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PURCHASE AGREEMENT
AGREEMENT between Muskegon County Land Bank Authority Seller) of 173 E. Apple
Ave., Muskegon, Michigan 49442 and City of Muskegon (Buyer) of 933 Terrace St,
Muskegon, MI 49440.
The parties to this agreement to convey real estate agree as follows:
1. SELLER'S DISCLOSURE STATEMENT: Seller is the Muskegon County Land Bank
Authority and is exempt from providing a Seller’s Disclosure Statement. Seller has not
occupied the property and makes no representation regarding the condition of the
property or suitability for any intended use. Seller advises buyer to seek legal counsel
before signing any agreement.
2. PROPERTY DESCRIPTION: Buyer offers to buy property located in Muskegon
County, PN#61-24-796-002-0019-00 and 61-24-796-003-0009-00 commonly known as
1932 Reynolds Street and 1967 Reynolds St, Muskegon, MI 49442 and legally
described as (see legal description attached as Exhibit A) subject to existing building
and use restrictions, zoning ordinances, and easements if any. Seller agrees to grant
Buyer at closing the right to make any divisions allowable under Section 108 (2), (3),
and (4) of the Michigan Land Division Act.
3. PRICE: Buyer offers to buy the property for the sum of Seven Thousand Dollars
($7,000.00).
4. TERMS: _ The Terms of Purchase will be as indicated by “X” below:
(Other unmarked terms of purchase do not apply.)
*CASH The full purchase price upon execution and delivery of Quit Claim Deed. Buyer
Agrees to provide Seller verification of funds within five (5) days of the date this
Agreement ts fully executed.
5. ACCEPTANCE: Written acceptance of this offer by buyer and seller must be
obtained by 5pm on March 28, 2025 or the offer is null and void. Acceptance of the
offer constitutes a binding agreement between the Buyer and Seller. Buyer agrees to
deposit $0, into an escrow account set up for the purpose of completing this sale, within
48 hours of the acceptance of the offer as a good faith deposit to apply to the purchase
price. If the Buyer defaults under the terms of the contract, any and all monies
deposited by Buyer shall be retained by the Seller as liquidated damages. If the Seller
defaults under the terms of the contract, the deposit shall be returned to the Buyer in full
termination of the agreement.
6. TERMS: Buyer will deliver the full purchase price at closing upon execution and
subsequent delivery of a Quit Claim Deed by the Seller. Buyer is responsible for
obtaining title insurance and any settlement fees.
7. BUYER'S PURCHASE CONTINGENCIES: Buyer's obligation is not contingent upon
the sale or exchange of any other property by Buyer.
Page 1 of 4
8. FIXTURES AND IMPROVEMENTS: All improvements and appurtenances are
included in the purchase price including, if there now, the following: all buildings;
landscaping; lighting fixtures, shades and bulbs; ceiling fans; drapery, curtains, shades,
blinds and hardware; kitchen appliances built-in, including garbage disposal; wall to wall
carpeting; attached mirrors, shelves, and workbenches; water softener (unless rented),
water heater; sump pump; incinerator; water pump and pressure tank; heating and air
conditioning units (window units excluded); attached humidifiers; heating units including
wood stoves; fireplace screens, doors, grates, and inserts; liquid heating or cooking
units and equipment; and detached storage buildings, and certain other personal
property to be agreed upon by Buyer and Seller prior to closing. Buyer agrees to
make any improvements as mandated by local municipality ordinance.
9, PROPERTY TAXES AND ASSESSMENTS: Seller will pay all delinquent taxes prior
to closing. All taxes billed or to be billed in the year of closing will be paid by the
buyer. Buyer agrees to assume the balance of any existing special assessment; and
pay any installments, which are due and payable on the property in the year of the
closing.
10. SURVEY: The Buyer may arrange and pay for a boundary stake survey with
improvements and easements showing on the survey. The Buyer shall have the right to
terminate this agreement if the survey reports are not acceptable to the Buyer by giving
written notice within seven (7) calendar days after this agreement is fully executed.
11. INSPECTIONS: The Buyer may arrange and pay for an inspection of the buildings
on the property. The Buyer may arrange and pay for inspections for termites or pests,
plumbing, heating, venting, air conditioning, electrical, structural, and roof. The Buyer
shall have the right to terminate this agreement if the inspection reports are not
acceptable to the Buyer by giving written notice within five (5) calendar days after this
agreement is fully executed. Buyer agrees that Buyer is not relying on any statement or
representation by Seller except as expressly set forth in this agreement. Buyer agrees
to accept premises at closing "as-is", if substantially similar to the conditions at
inspection. In the event of a loss or casualty to the premises, the Buyer may elect to
terminate the agreement by written notice to the Seller.
42. CLOSING: Closing will be held on or before April 30, 2025.
13. POSSESSION: Seller will maintain the property in its present condition until the
completion of the closing of the sale. Physical possession to be delivered to the Buyer
at closing. Seller will remove all personal property, with the exception of personal
property to be transferred to the Buyer pursuant to Paragraph 7 of this agreement; and
make arrangements for final payment of utilities; and deliver all keys to Buyer at the
date of delivery. Buyer is responsible for eviction of any occupants.
14. SUCCESSORS AND ASSIGNEES: The terms of this contract shall bind all
successors, heirs, administrators, trustees, executors and assignees of the parties.
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15. DISCLOSURES: The undersigned have read the above information, understand
it, and verify that it is correct and accept all the above terms and conditions. Buyer and
Seller acknowledge that they will seek legal, tax, environmental and other appropriate
professional advice regarding this transaction. Buyer further agrees that the Buyer is
not relying on any representation or statement made by Seller regarding any aspect of
the property or the sale transaction, except as expressly set forth in this agreement, or
amendment to this agreement. This agreement is the final expression of the complete
agreement of the parties and there are no oral agreements existing between the parties
relating to this transaction. This agreement may be amended only in writing signed by
the parties and attached to this agreement. The parties agree that any signed copy of
this agreement transmitted by facsimile or other electronic means shall be competent
evidence of its contents to the same effect as an original signed copy.
46. ADDITIONAL TERMS: All property taxes are the responsibility of the buyer and
must be kept current for six years from the date of sale. Failure to adhere to the terms
of the entire purchase agreement, including this addendum, will be considered a default
of said agreement and property will revert to the Muskegon County Land Bank Authority
free and clear of any claim of seller or their assigns. In the event of reversion of title of
the above-described premises, improvements made thereon shall become the property
of the Muskegon County Land Bank Authority.
Splits and combinations shall not be allowed for a period of 5 years preceding
December 31 in the year of sale pursuant to Public Act 258 of 2003.
Buyer hereby acknowledges receipt of a copy of this agreement.
Buyer(s):
en n oAns Of), / aval Aan Lhwie WMerschy City Clerk
Print name as to appear on documents Print name as to appear on documents
Buyer address: 93.3 lecrace, Muskopen, WM 47440
Email: Hanaing @ shoreline. cuby ' Cory
Buyer phone: _(23/) 724-696.3
Date signed: 3-/0-KOAS
Seller hereby acknowledges receipt of a copy of this agreement.
Seller:
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Tony Moulatsiotis, Chairman
Print name as to appear on documents
Seller address: 173 E. Apple Ave., Suite 104
Muskegon, MI 49442
Seller phone: 231-724-6170
Date signed: SS-3099
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Exhibit A
Legal Description of Property:
Lot 19, Block 2, Terrace St Addition to the City of Muskegon, City of Muskegon,
according to the recorded plat thereof, Liber 3, Page 32, Muskegon County Records
AND
Lot 9, Block 3, Terrace St Addition to the City of Muskegon, City of Muskegon,
according to the recorded plat thereof, Liber 3, Page 32, Muskegon County Records
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