PUBLIC OFFERING STATEMENT
THE PURCHASER HAS THE RIGHT TO CANCEL THE PURCHASE AGREEMENT
FOR A PERIOD OF SEVEN (7) DAYS AFTER HIS OR HER RECEIPT OF THIS
PUBLIC OFFERING STATEMENT WITHOUT PENALTY OR FORFEITURE BY
DELIVERING OR MAILING NOTICE OF CANCELLATION TO THE CURRENT
DECLARANT AT ITS ADDRESS LISTED IN SECTION 3 BELOW WITHIN SUCH 7DAY PERIOD.
THE PURCHASER MAY NOT RELY UPON ANY REPRESENTATION OR EXPRESS
WARRANTY UNLESS IT IS CONTAINED IN THIS PUBLIC OFFERING
STATEMENT OR MADE IN WRITING SIGNED BY THE CURRENT DECLARANT
OR BY ANY PERSON IDENTIFIED IN THIS PUBLIC OFFERING STATEMENT AS
THE CURRENT DECLARANT'S AGENT.
RCW CH. 64.50 CONTAINS IMPORTANT REQUIREMENTS YOU MUST FOLLOW
BEFORE YOU MAY FILE A LAWSUIT FOR DEFECTIVE CONSTRUCTION
AGAINST THE SELLER OR BUILDER OF YOUR UNIT OR THE COMMON
ELEMENTS. FORTY-FIVE DAYS BEFORE YOU FILE YOUR LAWSUIT, YOU MUST
DELIVER TO THE SELLER OR BUILDER A WRITTEN NOTICE OF ANY
CONSTRUCTION CONDITIONS YOU ALLEGE ARE DEFECTIVE AND PROVIDE
YOUR SELLER OR BUILDER THE OPPORTUNITY TO MAKE AN OFFER TO
REPAIR OR PAY FOR THE DEFECTS. YOU ARE NOT OBLIGATED TO ACCEPT
ANY OFFER MADE BY THE SELLER OR BUILDER. THERE ARE STRICT
DEADLINES AND PROCEDURES UNDER STATE LAW, AND FAILURE TO FOLLOW
THEM MAY AFFECT YOUR ABILITY TO FILE A LAWSUIT. THIS PROCEDURE IS
INAPPLICABLE IF THE CURRENT DECLARANT HAS PROVIDED INSURANCE
FOR CONSTRUCTION DEFECTS IN THE FORM OF A QUALIFIED WARRANTY
PURSUANT TO THE WASHINGTON CONDOMINIUM ACT.
THIS PUBLIC OFFERING STATEMENT IS ONLY A SUMMARY OF SOME OF THE
SIGNIFICANT ASPECTS OF PURCHASING A UNIT IN THIS CONDOMINIUM AND
THE CONDOMINIUM DOCUMENTS ARE COMPLEX, CONTAIN OTHER
IMPORTANT INFORMATION, AND CREATE BINDING LEGAL OBLIGATIONS.
YOU SHOULD CONSIDER SEEKING THE ASSISTANCE OF LEGAL COUNSEL.
The following information is provided to you as a prospective purchaser of a unit in the
Bellevue Towers Condominium. There are no additional express warranties or representations
beyond those which are contained in this Public Offering Statement or imposed by statute, and
no agent or other person has the right to make any representation, warranty or promise on behalf
of the current declarant or the original declarant.
1.
The name of the condominium is Bellevue Towers Condominium and its address
is 500 106TH Avenue NE, Bellevue, Washington 98004 (North Tower) and 10700 NE 4th Street,
Bellevue, Washington 98004 (South Tower).
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2.
The condominium was developed by Bellevue Towers RPO, LLC, whose address
is 1140 SW 11th Avenue, Suite 400, Portland, Oregon 97205. It has transferred all of its
remaining interests in the unsold condominium units to the current declarant identified in Section
3 below. All of the references to the "original declarant" in this Public Offering Statement are
only to Bellevue Towers RPO, LLC.
3.
The name of the current declarant is Bellevue Towers Condominiums, LLC, and
its address is 1585 Broadway, New York, New York 10036. Correspondence for the current
declarant should be sent c/o Realty Trust City, 500 — 106th Avenue NE, Bellevue, Washington
98004. While the original declarant is identified as the "declarant" in the Declaration, Survey
Map and Plans, Articles of Incorporation of the association, original Bylaws of the association,
and the rules for the association, Bellevue Towers Condominiums, LLC has acquired all of the
original declarant's remaining interests in the unsold condominium units. Therefore, all of the
references to the "current declarant" in this Public Offering Statement are only to this Bellevue
Towers Condominiums, LLC.
4.
The current management company for this condominium is The CWD Group,
Inc., and its address is 2600 West Commodore Way, Suite 2, Seattle, Washington 98199. It is not
affiliated with the current declarant or the original declarant.
5.
Neither the current declarant nor, with the exception of the Bellevue Towers
Condominium, the original declarant has completed any condominiums within the past five (5)
years, nor has any affiliate of the current declarant or original declarant done so. The five (5)
most recent condominiums created by affiliates of the original declarant are:
Developer
Condominium
Block 34 Investors, LLC
Atwater Condominiums
Casey RPO, LLC
Casey Condominiums
Civic Housing, LLC
Civic Condominium
South Park Phase II, LLC Luma Condominium
Evo Condominium
Lot 114 Investors, LLC
*includes Parking Units and Storage Units
6.
Address
Portland, OR
Portland, OR
Portland. OR
Los Angeles, CA
Los Angeles, CA
Number
Of Units
599*
238*
674*
237
316
The interest offered for sale is a fee simple title in a condominium unit.
7.
One unit in the condominium may be used for commercial, business, professional,
and retail purposes, including one or more restaurants, and the remainder only for residential
purposes. Common elements may be used only for purposes which are commonly incident to
such commercial, business, professional, and retail uses and a multifamily residential project.
Unit owners are restricted from altering the exterior appearance of any portion of the
condominium. See Sections 5.8, 10.2.1 through 10.2.4, and 10.3 of the Declaration.
8.
If and to the extent so stated in their respective unit sale agreements, for the first
six months following the closing of the first sale of their respective units, unit owners other than
the current declarant are precluded from leasing their Units. Otherwise, the units may be leased
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or rented by any residential unit owner, including the current declarant, but the leases entered into
by unit owners other than the current declarant must be for a term of at least one year. The lease of
less than an entire unit is prohibited. All leases must be in writing and be subject to the Declaration
and the articles, bylaws and rules and regulations of the association.
9.
This condominium contains five hundred forty (540) units.
10.
The principal common amenities in the condominium which materially affect
its value are two (2) suites that may be used by guests of unit owners on a reservation or other
basis established by the board of directors of the owners' association from time to time;
vehicular parking spaces, storage areas, and landscaped common elements; and other common
rooms that may be used as a kitchen, dining room, theater, exercise room, spa pool, sauna,
steam room, cold dip pool, locker rooms, and other common purposes. No additional common
amenities which will materially affect the value of the condominium are anticipated.
11.
The limited common elements which are assigned to the units offered for sale are
decks and/or terraces for certain units; one or more parking spaces for some or all units; and one
or more storage units for some or all units. See Sections 8.1 through 8.5 of the Declaration.
12.
Except for access to buildings on adjoining lots, and easements and restrictions of
record, the current declarant has not granted to any person other than the unit owners and their
tenants, invitees and licensees the right to use any of the condominium property.
13.
The unit owners are not being granted the right to use any property which is not
part of the condominium.
14.
The units and common elements have been constructed.
15.
The common expense liability for each residential unit varies in relation to the
unit's size. Based on the approved 2013 association budget, the residential units' common
expense liability is between $487.32 and $3,987.79 per month, dependent upon the residential
unit's size. The residential units' relative sizes are expressed as floor area percentages in Exhibit
D to the condominium Declaration that accompanies this Public Offering Statement. A common
expense payment will be due at the closing of a residential unit for the remainder of the month in
which the closing occurs and for one full month thereafter.
16.
Based on the approved 2013 association budget, a working capital contribution of
between $974.64 and $7,975.58 will be due at closing of a residential unit, with the amount
dependent upon the residential unit's size.
The common expense liability and working capital contribution described in items 15 and
16 above are based on the approved 2013 association budget. The association budget and related
common expense liability are not capped at the 2013 level of the association budget and should
be expected to rise over time. It is not possible to precisely forecast future association budgets,
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but the historical experience of the management company for this condominium is that an
association budget and related common expense liability for each residential unit are likely to
rise over time at an average rate in the range of 3% to 5% per year, with the actual rate of
increase being higher or lower than the average in any given year.
17.
The association may charge fees for the use of certain common elements,
including the guest suites, the dining room and kitchen, the theater, the community rooms, and
use of the roof garden for events. Except for the initial purchaser of a unit, move-in fees may
also be charged.
18.
The Condominium is subject to a sewage treatment capacity charge assessed by
King County in the amount of $2,504,250.00, which is payable in monthly amounts of
$41,737.50. The unit owners' share of that charge is included in the amounts noted in Section 15
above. Except for such assessment, the current declarant has neither agreed to nor is aware of
any assessments which, if not paid, may constitute a lien on any unit or common elements in
favor of any governmental agency.
19.
Except for their respective units and limited common element decks and terraces
and any damage caused by their act or neglect, the unit owners will not have the responsibility
for maintaining any portion of the condominium. Such maintenance is to be performed by the
association and the expenses for such maintenance are included in the owners' common
expenses to be paid to the association. See Section 12.8 of the Declaration.
20.
Declaration.
Timesharing is prohibited in this condominium. See Section 10.14.3 of the
21.
The current declarant has the right to maintain sales and leasing offices,
management offices, signs advertising the condominium and model units. See Section 11.2 of the
Declaration. Such rights expire seven (7) years after the Declaration or any amendment thereto by
the current declarant is recorded. Such rights were transferred to the current declarant by deed
recorded in King County under recording number 20101230000613. The remainder of the special
declarant rights identified in Article 11 of the Declaration, including any rights to add units to the
condominium, to subdivide and combine units that have not been conveyed by the declarant,
convert units which have not been conveyed by the declarant into common elements, and create
and reallocate certain limited common elements among the units, have terminated.
22.
The material differences between the model units and the units being sold are the
following: the model units contain furniture and removable decorative items whereas the units
being sold do not; the model units may contain appliances and finishes that are unavailable for a
particular unit being sold or which are different from those selected for a particular unit being
sold; the model units may include a deck or terrace, whereas a particular unit being sold may not;
and views from the model units may differ from the views from the units being sold.
23.
There is no property to be conveyed to the association.
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24.
The following is a list of any physical hazards known to the current declarant
which particularly affect the condominium or the immediate vicinity in which the condominium
is located and which are not readily ascertainable by the purchaser: None. 1. The current
declarant is aware of noise issues in certain units as described in more detail in Schedule 1 to the
Warranty Addendum, but is not aware of any physical hazards related to such issues; and 2.The
groundwater and soils beneath the surface of the property contain some diesel-range
hydrocarbons which have resulted or will result in the imposition of a covenant by the
Washington State Department of Ecology that preclude their disturbance and permits members of
that Department to inspect the property from time to time but present no known safety or health
hazards to the condominium occupants.
25.
The construction warranties to be provided to the purchaser of a residential unit
are limited to those required by the Washington Condominium Act, provided, however, that the
current declarant may elect to provide a unit purchaser with a limited one year construction
warranty for the fixtures, finishes, equipment, and appliances located within a unit. The
construction warranties required by the Washington Condominium Act are that (a) the unit will
be in at least as good condition at the earlier of the time of conveyance or the delivery of
possession as it was on the date of the sale agreement (reasonable wear and tear and damage by
casualty or condemnation excepted), (b) the unit and common elements are suitable for the
ordinary uses of real estate of their type and all improvements made or contracted for by the
original declarant are free from defective materials and constructed in accordance with applicable
law, according to sound engineering and construction standards, and in a workmanlike manner,
and (c) the units may be used for residential use and such use will not violate applicable law at
the earlier of the time of conveyance or the delivery of possession. The construction warranties
required by the Washington Condominium Act remain binding upon the original declarant with
respect to the original construction of the condominium. Any improvements made or contracted
for by the current declarant will be warranted by the current declarant pursuant to the
Washington Condominium Act.
26.
The units and common elements are not covered by a qualified warranty; i.e., an
insurance policy that is permitted by the Washington Condominium Act to replace the current
declarant's or the original declarant's implied construction warranties.
27.
The building enclosures have been designed and inspected in the manner required
by RCW 64.55.010 through 64.55.090.
28.
There are no building code violation citations which have been received by the
current declarant in connection with the condominium which have not been corrected.
29.
There are no unsatisfied judgments or pending suits against the association; the
current declarant has no actual knowledge of any pending suits material to the condominium; and
there exists no litigation brought by an association, any unit owner, or governmental entity in
which the current declarant or any affiliate of the current declarant has been a defendant and
which arises out of the construction, sale, or administration of any condominium within the
previous five (5) years. On November 20, 2012, the association sent correspondence to the
current unit owners pertaining to potential construction warranty claims against the original
declarant. Copies of this correspondence as well as subsequent updates accompany this Public
Offering Statement.
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30.
If and to the extent so stated in their respective unit sale agreements, for the
first six months following the closing of the first sale of their respective units, unit owners
other than the current declarant are prohibited from selling their units, and during such period,
the current declarant must be given the first right to purchase such units. There are no other
rights of first refusal to lease or purchase any of the units or common elements, and no section
in the Declaration refers to such rights.
31.
The insurance to be maintained by the association covers fixtures and equipment
located in the units but not the furnishings located in the units.
32.
The association has obtained a reserve study, a copy of which accompanies this
Public Offering Statement. Insufficient reserves may, under some circumstances, require you to
pay on demand as a special assessment your share of common expenses for the cost of major
maintenance, repair, or replacement of a common element.
33.
The following is a list of documents which the purchaser is entitled to receive
from the current declarant before the rescission period commences: the Declaration; Survey
Map and Plans; Articles of Incorporation of the association; Bylaws of the association; the
rules for the association; the budget for the association; the current reserve study of the
association; and copies of the correspondence described in paragraph numbered 29 above.
After assessments have been collected for ninety (90) days, a balance sheet of the association
current to within ninety (90) days shall also accompany the Public Offering Statement given
to prospective purchasers thereafter. Copies of these documents are provided with this Public
Offering Statement.
34.
Sales of units in the condominium are not restricted to or designed to exclude
persons fifty-five years of age or older and the condominium has not been designated as housing
for older persons under 42 U.S.C. 3607(b)(2).
ACKNOWLEDGMENT OF RECEIPT
THE UNDERSIGNED PURCHASER(S) HEREBY ACKNOWLEDGES THAT HE/SHE
HAS RECEIVED AND HAS BEEN PERMITTED TO RETAIN AN EXACT COPY OF
THIS PUBLIC OFFERING STATEMENT AND A COMPLETE COPY OF ALL OF THE
CONDOMINIUM DOCUMENTS REFERRED TO IN PARAGRAPH NUMBERED 33
ABOVE.
DATED: ______________________, 20_____.
____________________________________
_____________________________________
Printed Name: ________________________
Printed Name: _________________________
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