REAL ESTATE SALE CONTRACT
THIS IS A LEGALLY BINDING CONTRACT.
1. PARTIES: This Contract is made by and between Xxxxxx X. Xxxx and Xxx X. Xxxx
(Buyer) and Freedom Financial Group, Inc. (Seller), and is effective as of the
date and time of final acceptance (the "Effective Date").
2. PROPERTY: For the consideration hereinafter set forth, Buyer agrees to
purchase and Seller agrees to sell the real property commonly known as FR 221
Fair Grove, MO (address) located in Xxxxxx County, State of Missouri, (check
applicable provisions)
|X| See attached Legal Description; or |X| Legal Description:
together with all attached improvements and fixtures located on the property,
and the following items included in the sale [NONE] but excluding the following
items which are not being sold: 2550.00 per acre 65/3 m/l; all of which is,
except exclusions, the "Property" in this Contract.
3. PRICE: The sale price to be paid by Buyer to Seller, excluding costs as
hereinafter provided is One Hundred Sixty-Six Thousand Five Hundred Fifteen and
No/100 Dollars ($166,515.00) which Buyer agrees to pay as follows:
|X| Xxxxxxx Money from Buyer in the form of |_| Cash |X| Check to be deposited
or held pursuant to paragraph 4 hereof, upon contract acceptance, in the amount
of: $16,651.50
|X| Buyer's payment of balance of sale price in cash or certified funds, which
includes if any, at closing in the amount of: $149,863.50 (Amount to be adjusted
at closing to reflect loan fees, title company fees, prorations, closing costs
and other similar fees and expenses.)
4. XXXXXXX MONEY: Xxxxxxx Money is to be deposited by selling broker with
Preferred Title within 10 banking days after the Contract is signed by all
parties, to be applied to sale price at closing, to liquidated damages on
default of Buyer, or disbursed as otherwise provided in this Contract. Escrow
Agent may deposit in an account insured by the FDIC with interest paid to Escrow
Agent. The parties agree that in the event of a dispute over any Xxxxxxx Money
being held, Escrow Agent shall continue to hold said deposit in its escrow
account until Escrow Agent has a written release from all parties consenting to
its disposition or until a civil action is filed to determine its disposition.
at which time payment may be made into the court, and any attorney's fees, court
costs and other legal expenses incurred by Escrow Agent in connection with such
dispute shall be reimbursed from the Xxxxxxx Money funds deposited with Escrow
Agent. If this Contract is canceled pursuant to its terms or if the Xxxxxxx
Money is to be forfeited, collected, or refunded, the parties agree that the
amount distributed shall be reduced by any unpaid charges incurred by listing
broker, selling broker or Escrow Agent on behalf of the party receiving the
funds, and further reduced by any additional amounts due to selling broker and
listing broker as hereinafter provided.
5. NOTE: If Seller produces a clear title, xxxxxxx money is non-refundable.
6. ADDITIONAL TERMS AND CONDITIONS: Property sold as is, where is. without any
representation expressed or implied.
7. CLOSING AND POSSESSION: The "Closing" is the delivery of the Seller's
warranty deed for the purchase price paid by Buyer after all documents have been
signed and shall be on or before 7/4/03 (the "Closing Date"), unless otherwise
agreed to in writing.
Possession of the Property and keys to be delivered to Buyer no later than time
of closing 5:00 p.m. on 7/4/03.
8. VERIFICATION OF CONDITION: Buyer shall have the right to make a final
inspection of the Property prior to closing, not as a contingency of the sale,
but solely to confirm that the Property is otherwise in substantially the same
condition, subject to normal wear and tear, as on the date of the offer, unless
otherwise agreed in writing.
9. REMEDIES UPON DEFAULT: Seller or Buyer shall be in default under this
Contract if either fails to comply with any material provision within the time
limits required by this Contract. If either party defaults, the party claiming a
default shall notify the other party in writing of the nature of the default and
terminate this Contract or extend the time for performance by a written document
signed by all parties. The notifying party may, but is not required to. provide
the defaulting party with a deadline for curing the default. The failure to
assert a default shall not constitute a waiver of the right to assert a default
of the same or any other provision of this Contract. If this Contract shall not
be closed for the fault of Buyer, then 10% of the total sale price shall be paid
by Buyer to Seller as liquidated damages, it being agreed that actual damages
are difficult, if not impossible, to ascertain. Any liquidated damages paid to
Seller after costs of collection shall be divided equally between Seller and
Listing Broker.
10. DISPUTES: All disputes shall be settled by binding arbitration.
11. SELLER'S DISCLOSURE STATEMENT: Buyer acknowledges and agrees that the
Property is being sold in its existing condition, and that neither the Seller
nor any person acting on behalf of the Seller have made any representations or
warranties, written or oral, respecting the condition of the Property, upon
which Buyer is relying in purchasing the Property, other than as contained in
this Contract.
12. CLOSING PROCEDURES: Necessary title information shall be ordered by Seller
within ten (10) days of the Effective Date and promptly delivered to Buyer.
Seller shall provide at Seller's expense a commitment to insure title in the
amount of the purchase price from a company authorized to insure titles in the
State of Missouri, showing merchantable title in Seller in accordance with the
Title Examination Standards of the Missouri Bar, subject to encumbrances as
provided herein, standard residential subdivision restrictions, covenants,
declarations, setback lines, easements and zoning laws of record as of the
Effective Date, and the lien of current year's taxes. Buyer may, at Buyer's
expense, obtain a survey (and shall obtain a survey if required by a lender or
title company). Buyer shall pay the premium for title policy. Buyer may, at
Buyers expense, have the title commitment examined, and if applicable, Buyer
shall provide to Seller in writing any valid objections to title and survey
prior to the Closing Date, and Seller shall make reasonable effort to correct
the valid objections, and if not corrected, Buyer may waive the objections and
close, or elect to terminate the Contract, and if not disputed, receive the
Xxxxxxx Money less any expenses incurred on Buyer's behalf. At Closing, Seller
shall deliver a warranty deed and all other documents and funds reasonably
necessary to complete the Closing. If a closing fee is charged, the cost will be
shared by Seller and Buyer, unless otherwise provided. Recording fees shall be
paid by the party for whom the fee is attributable. Escrow closing agent to be
acceptable to Broker. Seller will warrant at Closing there are no unpaid bills
for improvements within 12 months prior to Closing and that Seller has no
knowledge of proposed improvements to be paid for by special assessment or fee.
13. PRORATION: Taxes, insurance, interest, rentals, and association dues, if
applicable, shall be prorated to Closing Date. If the current' year's taxes
cannot be determined, proration will be based on the preceding year's taxes with
adjustments for known changes' in assessed valuation or tax levies.
14. LOSS: In the event of material loss from fire or other casualty prior to
Closing, Buyer may elect to accept the insurance proceeds, if any, and close or
to terminate this Contract and have the Xxxxxxx Money deposit returned, less any
expenses incurred on Buyer's behalf.
15. BINDING EFFECT; APPLICABLE LAW: This Contract shall be binding on and/for
the benefit of the parties and their respective heirs, personal representatives,
executors, administrators, or assigns, and shall be construed and enforced in
accordance with the internal laws of the State of Missouri.
16. ENTIRE AGREEMENT: This Contract and all attachments hereto constitute the
entire agreement between the parties and there are no representations,
warranties, or understandings, written or oral, except as set forth herein,
relating to the subject matter of this Contract. which supersedes all prior
agreements, and this Contract may not be changed, modified or amended, in whole
or in part, except by a written document signed by all the parties.
17. TIME IS OF THE ESSENCE: Time is of the essence in the performance of each
provision of this Contract by the parties. All references to a specific time
shall mean Central Time. All references to periods of days shall mean calendar
days, unless otherwise provided.
18. NOTICES: Any notice required or permitted shall be in writing and may be
delivered in person or sent by telefax or certified mail, postage prepaid, to
the address or number set forth in this Contract or such other address or number
specified by a party in writing. Notice shall be deemed made at the date and
time of personal delivery, receipt of telefax or mailing. Receipt of notice by
an agent of a party shall be deemed receipt by the party.
19. EXECUTION: The execution and delivery of facsimile transmissions of this
Contract shall constitute legal and binding obligations of the parties.
20. All parties agree to hold Xxxxxxxx Auction & Realty LLC and its agents
harmless and blameless from any legal action. Xxxxxxxx Auction acts as agents
for the Seller only.
To be signed by Seller only if Seller accepts the offer:
Signed on 6/4/03 at 12:16 p.m. Signed on 6/4/03 at 12:16 p.m.
Seller: Freedom Financial Group, Inc. Buyer: /s/ Xxx X. Xxxx
Address: 0000 X. Xxx Xxxxxxxxxxx XX Address: 00 Xxxxxxx Xxxxx,
Xxxx Xxxxx, XX 00000
S.S.# or Tax I.D.# S.S.# or Tax I.D.#
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Seller: /s/ Xxxxxx X. Xxxxxxxxxxxx, President Buyer: /s/ Xxxxxx X. Xxxx
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Address Address: 00 Xxxxxxxxx Xxxxx
--------------------------------------------- Buffalo 65622
759-7252
S.S.# or Tax I.D.# S.S.# or Tax I.D.#
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Listing Broker: Xxxxxxxx Auction & Realty, L.L.C. Selling Broker: Same as Listing
Address: X.X. Xxx 000, Xxxxxxxxxxx, XX 00000 Address: Same as Listing
Telephone: 000-000-0000 Telefax: same Telephone: Same as Listing
Listing Agent: Xxxxx Xxxxxxxx Selling Agent: Same as Listing
