Addendum to Agreement for Sale of Real Estate (2) [Ann Rollins -Addendum to Sale Agreement doc " 1
_ -_ page
ADDENDUM TO
AGREEMENT FOR SALE OF REAL ESTATE
THIS ADDENDUM made and entered into as of the e2 1144=day of January,
2003, by and between the CITY OF SALINA, KANSAS, hereinafter referred to as
Seller, and DANA F. GUSTAFSON and KATRINKA GUSTAFSON, husband and
wife, hereinafter referred to as Buyers.
WHEREAS, the parties entered into a certain Agreement For Sale of Real
Estate dated October 15, 2002, whereby Buyers agreed to purchase certain real estate
from Seller; and
WHEREAS, certain requirements have mandated the extension of said
Agreement for Sale of Real Estate and for the addition of certain provisions to said
Agreement; and
WHEREAS, the parties hereby agree to enter into an Addendum to
Agreement For Sale of Real Estate dated October 15, 2002, for the purpose of allowing
additional time to comply with said requirements.
IT IS AGREED AS FOLLOWS:
1. Paragraph 2 of said Agreement For Sale of Real Estate dated
October 15, 2002 between the parties shall now read as follows:
Purchase price. Buyers hereby covenant and agree to pay to
Seller and Seller hereby agrees to accept as the full purchase
price for the premises, the sum of Forty-Four Thousand One
Hundred Dollars ($44,100.00) to be paid as follows:
(a) Eight Hundred Ten Dollars ($810.00) has
previously been paid by the Buyers to the Mid-Kansas Title
Services, Inc., Salina, Kansas, who is hereby designated as
Escrow Agent and shall be held as earnest money.
(b) The balance of the purchase price for
said real estate in the amount of Forty-Three Thousand Two
•
Ann Rollins-Addenm to Sale Agreement.doc -- ------ --_
du
— — Page?
•
Hundred Ninety Dollars ($43,290.00), shall be payable in
cash or cash equivalent at the time of closing.
The amount held in escrow as earnest money may increase
from month-to-month depending upon the amount of rent paid
by the Buyers. Additional monies paid in shall reduce the
final balance owed at the time of closing.
2. Paragraph 5 of said Agreement For Sale of Real Estate dated
October 15, 2002 between the parties shall now read as follows:
Closing Date and Possession. This contract shall be closed
on or before April 1, 2003, or at such other time as mutually
agreed upon. On the closing date the Buyers shall take
possession of the premises as the owner thereof and thereafter
shall bear the sole risk of loss and damage by fire, the
elements or by any other cause whatsoever. Seller and Buyers
acknowledge and agree that the closing date of this contract
may be extended pursuant to the provisions of paragraph 4
above.
3. Paragraph 9 of said Agreement For Sale of Real Estate dated
October 15, 2002 between the parties shall now read as follows:
Taxes and Assessments. The real estate taxes and
assessments for 2002 and all prior years shall be paid by the
Seller. Taxes and assessments for the year 2003 shall be
prorated between Seller and Buyers as of the date of closing,
with the portion thereof prior to said date being the
responsibility of Seller and the portion thereof subsequent to
said date being the responsibility of the Buyers. Taxes and
assessments for subsequent years shall be the responsibility of
the Buyers.
4. An additional paragraph number 16 shall be added to said
Agreement For Sale of Real Estate dated October 15, 2002 between the parties and
shall read as follows:
Veterans Administration Requirements. It is
expressly agreed that nothwithstanding any other
2
Ann Rollins Addendum to Sale Agreement.doc__� °� ���� —"'°"`
provisions of this Agreement, the Buyers shall not be
obligated to complete the purchase of the property
described herein or to incur any penalty by forfeiture of
earnest money deposits or otherwise unless the Buyers
have been given, in accordance with HUD/FHA or VA
requirements, a written statement by the Federal
Housing Commissioner, Veterans Administration, or a
Direct Endorsement lender setting forth the appraised
value of the property of not less than $44,100.00. The
Buyers shall have the privilege and option of
proceeding with consummation of the Agreement
without regard to the amount of the appraised
valuation. THE APPRAISED VALUATION IS
ARRIVED AT TO DETERMINE THE MAXIMUM
MORTGAGE THE DEPARTMENT OF HOUSING
AND URBAN DEVELOPMENT WILL INSURE.
HUD DOES NOT WARRANT THE VALUE NOR
THE CONDITION OF THE PROPERTY. THE
BUYERS SHOULD SATISFY THEMSELVES THAT
THE PRICE AND CONDITION OF THE
PROPERTY ARE ACCEPTABLE.
IN WITNESS WHEREOF, the parties have executed this addendum as of
the date first above written.
City of Salina, Kansas
By: Lae
istin M. Seaton, ayor
SELLER
ATTEST: '
By: / gAl.n�L y l (�.Q
Lieu Ann Nicola, City Clerk
/ I
Dana F. Gustafson
3
I!Ann Rollins -Addendum to Sale Agreement.doc Page 1:34.4.4_tafre_r_
kimciat?
Katrinka Gustafson
BUYERS
4