Offer is contingent upon Buyer obtaining, at(Buyer's)(Seller's) 315 STRIKE ONE ("Buyer's"if neither is stricken)expense,verification that the Property is zoned 316 and that the Property's zoning allows the Buyer's proposed use described at lines$06-308. 317 r�7 SUBSOILS: This offer is contingent upon Buyer obtaining, at(Buyer's)(Seller's) STRIKE ONE ("Buyer's"if neither 318 is stricken)expense,written evidence from a qualified soils expert that the Property is free of any subsoil condition which 319 would make the proposed use described at lines 306-308 impossible or significantly increase the costs of such 320 development. 321 PRIVATE ONSITE WASTEWATER TREATMENT SYSTEM (POWTS) SUITABILITY: This Offer is contingent 322 upon Buyer obtaining,at(Buyer's)(Sellers)JSTRIKEbNE ("Buyer's"if neither is stricken)expense,written evidence from 323 a certified soils tester that(a)the soils at the Property locations selected by Buyer, and (b) all other conditions that must 324 be approved,meet the legal requirements in effect on the date of this Offer to obtain a permit for a POWTS for use of the 325 Property as stated on lines 306-308. The POWTS (septic system) allowed by the written evidence must be one of 826 the following POWTS that is approved by the State for use with the type of property identified at lines 306-308 CHEC 327 LL THAT APPL :E1 conventional in-ground;❑mound;❑at grade;❑in-ground pressure distribution;❑holding tank; 326 ❑other: 329 EASEMENTS AND RESTRICTIONS:This Offer is contingent upon Buyer obtaining, at(Buyer's)(Seller's)ISTRIKE 330 ONE ("Buyer's" if neither is stricken) expense, copies of all public and private easements, covenants and restrictions 331 affecting the Property and a written determination by a qualified independent third party that none of these prohibit or 332 significantly delay or increase the costs of the proposed use or development Identified at lines 306-308, 333 APPROVALS: This Offer is contingent upon Buyer obtaining, at (Buyer's) (Seller's) STRIKE ONE ("Buyer's" if 334 neither Is stricken) expense, permits, approvals and licenses, as appropriate, or the final discretionary action by the 335 granting authority prior to the issuance of such permits,approvals and licenses,for the following items related to Buyer's 336 proposed use: 337 338 ©UTILITIES:This Offer is contingent upon Buyer obtaining,at(Buyer's)(Seller's) SIK TRE ONE ("Buyer's"if neither 339 is stricken)expense,written verification of the following utility connections at the listed locations(e.g.,on the Property,at 340 the lot line,across the street,etc.) CHECK AND COMPLETE AS APPLICABLE: electricity ; 349 ❑gas ;❑sewer ;❑water 342 ®telephone ;❑cable other 343 =ACCESS TO PROPERTY: This Offer is contingent upon Buyer obtaining, at (Buyer's) (Seller's) STRIKE ONE 344 ("Buyer's"if neither is stricken)expense,written verification that there is legal vehicular access to the Property from public 345 roads. 346=LAND USE APPROVAL:This Offer is contingent upon Buyer obtaining,at(Buyer's)(Seller's) STRIKE ON ("Buyer's"if 347 neither is stricken) expense, a ❑ rezoning; ❑ conditional use permit; ❑f license; variance; building permit; ❑ 348 occupancy permit;❑other CHECK ALL THAT APPL , and delivering 349 written notice to Seller if the item cannot be obtained, all within days of acceptance for the Property for its proposed 35o use described at lines 306-308. 351❑ MAP OF THE PROPERTY: This Offer is contingent upon (Buyer obtaining) (Seller providing)ISTRIKE ONE ("Seller 352 providing"if neither is stricken)a Map of the Property dated subsequent to the date of acceptance of this Offer prepared by a 353 registered land surveyor,within days of acceptance,at(Buyer's)(Seller's) STRIKE ONE ("Seller's"If neither is stricken) 364 expense. The map shall show minimum of acres, maximum of acres, the legal description of the 355 Property, the Property's boundaries and dimensions,visible encroachments upon the Property, the location of improvements, 356 If any,and: 357 [STRIKE AND COMPLETE AS APPLICABLE] Additional map features which may be added include, but are not limited to: 358 staking of all corners of the Property; identifying dedicated and apparent streets; lot dimensions; total acreage or square 359 footage;easements or rights-of-way. CAUTION: Consider the cost and the need for map features before selecting them. 36o Also consider the time required to obtain the map when setting the deadline.This contingency shall be deemed satisfied 361 unless Buyer, within five days of the earlier of: (1) Buyer's receipt of the map; or (2) the deadline for delivery of said map, 362 delivers to Seller a copy of the map and a written notice which identifies: (1)the significant encroachment; (2)information 363 materially Inconsistent with prior representations;or(3)failure to meet requirements stated within this contingency, 364 Upon delivery of Buyer's notice,this Offer shall be null and void. is i Page 7 of 10,WB-13 i 365 [PROPERTY DIMENSIONS AND S 7MS Buyer acknowledges that any land dimensions, total square footage, acreage 356 figures, or allocation of acreage information, provided to Buyer by Seiler or by a broker, may be approximate because of 367 rounding,formulas used or other reasons,unless verified by survey or other means. ase CAUTION: Buyer should verify land dimensions, total square footage/acreage figures and allocation of acreage 369 information if material to Buyer's decision to purchase. 370 IEARNEST 371 r HELD BY: Unless otherwise agreed, earnest money shall be paid to and held in the trust account of the listing broker 372 (Buyer's agent if Property is not listed or Seller's account if no broker is involved), until applied to the purchase price or 373 otherwise disbursed as provided in the Offer. 374 CAUTION: Should persons other than a broker hold earnest money, an escrow agreement should be drafted by the 375 Parties or an attorney, if someone other than Buyer makes payment of earnest money, consider a special 376 disbursement agreement. 377 a DISBURSEMENT: If negotiations do not result in an accepted offer, the earnest money shall be promptly disbursed (after 378 clearance from payor's depository institution if earnest money is paid by check)to the person(s)who paid the earnest money. 379 At closing, earnest money shall be disbursed according to the closing statement. If this Offer does not close, the earnest 380 money shall be disbursed according to a written disbursement agreement signed by all Parties to this Offer. if said 381 disbursement agreement has not been delivered to broker within 60 days after the date set for closing, broker may disburse 382 the earnest money: (1)as directed by an attorney who has reviewed the transaction and does not represent Buyer or Seller; 383 (2)into a court hearing a lawsuit Involving the earnest money and all Parties to this Offer;(3)as directed by court order;or(4) 384 any other disbursement required or allowed by law.Broker may retain legal services to direct disbursement per(1)or to file an 395 interpleader action per(2) and broker may deduct from the earnest money any costs and reasonable attorneys fees, not to 386 exceed$250,prior to disbursement. 387 ■ LEGAL RIGHTS/ACTION: Broker's disbursement of earnest money does not determine the legal rights of the Parties in 388 relation to this Offer.Buyer's or Seller's legal right to earnest money cannot be determined by broker.At least 30 days prior to Sas disbursement per(1)or(4)above,broker shall send Buyer and Seller notice of the disbursement by certified mail.If Buyer or 390 Seller disagree with broker's proposed disbursement, a lawsuit may be filed to obtain a court order regarding disbursement. 391 Small Claims Court has jurisdiction over all earnest money disputes arising out of the sale of residential property with 1-4 392 dwelling units and certain other earnest money disputes.Buyer and Seller should consider consulting attorneys regarding their 393 legal rights under this Offer In case of a dispute. Both Parties agree to hold the broker harmless from any liability for good faith 394 disbursement of earnest money in accordance with this Offer or applicable Department of Regulation and Licensing 395 regulations concerning earnest money.See Wis.Admin.Code Ch.RL 18. 396 [DISTRIBUTION OF INFORMAT Buyer and Seller authorize the agents of Buyer and Seller to:(1)distribute copies of the 397 Offer to Buyer's lender,appraisers,title insurance companies and any other settlement service providers for the transaction as 398 defined by the Real Estate Settlement Procedures Act(RESPA); (11)report sales and financing concession data to multiple 399 listing service sold databases; and (iii) provide active listing, pending sale, closed sale and financing concession information 400 and data, and related information regarding seller contributions, incentives or assistance, and third party gifts, to appraisers 4oi researching comparable sales,market conditions and listings,upon inquiry. 402 NOTICE ABOUT Sr=X OFFENDER REGISTRYIYou may obtain information about the sex offender registry and persons 403 registered with the registry by contacting the Wisconsin Department of Corrections on the Internet at 404 http://www.widocoffenders.orci or by telephone at(608)240-5830. f property Address: Parcel J of Marion Road Redevelopment page 8 or 10,W13•13 r G 405®SECONDARY OFFER:This Offer Is secondary to a prior accepted offer.This Offer shall become primary upon delivery 406 of written notice to Buyer that this Offer is primary.Unless otherwise provided, Seller is not obligated to give Buyer notice prior 4o7 to any deadline, nor is any particular secondary buyer given the right to be made primary ahead of other secondary buyers. 408 Buyer may declare this Offer null and void by delivering written notice of withdrawal to Seller prior to delivery of Seller's notice 409 that this Offer is primary.Buyer may not deliver notice of withdrawal earlier than days after acceptance of this Offer.All 410 other Offer deadlines which are run from acceptance shall run from the time this Offer becomes primary, 411 MIME IS OF THE ESSE CE "Time is of the Essence" as to: 1 earnest money payment(s); (2) binding acceptance; (3) 412 occupancy;(4)date of closing;(5)contingency Deadlines STRIKE AS APPLICABLE1 and all other dates and Deadlines in this 413 Offer except: 414 If "Time is of the Essence" applies to a date or Deadline, failure to perform by the exact date or Deadline is a breach of 416 contract. If"Time is of the Essence" does not apply to a date or Deadline,then performance within a reasonable time of the 416 date or Deadline is allowed before a breach occurs. 417 ITITLE EVIDEIVUR 418 ■ CONVEYANCE OF TITLE: Upon payment of the purchase price, Seiler shall convey the Property by warranty deed 419 (or trustee's deed if Seller is a trust, personal representative's deed if Seller is an estate or other conveyance as 420 provided herein), free and clear of all liens and encumbrances, except: municipal and zoning ordinances and agreements 421 entered under them, recorded easements for the distribution of utility and municipal services, recorded building and use 422 restrictions and covenants, present uses of the Property in violation of the foregoing disclosed in Seller's disclosure report and 423 in this Offer,general taxes levied in the year of closing and 424 425 426 427 which constitutes merchantable title for purposes of this transaction. Seller shall complete and execute the documents 428 necessary to record the conveyance at Seller's cost and pay the Wisconsin Real Estate Transfer Fee, 429 w TITLE EVIDENCE: Seller shall give evidence of title In the form of an owner's policy of title insurance in the amount of the 430 purchase price on a current ALTA form issued by an insurer licensed to write title insurance in Wisconsin. Seller shall pay all 431 costs of providing title evidence to Buyer.Buyer shall pay all costs of providing title evidence required by Buyer's lender. 432 ■ GAP ENDORSEMENT: Seller shall provide a"gap"endorsement or equivalent gap coverage at (Seller's)(Buyer's) STRIKE 433 ONE ("Seller's" if neither stricken) cost to provide coverage for any liens or encumbrances first filed or recorded after the 434 effective date of the title insurance commitment and before the deed is recorded, subject to the title insurance policy 435 exclusions and exceptions, provided the title company will issue the endorsement. If a gap endorsement or equivalent gap 436 coverage is not available,Buyer may give written notice that title is not acceptable for closing (see lines 442-449). 437 ■ PROVISION OF MERCHANTABLE TITLE: For purposes of closing, title evidence shall be acceptable if the required title 438 Insurance commitment is delivered to Buyer's attorney or Buyer not more than days after acceptance("15"if left blank), 439 showing title to the Property as of a date no more than 15 days before delivery of such title evidence to be merchantable per 440 lines 418-427,subject only to liens which will be paid out of the proceeds of closing and standard title insurance requirements 441 and exceptions,as appropriate. 442 x TITLE NOT ACCEPTABLE FOR CLOSING; If title is-not acceptable for closing, Buyer shall notify Seller in writing of 443 objections to title within days (15"if left blank) after delivery of the title commitment to Buyer or Buyer's attorney. In 444 such event, Seller shall have a reasonable time, but not exceeding days ("5" if left blank)from Buyer's delivery of the 445 notice stating title objections, to deliver notice to Buyer stating Seller's election to remove the objections by the time set for 446 closing. In the event that Seller Is unable to remove said objections, Buyer may deliver to Seller written notice waiving the 447 objections, and the time for closing shall be extended accordingly. If Buyer does not waive the objections,Buyer shall deliver 448 written notice of termination and this Offer shall be null and void. Providing title evidence acceptable for closing does not 449 extinguish Seller's obligations to give merchantable title to Buyer. 450 : SPECIAL ASSESSMENTS: Special assessments, if any, levied or for work actually commenced prior to the date of this 451 Offer shall be paid by Seller no later than closing.All other special assessments shall be paid by Buyer. 452 CAUTION: Consider a special agreement if area assessments, property owners association assessments, special 463 charges for current services under Wis. Stat. § 66.0627 or other expenses are contemplated. "Other expenses" are 454 one-time charges or ongoing use fees for public improvements (other than those resulting in special assessments) 456 relating to curb, gutter, street, sidewalk, municipal water, sanitary and storm water and storm sewer (including all 466 sewer mains and hook-up/connection and interceptor charges), parks, street lighting and street trees, and impact 457 fees for other public facilities,as defined in Wis.Stat.§66.0617(1)(9. 458 [ADDITIONAL PROVISIONS/CONTINGENCIES) Buyer obtaining from the City of Oshkosh and any other appropriate local,state 459 or federal governments or government agencies having jurisdiction over the property all permits,zoning approvals,and licenses 460 necessary for the Buyer's proposed development. 461 462 463 464 Page 9 of 10,WB-13 465 DEFA T Seller and Buyer each have the legal duty to use good faith and due diligence In completing the terms and 466 conditions of this Offer. A material failure to perform any obligation under this Offer is a default which may subject the 467 defaulting party to liability for damages or other legal remedies. 468 If Buyer defaults,Seller may: 459 (1) sue for specific performance and request the earnest money as partial payment of the purchase price;or 470 (2) terminate the Offer and have the option to: (a) request the earnest money as liquidated damages; or (b) sue for 471 actual damages. 472 If Seller defaults,Buyer may: 473 (1) sue for specific performance;or 474 (2) terminate the Offer and request the return of the earnest money,sue for actual damages,or both. 476 In addition,the Parties may seek any other remedies available in law or equity. 476 The Parties understand that the availability of any judicial remedy will depend upon the circumstances of the situation and the 477 discretion of the courts. If either Party defaults, the Parties may renegotiate the offer or seek nonjudicial dispute resolution 478 instead of the remedies outlined above.By agreeing to binding arbitration, the Parties may lose the right to litigate in a court of 479 law those disputes covered by the arbitration agreement. 4so NOTE: IF ACCEPTED,THIS OFFER CAN CREATE A LEGALLY ENFORCEABLE CONTRACT.BOTH PARTIES SHOULD 4a1 READ THIS DOCUMENT CAREFULLY. BROKERS MAY PROVIDE A GENERAL EXPLANATION OF THE PROVISIONS 482 OF THE OFFER BUT ARE PROHIBITED BY LAW FROM GIVING ADVICE OR OPINIONS CONCERNING YOUR LEGAL 483 RIGHTS UNDER THIS OFFER OR HOW TITLE SHOULD BE TAKEN AT CLOSING, AN ATTORNEY SHOULD BE 484 CONSULTED IF LEGAL ADVICE IS NEEDED. 485 IENTIRE CONT RAC This Offer, including any amendments to it, contains the entire agreement of the Buyer and Seiler 486 regarding the transaction.All prior negotiations and discussions have been merged into this Offer.This agreement binds and 487 inures to the benefit of the Parties to this Offer and their successors in interest. 488 [INSPECTIONS AND TESTING!Buyer may only conduct inspections or tests if specific contingencies are Included as a part of 489 this Offer.An"inspection" is defined as an observation of the Property which does not include an appraisal or testing of the 490 Property, other than testing for leaking carbon monoxide, or testing for leaking LP gas or natural gas used as a fuel source, 491 which are hereby authorized. A"test" is defined as the taking of samples of materials such as soils, water, air or building 492 materials from the Property and the laboratory or other analysis of these materials. Seller agrees to allow Buyer's inspectors, 493 testers and appraisers reasonable access to the Property upon advance notice, if necessary to satisfy the contingencies in 494 this Offer. Buyer and licensees may be present at all inspections and testing. Except as otherwise provided, Seller's 495 authorization for inspections does not authorize Buyer to conduct testing of the Property. 496 NOTE: Any contingency authorizing testing should specify the areas of the Property to be tested,the purpose of the 497 test, (e.g.,to determine if environmental contamination is present), any limitations on Buyer's testing and any other 498 material terms of the contingency. 499 Buyer agrees to promptly restore the Property to its original condition after Buyer's inspections and testing are completed boo unless otherwise agreed to with Seller. Buyer agrees to promptly provide copies of all inspection and testing reports to Seller. 5oi Seller acknowledges that certain inspections or tests may detect environmental pollution which may be required to be reported 502 to the Wisconsin Department of Natural Resources, Property Address: Parcel J of Marion Road Redevelopment Page 10 of 10,WB-13 503®INSPECTION CONTINGENCY:This contingency only authorizes inspections, not testing(see lines 488-502),This Offer 5o4 is contingent upon a qualified independent inspector(s) conducting an inspection(s), of the Property which discloses no sos Defects,This Offer is further contingent upon a qualified independent inspector or independent qualified third party performing sos an inspection of i 507 (list any Property feature(s)to be separately inspected,e.g.,dumpsite,etc.)which discloses no Defects, Buyer shall order the 5o8 inspection(s) and be responsible for all costs of inspection(s), Buyer may have follow-up inspections recommended in a 509 written report resulting from an authorized inspection performed provided they occur prior to the deadline specified at line 511 510 Inspection(s)shall be performed by a qualified independent inspector or independent qualified third party. sii CAUTION: Buyer should provide sufficient time for the primary Inspection and/or any specialized inspection(s), as 512 well as any follow-up inspection(s). 513 This contingency shall be deemed satisfied unless Buyer,within days of acceptance,delivers to Seller a copy of the written 514 inspection report(s)and a written notice listing the Defect(s)identified in those report(s)to which Buyer objects(Notice of Defects), si5 CAUTION:A proposed amendment is not a Notice of Defects and will not satisfy this notice requirement. 616 For the purposes of this contingency,Defects(see lines 287-289)do not Include conditions the nature and extent of which the 517 Buyer had actual knowledge or written notice before signing this Offer. 518 ■ RiGHT TO CURE: Seller (shall)(shall not) STRIKE ONE ("shall" if neither is stricken) have a right to cure the Defects, If 5i9 Seller has the right to cure, Seller may satisfy this contingency by: (1) delivering written notice to Buyer within 10 days of 520 Buyer's delivery of the Notice of Defects stating Seller's election to cure Defects; (2) curing the Defects in a good and 521 workmanlike manner; and (3)delivering to Buyer a written report detailing the work done within 3 days prior to closing. This 622 Offer shall be null and void if Buyer makes timely delivery of the Notice of Defects and written inspection report(s) and: (1) 523 Seller does not have a right to cure or(2)Seller has a right to cure but:(a)Seller delivers written notice that Seller will not cure 5z4 or(b)Seller does not timely deliver the written notice of election to cure. 525 ADDENDA:The attached is/are made part of this Offer, 626 DD T ONAL PROVISIONS CONTINGENCIES The seller shall contribute a$206,000 grant to be used for environmental site 527 preparation related work. The seller and buyer shall work together to apply for other eligible State and Federal grants for this site. 528 529 Callan Schultz,a shareholder of Buyer,is a licensed Wisconsin Real Estate Broker. 530 531 532 633 534 535 This Offer was drafted by[Licensee and Firm] Callan L•Schultz 536 { on November 5,2018 p� 537 (X) ��� 'fes 41'J ) 1/i h✓^C !t—�"-� D 538 Buyer's Signature A, Print Name Here►Northpointe Development Corporation Date 539 (X) 540 Buyer's Signature A Print Name Here 0- Date A 64iRES O EY RECEIPT Broker acknowledges receipt of earnest money as per line 10 of the above Offer. 542 Broker(by) 543 SELLER ACCEPTS THIS OFFER. THE WARRANTIES, REPRESENTATIONS AND COVENANTS MADE IN THIS OFFER 544 SURVIVE CLOSING AND THE CONVEYANCE OF THE PROPERTY,SELLER AGREES TO CONVEY THE PROPERTY ON 54s THE TERMS AND CONDITIONS AS SET FORTH HEREIN AND ACKNOWLEDGES RECEIPT OF A COPY OF THIS OFFER. 546 (X) 547 Seller's Signature Print Name Here 0-, DateA 548 (X) 549 Seller's SignatureA Print Name Here► Date sso This Offer was presented to Seller by[Licensee and Firm] 551 On at a.m./p,m. 652 This Offer is rejected This Offer is countered [See attached counter] 553 Seller Initials Date Seller Initials Date 4V I OR].. �a � ds a 1 • a i •.\/ 31 / A� ♦ /�Ei rri+<'I�/` nuiiinrr/„urr �1. 0 Y S O \ rdl 1 ' � '•- ro a� 3 > v Z:F l Zul ON W N'.-ND N OCm'ON (")«NES F.TNS Q UL O II �U t N h U2 d N Z�30o F-'._ovo c Zn�O� LL w «O 3 T d� 3 O W O« J J 0 D 4.J Z 0 a 11 cc m a u2i X10 rn ± ..... O-C— ' FerroN m .....„�.. aFfA��UamaOi.�N`mC UHQiCt..•Nac�u` c _m 0`64mN Zf0vo Z .0 3:0- uj, It UO Wn �m U) UW a Wu �ocIl> U. w ro0,m zUaaa3> ~~ ot: cc Ll El M G) Q I REDEVELOPMENT AUTHORITY OF THE CITY OF OSHKOSH,WISCONSIN NOVEMBER 12, 2018 18-16 RESOLUTION (CARRIED LOST LAID OVER WITHDRAWN ) PURPOSE: APPROVE OPTION TO PURCHASE PARCEL J IN MARION ROAD REDEVELOPMENT AREA; GRAND MANAGEMENT, LLC BE IT RESOLVED by the Redevelopment Authority of the City of Oshkosh that the option to purchase submitted by Grand Management, LLC or its Assigns, for Parcel J at the corner of Jackson Street and Marion Road within the Marion/Pearl Redevelopment Area is hereby accepted and the proper officials are hereby authorized and directed to execute any and all documents necessary for purposes of 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 May 31, 2019 with option for extension until July 31, 2019 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. 6) Submittal of a scaled site plan detailing building elevations. 7) The option fee shall be One Thousand Dollars and NO/100 ($1,000.00) and a purchase price of One Dollar and NO/100 ($1.00). Approved by the Wisconsin Real Estate Examining Board Page 1 of 7,WB-24 10-1-12(Optional Use pate)01-1-13(Mandatory Use Date) WB-24 OPTION TO PURCHASE 1 LICENSEE DRAFTING THIS OPTION ON November 5,2018 [DATE]I5(AGENT OF BUYER) 2 (AGENT OF SELLERILISTING BROKER)(AGENT OF BUYER AND SELLER)ISTRIKE THOSE NOT APPLICABL 3 The Seller(Optionor), Redevelopment Authority of the City of Oshkosh hereby grants to 4 the Buyer(Optionee), Grand Management,LLC(an Iowa limited liability company)or assigns 5 an option to purchase(Option)the Property known as[Street Address] site a-Jackson street&Marion Road 6 in the city 7 of Oshkosh County of Winnebago Wisconsin,on the following terms: 3 IDEADLINE FOR GRANT OF gM=This option is void unless a copy of the Option, or separate but identical copies, is/are signed by all 9 Sellers and delivered to Buyer on or before November 16,2018 (Time is of the Essence), 10 11 rt INITIAL OPTION TERM: A nonrefundable option fee of$ 1000 will be paid by Buyer to Seller within s days 12 of the later of:(i)the granting of this Option,or(i)the deadline for execution of a lease if line 141 of this Option is checked. This Caption may only be 13 exercised if Buyer delivers written notice to Seller n0 later than midnight May 31,2019 unless extended below. 14 w EXTENDED OPTION TERM:The Deadline to exercise this Option shall be extended until midnight July 31,2019 upon 15 payment of$ 100 to Seller on or before .tutu 31,2019 as an option 18 extension fee which shall not be refundable. 17■ EXERCISE: To exercise this Option,Buyer must sign and deliver(i)the notice at lines 355-361,or(ii)any other written notice which states that 1a Buyer exercises this Option. If the Option is exercised,$ 1000 of the option fee and$ 100 of the 19 option extension fee,if any,shall be a credit against the purchase price at dosing. 20 CAUTION: If the option fees are to be paid Into listing broker's trust account or to a third party,specify in additional provisions at lines 256-268 21 or 326.330 or In a separate agreement attached per line 325. 22 ITERMS OF PgE= If this Option is exercised per the terms of this Option, the following shall be the terms of purchase: 23■ PURCHASE PRICE: $1(pursuant to development agreement with City of Oshkosh) Dollars 24 ($ )will be paid in cash or equivalent at dosing unless otherwise provided below. 2s■ INCLUDED IN PURCHASE PRICE:Seller is including in the purchase price the Property,all Fixtures on the Property on the date of this Option 26 not excluded at lines 28-29,and the following additional items: 27 28■ NOT INCLUDED IN PURCHASE PRICE: 29 3o CAUTION:Identify trade fixtures owned by tenant,If applicable,and Fixtures that are on the Property(see Imes 75-82)to be excluded by 31 Seller or which are rented and will continue to be owned by the lessor. 32 NOTE:The terms of this Option,not the listing contract or marketing materials,determine what items are Includedlexcluded. 33 [OPTIONAL"PRZ3tJT5ftfRSi TERMS OF THIS OPTION THAT ARE PRECEDED BY AN OPEN BOX(❑)ARE PART OF THIS OPTION ONLY IF 34 THE BOX IS MARKED SUCH A5 WiTH AN%"THEY ARE NOT PART OF THIS OPTION IF MARKED"NIA"OR ARE LEFT BLANK, 35 UELIVERY OF DOCUMENTS ANUVRITTEN.NOTM Unless otherwise stated in this Option,delivery:of documents and written notices to a 36 party shall be effective only when accomplished by one of the methods specified at lines 37-54. 37 (1) Personal Delivery:giving the document or written notice personally to the Party,or the Party's recipient for delivery if named at line 38 or 39. 38 Seller's recipient for delivery(optional): 39 Bu er's recipient for delivery(optional): 40E29(2) Fax:fax transmission of the document or written notice to the following telephone number: 41 Seller.( ) Buyer:{ ) 42 r(3) Commercial Delivery: depositing the document or written notice fees prepaid or charged to an account with a commercial delivery 43 service,addressed either to the Party,or to the Party's recipient 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) U.S. Mail:depositing the document or written notice postage prepaid in the U.S. Mail, addressed either to the Party,or to the Party's 46 recipient for delivery if named at line 38 or 39, for delivery to the Partys delivery address at line 47 or 48, 47 Delivery address for Seller: 48 Delivery address for Buyer: 49 (5) E-Mail:electronically transmitting the document or written notice to the Party's a-mail address,if given below at line 53 or 54,if this is a so consumer transaction where the property being purchased or the sale proceeds are used primarily for personal,family or household purposes, 51 each consumer providing an e-mail address below has first consented electronically to the use of electronic documents, e-mail delivery and 52 electronic signatures in the transaction,as required by federal law. 53 E-Mail address for Seller(optional): adavis@ct.oshkosh.wi.us 54 E-Mail address for Buyer(optional): joy@lancasterinvts.com 55 ffiMEISOFTHEE§SENC `Time is of the Essence"as to: (1)payment of option fees; 2)payment of extension fees; (3)Setter's grant of this 55 Option;(4)Buyer's exercise of this Option;(5)occupancy;(6)date of closing; 7RlKE AS APPLICABL and all other dates and Deadlines in this 57 Option except: if"Time is of the Essence"applies sa to a date or Deadline,failure to perform by the exact date or Deadline is a breach of contract.if"Time is of the Essence"does not apply to a date 59 or Deadline,then performance within a reasonable time of the date or Deadline is allowed before a breach occurs. 60 PERSO Lt.VERYIA T AL R P Personal delivery to,or Actual Receipt by,any named Buyer or Seller constitutes personal delivery 61 to,or Actual Receipt by,all Buyers or Sellers. 62 DEFIN T ON Page 2 of 7,We-24 63■ ACTUAL RECEIPT: "Actual Receipt" means that a Party, not the Party's recipient for delivery, if any, has the document or written notice 64 physically in the Party's possession,regardless of the method of delivery. ss w DEADLINES:"Deadlines"expressed as a number of"days"from an event,such as acceptance,are calculated 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 e7 of"business days"exclude Saturdays, Sundays,any legal public holiday under Wisconsin or Federal law, and any other day designated by the 68 President such that the postal service does not receive registered mail or make regular deliveries on that day. Deadlines expressed as a specific ss number of"hours"from the occurrence of an event,such as receipt of a notice,are calculated from the exact time of the event,and by counting 24 7o 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 71 midnight of that day. 72 w DEFECT; "Defect"means a condition that would have a significant adverse effect on the value of the Property; that would significantly impair 78 the health or safety of future occupants of the Property;or that if not 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. 75■ FIXTURE:A"Fixture" is an item of property which is physically attached to or so closely associated with land or improvements so as to be 76 treated as part of the real estate, including, without limitation, physically attached items not easily removable without damage to the premises, 77 items specifically adapted to the premises and items customarily treated as fixtures, including,but not limited to,all,garden bulbs;plants;shrubs 78 and trees;screen and storm doors and windows;electric lighting fixtures;window shades;curtain and traverse rods;blinds and shutters;central 79 heating and cooling units and attached equipment;water heaters and treatment systems;sump pumps;attached or fitted floor coverings;awnings; so attached antennas; garage door openers and remote controls; Installed security systems; central vacuum systems and accessories; in-ground ai sprinkler systems and component parts; built-in appliances;ceiling fans;fences;storage buildings on permanent foundations and docks/piers on 82 permanent foundations.A"Fixture"does not include trade fixtures owned by tenants of the Property. ss CAUTION: Exclude any Fixtures to be retained by Seller or which are not owned by Seller,such as rented fixtures(e.g,,water softener 84 or other water conditioning systems,home entertainment and satellite dish components,L.P.tanks,',etc.)on lines 28-29. 85 w PROPERTY:Unless otherwise stated,"Property"means the real estate described at lines 5-7, es IPROPERTY DIMENSIONSAD SURVEYSI Buyer acknowledges that any land,building or room dimensions,or total acreage or building square 87 footage figures, provided to Buyer by Seller or by a broker, may be approximate because of rounding, formulas used or other reasons, unless ss verified by survey or other means. as CAUTION. Buyer should verify total square footage formula, total square footage/acreage figures, and land, building or room 90 dimensions,if material, si IBUYER'S WAL - HROUGH2 ROUGHWithin 3 days of the earlier of:(1)the Deadline for Buyer's exercise of this Option; or(ii)the Buyer's exercise of 92 this Option;and again within 3 days prior to closing, at a reasonable time pre-approved by Seller or Sellers agent, Buyer shall have the right to 93 walk through the Property to determine that there has been no significant change in the condition of the Property, except for ordinary wear and 94 tear and changes approved by Buyer,and that any Defects Seller has agreed to cure have been repaired In the manner agreed to by the Parties. 85 PROP R AGE BETWEEN OF OPTION A G Seiler shall maintain the Property until the earlier of closing or 96 occupancy of Buyer in materially the same condition as of the date Buyer exercises this Option, except for ordinary wear and tear. If, prior to 07 closing, the Property is damaged in an amount of not more than five percent(5%)of the purchase price„Seiler shall be obligated to repair the 88 Property and restore it to the same condition that it was on the day this Option was exercised,No later than closing,Seiler shall provide Buyer with ss lien waivers for all Ilenable repairs and restoration. If the damage shall exceed such sum, Seiler shall promptly notify Buyer in writing of the ioo damage and this Option may be canceled at the option of Buyer.Should Buyer elect to carryout this Option despite such damage,Buyer shall be ioi entitled to the insurance proceeds,if any,relating to the damage to the Property,plus a credit towards the purchase price equal to the amount of i02 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 los be held in trust for the sole purpose of restoring the Property. 104 i Buyer and Seller authorize the agents of Buyer and Seller to:(1)distribute copies of the Option to Buyer's io5 lender, appraisers, title insurance companies and any other settlement service providers for the transaction as defined by the Real Estate los Settlement Procedures Act(RESPA); (ii) report sales and financing concession data to multiple listing service sold databases; and (iii) provide 107 active listing, pending sale, closed sale and financing concession information and data,and related information regarding seller contributions, im incentives or assistance,and third party gifts,to appraisers researching comparable sales,market conditions and listings,upon inquiry. loo INOTICE ABOUT SEX OFFENDER REG TR You may obtain information about the sex offender registry and persons registered with the iia registry by contacting the Wisconsin Department of Corrections on the Internet at htto:/(www;widocoffenders.oro or by telephone at(608) 240- iii 5830, Property Address: Site J- Jackson Street&Marion Road Page 3 of 7,WB-24 112 CLOS This transaction is to be closed within 14 davs after the exercise of this Option) (-no-later 113 th _ --Lj1STRIKE AND COMPLETE AS APPLICABL at-th"face-sefeetefty-Seller;tmiesss o herwise 114 itirrT Parties agree to a remote closing. 115 ICLOSING PRORATION The following items, if applicable, 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 association assessments,fuel and 117 118 CAUTION:Provide basis for utility charges,fuel or other prorations if date of closing value will not be used. 119 Any income,taxes or expenses shall accrue to Seller,and be prorated at closing,through the day prior to closing. 12o Real estate taxes shall be prorated at closing based on[CHECK BOX FOR APPLICABLE PRORATION FORMULA]: 121 �]The net general real estate taxes for the preceding year, or the current year if available(Net general real estate taxes are defined as 122enera1 property taxes after state tax credits and lottery credits are deducted) (NOTE:THIS CHOICE APPLIES 1F NO BOX IS CHECKED) 123 Current assessment times current mill rate(current means as of the date of closing) 124 Sale price,multiplied by the municipality area-wide percent of fair market value used by the assessor in the prior year,or current year if 125 known,multiplied by current mill rate(current means as of the date of closing) 126 127 CAUTION: Buyer is informed that the actual real estate taxes for the year of closing and subsequent years may be substantially 128 different than the amount used for proration especially in transactions Involving new construction,,extensive rehabilitation,remodeling 129 or area-wide re-assessment.Buyer is encouraged to contact the local assessor regarding possible tax changes. 130 [�Buyer and Seller agree to re-prorate the real estate taxes,through the day prior to closing based,upon the taxes on the actual tax bill for 131 the year of closing,with Buyer and Seiler each owing his or her pro-rata share.Buyer shall,within 5 days of receipt,forward a copy of the bill 132 to the forwarding address Seller agrees to provide at closing.The Parties shall re-prorate within 30 days of Buyer's receipt of the actual tax 133 bill.Buyer and Seller agree this is a post-closing obligation and is the responsibility of the Parties to complete,not the responsibility of the real 134 estate brokers in this transaction. 135 LEASED PROP ERT if Property is currently leased and lease(s) extend beyond closing, Seller shall assign Seller's rights under the lease(s) and 136 transfer all security deposits and prepaid rents thereunder to Buyer at closing. The terms of the (written) (oral) TRIKE ON lease(s), if any, are 137 138 Insert additional terms,if any,at lines 256-268 or 326-330 or attach as an addendum per line 325. 139 LEASE-OPTION PROVISION [CHECK BOX ON LINE 140 OR 141,IF APPLICABLE]: 140 Concurrent with the granting of the Option,Seller and Buyer have entered into a written lease for the Property. 141 0 This Option is contingent upon Seiler and Buyer,within days from the granting of this Option,entering into a written lease 142 for the Property with minimum terms which shall include: term from to and 143 an initial rent of$ per month or this Option shall be null and void. 144 [CHECK ANY OF THE FOLLOWING THAT APPLY,IF LINE 140 OR 141 WAS CHECKED ABOVE]: 148 U In the event that this Option is timely exercised,$ of each monthly rent payment of$ 146 shall be applied to the purchase price while the balance shall be deemed solely rent that is retained by Seiler. 147 NOTE: Lenders may not recognize a credit for rent paid under a lease. 148 Buyer may not exercise this Option unless Buyer is current with all rent. 149 0 Any material breach of the lease by Buyer shall also constitute a default under this Option. 160 IPROPERTY COR61TION REPRESE—N—TATATO 81 Seller represents to Buyer that,as of the date Seller grants this Option,Seller has no notice or 151 knowledge of any Defects (lines 72-74) other than those identified in Seller's disclosure report dated 152 and,if applicable,Real.Estate Condition Report dated and,if applicable,Vacant Land Disclosure Report 153 dated which was/were received by Buyer prior to Buyer signing this Option and which is/are made a part of this Option 154 by reference 1COMPLETE DATES OR STRIKE AS APPLICABLE1 and none provided 155 156 INSERT CONDITIONS NOT ALREADY INCLUDED IN THE DISCLOSURE OR CONDITION REPORTS 157 CAUTION:if the Property includes 1-4 dwelling units,a Real Estate Condition Report containing the disclosures provided In Wis.Stat.§ 158 709.03 may be required. If the Property does not Include any buildings, a Vacant land DlsclosureReport containing the disclosures 159 provided in Wis.Stat.§709.033 may be required. Excluded from these requirements are sales of properly with 1.4 dwelling units that 16o has never been inhabited,sales exempt from the real estate transfer fee,and sales by certain court-appointed fiduciaries(for example, 161 personal representatives who have never occupied the Property).The buyer may have certain rescission rights per Wis.Stat.§709.05 if 162 Seiler does not furnish such report(s)within 10 days after Seller grants this Option or if a'report disclosing Defects is furnished before 163 expiration of those 10 days,but after the Option is submitted to Beller.Buyer should review the report form or consult with an attorney 164 for additional information regarding rescission rights. 165 Seller agrees to notify Buyer in writing of any Defect which Seller becomes aware of after Seller's granting of,but prior to Buyer's exercise of this 166 Option, which is materially inconsistent with the above representations. For purposes of this provision (lines 150-156), Defect does not include 167 structural,mechanical or other conditions of which the Buyer has actual knowledge or written notice or which Buyer discovers prior to the exercise 168 of this Option. 169 Seller represents that the property is zoned RMU-PD-RFo 4 Page 4 of 7,WB-24 170 CC Occupancy of the entire Property shall be given to Buyer at time of closing unless otherwise provided in this Option at lines 256- 171 268 or 326-330 or in an addendum attached per line 325.At time of Buyer's occupancy,Property shall be in broom swept condition and free of all 172 debris and personal property except for personal property belonging to current tenants, or that sold to Buyer or left with Buyer's consent. 173 Occupancy shall be given subject to tenant's rights,if any. 174 CAUTION:Consider an agreement which addresses responsibility for clearing the Property of personal property and debris,if applicable. 175 IRENTAL A RI AT Unless otherwise agreed, Buyer shall be responsible for compliance with(Rental Weatherization Standards(Wis. 176 Admin.Code Ch.SPS 367),if applicable. 177 QEF Seller and Buyer each have the legal duty to use good faith and due diligence in completing the terms and conditions of this Option.A 178 material failure to perform any obligation under this Option Is a default which may subject the defaulting party to liability for damages or other legal 179 remedies. 180 if Buyer defaults,Seller may: 181 (f)-sue-for specific-perbr mance-if Buyerhas-exercised-this-flption,of 182 (2)terminate the Option and may sue for actual damages. 183 If Seller defaults,Buyer may: lea (1)sue for specific performance;or 185 (2)terminate the Option and may sue for actual damages, las In addition,the Parties may seek any other remedies available in law or equity. 187 The Parties understand that the availability of any judicial remedy will depend upon the circumstances of the situation and the discretion of the 188 courts. If either Party defaults, the Parties may renegotiate the Option or seek nonjudicial dispute resolution instead of the remedies outlined las above. By agreeing to binding arbitration, the Parties may lose the right to litigate in a court of law those disputes covered by the arbitration iso agreement. 191 NOTE: IF ACCEPTED, THIS OPTION CAN CREATE A LEGALLY ENFORCEABLE CONTRACT, BOTH PARTIES SHOULD READ THIS 192 DOCUMENT CAREFULLY. BROKERS MAY PROVIDE A GENERAL EXPLANATION OF THE PROVISIONS OF THE OPTION BUT ARE 193 PROHIBITED BY LAW FROM GIVING ADVICE OR OPINIONS CONCERNING YOUR LEGAL RIGHTS UNDER THIS OPTION OR HOW TITLE 194 SHOULD BE TAKEN AT CLOSING.AN ATTORNEY SHOULD BE CONSULTED IF LEGAL ADVICE IS NEEDED. 195 ENTIRE CONTRAC�1 This Option, including any amendments to it, captains the entire agreement of the Buyer and Seller regarding the 196 transaction. All prior negotiations and discussions have been merged into this Option. This agreement'binds and inures to the benefit of the 197 Parties to this Option and their successors in interest. 198 IBUYER D Prior to the granting or exercising of this Option, Buyer may wish to perform 'certain authorized inspections, 199 investigations and testing of the Property.Buyer shall provide for any specific inspections,investigations or tests Buyer intends to perform as part zoo of Buyers due diligence items on lines 256-268,314321,or 326-330 or attach as an addendum per line 325,In addition,Buyer may need to obtain 201 and review documents relevant to financing approval,appraisals,or perform general due diligence activities for the transaction, including but not 202 limited to: business records, condominium documents, maps or other information, municipal and zoning.ordinances, recorded building and use 203 restrictions,covenants and easements of record,as they may prohibit or restrict certain uses and improvements for the Property,Buyer may also 2o4 need to obtain or verify certain permits, zoning variances, other governmental or private approvals, environmental audits and subsoil tests, los required road improvements, utility hook-up and installation costs; or other development related costs and fees; in order to fully determine the 206 feasibility of any proposed or planned development of the Property. Seiler agrees to cooperate with Buyer as necessary to complete any due 207 diligence items or any authorized investigations, testing and inspections as provided for in this Option,without cost to Seller, unless otherwise 208 agreed by the Parties in writing. i; Property Address; Site J-Jackson Street&Marion Road Page 5 of 7,WB-24 los IRECORDING OF!PTION Buyer(may)(may-riot)STRIKE ON record this Option at Buyer's expense. 210 Buyer(may)(may-not)`STRIKE ON ("may"if neither is stricken)record a separate instrument evidencing this Option at Buyer's expense. If this 211 Option or a separate instrument evidencing this Option is to be recorded, insert legal description at lines 256-268 or 326-330 or attach as an 212 addendum per line 325. If recording,the parties agree to provide authenticated or acknowledged signatures as may be required. 213 CAUTION: Failure to record may give persons with subsequent interests in the Property priority over this Option. 214 rITLE EVIDENCE 215 ■ CONVEYANCE OF TITLE: Upon payment of the purchase price, Seller shall convey the Property by warranty deed (or condominium 216 deed if Property is a condominium unit,trustee's deed If Seller is a trust,personal representative's deed if Seller is an estate or other 217 conveyance as provided herein), free and clear of all liens and encumbrances, except: municipal and zoning ordinances and agreements 218 entered under them, recorded easements for the distribution of utility and municipal services, recorded building and use restrictions and 219 covenants,present uses of the Property in violation of the foregoing disclosed in Seller's Real Estate Condition Report and in this Option,general 220 taxes levied in the year of closing and 221 222 which constitutes merchantable title for purposes of 223 this transaction. Seller shall complete and execute the documents necessary to record the conveyance at Seller's cost and pay the Wisconsin 224 Real Estate Transfer Fee. The Parties agree that Seller shall not rezone the Property or create any additional liens or encumbrances on title after 225 Seller grants this Option without Buyer's written consent except for liens and encumbrances that will be removed at closing. 226 WARNING: Municipal and zoning ordinances, recorded building and use restrictions, covenants and easements may prohibit certain 227 improvements or uses and therefore should be reviewed,particularly if Buyer contemplates making improvements to Property or a use 228 other than the current use. 229 ■ TITLE EVIDENCE:Seller shall give evidence of title in the form of an owner's policy of title insurance in the amount of the purchase price on a 230 current ALTA form issued by an insurer licensed to write title insurance in Wisconsin.Seller shall pay all casts of providing title evidence to Buyer; 231 Buyer shall pay all costs of providing title evidence required by Buyer's lender. 232■ GAP ENDORSEMENT:Seller shall provide a"gap"endorsement or equivalent gap coverage at(Seller's)(Buyer's) STRIKE ON ("Seller's" 233 if neither stricken) cost to provide coverage for any liens or encumbrances first filed or recorded after the effective date of the title insurance 234 commitment and before the deed is recorded,subject to the title insurance policy exclusions and exceptions,provided the title company will issue 235 the endorsement.if a gap endorsement or equivalent gap coverage is not available, Buyer may give written notice that title is not acceptable for 236 closing(see lines 242-248), 237■ PROVISION OF MERCHANTABLE TITLE: For purposes of closing, title evidence shall be acceptable if the required title insurance 238 commitment is delivered to Buyer's attorney or Buyer not more than days after Seller grants this Option(415"if left blank),showing 239 title to the Property as of a date no more than 15 days before delivery of such title evidence to be merchantable per lines 215-223,subject only to 240 liens which will be paid out of the proceeds of closing and standard title insurance requirements and exceptions,as;appropriate. 241 CAUTION: Buyer should consider obtaining an update of the title commitment prior to exercising this Option. 242■ TiTLE NOT ACCEPTABLE FOR CLOSING: If title is not acceptable for closing, Buyer shall notify Seller in writing of objections to title within 243 days ("15" if left blank) after delivery of the title commitment to Buyer or Buyer's attorney. In such event, Seller shall have a 244 reasonable time,but not exceeding days("5"if left blank),from Buyer's delivery of the notice stating title objections,to deliver notice 245 to Buyer stating Seller's election to remove the objections by the time set for closing.In the event that Seller is unable to remove said objections, 246 Buyer may deliver to Seller written notice waiving the objections,and the time for closing shall be extended accordingly. If Buyer does not waive 247 the objections, Buyer shall deliver written notice of termination and this Option shall be null and void. Providing title evidence acceptable for 248 closing does not extinguish Seller's obligations to give merchantable title to Buyer. 249■ SPECIAL ASSESSMENTS/OTHER EXPENSES: Special assessments, if any, levied or for work actually commenced prior to the date this 250 Option is exercised shall be paid by Seller no later than closing.All other special assessments shall be paid,by Buyer. 251 CAUTION: Consider a special agreement if area assessments, property owners association assessments, special charges for current 252 services under Wis.Stat.§66.0627 or other expenses are contemplated. "Other expenses"are one-time charges or ongoing use fees 253 for public Improvements(other than those resulting in special assessments)relating to curb,gutter,street,sidewalk,municipal water, 254 sanitary and storm water and storm sewer(including all sewer mains and hook-up/connection and interceptor charges), parks,street 255 lighting and street trees,and Impact fees for other public facilities,as defined in Wis,Stat.§66.0617(1)(t); 256 RIDIDITIONAL PROVISIONS 257 258 259 260 261 262 263 264 265 266 267 268 __ Page 6 of 7,WB-24 269 CONDOMINIUM UNIT 270 CAUTION: If this Option Involves a condominium unit, Buyer should obtain and review the condominium disclosure documents before 271 entering into this Option. See lines(198-208) 272 if the Property is a residential condominium unit,Seller must comply with the following: 273■ CONDOMINIUM DISCLOSURE MATERIALS: Seller agrees to provide Buyer,at Seller's cost,within 10 days of Buyer exercising this Option, 274 but no later than 15 days prior to closing,current and accurate copies of the condominium disclosure materials required by Wis, Stat. §703.33, 275 The condominium disclosure materials include a copy of the following and any amendments to any of these[except as may be limited for small 276 condominiums with no more than 12 units per Wis. Stat.§703.365(1)(b)and (8)]: (a)proposed or existing declaration, bylaws and any rules or 277 regulations, and an index of the contents; (b)proposed or existing articles of incorporation of the association, if it is or is to be incorporated; (c) 278 proposed or existing management contract, employment contract or other contract affecting the use,maintenance or access of all or part of the 279 condominium; (d) projected annual operating budget for the condominium including reasonable details concerning the estimated monthly 280 payments by the purchaser for assessments and other monthly charges; (e) leases to which unit owners or the association will be a party; (f) 281 general description of any contemplated expansion of condominium including each stage of expansion and the maximum number of units that can 282 be added to the condominium; (g) unit floor plan showing location of common elements and other facilities available to unit owners; (h) the 283 executive summary. 284 ■ 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 286 not receive all of the disclosure documents, Buyer may,within 5 business days of Buyer's receipt of the disclosure materials, either rescind the 287 Option or request any missing documents. Seller has 5 business days following receipt of Buyer's request for missing documents to deliver the 288 requested documents.Buyer may rescind the sale within 5 business days of the earlier of Buyer's receipt of requested missing documents or the las deadline for Seller's delivery of the documents[Wis.Stat,§703.33(4)(b)]. The Parties agree that the 5 business days begin upon the earlier 290 of:(1)Buyer's Actual Receipt of the disclosure materials or requested missing documents or(2)upon the deadline for Seller's delivery 291 of the documents. 292 NOTE: BUYER SHOULD READ ALL DOCUMENTS CAREFULLY. BROILERS MAY PROVIDE A GENERAL EXPLANATION OF THE 293 PROVISIONS OF THE DOCUMENTS BUT ARE PROHIBITED BY LAW FROM GIVING LEGAL ADVICE OR OPINIONS. 294 n ADDITIONAL CONDOMINIUM ISSUES:in addition to the disclosure materials required by Wis,Stat,§703.33,Buyer may wish to consider reviewing 295 other condominium materials as may be available, such as copies of: the condominium association's financial statements for the last two years, the 296 minutes of the last 3 Unit owners'meetings,the minutes of condominium board meetings during the 12 months prior to acceptance, information about 297 contemplated or pending condominium special assessments,the association's certificate of insurance, a statement from the association indicating the 298 balance of reserve accounts controlled by the association,a statement from the association of the amount of any unpaid assessments on the unit(per Wis. 299 Stat.§703.165),any common element inspection reports(e.g.roof,swimming pool,elevator and parking garage inspections,etc,),any pending litigation 300 involving the association and the declaration,bylaws,budget andlor most recent financial statement of any master association or additional association the 301 unit may be part of.Not all of these materials may exist or be available from the condominium association. 3o2■ OPTION FEES NOT A DEPOSIT: The Parties agree that if this Option is for a residential condominium unit,the option fee and any option extension 303 fee are not deposits subject to return under Wis.Stat.§703,33(4)(c). 304 QRSPECTIONS AND TESTIN Buyer may only conduct inspections or tests if specific authorizations are Included in this Option.An"inspection" 3o5 is defined as an observation of the Property which does not include an appraisal or testing of the Property,other than testing for leaking carbon 308 monoxide, or testing for leaking LP gas or natural gas used as a fuel source,which are hereby authorized.A"test'is defined as the taking of 307 samples of materials such as soils,water,air or building materials from the Property and the laboratory or other analysis of these materials,Seller 3os agrees to allow Buyer's inspectors, testers, appraisers and qualified third parties reasonable access to the Property upon advance notice, if 3os necessary to perform the activities authorized in this Option. Buyer and licensees may be present at all inspections and testing. Except as aro otheNse provided, Seller's authorization for inspections does not authorize Buyer to conduct testing of the Property. Buyer agrees to promptly 311 restore the Property to its original condition after Buyer's Inspections and testing are completed unless otherwise agreed to with Seller; Buyer 312 agrees to promptly provide copies of all inspection and testing reports to Seller.Seller acknowledges that certain inspections or tests may detect 313 environmental pollution which may be required to be reported to the Wisconsin Department of Natural Resources, Property Address: site J-Jackson Street&Marion Road Page 7 of 7,WB-24 314 UTHORiZATION FOR APPRAISAL,INSPECTIONS AND TESTS1 Buyer is authorized to have the Property appraised by a Wisconsin licensed or certified 315 appraiser and to conduct the following inspections and tests(see lines 304313)prior to Buyer's exercise of this Option.Any inspection(s)and test(s)shall 316 be performed by a qualified independent inspector or expert,or an independent qualified third party.Inspections and testing shall be conducted pursuant to 317 government or industry protocols and standards,as applicable. 318 List inspections(e.g.,home,roof,foundation,septic)here: 319 32o List tests(e.g,,radon,lead-based paint,well water)here: 321 322 Describe additional inspections and tests,if any,at lines 256-263 or 326-330 or attach as an addendum per line 325. 323 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 Buyer's testing and any other material terms. 325=ADDENDA:The attached is/are made part of this Option. 325 [ADDITIONAL PROVISION 327 During the term of this option and any extension terms Buyer will be given and will have the right to full access to the Property to allow Its contractors,surveyors, d other agents t SMVI.W., rental witt,asse.3ments,and testing of die Mopexty deemed nocassal y by Buyer 328 In Its sole discretion rhe Buyer and its agents and contractors shall have the right to perform such Inspections and to take such coal borings of the Property as 329 Buyer deems necessary,In Its sole and absolute discretion,to assess the feasibility of the Property for Buyer's intended use.The Buyer and Its agents and contract take such sell borings and ground wMe.samples au it due...sneeassmy In Buyer"s sole and absolute dhimetion to 330 delermine whether the Property suffers from any environmental contamination 331 IF GRANTED,THIS OPTION CAN CREATE A LEGALLY ENFORCEABLE CONTRACT. BOTH PARTIES SHOULD READ THiS OPTION AND ALL 332 ATTACHMENTS CAREFULLY. BROKERS MAY PROVIDE A GENERAL EXPLANATION OF THE PROVISIONS OF THE OPTION BUT ARE 333 PROHIBITED BY LAW FROM GIVING ADVICE OR OPINIONS CONCERNING YOUR LEGAL RIGHTS UNDER THiS OPTION OR HOW TITLE 334 SHOULD BE TAKEN AT CLOSING IF THE OPTION iS EXERCISED. AN ATTORNEY SHOULD BE CONSULTED IF LEGAL ADVICE iS NEEDED. 335 This Option was drafted by[Licensee and Firm] 336 on 337 Buyer Entity Name(if any): Grana Management,LLC 338 339 Buyer`s/Authorized Signature A Print NamelTitle Here► Brent Dahlstrom,Manager Date A 340 (X) 341 Buyer's/Authorized Signature A Print Name/Title Here! Date A 342 SELLER GRANTS THIS OPTION. THE WARRANTIES, REPRESENTATIONS AND COVENANTSMADE IN THIS OPTION SURVIVE 343 CLOSING AND THE CONVEYANCE OF THE PROPERTY, SELLER AGREES TO CONVEY THE PROPERTY ON THE TERMS AND 344 CONDITIONS AS SET FORTH HEREIN AND ACKNOWLEDGES RECEIPT OF A COPY OF THIS OPTION, 345 Seller Entity Name(if any): 346 (X) 347 Seiler'slAuthorized Signature A Print Name/Title Here Or Date A 348 (X) 349 Seller's/Authorized Signature A Print Name/Title Here 1► Date A 35o This Option was presented to Seller by[Licensee and Firm) 351 on at a,m.1p,m. 352 This Option is rejected This Option is countered 353 Seller Initials A Date A Seller Initials A Date A 354 NOTE:Parties wishing to counter this Option should draft a new Option(WB-24)or draft a Counter-Offer(WI3 4d)to reference this Option, 355 INOTICE OF EXERCISE OF 00*4 By signing below and delivering this notice (see lines 35-54) to Seller, Buyer hereby exercises this Option to 356 Purchase. 357 Buyer Entity Name(if any): 358 (X) 359 BuyeeslAuthorized Signature A Print NamelTitle Here! Date A 360 (X) 361 Buyer'slAuthorized Signature A Print NamefTitle Here► Date A EXECUTIVE DIRECTOR'S REPORT Update on Oshkosh Arena property: All the environmental remediation activities have been completed. The developer has constructed the building, parking lot and associated amenities as an environmental cap on the site. In addition, the Redevelopment Authority (RDA) /City has submitted the Voluntary Party Liability Exemption (VPLE) application to the WisDNR to obtain the Certificate of Completion (COC). The WisDNR has approved of the remedial action plan and has issued the closure letter, the letter is first step in the WisDNR process required in order to receive the COC. WisDNR has not issued the VPLE at this point. Once the City receives the COC, the City will record the final certified survey (CSM) map combining the 2 lots (one RDA.-owned, one City-owned) into one lot. This new CSM will be used to transfer Lot 1 to Fox Valley Pro Basketball (FVPB). Update on Healthy Neighborhood Initiative: Staff is working with Habitat for Humanity and GO-HNI to identify potential. "Rock the Block" activities in the Sacred Heart neighborhood. This Rock the Block event is one of 5 scheduled for 2019 to 2020. City staff will be looking for potential CDBG and Healthy Neighborhoods funded projects in all 5 neighborhoods. Staff continues to seek blighted, scattered sites in residential neighborhoods. Staff continues to use the following factors for these possible blight removal or rehabilitation projects: 1. Location in an LMI Neighborhood. 2. Condition of the structure. 3. Within a neighborhood association. 4. Code Enforcement actions pending. 5. Acquisition cost is well.below the assessed value. 6. Estimated rehabilitation cost and resale price. 7. The potential impact on the neighborhood as a result of the project. 8. Potential redevelopment combination with. adjoining properties. Jefferson Street Property—The Option to Chet Wesenberg expired October 31, 2018. Update in South Shore Redevelopment Area: 43 E. 7th Ave RFP—The City received no proposals due to the uncertainty of the Decade property and the Pioneer Drive right-of-way. The current tenant, AMP, has requested continuing the existing lease until July 27, 2019, which is the original termination date, with a month-to-month extension after that. Sawdust District Planning—City staff is working with area stakeholders on developing a more specific redevelopment plan for the District. Staff hopes to have the redevelopment plan completed in early 2019. Miles Kimball Building—The City Council approved the revised redevelopment proposal at their May 22, 2018 meeting. The owner is developing final plans and going through bidding. Morgan District—The contractor has installed all the concrete and boardwalk for the Riverwalk. Lights and bollards have been received. It is hoped to have them installed yet this Fall. The Plan Commission and City Council reviewed and approved the Specific Implementation Plan in October, 2018. Staff expects the owners to submit building plans later this Fall, for construction to start in late 2018 or. early 2019. Pioneer Area—Mr. Art Dumke continues to work with City staff to explore multiple development options and funding scenarios. The site now qualifies for New Market Tax Credits and was included in the recently approved Opportunity Zones. South Main Street parcels —The draft 2019 CIP maintains the possible remediation funding in the 2018-2022 Capital Improvement Program. The proposed CIP includes $412,000 for the land east of Main Street, and $412,000 for the land west of Main Street from TID #20 funds. 9th Avenue extension to CN Railroad —Staff has begun work on the planning and budgeting phase for the eventual extension of 9th Ave. east to cross the tracks at the current railroad crossing. Land acquisition.and remediation will likely be required. Boatworks Property—The Option with Chet Wesenberg has expired. Update on Marion &Pearl Redevelopment Area: Lamico site: Annex is finishing up construction on the site. They still anticipate finishing construction this Fall. Water Tower Site: The old water tower has been removed. Site investigation and environmental testing have been completed and the land has been swapped. Parcel H-Brewery Proposal-staff continues to answer questions from the development team. The Option with Jeff Fullbright expires on December 31, 2018. Sawyer Street/Oshkosh Avenue Accu-Com building-Staff has completed the asbestos investigation and the asbestos has been removed. The City CIP could include funding to demolish the building in 2019. Repp's Bar-Mr. Repp is done removing personal property. Staff has started the asbestos investigation and asbestos could be removed in 2019. The City CIP could include funding to demolish the building in 2019 along with the Accu- Com building. Multi-modal Trail-The Lakeshore trail from I-41 to Punhoqua will be constructed in 2019, along with the Oshkosh Corporation Headquarters. WisDNR has tentatively awarded the City $793,000 for the project. In addition, WisDOT awarded the City $253,000 for extending the trail through Rainbow Memorial Park to the Sawyer Street/Oshkosh Avenue intersection in 2021.