CONTRACT FOR THE SALE OF REAL ESTATE
THIS AGREEMENT made and entered into on
this 11th day of
December, 2008, between Xxxxxx X. Xxxxxxx and Xxxxx Xxxxxxx of Springfield,
Missouri, (hereinafter “Seller”) and Freedom Financial Group, Inc., a Delaware
corporation (hereinafter “Buyer”) and agree as follows:
WITNESSETH:
WHEREAS, the Seller is owner of certain
real estate located in Springfield, Xxxxxx County, Missouri;
WHEREAS, Buyer, as a part of Seller
Xxxxxx X. Xxxxxxx’x employment agreement with the Seller, desires to purchase
said real estate.
NOW, THEREFORE, in consideration of the
covenants and agreements herein made, kept and performed, the parties agree as
follows:
1. Buyer
agrees to buy from Seller and Seller agrees to sell to Buyer all of Seller’s
right, title and interest in and to the following described real estate locate
in Springfield, Xxxxxx County, Missouri, to-wit:
Xxx
00 Xxxxxxxxxx Xxxxx 0 Final Plat
SUBJECT
TO easements, restrictions, reservations and covenants, if any, now of record,
and taxes for 2008, and thereafter.
hereinafter
referred to as “the Real Estate”.
2. The
purchase price to be paid by Buyer to Seller for the Real Estate shall be equal
to the amounts due on Seller’s promissory notes the repayment of which are
secured by two existing Deeds of Trust signed by Seller on the real estate in
favor of Bancorp South plus $15,000.00 with the total purchase price not to
exceed three hundred forty-five thousand dollars ($345,000.00). payable in cash
equal to the amount secured by the two deeds of trust not to exceed three
hundred thirty thousand dollars ($330,000.00) and by delivery of Buyers
non-negotiable unsecured promissory note in the amount of $15,000.00 payable one
year from date of closing provided that Seller Xxxxxx X. Xxxxxxx is an employee
of Buyer on the date the promissory note is due, unless Seller Xxxxxx X.
Xxxxxxx’x employment with Buyer is terminated pursuant to either Section 7(a) or
Section 7(c) of his employment agreement.
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3. Seller
shall, within ten (10) days after the execution of this Contract, provide Buyer
with a commitment for title insurance issued by Xxxxx Land Title Company of
Springfield, Missouri, showing marketable title vested in Seller, subject,
however, to two deeds of trust in favor of Bancorp South, one being document
#002472-08 in the Xxxxxx County Recorder’s Office, and the second being document
#001449-08 in the Xxxxxx County Recorder’s Office; easements, covenants,
conditions, and restrictions of record; and, taxes for 2008 and
thereafter. Buyer shall have seven (7) days after receipt of the
title commitment to examine the title and make any objections to title, which
objections shall be made in writing. If Buyer shall fail to make any
written objections by that date, then Buyer shall be deemed to have waived any
rights to make any such objections. Seller shall use due diligence to
meet Buyer’s objections by removing any objected encumbrance or
defect. If Seller is unable to remove any objected encumbrance or
defect by closing, then Buyer may terminate this agreement. Except as
provided herein, title to be conveyed is to be marketable title as set forth in
Title Standard 4 of the Missouri Bar. Any encumbrance of defect which
is within the scope of any of the Title Standards of the Missouri Bar shall not
constitute a valid objection to title on the part of the Buyer, provided Seller
furnishes the affidavits or other title papers, if any, described in the
applicable standard.
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4. Seller
shall convey their interest in the Real Estate by delivering to Buyer at closing
their Warranty Deed, properly acknowledged, free and clear of any liens and
encumbrances, subject, however, to easements, covenants, conditions, and
restrictions of record, and taxes for the year 2008 and thereafter, at which
time all sums due Seller from Buyer shall be paid to Seller. Seller
will assign to Buyer all existing escrow accounts held in connection with either
deed of trust. Taxes for the year 2008 will be prorated as of the date of the
closing.
5. The
closing will be held at Xxxxx Land Title Company, 0000 X. Xxxxxxxx, Xxxxxxxxxxx,
Xxxxxxxx, within twenty (20) days after Seller delivers to Buyer a commitment
for title insurance, unless otherwise agreed by the parties. Buyer
will be solely responsible for the purchase of any title insurance policy
insuring title in its favor in the Real Estate.
6. This
agreement may be executed in counterparts, each of which when so executed and
delivered (whether by telecopy or otherwise) shall be an original, but all of
which together shall constitute one and the same agreement. Facsimile
signatures are considered the same as original signatures.
7. This
agreement shall be binding upon the parties hereto, their heirs, successors,
executors, and assigns.
IN WITNESS WHEREOF, the parties have
subscribed their names on the day and year first next signatures.
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/s/Xxxxxx
X. Xxxxxxx
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Xxxxxx X. Xxxxxxx, “Seller”
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Dated: 12/11/08
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/s/Xxxxx
Xxxxxxx
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Xxxxx Xxxxxxx, “Seller”
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AND
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FREEDOM
FINANCIAL GROUP, INC., “Buyer”
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Dated: 12/11/08
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By:
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/s/Xxxxxx
X. Xxxxxxxxxxx
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Xxxxxx
X. Xxxxxxxxxxxx,
President
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