OPTION AGREEMENT FOR PURCHASE OF REAL PROPERTY
EXHIBIT 10.6
OPTION AGREEMENT FOR
PURCHASE OF REAL PROPERTY
PURCHASE OF REAL PROPERTY
THIS OPTION AGREEMENT (“Agreement”) is made and entered into this the
3rd day of May, 2006, by Xxxxxx X. Xxx, Xx., Xxxxxx Xxxxxxx Xxx, Xx.
and Xxxxxxxx X. Xxx, husband and wife, (hereinafter “Seller”), and NEK-SEN Energy, LLC, a Kansas
limited liability company, (hereinafter “Purchaser”).
WHEREAS, Seller is the fee simple owner of certain real property located in Xxxxx County,
Kansas, (“Real Property”) more particularly described as follows:
The Southeast Quarter (SE1/4) of Xxxxxxx 0, Xxxxxxxx 0 Xxxxx, Xxxxx 00 Xxxx of the
6th P.M., Xxxxx County, Kansas.
1. GRANT OF OPTION. In consideration of Five Thousand Dollars and no cents ($5,000.00), and
other good and valuable consideration, the receipt of which is hereby acknowledged by the parties
hereto and for the mutual covenants contained herein, Seller does hereby grant to Purchaser the
exclusive and irrevocable option and right to purchase (“Option”) the Real Property upon the terms
and conditions as set forth herein. The Seller agrees that this option payment shall be credited
against the total purchase price in the event Purchaser exercises this Option Agreement.
4. ESCROW AND CLOSING. An escrow shall be opened with Xxxxxxx & Xxxxxx Law Office, of
Sabetha, Kansas upon exercise of the Option. All necessary documents shall be delivered to the
Escrow Agent and all payments required hereunder, including payment of the balance of the purchase
price, shall be made to escrow agent in accordance with the Contract. Seller and Purchaser shall
execute such escrow instructions, not inconsistent with the terms of this Option, as may be
requested by the escrow agent from time to time.
Closing shall occur in accordance with the terms of the Contract and delivery of possession as
set out therein.
b. Deed: At the closing, Seller shall convey good and marketable title to the Purchaser in
the form of a General Warranty Deed which shall be executed and acknowledged so as to convey to
Purchaser the fee simple of the Premises, free and clear of all encumbrances except as set out in
the contract of sale and purchase of the Real Property.
paid by the party receiving the farm income for that year. The Purchaser shall assume all general
taxes and special assessments other than those to be paid by the Seller as described herein.
Seller shall be entitled to the 2006 crop harvest and income therefrom, subject only to Purchaser’s
right of access to the property. Seller agrees to notify Tenant, if any, of the termination of the
tenancy for crop year 2007 in the event that this option is exercised. Purchaser shall reimburse
Seller for reasonable damages to growing crops, as well as anticipated profits for actual loss of
crops, caused by Purchaser’s access to the property. Purchaser agrees to pay to the U.S.
Department of Agriculture the sum of money required to buy-out such Real Property from the program
and to hold Seller harmless for the same.
(b) Governing Law. This Agreement shall be governed by and construed in accordance with the
laws of the state of Kansas.
(e) Cost of this Agreement. Any cost and/or fees incurred by the Purchaser or Seller in
executing this Agreement shall be borne by the respective party incurring such cost and/or fee.
and Purchaser and supersedes all prior discussions and agreements whether written or oral between
Seller and Purchaser with respect to the Option and all other matters contained herein and
constitutes the sole and entire agreement between Seller and Purchaser with respect thereto. This
Agreement may not be modified or amended unless such amendment is set forth in writing and executed
by both Seller and Purchaser with the formalities hereof.
SELLER
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PURCHASER | |||||
NEK-SEN Energy, LLC | ||||||
/s/
Xxxxxx X. Xxx, Xx.
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/s/ Xxxx Xxxxxxx
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/s/ Xxxxxx Xxxxxxx Xxx, Xx. |
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Xxxxxx Xxxxxxx Xxx, Xx. |
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/s/ Xxxxxxxx X. Xxx |
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Xxxxxxxx X. Xxx |
ACKNOWLEDGMENT
STATE OF KANSAS, COUNTY OF NEMAHA, ss:
The foregoing instrument was acknowledged before me, a Notary Public, on the
3rd day of May, 2006, by Xxxxxx X. Xxx, Xx., a single person.
[Notary Stamp] |
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XXXXXX XXXXXXX |
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NOTARY PUBLIC STATE OF KANSAS |
/s/ Xxxxxx Xxxxxxx
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My
Appt. Exp. ___________ |
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My appointment expires: |
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0-0-0000 |
XXXXX XX XXXXXXX, XXXXXX XX XXXXXXX, ss:
The foregoing instrument was acknowledged before me, a Notary Public, on the 5th day
of May, 2006, by Xxxxxx Xxxxxxx Xxx, Xx. and Xxxxxxxx X. Xxx, husband and wife.
[Notary Stamp] |
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Notary Seal |
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XXXXX XXXXXXX |
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NOTARY PUBLIC — ARIZONA
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/s/ Xxxxx Xxxxxxx
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YAVAPAI COUNTY
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Notary Public | |||
My Comm. Expires Aug. 14, 2009 |
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My appointment expires: |
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8/14/09 |
STATE OF KANSAS, COUNTY OF NEMAHA, ss:
The foregoing instrument was acknowledged before me, a Notary Public, on the day of
, 2006, by Xxxx Xxxxxxx, President, NEK-SEN Energy, LLC, a Kansas limited liability company.
[Notary Stamp]
/s/ | ||||
Notary Public | ||||
My
appointment expires:
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