Mou/Moa - 1968 - Purchase Of Property/67 E State St.Museum - 12/24/19681
2
3
41
5
6
7
8
9
10
11
12
z
W 13
IL 0
�JnM
=a50 14
N Q 2
gWma
0
aIrMW 15
p o W N
in T M 16
o W
17
18
19
20
21
22
23
24
25
26
27
28
REAL ESTATE CONTRACT
( Between WILLIS H. COFFIN and
( BESSIE R. COFFIN, husband
( and wife,
(
( SELLERS,
(
( And EAGLE PUBLIC LIBRARY
( DISTRICT, a public
( corporation,
(
( BUYERS.
(
THIS AGREEMENT Made, and entered into this 16th day
of December, 1968, by and between WILLIS H. COFFIN and BESSIE
R. COFFIN, husband and wife, of Boise, Ada County, Idaho,
parties of the first part, hereinafter referred to as "Sellers",
and EAGLE PUBLIC LIBRARY DISTRICT, a public corporation,
hereinafter referred to as "Buyer";
WITNESSETH
That for and in consideration of the terms and
conditions contained herein, Sellers agree to sell and convey
unto the Buyer, and the Buyer agrees to purchase and pay for
the following described real and personal property situate in
the County of Ada, State of Idaho, to -wit:
The East one-half (Ek) of Lot 3 and the
West 3.64 feet of Lot 4 in Block Three
Eagle Townsite, Ada County, Idaho, according
to the official plat thereof on file and of
record in the office of the recorder of
Ada County, Idaho.
Together with all and singular the tenements,
hereditaments and appurtenances thereunto
belonging or in anywise appertaining.
Subject to all easements and rights of way of
record or appearing on the land.
Subject, also, to taxes and assessments levied
and assessed for the year 1968 which are now
liens but not yet due nor payable.
REAL ESTATE CONTRACT, P. 1
1
2
3
4
5
6
7
8
9
10
11
12
} Z
W13
M
=3mo
0. J m M
>0 CD
14
N Q 2
Z WJ 0
aIrriW 15
0 o W N
NaIL 16
0 W
U f
0
17
18i
19
20
21
22
23
24
25
26
27
28
PURCHASE PRICE: It is understood and agreed that
the total purch`bse price is $9,000.00, lawful money of the
United States of America., to be paid as follows:
r
(a) The total` 1purehase price of $9,000.00
,halsl beer .iintereet at the rate of 7% per annum
a4dru ng;:kfrom"and 'a Iter January 1, 1969
and wh=ich -purchaee price and interest
s4ihb.11 be pe ed . as follows:
The sum of $80.00, including interest shall
be paid on the lot day of February, 1969, and
a like sum of $80.00, including interest, shall
be paid on the 1st day of each and every
month thereafter until the entire purchase
price, together with interest, shall be
fully paid. Of the payments herein made,
interest shall first be credited and the
balance applied to principal.
(b) It is specifically understood and agreed that
the Buyer may make Larger payments or may
make payments sooner than required, or may pay
off the entire unpaid balance due and owing the
Sellers at any time.
(c) All of the payments upon the unpaid balance of
the purchase price shall be made to the escrow -
holder hereinafter named.
•The other' ,ter,
contract no';
with the fol
-.conditions of the
ending, Sellers agree not
'titre of the rights of
is, contract as is other -
!ed if the Buyer complies
provis ions :
1. The Buyer must pay all accruing
interest on a monthly basis as it
falls due.
2. The Buyer must pay to the Sellers under
the terms of this agreement the following
amounts:
a. On or before November 1, 1973 a
total of $4800.00, principal and interest;
b. On or before November 1, 1978 a total
of $9600.00, principal and interest;
c. On or before November 1, 1983 the entire
outstanding unpaid balance of the purchase
price together with all accrued interest.
1
2
3
4
5
6
7
8
9
10
11
12
}
z
W o 13
3: M0
d m
=a>o 14
sax
2 W J
az<w 15
o0W�,
maWM 16
O w
U �
17
18
19
20
21
22
23
24
25
26
27
28
(e) Provided further, that if the Buyer fully
performs all of the terms and conditions contained
herein, including payment in full of all amounts
that the 1pyer is obligated to pay to the -sellers
under the terms and provisions of this agreement
on or before January 1, 1974, then, and not
otherwise, the total purchase price shall be
reduced $500.00 so that the total purchase
price shall be $8500.00.
POSSESSION:
It is understood and agreed
that the Buyer now is in possession of the premises and shall
be entitled to continue in possession thereof for so long
as they are in the full performance of the obligations of
this contract.
TAXES AND INSURANCE: It is understood and agreed that
..r�re.Yrrrr.�rr.rrr..r�.
the Buyer shall keep the improvements on said property insured
against lose by fire in an amount at least equal to $5,000.00
or the unpaid balance of the purchase price herein, which ever
is lessor, loss, if any, payable to the Sellers, and, second,
to the Buyer , as their respective interests may appear.
Sellers now have a policy of insurance on the premises
and hereby agree to transfer said policy to Buyer and give
Buyer the benefit of the unexpired term of said policy.
The Sellers shall pay all taxes and assessments levied
assessed, becoming due, or attributable to the year 1968 and
years prior thereto. Buyer shall pay all taxes and assessments
levied, assessed or becoming due for the year 1969 and subsequent
years, promptly and before the same become delinquent.
PARTIES NOT TO ENCUMBER: Sellers and Buyer each agree that
r ■ I �.rr rrrr
they will not record a copy of this contract, it being
understood and agreed that Buyer's possession of said -real
property is sufficient notice of its interest therein. Buyer
and Sellers each further agree that they will not do anything
.. w . � w ww� � ww» w w�...►�� � w.w w A
1
2
3
4
5
6
7
8
9
10
it
12
Z
w 13
3: M0
d J p m
�a>0 14
z°W;o
a�<W 15
p o W in
NatL 16
o W
U i
0
= 17
18
19
20
21
22
23
24
25
26
27
28
to encumber the title to said premises and that they will not
allow any liens to be filed against said property,
particularly liens for materials furnished and labor performed
in making improvements thereto.
It is understood and agreed that the Buyer, at
its own expense, will keep improvements on said property in
good condition and repair, reasonable wear and tear excepted,
and that it will not commit, suffer or permit any waste thereon,
or omit any reasonable requirement that would result in the
depreciation in vajue, or impair or defeat the rights of
security of the Sellers.
TITLE INSURANCE:
It is understood and agreed that
the Sellers, at their expense, shall immediately furnish to
the Buyer a title insurance policy in the amount of $9,000.00,
issued by a title insurance company licensed to issue such
policies in the State of Idaho, showing good and marketable
title vested in Sellers, free and clear of all encumbrances,
except those referred to herein and the usual and ordinary
printed exceptions in title insurance policies issued in the
locality of the real property.
Sellers shall furnish such a policy when the unpaid
balance of the purchase price has been reduced to $8,000.00,
including accrued interest and Sellers shall have no obligation
to furnish a title insurance policy until such time.
It is understood by the Buyer that the Sellers are now
purchasing the premises under a real estate sales contract
and do not at the present time own a free simple title to the
real property, However, Sellers subsequently covenant and
1
2
3
4
5
6
7
8
9
10
it
12
Z
�- 0
W,
Cr
x3mo 1
a4yM
=NZ CO 50 14
W ❑
aWIrw 15
0 o W N
N a a m
0 W 16
U i
0
17
18
19
20
21
22
23
24
25
26
27
28
agree to obtain marketable title to the real property free
and clear from any encumbrances or adverse claims, when the
unpaid balance of ..the purchase ,price under this contract has
been reduced b'a
ESCROW: RROW: .e,Concurrently herewith the
Sellers shall execute a good add sufficient warranty deed
conveying Lift" e -to the' .r4ea1 propO'tty hereinabove described to
the Buyer. Said dadd., together with the original of this
contract, shall be placed in escrow with the Idaho First
National Bank, Valley Branch, Eagle, Idaho, as escrowholder.
The parties specifically authorize, empower and designate the
Idaho First National Bank to act as such escrowholder under
the terms of this agreement. Sellers further authorize said
escrowholder to receive the payment's due thereon and to credit
the some upon this contract, and upon payment of $9,000.00,
together with interest, to deliver to the Buyer said warranty
deed and such other papers as may hereafter be deposited with
said escrowholder. Should a default of this contract occur and
a forfeiture become effective, as hereUm fter set out, Buyer
authorizes said escrowholder to return to the Sellers all the
papers held in escrow.
DEFAULT: Tama and the prompt performance
of each and e^vry ob°lgsitoat o'f `Buyer is agreed to be the
assence of this' contract; adj"70ould Buyer fail or neglect
to make any .peymenteof"3priot p&,In, .interest, taxes and insurance
premiums, when due and before the same become delinquent, or
fail or neglect to carry out the other terms and conditions
of this contract to be performed by them, then this contract
1
2
3
4
5
6
7
8
9
10
11
n 12
Z
r
9 13
3: M0
=a>o 14
N Q =
O w0
aMrcw 15
QO W N
cnaWM 16
o W
U i
0
= 17
18
19
20
21
22
23
24
25
26
27
28
shall be in default, and upon a default occurring, Sellers
or their authorized agent may cause to be prepared a written
notice in duplicate addressed to the Buyer calling its
attention to the matters then in default or on account of
which a breach is claimed, and said notice shall be delivered
to the escrowholder who will mail one copy thereof by
registered mail to the Buyer at Eagle Public Library District,
Eagle, Idaho, or such other address as Buyer may hereafter leave
with said escrowholder. Buyers shall have 30 days from the
mailing of said notice within which.to. make.goodyany matters
in default or on account of which a breech is caa$med or -.=to
disprove the same. The expense of. #`,4p r ng. end ",such: x►ot_ ce may
be set forth in said notice, and the amount. thereof Sharon be
also paid to the escrowholder to cbirect any sueh default.
FORFEITURE:
In theevent that Buyer fails
or neglects to make good any matters of which it is in default
within the time hereinabove provided, then Sellers, without
further notice, may declare this contract forfeited, and upon
a forfeiture being declared, Sellers shall have the right
to immediate possession of said real property, and Buyer
agrees that it will immediately surrender possession thereof
to Sellers in as good condition as it received the same, depre-
ciation from reasonable use and occupancy excepted. Upon a
forfeiture being declared and becoming effective, all monies
theretofore paid to the Sellers by the Buyer maybe kept
and retained by Sellers to apply on the occupancy of the
premises, but no provision contained in this contract shall
be construed as an election to remedies, and Sellersshall
1
2
3
4
5
6
7
8
9
10
11
12
2
�. fl
J 13
�35a
a>0 14
N Q S
� Y CI E
az15
0°WU)
Ens m 16
U
0
x 17
18
19
24
21
22
23
24
25
26
27
28
have the right, at their option to bring any action at law
or equity to enforce the terms of this contract or seek
restitution for damages.
LdB$ Z: It is expressly understood and
Weed that the acceptance be Sellers of any payments
when the same shall be poet due, or any forbearance of any
kind that may be granted or allowed by the Sellers to the Buyer
under this contract, shall not be deemed or construed or
considered as waiving or surrendering any condition or covaunt
of this contract by Sellers.
ATTMWZY FUS -111- In the event that any party to
this agreement is required to initiate litigation in order
to enforce the terms hereof, the prevailing party in any
such litigation shall be entitled to a reasonable attorney
fee for the prosecution or defense of said action, in
addition to any other award or relief of any kind, either
legal or equitable, which may be granted.
Z Bpi Iq. LIASII.ITY ILSU& NCE: Buyer agrees to purchase and
maintain public liablity insurance providing protection in an
amount not lose than $10,000.00 for any one injury or
occurrance. Such insurance shell be in a form so as to protect
from liability up to the limits of the policy of the Buyer
and the Sellers.
This agreement shall be b it nd ing upon the heirs,
administrators, executors. successors and assigns of the
respective parties.
to
IN WESS he
WHWQF, The parties hereto have �e
ITNUn
set their hands the day and year first above written.
ri It
1
2
3
4
5
6
7
8
9
10
11
12
r
W °
=
3m" 13
0
0
=a>o 14
max
z LLJ
Q
a�<w 15
p o W N
NaWm 16
o W
U i
0
17
18
19
20
21
22
23
24
25
26
27
28
Willis H. Coffin"
n
Bessie R. Coffin
EAGLE PUBLIC LIBRARY DISTRICT
BUYERS
STATE OF IDAHO )
)ss.
County of Ada j
On this :,:�4day of December, 1968, before me, the
undersigned, a Notary Public in and for said Scate, personally
appeared WILLIS H. COFFIN and BESSIE R. COFFIN, husband and wife,
known to me to be the persons whose names are ,subscribed to the
within instrument, and acknowledged to me that they executed
the same.
IN WITNESS WHEREOF, I have hereunto set my hand and
affixed my official seal the day and year in this certificate
first above written.
Notary Public for Idaho
Residing at Boise, Idaho
1
2
3
4
5
6
7
8
9
10
11
12
Z
} s
W
=
3m" 13
0
(L J n
=m
a?o 14
z WJ 9
aMrcw 15
0 o W m
Na V, m
o W 16
U i
0
17
18
19
20
21
22
23
24
25
26
27
28.
STATE OF IDAHO )
)ss,
County of Ada }
On this 9 x day of December, 1968, before me, the
undersigned a Notary Public in and for said State, p rsona lly
and
known to me to be members of the board of 1rectors of the
EAGLE PUBLIC LIBRARY DISTRICT, a public corporation,
whose names are subscribed to the within instrument, and
acknowledged to me that they executed the same on behalf of
said corporation.
IN WITNESS WHEREOF, I have hereunto set my hand and
affixed my official seal the day and year in this certificate
first above written.
Notary Public r, Idaho
Residing at , -Idaho