OPTION AGREEMENT FOR PURCHASE OF REAL PROPERTY
EXHIBIT 10.7
OPTION AGREEMENT FOR
PURCHASE OF REAL PROPERTY
PURCHASE OF REAL PROPERTY
THIS OPTION AGREEMENT (“Agreement”) is made and entered into this the
10th
day of May, 2006, by Xxxxxxx X. Xxxxx and Leattrice Xxx Xxxxx
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:
A tract of land located in the Northeast Quarter (NE1/4) of Xxxxxxx 0, Xxxxxxxx 0
Xxxxx, Xxxxx 00 Xxxx of the 6th P.M., Xxxxx County, Kansas, consisting of
127 acres, more or less.
1. GRANT OF OPTION. In consideration of One Thousand Dollars and no cents ($1,000.00), 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.
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5. 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 stated
within the contract for sale and purchase of the premises.
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(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.
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SELLER
|
PURCHASER | |||||
NEK-SEN Energy, LLC | ||||||
/s/ Xxxxxxx X. Xxxxx
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/s/ Xxxxxx X. Xxxx
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|||||
/s/ Leattrice Xxx Xxxxx |
||||||
Leattrice Xxx Xxxxx |
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ACKNOWLEDGMENT
STATE OF NEBRASKA, COUNTY OF XXXXXXXXXX, xx:
The foregoing instrument was acknowledged before me, a Notary Public, on the
10th day of May, 2006, by Xxxxxxx X. Xxxxx and Leattrice Xxx Xxxxx, husband
and wife.
/s/ Xxxxx X. Xxxxx | ||||
Notary Public |
[Notary Stamp] | ||
GENERAL NOTARY – State of Nebraska | ||
My appointment expires:
|
XXXXX X. XXXXX | |
March 27, 2007
|
My Comm. Exp. Mar. 27, 0000 |
XXXXX XX XXXXXX, XXXXXX XX XXXXXXXXXX, xx:
The foregoing instrument was acknowledged before me, a Notary Public, on the
10th day of May, 2006, by Xxxxxx Xxxx, Vice-President, NEK-SEN Energy,
LLC, a Kansas limited liability company.
/s/ Xxxxx X. Xxxxx | ||||
Notary Public |
[Notary Stamp] | ||
GENERAL NOTARY – State of Nebraska | ||
My appointment expires:
|
XXXXX X. XXXXX | |
March 27, 2007
|
My Comm. Exp. Mar. 27, 2007 |
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