HomeMy WebLinkAbout48- Stimson Lease and Contract for Sale of Real Property
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! ~ LE15EAND CONTRACT FOR
I' SAL~ OF REAL PROPERTY i
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Ii THIS AGREElIENT. Made and entered into tl1is ;!2nd day of
jl September, ft.. D., 1948, by and betweenK. J. STIMSON and JEAN Me
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~ : CAY STIMSON, husband (md wife, whose postcffic~ b.ddresses are I
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Ii Bozeman, Ge.llatln County, Montana, thld pE;rtl(H~ or +,["l€ fi:rst part,
II hereinafter referred to as the Lessors and/or Grantors ,ami th'e' i
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i! City of Bozeman, s, municipal corporation of the St}.ite of Montana,
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.' in G&ll'itln County, party of the second pbrt, hereintcfter referred \
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i. to as the Lessee and/or the Grantee;
iI WITNESSETH:
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Tt~t the $&id Lessors, for and in consideration of the
rents, covenants and agreements, hereinsftar contained,to be paid,
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\\kept:hud performed by the Lessee, have lebs~d, C6!fll1sea and let,
II and by the&\i: ,"Dr.sents do lease, demise and let unto thE: sa.id Lesse~
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the following deseribCd"prem1ses, situated in the City of Bozeman,!
>;,.","_"",..."tl,.COUllt:y".,.9.."J.Jella~i.I;\..,^~,~ te of Mont..nL., ana. morli: p<.:crtlcu.l,~ rl;Y_,.,Q.,e:,~
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,- Lots 13, 14, 15, 16 and 17, all in Block "An of !
i Black's Addition to Boz.eman, Montana, sccordlng !
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" to thE! official plat on file and of record in
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'I Gallatin County, Montana, together with all the
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i thereunto belonging, or in e.nywls~ il.ppertainlng;
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, TO HAVE AND TO HOLD the above le&sed premises t.o the sai~
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Ii Lessee, its successors and assigns, for a.nd during E~ term not to \
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:' exceed twenty (20) years from end eSter the da t€;i hereof, unless
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.." llsoone r termil).8,ted by tl1e terms hereof. or 0 the r,wl se. Y 1 e ldin~ and :
p~:ying for the sante to the Lessors, us r'ent<...l for the ~,fov'({'c.t!e~P I
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.1 seribed and leased premises J the sum of TWO HUNDRED fIr"1TY DOLL~RS
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\;<'250.00) per month in lawful money of the Un1 tad Sta tes for the
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\' first five (5) years of this lease, and the sum of' One Hundred
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Fifty Dollars ($150.00) per month in lawful money of the United
,. States until the termination hereof, or until the full purchase
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Ii price hereinafter alreed to be paid by the L&5See to the Lessors is
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"' amortized and paid in full, it being Iii provision of this agreement,
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ii here1nafter more fully set forth, thst the Lessee shall have the !
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:i option to purchase the property leased hereunder. Such rentals !
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Ii are to be paya.ble in bdvanc8 on or before the tenth day of each 8.~
;; ever)' month during the full terrfl of this lea.se, the first monthly
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pental in::>tallment to be paid by the Lessee upon the c:ssurnptlon of
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>,: possession of the premises by said Lessee.
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ii IT IS UNDERSTOOD ..AND AGREED by the parties hereto that,
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: during the term of this lease, the Lessee shall have the sole and
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!, exclusive possession of said leased premises !one shell have the
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H right and privilege of rt;moving from said premises any buildings or
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improvements now situated thereon belonging to the Lessors. Any
e:xpense incurred in the removal of said buildings or improvements
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Ii shall b. borne by the Lessee bnd any monies derived from the sb.le
or disposal of !Said buildlqgs or improvements shc:~ll be and become
>. the sole property of the Lessee. If this lease is terminated by :
.,-.-- ...m'-It'tne t~~1iereor, or otherwise , the Lessee shall be undel"-rro obl:i'....',
:: ga tion to replace any sue h buildings or improven-::en ts removeci from
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" the premises leased hereunder, or to compens8.te the ..Lessors for any:
;i such buildings or improvements so removed, except the dwelling house
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" located thereon shm,ll not be removed therefrom nor dismantled,
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I:, torn down nor in anywise 61 tered or chEmged until the sum of
$3,000.00 in lease money or purcha Be money shllll have been paid to~
Lessors.
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:: The Lessee covenants and agrees tM t the 5El. id leased
Ii premises Yf.111 nQtbe occupied or used during the term of this lea.s~
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for any unlawful or offensive purposes; that it will not cOffiJlit or
suffer any we.ste or damage to be committed upon the premises leased
:' hereunder adversely affecting the valu.e thereof, prOVided, ho~ever~
thtt excavation of' the property for building purposes or improvemeht
, thereto shall not be considered to be w6ste of the property; tha.t
it will keep 6nd me. in taln the premises clean., n€& t and free from
unnecessary accumulations of dirt anu debris l~t all times; that.. it'
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Ii will keep bnd maintain the sidewalks and/or drivEH,'ays, if any,
I! surrounding s8.1d premises ffee from snow Bnd ice; end that in the
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I! event of the Lessee's failure to comply with a.ny of the terms Bnd:
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H provisions of this pars,graph, the Lessors mny accomplish compliElncte
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, with such t6rms .nd provisions at the Bxpense of and for the
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\i account 'at the Le.see.
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~h~ Lessors covenant nnd agree to 9&Y all general proper,-
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i; ty taxes and speoiel essessments levied and 8ssBssed against the
II prem.ises leased hereunder during the t0rm of this lee sa.
I' The Lessee further (!ovenants end agrees tha tit will pra-
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:' teet the Lessors from end indemnify them agtdnst fJ-11 lesses BU5- ,
'l!."~?d and incurred 'by the Lessee, or arising out of) or in con-
~: . junction \.1 th, the main tene.nce, use ll.no opera tion of said pr~'}mlse5
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I~ (luring the term of this lease, including any liability for injury I
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" to persons or property due to, or Lr15ing cut of) the ~oncltion of
. '<..:"--haId":'~ses ,br ottwrw1se. ."~
I! IT IS fi'Uf{THr~R UNDP;RSTOOD AND AGREED by the parties here-
I' if the said. monthly rental payments, or e.ny of thedt,
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!' whether the same be demanded or not, are unpa.id bS ftnel when t.hey
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Ii become due, or within thirty (30) days thereafter, or if any lvaste
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ii br damage of any k nd shall be committed upon the said premises
;: adversely affectlng the V8.1ue thereof, or if any part of the said
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II premises are sub-let ,e:>r under-let, without the consent of the
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;; Lessors, 8S hereinafter provided, or by opl:'~r&.tion of lHw, or if
:.-.;,.1 II the .Le..ee"shall abandon the prem.1i&$, or.!f.J;;he said L~$SfUl.. ,l}8,.\:?1
tail, neglect or refuse to perform any of the covenants by it to
j( bEl: kept a.nd performed, then and in tha t event., or any of them, the'
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I' Lessors shall have the right e. t their option., and such right is i
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il to terminate the said 1~85~~ find any and
ii horeby reserved by them,
t all rights, interests and ostates th&t the LessBe may have in and
l: to said premises, by sixty (60) daysnotin8 in writing, Signed by
il the Lessors, of their intention to terminate said lease, and upon
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!: such terlllinetion of said lease the Lf~ssors shell have full and ab-!
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;' solutE: right to re-enter said promises find to resume possession ofl
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I said prelIl136s, and to ha.ve Elnd nola the same a 5 fully and complete!-
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IllY as they could do if the term herein specified had fully eXPired!
.... by lEp~e of time, hnd such teriLin&. tlon of' sa id lease Hna re-(,-;>!t try
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Ii sh&..ll in no manner operate as a forret ture of Eony rent due or covei.....
!I nented to grow due or the right of the said Lessor to the performance
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:! of any of the covenants herein contb,lned, by the said Lessee to be'
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Ii kept and performed; providec., however, that the parties hereto s h;:..t;I.l
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, use every reasonable effort to find a sui table tenant whose rental:
1\ shall b(i;! &pplled to reducing the rentals herein provided for.
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The Lessee further covenants and agrees tha.t ta~; will
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ii n.ot Hss1bnor transfer this lease or sub-let,ei thar in whole or
:: in pb.:'t, the 'pI' \;0 rrr1. ses leased hereunder without the written consentl
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ii of the Lessors being first. obt\:;:..ined.' I
"tt.... /<....ITlSF't1RTHER COVENANTSD AND AGREED by the Lessors with "t-;.
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the Lessee thHt upon paying the renthnd performing the CQVenbnts
and agreements herein by the Lessee to be kept and performed, the
ii Lessee shall and I:t1SY peaceably and quietly have and hold and enjoy,
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:; the said lea.sed premises for the term herein ~\;pecif'ied.
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IT IS }4'URTHER UNDERSTOOD AND AGREED by the parties hElreto'
:: that in add i tion to the aforementioned termlna tio:rl of t.his lease i
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ii for non-payment of rentals or for violation by the L\':JSSE!€ or any
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other covenants herein entered into, this lease may be terrninated
Ii at, any time during the term .thereof by the Lessee by the gl vin~ tOI
{: the Lessors of twelve (12) months' notice of the LE::;seE~1 s intention
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i: to terminate the lease.
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H IT IS l'~URT&.R UNDERSTOOD ANI: AGREIED by the perties hereto
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11 ii tha t as a part of the considers.tien for the leasing of said preIl11sL.
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I! es by the Lessee-Grantee from the Lessors-GrantoM4 the Lessors-GrantoD
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;i do hereby give and grant unto the Lessee-Grantee an option to pur-:
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11 chase said le2sed premises, end the whole thereof, for the sum of
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;' Twenty-five Thousand ($25,000.00) Dollars, said option to remain 1n
, full force and effect during the full term of this lease, se.. va and:
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ii except, that the option to purchase herein gr~mted the Lessee-
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q Grantee 3hall terminate if and when the Lessee-Grantee shall fall,
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l' to pay the I'f::'tnta.ls herein provided for, or to pI3rfor!:1 nny of the
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" othtU COV€lna.nt::; herein anterE;c1 into by the Lessee-Grttl1 tee, or if i
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i the LI~~5s(''1e-c-r",n t~H~ fl hOllld exer~ i:3r~ th~~ right <find pri v1.lep;e here In-
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Ii baforegranted to it to termln.a.te said le8.~e up0n t',;elve (12)
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:: :iUon ths ' notice to the Lessors-Grantors.
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IT IS E'URTHEH UNDE:RSTOOD AND lUJRE'::D th~~ t t t 1.s the In-
II tantion of the parties hereto that if the T...l(eases-Grc:ntee does not
exer~ise the option herein granted 1 t to purcha.S(~ the said leased
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n pl"emiS9S, the T(mtal payments herein provid.ed fer shall be ",nd
remain the sole property of the Lessors-Urc.ntoI'r. J but that if the:
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Jl-1.~...~~'e. Grantee shall exercise the option herein grtlnt.(1)<) it to
, purchase th.,stIid leased premises at l:.ny time during the term of ~he
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least;, credit on the S&J.lii pui.'i!n~~~~'"tejlll, shfi41l be glv.;;n the Lesse~-
,'i",,"M'Y~"'hey.o't'$llr.ti..1.1 paid ,le.. IJny and all taxes end/o'r Blt(te11tt-"'.
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;:as,Se'ssmen ts paid by the 1esso:ra.Grantors on the propert)'.. Upon the
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n exercise 'by the 1t:>ssee-lJrantee of the option here,ln granted 1 t,
ii such monthly rentals paid, less accrued taxes anrl/or special
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I; zss6ssmentsand interest at the rate of four per cent (4%) per anmim
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Ii from the de. te hereof to the da to of the exerc lee of th(: option on
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I:': the balance of the purchase price remLtlnlng ISfter the credit for ,
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I 1&1d r~ntals has been given, shell be considered to be amortized
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iiupon the purcmse price, it being the Int~ntlon B.nd agre.ement of
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';"'~""'~ .~he ,P~l"t1u.n.:retQ~~,~J~,2,~...,~he ren~a18..~,;~d,,~~,er~ shall.. be com-j
i puted and d.educted from month to nwnth.. the int€.lre::,t on the unpaid
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:: bs.lance and any taxes end/or special IH'IS6Ssments pald by the Lossdrs-
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Ii Gra.ntors and that any rentals over And gbOVl~ such pa.yments shl\.ll
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be applied on the balance of the purchase price rem~iin1ng.
,/ IT 15 FURTHER UNDBHSTOOD JiND j:,GREIW by the pf"rties here...
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I to that the option hereinbefore gr1:intt::d to thlii' L€ssee-Grf.::ntee to
purchase the said leased premises at any time during the term of
the lease shall be considered to be automatically exercised when
and if the total purchase price of Twenty-Five Thousand Dollars
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IJ Pel:l:e:pa ($25,000.00) cIS amortized in ~ccordtl.ncc vv1th the provlsion~
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;: above, 19 pHld.
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:, ITV3 FURTHER UNDERSTOOD JI.ND AGRE,'m by the parties here-;.
Ii to that thGLessee-GrE.mtee shall hav(~, und is h~reby gre,nted, the
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oot1on of P(..t'yhl'~ to the Lcsso!"....Grr.,''ltor'S eny amaunt in add ttion to
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II theagl'eed monthlYi'ental at any regular rental paying date, such
~ addltiontil amounts to be Rnd remain the sole property of the i
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d L8s30rS-Orc.ntors i! the option herein granted to the Lessee-Urantea
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iJ 1s not I:iJ'xli~rels€ld, and to apply upon thf; purchase price of the I
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II property in the marmer h,H'einbefore pro.."ided if the Lessee-Granteel
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!I exerc1.sf;~s the option n.reln grb.nted it to purchbs6 the leased i
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ii premises.
, n,\ -i~;URTHLR UrlDEHSTOuD AND AGRELD by the partios here-l
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I: to t,h~~ t to ef{\;;~tua.. te""the provisions ot' this agreer:~en t granting tol
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:' the Le$SEH3-Gr.!:l.ntee the opt.i'on '.:.1.' p-..t'!"~'1" ~'".~ the prerr.1895 lea~e(J j
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""">"""~"i~e're't1f1d e>>-,"''the 1e.10I".'-G r antorsagreetQUUll ke 8.nd exe au t. .~;~~"
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; an<.i 1fuff'1c\,ent Warranty Dtted conveying to the Less~e-Grantee a
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,. good and merchantable tl tle in fee sin:tpl~, free ond c l!:lar of all
€Incumbrances whafJ.soaver to the property lel1!3tJd hereunder, wh1.ch
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Wa.rrunty Deod and the execut.,d origin/:'il of this ~.greem~)nt shall be!
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~ delivered to, placed in and held by The Commercial National Bank
Ii of Bozeman, Montane, in ,-Hscrow, together with a. letter of escrow :
:: ins true tions signed by a.ll of th~ parties heretu, wh:lch Ie t ter I
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;: shall instruct the said Commez;:alal National Bank to hold said
:: agr"em;.nt.an4 Warranty..JiJiw~J-t,<,~.~il the." o9t.~~,,~~rein grant~~,wto
I, the .Le5see-Gra.ntee is exercised by it, or t.mtil the t(l;l.'m of tills
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I: lease shall expire.., whichever shall firs t occur. Tho said Commer'!-
c1al National Bank shall deliver to the Lessee-~rhnt~e the said
Warranty Deed or re-dellver it to the ~essors-~rantors upon deman~
i; in case the Lessce-Grsntee fails to perform the turm~) hf~reunder.
:; Any escrow fees or other expenses ir. sny ~<;ay eonnec t,~d with this
H escrow shall be borne equally by the parties h~reto.
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Ii' As 1s hereinbefore provided, no assignment or tra.nsfer
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::of this lease and c0ntract or of any interest thereunder shall be
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. made by the Lessee-Grantee without the written consent of the
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II Lessors-Grant..ors being first obtained, but it is uncerstood and ;
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agreed by the parties hereto that the Lessors-~rentors shall have
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II tho a.t.olu.te right to assign, transfer, sell or set over this
Ii lease and contract, and that Bny assignee or transferee thereof
:.. shall take seme snd shall be subject to all the provisions and
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~,.Oblig&. tlons herein contained in favor of or aga.inst the Lessors-
i; Grantors.
Ii I.N WITNESS 'MlEREOF, the parties of the first pa,rt have
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" hereunto set their hends a.nd the party of the second part has
hereunto set its hand by its Mayor and Clerk of the City CommlsS1oh,
each thereunt or z'.d, and has caused 1 ts corporate seal :
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i' to be a.ffixed, both as of tht'" c!l".y t';nc! yN~r fi!"~t hereinbefore i
"",.,>'"., ..".t.,~~1tt.en /'"',.. /J~
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L THE CITY ZEMAN.
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Ii By CL~ -' ..c~
~ ~ C MEyor
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n THE CITY OF' BOZEMAN,
Ilj PPROV.E:D I By t~~~_.,~.j-
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1:1 t € K of the City Comxisslon
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j,; City Attorney
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STATE OF MONTANA ) I
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County of Gallatin) i
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On this 22nd day of September, I
in the yee.r 1948, be- I
fore me, Roy M. Keister, e Notary Public for the State of Montana,
;i personally appeared K. J. Stimson and Jean"Cl'i:1"~liM~~rt','l1U!iball41""'<
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l' and wife, and "Chas.- Sorenson and L. G. Shadoan, known to me to i
H be the Mayor and Clerk uf tne Cl ty Corm:nission, respecti vely ~ of
i the corporation that executed the within In- i
, The C it Y or Bozema.n,
~.tru,ment and. acknowledged to me tha.t such corpor'& tien executed
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if the Same. t
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(" IN \\'ITNgSS WBEIUWF, 1 have hereunto set my hanci ind "
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I' affixed my official seal the day end year in this certificate firs!t
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b' c for the St..!:tte of , l
~,~,~.,. U /"""c"" 1-es1d.111C atb..c1.Ui~J'l, - ~,".'
,. /' Montana. Myeommission expires
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t