K-3 - Offer to Buy - Real Estate Purchase Agreement - 131 W 3rd Street

OFFER TO BUY REAL ESTATE AND ACCEPTANCE (NONRESIDENTIAL) TO: Kristy Jo McAllister (Sellers) The undersigned BUYERS hereby offer to buy and the undersigned SELLERS by their acceptance agree to sell the real property situated in Tiffin, Iowa, locally known as 131 W 3rd St, Tiffin, IA 52340 and legally described as: TIFFIN (ORIGINAL TOWN) E 70' LOTS 6 & 7 BLK 3 Exact Legal description is to be taken from the abstract and must be acceptable to Buyers Attorney. subject to any reasonable easements of record for public utilities or roads, and any zoning restrictions, if any, herein referred to as the "Property," upon the following terms and conditions provided BUYERS, on possession, are permitted to use the Property for any purpose. 1. PURCHASE PRICE. The Purchase Price shall be $250,000 and the method of payment shall be as follows: $10,000 with this offer, to be deposited to Sellers upon acceptance of this offer as a down payment; and the balance of the Purchase Price, as follows: In cash at time of closing with adjustment for closing costs to be added or deducted from this amount. This agreement is not contingent upon Buyer obtaining such funds. Sellers agree to sign a note and mortgage for such $10,000 down payment, which note and mortgage will be released and cancelled immediately by Buyer after the closing on the Property. If closing on the Property does not occur for any reason, Sellers shall refund such $10,000 payment to Buyers on or before July 1, 2025. 2. REAL ESTATE TAXES. Sellers shall pay all real estate taxes that are due and payable as of date of possession and constitute a lien against the property, and any unpaid real estate taxes payable in prior years. At closing SELLERS shall pay BUYERS, or BUYERS shall be given a credit for, taxes from the first day of July prior to possession to the date of possession based upon the last known actual net real estate taxes payable according to public records. However, if such taxes are based upon a partial assessment of the present property improvements or a changed tax classification as of the date of possession, such proration shall be based on the current levy rate, assessed value, legislative tax rollbacks and real estate tax exemptions that will actually be applicable as shown by the assessor's records on the date of possession. Buyers shall pay all subsequent real estate taxes. 3. SPECIAL ASSESSMENTS. A. SELLERS shall pay in full at time of closing all special assessments which are a lien on the Property as of the date of closing. B. IF "A" is stricken, then SELLERS shall pay at time of closing all installments of special assessments which are a lien on the Property and, if not paid, would become delinquent during the calendar year this offer is accepted, and all prior installments thereof.