OPTION
KNOW ALL MEN BY THESE PRESENTS:
That Xxxxxxxx Land & Livestock, a Utah Limited Partnership of Roy,
Utah, hereinafter referred to as "Seller", hereby agrees for an in consideration
of SEE ATTACHED PAYMENT SCHEDULE paid by Canton Properties, or its assignee of
Salt Lake City, Utah, hereinafter referred to as "Buyer", as follows:
0.XXXXXXXX: Seller hereby gives and grants to Buyer and to his heirs
and assigns for a period of 12 months from the date hereof, hereinafter referred
to as "First Option Period", the exclusive right and privilege of purchasing the
following described real property located at See Exhibit A-1, A-2, A-3, A-4, A-5
- 0, County of Box Elder, State pf Utah, and more ,articularly described as
follows SEE EXHIBIT - A-1, A-2, A-3, A-4, A-5
This exhibit contains approximately 47,000 acres. There is actually
three sections that should not be included.
Together with all of the oil, gas and other mineral rights now owned in an
under, and that may be produced from, the property, together with the right of
ingress and egress at all times exploring, drilling, operating, producing,
staving, storing, treating, transporting and owning the same. Together with all
water rights appurtenant thereto or used in conjunction therewith. (Said real
property and improvements, if any, shall hereinafter be referred to as "The
Property")
2. PRICE. The total purchase price for said property is Forty one
dollars per acre ($41.00/acre) Dollars, payable in lawful money of the United
States, strictly within the following times, to-wit. All sums paid for this
option and any extension thereof as herein provided, shall be first applied on
the purchase price, and the balance shall be paid as follows:
THE ACTUAL NUMBER OF ACRES WILL BE DETERMINED AT CLOSING. THERE IS
APPROXIMATELY FORTY FIVE THOUSAND ACRES. THE OPTION PERIOD WILL END AT 12
O'CLOCK MID-DAY (noon)) MARCH 25, 1995. THERE ARE NO EXTENSIONS. THE
BALANCE OF THE PURCHASE WILL BE PAID IN CASH ON THE DATE OF CLOSING.
3. EXTENSION OF OPTION. Upon payment by Buyer to Seller of an
additional sum of NONE Dollars, cash or by cashier's check prior to the
expiration of the first option period, this option shall be extended for NONE
months, hereinafter referred to as "Second Option Period". Upon Xxxxx's payment
to Seller of a further sum of _______$ Dollars, prior to the expiration of the
second option period, this shall be extended for a third period of NONE
additional months.
4. EXERCISE OF OPTION. This option shall be exercised by written notice to
Seller on or before the expiration of the first option period, or if extended,
the expiration of the second or third option periods as the case may be. Notice
to exercise this option or to extend the option for a second or third option
period, whether personally delivered or mailed to Seller at his address as
indicated after Seller's signature hereto, by registered or certified mail,
postage prepaid, and postmarked on or before such date of expiration, shall be
timely and shall be deemed actual notice to Seller.
5. EVIDENCE OF TITLE.
(a) Promptly after the execution of this option, Seller shall deliver
to Buyer for examination such abstracts of title, title policies, and other
evidences of title as the Seller may have. In the event this option is not
exercised by Xxxxx, al such evidences of title shall be immediately returned
without expense to Seller.
(b) In the event this option is excersided as herein provided, Xxxxxx
agrees to pay all abstracting expense or at Seller's option to furnish a policy
of title insurance in the name of the Buyer.
(c) If an examination of the title should reveal defects in the title,
Xxxxx shall notify Seller in writing thereof, and Xxxxxx agrees to forthwith
take all reasonable action to clear the title. If the Seller does not clear
title within a reasonable time, Buyer may do so at Seller's expense. Xxxxxx
agrees to make final conveyance by Warranty Deed or Warranty Deed in the event
of sale of other that real property. If either party fails to perform the
provisions of this agreement, the party at fault agrees to pay all costs of
enforcing this agreement, or any right arising out of the breach thereof,
including reasonable Attorney's fee.
6. CLOSING ADJUSTMENTS. All risk of loss and destruction of property and
expenses of insurance shall be borne by Seller until date of possession/. At
time of closing of sale, property taxes, rents, insurances, interest and other
expenses of property shall be prorated as date of possession. All other taxes,
including documentary taxes, and all assessments mortgage liens and other liens,
encumbrances or charges against the property of any nature, shall be paid by
Seller except. The seller is not responsible for any roll-back tax because of
the GREEN BELT AMENDMENT.
7. POSSESSION. Xxxxxx agrees to surrender possession of the property on or
before on the date of closing following written notice of the exercising of this
option by Xxxxx.
8. The Seller recognizes Xxxxxx & Associates Real Estate Company (Broker and
Agent) through its salesman Xxxxxxx X. Xxxxxx as the Real Estate Broker with
whom Seller listed this property for sale, and Xxxxxx agrees to pay a commission
to said Xxxxxx equal to one % of the gross sale price, and Seller hereby
authorizes the agent to withhold such commission from the proceeds of sale at
time of closing/
9. If this option be not exercised on or before the dates specified herein for
exercise of same, the option shall expire of its own force and effect and the
Seller may retain such option monies as have been paid to the Seller as full
consideration for the granting of this option.
IN WITNESS WHEREOF, the Seller hereunto has set his name this 25 day of
March 1998.
SIGNED IN PRESENCE OF:
_______________________ /s/XxxxxxXxxx X. Xxxxxxxx
Buyer
/s/Xxxxxxxx Land & Livestock
by Xxxxx Xxxxxxxx Xxxxxx, General Partner
Seller
Address of Seller 0000 Xxxxx 0000 Xxxx
Xxx, Xxxx 00000
OPTION PAYMENT SCHEDULE
This option payment schedule is part of the option agreement between Xxxxxxxx
Land & Livestock and Canton Properties dated March 25, 1997
All of the following option payments must be made by their respective due dates
as there is no grace period. The dollar amounts and the due dates are as
follows:
1. $3,000.00 (three thousand dollars) due upon signing this option
agreement
2. $50,000.00 (fifty thousand dollars) due on or before April 20, 1997.
3. $3,000.00 (three thousand dollars) due on or before June 1, 1997.
4. $3,000.00 (three thousand dollars) due on or before July 1, 1997.
5. $3,000.00 (three thousand dollars) due on or before August 1, 1997.
6. $3,000.00 (three thousand dollars) due on or before September 1, 1997.
7. $3,000.00 (three thousand dollars) due on or before October 1, 1997.
8. $3,000.00 (three thousand dollars) due on or before November 1, 1997.
9. $3,000.00 (three thousand dollars) due on or before December 1, 1997.
10. $3,000.00 (three thousand dollars) due on or before January 1, 1998.
11. $3,000.00 (three thousand dollars) due on or before February 1, 1998.
12. $3,000.00 (three thousand dollars) due on or before March 1, 1998.
This option will expire on noon (twelve o'clock mid-day) March 25, 1998 if all
payments are received on time. If the payments are not received on time, this
option will terminate at midnight (twelve o'clock evening) on their respective
due date. The option payments must be received at the seller's address by their
due date.
This agreement may be recorded. If the payments are not received on time, a
notice of default will be recorded by the seller, whereas this agreement will no
longer be in force. If this option is assigned to another party, the seller must
be notified within 24 hours.
TIME IS OF THE ESSENCE
/s/ XxxxxxXxxx X. Xxxxxxxx Xxxxxxxx Land & Livestock
Buyer /s/ Xxxxx Xxxxxxxx Xxxxxx, General Partner
Seller
3-25-97 3-25-97
Date Date
EXHIBIT A-1
LEGAL DESCRIPTION AND THE ACREAGE CONTAINED IN THIS EXHIBIT IS DEEMED RELIABLE
BUT IS NOT GUARANTEED. THE ACTUAL ACREAGE ILL BE DETERMINED BY PRELIMINARY TITLE
REPORT.
TOWNSHIP 7 NORTH, RANGE 17 WEST
SECTION 1 ALL
SECTION 3 ALL
SECTION 11 ALL
SECTION 1 ALL NORTH OF RAILROAD
SECTION 1 ALL NORTH OF RAILROAD
TOWNSHIP 8 NORTH, RANGE 15 WEST
SECTION 6 ALL
TOWNSHIP 8 NORTH, RANGE 16 WEST
SECTION 1 ALL
SECTION 3 ALL
SECTION 5 ALL
SECTION 7 ALL
SECTION 9 ALL
SECTION 11 ALL
SECTION 13 ALL
SECTION 15 ALL
SECTION 17 ALL
EXHIBIT A-2
TOWNSHIP 8 NORTH, RANGE 17 WEST
SECTION 1 ALL
SECTION 3 ALL
SECTION 6 N 1/2
SECTION 9 ALL
SECTION 11 ALL
SECTION 13 ALL
SECTION 15 ALL
SECTION 22 ALL
SECTION 23 ALL
SECTION 25 ALL
SECTION 27 ALL
SECTION 34 ALL
SECTION 35 ALL
TOWNSHIP 8 NORTH, RANGE 18 WEST
SECTION 1 N 1/2
TOWNSHIP 9 NORTH, RANGE 15 WEST
SECTION 5 ALL
SECTION 7 ALL
SECTION 8 ALL
SECTION 17 ALL
SECTION 19 ALL
SECTION 20 ALL
EXHIBIT A-3
TOWNSHIP 9 NORTH, RANGE 15 WEST
SECTION 21 ALL
SECTION 29 N 1/2 NE 1/2; NW
SECTION 30 ALL
SECTION 31 ALL
TOWNSHIP 9 NORTH, RANGE 16 WEST
SECTION 1 ALL
SECTION 3 ALL
SECTION 9 ALL
SECTION 11 ALL
SECTION 13 ALL
SECTION 15 ALL
SECTION 17 ALL
SECTION 19 ALL
SECTION 21 ALL
SECTION 23 ALL
SECTION 25 ALL
SECTION 27 ALL
SECTION 29 ALL
SECTION 31 ALL
SECTION 33 ALL
SECTION 35 ALL
EXHIBIT A-4
TOWNSHIP 9 NORTH, RANGE 17 WEST
SECTION 1 ALL
SECTION 3 N 1/2; SW 1/4
SECTION 5 ALL
SECTION 7 ALL
SECTION 9 ALL
SECTION 15 S 1/2; NW 1/4
SECTION 17 ALL
TOWNSHIP 9 NORTH, RANGE 17 WEST
SECTION 19 ALL
SECTION 21 ALL
SECTION 25 ALL
SECTION 29 ALL
SECTION 31 ALL
SECTION 35 ALL
TOWNSHIP 9, NORTH, RANGE 18 WEST
SECTION 1 ALL
SECTION 13 ALL
SECTION 25 ALL
TOWNSHIP 10 NORTH, RANGE 15 WEST
SECTION 18 S 1/2
SECTION 19 ALL
EXHIBIT A-5
TOWNSHIP 10 NORTH, RANGE 15 WEST
SECTION 29 ALL
SECTION 30 ALL
SECTION 31 ALL
TOWNSHIP 10 NORTH, RANGE 16 WEST
SECTION 25 ALL
SECTION 26 S 1/2 SW 1/4
SECTION 34 S1/2SW 1
SECTION 35 S1/2; NE 1/4;
S1/2NW 1/4
