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HomeMy WebLinkAbout96- Promissory Note, Tengelsen, $112,000. , . , , ~ PROMISSORY NOTE $112,000.00 BOZEMAN, MONTANA )QQff1;nk In, 1996 FOR VALUE RECEIVED, the undersigned, JOANNE F. TENGELSEN, hereinafter called "Borrower", promises to pay to the order of CITY OF BOZEMAN, a Montana municipal corporation, hereinafter called "City", negotiable and payable to payee at 411 East Main Street, Bozeman, Montana, the principal sum of ONE HUNDRED TWELVE THOUSAND AND NOll 00 DOLLARS ($112,000.00) payable in two equal payments of FIFTY-SIX THOUSAND AND NO/IOO Dollars ($56,000.00) each. The first payment shall be made on or before January 31, 1997 and the last payment shall be made on or before June 30, 1997, In the event of default in the payment of any amount due under this Note, and if the default remains uncured for more than Thirty (30) days after written notice thereof to Borrower, then upon nonpayment thereof: after notice in writing to Borrower, the entire principal sum shall at once become due and payable in full within thirty (30) days from said second notice. Failure to exercise this option shall not constitute waiver of the right to exercise the same in the event of any subsequent default. In the event of default, it is agreed that the Holder of this Note may recover such necessary expenses as may be incurred in collection, including reasonable attorney's fees, which reasonable attorney's fees include expenses, fees, and salary of the City Attorney, including fees on appeal. The Maker consents to any and all extensions of time, renewals, waivers or modifications that may be granted by the llolder hereof, with respect to payment of security, or any part thereof, with or without substitutions, This Notc is secured by a Montana Trust Indenture of even date herewith, upon real estate situated in the County of Gallatin, State of Montana, and generally described as follows: Tract A of Amended Subdivision Plat of a tract of land being Tract 2 of Minor Subdivision No.3, and those tracts recordcd on Film 55, Page 1593, being a portion of Lots 17-24, Block 109, Northern Pacific Addition to the City of Bozeman, Plat C-23-N, on file and of record in the office of the Clerk and Recorder of Gallatin County, Montana All notices to be given hereunder by either party hereto shall be in writing and given by personal service or first class mailing utilizing registered or certificd mail, return receipt requested. Said method of notice is deemed sufficient service thereof: and shall be deemed given as to the date when served or deposited in any post office. Either party may change address by written notice hy certified or registered mail to the other. The initial address for receipt of notice is as follows: , , , . ~ . Joanne F. Tengelsen Administrative Services Director 9300 Nash Road City of Bozeman Bozeman, Montana 59715 P,O, Box 640 Bozeman, Montana 59771 BY:~~hLR l-(f?~ekfi-- . anne F. Tengelsen " , ,~'HA~ ..' WARRANTY IlEEIJ ~~ Orc~...- FOR VALUE RECEIVED, the CITY OF BOZEMAN, a municipal corporation, with principal offices at 411 East Main Street, Bozeman, Montana 59715, the Grantor, does hereby grant, bargain, sell, convey and confirm unto JOANNE F. TENGELSEN, of 9300 Nash Road, Bozeman, Montana 59715, the Grantee, the following described premises located in Gallatin Valley, Montana, to-wit: Tract A of Amended Subdivision Plat of a tract of land being Tract 2 of Minor Subdivision No, 3, and those tracts recorded on Film 55, Page 1593, being a portion of Lots 17-24, Block 109, Northcrn Pacific Addition to the City of Bozeman, Plat C-23-N, on file and of record in the office of the Clerk and Recorder of Gallatin County, Montana TO HAVE AND TO HOLD the said premises, with their appurtenances unto the said Grantee, his successors and assigns forever. And the said Grantor does hereby covenant with the said Grantee that it is the owner in fee simple of said premises; that they are free from all encumbrances and liens, and that it will warrant and defend the same from all lawful claims whatsoever, IN WITNESS WHEREOF, the Grantor has executed this Warranty Deed this /& 70 day of December 1996, CITY OF BOZEMAN ~ ( \ "" 7" , By: 'C..J. lJ.0 ,~' James E, Wysocki, City Manag , STA TE OF MONT ANA ) ) ss, County of Gallatin ) On this fir yn day of December 1996, before me, the undersigncd, a Notary Public for the State of Montana, personally appeared JAMES E. WYSOCKI, known to me to be the City Manager of the City of Bozcman, and the pcrson whose name is subscribed to the within instrument, and acknowledged to me that hc cxccuted the within instrument for and on behalf of I the City of Bozeman. , ,,' ':tN WITNESS WHEREOF, I have hereunto set my hand and affixed my Notarial Seal the ~ t,) ~ \ ! I . ':lhy .'an~l y~al..f1tst above written. . '..,/i):," t~? ::,~, r.~~ :,:'....~~ ~~: :,,:' L'I r(S~ At\- .~ , ^ ~. ~ ':;,":'. J~~ :,"~ i, ; "'.< . _~' .\'.;,r::,~,,:: ,', . ~"":_ ~~ , '" ,14 ~ ': : / jJ , ',", '_,' " " , <..- :L ~~ ~ ,~ \' . .; ,. ',' ' otary Public for the State of Montana , ,1 ,<' , .' c'-- , : ,- ""." Residing at Bozeman .." My Commission Expires 17 ,/.j-'. 1J .i "'". H , . , ;Jii.. .. H'" C2J'. fILM 169 P~CE2353 MONT ANA TRUST INDENTURE THIS TRUST INDENTURE, Made this ~()+h day of December, 1996, between JOANNE F. TENGELSEN, whose mailing address is 9300 Nash Road, Bozeman, Montana 59715, as GRANTOR, PAUL 1. LUWE, City Attorney, with principal office at 411 East Main Street, Bozeman, Montana 59715, as TRUSTEE and CITY OF BOZEMAN, with principal office at 411 East Main Street, Bozeman, Montana 59715, as BENEFICIARY, WITNESSETII: That Grantor hereby irrevocably GRANTS, BARGAINS, SELLS, CONVEYS AND WARRANTS TO TRUSTEE IN TRUST, nevertheless, WITH POWER OF SALE, that certain real property, which does not exceed thirty (30) acres in area, situated in the County of Gallatin, State of Montana, particularly described as follows, to-wit: Tract ^ of Amended Subdivision Plat of a tract of land being Tract 2 of Minor Subdivision No, 3, and those tracts recorded on Film 55, Page 1593, being a portion of lots 17.24, Block 109, Northern Pacific Addition, w the City of Bozeman, Plat C.23.N on file and of record in the olliee of the Clerk and Recorder 01" Gallatin County, Montana TOGETHER WITH: (1) All buildings, 1ixtures and improvenlCnts thereon and all waterrights, rights-oj~way, tenements, hereditaments, & privileges and appurtenances thereunto belonging, now owned or hereafter acquired, however evidenced, used or enjoyed with said premises or belonging to the same; (2) All right, title and interest hereafter acquired in or to any of said premises, hereby also releasing, relinquishing and waiving all exemptions, righl~ of surviving spouse and homestead in or to said premises, vested or inchoate; (3) All heating, air conditioning, ~ plumbing and lighting facilities, equipment and fixtures now or hereafter installed upon or within said premises, used or proper or necessary to , eonstitutc the said premises a habitable, usable or operating unit.all of said property being designated and deemed for the purposes of this .~ instrument a part of the realty; and (4) All of the rents, issues and profits of said premises, SUBJECT, HOWEVER, to the right, power and \J-- authority hereinatler conferred upon Benetlciary to collect and apply such rents, issues and profits; % FOR THE PURPOSE OF SECURING: (I) l'aynlCnt of the principal sum of One Hundred Twelve Thousand and No/IOO Dollars ~ ($112,000,00) with interest thereon according to the lcnns of a promissory note, dated December ~, 1996 (and any extensions and/or renewals or modi1ications thereot), made by Grantor payable to the order of Benetlciary in installments, the last of which, unless sooner paid, will be due on or before June 30, 1'197; (2) Paymenl of all sums expended or advanced by Benetieiary under or pursuant to the terms hereot: together with interest thereon as herein provided; and (3) PerJormance of each agreement of Grantor herein and in said note contained. TO PROTECT TIlE SECURITY OF THIS TRUST INDENTURE, AND FOR OTHER PURPOSES, GRANTOR AGREES: I. To keep said property in good condition and repair; not to remove or demolish any building tbereon; to complete and restore promptly and in a good and worklnanlike manner (lilY building which may he constructed, damaged or destroyed thereon, and to pay when due all clailns for labor performed and materials furnished theret()r; to comply with all laws, covenants and restrictions affecting said property; not to commit or permit waste thereof; not commit, suller or permit any act upon said property iu violation 01" the law; to do all other acts which from the character or use 01" said propcrty may be reasonably necessary, the specitlc enumerations herein not excluding the general; and if the loan secured hercby or any part thereof is bcing obtained t(1r the purpose of t1nancing construction of irnprovernents on said property, Grantor further agrees: (a) To commence construction promptly and to pursue the same with reasonable diligence to completion in accordance with plans and specifications satisfactory to the Beneticiary, and (b) To allow l3eneficiary to inspect said property at all limes during construction, Trustee, upon presentation to it of an allidavit signed by Beneficiary, setting forth facts showing a default by Grantor under this numbered paragraph, is authorized to accept as true and conclusive all facts and statenlents therein, and to act thereon as provided in this instrument, and as allowed by law, 2, To provide, maintain and deliver to l3enellciary, insurance of such type or types and amounts as Beneticiary may require, on the improvements now existing or hereatler erected or placed on said property, Such insurance shall be carried in companies approved by the Beneficiary with loss payable clause in favor of (\nd in torm acceptable to Beneficiary. In the event of loss, Grantor shall give immediate notice to Bcnellciary, who may make proof of loss and each insurance company concerned is hereby authorized and directed to make payment for such loss directly to Benetlciary instead of to Granlor and Beneticiary jointly, and the insurance proceeds, or any part thereof, may be applied by l3eneticiary, at its option, to the reduction of the indebtedness hereby sceured or to the restoration or rcpair of the property damaged, 3, To deliver to, pay tor and maintain with l3eneticiary until the indebtedness secured hereby is paid in full, such evidence of title as Beneficiary may require, including abstracts of title or policies of title insurance and any extensions or renewals thereofor supplements thereto. 4, To pay before delinquent all taxes and asscssments, including interest and penalties, affectiog said premises and improvclncnts; to prolnplly pay and discharge all encumbrances, charges and liens on said propcrty which at any time are, or appear to he, prior or superior hereto. In addition to the payments due in accordance with the terms of the note hereby secured, Grantor shall, at the option and on demand uf the BeneJiciary, pay to the Benellciary monthly and concurrently with payment of principal and interest, a sum equal to one-twelllh (1/12) of the annual taxes, assessments, insurance premiums, maintenance and other charges upon the property, as estimated by the Benellciary, in trust nevertheless for Grantor's use and benellt and for payment by l3eneticiary of any such items when due, The titilure of Grantor to make any such payments shall constitute a defillllt under this trust. 5, Except as otherwise expressly provided herein, to pay all eost~, fees and expenses of this trust, including cost of search and evidence of title, advertising and recording expense, documentary taxes and Trustee's and attorney's fees as allowed by law. 6, Should Grantor lid I to make any payment or to do any act as herein provided, then Beneticimy or Trustee, without obligation so to do and without notice to or demand upon Grantor and without releasing Grantor from any obligation hereot: nlay make or do the sanle in such manner and to such extent as either may deelll necessary to protect the security hereof, Beneficiary or Trustee being authorized to enter upon said property for such purposes. 7, To pay immediately and without demand all sums expended hereunder by Beneficiary or Trustee, with interest tram date of expenditure at the rate 01" eight percent (8%) per annum until paid, and the payment thereof shall be secured hereby. , IT IS MUTUALLY AGREED THAT: -. , . ... , , . 1 w ... ~ fiLM 169 PACl2354 8. "Without affecting the Iiahility of any person, including Grantor, [or the payment of any indebtedness secured hereby, or the lien of this Trust Indenture on the remaiuder of the property for the [ull amount of any indebtedness unpaid, flenelieiary and Truslee are , respectively empowered as follows; flenelieiary may from time to time and without notice: (a) Release any person liable for payment of any of the indebtedness, (b) Extend the time or otherwise alter the terms of payment of any o[ the indebkdness, (c) Alter, substilute or release any property securing the indebtedness; Trustee may, at any time and from time to timc, upon the written request of Beneticiary: (a) Consent to the making of any map or plat of the property, (b) Join in granting any casement or creating any restriction thereon, (c) Join in any subordination or olher agreement affecting this Trust Indcntme or lien or charge thereol~ (d) Reconvcy, without warranty, all or any part of thc property. 9a, Both parties agrec that Beneficiary may, if Bencliciary so elects, proeme and therealler continue dming the term of this Indentme, for as long as Benelieiary desires, a form of insurance acceptable to Bcnelieiary insming Beneficiary against any loss sustained by Beneficiary by reason of any default in payment by Grantor of the secmed indebtedness. If Beneflciary elect~ to proeme such insuranec, Grantor shall promptly reimburse Beneliciary the full amount of the initial premium for such insurance. During the term of this Indenture, Grantor shall each month deposit in escrow with Beneficiary 1/12th of the next following anticipated annnal premium for such insurance, said deposit to be made at the same time and place as Grantor makes monthly payments on the aforementioned promissory note, Beneliciary may Ihereafler pay all annual renewal premiums from such escrow, Should the amount deposited in escrow be insuflicientlo pay any renewal premium in full as the same become due, Grantor shall immediately upon demand deposit with or pay to Benc1ieiary such additional amount as may be sufficient to pay the renewal premium in [ull. Failure of Grantor to payor deposit any of the amounts referred to herein shall constitute a default of the terms of this Indenture. Mortgagor further agrees to deposit in escrow with Beneficiary 1/12 of the annual premium for hazard insurance coverage and annual taxes and assessments each month, Failure of the Grantor to deposit any o[the above amounts in the escrow account shall constitute a de[ault o[ the tenns of this indenture, 9b, Upon written request of Beneficiary stating that all stuns secured hcreby have been paid, and upon surrender of this Trust Indenture and said note to Trustee for cancellation and retention and upon payment by Beneliciary of its fees, Trustee shall reconvey to Grantor, without warranty, the property then held hereunder. 10. As additional security, Granlor hereby assigns to Beneficiary, dming the continuance of these trusts, all rents, issues, royalties, and profits of the property affected by this Trust Indenture and of any personal property located thereon, Until Grantor shall default in the payment of any indebtedness secured hereby or in the performance of any agreement hereunder, Grantor shall have thc right to collect all such rents, issues, royalties, and profits earned prior to default as they become due and payable, If Grantor shall default as aforesaid, Grantor's right to collect any of such monies shall cease and Beneficiary shall have the right, with or without laking possession of the property affected hereby, to collect all rents, royalties, issues, and profits, Failure or diseontinUil11ee of Benctieiary at any time or [rom time to time to collect any such monies shall not in any manner alTect the subsequent enforcement by Beneliciary of the right, power, and authority to collect the same. Nothing contained herein, nor the exercise of the right by Beneficiary to collect, shall be, or be construed to be, an allinnation by Benetieiary or any tenancy, lease or option, nor an assumption or liability under, nor subordination of the lien or charge of this Trust Indenture to any such tenauey, lease or option. II. Upon any default by Grantor hereunder, Beneliciary may at any time without notice, either in person, by agent, or by a receiver to be appointed by a court (Grantor hereby consenting to the appointment or Beneticiary as such receiver), and without regard to the adequacy of any security [or the indebtedness hereby secured, enter upon and take posscssion of said property or any part thereof, in its own name sue for or otherwise collect said rents, issues, and profits, including those past due and unpaid, and apply the same, less cost and expenses of operation and collection, including reasonable attorney's fees, upon any indebtedness secured hereby, and in such order as Beneliciary may determine. 12, The entering upon and taking possession of saki property, the collection of such rents, issues, and prolits or the proceeds of fire or olhcr insurance policies, or compensation or awards for any taking or damage of said property, and the application or release thereof as aforesaid, shall not cure or waive any default or notice of default hereunder or invalidate any act done pursuant 10 such notice. J3. Time is of tbe essence hereof. Upon default by Grantor in the payment of any indebtedness secured hereby or in the performance of any agreement hereunder, all sums secured hereby shall immediately become due and payable at the option of the Beneficiary. Beneficiary shall deposit with Trustec the note and all documents evidencing expenditures secured hereby, .14 Aller the lapse of such time as may then be required by law following the recordation of notice of sale, Trustee, or its attorney, without demand on Grantor, shall sell said property on the date and at the time and place designated in said notice or sale, either as a whole or in separate parcels, and in such order as it may determine (but subject to any statutory right of Grantor to direct the order in which such property, if consisting of several known lots or parcels, shall be sold), at public auction to the highest hidder, the purchase price payable in c.tsh in lawful money of the United Stales at the time of sale. The person condoeting the sale may, lor any cause he deems expedient, postpone the sale [or a period not exceeding fifleen (15) days, or such additional period as may be :lilowed by law, by public proclamation by such person at the time and place lixed in the notice of sale, and no other notice of the postponed sale need be given. Trustee shall execnte and deliver to the purchaser its deed conveying 5aid property so sold, lwt without any covenHnt or warranty, express or implied. The recitals in the deed of any matters or facts shall be conclusive proof of the truthfulness thcrcof. Any person including Beneficiary (but excluding Trustee) may bid at the sale. Aller deducting all costs and expenses of exercising the power of sale and of the sale, including cost of search and evidence of title, advertising and recording expense, doculllentary [axes and Trustees' and attorney's fees, Trustee shall apply the proceeds of sale to payment of all amounts secured hereby and due hereunder, including all Sllll1S expended by the Trustee and Beneficiary, or either of thcm, with accrued interest thereon at the rate of eight percent (8%) per annum from the date o[ expenditure thereof, and the surplus, if any, to thc person or persons legally entitled thereto; provided that thc Trustee, in its discretion, may deposit such smplus wilh the County Clerk and Reeordcr of the county in which the sale took place. tS, Grantor ,lgrces to surrender possession of thc hereinabove described trust property 10 the purchaser at the aforesaid sale on the tenth (10th) day following said sale, in the event such possession has not previously been delivered by Grantor. 16, Each abstract of title, title insurance policy and all other evidenccs of title, and all ha"ard insurance policies placcd or deposited with the Beneficiary shall be deemed an incident to the title to the trust property <lnd upon foreclosure by exercise of power of sale, or otherwise, shall pass to the purchaser and the samc arc hereby pledged as additional security for payment of the indebtedness secured hereby. 17, Upon the occurrence o[ any default hereunder, Bel1etieiary shall have the oplion to declare all Slllns sewred hereby . ~ .,~. ~ . ;;. .- . . . . . fILM 169 PACf2355 i1il1ncdiatcly due uud payatl1c and foreclose this Trust Indenture in the manner provided by law for the (()reclosurc of mortgages on real property and Beneficiary shull be entitled to recover in such proceedings all costs and expenses incident thereto, including a reasonable attorney's fee in such lllllount as shall be fixed by the Court. I X. Except as may be otherwise provided herein, Grantor agrees to pay to I3ellelieiary or Trustee the costs and expenses, illcluding a reasonable attorney's fcc, incurred by either or then) in instituting, prosecuting or defending any Court action in which Grantor does not prevail, if such action involvcs thc interpretation hereof or performance hereunder by a party hereto or the breach of any provision hcreof by a party hereto, including but nntlilllited to an action to obtain possession of the above described property after exercise of the power of sale granted hereunder. 19, This Trust Indenture shall apply to, inure to the benefit of and hind all parties hereto, their heirs, legatees, devisees, administrators, cxecutors, successors and assigns, All obligations of the Grantor hereunder are joint and several. The term "Beneficiary" shall mean the owner and holder, including .my pledgee, of the note secured hereby. In this Trust Indenture, whenever the context so requires, the masculine gender includes the feminine and/or neuter, and the singular number includes the plural. 20. Trustee accepts this Trust when this Trust Indenture, duly executed and acknowledged, is made a public record as provided by law. Trustee is not obligated to notify any party hereto of a pending sale under any olher trusl indenture or of any action or proceeding in whieh Grantor, Bcncl1ciary, or Trustee shnll be a party, unless hrought by Trustee. 21. This Trust Indenture is made within the Swte or Montana pursuunlto the Small Tract Financing Act of Montana aud is not made or taken iu suhstitution for any mortgage in existence on the effective date of said Act 22. Grantor requests that a copy or any nOlieI.' of dclillllt and of uny notice of sale hereunder be mailed to him at the address hereinabove set forth, . ; IN WITNESS WHEREOF, the Grantor has hereunto set his hand the day and year first hereinabove written, ~/-llt~ _.~~--- .,4,;.0. , ~ '~~._,._",._,.~~,._~.~~-~-~~~~~~~-~..,..~,,~._,~.~~~~~~ -,~-~~~'-'~~..~~...~ STAT'I-<: OF MONTANA ) ) ss. County of Gallatin ) ,;20+\'" On this day of December, 1996, before me, a Notary Public for the State of Montana, personally appeared JOANNE F. 'rENGELSEN, known to me to be the person whose name is subscribed to the within instrument, and acknowledged to me that she executed the same. IN WITNESS WHEREOF, I have hereunto set my hand and affixed my Notarial Seal the day and year first above written. I "~~' ~ Notary Public or the State of " Montana, residing at Bozeman My Commission Expires _If::::L:) -97 , . ""- " ~ ~'~,.. itr'! . -"" . . . , ;0- j' REQUEST FOR FULL RECONVEYANCE fiLM 169 PACE235b , TO: TRUSTEE The undersigned is the legal owner and holder or the note and all other indebtedness secured by said -frust Indenture, has been fully paid and salis/1ed and you are hereby requested and directed on payment to you of any sums owing to you under the terms of said Trust Indenture, to cancel said note above mentioned and all other evidences of indebtedness secured by said Trust Indenture delivered to YOll herewith, together with said Trust Indenture and to reconvey, without warranty, to the parties designated by the terms of said Trust Indenture, all the estate now held by you thereunder. . .'._..,,,",m",,.,,,.,.,,,_~^",,..,r~._._ Mail reconveyance to: City of (Jozeman, P,O, Box MO, Bozeman, Monlana 5977.1-0640 ~ 336767 State of Mont., County of Gallatin. ss Filed for -record DECEMBER 23 , 19 96 at 10:56 A M., and recorded in Book 169 of MORTGAGES - - paae 2353 S61118, M. Ihene, Recorder. By ~) //4fd/..?V Deputy FEE: $ 24.00 RT: SECURITY TITLE CO. ."-.. ...... ~ , ") \ ... ' .~ ," ::f!'/ 1,1' ~:, ; I I - f . . . . CLOSING INSTRUCTIONS TO SECURITY TITLE COMPANY OF GALLATIN COUNTY DATE: 12/20/96 CLOSING OFFICER: Betty Bos FILE: G961928 SELLER: City of Bozeman BUYER; Joanne F. Tengelsen The Seller and Buyer listed hereinabove, employ SECURITY TITLE COMPANY OF GALLATIN COUNTY, a Montana Corporation to act as Closing Agent in connection with a sale by Seller to Buyer based upon the terms and conditions to follow herein. The property herein referred to is situated in Gallatin County, Montana, and is described as follows to wit: Tract A of the Amended Subdivision plat of a tract being Tract 2 of Minor Subdivision No. 3 and those tracts recorded on Film 55, Page 1593, being a portion of Lots 17 thru 24, Block 109 of Northern Pacific Addition to the City of Bozeman, Gallatin County, Montana, according to the official plat thereof on file and of record in the office of the County Clerk and Recorder, Gallatin County, Montana. (plat Reference: C-23 -N) The transaction to which the Seller and Buyer have entered into is controlled by an Earnest Money Receipt and Agreement to Sell and Purchase or similar contractual document dated: November 7, 1996. SECURITY TITLE COMPANY OF GALLATIN COUNTY is hereby instructed to carry forth the terms of said agreement which are more specifically set forth here below: GENERAL INSTRUCTIONS: l. The Total Sales Price to be paid by Buyer is: $169,500.00 2. Earnest Money has been collected from the Buyer in the amount of : $1,000.00 a) The earnest money is currently in the possession of: security Title Company 3, The Closing fee charged by closing agent is to be paid by: 1/2 Buyer and 1/2 Seller I The Owner's Title Insurance Fees are to 4. be paid by: Seller 5. The recording fees are to be paid as follows; a) Buyer 6. The Real Estate Commission is to be paid By; Buyer To: ERA Landmark - Paid outside of closing 7. Date of Proration shall be; 12/20/96 The Following are to be prorated: a) 1996/97 City of Bozeman special assessments ~ - &!':CtlQITY TITLt: COMPANY or CA'Ml'IN COUNTY . - ,.,'~,' ....,~~.~ ~ ,.. "'c-'--== 406/ 58H~19 Posl omce 1~0ll 6550 l\o7.cnmn. Nonl61l11 ')<)715 "Tillc Pccol'd~ Nuinlaincd \~in\'c 1869" - . 8. Buyer and seller acknowledge receipt of a copy of the Preliminary Commitment for Title Insurance, G961928. The closing agent shall cause the following exceptions as set forth in said commitment to be cleared from the public record: NONE 9. The parties also acknowledge that Security Title Company of Gallatin County is not responsible for the transfer of any water, or water rights. 10. The Seller hereby guarantees to Security Title Company of Gallatin County that there are no other liens and encumbrances or other debts against the subject property other than those disclosed in the Preliminary Commitment for Title Insurance, G961928, to which the Seller has knowledge. 11. The closing agent shall disburse all monies received in a timely manner after all documents have been properly executed, recorded and all closing costs are paid in full. The disbursement of monies is to be shown on a separate disbursement schedule prepared by the closing agent in regards to this transaction. 12. The closing agent reserves the right to amend the disbursement schedule to reflect any changes in payoff figures, prorations, etc. should the actual date of disbursement be other than anticipated. SPECIAL INSTRUCTIONS Security Title Company will hold all proceeds of the sale in escrow until the conditions contained in the Addendum For Additional Provisions signed by Buyer on November 11, 1996 and by Seller on December 2, 1996, have been satisfied. Written notice to Security Title Company will be required authorizing release of funds. It is expressly understood and agreed that should security Title Company be made defendant in any suit by any of the contracting parties to the agreement to holdback funds, or by any representative, assignee or successor to any party, or by any other person for any matter arising out of security Title Company's agreeing to close this transaction with a holdback, or should Security Title Company determine it to be necessary or advisable to commence litigation by interpleader or otherwise, by reason of a dispute between the parties or their representatives, assignees or successors, or other persons that are a party to the holdback, the cost of such suit or suits, including attorney's fees shall be paid by the contracting parties to the holdback and may be deducted from amounts held by Security Title Company if not otherwise paid by the contracting parties. I If Security Title Company disposes of the holdback funds by interpleader or other suitable action, Security Title Company shall not be liable to the parties for such retention or action. The Seller has agreed to carry a portion of the purchase on a Promissory Note and Montana Trust Indenture. The original documents will be held by the Seller and it will be the responsibility of the Buyer to pay all payments directly to the Seller under the provisions of said note. NOTE: SECURITY TITLE COMPANY OF GALLATIN COUNTY, assumes no responsibility or liability for the condition of the subject real property at the time of closing nor does SECURITY TITLE COMPANY OF GALLATIN COUNTY, guarantee the condition or existence of any furniture, fixtures, appliances or improvements to the property which is being transferred by this sale. SECURITY TITLE COMPANY OF GALLATIN COUNTY, suggests that the Buyer and or the Buyer's agent make an independent inspection of the premises to assure that all of the terms of the Sale Agreement have been complied with. ~ SECURITY TITI,E COMPANY ~ OF GhlMTIN COUN'I'Y . - ~ -. 406/ 586019 Po~1. alike !'>ox (>'150 l~o7.("man, Moaloaa 59715 "Tille tkcorJII Muinluincd $incc 1869" . . . SELLER, ~ ~ J], ~~ Cit of Bozeman By James E. Wysocki, City Manager BUYER: . .,/ - -[JMf.A;~ .;171&~-~-~~~~ ~nne F_ Tengelsen (f Buyer's Mailing q 3 ttiJ Nash Ed Address After Closing: ::tYJ mr:5'9715' ... 7f'IY7afJ., I I ~ tS,ECUQI'1'Y TITLE COMPANY J OF CAI.I,ATIN COUNTY ~ 406/ 586-Ul9 Po~1. omcc l.\ox 6550 IlozeOloo, MOll'ollo 'j,)71'j "Till, P":('rd~ Moin'ninnl ,I\ioc, 186<)" . . . " .; . SELLERS SETTLEMENT STATEMENT Seller: City of Bozeman Buyer: Joanne F. Tengelsen Property 801 North Wallace Address: Bozeman, MT 59715 Order Number: 8961928 Settlement Date: 12/20/96 Expenses Credits Sales Price 169,500.00 City Asmts from 12/20/96 to 07/01/97 8.57 Title Insurance 733.00 Escrow/Closing Fee 75.00 Sale proceeds held in escrow Paid to Security Title Company 55,950.57 Sidewalk Repair 750.00 Note due Seller 112,000.00 Sub-totals 169,508.57 169,508.57 Balance due to Seller 0.00 The undersigned acknowledges receipt of this disclosure settlement statement and agrees to the correctness thereof. C roved by: 2. ~1~..1~) _).......~J Ci1=y of Bozeman " James E. Wysocki, City Manager ..-=-.. [: . .- $EC~~!:~,~'~~~~ COMPhNY ,.j ~-~.-,-~ 406/586-1319 Post Office I'>ox 6'j50 I'>ozcnlBn, MonlnnR 59715 "Title l>ccords Nninlllincd ,I\in('c 1869"