Common use of Contract for Sale Clause in Contracts

Contract for Sale. 1. Upon verbal agreement for sale between a purchaser and seller, FNC will generate and send to purchaser a Contract for Sale and a counterpart signature page to the Operating Agreement (if the transfer is of Membership Units). 2. Purchaser will be obligated to fully execute and return to FNC the Contract for Sale, an xxxxxxx money deposit of 100% of the accepted purchase price (check made payable to “Alerus Financial, Escrow Agent”) and, if the transfer is of Membership Units, then an executed Operating Agreement signature page if a new member of SIRE, in any event within 10 days of receipt of the Contract for Sale. 3. Upon receipt of the purchaser’s executed Contract for Sale and xxxxxxx money, FNC will immediately deposit the xxxxxxx money into a non-interest bearing escrow account at Alerus Financial (“Escrow Agent”) and forward the Contract for Sale to the seller for signature. 4. Within 10 days of the date of receipt of the Contract for Sale, Seller must (i) execute and return to FNC the Contract for Sale; and send to SIRE the Membership Unit Certificate(s) (or a satisfactory Lost Certificate Affidavit, available on SIRE’s website). 5. In the event the Seller granted to a lender a security interest in the Securities, the Seller is required to provide proof of the lender’s consent and any transfer instructions with the Contract for Sale. At the time of closing, the Securities must be free and clear of any lien, encumbrance, pledge or security interest.

Contract for Sale. 1. Upon verbal agreement for sale between a purchaser and seller, FNC will generate and send to purchaser a Contract for Sale and a counterpart signature page to the Operating Agreement (if the transfer Transfer is of Membership Units). 2. Purchaser will be obligated to fully execute and return to FNC the Contract for Sale, an xxxxxxx exxxxxx money deposit of 100% of the accepted purchase price (check made payable to “Alerus Financial, Escrow Agent”) and, if the transfer Transfer is of Membership Units, then an executed Operating Agreement signature page if a new member of SIRE, in any event within 10 days of receipt of the Contract for Sale. 3. Upon receipt of the purchaser’s executed Contract for Sale and xxxxxxx exxxxxx money, FNC will immediately deposit the xxxxxxx exxxxxx money into a non-interest bearing escrow account at Alerus Financial (“Escrow Agent”) and forward the Contract for Sale to the seller for signature. 4. Within 10 days of the date of receipt of the Contract for Sale, Seller must (i) execute and return to FNC the Contract for Sale; and send to SIRE the Membership Unit Certificate(s) (or a satisfactory Lost Certificate Affidavit, available on SIRE’s website). 5. In the event the Seller granted to a lender a security interest in the Securities, the Seller is required to provide proof of the lender’s consent and any transfer Transfer instructions with the Contract for Sale. At the time of closing, the Securities must be free and clear of any lien, encumbrance, pledge or security interest.

Contract for Sale. 1. Upon verbal agreement for sale between a purchaser and seller, FNC will generate and send to purchaser a Contract for Sale and a counterpart signature page to the Operating Agreement (if the transfer Transfer is of Membership Units). 2. Purchaser will be obligated to fully execute and return to FNC the Contract for Sale, an xxxxxxx money deposit of 100% of the accepted purchase price (check made payable to “Alerus Financial, Escrow Agent”) and, if the transfer Transfer is of Membership Units, then an executed Operating Agreement signature page if a new member of SIRE, in any event within 10 days of receipt of the Contract for Sale. 3. Upon receipt of the purchaser’s executed Contract for Sale and xxxxxxx money, FNC will immediately deposit the xxxxxxx money into a non-interest bearing escrow account at Alerus Financial (“Escrow Agent”) and forward the Contract for Sale to the seller for signature. 4. Within 10 days of the date of receipt of the Contract for Sale, Seller must (i) execute and return to FNC the Contract for Sale; and send to SIRE the Membership Unit Certificate(s) (or a satisfactory Lost Certificate Affidavit, available on SIRE’s website). 5. In the event the Seller granted to a lender a security interest in the Securities, the Seller is required to provide proof of the lender’s consent and any transfer Transfer instructions with the Contract for Sale. At the time of closing, the Securities must be free and clear of any lien, encumbrance, pledge or security interest.