Mineral And Property Rights Purchase Agreement
EXHIBIT 10.21
1. The Undersigned Puissant Industries, Inc., whose mailing address is: X.X. Xxx 000 Xxxxxxxx, Xxxxxxxx 00000, hereinafter "Buyer" offers and agrees to purchase from Xxxxxxxx Xxxxxxx Xxxx, whose mailing address is: X.X. Xxx 0000 Xxxxxx, Xxxxxxxx 00000, hereinafter "Seller" the property described in paragraph two (2), upon die terms and conditions contained in this offer, and to exchange the sum of twenty- five thousand dollars ($25,000). The sale is to be consummated by (cash sale and contract), with a down payment of one thousand dollars ($1,000), and the balances of twenty-four thousand dollars ($24,000) to be paid in monthly payments of two thousand seventy six and 64/100 dollars ($2076.64) or more, at seven percent (7%) interest, until the full balance of principal and interest is paid,
2. The property covered by this offer is described as: Located in the State of Kentucky, County of Clay. One hundred percent (100%) of all mineral and property rights owned by Seller described in Deed Book 126, page 216 recorded in Clay County Court Clerks Office; Will Book 7 pages 211-212 recorded in Laurel County Court Clerks Office; Will Book 24 pages 509-511 recorded in Clay County Clerks Office; also X.X Xxxxxxxx Well No.l permit number 77773, X.X. Xxxxxxxx Well No.2 permit number 77803 and Xxxxx Xxxxxxx Well No.l permit number 30904 including all pipelines and related appurtenances.
3. The Seller represents and warrants to purchaser that it is legally entitled to hold the mineral and property rights and there is no adverse claims to the ownership of the property and that the mineral and property rights are free and clear of al liens, charges and claims of others. The Sellers representations and warranties contained herein are provided for the exclusive benefit of the Purchaser.
4. It is agreed unless otherwise agreed upon by the parties, the sale is to be closed within thirty-five days (35) from this date or no later than the day of September 5, 2011. If the closing is delayed by reasons of delays in abstracting or by title defects which can be readily corrected, an extension of sixty days shall be allowed for closing.
5. This agreement shall be governed by and construed in accordance with the laws of the State of Kentucky.
6. The covenants herein shall bind and inure to the benefit of the Parties hereto, their executors, administrators, successors and/or assigns.
Executed this 1st day of the August, 2011.
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Puissant Industries, Inc. "Buyer"
by Xxxxxxxx X. Xxxxxxxx its Vice President
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Xxxxxxxx Faltner Xxxx "Seller"
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PROMISSORY NOTE
For value received, the undersigned, Puissant Industries. Inc., with an address of X.X. Xxx 000, Xxxxxxxx, Xxxxxxxx 00000, promises to pay to the order of Xxxxxxxx X. Xxxx, with an address of X.X. Xxx 0000, Xxxxxx, Xxxxxxxx 00000, the sum of TWENTY FOUR THOUSAND DOLLARS AND 00/100 ($24,000.00), together with interest from and after the date hereof at the rate of SEVEN (7%) PERCENT per annum, in TWELVE (12) equal and successive monthly installments of TWO THOUSAND SEVENTY SIX DOLLARS AND 64/100 ($2,076,74), with the first payment due thirty (30) days from and after the date hereof and each succeeding payment due on the same calendar day of the remainder of this note until the principal sum stated above has been paid in full.
In the event any payment is not made within thirty days (30) days of its due date, the entire unpaid principal balance shall be due and payable.
There shall be no penalty imposed upon prepayment of this all or a portion of this note.
Dated: this 1 day of June, 2011.
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By:
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XXXXXXXX X. XXXXXXX, VICE-PRESIDENT
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WARRANTY DEED
THIS DEED OF CONVEYANCE made and entered into this 1 day of June, 2011 by and between
XXXXXXXX X. XXXX, single, with an address of X.X. Xxx 0000, Xxxxxx, Xxxxxxxx 00000, party of the first part (hereinafter called "Grantor"), and
PUISSANT INDUSTRIES, INC., with an address of X.X. Xxx 000, Xxxxxxxx, Xxxxxxxx 00000, party of the second part (hereinafter called "Grantee");
WITNESSETH: That the Grantor, for and in consideration of TWENTY FIVE THOUSAND DOLLARS AND 00/100 ($25,000.00) in cash paid to the Grantor by the Grantee, the receipt of which the Grantor acknowledges, has bargained and sold and hereby grants and conveys unto the Grantee, absolutely and in fee simple, the following described real property located in Clay County, Kentucky, to-wit:
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First Tract:
BEGINNPNG at two white oaks on top of the hill in Xxxx X. Xxxxx'x line (a corner); thence a west course with the ridge as it meanders to Xxxxxx Xxxxx'x line; thence with said Xxx Abb Xxxxx'x line to Xxxx Xxxxx'x line and a white oak and black oak corner in the same; thence a northerly direction down the hill to a white oak on the bank of the branch; thence the same course to the top of the ridge to Xxxxxx House's line; thence with the ridge as it meanders to the beginning, containing one hundred (100) acres, more or less.
Excepted therefrom is the surface estate of the aforesaid tract which was conveyed by X.X. Xxxxxxx and wife, Xxxxxx X. Xxxxxxx to Xxxxx Xxxxx and Xxxxxxxx Xxxxx by deed dated December 18, 1952 and recorded in Deed Book 107, at page 21, Clay County Court Clerk's Office.
Second Tract:
BEGINNING on two chestnut oaks on top of the ridge next to Xxxxxxx Xxxxxxx; thence north-east with a conditional line between Xxxxxxx Xxxxxxx and Xxx Xxxxx to the road near the spring; thence north up the point around the fence so as to intersect Xxx Xxxxx'x line; thence with said Xxxxx'x line to a white oak xxxxx near the shop, a beginning corner to Xxxxx Xxxxxxx; thence South west with Xxxxxxx Xxxxxxx'x line to a low gap in the ridge; thence south-east with the meanders of the ridge to the beginning, containing seventy-five (75) acres, more or less.
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BEING ALL OF THE SAME PROPERTY acquired by Xxxxxxxx X. Xxxx by the following instruments recorded in the office of the Clay County Court Clerk at Manchester, Kentucky:
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Last Will and Testament of X.X. Xxxxxxx, recorded in Will Book 21, at page 533.
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2.
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Last Will and Testament of Xxxxx Xxxxxxx recorded in Will Book 21, at page 536. | ||
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3.
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Deed from P.P. Xxxxxxx and wife, Xxxxx Xxxxxxx, to X.X. Xxxxxxx dated March 11, 1948 and recorded October 19, 1965 in Deed Book 126, at page 216. | ||
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Deed from Xxxxx Xxxxxxx, State Banking Commissioner to X.X. Xxxxxxx and P.P. Xxxxxxx, dated May 19, 1942 and recorded June 23, 1942 in Deed Book 76, at page 496.
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2011 Clay County ad valorem real estate taxes will be the responsibility and c/o of Puissant Industries, Inc., X.X. Xxx 000, Xxxxxxxx, Xxxxxxxx 00000.
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TO HAVE AND TO HOLD all the above-described property, together with all the rights, privileges, appurtenances and improvements thereunto belonging, unto the Grantee and his heirs and assigns forever, with covenant of GENERAL WARRANTY of title except restrictions of record and recorded or unrecorded but existing easements.
THE PARTIES HERETO CERTIFY that the consideration reflected in this deed is the full consideration paid for the property,
IN TESTIMONY WHEREOF, the parties have executed this instrument on this date which is first above written.
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GRANTOR:
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GRANTEE: | |||
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XXXXXXXX X. XXXX
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XXXXXXXX X. XXXXXXXX, VICE PRESIDENT
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STATE OF KENTUCKY
COUNTY OF Laurel
I, Xxxxxx X. Xxxxxx the undersigned Notary Public in and for the state and county aforesaid, hereby certify that the foregoing instrument was on this 6TH day of October, 2011, produced to me in said state and county and was then and there acknowledged and sworn to before me by Xxxxxxxx X. Xxxx, party thereto, to be her own voluntary act and deed.
My Commission Expires: 6-16-2013.
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NOTARY PUBLIC/STATE AT LARGE
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STATE OF KENTUCKY
COUNTY OF Xxxxxx
X Xxxxxx X. Xxxxxx, the undersigned Notary Public in and for the state and county aforesaid, hereby certify that the foregoing instrument was on this 6TH day of October, 2011, produced to me in said state and county and was then and there acknowledged and sworn to before me by Puissant Industries, Inc., by and through Xxxxxxxx X. Xxxxxxxx, its Vice President, to be the voluntary act and deed of said corporation.
My Commission Expires: 6-16-2013.
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NOTARY PUBLIC/STATE AT LARGE
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THIS INSTRUMENT WAS PREPARED BY:
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XXXXXXX X. XXXXXXXX, PSC
ATTORNEY AT LAW
000 XXXXXX XXXXXX
X.X. XXX 0000
XXXXXX, XXXXXXXX 00000
TELEPHONE: (000) 000-0000
FAX NUMBER: (000) 000-0000
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