PURCHASE AGREEMENT
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For and in consideration of the terms hereof, Aberdeen Development
Corporation of 000 Xxxxxxxxxx Xxxxxx Xxxxx, Xxxxxxxx, Xxxxx Xxxxxx 00000,
hereinafter referred to as "Buyer", and APA Enterprises, Inc. of 0000 XX 00xx
Xxxx, Xxxxxx, XX 00000, hereinafter referred to as "Seller" agree to the sale
and purchase of the following described real property in Xxxxx County, South
Dakota as follows:
1. DESCRIPTION:
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North 200 feet of Lot 2 of the ADC 2005-1 Subdivision in Aberdeen, Xxxxx
County, South Dakota.
2. PURCHASE PRICE: The total purchase price shall be the sum of $ 120,000.00,
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which shall be paid via the retirement of the outstanding loan between the
parties as agreed upon on April 13, 2005.
3. TAXES: Buyer to assume all taxes remaining unpaid and owing for 2005 and
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thereafter.
4. TITLE: Seller shall provide to Buyer a properly executed Warranty Deed
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conveying to Buyer from Seller good and merchantable title to said
premises, subject to all zoning regulations, restrictive covenants,
reservations, rights-of-way and easements of record, and any rights of
tenants and lessees. Buyer acknowledges the premises are unimproved and
agrees to take premises in 'as-is' condition.
5. TITLE INSURANCE: Buyer to obtain title insurance at the Buyer's expense.
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6. TRANSFER TAX: Buyer shall be responsible for and pay the transfer tax
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required to be paid upon recording of the deed to transfer.
7. RECORDING FEE: Buyer shall bear the expense of recording the deed.
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8. POSSESSION: Buyer shall have possession of said premises from and after
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closing.
9. CLOSING DATE: The closing date shall be on or about June 1, 2005.
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DUPLICATE ORIGINAL
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Dated this 1st day of June , 2005.
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ABERDEEN DEVELOPMENT APA ENTERPRISES, INC.
CORPORATION
By: /s/ Xxxxx Xxxxx By: /s/ Xxxx Xxxx
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Xxxxx Xxxxx Dr. Xxxx Xxxx
Its: President Its: President
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BUYER SELLER
WITNESS: WITNESS:
/s/ Xxxxxxxxxxx X. Xxxx /s/ Xxxxxx Xxxxxx
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Xxxxxxxxxxx X. Xxxx Xxxxxx Xxxxxx
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DUPLICATE ORIGINAL
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