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Home My WebLink About93- Bargain Sale Agreement with Edmund BurkeBARGAIN SALE AGREEMENT This Agreement ( "Agreement ") entered into this 6th day of August , 1993, between EDMUND BURKE, TRUSTEE OF THE EDMUND BURKE REVOCABLE TRUST DATED MARCH 2, 1981, and MARTHA BENGE BURKE, TRUSTEE OF THE MARTHA B. BURKE REVOCABLE TRUST DATED MARCH 2, 1981, and THOMAS D. BURKE, Tenants in Common, ( "Seller ") and THE CITY OF BOZEMAN, MONTANA, a municipal corporation ( "Buyer "). 1. Seller is the owner of certain real property in Bozeman, Montana, described in Exhibit "A" attached hereto and incorporated herein by this reference. Said real property, together with any and all improvements, fixtures, timber, water and minerals located thereon and any and all rights appurtenant thereto including but not limited to timber rights, water rights, grazing rights, access rights and mineral rights, except for the retained parcel described in Exihibit "B" attached hereto, shall be referred to in this Agreement as the "Subject Property ". 2. It is the mutual intention of Seller and Buyer that the Subject Property be preserved and used for public park and recreational purposes. Buyer is prepared to condemn Seller's property for such park purposes. This Agreement is entered into under threat of condemnation. 3. In consideration of the payment of Two Hundred Thirty -five Thousand and no /100 Dollars ($235,000.00) by Buyer, r Seller agrees to convey Subject Property to Buyer. As a further material condition of this Agreement, Subject Property will be named "BURKE PARK ". The purchase price will be due and payable immediately upon the conveyance of Subject Property from Seller to Buyer by warranty deed accompanied by a title report evidencing good title in Seller and an ALTA extended coverage owner's policy of title insurance in the amount of the purchase price insuring title in Buyer. The parties may or may not utilize escrow services in this transaction. It is contemplated that such conveyance will take place prior to August 7, 1993. 4. RETAINED PROPERTY. The parties agree that Seller will retain a parcel comprising approximately 2 acres described in Exhibit "B" attached hereto and incorporated by reference. The parties have agreed that the value of the retained parcel is $25,000.00. As further consideration for the sale of Subject Property, the parties agree as follows: a. Seller contemplates subdividing the current platted lots into two lots, hereinafter referred to as "retained lots ", and building a one -story single - family home on each retained lot. Buyer agrees with this proposed concept for the retained property subject to Seller's compliance with State law, City regulations and City code provisions, and required procedural reviews and approvals. -2- b. Buyer, in reviewing adjacent subdivisions to the retained lots, will ensure in its review of the adjacent subdivisions that the streets are arranged to allow for street and utility access to the retained lots in order to avoid land - locking the retained lots. Seller agrees to pay a fair share of any street extension proportionately with other owners directly benefitted from the street extension. Buyer will ensure that Seller has street and utility access to the retained lots whether or not the adjacent property is ever subdivided which is currently satisfied by Ida Street. If the portion of Ida Street on the retained property should ever be vacated, the half of the Street to the center line nearest Seller's retained property shall revert to Seller. C. When City street and utilities become available to the retained lots, Buyer will issue a building permit for each of the retained lots as long as all City regulations and code provisions are satisfied. d. Buyer will lease back the two retained lots from Seller for park use at an annual lease rent equal to the property taxes for the two retained lots. The term of the lease will be limited to a term of twenty (20) years unless the City renews the lease at the end -3- EXHIBIT B RETAINED PROPERTY The retained property comprises approximately one and three - quarter acres, and consists of Lots 27, 28, 29, 30 and 31 of Block 20; Lots 1, 2, 3, 4, 5, 6, 34, 35, 36, 37, 38 and 39 of Block 21 and the immediately adjoining vacated streets and alleys of the Electric Heights Addition to the City of Bozeman, and described in Certificate of Survey Number 1778, of record in Gallatin County Courthouse. The vacated streets include 16th Street Southeast, and 15th Street Southeast and the vacated alleys include the alley in Block 21 and the alley in Block 20 of said addition. A tract of land located in the Electric Height Addition to the City of Bozeman, described as follows: Beginning at the southeast corner of Block 21 of the Electric Heights Addition to the City of Bozeman; thence North along the west property line of 4th Avenue Southeast to the center line of the alley in Block 20 of said addition; thence west along said centerline to a point which is the extension of the west property line of Lot 27, Block 20, of said addition; thence south along the west property line of Lot 27, Block 20, Lots 6 and 34 of Block 21, and the extension of Lot 34, Block 21 of said addition to the centerline of 16th Street Southeast; thence east along the centerline of 16th Street Southeast to the west property line of 4th Avenue Southeast extended; thence north along the extension of the west property line of 4th Avenue Southeast to the point of beginning. Said parcel contains approximately one and three - quarter acres. FILM 135 PACE1594 WARRANTY DEED IN CONSIDERATION of the sum of Two Hundred Thirty -five Thousand Dollars ($235,000) receipt of which is hereby acknowledged on this 27th day of August , 1993, the undersigned, Edmund Burke, Trustee of the Edmund Burke Revocable Trust dated March 2, 1981, and Martha Benge Burke, Trustee of the Martha B. Burke Revocable Trust dated March 2, 1981, and Thomas D. Burke, tenants in common, do hereby grant unto the City of Bozeman, a Montana municipal corporation, the following described real property situated in Gallatin County, Montana, to -wit: Tract 1 of Certificate of Survey No. 1778 located in the SW' /a SE' /a of Section 7 and the E' /2 of Section 18, Township 2 South, Range 6 East, P.M.M., Gallatin County, Montana, according to the official plat thereof on file and of record in the office of the County Clerk and Recorder of Gallatin County, Montana. EXCEPTING THEREFROM Lots 27, 28, 29, 30, 31 and the S'/2 of the vacated alley lying adjacent to the North of Lots 27, 28, 29, 30 and 31; and the N' /z of vacated 15th Street Southeast lying adjacent to the South of Lots 27, 28, 29, 30, and 31; all located in Block 20 of the Electric Heights Addition to The City of Bozeman, Gallatin County, Montana. AND FURTHER EXCEPTING THEREFROM Lots 1, 2, 3, 4, 5, 6; the S' /2 of vacated 15th Street Southeast lying adjacent to the North of Lots 1, 2, 3, 4, 5, and 6; and the N:7 of the vacated alley lying adjacent to the South of Lots 1, 2, 3, 4, 5 and 6. Lots 34, 35, 36, 37, 38, 39; the S'h of the vacated alley lying adjacent to the North of Lots 34, 35, 36, 37, 38 and 39; and the N' /z of vacated 16th Street Southeast lying adjacent to the South of Lots 34, 35, 36, 37, 38 and 39. All located in Block 21 of The Electric Heights Addition to The City of Bozeman, Gallatin County, Montana. TO HAVE AND TO HOLD unto the Grantee and to its successors and assigns forever, subject, however, to: Warranty Deed.Burke Page I FILM UWACU595 (a) All reservations, easements, rights -of -way and restrictions of record pertaining to said lands or any thereof; (b) all existing building and use restrictions and zoning ordinances pertaining to said property; (c) all taxes and assessments for the year 1993 and subsequent years. EXCEPT with reference to items referred to in paragraphs (a) through (c) above, the Deed is given with the usual covenants expressed in MCA Sections 30 -11 -109 and 30 -11 -110. IN WITNESS WHEREOF, the Grantors have executed this Warranty Deed the day and year first above written. EDMUND BURKE REVOCABLE TRUST Dated March 2, 1981 By 1-4- J,, j /�L/, Edmund Burke, rustee MARTHA BENGE BURKE REVOCABLE TRUSTEE Dated March 2, 1981 &FINAA-11,511 OAF Benge Burke, & THOMAS D. BURKE Thomas D. Burke STATE OF HAWAII ) ss. CITY AND COUNTY OF HONOLULU ) On this 27th day of August in the year 1993 , before me a Notary Public for the State of Hawaii , personally appeared Edmund Burke, known to me to be the person whose name is subscribed to the within instrument, and acknowledged to me that Warranty Deed. Burke Page 2 B he executed the same. TAR PUBLIC FOR THE STATE OF HAWAII Re_si g in Honolulu, Hawaii. My CQ,}} ion expires 4/15/96 X ff♦ �I STATE OF HAWAII ss. CITY AND COUNTY OF HONOLULU ) FILM 135PAGE159 On this 27:th day of AngLt in the year 1993, before me a Notary Public for the State of Hawaii , personally appeared Martha Benge Burke, known to me to be the person whose name is s bscribed to the within instrument, and acknowledged to me that she executed the same. N ARY BLIC FOR THE STATE OF HAWAII Residi Honolulu, Hawaii My Commission expires 4/15/96 l-��tyttt#tlftyt/r ; y � BLI ,• 'elf of STATE OF HAWAII : ss. CITY AND COUNTY OF HONOLULU ) On this 27th day of August in the year 1993, before me a Notary Public for the State of Hawaii , personally appeared Thomas D. Burke, known to me Warranty Deed. Burke Page 3 FILM 05 FAC11597 to be the person whose name is subscribed to the within instrument, and acknowledged to me that he executed the same. 'ARY `tit" 1 l♦ ♦ ,, '.��' ♦' I 'err _ %aar� - --1-A., LIC FOR THE STATE OF HAWAII polulu, Hawaii V expires 4/15/96 ► Sri ' y i r; s . F 270959 I;lD�X�D �" PLAITED State of Mont., County of Gallatin. ss Filed for record SEPTEMBER 1 ,19 93 at 10 : 17 A M.. and recorded in Bock 13 5 of DEEDS �pag0 15 9 4 Shelley K cbewl Recorder. By Cepety RT: PAUL J. LUWE, CITY ATTORNEY CITY OF BOZEMAN P.O. BOX 640 BOZEMAN, MONTANA 59771 -0640 FEE: $24,00 Warranty Deed.Burke Page 4 9 U I Burke Park 0 200 4UO Feet LD '44`1 mix TT 'T_ 70� 77 7 z I_, 0 FIFO JC Josephine Park