Exhibit 10.11
PURCHASE AGREEMENT
(This is a legally binding contract. If not understood, seek legal advice)
Investors Realty, Inc., Broker August 29, 2005
1. ADDRESS: 000 Xxxxx Xxxxxx, Xxxxx, Xxxxxxxx, Zip Code 68008.
2. LEGAL DESCRIPTION (PROPERTY): Tax Xxxx 000 & 000 XXX 0-00-00, Xxxxxxxxxx
Xxxxxx, Xxxxxxxx including all fixtures and equipment permanently attached to
the Property.
3. PERSONAL PROPERTY: The only personal property included is as follows: The two
(2) paint booths on property.
4. CONVEYANCE: Seller represents that they have good, valid and marketable
title, in fee simple, and agrees to convey title to Property to Buyer or his
nominee by warranty deed free and clear of all liens, encumbrances, or special
taxes levied or assessed, subject to all building and use restrictions, utility
easements not exceeding ten (10) feet in width abutting the boundary of the
Property, and covenants now of record.
5. ASSESSMENTS: Seller agrees to pay any assessments for public improvements
previously constructed, or ordered or required to be constructed by the public
authority, but not yet assessed. Seller is not aware of any public improvements
ordered or required to be constructed but not yet constructed.
6. PURCHASE PRICE: Buyer agrees to pay One Million Five Hundred & Fifty Thousand
and No/100 ($1,550,000.00) Dollars on the following terms: $50,000.00 (Deposit)
deposited herewith as evidenced by the receipt attached below. In the event the
offer is not accepted by the Seller within the time specified, the Deposit shall
be refunded. In the event of refusal or failure of the Buyer to consummate the
purchase, the Seller may, at his option, retain the Deposit as liquidated
damages for failure to carry out the agreement of sale. Balance to be paid in
immediately available funds at closing of the sale.
7. APPLICABLE CONDITIONS: This agreement is conditional upon the happening of
each of the following events. If each of the same have not occurred within the
time stated, this offer shall be null and void, and any Deposit returned to
Buyer.
8. TAXES: Urban Taxes: All consolidated real estate taxes which become
delinquent in the year in which closing takes place shall be treated as though
all are current taxes, and those taxes shall be prorated as of the date of
closing, and all the prior years' taxes, interest, and other charges, if any,
will be paid by Seller. If applicable, any "Ag Use" or "Greenbelt Recapture" tax
will be paid by the Buyer.
9. RENTS, DEPOSITS AND LEASES, IF RENTED: Any tenant deposits and leases shall
be assigned to Buyer at no cost. All collected rents shall be prorated to date
of closing. Copies of all current leases shall be provided to the Buyer ten (10)
days after execution.
10. SANITARY AND IMPROVEMENT DISTRICT (S.I.D.): Buyer understands that this
property is located within S.I.D. #__________ and acknowledges a receipt of the
most recently filed S.I.D. Statement.
11. CONVEYANCE OF TITLE: Seller shall furnish a current title insurance
commitment to Buyer as soon as practical. If title defects are found, Seller
must use reasonable efforts to cure them within a reasonable time. If title
defects are not cured within a reasonable time period, the Buyer may rescind
this agreement and the Deposit shall be refunded. The cost of an Owners title
insurance policy shall be equally divided between Buyer and Seller.
12. CLOSING: Closing will occur not later than September 30, 2005. Time is of
the essence. Possession shall be delivered at closing.
13. ESCROW CLOSING: Buyer and Seller acknowledge and understand that the closing
of the sale may be handled by an Escrow Agent and that the Broker is authorized
to transfer the Deposit or any other funds it receives to said Escrow Agent.
After said transfer, Broker shall have no further responsibility or liability to
Buyer or Seller for the accounting for said funds. Escrow Agent's charge for the
escrow closing shall be equally divided between Buyer and Seller.
14. STATE DOCUMENTARY TAX: The State Documentary Tax on the deed shall be paid
by the Seller.
15. INSURANCE: Any risk of loss to the Property shall be borne by the Seller
until title has been conveyed to the Buyer. In the event, prior to closing, the
structures on the Property are materially damaged by fire, explosion or any
other cause, Buyer shall have the right to rescind this agreement and Seller
shall refund the Deposit to Buyer. Buyer agrees to provide his own hazard
insurance.
16. WOOD INFESTATION: Buyer agrees to pay the cost of a wood destroying insect
inspection of the building, attached and detached structures, and Seller agrees
to pay for any treatment or repair work found necessary for issuance of a
termite warranty and/or treatment of any wood destroying insects. Buyer agrees
to accept the treated Property upon completion of repairs.
17. SMOKE DETECTOR: Seller agrees to install, at Seller's expense, smoke
detectors as required by law.
18. CONDITION OF PROPERTY: Seller represents to the best of Seller's knowledge,
information and belief, there are no latent defects in the Property. Seller
agrees to maintain the heating, air conditioning, water heater, sewer, plumbing,
electrical systems and any built-in appliances in working condition until
delivery of possession.
19. ENVIRONMENTAL: Seller represents to the best of the Seller's knowledge,
information and belief, there are no conditions present or existing with respect
to the Property which may give rise to or create Environmental Hazards or
Liabilities and there are no enforcement actions pending or threatened with
respect thereto.
THIS OFFER IS BASED UPON BUYER'S PERSONAL INSPECTION OR INVESTIGATION
OF THE PROPERTY AND NOT UPON ANY REPRESENTATION OR WARRANTIES OF
CONDITION BY THE SELLER OR SELLER'S AGENT.
20. AGENCY: The REALTOR(S) involved in this transaction are:
Xxxxx X. Xxxxxxx and Xxx Xxxxxx are acting as limited agents for
Seller.
21. BROKER COMPENSATION:
Buyer and Seller acknowledge that Investors Realty, Inc. is being paid
a fee by Seller and this fee will be shared by Brokers based on their separate
agreement.
22. OFFER EXPIRATION: This offer to purchase is subject to acceptance by Seller
on or before Thursday September 1, 2005 at 5:00 o'clock p.m.
WITNESS: BUYER:
/s/ XXXXXXXXX /s/ XXXX XXXXXX
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SS#/FED. ID
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ADDRESS:
0000 Xxxxxx Xxx. X.
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Xxxxxxxx, XX X0X0X0
(000) 000-0000
RECEIPT
(NAMES FOR DEED) RECEIVED FROM ________________________________ the sum
of _____________________________________ Dollars ($________________) (by
______________________) to apply to the purchase price of the Property on terms
and conditions as stated. This receipt is not an acceptance of the above offer
to purchase.
INVESTORS REALTY, INC.
00000 Xxxxxxxxx
Xxxxx, Xxxxxxxx 8154
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Agent's Signature
ACCEPTANCE
September 1, 2005
The Seller accepts the foregoing proposition on the terms stated and
agrees to convey title to the Property, deliver possession, and perform all the
terms and conditions set forth, and acknowledges receipt of an executed copy of
the agreement except for the following modifications:___________________________
________________________________________________________________________________
______________________________________________________________________________.
WITNESS: SELLER:
/s/ XXXXXXX X. XXXXXX /s/ XXXX XXXXXX, CFO
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SS#/FED. ID#
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WITNESS: SELLER:
/s/ XXXX XXXXXX /s/ XXXXXX XXXXXX, Sec.
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SS#/FED. ID#
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ADDRESS:
0000 XX XxXxx Xx.
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Xxxxxxxxx, XX 00000
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(000) 000-0000
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