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Contract of Real Estate CONTRACT OF SALE OF REAL ESTATE This Contract of Sale of Real Estate ("Contract") is entered into this 2.4.JI4tay of June, 2004, by Joseph T. Kroneberger and Audrey Kroneberger, Trustees, or their successors, of the Joseph T. Kroneberger Trust under agreement dated 10/25/1994, as amended and restated, and Audrey Kroneberger and Joseph T. Kroneberger, Trustees, or their successors, of the Audrey Kroneberger Trust under agreement dated 10/25/1994, as amended and restated, (collectively "Seller") and the City of Salina, Kansas ("Buyer"). 1. Property. Seller agrees to sell and Buyer agrees to purchase the Saline County, Kansas, real estate described as follows: A parcel in Lot Five (5), East Gardens, an addition to the City of Salina, Saline County, Kansas, described as follows: Beginning at a point 74.81 feet South of the Northeast comer of Lot 5; thence South 51.54 feet along the East line of Lot 5; thence Southwesterly 109.21 feet along the South line of Lot 5; thence Northwesterly 49.00 feet on a line perpendicular to the North line of Lot 5; thence Northeasterly 125.47 feet along a line parallel to the North line of Lot 5 to the point of beginning. Described in Book 384 at Page 163 ofthe Records of Saline County, Kansas. Said tract contains 0.13 acres, more or less. together with all appurtenances, permanent improvements and fixtures (the "Property"), upon the terms, conditions and requirements set forth in this Contract. 2. Purchase Price. The Purchase Price for the Property shall be the sum of Sixty- Two Thousand, Five Hundred and Noll 00 Dollars ($62,500.00), which shall be paid in cash on Closing Date, subject to adjustment for the proration of real estate taxes. The parties acknowledge that the purchase price is limited to purchase of the Property and that Seller shall be separately compensated for any relocation expenses to which Seller is entitled in accordance with the Uniform Relocation Assistance and Real Property Acquisition Policies Act of 1970 as amended by the Surface Transportation and Uniform Relocation Assistance Act of 1987, administrative regulations contained in 49 C.F.R. part 24 (Uniform Relocation Assistance and Real Property Acquisition for Federal and Federally Assisted Programs), and KS.A. 58-3501, et seq. 3. Payment of Expenses. Buyer shall pay the following expenses: (a) (b) (c) (d) Cost of preparation of contract and deed; Entire title insurance premium; Any closing fee; and Cost of recording deed. f ~ 4. Escrow A2ent. C.W. Lynn Abstract Company, Inc., Salina, Kansas, is designated as the Escrow Agent of the parties and shall hold this Contract, deed, title insurance policy, and all other papers of transfer pending the complete fulfillment of this Contract. The Escrow Agent shall receive and disburse all payments to be paid under this Contract. 5. Evidence of Title. As soon as reasonably possible after execution of this Contract, Buyer shall request the preparation of a commitment for an owner's title insurance policy in the amount of the Purchase Price, insuring Buyer's title, subject only to liens, encumbrances, exceptions, or qualifications set forth in this Contract, and those which shall be discharged by Seller at or before Closing. Buyer shall have ten (10) days after receipt to examine the title insurance commitment and to notify Seller in writing of any requirements to make the title marketable. In case of a dispute between the parties as to marketability of the title, the Title. Standards adopted by the Bar Association for the State of Kansas, and the Kansas Marketable Title Act, as amended, shall control. 6. Closin2 Date and Possession. The Closing Date shall be on or before June 30, 2001/: "Closing" means the settlement of the obligations of Seller and Buyer to each other under this Contract, including the payment of the Purchase Price to Seller, and the delivery to Buyer of a deed in a proper form for recording so as to transfer to Buyer fee simple title to the Property, free of all encumbrances except as herein stated. 7. Possession. Seller shall be permitted to occupy the Property through September 30, 2004, pursuant to a license agreement to be entered into between the parties prior to Closing. Seller's continued occupancy of the Property after Closing shall be exclusively for Seller's continued use in the same manner and for the same purpose as Seller's current use of the Property. The license agreement shall not require any cash payment by Seller to Buyer, but shall require Seller to indemnify and hold Buyer harmless from all claims arising from Seller's continued occupancy of the Property and shall require proof that Seller has continued in effect Seller's current general liability coverage of $300,000 on a per occurrence basis. Buyer shall not be responsible for maintenance of the Property or restoration of damage to the Property from any cause during Seller's continued occupancy. Buyer shall take possession of the Property commencing October 1, 2004. 8. Restrictions. Easements. Limitations. Taxes. Buyer shall take title subject to the following: zoning restrictions, covenants, and matters appearing on the plat or of record; public utility easements of record. Real property taxes and special assessments to Closing shall be the responsibility of Seller, shall be determined in accordance with K.S.A. 79-1804, and shall be paid from the sale proceeds at Closing. 9. Insurance and Casualty Loss. Seller agrees to maintain in force until the Closing Date, all casualty insurance now in effect on the Property, at which time that insurance may be canceled. In the event of loss or damage by fire, flood, wind, hail, or other causes to the Property prior to the Closing Date, the proceeds of any insurance on the Property shall belong to Seller; provided, however, Seller agrees that the Purchase Price shall be reduced by the amount of such insurance proceeds paid to Seller. 2 10. Materialmen's Liens. Seller certifies that at Closing there will be no lien claimants, nor potential lien claimants, nor improvements to the Property for 120 days prior to Closing Date. Ifthere have been improvements on or to the Property within 120 days prior to the Closing Date, Seller shall deliver releases or waivers from the general contractors, subcontractors, suppliers, and materialmen furnishing the labor or materials for such improvements, together with such affidavits as Buyer may reasonably require naming such persons and reciting that all bills that might serve for a basis for materialmen's liens have or will be paid prior to or at Closing. 11. Conveyance. Seller shall properly execute the appropriate warranty deed conveying the Property to Buyer free and clear of all liens and encumbrances whatsoever, except as herein provided, and shall place such deed in escrow with the Escrow Agent as soon as may be reasonably possible. If Buyer shall pay the sums of money as they become due and payable, and otherwise fully comply with the provisions of this Contract, then this Contract shall become binding and the Escrow Agent shall deliver the warranty deed and other documents to the Property to Buyer. 12. Default by Sellers. If Seller is unable or fails to furnish title or possession as agreed in this Contract, Buyer may cancel this Contract, pursue any remedies available at law or in equity, initiate an eminent domain proceeding in order to acquire title to the Property, or any combination thereof. 13. Assi2nment. This Contract or any right or interest in the Property shall not be assigned by either Seller or Buyer. 14. No Commission. The parties stipulate that they have not consulted with any real estate broker or salesperson with respect to this sale, and that no commissions arising from this sale are due and owing. 15. Real Estate Reportin2 Person. The parties agree that the Escrow Agent is the real estate reporting person as that term is defined under Internal Revenue Code Section 6045(e). Seller agrees to provide Escrow Agent with a written statement, certified under penalties of peIjury, setting forth Seller's correct name, address, and taxpayer identification number. The parties further agree that Escrow Agent shall be required to file the informational return required by Internal Revenue Code Section 6045. 16. Time. Time is of the essence of this Contract. 17. Persons Bound-Copies. This Contract shall extend to and bind the heirs, executors, administrators, trustees, successors, and assigns of the parties, and may be executed in any number of counterparts, each of which shall be deemed an original, or in multiple originals, and all such counterparts or originals shall for all purposes constitute one agreement. 18. Facsimile. For purposes of this Contract and the addenda, attachments or amendments thereto, Seller and Buyer agree to accept facsimile signatures and initials as originals. 3 19. Mer2er Clause. These terms are intended by the parties to be a complete, conclusive, and final expression of all the conditions of their Contract. Any amendment to this Contract, including an oral modification supported by new consideration, must be reduced to writing and signed by both parties before it will be effective. IN WITNESS WHEREOF, the parties or their authorized representatives have hereunto set their hands the day and year first above written. SELLER BUYER By: BY~ ~ V\../ Dennis M. Kissi By: Tax ID No.: 4 RECEIPT BY ESCROW AGENT The undersigned hereby acknowledges receipt of the executed original of this Contract, and agrees to act as Escrow Agent and Real Estate Reporti~SOn as defined under Internal Revenue Code Section 6045( e). This receipt is executed thi day of June, 2004. C.W. LYNN ABS RACT COMPANY, INC. , d&:- [name] [title] By: 5 < J . . . Entered In ~plt;;;iii¡¡r~~1{'" Ihlo .3",-.t ~ . . .. day of lÇ)!~JX¿t¿NTY "\ \~.D.20d.. ¡}~~.~m~t;~;; '::;. ,1':". .,~ $ -.--- -""""':'. .,°",. .,,'" ", ,/",'.......~ÇT.' Upon recordation, th{S',:~.:?,r~"~1~~:;'~'" instrument is to be returned to: REBECCA ~ REGISTER (f DEEDS c-. } 5IL I h( CIIM'V KiWSAS ~ Book: 1081 Page: 1265 Recei~ I: 17934 -ìotal Fees: $12.88 Pages Recorded: 2 Dite Recorded: 6/29/2814 4:13:18 PM Reserved for Register of Deeds The c.W. Lynn Abstract Co., Inc. 121 N. 7th Salina, KS 67401 KANSAS TRUSTEES' WARRANTY DEED On this 29th day of June, 2004, Joseph T. Kroneberger and Audrey Kroneberger, trustees, or their successors, of the Joseph T. Kroneberger Trust under agreement dated October 25, 1994, as amended and restated, as GRANTORS, hereby convey and warrant to the City of Salina, Kansas as GRANTEE, their right, title, and interest in and to that certain portion of land owned by the GRANTORS, legally described as follows: An undivided one-half (1/2) interest in the following described real estate: A parcel in Lot Five (5), East Gardens, an addition to the City of Salina, Saline County, Kansas, described as follows: Beginning at a point 74.81 feet South of the Northeast comer of Lot 5; thence South 51.54 feet along the East line of Lot 5; thence Southwesterly 109.21 feet along the South line of Lot 5; thence Northwesterly 49.00 feet on a line perpendicular to the North line of Lot 5; thence Northeasterly 125.47 feet along a line parallel to the North line of Lot 5 to the point of beginning. Described in Book 384 at Page 163 of the Records of Saline County, Kansas. Said tract contains 0.13 acres, more or less. Subject, however, to easements, restrictions, and other matters of record, if any. GRANTORS further covenant that: (1) GRANTORS are the Trustees under the Trust to which the above- described real estate was conveyed by a deed from Joseph T. Kroneberger and Audrey Kroneberger, who were then and still are husband and wife, which deed was recorded on November 27,2001, in Book 395 of Deeds at page 666-667 in the Office of the Register of Deeds in Saline County, Kansas; (2) the Trust is a revocable trust; (3) the Trust remains in full force and effect at this time; (4) GRANTORS are the duly .. " . Book: 1081 Page: 1266 qualified and acting Trustees under the Trust; and (5) as such Trustees, GRANTORS are authorized, pursuant to the Trust and without any limitation whatever, to convey all of the above-described real estate. JOSEPH T. KRONEBERGER TRUST UNDER AGREEMENT DATED OCTOBER 25, 1994, AS AMENDED AND RESTATED Byhtd:ir~ ~/ By: ~:6þdr ~ STATE OF KANSAS, COUNTY OF SALINE, ss: This instrument was subscribed, sworn to, and acknowledged before me on June 29th, 2004, by Joseph T. Kroneberger as Trustee of the Joseph T. Kroneberger Trust under agreement dated October 25, 1994, as amended and restated. GAIL A. FRAZIER ... NOt'MY PUBLIC . STATE OF '- - My Appl Expo m.u STATE OF KANSAS, COUNTY OF SALINE, ss: rII~l (j iro~ Notary Pub This instrument was subscribed, sworn to, and acknowledged before me on June 29th, 2004, by Audrey Kroneberger as Trustee of Joseph T. Kroneberger Trust under agreement dated October 25, 1994, as amended and restated. GAIL A. FRAZIER ... NOrMY PUBLIC STATE OF KANSAS '- My Appl Expo If ...21. ...() ft 4a. i a. fr(Ur~ Notary Public ~ \~. _,d' ,oJ. : REBECCA SEÐIIN REGISTER (F DEEDS (.. , 5IL I h( C(Uffi' KANSAS JI , 8ook: 1081 Page: 1267 Recei~ I: 17934 -ìDtal Fees: $12.88 Pages Recorded: 2 Date Recorded: 6/29/2184 4:13:19 PM .,.. Entered 1n Trln$~o~~d ìñ :;ny' Ofttèétbls..80 ~ ..' '. : .... COUNTY"" \ ...... of ~ . ~ . D .:20 !!.2:... """7 D' ~ '.: ~\~:.~}~ ~.. /' '. .' c, ~' Upon recordation, this ""',1l';........=-~ç.J:>,'~ Reserved for Register of Deeds 0 0 -'f '- 0 F K þ,'."," Instrument IS to be returned d:1~c",w.."'" The C.W. Lynn Abstract Co., Inc. 121 N. 7th Salina, KS 67401 KANSAS TRUSTEES' WARRANTY DEED On this 29th day of June, 2004, Audrey Kroneberger and Joseph T. Kroneberger, trustees, or their successors, of the Audrey Kroneberger Trust under agreement dated October 25, 1994, as amended and restated, as GRANTORS, hereby convey and warrant to the City of Salina, Kansas as GRANTEE, their right, title, and interest in and to that certain portion of land owned by the GRANTORS, legally described as follows: An undivided one-half (1/2) interest in the following described real estate: A parcel in Lot Five (5), East Gardens, an addition to the City of Salina, Saline County, Kansas, described as follows: Beginning at a point 74.81 feet South of the Northeast comer of Lot 5; thence South 51.54 feet along the East line of Lot 5; thence Southwesterly 109.21 feet along the South line of Lot 5; thence Northwesterly 49.00 feet on a line perpendicular to the North line of Lot 5; thence Northeasterly 125.47 feet along a line parallel to the North line of Lot 5 to the point of beginning. Described in Book 384 at Page 163 of the Records of Saline County, Kansas. Said tract contains 0.13 acres, more or less. Subject, however, to easements, restrictions, and other matters of record, if any. GRANTORS further covenant that: (1) GRANTORS are the Trustees under the Trust to which the above-described real estate was conveyed by a deed from Joseph T. Kroneberger and Audrey Kroneberger, who were then and still are husband and wife, which deed was recorded on November 27,2001, in Book 395 of Deeds at page 664-665 in the Office of the Register of Deeds in Saline County, Kansas; (2) the Trust is a revocable trust; (3) the Trust remains in full force and effect at this time; (4) GRANTORS are the duly .. Book: 1081 Page: 1268 qualified and acting Trustees under the Trust; and (5) as such Trustees, GRANTORS are authorized, pursuant to the Trust and without any limitation whatever, to convey all of the above-described real estate. AUDREY KRONEBERGER TRUST UNDER AGREEMENT DATED OCTOBER 25, 1994, AS AMEND ED AND RESTATED By: ~~ ~ Audre 0 eberger, stee ) By: ~pr~þ¿~ I Jo eph T. Kroneberger, Trus e STATE OF KANSAS, COUNTY OF SALINE, ss: This instrument was subscribed, sworn to, and acknowledged before me on June 29th, 2004, by Audrey Kroneberger as Trustee of the Audrey Kroneberger Trust under agreement dated October 25, 1994, as amended and restated. GAIL A. FRAZIER ... NOTARY PUBUC STATE OF S ,-'. . MyApptExp. m~.oK STATE OF KANSAS, COUNTY OF SALINE, ss: &{Lfl. ~ Notary P hc This instrument was subscribed, sworn to, and acknowledged before me on June 29th, 2004, by Joseph T. Kroneberger as Trustee of the Audrey Kroneberger Trust under agreement dated October 25, 1994, as amended and restatedo GAIL A. FRAZtER ... NOTARY PUBUC 0 STATE OF NSAS ---- 'My~Exp. me.8 --,.c. JliJ û- * . Notary pu~ ~ \êJ,..;"