{"id":41896,"date":"2015-09-17T11:25:58","date_gmt":"2015-09-17T16:25:58","guid":{"rendered":"https:\/\/content.findlaw-admin.com\/ability-legal\/contracts\/uncategorized\/blocks-72-73-muscatine-ia-real-estate-contract-terrence-l.html"},"modified":"2015-09-17T11:25:58","modified_gmt":"2015-09-17T16:25:58","slug":"blocks-72-73-muscatine-ia-real-estate-contract-terrence-l","status":"publish","type":"corporate_contracts","link":"https:\/\/corporate.findlaw.com\/contracts\/land\/blocks-72-73-muscatine-ia-real-estate-contract-terrence-l.html","title":{"rendered":"Blocks 72-73 (Muscatine, IA) Real Estate Contract &#8211; Terrence L. Mealy and Loretta B. Mealy, Trustees of Charitable Remainder Trust, and HON Industries Inc."},"content":{"rendered":"<pre>\nPreparer\nInformation: Charles R. Coulter, P.O. Box 619, Muscatine, IA 52761, 319\/264-5000\n\n\n                       REAL ESTATE CONTRACT (SHORT FORM)\n\n     IT IS AGREED between Terrence L. Mealy and Loretta B. Mealy (husband and\nwife), Trustees of Charitable Remainder Trust\n\n--------------------------------------------------------------------------------\n('Sellers');\n\nand HON INDUSTRIES Inc., an Iowa corporation\n\n--------------------------------------------------------------------------------\n('Buyers').\n\n\n     Sellers agree to sell and Buyers agree to buy real estate in Muscatine\nCounty, Iowa, described as:\n\nThe North 64 feet of Lot 10 in Block 72; the West 30 feet of Lot 9 in Block 72;\nthe West 8 feet of Lot 7 and the East 2\/3 of Lot 8 in Block 73; and the East 52\nfeet of Lot 7 in Block 73, all in the City of Muscatine, Muscatine County, Iowa,\nwith any easements and appurtenant servient estates, but subject to the\nfollowing: a. any zoning and other ordinances; b. any covenants of record; c.\nany easements of record for public utilities, roads and highways; and d.\n(consider: liens; mineral rights; other easements; interest of others.)\n....None.\n--------------------------------------------------------------------------------\n(the 'Real Estate'), upon the following terms:\n\n 1.  PRICE.  The total purchase price for the Real Estate is Two Hundred Ninety\nSeven Thousand Six Hundred Dollars ($297,600.00) of which One Thousand and\nno\/100 Dollars (1,000.00) has been paid.  Buyers shall pay the balance to\nSellers at Muscatine, Iowa, or as directed by Sellers, as follows: The balance\nof the purchase price will be paid in full at the closing, which will be on or\nbefore January 2, 1998.\n\n 2.  INTEREST.  Buyers shall pay interest from N\/A on the unpaid balance, at the\nrate of N\/A percent per annum, payable N\/A.  Buyers shall also pay interest at\nthe rate of N\/A percent per annum on all delinquent amounts and any sum\nreasonably advanced by Sellers to protect their interest in this contract,\ncomputed from the date of the delinquency or advance.\n\n 3.  REAL ESTATE TAXES.  Sellers shall prorate real estate taxes payable in the\n1998-1999 fiscal year according to Muscatine County Bar Association procedures\nand shall pay any unpaid real estate taxes payable in prior years.  Buyers shall\npay all subsequent real estate taxes.\n\n 4.  SPECIAL ASSESSMENTS.  Seller shall pay all special assessments which are a\nlien on the Real Estate as of the date of this contract.  All other special\nassessments shall be paid by Buyers.\n\n 5.  POSSESSION.  Sellers shall give Buyers possession of the Real Estate on\nthe date of closing provided Buyers are not in default under the contract.\n\n                                     -64-\n\n \n 6.  INSURANCE.  Sellers shall maintain existing insurance upon the Real Estate\nuntil the date of possession.  Buyers shall accept insurance proceeds instead of\nSellers replacing or repairing damaged improvements.  After possession and until\nfull payment of the purchase price, Buyers shall keep the improvements on the\nReal Estate insured against loss by fire, tornado, and extended coverage for the\nsum not less than 80 percent of full insurable value payable to the Sellers and\nBuyers as their interests may appear.  Buyers shall provide Sellers with\nevidence of such insurance.\n\n 7.  ABSTRACT AND TITLE.  Sellers, at their expense, shall promptly obtain an\nabstract of title to the Real Estate continued through the date of this\ncontract, and deliver it to Buyers for examination.  It shall show merchantable\ntitle in Sellers in or conformity with this contract, Iowa law and the Title\nStandards of the Iowa State Bar Association.  The abstract shall become the\nproperty of the Buyers when the purchase price is paid in full, however, Buyers\nreserve the right to occasionally use the abstract prior to full payment of the\npurchase price.  Seller shall pay the costs of any additional abstracting and\ntitle work due to any act or omission of Sellers, including transfers by or the\ndeath of Sellers or their assignees.\n\n 8.  FIXTURES.  All property that integrally belongs to or is part of the Real\nEstate, whether attached or detached, such as light fixtures, shades, rods,\nblinds, awnings, windows, storm doors, screens, plumbing fixtures, water\nheaters, water softeners, automatic heating equipment, air conditioning\nequipment, wall to wall carpeting, built-in items, and electrical service cable,\noutside television towers and antenna, fencing, gates and landscaping shall be\nconsidered a part of Real Estate and included in the sale except: (consider:\nrental items.) ......None.\n\n 9.  CARE OF PROPERTY.  Buyers shall take good care of the property; shall keep\nthe buildings and other improvements now or later placed on the Real Estate in\ngood and reasonable repair and shall not injure, destroy or remove the property\nduring the term of this contract.  Buyers shall not make any material alteration\nto the Real Estate without the written consent of the Sellers.\n\n10.  DEED.  Upon payment of purchase price, Sellers shall convey the Real Estate\nto Buyers or their assignees, by general warranty deed, free and clear of all\nliens, restrictions, and encumbrances except as provided herein.  Any general\nwarranties of title shall extend only to the date of this contract, with special\nwarranties as to acts of Sellers continuing up to time of delivery of the deed.\n\n11.  REMEDIES OF THE PARTIES.  a. If Buyers fail to timely perform this\ncontract, Sellers may, at Sellers' option, forfeit Buyers' rights in this\ncontract as provided in the Iowa Code, and all payments made by Buyers shall be\nforfeited.  If Buyers fail to timely perform this contract, Sellers, at their\noption, may elect to declare the entire balance immediately due and payable\nafter such notice, if any, as may be required by Chapter 654, The Code.\nThereafter this contract may be foreclosed in equity and the court may appoint a\nreceiver to take immediate possession of the property and of the revenues and\nincome accruing therefrom and to rent or cultivate the same as the receiver may\ndeem best for the interest of all parties concerned, and such receiver shall be\nliable to account to Buyers only for the net profits, after application of\nrents, issues and profits from the costs and expenses of the receivership and\nforeclosure and upon the contract obligation.\n\n     It is agreed that if this contract covers less than ten (10) acres of land,\nand in the event of the foreclosure of this contract and sale of the property by\nsheriff's sale in such foreclosure proceedings, the time of one year for\nredemption from said sale provided by the statutes of the State of Iowa shall be\nreduced to six (6) months provided the Sellers, in such action file an election\nto waive any deficiency judgment against Buyers which may arise out of the\nforeclosure proceedings; all to be consistent with the provisions of Chapter 628\nof the Iowa Code.  If the redemption period is so reduced, for the first three\n(3) months after sale such right of redemption shall be exclusive to the Buyers,\nand the time periods in Sections 628.5, 628.15 and 628.16 of the Iowa Code shall\nbe reduced to four (4) months.\n\n                                     -65-\n\n \n     It is further agreed that the period of redemption after a foreclosure of\nthis contract shall be reduced to sixty (60) days if all of the three following\ncontingencies develop: (1) The read estate is less than ten (10) acres in size;\n(2) the Court finds affirmatively that the said real estate has been abandoned\nby the owners and those persons personally liable under this contract at the\ntime of such foreclosure; and (3) Sellers in such action file an election to\nwaive any deficiency judgment against Buyers or their successor in interest in\nsuch action.  If the redemption period is so reduced, Buyers or their successors\nin interest or the owner shall have the exclusive right to redeem for the first\nthirty (30) days after such sale, and the time provided for redemption by\ncreditors as provided in Sections 628.5, 628.15 and 628.16 of the Iowa Code\nshall be reduced to forty (40) days.  Entry of appearance by pleading or docket\nentry by or on behalf of buyers shall be presumption that the property is not\nabandoned.  Any such redemption period shall be consistent with all of the\nprovisions of Chapter 628 of the Iowa Code.  This paragraph shall not be\nconstrued to limit or otherwise affect any other redemption provisions contained\nin Chapter 628 of the Iowa Code.\n\n     b.  If Sellers fail to timely perform their obligations under this\ncontract, Buyers shall have the right to terminate this contract and have all\npayments made returned to them.\n\n     c.  Buyers and Sellers are also entitled to utilize any and all other\nremedies or actions at law or in equity available to them.\n\n     d.  In any action or proceeding relating to this contract the successful\nparty shall be entitled to receive reasonable attorney's fees and costs as\npermitted by law.\n\n12.  JOINT TENANCY IN PROCEEDS AND IN REAL ESTATE.  If Sellers, immediately\nproceeding this contract, hold title to the Real Estate in joint tenancy with\nfull right of survivorship, and the joint tenancy is not later destroyed by\noperation of law or by acts of Sellers, then the proceeds of this sale, and any\ncontinuing or recaptured rights of Sellers in the Real Estate, shall belong to\nSellers as joint tenants with full right of survivorship and not as tenants in\ncommon; and Buyers, in the event of the death of either Seller, agree to pay any\nbalance of the price due Sellers under this contract to the surviving Seller and\nto accept a deed from the surviving Seller consistent with paragraph 10.\n\n13.  JOINDER BY SELLER'S SPOUSE.  Seller's spouse, if not a titleholder\nimmediately preceding acceptance of this offer, executes this contract only for\nthe purpose of relinquishing all rights of dower, homestead and distributive\nshare or in compliance with Section 561.13 of the Iowa Code and agrees to\nexecute the deed for this purpose.\n\n14.  TIME IS OF THE ESSENCE.  Time is of the essence in this contract.\n\n15.  PERSONAL PROPERTY.  If this contract includes the sale of any personal\nproperty, Buyers grant the Sellers a security interest in the personal property\nand Buyers shall execute the necessary financing statements and deliver them to\nSellers.\n\n16.  CONSTRUCTION.  Words and phrases in this contract shall be construed as in\nthe singular or plural number, and as masculine, feminine or neuter gender,\naccording to the context.\n\n17.  ADDITIONAL PROVISIONS.\n\n     a.  This contract is subject to Buyer's obtaining, at its expense, a\nsatisfactory Environmental Assessment of the Real Estate.\n\n     b.  SELLERS AGREE TO KEEP THE PURCHASE PRICE AND THE BUYER'S NAME IN STRICT\nCONFIDENCE.\n\n     c.  Sellers may remove such fixtures as Buyer may approve.  Sellers will\nkeep all improvements secure until the closing date.\n\n                                     -66-\n\n\n \nDated:      November 15, 1997\n      ----------------------------\n\n\nHON INDUSTRIES Inc.                       Terrence L. Mealy and Loretta B. Mealy\n                                          Charitable Remainder Trust\n\n\nBy    \/s\/ James I. Johnson                By     \/s\/ Terrence L. Mealy\n----------------------------------        --------------------------------------\n  James I. Johnson, Vice President             Terrence L. Mealy, Trustee\n\n\n                                          By      \/s\/ Loretta B. Mealy\n                                          --------------------------------------\n                                                Loretta B. Mealy, Trustee\n\n\n                            BUYERS                                       SELLERS\n\n\n                                     -67-\n\n\n<\/pre>\n","protected":false},"template":"","meta":{"_acf_changed":false,"_stopmodifiedupdate":true,"_modified_date":"","_cloudinary_featured_overwrite":false},"corporate_contracts_companies":[7789],"corporate_contracts_industries":[9399],"corporate_contracts_types":[9589,9579],"class_list":["post-41896","corporate_contracts","type-corporate_contracts","status-publish","hentry","corporate_contracts_companies-hon-industries-inc","corporate_contracts_industries-consumer__furniture","corporate_contracts_types-land__ia","corporate_contracts_types-land"],"acf":[],"_links":{"self":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts\/41896","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts"}],"about":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/types\/corporate_contracts"}],"wp:attachment":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/media?parent=41896"}],"wp:term":[{"taxonomy":"corporate_contracts_companies","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_companies?post=41896"},{"taxonomy":"corporate_contracts_industries","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_industries?post=41896"},{"taxonomy":"corporate_contracts_types","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_types?post=41896"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}