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EXHIBIT 10.3
PURCHASE AND SALE AGREEMENT
THIS PURCHASE AND SALE AGREEMENT ("Agreement") is made as of the 2nd day of
November, 2000 (the "Effective Date"), by and between the Xxxxxx-Xxxxxx Profit
Sharing Plan (the "Seller"), and Real Estate Opportunities, Inc. (the
"Purchaser").
RECITALS
A. Seller is the fee owner of that certain real property located in the County
of Weld, State of Colorado, and more particularly described as follows: Lot(s)
6, 7, 8, 9, 10, 11 and 12, The Village at Frederick Subdivision (as amended),
Town of Xxxxxxxxx County of Weld State of Colorado. (the "Real Property")
B. Seller desires to sell the Real Property to Purchaser, and Purchaser desires
to purchase the Real Property from Seller, upon and subject to the terms and
conditions set forth herein.
AGREEMENT
NOW, THEREFORE, for the mutual covenants and agreements set forth
herein, and other good and valuable consideration, the receipt and sufficiency
of which is hereby acknowledged, the parties agree as follows:
ARTICLE ONE
PURCHASE AND SALE OF THE REAL PROPERTY
1. Purchase. Seller agrees to sell to Purchaser, and Purchaser agrees to
purchase from Seller, all of the Real Property, subject to and upon the
terms and conditions set forth in this Agreement. The total purchase price
(the "Purchase Price") for the Real Property is agreed to be $315,000.00,
payable as follows:
a) $15,000.00 hereby receipted for as a deposit, and
b) $300,000.00 by the Purchaser executing a promissory note to the and deed
of trust for the benefit of the Seller payable in monthly
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installments of $4,000.00 per month, including principal and interest
at 8 1/2 percent per annum, until 6-1-2001 whereon the remaining
balance is due and payable, if not sooner paid.
ARTICLE TWO
PRO RATIONS AND CLOSING EXPENSES
2. CLOSING ADJUSTMENTS.
2.1. TAXES. Real property taxes on the Real Property, for the current
year, not yet due and payable shall not be pro rated, and shall be
Purchaser's sole responsibility, and are hereby assumed by Purchaser.
2.2. CLOSING COSTS. Seller and Purchaser shall pay customary costs of
closing, such as recording fees, etc.
2.3. ASSOCIATION FEES AND ASSESSMENTS. Purchaser shall pay to the
Village at Xxxxxxxxx Subdivision Homeowners' Association, Inc., the
next quarterly assessment of $75.00 (per lot) due 1-1-2001 which
shall be used for the annual maintenance of the Subdivision, plus a
one-time $300 payment (per lot) to the Village at Xxxxxxxxx
Subdivision Homeowners' Association, Inc.
ARTICLE THREE
DATE OF CLOSING - SETTLEMENT STATEMENT
3. DATE OF CLOSING.
3.1. CLOSING DATE. The Purchaser and Seller have agreed to consummate
the purchase and sale of the real property as of November 16, 2000,
including by way of example the following:
3.1.1. Special Warranty Deed to be delivered to Purchaser by Seller at
closing.
3.1.2. Purchaser to pay the Purchase Price to Seller in accordance with a
settlement statement to be prepared at time of closing.
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ARTICLE FOUR
ADDITIONAL TERMS AND CONDITIONS
4. ADDITIONAL TERMS AND CONDITIONS.
4.1. AS IS SALE. The Purchaser has inspected the Real Property and accepts
the Real Property without warranty, except that the Seller agrees to
finish the work needed to complete the subdivision in accordance with the
requirements of the Town of Xxxxxxxxx.
IN WITNESS WHEREOF, the parties have caused this Agreement to be executed
effective as of the Effective Date.
PURCHASER: SELLER:
Real Estate Opportunities, Inc. Xxxxxx-Xxxxxx Profit Sharing Plan
By: /s/ F. XXXXXXX XXXXXX By: /s/ F. XXXXXXX XXXXXX
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F. Xxxxxxx Xxxxxx, President F. Xxxxxxx Xxxxxx, Trustee
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REAL PROPERTY SETTLEMENT STATEMENT
Subject Property: Xxxx 0, 0, 0, 0, 00, 00 xxx 00, Xxx Xxxxxxx at Frederick
Subdivision, Town of Xxxxxxxxx, County of Weld, State
of Colorado.
Seller: Xxxxxx-Xxxxxx Profit Sharing Plan
Purchaser: Real Estate Opportunities, Inc.
Date of Settlement: November 16, 2000
The Seller and Purchaser agree to the following terms and conditions and
settlement of debits and credits to settle all affairs described in Purchase and
Sale Agreement dated November 2, 2000.
Settlement Statement
Debit to purchaser for purchase price: $315,000.00
Credit to purchaser for deposit received: ($15,000.00)
Credit to purchaser for promissory note
and deed of trust payable to Seller: ($300,000.00)
Remaining debit to purchaser: $0.00*
* The purchaser still owes the $300.00 per lot one-time fee to the association.
Purchaser:
Real Estate Opportunities, Inc., a
Colorado Corporation,
By: /s/ F. XXXXXXX XXXXXX
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F. Xxxxxxx Xxxxxx, President
Seller:
Xxxxxx-Xxxxxx Profit Sharing Plan,
By: /s/ F. XXXXXXX XXXXXX
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F. Xxxxxxx Xxxxxx, Trustee
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PURCHASE AND SALE AGREEMENT
THIS PURCHASE AND SALE AGREEMENT ("Agreement") is made as of the 12th day of
December, 2000 (the "Effective Date"), by and between the Xxxxxx-Xxxxxx Profit
Sharing Plan (the "Seller"), and Real Estate Opportunities, Inc. (the
"Purchaser").
RECITALS
A. Seller is the fee owner of that certain real property located in the County
of Weld, State of Colorado, and more particularly described as follows: Lot(s)
2, 3, 4, 5, 14, 15, 16 and 17, The Village at Frederick Subdivision (as
amended), Town of Xxxxxxxxx County of Weld State of Colorado. (the "Real
Property")
B. Seller desires to sell the Real Property to Purchaser, and Purchaser desires
to purchase the Real Property from Seller, upon and subject to the terms and
conditions set forth herein.
AGREEMENT
NOW, THEREFORE, for the mutual covenants and agreements set forth
herein, and other good and valuable consideration, the receipt and sufficiency
of which is hereby acknowledged, the parties agree as follows:
ARTICLE ONE
PURCHASE AND SALE OF THE REAL PROPERTY
1. Purchase. Seller agrees to sell to Purchaser, and Purchaser agrees to
purchase from Seller, all of the Real Property, subject to and upon the
terms and conditions set forth in this Agreement. The total purchase price
(the "Purchase Price") for the Real Property is agreed to be $300,000.00,
payable as follows:
a) $121,604.02 and $150,757.19 by the Purchaser taking title to the Real
Property "subject to" 2 separate promissory notes and deeds of trust
payable to Xxxxxx X. Xxxxxx, with the said balances including accrued
interest to December 15, 2000;
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b) $27,638.79 by the Purchaser executing a promissory note to the Seller
due and payable in full December 1, 2001, together with accrued
interest at 6% per annum, if not sooner paid.
ARTICLE TWO
PRO RATIONS AND CLOSING EXPENSES
2. CLOSING ADJUSTMENTS.
2.1. TAXES. Real property taxes on the Real Property, for the current
year, not yet due and payable shall not be pro rated, and shall be
Purchaser's sole responsibility, and are hereby assumed by Purchaser.
2.2. CLOSING COSTS. Seller and Purchaser shall pay customary costs of
closing, such as recording fees, etc.
2.3. ASSOCIATION FEES AND ASSESSMENTS. Purchaser shall pay to the Village
at Xxxxxxxxx Subdivision Homeowners' Association, Inc., the next
quarterly assessment of $75.00 (per lot) due 1-1-2001 which shall be
used for the annual maintenance of the Subdivision. In addition, the
Purchaser to pay a one-time $300 fee (per lot) to the Village at
Xxxxxxxxx Subdivision Homeowners' Association, Inc.
ARTICLE THREE
DATE OF CLOSING - SETTLEMENT STATEMENT
3. DATE OF CLOSING.
3.1. CLOSING DATE. The Purchaser and Seller have agreed to consummate the
purchase and sale of the real property as of December 15, 2000,
including by way of example the following:
3.1.1. Special Warranty Deed to be delivered to Purchaser by Seller
at closing.
3.1.2. Purchaser to pay the Purchase Price to Seller in
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accordance with a settlement statement to be prepared at time
of closing.
ARTICLE FOUR
ADDITIONAL TERMS AND CONDITIONS
4. ADDITIONAL TERMS AND CONDITIONS.
4.1. AS IS SALE. The Purchaser has inspected the Real Property and accepts
same without warranty.
4.2. DISCOUNTED PRICE AND SUBDIVISION COMPLETION. The Purchaser recognizes
that the price is cheap in consideration of the following additional
requirements needed to finish the subdivision:
4.2.1. Completion of the park area in the NW Corner of the
subdivision at a cost of approximately $17,000 which costs
will be reimbursed by the Town of Xxxxxxxxx.
4.2.2. Providing needed bond moneys to the Town of Xxxxxxxxx for
approx. $16,500. The bond money will be returned to the
Purchaser once the roads, sidewalks and infrastructure is
accepted by the Town of Xxxxxxxxx.
4.2.3. Providing needed money to finish approximately 300 feet of
fencing in the subdivision.
IN WITNESS WHEREOF, the parties have caused this Agreement to be executed
effective as of the Effective Date.
PURCHASER: SELLER:
Real Estate Opportunities, Inc. Xxxxxx-Xxxxxx Profit Sharing Plan
By: /s/ F. XXXXXXX XXXXXX By: /s/ F. XXXXXXX XXXXXX
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F. Xxxxxxx Xxxxxx, President F. Xxxxxxx Xxxxxx, Trustee
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REAL PROPERTY SETTLEMENT STATEMENT
Subject Property: Xxxx 0, 0, 0, 0, 00, 00, 00 and 17, The Village at
Frederick Subdivision, Town of Xxxxxxxxx, County of Weld,
State of Colorado.
Seller: Xxxxxx-Xxxxxx Profit Sharing Plan
Purchaser: Real Estate Opportunities, Inc.
Date of Settlement: December 15, 2000
The Seller and Purchaser agree to the following terms and conditions and
settlement of debits and credits to settle all affairs described in Purchase and
Sale Agreement dated December 12, 2000.
Settlement Statement
Debit to purchaser for purchase price: $300,000.00
Credit to purchaser for promissory note payable to Seller: $(27,638.79)
Credit to purchaser for loan assumed that is owed to
Xxxxxx X. Xxxxxx, the balance of which has been calculated
to the date of settlement (12-15-2000): $(121,604.02)
Credit to purchaser for loan assumed that is owed to
Xxxxxx X. Xxxxxx, the balance of which has been calculated
to the date of settlement (12-15-2000): $(150,757.19)
Remaining debit to Purchaser: $0.00*
* The purchaser still owes the $300.00 per lot one-time fee to the association,
plus other requirements of the Town of Xxxxxxxxx.
Purchaser:
Real Estate Opportunities, Inc., a
Colorado Corporation,
By: /s/ F. XXXXXXX XXXXXX
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F. Xxxxxxx Xxxxxx, President
Seller:
Xxxxxx-Xxxxxx Profit Sharing Plan,
By: /s/ F. XXXXXXX XXXXXX
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F. Xxxxxxx Xxxxxx, Trustee
