CC - Agendas - City Council - SPECIAL - 6/23/2009 (3)

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REAL ESTATE PURCHASE AGREEMENT (Vacant Land) THIS REAL ESTATE PURCHASE AGREEMENT ("Agreement") is made and entered into by and between the BEURIE FAMILY TRUST, ("Seller"), and the City of Prescott, an Arizona municipal corporation, ("Buyer"). WITNESSETH : WHEREAS, Seller owns certain real property consisting of approximately fourteen (14) +/- acres located at 3240 N. State Route 89, Yavapai County, Arizona, commonly known as Granite Dells, currently designated as Yavapai County Parcel 106-13-001. WHEREAS, Seller desires to sell and Buyer desires to purchase such real property in accordance with the terms and conditions specified herein. NOW, THEREFORE, in consideration of the mutual covenants set forth in this Agreement,the parties hereby agree as follows: 1. DESCRIPTION OF PROPERTY. The real property which is the subject of this Purchase Agreement, consists of approximately fourteen (14) +/- acres generally located at 3240 N. State Route 89, Yavapai County, Arizona, in the area commonly known as Granite Dells. The portion of Seller's property transferred and conveyed pursuant to the terms of this Agreement, is a portion of Seller's property, currently designated as Parcel No. 106-13-001, in the Records of the Yavapai County Assessor. The full and complete legal description of the property transferred and conveyed hereunder is contained in Exhibit "A" attached hereto and, by this reference, made a part hereof. Furthermore, the portion of Seller's property sold to Buyer hereunder shall be hereinafter referred to as the "Purchased Parcel" and the portion of Seller's property retained by Seller shall be hereinafter referred to as the "Seller's Retained Property." The parties further agree that the Seller's Retained Property shall be legally described on Exhibit "B" attached hereto and made a part hereof by this reference. Furthermore, the parties agree that the Seller and Seller's successors and assigns shall retain, in perpetuity, an easement or easements under and over the Purchased Parcel for ingress and egress for the purpose of improving and maintaining any well, wells, and septic systems located on the Purchased Parcel and that Seller and Seller's successors and assigns shall retain ownership of such well, wells, and septic systems, together with any and all water rights provided by and flowing from the well or wells, and that the easement or easements describing the same shall run with Seller's Retained Property in perpetuity for the benefit of Seller and Seller's legal successors and assigns. 2. AGREEMENT TO SELL AND PURCHASE. Subject to the terms of this Agreement, Seller hereby agrees to sell to Buyer, and Buyer hereby agrees to purchase from Seller, on the terms and conditions herein set forth, the 1