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HomeMy WebLinkAbout910832REAL ESTATE SALES AGREEMENT Seller, D. C. Krautter aka Don C. Krautter, Jean M. Krautter, and Gall Susan Asbury, Trustees of the Krautter Family Trust dated August 26, 1996, of PO Box 3465, Alpine, WY 83128, ("Seller" herein), agrees to sell, and Raymond C. Hanck and Alicia H. Hanck husband and wife, of P,O. Box 3911, Alpine, Wyo. 83]28 , ("Buyer" herein), agree to buy the following described real estate, located in the W1/2NW1/4 of Section 15, T36N, R119W, in Lincoln County, and State of Wyoming, described as follows ("the subject property" or "property"): Lot 23 of the Longview Ranch Subdivision according to the official plat thereof on file in the office of the Lincoln County Clerk, Kemmerer, Wyoming. SUBJECT, however, to all covenants, conditions, restrictions, reservations, easements and rights-of-way of sight or record, including without limitation that certain Amended Longview Ranch Declaration of Covenants-Conditions-Restrictions dated March 9, 2005, and recorded in the office of the Lincoln County Clerk on March 11, 2005, in Book 580 PR, page 550, Recording No. 906998, the'provisions of which are incorporated herein by this reference. Price and Terms of Payment. The total price is $ 72 ~ OOO. 1.1 Earnest money in the amount of $ ].OOOo and held by Longview Ranch, Inc. payable as follows: to be deposited with 1.2 closing. The balance of the price in cash, or certified funds, shall be paid to Seller at (~7z,ooo.) 2. Price Allocation. The price is allocated as follows: no allocation is made. 3. Buyers' Inspection. Buyer agrees that he has had the opportunity to make a full and complete inspection of the property, that he enters into this agreement to buy the property based solely on his inspection, that he is buying the subject property based solely on his inspection, and that he is buying the subject property and any and all existing fences and other improvements in their present condition "AS IS" and not based on any representation made to him by Seller. 1 RECEIVED 8/11/2005 at 10:51 AM RECEIVING # 910832 BOOK: 594 PAGE: 111 JEANNE WAGNER LINCOLN COUNTY CLERK, KL ,: :~ ?!i~R, WY 00112 4. Encumbrances. Seller covenants that the subject property is free and clear or will be free and clear upon closing of liens and encumbrances, except those reserved in the le~d paragraph on Page 1 hereof, and those stated below in paragraph 5. 5. Proper~y Sold Subiect to. The real property is sold subject to: 5.1 Zoning or other land use regulations and ordinances. 5.2 All utility easements of record or those appearing on the land which affect the subject property. 5.3 Covenants, restrictions, patents, mineral, or other reservations and easements or rights of sight or record including without limitation the covenants, conditions and restrictions referred to in the description of the property above. 5.4 Real estate taxes and assessments for the year 20 and all subsequent years. The taxes shall be prorated between the parties as of the date of closing. 5.5 The usual printed exceptions of a standard title insurance policy issued by a duly licensed title insurance company in Lincoln County, Wyoming. 6. Warranty Deed. The deed conveying the subject property to Buyer shall be a warranty deed in standard form utilized in Lincoln County, Wyoming. 7. Title and Title Insurance. 7.1 Seller will give and Buyer will accept a marketable title. Seller shall, within a reasonable time after closing, furnish to Buyer a standard title insurance policy in the amount of the purchase pdce showing marketable and insurable title subject only to those, liens, encumbrances, or defects as are set out in paragraph 5, supra, and otherwise in this agreement and which are to be discharged or assumed by Buyer. Within 21 days of the execution of this agreement by all parties, Seller shall furnish to Buyer a commitment for a title insurance policy showing the condition of th~ title to the subject property. Buyer shall have 14 days from receipt of the commitment or until 24 hours prior to closing, whichever is less, in which to object in writing to the condition of 2 :'00113 the title not meeting the requirements hereof. If Buyer does not object within the time limited, he shall be deemed to have accepted said condition of the title. 7.2 It is agreed that if the title of the subject property is not marketable as set forth in Paragraph 7.1 above, or cannot be made so within 14 days after notice containing a written statement of defect is delivered to Seller by Buyer, the Buyer's earnest money, if he so elects, will be promptly refunded to Buyer, Seller shall pay for the cost of the title commitment, and this agreement shall then be void and of no further force or effect. 7.3 The parties agree that Southwest Title, Inc., of Kemmerer, Wyoming, shall provide the commitment for and policy of title insurance. 8. Fixtures. All fixtures, personal property, and fences, if any, attached to or used in connection with said subject property are represented to be owned by Seller and are included in this sale, but are taken by Buyer "AS IS". 9. Delivery of Deed. The deed shall be executed and delivered at closing. 10. Acceptance of Deed. Acceptance of a deed by Buyer will be' full performance by Seller of all terms, conditions, and agreements except any obligations of Seller to be performed subsequently which shall survive the closing and be continuing covenants running with the land, except as otherwise limited herein. 11. closing. Possession. Buyer shall be entitled to possession of the subject property upon 12. Conditions of Sale. Buyer's obligation to purchase the property pursuant to this agreement is subject to Seller complying with the following conditions: none except those otherwise stated herein. 13. payment of the Expenses of this Transaction. 13.1 Seller, at its expense, will provide title insurance for the Buyer for this sale. 13.2 Seller and Buyer will each pay 1/2 of the closing expenses. Each party shall pay his own legal expenses, if any. 09 LOS3 O0't!4 14. Closing. The date of closing shall be on or before Au,~ust 9 ,2005 , or as otherwise agreed by the parties. The closing agency shall be Longview Ranch, Inc., of Alpine, Wyoming. On or before the closing date, Seller and Buyer shall deposit with the closing agency all funds and instruments necessary to complete this transaction. 15. Default. 15.1 If Buyer defaults in the performance of this agreement, Seller shall have the option of accepting the earnest money as liquidated damages or pursuing any other lawful right or remedy to which Seller may be entitled. If Seller elects to accept the earnest money, Seller shall retain the earnest money and pay therefrom any expenses such as title commitment fees. If Seller elects to accept the earnest money as liquidated damages that will constitute the Seller's sole remedy for Buyer's default and is not to be considered a penalty or forfeiture. If Seller seeks any other remedy, Seller shall pay the expenses described above, and Seller shall hold the earnest money pending the oUtcome of the legal action. 15.2 If Seller defaults, Seller shall return the earnest mone~ to the Buyer in full upon his demand, and Seller shall pay all expenses of the transaction. Buyer may pursue any other lawful right or remedy to which Buyer may be entitled. 15.3 In the event of default by either party in addition to any other remedies provided herein or by law, the non-defaulting party shall have the right of enforcing the remedy of specific performance against the defaulting party and in such action the defaulting party shall not claim or maintain that the offended party has an adequate remedy at law. - - 15.4 In the event of litigation between the parties concerning this agreement or subject matter, the prevailing party in that litigation shall be entitled to recover their attorney's fees and costs in addition to any other relief received. 15.5 Notwithstanding any termination of this agreement, Buyer and Seller agree that in the event of any controversy regarding the earnest money held by Longview Ranch, Inc. as closing agency ("holder"), unless mutual written instructions are received- by the holder of the earnest money, the holder shall not be required to take any action but may await any proceeding, or at holder's option and sole discretion, may interplead all 4 parties and deposit the earnest money into a court of competent iudsdiotion and shall recover from the offendin9 party or parties court costs and reasonable attorneys' fees. 16. .Risk of Loss. Prior to the closing of this sale, all risk of loss shall remain with Seller. Should the subject property be materially damaged prior to closing, Buyer shall have the option and sole discretion of declaring this agreement null and void and to receive the earnest money back in full. 17. _Entire Aareement and Binding Effect All agreements between the parties are merged in this agreement. This agreement may not be changed orally and is to apply to and bind the heirs, personal representatives, executors, administrators, successors, and assigns of the respective parties. This agreement may be modified only by a subsequent written agreement executed by all of the parties to this agreement. 18. Utilities and Roads. The parties stipulate and agree that the property has access to and is subject to the utility and road easements described on the plat. The property shall have access to the main subdivision road for ingress and egress, and to easements for utilities and culinary water as follows: 18.1 Seller shall provide a graveled main road built to Lincoln County specifications for ingress and egress to and from the subject property. 18.2 Seller shall provide underground power and telephone lines in the main road adjacent to the subject property. 18.3 Seller shall provide underground culinary water pipeline in the main road adjacent to the subject property. 18.4 The main road and culinary water system shall be maintained by Longview Ranch, a Wyoming corporation, of which Buyer as owner of the property shall be a member. Buyer takes title to the property subject to the obligations to pay maintenance assessments to Longview Ranch according to the Amended Declaration of Covenants- Conditions-Restrictions referred to In the description of the property above. 19. Real Estate Commission. The parties stipulate and agree that there is no real estate broker involved in this transaction and consequently no commission to be paid. 20. .Time of the Essence. Time is of the essence of this agreement. DATED this C)th day of August ,20 O.5.. D. C. Krautter, Trustee, Seller Jean M. Kr'~autter, Trustee, Seller Gail Susan Asbury, Trustee, S¢!ler D. C. Krautter, her attorney-in-fact " J"ean M. Krautter, her attorney-in-fact l:~ymond C. Hanck , Buyer , Buyer 6 STATE OF WYOMING COUNTY OF LINCOLN ,001 7 On this ,gth day of August ,20 05 , before me personally appeared D. C.' Krautter aka Don C. Krautter, Jean M. Krautter and Gall Susan Asbury by her attorneys-in-fact pursuant to that certain Power of Attorney dated October 19, 2004, and recorded in the office of the Lincoln County Clerk on October 25, 2004, in Book 570 PR, page 658, D. C. Krautter and Jean M. Krautter, to me personally known, who, being by me duly sworn and put upon their oath, did say that they are the trustees of the Krautter Family Trust dated August 26, 1996, described in and which executed the foregoing Real Estate Sales Agreement; that said instrument was signed and sealed on behalf of said trust; that said trustees had the authority under the terms of the written trust instrument to execute the instrument on behalf of the trust; and said trustees acknowledged said instrument to be the free act and deed of said trust. Given under my hand and notarial seal the day and year first above written in this certificate. NOTARY PUBLIC My commission expires: STATE OF WYOHING COUNTY OF LINCOLN The foregoing Real Estate Sales Agreement was acknowledged before me by Rayrnond C. Hanck and A]_±cia H. HartcO, husband and wife, this 9th day of August ,20.05 .. Witness my hand and official seal. ' ~ ........ ~ ~o~ My commission expires: NOTARY PUBLIC