City Land for Sale- $3,000 with development agreement below.
 
A.        The City is the owner of certain real estate located in the City of Macedonia, Iowa located at 106 Woodmancy St, Macedonia, Iowa, Parcel No. 7440 22 485 002 and legally described as Lot 7 in Block 19 of the Original Plat of the Town of Macedonia, Pottawattamie County, Iowa (the “Property”).
 
B.        City desires that the Property be developed for use for residential purposes through the construction of a residence on the Property and desires to sell the Property for such purposes.
 
C.        The Buyer has submitted an offer for the purchase of the Property which has been accepted by the City and as part of the conditions of the sale of the Property to the Buyer, the Buyer is required to enter into this agreement with the City.
 
D.        Contemporaneously with and as part of the closing of the sale of the Property to the Buyer and as part of the consideration provided by the Buyer for the sale of the Real Property by the City to the Buyer, the Buyer and the City are entering into this Agreement.
 
The parties therefore hereby agree as follows:

1. City agrees to deed the Property to Buyer subject to the terms and of this agreement and on the terms of the Offer and Acceptance made by the Buyer to the City for the purchase of the Property.  City warrants that City is the title holder to the Property and has the legal authority to enter into this agreement.

 

1. Buyer agrees to develop the Property for single family, owner-occupied residential use in accordance with the plans and specifications describing the intended construction and improvements (the “Plans”) to be submitted to the City for approval prior to the commencement of the construction.  The Plans shall be in conformity with the building and other codes of the City.  Buyer shall apply for the appropriate building permits from the City.  The Plans shall describe and provide for the construction of improvements consisting of a single family dwelling with a minimum taxable value of the improvements when fully constructed of $80,000.00.  If the Plans submitted to the City are not approved by the City, the Buyer shall deed the Property back to the City, free of any liens, encumbrances and other matters created by the Buyer and Buyer agrees to sign all documents and to take all actions necessary for transfer title of the Property back to the City and in exchange for such transfer, the City shall refund the purchase price paid by the Buyer for the Property to the Buyer.

 

1. Buyer agrees to erect and complete the construction of improvements consisting of a single family dwelling with a minimum taxable value of the improvements when fully constructed of $80,000.00 within 12 months after the date of this Agreement in accordance with the Plans.  If construction of improvements consisting of a single family dwelling with a minimum taxable value of the improvements when fully constructed of $80,000.00 is not completed within 12 months of the date of this agreement, the title to the Property shall revert to the City, free of any liens, encumbrances and other matters created by the Buyer and Buyer agrees to sign all documents and to take all actions necessary for the reversion of the title to the Property to the City in such circumstances and in such circumstances, the City shall retain the purchase price paid by the Buyer as liquidated damages.

 

1. Promptly after completion of the construction of the improvements in accordance with this agreement and the Plans, Buyer shall furnish City with a certificate of completion.  Upon receipt of the certificate of completion City shall inspect the property for compliance with the terms of this agreement.  If the development meets the requirements of this agreement, City shall certify the completion of the agreement on the certificate of completion.  The certificate of completion may then be recorded as evidence of compliance with the terms of this agreement.  If the development does not meet the requirements of this agreement and the Plans, City shall provide Buyer with a written list of areas where the agreement and/or the Plans has not been met.  Buyer shall have 30 days to correct the listed items if more than 36 months have passed since the date of this agreement, or if 12 months have not passed from the date of this agreement, then the Buyer shall correct the listed items within the 12 month period from the date of this agreement.  Failure to correct the listed items shall constitute a default under this agreement.

 

1. Prior to completion of the obligations of the Buyer under this agreement, Buyer shall pay, prior to the time the same become delinquent, all real property taxes and assessments payable with respect to all and any parts of the Property.

 

1. Buyer and City each agree for itself, and its successors and assigns, and every successor in interest to any part of the Property, that this agreement shall constitute covenants on the Property for the development of the Property in accordance with plans and specifications submitted to the City by the Buyer.  These covenants shall run with the land and require the performance of Buyer or any successor in interest of Buyer to comply with the terms of this agreement.  City and Buyer agree that a Memorandum of Agreement for Private Development shall be executed by the Buyer and recorded by the City to place of record that existence of this Agreement to serve as notice to the public of the obligations on the Property imposed by this Agreement.

 

1. Prior to completion of the obligations of the Buyer under this agreement, Buyer agrees not to transfer or assign the Property or this agreement or any interests therein without the express written permission of City.  Prior to completion of the obligations of the Buyer under this agreement, Buyer agrees that no encumbrance shall be placed on the Property without the express written consent of City.  City shall not unreasonably withhold its consent to the placement of a mortgage lien on the Property, if the proceeds from the mortgage are used exclusively for the development of the Property.  This agreement and the restrictions, obligations and liens created herein shall be subordinated to the lien of any mortgage to which City has consented to the placement of the mortgage lien on the Property.

 

1. Neither City nor Buyer shall be considered in breach or default of this agreement with respect to development or the commencement and completion of construction of the improvement in the event of enforced delay in the performance of such obligations due to unforeseeable causes beyond its control and without its fault or negligence.  The time for the performance of the obligations shall be extended for the period of the enforced delay, as determined by City.

 

1. In the event of any default in or breach of this agreement by Buyer, Buyer shall upon written notice from the City, proceed immediately to cure or remedy the default or breach, and in any event, shall remedy the breach within 30 days after receipt of the notice.  In case such action is not taken or not diligently pursued, or the default or breach shall not be cured or remedied within a reasonable time, City may institute such proceedings as may be necessary or desirable in its opinion to cure and remedy the default or breach, including, but not limited to, proceedings to compel specific performance by Buyer.  Buyer agrees to pay in addition to any other damages, reasonable attorney fees incurred by City in enforcing this agreement.  Buyer, further agrees to pay the City’s cost of work as set forth above within 30 days of said notice of default, if said default is not cured.