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CCR1978188RESOLUTION $1188-78 APPROVAL OF RENEWAL OF CONTRACT BETWEEN CITY OF MUSKEGO AND E. M. BOERKE, INC . (Industrial Park) WHEREAS, the City of Muskego has previously executed a contract with the E. M. Boerke Company, Inc. as real estate agents for the City’s Muskego/Business Industrial Park, and WHEREAS, it is necessary to renew the contract, and WHEREAS, the Finance Cmittee has reconunended that the contract be renewed, THEREFOREy BE IT RESOLVED that the Cmon Council of the City of Muskego, upon the recommendation of the Finance Cmittee, does hereby approve of the proposed contract for the term of one year between the City and the E. M. Boerke Company, Inc. BE IT FURTHER RESOLVED that the Mayor and City Clerk are authorized to execute the contract in the name of the city after approval by the city attorney. DATED THIS ISDAY OF -A, 1978. FINANCE COMMITTEE Ald. Ronald J. Ford Ald. Edwin P . Dumke Ald. Paul J. Schawberg ATTEST : City Clerk CONTRACT This agreement is made between E. M. Boerke, Inc. (Broker) @ and the City of Muskego (City) : The City hereby gives the Broker the sole and exclusive right to procure purchasers for lots and acreage in that certain property in the City of Muskego owned by the City and known as .e I the Muskego Industrial Park, which property is located on Racine Avenue (County Trunk Highway "Y") , in the City of Muskego, Waukesha County, Wisconsin. i I Terms of Sale: The minimum sale price of any lot or ~ acreage shall be Twelve Thousand Dollars ($12,000.00) per acre, with any increase in lot price and/or acreage price, to be recommended by the Broker and approved by the Common Council of the City. The sales price of any lot or acreage shall in- clude sanitary sewers, and municipal water service with laterals to the lot line; also paved streets and storm sewers where deened necessary by the City. No further municipal improvements for which special assessments may be levied are at the present time contemplated by the City. The City will provide to the Broker a contract form which will include the basic terms of every agreement to be approved by the City, including para- graphs as to repurchase options in the event building is not commenced within a year, and other particulars of the sale. 0- 1 I 1 !. I I If a sale or exchange is made or a purchaser procured by the Broker at the price and upon the terms specified herein, or at any other terms, and the price accepted by the City during the term of this Contract or if sold or exchanged within six (6) months after the termination of the same to anyone with whom the Broker negotiated during the term of this contract and whose 0 name the Broker has submitted to Seller in writing prior to the expiration date of this contract, the City will pay to the Broker a commission of ten percent (10%) of the sales price. but in no event less than a minimum commission of One Thousand e Two Hundred Dollars ($1,200.00) per acre sold. The Broker agrees . '. Industrial sale, the co-broker . directly w that he will encourage other brokers to attempt sales in the Park and in the event a co-broker shall negotiate a commission shall be as agreed to between broker and In the event the City should sell a parcel or lot ,ithout the aid or assistance of the Broker, a com- mission in the amount of ten percent (10%) shall be paid Boerke. All deposits paid to the Broker shall be retained by him in a trust account and if forfeited by the Buyer, said money shall first pay for cash advancements made by the Broker and one-half the balance, but not in excess of the commission agreed on, shall belong to the Broker; the balance shall be- @- long to the Seller. The Broker shall use its best efforts to procure pur- chasers for the property located in the Industrial Park and in addition to usual methods of advertising, shall engage in such other promotional activities as it deems necessary to promote sales in the Park. This agreement is for the term of one (1) year and can be terminated by a ninety (90) day notice by any party. Dated this 12 day of te_ , 1978. CITY OF MUSKEG0 By : Mayor By : City Clerk MUSKEG0 INDUSTRIAL P.4RK Contract for Purchase and Sale Muskego, Wisconsin Auqust 28 9 1918 The undersigned~ Buyer, Frank Balistreri and Harish Batra. hereby offers to purchase the property known as Lot 11, Parcel c in the tenants in common Muskego Industrial Park, City of Muskego, County of Waukesha, State oi Wisconsin and further outlined in red on the attached Certified .SIITVPV Man building plans. 2) Offer is further subject to buyer obtaining soil kests, at buyers' expense, the results of which confirm the caDabhty of sa id soils to support buyers proposed building without substantial additional roundation costs. Buyer acknowledges receipt of the results of soil tests taken near the subject property. 3) Buyer shall have 45 days from the date of this offer to accomplish satisfaction of the above two continsencies. By the end of the 45 day term, Buyer must waive the two contingencies inwritins and prepare to close the transaction within 15 days or this contract shall be null and void and all monies returned. .. Buyer agrees that, unless otherwise specified, he will pay all costs of securing any financing to the extent permitted by law, and to perform all acts necessary to expedite such financing. ". .. Special Improvements: (a) The purchase price includes the following improvements: Sanitdry sewer mains and water mains installed to the lot line of the premises described herein, fully paid for and available for use by T3u)rer; upon installation of laterals only; (b) Improved streets to be paved to the lot line..of the premises described herein. If said streets are not permanently surfaced at the time of the completion of this transaction, said streets when permanently improved, shall be at the expense of the City and no special assessments with respect to the permanent improvements of the streets or curb and gutter shall be assessed against the property herein described, and the Buyer, his heirs, and assigns, shall have no further obligation with respect th'ereto. The Seller shall, upon payment of the purchase price, convey the property by good and sufficient warranty deed, free and clear of all liens and encumbrances, excepting: Municipal and zoning ordinances and Recorded Easements for public utilities; recorded building restrictions, and rules and regulations of the Muskego Industrial Park. The Seller shall furnish and deliver to Buyer for examination at least fifteen (15) days prior to the date set for closing, an owner's policy of t'itle insurance in the amount of purchase price, naming the Buyer as the assured, as his interest may appear, written by a responsible title insurance company licensed by the State of Wisconsin, which policy shall guarantee the Seller's title to be in the condition called for by this agreement. A commit- ment by such a title company, agreeing to issue such a title policy upon the recording of the proper documents as agreed herein, shall be deemed sufficient performance. Legal possession of premises shall be delivered to Buyer on date of closing. All money paid hereon shall be applied as part payment of the purchase price if this offer is accepted on or before 19 78; otherwise, to be returned to the undersigned Buyer no later than -> September 14, , 1978, - and this offer shall become null and void. If this offer is accepted, it shall not become binding upon the Buyer until a copy addressed to the Buyer at North Prairie, Wisconsin 53153 of accepted offer is deposited, postage prepaid, in the IJnited States Mails, or by personal delivery thereof. b Thi s transaction shall be closed at the office of the City of Muskego, at W182 582.00 Racine Avenue, Muskego. Wisconsin, or at the office of Buyer's mortgagee, if any, on or before *October 31 19 - 78 or at such other time and place as may be designated in writing by the parties hereto. All money paid under this contract shall be retained in Broker's Trust Account, until the consummation or termination of this agreement. Should the undersigned Buyer fail to carry out this agreement, all money paid hereunder shall, at the option of the Seller, be forfeited as liquidated damages and shall be paid to or retained by the Seller, subject to deductioqs of Broker's commissions and disbursements, if any. Should the undersigned Seller be unable to carry out this agree- ment by reason of a valid legal defect in title which the Buyer is unwilling to waive, all money paid hereunder shall be returned to the Buyer forthwith, and this contract shall he null and void. IT IS FURTHER AGREED between Buyer and Seller: 1. That the Buyer shall begin construction of a small business center containinq 10 - 1,000 sa. ft. spaceS for facturing companies - - coqtaining a minimum of u) .ooo square feet within 17 months. In the event such construction is not so begun within 12 months from the date hereof, the Seller .shall have the option to repurchase the premises for the original purchase price. 2. The provisions of Rragraphs 13 and 14 of the rules and regulations for the Muskego Business/Industrial Park as adopted by the. City of Muskego, by Resolution #145-70 on July 28. 1970, and as thereafter recorded and/or amended, are incorporated herein by reference as if fully set forth herein. Said provisions provide in effect that in the event the Buyer should desire to resell a portion of the premises which are the subject of this contract and which are not being used in connection with Buyer's business, that he must first offer the same to the City for repurchase. The City shall then have 90 days to act upon said offer. 3. These provisions shall constitute covenants running with the land and shall be binding upon the successors and assigns of the parties hereto and may he included in the deed which Seller delivers to Buyer in completion of this transaction. Buyer acknowledges that he has received a copy of the full text of the Rules and Regulations of the Muskego Industrial "3" .^ I , '. . , Park and that he has read and fully understands sa~ne. i e The warranty and representation made herein survive the closing of this transaction. l Additional Special Conditions: The undersigned Buyer has read and fully understands and hereby makes the foregoing Offer to Purchase and acknowledges receipt of a copy of said Offer. I Pursuant to Resolution # passed by the Common Council b of the City of Muskego on , 19-, the above Offer is hereby accepted. The undersigned hereby agrees to sell and convey the above-mentioned property on the terms and conditions as set forth and acknowletiges receipt of a copy of this agreement. CITY OF MUSKEG0 By: Mayor Countersigned: Clerk Dated: 9 19- EARNEST MONEY RECEIPT RECEIVED OF Frank Balistreri and HU B 6 One thousand three hundred and OO/lOO------a.t~~ollars ($l, 300 .OO-l-). The undersigned agrees to hold the same in his authorized Real Estate Trust Account or transmit the same in accordance with the terms of the above Offer. I By: Dated: August 29 "