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HomeMy WebLinkAboutInformation regarding Purchase of Transfer Station Site, Mandeville Property (2)CITY OF BOZEMAN Bozeman, Montana To: City Commission From: Miral Gamradt, Finance Director ~p,~ Date: July 1, 2003 Re: Purchase of Transfer Station Site -Mandeville Property At the July 7, 2003 Commission meeting, the City Commission will be asked to ratify the City Manager's signature on a buy sell agreement for the future transfer station site. The purpose of this memo is to provide the Commission information related to the proposed purchase. PROPERTY TO BE PURCHASED Purchase COS Tract Acres Price Parcel 1 2153 1 A 22.2233 2153 3A 24.7610 2153 4A 28.3600 Total 75.3443 $ 2,637,000 Purchase COS Tract Acres Price Parcel2 2153 Total -Both Parcels 2A 10.0020 $ 420,000 $5.3463 $ 3,057,000 Street address: 411 F. Main St. Phone: (406) 582-2300 Mailing address: P.O. Sox 1230 Fax: (406) 5$2-2344 Bozeman, Montana 59771-1230 TDll: (406) 582-2301 r Purchase of Transfer Station Site -Mandeville Property Page 2 Financin The land will be purchased by the city's Solid Waste Fund. The city h as b een a ware o f t he impending closure of the current landfill site for several years. In previous years, the decision was made to replace the landfill with a Transfer Station and possible composting facility, rather than stay in the landfill business. Landfill rates were set at a level that would enable the city to build sufficient cash reserves to: 1) Place sufficient money in reserve to meet the Federal Financial Assurance Requirements for the closure and post closure of the landfill; 2) Purchase a Transfer Station site; and 3) Construct a new Transfer Station. The city has met the first condition. The city accumulated and set aside $2,425,024 for the closure and post closure costs of the landfill. We are in full compliance with the Federal requirements. In addition, the city has accumulated reserves toward the acquisition of a site and construction of a Transfer Station. Listed below is a graph of the city's Solid Waste Fund working capital for a ten-year period. The significant drop in fiscal year 2 004 r eflects t he p urchase o f t he t ransfer station site. SOLID WASTE FUND WORKING CAPITAL v a $5,000,000 ~ .._. a $4,000,000 00 $3,000,000 °z $2,000,000 $1,000,000 nn n ~ -, ~:: I1 ~ $o + ~. w 95 96 97 98 99 00 01 02 03 04 1ST 8 YEARS ACTUAL -LAST TWO YEARS PROJECTEI The graph above is indicative of the wide fluctuations we experience in working capital balances in the enterprise funds. The key is to manage these balances in a manner which will allow us to meet the capital needs of the city. Purchase of Transfer Station Site -Mandeville Property Page 3 The projections above contemplated the closure of the current landfill in early 2004. Our Solid Waste and Engineering staff have been doing everything possible to try and extend the landfill life. It is certainly possible that the landfill will last longer than the early 2004. If this occurs, it will give us more time to construct the Transfer Station as well as the additional revenues we will receive from keeping the landfill open longer. We are hopeful we will be able to construct the Transfer Station without incurring any debt. The 8 5.3 a cres p ropased t o b e p urchased i s m ore t han w hat w ill b e n eeded f or t he T ransfer Station site and possible composting facility. It is possible that the additional land could be used for a new shop complex. If this occurs, the other funds will contribute toward the land purchase and repay the Solid Waste fund for their proportionate share of the cast. This alternative is still being reviewed. Y~ COMMERCIAL BUY -SELL AGREEMENT REALTOR~° (Including Earnest Money Receipt) 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 OPPORitMITY This Agreement stipulates the terms of sale of this property. Read carefully before signing. This is a legally binding contract If not understood, seek competent advice. Bozeman Citv of Bozeman Montana, (date) June 23, 2003 as ^ Joint 'Tenants with rights of survivorship, ^ Tenants in common, ^ Single in his/her own right, n Other _ (hereinafter called "Buyer') agrees to purchase, and the Seller agrees to sell the following described real property (hereinafter referred to as "Property") commonly known as 1225 Redwin Drive County Of in the City of Bozeman , Montana, legally described as: Tract 2A of COS 2153 TOGETHER with all interest of Seller in vacated streets and alleys adjacent thereto, all easements and other appurtenances thereto, and all improvements thereon. All permanently installed fixtures and equipment that are attached property are included in the purchase price, such as electrical, plumbing and heating fixtures except: any personal _ ro rt that Seller does not remove durin occu an after closin r' ~O~xriwir=uT R~.LAT>~n To M~cuical. .izewaTifl..a aF' T-tr- A'aSol~"t~ PERSONAL PROPERTY: The following items of personal property and otl`r~r assets are set forth hereafter or per attached addendum, free of liens and without warranty of condition, are included: none PURCHASE PRICE AND TERMS: Total purchase price is Four Hiu,dred Twent Thousand U.S. Dollars ($ _ 420, ooo. oo) payable as follows: $ lo, ooo . oo earnest money to be applied at closing. $ alo, ooo. oo as additional cash payment, payable on or before closing. $ balance of the purchase price will be financed as follows: Buyer's offer is contingent upon obtaining the financing specified herein. If financing cannot be obtained this offer is terminated and the earnest money will be refunded to the Buyer. 45 CLOSING DATE: The date of closing shall be (date) August is, 2o__p~ _. __ .The parties may, by 46 mutual agreement, close the transaction at any time prior to the date specified. The Buyer and Seller will deposit with the 47 closing agent all instruments and monies necessary to complete the purchase in accordance with this Agreement. / Commercial Buy-Sall Page 1 aT 7 / uyeYs Initials 6~Monlena Association of REALTORS 03p72i703 Sellafs Inltlals Prudential Montana Real Estate 1925 North 22ndBozeman, M7" 59718 Phone: (406) 587-9566 Fax: (406) 587-SA53 Lloyd Mandeville Mandeville, Cr Produced with Z1pForm^' ny RE FormsNet, LLC 18025 FiHeen Mile Rcad, Glirnan Township, Michigan 48035, (800) 3838805 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 s3 64 s5 ss 67 s8 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 89 so 91 92 93 POSSESSION: Seller shall deliver to Buyer possession of the property and allow occupancy: ^ when all required documents have been signed by all parties and delivered to closing agent, OR ^ on the date of recording the deed or Notice of Purchasers Interest, OR ___ 15 2004, at no cost to seller sellers may_retai.n possession until. May __ ~ ____ Seller shall provide keys and/or means to operate locks, mailboxes, security systems, alarms, if applicable. RECEIPT OF EARNEST MONEY: The undersigned Broker or Salesperson hereby acknowledges receipt from Buyer of earnest money in the amount of Ten Thousand U.S. Dollars ($ lo, o00 . oo ~ ) as evidenced by ^ cash ®check ^ or All parties to this Agreement agree, unless otherwise provided herein, that the earnest monies will be deposited pursuant to Montana Law or within ( 5 ) business days of the date all parties have signed the Agreement or B and such funds will be held in a trust account by Prudential Bozetaan Real Estate Parties agree that interest accruing on earnest money, if any, white deposited shall be payable to: __ ~ ' _ ___ ~ _ _ _ e it is r ation for services rendered. Iflf i~st is payable to the Brok r ~ ag eed that sums so paid are consider Prudential Bozeman Real Estate Selling Real Estate Firm/ Phone Number by Signature of Salesperson Lloyd Mandeville BUYER'S REPRESENTATION OF FUNDS: Buyer represents that they have sufficient funds fnr the down payment and closing costs to close this sale in accordance with this Agreement and are not relying upon any contingent source of such funds unless otherwise expressly set forth herein. APPRAISAL PROVISION: Property must appraise for at least ($ N.A. ). If the property does not appraise far at least the specified amount, the transaction is terminated unless the Buyer elects to proceed with the transaction without regard to appraised value. Written notice of Buyers election to proceed shall be given to Seller or Sellers Broker/Salesperson within N.A. days of Buyer or Buyers Broker/Salesperson receiving notice of appraised value. SMOKE DETECTOR(S): Property has # None Smoke Detector(s). WATER: Description of water, if any, to be transferred: None The cost of transferring will be paid by ^ Seller, p Buyer, ^ split equally between Buyer and Seller. Documents for transfer will be prepared and filed by N.A. PROPERTIES INSPECTIONS: The buyer is aware that any Brokerage Firm(s) and Salespersons involved in this transaction have not conducted an expert inspection or analysis of the property or its condition and make no representations to the Buyer as to its condition, do not assure that the property and/or buildings will be satisfactory to the Buyer in all respects, that all equipment will operate properly or that the property and/or improvements comply with current building and zoning caries and ARE NOT building inspectors, building contractors, structural engineers, electricians, plumbers, sanitarians, septic or cesspool experts, well drillers or well experts, land surveyors, civil engineers, flood plain or water drainage experts, roofing contractors or roofing experts, accountants, attorneys, or title examiners, or experts in identifying hazardous waste and/or toxic materials. ! Commercial Buy-Sall page 2 of 7 ! BuyeYs Initials Seller's Initials Produced wdh zipFormTM by RE FormsNet, LLC 18025 Fifteen Mile Road, Glinton Township, Michigan 48035, (800) 383-9805 Mandeville, CI 94 INSPECTION CONTINGENCY: The Buyers offer to purchase is contingent upon Buyer's acceptance of the property 95 conditions identified through any inspections or advice requested below. Buyer agrees to acquire, at their own cost, 96 independent inspections or advice from qualified inspectors or advisors of the Buyer's choice. Buyer agrees that any 97 investigations or inspections undertaken by Buyer or on his/her behalf shall not damage or destroy the property, 98 without the prior written consent of Seller. Further, Buyer agrees to return the property to its original condition and to 99 indemnify Seller from any damage or destruction to the property caused by the Buyers investigations or inspections, 100 if Buyer does not purchase the property. 101 102 103 104 105 106 107 108 109 110 111 112 113 114 115 11fi 117 118 119 120 121 122 123 124 125 126 127 128 129 130 131 132 133 134 135 136 137 138 139 140 Inspections or advice requested by the Buyer, or other concerns noted, are to be CHECKED as follows: ^ Building Inspection ^ Zoning Determination ^ Seller's Property Disclosure ^ Review and Approval of Protective Covenants ^ Roof Inspection ^ Easements ^ Structural/Foundation Inspection ^ Flood Plain Determination ^ Electrical Inspection ^ Water Sample Test ^ Plumbing Inspection ^ Septic or Cesspool Inspection ^ Heating, ventilation, cooling system -Inspection ^ Radon ^ Pest/Rodent Inspection ^ Asbestos ^ Underground Storage Tanks ^ Well Inspection for condition of Well and Quantity of Water ^ Sanitary Approval ^ Accounting Advice ^ Legal Advice ^ Survey Required or Corner Pins ^ Toxic Waste/Hazardous Material ^ Located ^ Reset 'bl ess to Property ® Other An thin Bu er deems a ro iata Release date for the above checked item(s): Jul 3oth 2003 WAIVER OP INSPECTION: ^ 1 DO NOT REQUEST ANY INSPECTION OR ADVICE. I/We are not declining an inspection or advice based upon any assurances by a Salesperson and/or the Seller as to the condition of the property, or that to request such inspections or advice would reduce the potential that our offer would be accepted. Buyer's Signature city of Bozeman Buyer's Signature CONTINGENCIES: The inspection contingency and the contingencies listed below, in additional provisions or on attached addendum shall be deemed to have been released, waived, or satisfied, and the transaction shall continue to closing, unless, by the date specified for each contingency, the party requesting that contingency has notified the other party or the other party's Broker/Salesperson in writing that the contingency is not released, waived, or satisfied. If a party has notified the other parry prior to the release date that a contingency is not released, waived, or satisfied, the transaction is terminated, and the earnest money will be returned to the Buyer, unless the parties negotiate other terms or provisions. TITLE CONTINGENCY: This offer is contingent upon Buyer's receipt and approval (to Buyer's satisfaction) of the preliminary title commitment. Release Date: s business days from Buyer's or Buyers Representative's receipt of preliminary title commitment. INSURANCE CONTINGENCY: This Agreement is contingent upon Buyers ability to acquire, at a rate acceptable to the Buyer, hazard insurance on the property. Release Date: July z, xao3 __ __ This Agreement is contingent upon ratification b the cit Commission 141 142 143 Release bate: Julp B, Zoos 144 This Agreement is contingent upon closin on the sale of tracts lA 3A ana 4A cos 2153 .rich 145 John and Donna Mandeville. 146 147 148 Release Date: August 15, 2003 _ ~_ / Commerdal Buy-salt Page 3 d 7 / a~yers Ini~als sellers Initials Produced with ZtpFormTM M !tp FarmsNet, LLC 18025 Fitbaen Mile Road, CliMan Township, Midugan A8035, (800) 383-9905 Mandevlle, Cr 149 ADDITIONAL PROVISIONS: Bu er is aware of the railroad ri ht-of-ma & Yellowstone i line 150 easement throw h the ro ert . 151 ent is relative of Sellers. Bu er is re resented b their own 1 al counsel. 152 153 154 155 156 157 158 159 160 161 162 163 164 165 166 167 168 169 170 171 172 173 174 175 176 177 17$ 179 180 181 182 183 184 185 186 187 188 189 190 191 192 193 194 195 196 197 198 199 200 CONVEYANCE: The Seller shall convey the real property by _ General warranter - _ deed, free of all liens and encumbrances except those described in the title insurance commitment, as approved by Buyer. The Seller shall convey the personal property by bill of sale. The Seller shall further convey any and all security deposits, rental agreements, property condition reports and other documentation in regard to any parts of the property occupied by tenants. CLOSING AGENTS FEES: Closing agents fee will be paid by ^ Seller ^ Buyer ® Equally Shared. TITLE INSURANCE: Seller, at 5elfer's expense, shall furnish Buyer with an ALTA Standard Coverage Owners Title Insurance Policy (as evidenced by a standard form American Land Title Association title insurance commitment) in an amount equal to the purchase price. Buyer may purchase additional owners title insurance coverage in the form of "Extended Coverage" or "Enhanced Coverage" for an additional cost to the buyer. It is recommended that buyer obtain details from a title company- CONDITION OF TITLE: All mortgages, judgements and liens shall be paid or satisfied by the Seller at or prior to closing unless otherwise provided herein. Seller agrees that no additional encumbrances, restrictions, easements or other adverse title conditions will be placed against the title to the property subsequent to the effective date of the preliminary title commitment approved by the Buyer. SPECIAL IMPROVEMENT D15TRICTS: Special Improvement Districts (including rural SIDs), including those that have been noticed to Seller by City/County but not yet spread or currently assessed, if any, will be: ® paid aff by Seller at closing; ^ assumed by Buyer at closing; OR D All perpetual SIDs shall be assumed by Buyer. PRORATION OF TAXES AND ASSESSMENTS: Seller and Buyer agree to prorate taxes, Special Improvement District assessments for the current tax year, as well as pre-paid rents, water and sewer system charges, and/or common area maintenance fees, if any, as of the date of closing unless otherwise agreed and: no other 201 202 CONDITION OF PROPERTY: Seller agrees that the Property shall be in the same condition, normal wear and tear 203 excepted, from the date of the execution of this Agreement up to the time Buyer takes possession of the Property. 204 Seller agrees to leave the Property in broom clean or better condition and allow Buyer a walk-through inspection of 205 said Property prior to closing to insure that all appurtenances and appliances included in the sale remain on the 206 r perty. r Cornmerasl euy-sell Page e a r ~ Buyer's Initials SeNer•S Initials Produced with ZipFonn^' by RE FarmsNet. LLC 18025 FiReen Mile Road, CIIrHon Townsfiip, MittJgan 480.95, (800) 3839805 M~adevilla, Cr 207 NOXIOUS WEEDS DISCLOSURE: Buyer of property in the State of Montana should be aware that some properties 208 contain noxious weeds- The laws of the State of Montana require owners of property within this state to control, and to 209 the extent possible, eradicate noxious weeds. 1=ar information concerning noxious weeds and your obligations as an 210 owner of property, contract either your local County extension agent or Weed Control Board. 211 212 MEGAN'S LAW DISCLOSURE: Pursuant to the provisions of Title 4fi, Chapter 23, Part 5 of the Montana Code 213 Annotated, certain individuals are required to register their address with the local law enforcement agencies as part of 214 Montana's Sexual and Violent Offender Registration Act. In some communities, law enforcement offices will make the 215 information concerning registered offenders available to the public. If you desire further information please contact the 215 local County Sheriffs office, the Montana Department of Justice, in Helena, Montana, and the probation officers 217 assigned to the area. 218 219 RADON DISCLOSURE STATEMENT: The following disclosure is given pursuant to the Montana Radon Control Act, 220 Montana Code Annotated Section 75-3$Ofi. RADON GAS: RADON IS A NATURALLY OCCURRING RADIOACTIVE 221 GA5 THAT, WHEN IT HAS ACCUMULATED IN A BUILDING IN SUFFICIENT QUANTITIES, MAY PRESENT 222 HEALTH RISKS TO PERSONS WHO ARE EXPOSED TO IT OVER TIME. LEVELS OF RADON THAT EXCEED 223 FEDERAL GUIDELINES HAVE BEEN FOUND IN BUILDINGS IN MONTANA. ADDITIONAL INFORMATION 224 REGARDING RADON AND RADON TESTING MAY BE OBTAINED FROM YOUR COUNTY OR STATE PUBLIC 225 HEALTH UNIT. If the Property has been tested for radon, the Seller will provide a copy of the test results concurrent 226 with an executed copy of this Agreement. If the Property has received radon mitigation treatment, the Seller wiH provide 227 the evidence of the mitigation treatment concurrent with an executed copy of this Agreement. 228 229 BUYER'S REMEDIES: 230 (A) If the Seller fails to accept the offer contained in this Agreement within the time period provided in the 231 BUYER'S COMMITMENT section, all earnest monies shall be returned to the Buyer. (B) If the Seller accepts the 233 offer contained in this Agreement, but refuses or neglects to consummate the transaction within the time period 234 provided in this Agreement, the Buyer may: 235 (1) Demand immediate repayment of all monies that Buyer has paid as earnest money, and upon the return of 236 such money, the rights and duties of Buyer and Seller under this Agreement shall be terminated; OR 237 (2) Demand that Seller specifically perform Seller's obligation under this Agreement; OR 238 (3) Demand monetary damages from Seller for Seller's failure to perform the terms of this Agreement. 239 240 SELLER'S REMEDIES: If the Seller accepts the offer contained in this Agreement and Buyer refuses or neglects to 241 consummate the transaction within the time period provided in this Agreement, the Seller may: 242 (1) Declare the earnest money paid by Buyer be forfeited; OR 243 (2) Demand that Buyer specifically perform Buyer's duties and obligations under this Agreement; OR 244 (3) Demand that Buyer pay monetary damages for Buyer's failure tv pertorm the terms of this Agreement. 245 246 BUYER'S/SELLER'S CERTIFICATION: By entering into this Agreement, each person or persons executing this 247 Agreement as Buyer or Seller represents that he/she is eighteen (18) years of age or older, of sound mind, and legally 248 competent to own or transfer real property in the State of Montana; and, if acting on behalf of a corporation, 249 partnership, ar other non-human entity, that he/she is duly authorized to enter into this Agreement on behalf of such 250 entity. 251 252 CONSENT TO DISCLOSE INFORMATION: Buyer and Seller hereby consent to the procurement and disclosure by 253 Buyer, Seller, and Salespersons and their attorneys, representatives, and other parties having interests essential to 254 this Agreement, of any and all information reasonably necessary to consummate the transaction described in this 255 Agreement, specifically including access to escrows far review of contracts, deeds, trust indentures, or similar 25fi documents concerning this property or underlying obligations pertaining thereto. 257 258 RISK OF LOSS: All loss or damage to any of the above~lescribed real property or personal property to any cause is 259 assumed by Seller through the time of closing unless otherwise specified. 260 261 TIME I5 OF THE ESSENCE: Time is of the essence as to the terms and provisions of this agreement. ~ Commerdal Buy-Sell Page 5 of 7 Buyer's Initials Ballet's Initials Produced with ZpForm^' by RE FarmsNel, LLC 18pZ5 FiReen Mile Road, CliMan Township, Michigan A8035, (800) 38&8805 M,ndevilla Cr 262 BINDING EFFECT AND NON-ASSIGNABILITY: The Agreement is binding upon the heirs, successors and assigns of 263 each of the parties hereto; however, unless otherwise provided for in this agreement, Buyers interest is not assignable 264 without the Sellers express written consent. 265 266 ATTORNEY FEES: In any action brought by the Buyer or the Seller to enforce any of the terms of this Agreement, the 267 prevailing party in such action shall be entitled to such reasonable attorney fees as the court or arbitrator shall 268 determine just. 269 270 COMMISSION: The Seller's and/or Buyer's commitment to pay a commission in connection with this transaction is an 271 integral part of this Agreement- 272 273 FACSIMILE: The parties agree that a facsimile copy of this Agreement which contains the parties" signatures may be 274 used as the original. 275 276 COUNTERPARTS: A copy of this document may be executed by each individual/entity separately, and when each has 277 executed a copy thereof, such copies, taken together, shall be deemed to be a full complete contract between the 278 parties. 279 2g0 ENTIRE AGREEMENT: This Agreement, together with any attached exhibits and any addenda or amendments signed 281 by the parties, shall constitute the entire agreement between Seller and Buyer, and supersedes any other written or 282 oral agreements between Seller and Buyer. This Agreement can be modified only in writing, signed by the Seller and 283 Buyer. 284 285 EARNEST MONEY DISPUTES: Buyer and Seller agree that, in the event of any controversy regarding the eamest 286 money and things of value held by the Broker, closing agent, or any person or entity holding such money or property, 287 unless mutual written instructions are received by the holder of the earnest money and things of value, Broker ar 288 closing agent shall not be required to take any action, but may await any proceedings, or, at Broker's or closing 289 agent's option and sole discretion, may interplead all parties and deposit any monies or things of value in a court of 290 competent jurisdiction and may utilize as much of the eamest money deposit as may be necessary to advance the 291 cost and fees required for filing such action. 292 293 ALTERNATIVE DISPUTE RESOLUTION: At any time, the parties may agree to submit any dispute arising out of this 294 transactian to mediation or arbitration. Parties, by agreement, shall specify mediation OR binding arbitration. The cost 295 of mediation/arbitration shall be paid equally by the parties. 296 297 ADDENDA ATTACHED: Mandatory Mold Disclosure to be attached on all inhabitable real property, along with the 298 fallowing (check all that apply): 299 ^ Sale of Buyer's Property ^ 1031 Tax Deferred Exchange 300 ^ Addendum for Additional Provisions ^ Back-up Offer 301 ®Seller's Disclosure Statement 302 ^ 303 ^ 304 305 RELATIONSHIP CONFIRMATION: The parties to this agreement confirm that the real estate licensees identified 306 hereafter have been involved in this transactian in the capacities indicated below and the parties have previously 307 received the required statutory disclosures setting forth the licensees duties and the limits of their obligations to each 308 party: 309 310 Llovd Mandeville, N. Ainsworth _ Of Prudential Bozeman Real Estate 311 (name of licensee) (name of Brokerage company) 312 is acting as ®Seller's Broker/Salesperson; ^ Dual Broker/Salesperson ^ Statutory Broker. 313 314 L1o d Mandeville N. Ainsworth Of Pruden ial Bozeman Real Estate 315 (name of licensee) (name of Brokerage company) 316 is acting as ^ Buyer's Broker/Salesperson; ^ Dual BrokerlSalesperson; ^ Statutory Broker, 317 ®Seller's Broker/Salesperson (includes Seller's Sub-Broker or Salesperson). ~ Cammeraal Buy-Sell Page 6 of 7 Se11eYs Initials euyer•s tnitlals Produced with LpFormTM by RE FormSNel, LLC 18025 FiRaen Mile Road, Clinton TawnsNp, Michigan 48035, (800) 383-9805 Man,levillq Cr ' ' 318 BUYER'S ACKNOWLEDGMENT: Buyer acknowledges that he/she has examined the real and personal property, that 319 Buyer enters into this Agreement in full reliance upon his/her independent investigation and judgement, that prior verbal 320 representations by the Seller or Seller's agent or representatives do not modify or affect this Agreement, and that by 321 signing this Agreement Buyer acknowledges having read and understood this entire Agreement. 322 323 BUYER'S COMMITMENT: I/We agree to purchase the above-described Property on the terms and conditions set forth 324 in the above offer and grant to said Salesperson until (date) June 26 Zoos , at 5:00 325 ^ am ®pm (Mountain Time) to secure Seller's written acceptance. Buyer may withdraw this offer at any time prior to 326 Buyer being notified of Seller"s written acceptance. If Seller has not accepted by the time specified, this offer is 327 automatically withdrawn. 32$ 329 UVUE HEREBY ACKNOWLEDGE receipt of a copy of this Agreement bearing my/our signature(s). 330 ~~ 331 Buyer's Address: _ 1 East ruin _ _ _ __ _ __ City Bozeman 332 333 State rrr ,Zip Code 59vi5 Phone Number taoet 582-2303 _ 334 335 Buyer's Name Printed: cit of Bozeman 336 337 Dated this _~~ oE,~ ~~ , at tl = 5 (~I a.m. ^ p.m. (Mountain Time). 338 339 t 341 (Buyers Signature) 342 343 (Buyer's Signature) 344 OFFER PRESENTA71ON: This offer was presented to the Seller(s) on 345 346 347 Date: Time ^ a. m. ^ p. m. By: 348 349 350 351 SELLER'S COMMITMENT: I/We agree to sell and convey 352 and conditions herein above stated. 1/We acknowledge a 353 signature(s) and that of the Buyer(s) named above. 354 355 35ti 357 358 359 360 361 362 363 3G4 365 (Signature of person presenting the offer) to Buyer the above-described Property on the terms receipt of a copy of this Agreement bearing my/our Seller's Address: 1225 _Red..}ng Dxi..rra, ., ,,,,.,__,._._... City Bozeman State rrr ,Zip Code ,54~ie Phone Number 4ost 58?-2522____. __ Seller's Name Printed: crai nand villa Gonni.e Mandeville at ^ a.m. p p.m. (Mountain Tme). Dated this (seller's Signature) (Seller's Signature) 366 367 ACTION TAKEN, IF OTHER THAN ACCEPTANCE: 368 369 ^ Rejected by Seller / ! ^ Modified per Attached Counter / / 370 Seller's Initials Date Seller's Initials Date NOTE: Any perfomrance which is required to t>e completed on a Saturday, Sunday or a Holiday can be performed on the next business day. MpntBna AssacieCon of REALTORS 03012063 Commercial Buy-Sell Page 7 oT 7 Produced wim ZipFgYr1TM by RE FOrmsNet, LLC 18025 Fifteen Mile Road, Clinton Township, M{rfdgan 48035, (800) 383-9805 MaudeviUq Cr (tEALTOR~ 1031 Tax Deferred Exchange Addendum - (Seller) 1 In reference to the Buy/Sell Agreement between city of Bozeman_ __ 2 (BUyer)and ___ John M. Mandeville, Donna R. Mandeville 3 dated June 23~ 2003___ covering the following described property 4 Redwing Drive, Bozeman [OUAI HWSIHt: UPPOHT UNITY (Seller), 5 6 7 8 9 10 11 12 13 Buyer herein acknowledges that it is the intention of the Seller to complete an IRC Section 1031 tax- 14 deferred exchange. Buyer agrees the Seller's rights and obligations under this agreement may be 15 assigned to facilitate such exchange and this agreement may be part of an integrated, interdependent 16 exchange agreement. Buyer agrees to cooperate with the Seller in executing such documents as may 17 be necessary to enable Seller to qualify for said exchange at na additional cost or liability to Buyer. 18 19 20 21 22 Seller John M. Mandeville Date/Time 23 24 25 26 Seller Donna R. Mandeville Date/Time 27 28 30 Buyer City of Bozeman Date/Time 31 32 33 34 Buyer Date/Time NOTE; Any performance which is required to be completed on a Saturday, Sunday or a Holiday can be performed on the next business day. ©MONTANA ASSOCIATION OF REALTpRS~ 019902 Prudential Montana Real Estate 1925 North 22ndBareman, MT 59718 Phone: (406) 587-9566 Fax: (40G) 587-5453 Lloyd Mandeville Mandeville, to Produced with ZipFormTM by RE FormsNet, LLC 16025 Fifteen Mile Road, Clinton Township, Michigan 48035, (80D) 383-9805 MOLD DISCLOSURE Q EtAIAI NOVS}tC bPPbRTUtgTY RfAL70R~' 1225 Redwing Drive Property Address: Bozeman, MT 59715 MOLD DISCLOSURE: There are many types of mold. Inhabitable properties are not, and cannot be, constructed to exclude mold. Moisture is one of the most significant factors contributing to mold growth. Information about controlling mold growth may be available from your county extension agent or health department. Certain strains of mold may cause damage to property and may adversely affect the health of susceptible persons, including allergic reactions that may include skin, eye, nose, and throat irritation. Certain strains of mold may cause infections, particularly in individuals with suppressed immune systems. Some experts contend that certain strains of mold may cause serious and even life-threatening diseases. However, experts do not agree about the nature and extent of the health problems caused by mold ar about the level of mold exposure that may cause health problems. The Centers for Disease Control and Prevention is studying the link between mold and serious health conditions. The seller, landlord, seller's agent, buyer's agent, or property manager cannot and does not represent or warrant the absence of mold. It is the buyer's or tenant's obligation to determine whether a mold problem is present. To do so, the buyer or tenant should hire a qualified inspector and make any contract to purchase, rent, or lease contingent upon the results of that inspection. A seller, landlord, seller's agent, buyers agent, or property manager who provides this meld disclosure statement, provides for the disclosure of any prior testing and any subsequent mitigation or treatment for mold, and discloses any knowledge of mold is not liable in any action based on the presence of or propensity for mold in a building that is subject to any contract to purchase, rent, or lease. If the preceding box is checked, Seller/Landlord has knowledge that the building(s) on the property has mold present. Ifi the preceding box is checked, Seller's Agent/Property Manager has knowledge that the building(s) on the property has mold present. If Seller/Landlord knows a building located on the property has been tested for mold, Seller/Landlord has previously provided ar with this Disclosure provides the Buyer/Tenant a copy of the results of that test (if available) and evidence of any subsequent mitigation or treatment. ~ ~ ._ ~ Seller/Landlord Date a er' Agent/Property ~ anager Da e Craig Mandev' 1e Lloyd N. Mandeville ?> Seller/Landlord Date Setter's Agent/Property Manager Date Connie Mandeville ACKNOWLEDGMENT: The undersigned Buyer/Tenant, Buyer's Agent or Statutory Broker acknowledge receipt of this Disclosure, the test results (if available) and evidence of subsequent mitigation or treatment. 03 Buyer/Tenant Date Buyer's Agent/Statutory Broker Date Buyer/Tenant Date ©MONTANA A550CIA1~ION OF RFJaLTORS®, Inc_ 05/2003 Mold Disclosure Prudential Montana Real Estate 1925 North 22ndBozernan. MT 59718 Phone: (406) X57-9566 Fax= (406) 587-5453 Lloyd Mandeville Buyer's Agent/Statutory Broker Date Mandeville, Cr SELLER' - PROPERTY DISCLOSURE STATr'''IENT ~~_~ ® L..J MONTANA ASSOCIATION OF REALTORS® STAfv.~ARD FORMr REALTOR 1 The undersigned Seller, having entered into a Listing with Prudential sozeman Real Estate 2 as Broker, dated June 16 , 2003 ,and involving certain real property located at 1225 Red»Pirrg I~ng _ ~-- 3 1225 Redwin Drive , in the 4 city of Bozeman ,county of Gallatin ,Montana, which real property is legally 5 described as Lot 21~, Cos 2153 6 (the Property). Seller executes this Disclosure 7 Statement, in order to assist the Broker in disclosing all Adverse Material Facts which concern the property to prospective 8 purchasers- Adverse Material Facts are those which materially affect the value, the structural integrity, or present a 9 documented health risk to occupants of the property. This Disclosure Statement provides a listing of components, fixtures and 10 items of personal property to serve as a guide to the Seller in considering the condition of the property and to provide a medium 11 for the disclosure of Adverse Material Facts concerning the property- The identification of the components, fixtures and items 12 of personal properly provided in this Disclosure is not intended to serve as a representation about the condition of any 13 component, fixture or item of personal property listed herein, unless information concerning a particular component, fixture or 14 item is provided by the Seller. 15 16 THIS INFORMATION IS A D15CLOSURE BY THE SELLER OF ADVERSE MATERIAL FACTS CONCERNING THE 17 PROPERTY AS OF THE ABOVE DATE. IT I5 NOT A WARRANTY OF ANY KIND BY THE SELLER, THE BROKER OR 18 SALESPERSONS AND IS NOT A SUBSTITUTE FOR ANY INSPECTIONS THE BUYER MAY WISH TO OBTAIN. 19 20 I• 21 SELLER'S INSTRUCTIONS 22 23 This Disclosure Statement is intended to be prepared by the Seller and should not be prepared by the Brokers/Salespersons_ 24 The Seller should consider the listed components, fixtures and items of personal property that may be present in the property 25 to be sold, and note in the spaces provided the existence and nature of any Adverse Material Facts, concerning each item. 26 The Seller understands that the information provided herein is intended to be provided to prospective purchasers of 27 the property and that any inaccurate or false information may form the basis for a claim by a Buyer against the Seller. 26 29 11. g0 SELLER'S DISCLOSURE 31 32 The Seller dedares that the Seller has prepared this Disclosure Statement and any attachments thereto and to the best of the 33 Seller's knowledge and belief, the Disclosure Statement and attachments are true, correct, and complete- Seller hereby 34 authorizes the Broker to provide a copy of this statement to any person ar entity in connection with any actual or anticipated 35 sale of the property. Seller further agrees to hold the Broker harmless from all claims far damages based upon the disclosures 36 made in this Disclosure Statement along with the failure of the Seller to disclose all Adverse Material Facts. 37 38 THE FOLLOWING DISCLOSURES ARE MADE BY TWE SELLER AND ARE NOT THE REPRESENTATIONS OF THE 39 BROKERS OR THE SALESPERSONS. TWIS INFORMATION IS A DISCLOSURE ONLY AND IS NOT A WARRANTY, 40 INDUCEMENT, NOR CONTRACT BETWEEN SELLER AND BUYER. 41 42 A. The subject property may contain the components, fixtures and personal property described below- 43 Range, Dishwasher, Garbage Disposal, Oven, Trash Compactor, Water Softener, Microwave, Exhaust Fan(s), Built in Vacuum 44 System, Water Heater, W!D Hookups, Ceiling Fan, Intercom, Remote Controls, T.V. Antenna, Satellite Dish, Window Screens, 45 Central Heating, Wall/Windaw A.C., Central Air Conditioning, Solar Electric, Sump Pump, Evaporator Cooler(s), Pool, Spa, 46 PaollSpa Heater, Hot Tub, Sauna, Patio/Decking, Built-In Barbecue, Gazebo, Private Utility, Underground Sprinklers, Security 47 Gate(s), Garage, Garage Door Opener(s), Carport, Rain Gutters, Burglar Alarm(s), Fire Alarm(s), and Smoke Detector(s). 48 Please use the space below to describe any Adverse Material Facts concerning the items listed above, or other 49 components, fixtures ar personal property. If this space is inadequate, please attach additional sheets. 50 51 52 53 Seller's Property Disclosure 7 of 4 / B ers nitials/5eller's nitials Prudential Mmrtana Real Estate 1925 North 22rn113oxeman. MT 59718 Phone: (406) 587-9566 )+ax: (406) 587-5453 Lloyd Mandeville Mandeville- Cr Produced with ZipFarmTM Fry RE FdrrnsNet, LLC 18025 Fifteen Mile Rvad, Clinton Township, Mkhlgan 48035, (800) 3839805 54 B. The property generally contains t Basic components described below: 55 Interior Walls, Ceilings, Floors, Exterior Walls, Roof, Windows, Doors, Foundation, .. -ab(s), Driveways, Sidewalks, Fences, 56 Electrical Systems, Plumbing, Sewers, Septic, Water Systems, and Access Roads. 57 Please use the space below to describe any Adverse Material Facts concerning the items listed above, or other general 58 components of the property. If this space is inadequate, please attach additional sheets. 59 __ 60 61 62 C. Please use the spaces provided to describe any Adverse Material Facts concerning the components, fixtures or 63 matters noted below. If the space provided is inadequate, please attach additional sheets. 64 65 1- ROOF: (Leakage, Deterioration, and Structural Condition) FF 67 68 69 2. FOUNDATION: (Depth, Footings, Reinforcement, and Gracking) fi 70 ~ - ~ 71 72 73 3. BASEMENT: (Leakage, Flooding, Moisture or Evidence of Water, and Fuel Tanks) 74 75 76 77 4. ELECTRICAL SYSTEM: (Wiring, utlets, Sv/itches, Service, Shorts, Alterations, and Overloads) i>~• ~"~f1~L/I,~ 78 80 81 5. PLUMBING/SEWER/SEPTIC: (including pipes, drains, faucets, fixtures and toilets} 82 a- Private Septic Systems (Adherence to Health Codes, Clogging, Backing Up, Drain Field, Septic Tanks, Holding 83 Tanks, and Cesspools ~ - U 84 ~U.1~~ 85 ~/ 86 87 b- Public Sewer Systems (Clogging and Backing Up) ~~ ! _ -- - - 88 ~. $9 90 91 6- HEATING SYSTEM: (Gas Leaks, Furnace Problems, and Thermostat) ~~~- ~®n~- -~~~/>~~J~®~f~ x - - 92 93 94 95 7- INSULATION: (Walls, Ceiling, Utility Bills, Vapor Barrier and For 96 97 ...~. 98 99 8. P IVATE WELL AND WATER RIGHTS: (Well Production, 100 ~ 9m Quality and Quantity, Water Rights and Abandoned Wells) 102 103 9- WOOD STOVES AND FIREPLACES (Compliance With Air Quality Laws, Chimney Cleanliness, Chimney Fires and 104 Adherence to Codes in Installation) J~~~o 105 106 107 Seller's Property Disclosure 2 of 4 n r 1 ~ Buye s In iais/Setler nitials Produced wah ZipForm TM' by RE FormsNet, LLC 18025 Fifteen Mile Road. Cfnton Township, Michk~an 48035, (800) 383-9$05 Mandeville. Cr • • 108 10. ACCESS: (If the property is not c public street, note an 17riveway A`9reement• `r~vate Easements and Legal Disputes 109 Concerning Access) ~ r ~ ' 110. 111 112 D. Please use the space provided below, to note any Adverse Material Facts concerning any of the matters noted 113 below, abng with any other matters, which you feel constitute Adverse Material Facts, but are not otherwise noted 114 in this Disclosure Statement. If the space provided below is inadequate, please attach additional sheets. 115 1. Common walls, fences and driveways that may have any effect on the subject property. 116 ~ Encroachments, easements or similar matters that may affect your interest in the subject property. 117 3. F2oom additions, structural modifications, or other alterations or repairs made without necessary permits. 118 4. Room additions, structural modifications, or other alterations or repairs not in compliance with building codes. 119 5. Landfill (compacted or otherwise) on the property or any portion thereof. 120 6. Settling, slippage, sliding ar other sail problems. 121 7. Flooding, drainage or grading problems. 122 8. Major damage to the property or any of the structures from fire, earthquakes, floods, slides, etc. 123 9 Zoning violations, non-conforming uses, violations of "setback" requirements, etc. 124 ~ Neighborhood noise problems or other nuisances- 125 11. Property Owner's association obligations (dues, lawsuits, etc.) 126 12. "Common area" problems. 127 13. Violations of deed restrictions, restrictive covenants or other such obligations- 128 14. Notices of abatement or citations against the property. 129 15. Lawsuits or legal proceedings (including foreclosures and bankruptaes) involving the Seller and threatening or 130 affecting this real property. 131 16. Waste dump or disposal or IandFll or commercial use in the vicinity of the property which causes smoke, smell, noise 132 or other pollution. 133 17. Street or utility improvement planned that may affect or be assessed against the property. 134 ®Zoning or land use change planned or being considered by the city or county- 135 19. Proposed increase in the tax assessment value or homeowner's association dues for the property. 136 20. Asbestos. 137 21. Location of the property in a floadplain, shoreline master plan, wetland or other environmentally sensitive area. 138 22. Radon gas or radon progeny. (If the property has been tested, please attach a copy of all test results.) 139 23. Mitigation or treatment made to the property for radon gas or radon progeny. (Please attach. a description of the 140 nature of the mitigation nr treatment and attach a copy of any evidence of mitigation or treatment) 141 24. Lead-based paint. 142 25. Underground storage tanks or class II injection wells. 143 26. Destructive insects such as termites or carpenter ants. (If property has been tested or treated, attach 144 documentation.) 145 27. Mold or Mildew (if property has been tested or treated, attach documentation). 146 28. Insurance claims involving property. 147 29. Noxious weeds. 148 30. Tenant problems, defaults ar other tenant issues. 149 31. Health department or other governmental licensing, compliance or issues. 150 , 151 ~.~ Q~~OWS-`pti~ ~ ~I~ne 'fi1~r~..~.r/ ,f ®F t'G' ctZ 152 - mere •t~aw c~~ ko~sa_ ;s how-c-a~~ ~~m.r< 153 _ ~Z~:~cca~ cc55~S b fv t.:T 154 . • `~sr C': lam C r. ~vrp.* C ~d Cu r rp~~ .S 155 156 157 158 159 160 161 162 . 163 , Seller's Property Qisclosure 3 of 4 ~ Buyer's Irn~alslSellers nitials Mandeville, Cr Produced whh ZipFdrmTM by RE FormsNet, LLC 18025 f=•meen Mile Road. C6rrton Township, MichVgan 48035, (800) 3$3-9805 164 Seller certifies that the infc lion herein is true, correct and completF the best of the Seller's knowledge 165 and belief as of the date signea by Seller. 166 167 ~ ~ 16$ 169 Seller >~ ~'~ W""~'" Date lv " 1 L~ " ~ ~ 170 Craig Mandeville 171 172 Seller ~ h ' ~ Date - ~ -~ 5 _ 173 Connie Mandeville 174 175 BUYER"S ACKNOWLEDGMENT 176 177 Subject Property Address: ZZS ~+ c-~ T l5 178 179 180 BUYER(S) UNDERSTAND THAT THE FOREGOING DISCLOSURE STATEMENT SETS FORTH ONLY THOSE ITEMS 181 WHICH THE SELLER HAS DETERMINED TO BE ADVERSE MATERIAL FAGTS. THE DISCLOSURE STATEMENT DOES 182 MOT PROVIDE ANY GENERAL REPRESENTATIONS CONCERNING THE STATUS OF THE PROPERTY, NOR DOES THE 183 FACT THIS DISGLOSURE STATEMENT FAILS 70 NOTE AN ADVERSE MATERIAL FACT CONCERNING A PARTICULAR 184 FEATURE, FIXTURE OR COMPONENT IMPLY THAT THE SAME IS FREE OF bEFECTS_ BUYER(S) MAY WISH TO 185 OBTAIN PROFESSIONAL ADVICE, INSPECTIONS OR BOTH OF THE PROPERTY AND TO PROVIDE FOR 186 APPROPRIATE PROVISIONS IN A CONTRACT BETWEEN BUYER(S) AND SELLER(S) WITH RESPECT TO ANY ADVICE, 1871NSPECTIONS OR DEFECTS. BUYER(S) ARE NOT RELYING UPON THIS PROPERTY DISCLOSURE STATEMENT FOR 188 BUYER(S)' DETERMINATION OF THE OVERALL CONDITION OF THE PROPERTY IN LIEU OF OTHER INSPECTIONS 189 REPORTS OR ADVICE- 19a 191 IIWE ACKNOWLEDGE RECEIPT OF A COPY OF THIS STATEMENT. 192 193 194 Buye _ _ Date __(Q Z3 195 196 197 Buyer Date 198 NOTE: Any performance which is required to be completed on a Saturday, Sunday or a Holiday can be performed on the next business day. OMONTANA ASSOCIATION OF REALTORS 03012003 Seller's Property Disclosure 4 0 / Buyers Initials/Seliers Initials Produced wtth ZipFOrmTM by RE FnrmsNet, lLG 18025 Flrteen Mile Road, GFntan Tnwnshlp, Mkhgan 48035, (900) 35&9905 Mxndarilk, Cr "" ® RELATIONSHIPS IN REAL ESTATE TRANSACTIONS ~_ (COMBINED EXPLANATION AND DISCLOSURE) "- REnLTOR~ Definition of Terms and Description of Duties °` 1 A "Seller Agent" is obligated to the Seller to: 2 +act solely in the best interests of the seller; 3 .obey promptly and efficiently all lawful instructions of the seller; 4 .disclose all relevant and material information that concems the real estate transaction and that is known to 5 the seller agent and not known or discoverable by the seller unless the information is subject to confidentiality 6 arising from a prior or existing agency relationship on the part of the seller agent; 7 • safeguard the seller's confidences; 8 • exercise reasonable care, skill, and diligence in pursuing the seller's objectives and in complying with the 9 terms established in the listing agreement; 10 .fully account to the seller for any funds or property of the seller that comes into the seller agent's 11 possession; and 12 .comply with all applicable federal and state laws, rules, and regulations. 13 14 A "seller Agent" is obligated to the Buyer to: 15 .disclose to a buyer or the buyer agent any adverse material facts that concern the property and that are 16 known to the seller agent, except that the seller agent is not required to inspect the property or verify any 17 statements made by the seller; 18 .disclose to a buyer or the buyer agent when the seller agent has no personal knowledge of the veracity of 19 information regarding adverse material facts that concern the property; 20 • act in good faith with a buyer and a buyer agent; and 21 .comply with all applicable federal and state laws, rules, and regulations. 22 23 A"'Buyer Agent" is obligated to the Buyer to: 24 • act solely in the best interests of the buyer; 25 • obey promptly and efficiently all lawful instructions of the buyer; 26 .disclose all relevant and material information that concems the real estate transaction and that is known to 27 the buyer agent and not known or discoverable by the buyer, unless the information is subject to confidentiality 28 arising from a prior or existing agency relationship on the part of the buyer agent; 29 .safeguard the buyer's confidences; 30 .exercise reasonable care, skill, and diligence in pursuing the buyer's objectives and in complying with the 31 terms established in the Buyer/Broker agreement; 32 • fully account to the buyer for any funds or property of the buyer that comes into the buyer agent's 33 possession; and 34 .comply with all applicable federal and state laws, rules and regulations. 35 36 A "Buyer Agent" is obligated to the Seller to: 37 • disclose any adverse material facts that are known to the buyer agent and that concern the ability of the 38 buyer to perform on any purchase offer; 39 .disclose to the seller or the seller agent when the buyer agent has no personal knowledge of the veracity of 40 information regarding adverse material facts that concern the buyer; 41 • act in goad faith with a seller and a seller agent; and 42 • comply with all applicable federal and state laws, rules and regulations. 43 44 DUAt_ AGENCY IF A SELLER AGENT IS ALSO REPRESENTING A BUYER, OR A BUYER AGENT IS ALSO 45 REPRESENTING A SELLER WITW REGARD TO A PROPERTY, THEN A DUAL AGENCY RELATIONSHIP MAY 46 BE ESTABLISHED. IN A DUAL AGENCY RELATIONSHIP, THE DUAL AGENT IS EQUALLY OBLIGATED TO BOTH 47 THE SELLER AND THE BUYER. THESE OBLIGATIONS MAY PROHIBIT THE DUAL AGENT FROM ADVOCATING 48 EXCLUSIVELY ON BEHALF OF THE SELLER OR BUYER AND MAY LIMIT THE DEPTH AND DEGREE OF 49 REPRESENTATION THAT YOU RECEIVE. A BROKER OR A SALESPERSON MAY NOT ACT AS A DUAL AGENT 50 WITHOUT THE SIGNED, WRITTEN CONSENT OF BOTH THE SELLER AND THE BUYER. 51 52 Initi~ ®Montana Association of REALTORS® p3p1ZOp3 Page 1 of 2 agency disclosure Prudential Montana Real Estate 1925 Norih 22ndBozeman, MT 5971$ Phone: (406) 587-9566 Fax: (406) 587-5453 Lloyd Mandeville Mandeville, Cr Protluced wi7~ ZipForm"' by RE FormsNet. LLC 18025 FiHeen Mile Road, Clirnon Township, Michigan 48035, (800) 363-9905 "'~ 53 A "Dual Agent" is obligated to a Seller in the same manner as a seller agent and is obligated to a buyer in the 54 same manner as a buyer agent, except a dual agent: 55 • has a duty to disclose to a buyer or seller any adverse material facts that are known to the dual agent 56 regardless of any confidentiality considerations; and 57 • may not disclose the following information without the written consent of the person to whom the 58 information is confidential; 59 (i) the fact that the buyer is willing to pay more than the offered purchase price; 6p (ii) the fact that the seller is willing to accept less than the purchase price that the seller is asking 61 for the property; 62 (iii) factors motivating either party to buy or sell; and 63 (iv) any information that a party indicates in writing to the dual agent is to be kept confidential. 64 65 A "Statutory Broker" is not the agent of the Buyer or Seller but nevertheless is obligated to them to: 66 • disclose to: 67 (i) a buyer or a buyer agent any adverse material facts that concern the property and that are 68 known to the statutory broker, except that the statutory broker is not required to inspect the fig property or verify any statements made by the seller; and 70 (ii) a seller or a seller agent any adverse material facts that are known to the statutory broker and 71 that concern the ability of the buyer to perform on any purchase offer; 72 • exercise reasonable care, skill, and diligence in putting together a real estate transaction, and 73 • comply with all applicable federal and state laws, rules and regulations. 74 75 An "Adverse material fact" means a fact that should be recognized by a broker or salesperson as being of 76 enough significance as to affect a person's decision to enter into a contract to buy or sell real property and may be 77 a fact that: 78 (i) materially affects the value, affects structural integrity, ar presents a documented health risk to 79 occupants of the property; or 80 (ii) materially affects the buyer's ability or intent to perform the buyers obligations under a proposed or 81 existing contract. 82 "Adverse material fact' does not include the fact that an occupant of the property has or has had a communicable 83 disease or that the property was the site of a suicide or felony. $4 85 Relationship Disclosure/Consent 86 The undersigned Broker or Salesperson hereby discloses the relationship as checked below, and the undersigned $7 Seller or Buyer acknowledges receipt of such Disclosure and consents to the relationship disclosed. $8 89 Check all the Applicable Relationship(s): 90 91 ®Seller Agent ^ Buyer Agent 92 93 ~ Statutory Broker ^ Dual Agent (by checking this box. the undersigned buyer or seller consents to the licensee 94 acting as a dual representative.) 95 96 97 98 99 100 101 Lloyd Mandeville, N. Ainsworth / - __ 102 Broker and/or Salesperson Lloyd N. Mandevil~.e Date 103 104 10 / 4 z o 10607 Seller ®Buyer city of Bozeman Date 107 Page 2 of 2 agency disclosure Produced with ZipForm1° by RE FormsNel, LLC 18025 Filleen Mile Road, ClirHon Township, Michigan 48035, (800) 383-9@05 Maodevitly Cr v "~ ~ COMMERCIAL BUY -SELL AGREEMENT :EALTOR~ (Including Earnest Money Receipt) ~ „_„ ~ touu Houslac OPPONTIINItY 1 This Agreement stipulates the terms of sale of this property. Read carefully before signing. This is a legally 2 binding contract. If not understood, seek competent advice. 3 4 Bozeman ,Montana, (date) ___ June z3, 2003 ~ City_of Bozeman-- a5 6 ^ Joint Tenants with rights of survivorship, ^ Tenants in common, ^ Single in his/her own right, 7 ®~ther (hereinafter $ called "Buyer") agrees to purchase, and the Seller agrees to sell the following described real property (hereinafter 9 referred to as "Property") commonly known as Redwi~Dripe-___ 10 in the City of Bozeman , 11 County of ,Montana, legally described as: xracts_ lA~__3A, 6 4A ox cos 2153 12 13 14 15 16 17 TOGETHER with all interest of Seller in vacated streets and alleys adjacent thereto, all easements and other 1$ appurtenances thereto, and all improvements thereon. All permanently installed fixtures and equipment that are attached 19 property are included in the purchase price, such as electrical, plumbing and heating fixtures except: None 20 21 22 PER50NAL PROPERTY: The following items of personal property and other assets are set forth hereafter or per 23 attached addendum, free of liens and without warranty of condition, are included: none ~~tpt ~o~ t~~\ nnAck~arE..a 24 A~oMtzr-tT $~~'C~ To tut~,~nraN~t.pl.. ~rc~k~a'C~orr 4F ~4~'p~ X41 . ~- - 25 26 PURCHASE PRICE AND TERMS: 27 Total purchase price is Two Million Six_HUndre_d__Thirty-Seven Thousand Forty U.S. Dollars ~$ ($ _ 2, 637, oao. oo) payable as follows: 2g $ _ so, ooo. oo earnest money to be applied at closing. 30 $ _ _ _z, 5s7, oao. oo as additional cash payment, payable on or before closing. 31 $ balance of the purchase price wilt be financed as follows: 32 33 34 35 36 37 3$ 39 40 41 42 Buyer's offer is contingent upon obtaining the financing specified herein. If financing cannot be obtained this offer is 43 terminated and the earnest money will be refunded to the Buyer. 44 45 CLOSING DATE: The date of closing shall be (date), August L5,_2o03 ____ _ ___ .The parties may, by 46 mutual agreement, close the transaction at any time prior to the date specified. The Buyer and Seller wilt deposit with the 47 closing agent all instruments and monies necessary to complete the purchase in accordance with this Agreement. Commercial Buy-yen Page 1 of 7 ! Buyer's Initials ®Montana Association of REALTORS® 03012003 $ener's Initials Prudential Montana Real Estate 1925 North 22ndBozeman, MT 59718 Phone: (406) 587-9566 1'ax: (4D6) 587-5453 Lloyd Mandeville Mandeville, Io produced with ZipFormT° by RE FormsNet, LLC 18025 Fifteen Mile Road. Clinton Township, Michigan 48035, (800) 383-9805 48 POSSESSION: Seller shall deliver to Buyer possession of the property and allow occupancy: 49 ^ when all required documents have been signed by all parties and delivered to closing agent, OR 50 ^ on the date of recording the deed or Notice of Purchaser's Interest, OR 51 ®sellers will retain osession of cro s until the end of the 2003 rowin season. ~~~ 52 Seller shall provide keys and/or means to operate locks, mailboxes, security systems, alarms, if applicable- 53 Pb'C R~~dtas~~d-~ FaQ. I-N~( C~Mr.L~tE- To ~-~S. 54 RECEIPT OF EARNEST MONEY: The undersigned Broker or Salesperson hereby acknowledges receipt from Buyer of 55 earnest money in the amount of _ _ _ Fift~!_Thousand -_"- U.S. Dollars 56 ($ 50, ooo. oo ) as evidenced by ^ cash ®check ^ or 57 All parties to this Agreement agree, unless otherwise provided herein, that the earnest monies will be deposited pursuant 58 to Montana Law or within ( 5 )business days of the date all parties have signed the Agreement or 59 and such funds 60 will be held in a trust account by Prudential Bozeman Real Estate 61 Parties agree that interest accruing on earnest money, if any, while deposited shall be payable to: 62 63 If interest is payable to the Broker it is agreed that sums so paid are consideration for services rendered. 64 65 Prudential Bozeman heal Estate by 66 Selling Real Estate Firm/ Phone Number Signature of Salesperson 67 Lloyd N. Mandeville 68 BUYER'S REPRESENTATION OF FUNDS: Buyer represents that they have sufficient funds for the down payment 69 and closing costs to close this sale in accordance with this Agreement and are not relying upon any contingent source 70 of such funds unless otherwise expressly set forth herein. 71 72 APPRAISAL PROVISION: Property must appraise for at least 73 ($N.A. 74 If the property does not appraise for at least the specified amount, the transaction is terminated unless the Buyer elect 75 to proceed with the transaction without regard to appraised value. Written notice of Buyer's election to proceed shall be 76 given to Seller or Seller's Broker/Salesperson within N.A- days of Buyer or Buyer's Broker/Salesperson receiving 77 notice of appraised value. 78 79 SMOKE DETECTOR(S): Property has # None Smoke Detector(s). 80 81 WATER: Description of water, if any, to be transferred:•~ny rights remaining after transfer of xract 2, cos $2 1723 to the State of Montana . 83 The cost of transferring will be paid by ^ Seller, ®Buyer, ^ split equally between Buyer and Seller. 84 Documents for transfer will be prepared and filed by gayer ~ . 85 86 PROPERTIES INSPECTIONS: The buyer is aware that any Brokerage Firm(s) and Salespersons involved in this 87 transaction have not conducted an expert inspection or analysis of the property or its condition and make no $$ representations to the Buyer as to its condition, do not assure that the property and/ar buildings will be satisfactory to 89 the Buyer in all respects, that all equipment will operate properly or that the property and/or improvements comply with 90 current building and zoning codes and ARE NOT building inspectors, building contractors, structural engineers, 91 electricians, plumbers, sanitarians, septic or cesspool experts, well drillers or well experts, land surveyors, civil 92 engineers, flood plain or water drainage experts, roofing contractors or roofing experts, accountants, attorneys, or title 93 examiners, or experts in identifying hazardous waste and/ar toxic materials. Commercial Buy-Sell Page 2 of 7 Buyers Initials sellers Initials Produced with TipForm"' by RE FvrmsNet, LLC 18025 Fifteen Mile Road, Clinton Township, Michigan 48D35, (800) 383-9805 Mandeville, Jo . 94 INSPECTION CONTINGENCY: ®The Buyer's offer to purchase is contingent upon Buyer's acceptance of the property 95 conditions identified through any inspections or advice requested below. Buyer agrees to acquire, at their own cost, 96 independent inspections or advice from qualified inspectors or advisors of the Buyer's choice. Buyer agrees that any 97 investigations or inspections undertaken by Buyer or on his/her behalf shall not damage or destroy the property, 98 without the prior written consent of Seller. Further, Buyer agrees to return the property to its original condition and to 99 indemnify Seller from any damage or destruction to the property caused by the Buyer's investigations or inspections, 100 if Buyer does not purchase the property. 101 102 Inspections or advice requested by the Buyer, or other concerns noted, are to be CHECKED as follows: 103 ^ Building Inspection ^ Zoning Determination 104 ^ Seller's Property Disclosure ^ Review and Approval of Protective Covenants 105 p Roof Inspection ^ Easements 106 ^ Structural/Foundation Inspection ^ Flood Plain Determination 107 p Electrical Inspection ^ Water Sample Test 108 ^ Plumbing Inspection ^ Septic or Cesspool Inspection 109 ^ Heating, ventilation, cooling system -Inspection 110 ^ Radon ^ Pest/Rodent Inspection 111 ^ Asbestos ^ Underground Storage Tanks 112 ^ Well Inspection for condition of Well and Quantity of Water ^ Sanitary Approval 113 ^ Accounting Advice ^ Legal Advice 114 ^ Survey Required or Corner pins ^ Toxic Waste/Hazardous Material 115 ^ Located p Reset 1~ Access to Property 116 ® Other?~nything Buyer deems appropiate 117 Release date for the above checked item(s): July 30th, zoo3_ , 118 119 WAIVER OF INSPECTION: ^ I DO NOT REQUEST ANY INSPECTION OR ADVICE. I/We are not declining an 120 inspection or advice based upon any assurances by a Salesperson and/or the Seller as to the condition of the property, 121 or that to request such inspections or advice would reduce the potential that our offer would be accepted. 122 123 124 Buyer's Signature city of Bozeman Buyer's Signature 125 126 CONTINGENCIES: The inspection contingency and the contingencies listed below, in additional provisions or on 127 attached addendum shall be deemed to have been released, waived, or satisfied, and the transaction shall continue to 128 closing, unless, by the date specified for each contingency, the party requesting that contingency has notified the other 129 party or the other party's Broker/Salesperson in writing that the contingency is not released, waived, or satisfied. ff a 130 party has notified the other party prior to the release date that a contingency is not released, waived, or satisfied, the 131 transaction is terminated, and the earnest money will be returned to the Buyer, unless the parties negotiate other terms 132 or provisions. 133 134 135 136 137 13$ 139 140 141 142 143 144 145 146 TITLE CONTINGENCY: This offer is contingent upon Buyer's receipt and approval (to Buyer's satisfaction) of the preliminary title commitment. Release Date: 5 business days from Buyer's or Buyer's Representative's receipt of preliminary title commitment. INSURANCE CONTINGENCY: This Agreement is contingent upon Buyer's ability to acquire, at a rate acceptable to the Buyer, hazard insurance on the property. Release Date: July 2, 200 _ _____ This Agreement is contingent upon ratification_ by the city commission „ „ .. _.__. Release Date: July s , 2003 This Agreement is contingent upon ~ +~{I~"Ci4FACTo~ev'iZ~.~~S Tq ~.~„L1,~•~ r~~ ~t~•~et.:ra,~._ -c ~ ~ 1 47 q'C U e•t ( F LLVs~. F la 148 !~fs~`.~A~~__ Release Date: -J / Commervial BuySell Page 3 of 7 / uyer•s Initials Seller's Initials Produced with ZipForm"" by RE FvrmsNet, LLC 18025 Fifteen Mile Road, Clinton Township, Michigan A8035, (800) 383.9805 Mandeville, IO 149 ADDITIONAL PROVISIONS: Bu er is aware of the railroad ri ht-of-wa Yellowstone i aline 150 easement throu h the ro art Natural as easement and the Cell Tower lease (Memorandtun of lease 151 attached. 152 Listin a ant is related to Seller. Bu ex is bein re resented b Bu er's own le al oounsel. 153 154 ~ ~, ~E ~ ~~ 155 156 157 158 Tu mdt o~ b ~ 159 160 161 162 163 164 165 166 167 168 169 170 171 CONVEYANCE: The Seller shall convey the real property by General warranty deed, free of all 172 liens and encumbrances except those described in the title insurance commitment, as approved by Buyer. The Seller 173 shall convey the personal property by bill of sale. The Seller shall further convey any and all security deposits, rental 174 agreements, property condition reports and other documentation in regard to any parts of the property occupied 175 by tenants. 176 177 CLOSING AGENTS FEES: Closing agents fee will be paid by ^ Seller ^ Buyer ®Equally Shared. 178 179 TITLE INSURANCE: Seller, at Seller's expense, shall furnish Buyer with an ALTA Standard Coverage Owners Title 180 Insurance Policy (as evidenced by a standard form American Land Title Association title insurance commitment) in an 181 amount equal to the purchase price. Buyer may purchase additional owner's title insurance coverage in the form of 182 "Extended Coverage" or "Enhanced Coverage" for an additional cost to the buyer. It is recommended that buyer obtain 183 details from a title company. 184 185 CONDITION OF TITLE: All mortgages, judgements and liens shall be paid or satisfied by the Seller at or prior to 186 closing unless otherwise provided herein. Seller agrees that no additional encumbrances, restrictions, easements or 1$7 other adverse title conditions will be placed against the title to the property subsequent to the effective date of the 1$8 preliminary title commitment approved by the Buyer. 189 190 SPECIAL IMPROVEMENT DISTRICTS: Special Improvement Districts (including rural SIDs), including those that have 191 been noticed to Seller by City/County but not yet spread or currently assessed, if any, will be: 192 ®paid off by Seller at closing; 193 ^ assumed by Buyer at closing; QR 194 ^ 195 All perpetual SIDS shall be assumed by Buyer. 196 197 PRORATION OF TAXES AND ASSESSMENTS: Seller and Buyer agree to prorate taxes, Special Improvement 198 District assessments for the current tax year, as well as pre-paid rents, water and sewer system charges, and/or 199 common area maintenance fees, if any, as of the date of closing unless otherwise agreed and: no other 200 201 202 CONDITION OF PROPERTY: Seller agrees that the Property shall be in the same condition, normal wear and tear 203 excepted, from the date of the execution of this Agreement up to the time Buyer takes possession of the Property. 204 Seller agrees to leave the Property in broom clean or better condition and allow Buyer awalk-through inspection of 205 said Property prior to closing to insure tha# all appurtenances and appliances included in the sale remain on the 206 r party. / Commercial BuySall Page 4 of 7 / Buyer's Initials Seller's Initials producad with ZipForm T° by RE FormsNet. LLC 18025 FiReen Mile Rvad, Clinton Township, Michigan 48tl35, (81H1) 3839805 Mnndcvillc. to 207 NOXIOUS WEEDS DISCLOSURE: Buyer of property in the State of Montana should be aware that some properties 208 contain noxious weeds. The laws of the State of Montana require owners of property within this state to control, and to 209 the extent possible, eradicate noxious weeds. For information concerning noxious weeds and your obligations as an 210 owner of property, contract either your local County extension agent or Weed Control Board. 211 212 MEGAN'S LAW DISCLOSURE: Pursuant to the provisions of Title 46, Chapter 23, Part 5 of the Montana Code 213 Annotated, certain individuals are required to register their address with the local law enforcement agencies as part of 214 Montana's Sexual and Violent Offender Registration Act. In some communities, law enforcement offices will make the 215 information concerning registered offenders available to the public. If you desire further information please contact the 216 local County Sheriff's office, the Montana Department of Justice, in Helena, Montana, and the probation officers 217 assigned to the area. 218 219 RADON DISCLOSURE STATEMENT: The following disclosure is given pursuant to the Montana Radon Control Act, 220 Montana Code Annotated Section 75-3-606. RADON GAS; RADON IS A NATURALLY OCCURRING RADIOACTIVE 221 GAS THAT, WHEN IT HAS ACCUMULATED IN A BUILDING IN SUFFICIENT QUANTITIES, MAY PRESENT 222 HEALTH RISKS TO PERSONS WHO ARE EXPOSED TO IT OVER TIME. LEVELS OF RADON THAT EXCEED 223 FEDERAL GUIDELINES HAVE BEEN FOUND IN BUILDINGS IN MONTANA, ADDITIONAL INFORMATION 224 REGARDING RADON AND RADON TESTING MAY BE OBTAINED FROM YOUR COUNTY OR STATE PUBLIC 225 HEALTH UNIT. If the Property has been tested for radon, the Seller will provide a copy of the test results concurrent 226 with an executed copy of this Agreement. If the Property has received radon mitigation treatment, the Seller will provide 227 the evidence of the mitigation treatment concurrent with an executed copy of this Agreement. 22$ 229 BUYER'S REMEDIES: 230 (A) If the Seller fails to accept the offer contained in this Agreement within the time period provided in the 231 BUYER'S COMMITMENT section, all earnest monies shall be returned to the Buyer. (B) If the Seller accepts the 233 offer contained in this Agreement, but refuses or neglects to consummate the transaction within the time period 234 provided in this Agreement, the Buyer may: 235 (1) Demand immediate repayment of all monies that Buyer has paid as earnest money, and upon the return of 236 such money, the rights and duties of Buyer and Seller under this Agreement shall be terminated; OR 237 (2) Demand that Seller specifically perform Seller's obligation under this Agreement; OR 238 (3) Demand monetary damages from Seller for Seller's failure to perform the terms of this Agreement. 239 240 SELLER'S REMEDIES: If the Seller accepts the offer contained in this Agreement and Buyer refuses or neglects to 241 consummate the transaction within the time period provided in this Agreement, the Seller may: 242 (1) Declare the earnest money paid by Buyer be forfeited; OR 243 (2) Demand that Buyer specifically perform Buyer's duties and obligations under this Agreement; OR 244 (3) Demand that Buyer pay monetary damages for Buyer's failure to perform the terms of this Agreement. 245 246 BUYER'S/SELLER'S CERTIFICATION: By entering into this Agreement, each person or persons executing this 247 Agreement as Buyer or Seller represents that he/she is eighteen (1$) years of age ar older, of sound mind, and legally 24$ competent to own or transfer real property in the State of Montana; and, if acting on behalf of a corporation, 249 partnership, or other non-human entity, that he/she is duly authorized to enter into this Agreement on behalf of such 250 entity. 251 252 CONSENT TO DISCLOSE INFORMATION: Buyer and Seller hereby consent to the procurement and disclosure by 253 Buyer, Seller, and Salespersons and their attorneys, representatives, and other parties having interests essential to 254 this Agreement, of any and all information reasonably necessary to consummate the transaction described in this 255 Agreement, specifically including access to escrows for review of contracts, deeds, trust indentures, or similar 256 documents concerning this property or underlying obligations pertaining thereto. 257 258 RISK OF LOSS: All loss or damage to any of the above-described real property or personal property to any cause is 259 assumed by Seller through the time of closing unless otherwise specified. 260 261 TIME IS OF THE ESSENCE: Time is of the essence as to the terms and provisions of this agreement. / Commercial Buy-Sell Page 5 of 7 / uyer's Initials Seller's Initials Produced with ZipForm'" by RE FormsNet, LLC 18025 Fifteen Mile Road, Glinion Township, Michigan 48035, (800) 383-9805 Mandeville. Jo 262 BINDING EFFECT AND NON-ASSIGNABILITY: The Agreement is binding upon the heirs, successors and assigns of 263 each of the parties hereto; however, unless otherwise provided for in this agreement, Buyer's interest is not assignable 264 without the Seller's express written consent. 265 266 ATTORNEY FEES: In any action brought by the Buyer or the Seller to enforce any of the terms of this Agreement, the 267 prevailing party in such action shall be entitled to such reasonable attorney fees as the court or arbitrator shall 268 determine just. 269 270 COMMISSION: The Seller's and/or Buyer's commitment to pay a commission in connection with this transaction is an 271 integral part of this Agreement. 272 273 FACSIMILE: The parties agree that a facsimile copy of this Agreement which contains the parties' signatures may be 274 used as the original. 275 276 COUNTERPARTS: A copy of this document may be executed by each individual/entity separately, and when each has 277 executed a copy thereof, such copies, taken together, shall be deemed to be a full complete contract between the 278 parties. 279 2$0 ENTIRE AGREEMENT: This Agreement, together with any attached exhibits and any addenda or amendments signed 281 by the parties, shall constitute the entire agreement between Seller and Buyer, and supersedes any other written or 282 oral agreements between Seller and Buyer. This Agreement can be modified only in writing, signed by the Seller and 283 Buyer. 284 285 EARNEST MONEY DISPUTES: Buyer and Seller agree that, in the event of any controversy regarding the earnest 286 money and things of value held by the Broker, closing agent, or any person ar entity holding such money or property, 287 unless mutual written instructions are received by the holder of the earnest money and things of value, Broker ar 288 closing agent shall not be required to take any action, but may await any proceedings, or, at Broker's or closing 289 agent's option and sole discretion, may interplead all parties and deposit any monies or things of value in a court of 290 competent jurisdiction and may utilize as much of the earnest money deposit as may be necessary to advance the 291 cost and fees required far filing such action. 292 293 ALTERNATIVE DISPUTE RESOLUTION: At any time, the parties may agree to submit any dispute arising out of this 294 transaction to mediation or arbitration. Parties, by agreement, shall specify mediation OR binding arbitration. The cost 295 of mediation/arbitration shall be paid equally by the parties. 296 297 ADDENDA ATTACHED: Mandatory Mold Disclosure to be attached on all inhabitable real property, along with the 298 following (check all that apply): 299 ^ Sale of Buyer's Property 300 ^ Addendum for Additional Provisions 301 ^ 302 n ® 1031 Tax Deferred Exchange ^ Back-up Offer 303 ^ 304 305 RELATIONSHIP CONFIRMATION: The parties to this agreement confirm that the real estate licensees identified 306 hereafter have been involved in this transaction in the capacities indicated below and the parties have previously 307 received the required statutory disclosures setting forth the licensees duties and the limits of their obligations to each 308 party: 309 310 Llovd Mandeville, N. Ainsworth ~ ~ OfPrudential Bozeman Real Estate 311 (name of licensee) (name of Brokerage company) 312 is acting as ®Seller's Broker/Salesperson; ^ Dual Broker/Salesperson ^ Statutory Broker. 313 314 Llo d Mandeville N. Ainsworth of Prudential Bozeman Real Estate 315 (name of licensee) (name of Brokerage company) 316 is acting as ^ Buyer's Broker/Salesperson; ^ Dual Broker/Salesperson; ^ Statutory Broker; 317 ®Seller's Broker/Salesperson (includes Seller's Sub-Broker or Salesperson). r/ Commercial Buy-Sell Page 6 of 7 ! uyers Initials Sellers Initials Produced with ZipFormTM by RE FormsNef, LLC 78025 Fifteen Mile Road, Clinton Township, Michigan x8035, (800) 383-9805 Mandcvillc. Jo .. 318 BUYER'S ACKNOWLEDGMENT: Buyer acknowledges that he/she has examined the real and personal property, that 319 Buyer enters into this Agreement in full reliance upon his/her independent investigation and judgement, that prior verbal 320 representations by the Seller or Seller's agent or representatives do not modify or affect this Agreement, and that by 321 signing this Agreement Buyer acknowledges having read and understand this entire Agreement. 322 323 BUYER'S COMMITMENT: I/We agree to purchase the above_described Property on the terms and conditions set forth 324 in the above offer and grant to said Salesperson until (date) June 26 2003 , at s: 00 325 ^ am ®pm (Mountain Time) to secure Seller's written acceptance. Buyer may withdraw this offer at any time prior to 326 Buyer being notified of Seller's written acceptance. If Seller has not accepted by the time specified, this offer is 327 automatically withdrawn. 328 329 I/WE HEREBY ACKNOWLEDGE receipt of a copy of this Agreement bearing my/our signature(s). 330 331 Buyer's Address: i East Main ,,,,,._ City Bozeman , 332 333 State MT ,Zip Code 59715 Phone Number (4065132-2303 334 t 335 Buyer's Name Printed: __city of Bozeman . b•/ Lt.p.~~ V. So~.~~.,.-- ~- ~~Y _ ~p{y-~L1~ 336 337 Dated this Z3r`, t~-y of .,~rl~, 71x3 , at ~ '• 5 ®a.m. ^ p.m. (Mountain Time). 338 339 34~ 341 (guyer's Signature) (Buyer's Signature) 342 343 344 OFFER PRESENTATION: This offer was presented to the Seller(s) on 345 346 347 Date: Time ^ a.m.^ p:m. By: 348 (Signature of person presenting the offer) 349 350 351 SELLER'S COMMITMENT: I/We agree to sell and Canvey to Buyer the above-described Property on the terms 352 and conditions herein above stated. I/We acknowledge a receipt of a copy of this Agreement bearing my/our 353 signature(s) and that of the Buyer(s) named above. 354 355 Seller's Address: City 356 357 State ,Zip Code Phone Number 358 359 Seller's Name Printed: John M_:,_,Mandeville,,,, Donna, R. Mandeville 360 361 Dated this , at ^ a.m. ~ p.m. (Mountain Time). 3s2 3s3 3s4 365 (Seller's Signature) (Seller's Signature) 366 367 ACTION TAKEN, IF OTHI"R THAN ACCEPTANCE: 368 369 ^ Rejected by Seller / / ^ Modified per Attached Counter / / 370 Seller's Initials Date Seller's Initials Date NOTE: Any performance which is required to be completed on a Saturday, Sunday or a Holiday can be performed on the next business day. Montana Association of REALTORS® 03012003 Commercial Buy-Sell Page 7 of 7 Produced with ZipForm"" by RE FormsNet, LLC 78025 Firieen Mile Road, Clinton Township, Michigan 48035, (800) 383-9805 Mandeville, Ja 1 ~II~ 1031 Tax Deferred Exchange Addendum - (Seller) REALTOR® OPPWI7Yt0tY 1 In reference to the Buy/Sell Agreement between cit of Bozeman 2 (Buyer) and .john M. Mandeville, Aonna R. Mandeville ~ ~ (Seller), 3 dated June 18, Zoos covering the following described property 4 Redwinct Drive, Bozeman 5 6 7 __ 8 9 10 11 12 13 Buyer herein acknowledges that it is the intention of the Seller to complete an IRC Section 1031 tax- 14 deferred exchange. Buyer agrees the Seller's rights and obligations under this agreement may be 15 assigned to facilitate such exchange and this agreement may be part of an integrated, interdependent 1B exchange agreement. Buyer agrees to cooperate with the Seller in executing such documents as may 17 be necessary to enable Seller to qualify for said exchange at no additional cost or liability to Buyer. 18 19 20 21 22 Seller John M. Mandeville Date/Time 23 24 2~ 26 Seller rionna R. Mandeville Date/Time 27 28 30 Buyer city of Bozeman Date/Time 31 32 33 34 Buyer Date/Time NOTE: Any performance which is required to tie completed on a Saturday, Sunday or a Holiday can be performed on the next business day_ ©MONTANA ASSOCIATION OF REALTORS 019902 Pntdential Montana Real Estate 1925 North 22Tx113ozeman, MT 59718 Phone: (4()6) 587-9566 Fax: (406) 587-5453 Lloyd Mandeville Mandeville Produced with ZipFormTM by RE FarmsNet, LLC 18025 Fifteen Mlle Road, Gunton Township, Michigan 48035, (800) 3839805 RELATIONSHIPS IN REAL ESTATE TRANSACTIONS ,_ ® (COMBINED EXPLANATION AND DISCLOSURE) ~' EWAL IIAUSNG REALTORm Definition of Terms and Description of Duties 0pP0"7U""" 1 A "Seller Agent" is obligated to the Seller ta: 2 .act solely in the best interests of the seller; 3 •obey promptly and efficiently all lawful instructions of the seller; 4 •disclose all relevant and material information that concerns the real estate transaction and that is known to 5 the seller agent and not known or discoverable by the seller unless the information is subject to confidentiality 6 arising from a prior or existing agency relationship an the part of the seller agent; 7 •safeguard the seller's confidences; 8 +exercise reasonable care, skill, and diligence in pursuing the seller's objectives and in complying with the 9 terms established in the listing agreement; 10 •fulty account to the seller for any funds or property of the seller that comes into the seller agent's 11 possession; and 12 •comply with all applicable federal and state laws, rules, and regulations. 13 14 A "Seller Agent" is obligated to the Buyer to: 15 +disclose to a buyer or the buyer agent any adverse material facts that concern the property and that are 16 known to the seller agent, except that the seller agent is not required to inspect the property ar verify any 17 statements made by the seller; 18 •disclose to a buyer or the buyer agent when the seller agent has no personal knowledge of the veracity of 19 information regarding adverse material facts that concem the property; 20 rr act in good faith with a buyer and a buyer agent; and 21 +comply with all applicable federal and state taws, rules, and regulations. 22 23 A "Buyer Agent" is obligated to the Buyer to: 24 • act solely in the best interests of the buyer; 25 +obey promptly and efficiently all lawful instructions of the buyer; 26 •disclose all relevant and material information that concerns the real estate transaction and that is known to 27 the buyer agent and not known or discoverable by the buyer, unless the information is subject to confdentiality 2$ arising from a prior or existing agency relationship on the part of the buyer agent; 29 •safeguard the buyer's confidences; 30 +exercise reasonable care, skill, and diligence in pursuing the buyer's objectives and in complying with the 31 terms established in the Buyer/Broker agreement; 32 +fully account to the buyer for any funds or property of the buyer that comes into the buyer agent's 33 possession; and 34 •comply with all applicable federal and state laws, rules and regulations. 35 36 A "Buyer Agent" is obligated to the Seller to: 37 +disclose any adverse material facts that are known to the buyer agent and that concern the ability of the 38 buyer to perform on any purchase offer; 39 +disclose to the seller or the seller agent when the buyer agent has no personal knowledge of the veracity of 40 information regarding adverse material facts that concem the buyer; 41 +act in goad faith with a seller and a seller agent; and 42 •comply with all applicable federal and state laws, rules and regulations. 43 44 DUAL AGENCY IF A SELLER AGENT IS ALSO REPRESENTING A BUYER, OR A BUYER AGENT IS ALSO 45 REPRESENTING A SELLER WITH REGARD TO A PROPERTY, THEN A DUAL AGENCY RELATIONSHIP MAY 46 BE ESTABLISHED. IN A DUAL AGENCY RELATIONSHIP, THE DUAL AGENT IS EQUALLY OBLIGATED TO BOTH 47 THE SELLER AND THE BUYER. THESE OBLIGATIONS MAY PROHIBIT THE DUAL AGENT FROM ADVOCATING 48 EXCLUSIVELY ON BEHALF OF THE SELLER OR BUYER AND MAY LIMIT THE DEPTH AND DEGREE OF 49 REPRESENTATION THAT YOU RECEIVE. A BROKER OR A SALESPERSON MAY NOT ACT AS A DUAL AGENT 50 WITHOUT THE SIGNED, WRITTEN CONSENT OF BOTH THE SELLER AND THE BUYER. 51 52 ~ ~ , I nit ©Montana Assoaation of REALTORS® 03012003 Page 1 of 2 agency disclosure Prudential Montana Real Estate 1925 North 22ndBozeman, MT 59718 Phone: (406) 587-9566 1•'a~s= (406) 587-5453 Lloyd Mandeville Mandeville Produced with ZipFormT" d7 RE: FormsNet, LLC 18(125 FMteen Mile Road. Gtirrton Township, Michigan 48035, (800) 383-98D5 53 A "Dual Agent" is obligated to a Seller in the same manner as a seller agent and is obligated tv a buyer in the 54 same manner as a buyer agent, except a dual agent: 55 • has a duty to disclose to a buyer or seller any adverse material facts that are known to the dual agent Sti regardless of any confidentiality considerations; and 57 ~ may not disclose the following information without the written consent of the person to whom the 58 information is confidential; 59 (i) the fact that the buyer is willing to pay more than the offered purchase price; 60 (ii) the fact that the seller is willing to accept less than the purchase price that the seller is asking 61 for the property; 62 {iii) factors motivating either party to buy or sell; and 63 (v) any information that a party indicates in writing to the dual agent is to be kept confidential. 64 65 A "Statutory Broker' is not the agent of the Buyer or Seller but nevertheless is obligated to them to: 66 ~ disclose to: 67 (i) a buyer or a buyer agent any adverse material facts that concern the property and that are 68 known to the statutory broker, except that the statutory broker is not required to inspect the 69 property or verify any statements made by the seller; and 70 (ii) a seller or a seller agent any adverse material facts that are known to the statutory broker and 71 that concem the ability of the buyer tv perform on any purchase offer; 72 ~ exercise reasonable care, skill, and diligence in putting together a real estate transaction, and 73 •comply with all applicable federal and state laws, rules and regulations. 74 75 An "Adverse material fact" means a fact that should be recognized by a broker or salesperson as being of 76 enough significance as to affect a person's decision to enter into a contract to buy or sell real property and may be 77 a fact that: 78 (i) materially affects the value, affects structural integrity, yr presents a documented health risk to 79 occupants of the property; or 8D (ii) materially affects the buyer's ability or intent to perform the buyer's obligations under a proposed or 81 existing contract. 82 "Adverse material fact" does not include the fact that an occupant of the property has or has had a communicable 83 disease or that the property was the site of a suicide or felony. $4 85 Relationship Disclosure/Consent 86 The undersigned Broker or Salesperson hereby discloses the relationship as checked below, and the undersigned 87 Seller or Buyer acknowledges receipt of such Disclosure and consents to the relationship disclosed. 88 89 Check all the Applicable Relationship(sj: 9D 91 ®Seller Agent ^ Buyer Agent 92 93 ^ Statutory Broker ^ Dual Agent (by checking this box, the undersigned buyer or seller consents to the licensee 94 acting as a dual representative) 95 96 97 98 99 100 lO1Llo d Mandeville N. Ainsworth / 1D2Broker and/or Salesperson Lloyd rr. Mandeville Date 1 D3 ~ r 104 ~l 1 D5 ~~- / !p (~ 3 xdo3 106^ Seller ®Buyer city of Bozeman Date 107 Page 2 of 2 agency disclosure Producetl wile ZipF6rtnTM 6y RE FormSNet, LLC 18025 FdlO&n MiIE R89tl, ClinWn Township, Mi[Itlgan a8p35, (800) 38&9805 Mandeville