CCR1986031RESOLUTION #31-86
ACCEPTANCE OF OFFER TO PURCHASE PARCEL OF LAND
IN MUSKEGO BUSINESS/INDUSTRIAL PARK
(Ingersoll Cable Corporation)
WHEREAS, the City has received an Offer to Purchase in the
amount of $45,000.00 from Ingersoll Cable Corporation for Lots
1, 2 and 3, Block 2 (7.513 acres) in the Muskego Business/
Industrial Park, and
WHEREAS, preliminary soil borings indicate that a standard
building foundation cannot be utilized throughout the site, and
WHEREAS, acceptance of the offer has therefore been recommended
by Mooney and Associates and the Finance Committee.
NOW, THEREFORE, BE IT RESOLVED that the Common Council of the
City of Muskego, upon the recommendation of the Finance
committee, does hereby accept the Offer to Purchase Lots 1, 2
and 3, Block 2, Muskego Business/Industrial Park (7.513 acres)
from Ingersoll Cable Corporation, including the attached Rider
of the Offer to Purchase, in the amount of $45,000.00.
BE IT FURTHER RESOLVED that the Mayor and Clerk are hereby
authorized to execute the necessary documents in the name of
the City.
ATTEST : n
RERTD(BPw'10~
The follwing term and ditims are made a part of the Offer to Purchase I) attached hereto and dated February 7, 1986.
I. Special Improvemmts:
A. The prchase price imlujes the follcwing inprovemnts: Sanitary sewer mains and water mains, fully paid for ard available for use by Buyer.
Buyer will connect to seer in the road at Buyer's expense.
11. It is agreed betyeen Buyer prd Seller:
A. he provisims of paragrafis thirteen (13) and fcurteen (14) of the
Rule; and Rqulati& for-the Muskego Industrial Park as adopted by the
City of Muskego by Resolution R145-70 m July 28, 1970, and as
as if fully set fmth herein. Said provisims provide in effect that in 'thereafter recorded and/or amended, are incorprated herein by reference
which are ule subject of this -tract and which are not being used in
the event the Buyer should desire to resell a portion of the premises
connection with Buyer's hsiness, that he mst first offer the same to
the City for reprchase. he City shall then.have ninety (90) days to
act upcn said offer.
B. These provisims shall mstitute mmts running with the lard and
shall be binding upcn the successors and assigns of the parties hereto
ompleticm of this transtcticn. Buyer ackmledges that he has received
and my be included in the deed which Seller delivers to Buyer in
a cow of the full text of the Rules and Regulations of the Muskego
Industrial Park and that he has read and fully understands sam.
C. The warranty and representatim rrde herein survive the clcsing of this
transactim.
BUYER: lXEEOLL-C?BI€ CDKWRATIU4 SELLER: CITYOFWSKEXX,
Canrtersigned:
BY: charlotte L. Stewart, City Clerk
Date :
Iw :dls:036:20786
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". e;:!?. .V&nl Lnnd Omcr To hhmc
Appmved by the Wisconsin Depanmenl or Regulation and Licensing Milwaukee. WIS.
5-1-82
T Wiscunsin Lcpl RlwL VI:
the
VACANT LAND OFFER TO PURCHASE
................ New Berlin .. .. . ,Wisconsin. ... ... February ~~ 7 , 19 86
The undersigned Buyer, .. .Ingerso.l.l. Cable. .cor.porat.ion ....................
hereby oITm topurchase the pruperty known M Tax. ,!?x, N.u!b?r> ?.??l.!!?!p.;. ,?,??!.,p!.! i. .a?$,. ??~l~olz~-.
. .. .CltY .d. ..Muskegp. . ,CWnlyd #auk?.+?.. ........ ,Wisconsin,
more particularly descnbed M: .Lots. .I,. 2.. .and 3.,.B,lo,Ck. .z,. .Mu~,ke.go..In,dus.trj.al. .Pa.rk,. .PI ,N.Mt. iec 1.6
.and NEf..Sec 17,. TU.RZ0E ... Conta.i.ning..7.513..acces. .. ....... ....
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14
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IQ
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atthepriceof FORTY. .F.IVE, ~HIIUSAND..ANO..N~~~OR-~.,~.-~.~..~~.~~.~~.-.~.~~.-.~.-.~.-..-.-..-~.-~.~I.-..-~,-,~~.-..-~.~~~.~~.-.~~.-.~.
Dollars($.~~,1]0~.DO.~rr.j and on the lem and conditions as follow:
EarnestmoneyofS.1 ,. OQO..OD ...... .~~nds&kmith.
........................................... w ..........
.................................................................... , and the balance in cash at closing or as hereafler set fonh.
(his der and shall be transmitted to the listing broker upon.such acceptance.
If this offer is the result ofa co-brokerage, then all money paid herewith shall be held in the sellingbmker's trust nccount until the acceptance of
V. ..............
....................................................................................................................... iG TIME IS OF THE ESSENCE AS TO
21 T"E*UYER'SOBL~GAT~ONT*CON~~DE~)HISTRANSAC~IONISCOND~ONEDUPONTHECONSUM-T~ONOFME
25 ......................................................... This offer is contingent upon the following: ...... ......................
20 DATE OF CLOSING. (Slrike thoae not a licable ,LEGAL POSSESSION. OCCUPANCY. AND
22 FOLLOWING:
23 (If this oNer is subject to financing. percolalion teal. specific zoning or uie. approval of rccorded building and use restrictions and covenants. or my 24 other contingency, it must be stated here. If none, 80 stnle.)
26 .... ..I.. .Buyer! is, permitted. to. have ,addi.tinna.l s0i.l.. b.aring. .ta.ken., at. Buy.er.'.s. ,exp.eose..
27 .. . to.assure. ,the.Euyer .that.a satisfactory. lncati~.o, can. .be .faund o.n.the. .sj.te..
28 .... .
29
..which.wil.l have.soi1.s ,tba.t.have.adequa.te, rtr.eogth. ,fo.~.a.stan.dar.d,j.~d.uus~riRl
. buil.ding..foundatinn.. The.decisi.oo..as. ta.a.dequac.y ni1.I be sol.elr..with..6uyer . ,and. made. by. March .Is, 198.6. .. ..................... ... .. ...... .. ... ..... .... .. . ,.. ..
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4R ............................. , ....... .~.. ..................................... .* ...........
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52 Buyer agrees that unless otherwise specified. Buyer will pay all cos& of securing any financing to the eatent pcrmitted by law, and to pdom all acII
53 necessary In expedite such financing.
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IN SALE: ....... None.. ................. ..... ..... .. ................. ... ........ .. .. .. .. ..
sa .None. .. ..
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59 60
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Seller shall. upOn payment ofthe purchase'price:convcy &e propertyb;'worrsnty deed, r-&er conveyance provided herein, free and clear of all
liwb and encumbrances. excepting: municipal and zoning ordinances. recorded ea"w s for public utilities located adjacent to side and rear lot
lines, recorded buildine and use restrictions and covenants. general taxes levied in the year of closing and T.he. .Rules .and.
.. ..
Regulations. of- .the .Murkego .I.ndust.~a.l P.ark. ... ...... ........ ... . ......
Legal pssession of properly shall be delivered to Buyer on-dace of'closin$.
It is understood the pmpeny is now vacant. ....... ....
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and this oner shall becone null and void. \
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89 90 I1
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inter%!. rent% Water and Sewer use charges and homeowners associatlon assessments shall be pmratedas of the date ofclosing. Accrued
income and expenses. including taxes for the day of closing. shall accrue IO Seller.
axes for the preccdinp year. General taxes shall be prorated at the the ofclminghased on the net peneral taxes for the current year. ifknown. otherwise on the net Eenernl
CAUTION: 1fProPeny has not been fully assessed for lax purposes, o;reassessment is compleledor pending. tax proration shall be on the basis ,,f
.. .. .. ..
See .Line 13.4.. estimated annual tnx. Make special nprcement if area assessment(s) islsre contemplaled and/or homeowners 103 associntion has assessed or may assess.
114 written b: a responsible title insurancecompany licensed by the Slateof~isconsin.whlch policy shallguarantee Seller'stitletobeincondition
115 called for by this agreement, except for mortgages, judgments. or other liens which will be satisfied out of the proceeds of the sale. A
116 commitment by such a title company.agreeingtoissue such a title policy upon the recordingoftheproperdocumentsasagreed herein. shall be
117 deemed sullicienl performance.
furnish written prooi, at or before closing, that the total underlying indebtedness, ifany. is not in excess ofthe proposed balance ofthe land contrscl.
IfthisoFTerprovidesforalandcontract.thesameevidenceoftitleshallbefumishedpriorlotheereculionofthelandconlracl.andSellershall
120 l2 be paid to or retained by Seller as liquidated damages. If such money is held by Broker, Broker shall disburse such money as follows: Should Buyer fail lo carry out this agreement, a11 money paid hereunder. including any additional earnest money. shall, at the option of Seller.
lZz I, To Buyer, if Seller has not notified Buyer and Broker in writingof Seller's election to consider a11 money paid hereunder as liquidateddamages 123 or part payment lor specific performance within 60 days of closing date set forlh In this agreement. or;
124 2. ToSellerasliquidateddamages,subjecttodeductionsofBroker'scommissionanddisbursemenu.ifany.ifneitherpartyhascommencedala~ 125 126 suit on this matter within I20 days of the closing date set forth in this agreement.
Should Seller be unable to carry out this agreement by reasonofa valid legaldefect in title which Buyer is unwillingto waive. all money
l9 and that the payments on this land contract are suflicient to meet all of the obligations of Seller on the underlying indebtedness.
paid hereunder shall be returned to Buyer forthwith. and this contract shall be void.
129
128 SPECIAL PROVISIONS: See. .ridec.attache.d hereta.wh.os.e terms. md..~o.ndi.t~.~~ .$.re, .m$d.e 9 p.qrt.
0.f t,his Offer To.Pu.rch.ase..as. if i.nc!.uded..herein,
132
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135 . 136
137 HAS AN AGENCY/kELATIONSHIP WITH SELfER.
Buyer has read.&lly undersinds and acknowled es receipt of~a copy oithis'okr to'purchase'. BUYERIS ADVISEDTHATBROKER
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'L A
144
145 Pursuant to Reslution # Februa.ry. . 19 .86. .By.:. . , Wayne G. Salentine . . . . . . . . . .
Passed by the Muskego Common Council
(Buyer1
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\DE HEREIN SURVIVE THI. ND CONVEY THE ABOVli EDGESRECEIPTOFACOPY
Mayor (Seller
....
1
146 on,"
147 (Seller
148 EARNEST MONEY RECEIPT
149 Earnest money in the amount of 0 .1 ,~oo...oo. . in form of^. . rhe.ck.
150 received from .hgerS.Ol.l. C.abl.e .~OrpOr.a~~.Oll.
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Iccount in Wisconsin. or transmil the same in accordance with the terms of the above olTer.
.. The undersigned hereby agrees to hold same in an authorized real estate ~NSI I
153~
154 February .7 1s5
Mooney. .+. Associafgs, .L&d..
. kthony S. bareta