EXHIBIT 10.1
CONTRACT FOR SALE OF REAL ESTATE
Las Vegas Motor Speedway, LLC, a Nevada limited liability company
("SELLER"), agrees to sell and convey and Las Vegas Industrial Park, LLC,
a Nevada limited liability company ("PURCHASER"), agrees to purchase the
tract of land and all improvements thereon situated in Xxxxx County, NV
("Property"), described below on the following terms:
1. DESCRIPTION: Approximately 100 acres with 27 industrial building
that are part of tax parcel 123-23-000-003-00 attached as Exhibit A
as well as 280 acres in tax parcels 123-14-000-002-00 and
123-23-000-001-00 attached as Exhibit B.
2. PRICE: $53,200,000 payable at closing as follows:
a. Cash of $39,900,000; and
b. A note for $13,300,000; principal and all interest on which
shall be due and payable 30 months from the date of Closing,
bearing interest at an annual rate equal to 30 day LIBOR plus
two percent (2.0%). This note shall be secured by a lien on
the Property and by a personal guaranty of O. Xxxxxx Xxxxx..
3. BUYERS INTENDED USE OF THE PROPERTY: PURCHASER intends to use the
Property for all lawful purposes.
4. ENVIRONMENTAL WARRANTIES BY SELLER: The Property does not contain
any: (i) hazardous wastes, hazardous substances or hazardous
materials, (ii) toxic substances or toxic pollutants, (iii)
petroleum products, petroleum waste materials, or petroleum debris,
(iv) PCB's, (v) underground storage tanks, or (vi) asbestos, the
continued presence of which would constitute a violation of federal,
state or local laws, including specifically all environmental
protection laws, in effect at the time of closing.
5. CLOSING DATE: Not later than January 31, 2000. Exclusive possession
of the Property to be given by SELLER to PURCHASER at time of
closing.
6. REVENUE STAMPS AND DEED: To be furnished and paid for by SELLER.
7. RECORDING FEES: To be paid by PURCHASER.
8. PRORATION OF TAXES, ETC.: Current taxes and assessments, rents,
interest, on mortgages assumed and insurance premiums on policies
transferred shall be apportioned as of the closing date. If closing
shall occur before the tax rate is fixed, the taxes shall be
apportioned upon the basis of the tax rate for the next preceding
year applied to the latest assessed valuation, unless the Property
was substantially improved since last assessed valuation.
9. DESTRUCTION BY CASUALTY, ETC.: Any loss due to casualty prior to
closing shall be borne by the SELLER.
10. CONDITION OF PREMISES: PURCHASER has inspected the Property and is
purchasing Property "as is".
11. TITLE: SELLER will execute and deliver to PURCHASER a general
warranty deed conveying a good fee simple and marketable title to
the Property with full warranties, subject only to restrictive
covenants of record and easements for streets, roads and public
utilities of record or apparent.
12. OTHER TERMS AND CONDITIONS: NONE
IN WITNESS WHEREOF the parties have set their hands and seals this
23rd day of December, 1999.
SELLER:
LAS VEGAS MOTOR SPEEDWAY, LLC
By: /s/ Xxxxxxx X. Xxxxxx
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Xxxxxxx X. Xxxxxx, Manager
PURCHASER:
LAS VEGAS INDUSTRIAL PARK, LLC
By: /s/ O. Xxxxxx Xxxxx
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O. Xxxxxx Xxxxx, Manager
