AGREEMENT FOR THE PURCHASE AND SALE OF REAL PROPERTY
THIS AGREEMENT FOR THE PURCHASE AND SALE OF REAL PROPERTY is
made and entered into this 21st Day of February, 1997 by and
between Celebrate L.L.C. and/or assignee (hereinafter referred to
as "Buyer") and S.H.F. Acquisition Corp. ("Seller"), with
reference to the following facts:
A. Seller is the owner of a parcel of vacant land consisting of
approximately eleven (11) gross acres described as a portion of
the XX0 XX0 of Section 33, Township 19S and Range 61E, M.D.M.
(hereinafter referred to as the "Property"). The property is
further described as Xxxxxx Grande Unit 2A and 2B consisting of
53 lots.
B. Buyer now desires to purchase from Seller and Seller desires
to sell to Buyer the Property.
NOW THEREFORE, in consideration of the mutual covenants, premises
and agreements contained herein, the parties hereto do hereby
agree as follows:
1. PURCHASE AND SALE. Buyer shall purchase from Seller, upon
the terms and conditions set forth, the Property. Purchase shall
be in the form of cash or certified funds at the close of escrow.
2. PURCHASE PRICE. The purchase price to be paid for the
Property shall be exactly FIVE HUNDRED SIXTY ONE THOUSAND EIGHT
HUNDRED DOLLARS ($561,800.00). Said sum shall by paid as
follows:
a) Buyer shall deposit into escrow FIVE THOUSAND DOLLARS
($5,000 00). Said deposit shall be applicable to purchase
price. Upon satisfaction of the contingencies contained in
paragraph 6, at Buyer's sole discretion, the xxxxxxx money
deposit shall be increased to TWENTY FIVE THOUSAND DOLLARS
($25,000.00) and become non-refundable in the event Buyer
fails to close. In the event Buyer elects to cancel prior
to expiration of the contingency period, the initial deposit
of FIVE THOUSAND DOLLARS ($5,000.00) shall be released to
the Buyer without further instructions from Seller.
b) Buyer shall reimburse, to Seller, SEVENTY TWO THOUSAND
NINE HUNDRED FIFTY SEVEN DOLLARS ($72,957.00), for prepaid
deposits for water fees, from proceeds of a construction
loan.
3. TITLE TO THE PROPERTY. Title conveyed is to be subject to
encumbrances, easements, rights of way, restrictions, conditions
and covenants of record as shown on a current preliminary title
report provided through escrow to be furnished at Seller's
expense. Buyer shall have ten (10) working days following
receipt of said report to approve the condition of title,
provided that if written disapproval is not received by Buyer
within said period, Buyer shall be deemed to have accepted the
condition of the title. Seller agrees to deliver, at his
expense, good and merchantable title as evidenced by a policy of
title insurance to the Buyer. The Buyer, at his option, may
terminate this offer to purchase and his xxxxxxx money shall be
returned if the Seller fails to deliver good and merchantable
title as herein provided.
4. DISCLOSURE OF CONDITIONS. Buyer shall take title subject to
declarations, covenants, conditions and restrictions, articles of
incorporation, bylaws, rules and regulations currently in force,
to be delivered to Buyer. Buyer shall be deemed to have approved
said documents unless written notice to the contrary is delivered
to Seller within ten (10) working days of receipt by Buyer.
5. ESCROW. The purchase and sale provided for herein shall be
consummated through an escrow to be opened with Fidelity National
Title (Xxxxxx Xxxxxxx). THE ESCROW SHALL BE DEEMED OPEN WHEN
BUYER AND SELLER HAVE EXECUTED AND DEPOSITED SIGNED ESCROW
INSTRUCTIONS WITH THE ESCROW COMPANY (THE OPENING OF ESCROW).
Said escrow shall be upon the usual form of instructions of the
escrow holder for transactions of the type provided for herein,
except that said instructions shall incorporate ail terms and
provisions of this Agreement, and in additions shall provide the
following:
a) to close escrow 75 days from opening escrow or
recordation of final map whichever is later but in no event
later than 9/1/97;
b) promptly after the opening of escrow, Seller shall cause
to be procured and delivered for Buyer's approval the
Preliminary Title Report and copies of documents referred to
in paragraph 3;
c) Seller shall pay a Documentary Transfer Tax, and all
other fees and costs shall be divided in accordance with the
usual practices of the escrow holder;
d) real property taxes shall be prorated to Close of Escrow;
e) any Special Assessments or Fees outstanding on the
Property shall be paid by Seller;
f) in the event of any conflict between the terms of this
agreement and the terms of the escrow, the terms of this
agreement shall prevail except where the escrow instructions
specifically provide otherwise.
If escrow fails to close as the result of Buyer's default, all
monies deposited by Buyer into escrow shall be considered as
liquidated damages to the Seller. If escrow fails to close as a
result of Seller's default, Buyer shall be entitled to seek
specific performance remedies. The provisions of this paragraph
shall be the sole remedies available to each respective party
hereunder in the event of a default under this agreement.
6. CONTINGENCIES. The purchase of the Property is contingent
upon:
a) Buyer's approval of the Preliminary Title Report and all
documents described within the Preliminary Title Report,
issued by Fidelity National Title Company concerning the
property as described in paragraph (3).
b) Buyer's approval of all surveys and engineering as to
soils conditions, dirt balance, hydrology, sewer and water
availability, tortoise mitigation and on and off site costs
and feasibility studies, all to be completed at Buyer's
expense, at Buyers option.
c) Buyer's approval of a Phase I Environmental Site
Assessment to be performed by (selected by buyer) at Buyer's
expense, at Buyers option.
The above contingencies are solely for the Buyer's benefit. Each
of the contingencies must be approved in writing, by Buyer on or
before 45 days from the Opening of Escrow. Should Buyer not
approve for any reason whatsoever, any one of the above
contingencies, then he shall have the right to terminate this
Agreement on or before the expiration of the contingency period.
In the event Buyer terminates this Agreement due to his
disapproval of one or more of the contingencies, any deposits
made by Buyer shall be immediately returned to Buyer less any
escrow costs incurred and Buyer shall have no further obligations
under this agreement. Buyer shall be solely responsible for all
costs involved in satisfying the above contingencies.
7. DUE DILIGENCE STUDIES. It is hereby agreed that, in the
event that this escrow does not close, that the Buyer shall
furnish at no expense to Seller, all surveys, engineering,
feasibility studies, reports and any and all other materials in
Buyer's possession that may pertain to the development of the
property. Buyer hereby agrees to indemnify Seller from any
claims, liens damages and expenses (including attorney's fees)
arising from or in connection with such entry.
8. OFFER EXPIRATION. Unless the Seller's acceptance of this
offer to purchase is delivered to Buyer before 5PM, the 25th day
of February, 1997, this offer shall be deemed revoked.
9. AGENCY DISCLOSURE. See attached agency disclosure forms.
10. NOTICES. Any and all notices, demands, or other
communications required or desired to be given hereunder shall be
in writing and shall be validly given or made to another party if
served either personally or if deposited in the United States
mail certified or registered, postage prepaid, return receipt
requested. If such notice, demand or other communication be
serviced personally, service shall be conclusively deemed made at
the time of such personal service. If such notice, demand or
other communication be given by mail, such shall be conclusively
deemed given forty-eight (48) hours after the deposit thereof in
the United States mail addressed to the party to whom such
notice, demand or other communication is to be given as
hereinafter set forth.
To Buyer: Celebrate L.L.C.
0000 Xxxxxxxxx Xxx.
X. Xxx Xxxxx, XX 00000
Xxx: Xxxxx Xxxxx
To Seller: S.H.F. Acquisition Corp.
0000 Xxxxxxx Xxxxxx, Xxx. 000
Xxx Xxxxx, XX 00000
Attn: Xxx Xxxx
Any party hereto may change its' address for the purpose of
receiving notices, demands and other communications as herein
provided by written notice given in the manner aforesaid to the
other party or parties hereto. After opening of escrow, a copy
of all notices, demands and other communications shall be given
to the escrow office.
11. APPLICABLE LAWS AND SEVERABILITY. This document shall, in
all respects, be governed by the laws of the State of Nevada
applicable to agreements executed and to be wholly performed with
the State of Nevada. Nothing contained herein shall be construed
so as to require the commission of any act contrary to law, and
wherever there is any conflict between any provision contained
herein and any present or future statute, law, ordinance or
regulation contrary to which the parties have no legal right to
contract, the latter shall prevail but the provision of this
document which is affected shall be curtailed and limited only to
the extent necessary to bring it within the requirements of the
law.
12. ENTIRE AGREEMENT. The foregoing represents the entire
Agreement between the parties and no verbal statements made by
any party are a part hereof unless incorporated in writing. In
the event either party shall prevail in any legal action
commenced to enforce this agreement, he shall be entitled to all
costs incurred in such action including attorney's fees, costs
and expenses as may be fixed by the Court.
13. MODIFICATIONS OR AMENDMENTS. No amendment, change or
modification of this document shall be valid unless in writing
and signed by ail parties hereto.
14. SUCCESSORS OR ASSIGNS. All of the terms and provisions
contained herein shall inure to the benefit of and shall be
binding upon the parties hereto and their respective successors
and assigns.
15. TIME OF THE ESSENCE. Time is of the essence of this
Agreement and all terms, provisions, covenants and conditions
hereof.
16. BUYER'S STATEMENT. Buyer states that Buyer will personally
inspect said property and is buying said property on his own
inspection and not on any representation(s) of Seller or Seller's
Agent(s). Buyer accepts that the only guarantees given by Seller
are those of title and there are no other guarantees given by
Seller as to, but not limited to, condition, zoning, fitness for
use for any certain purpose, soils tests, percolation tests,
improvements, presence or absence of utilities, or paving.
17. DISCLOSURE. Seller is aware that Buyer is a Nevada Real
Estate Licensee.
18. DISCLOSURE. Seller warrants no knowledge of soil
contamination.
The undersigned Buyers, offer and agree to purchase said property
on the terms and conditions herein stated and acknowledges
receipt of a copy of this agreement from the Broker named above.
Date: 2/21/97 Time: 10:45 am BUYER: /S/
Address: 0000 Xxxxxxxxx Xxx. City: North Las Vegas State: NV
Date: 2/26/97 Time: 8:35 am SELLER: SHF Acquisition Corp.
by: /s/ Xxxxx X. Xxxx
President
Address: 0000 X. Xxxxxxx Xx. Xxx. 000 Xxxx: Las Vegas State: NV
COUNTER OFFER
The Agreement For the Purchase and Sale of Real Property made by
Celebrate L.L.C. to purchase the real property commonly known as
Xxxxxx 0X & 0X Xxxxxx Xxxxxx Xxxxxxx dated February 21, 1997 is
not accepted in its present form, but the following COUNTER OFFER
is hereby submitted:
CHANGE TO READ AS FOLLOWS
2b... from proceeds of a construction loan. Buyer shall
reimburse seller for these fees at close of escrow, or as an
alternative shall create a note and first trust deed,
secured by the property, in favor of the seller. The note
shall bear interest at 10% per annum and shall mature no
later than 90 days from close of escrow.
CHANGE TO READ AS FOLLOWS
5a. Close of escrow shall be no later than July 1, 1997.
ADD NEW PARAGRAPH
5g. Escrow shall be deemed to be opened on the first
business day following the signing of this document by both
the Seller and Buyer, and Buyer is notified in writing of
sellers signing.
CHANGE TO READ AS FOLLOWS
6a. Seller will provide Buyer a copy of a current
Preliminary Title Report, and . . .
ADD NEW PARAGRAPH
6d. Buyer shall, within thirty (30) days of receipt of the
Preliminary Title Report and supporting documentation,
provide written notice to seller of any items unacceptable
to Buyer. Seller shall have 10 days to agree to remove such
items, and in the event seller is unwilling or unable to do
so, this agreement shall terminate and the escrow be
canceled. Buyers failure to object to the exceptions in the
preliminary title report, within 30 days, set forth above
shall be deemed an approval of the Preliminary Title Report.
The above also applies to paragraph 4 of Purchase Agreement.
ADD NEW PARAGRAPH
6e. Buyer and Buyer's experts shall exercise care in
entering upon and inspecting the property. Buyer hereby
agrees to defend, indemnify, and hold the Seller, its
officials, employees, and agents, harmless from damages,
losses, cost expenses, and liabilities, (including legal
fees), incurred by Seller arising out of and resulting from
Buyer's and Buyer's experts entry upon and inspection of the
property.
ADD NEW XXXXXXXXX
0x. Prior to commencement of construction, Buyer shall
replace existing performance bond for off site improvements,
posted by the Seller with the City of North Las Vegas, with
either a new bond or other collateral acceptable to the City
of North Las Vegas.
ADD NEW PARAGRAPH
6g. All fees, entitlements, and permits paid or received to
date, by the seller, except the water fees, shall be
transferred to the benefit of the Buyer at close of escrow.
Seller will cooperate with Buyer in signing any
documentation required by the City of North Las Vegas or
Buyer's Lender to effectuate such transfer. Water fees will
be transferred, to Buyer, upon payment of the amount stated
in paragraph 2b. Seller will further cooperate in signing
any and all documentation to effectuate this transfer. Note
and Trust Deed would be considered payment as stated in para
2b. at close of escrow.
All other terms and conditions, of the Original Agreement for
Purchase, shall remain the same.
Seller's reserve the right to accept any other offer prior to
purchaser's acceptance of this counter offer and seller's agent
being so advised in writing.
This counter offer, upon execution by both parties, shall become
a part of the Original Agreement for Purchase.
Unless the Buyer's acceptance of this Counter Offer, to the
Original Agreement for Purchase, is delivered to Seller before
5PM, THE 26TH DAY OF FEBRUARY, 1997, this offer shall be deemed
revoked.
Date: 2/25/97 Time: 9:25 AM SELLER: SHF Acquisition Corporation
by:/s/ Xxxxx X. Xxxx, President
Date: 2/25/97 Time: 11:55 AM BUYER: /s/
