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Home My WebLink About921116 :\n~~rl~~: ......_......_....-...--.. _"·_·...,,.~"".L... ._''-~'_'''''' . ._.....~_."'....,._..-,. __'..~"'-_c~~-''''''..,,__,_·'. ..~'.____, ....,' ,. ....., ,,-,,,,,,'.,'-"". C..,·.·.,.'<·.:.:.-.·.. RECEIVED 8/9/2006 at 4:09 PM RECEIVING # 921116 BOOK: 629 PAGE: 608 JEANNE WAGNER . u LINCOLN COUNTY CLERK, KEMMERER, WY ;>, ~ OPTION TO PURCHASE ..0 t>/J ~ .~ and Lease Agreement 000608 o ;>, ~ ~ i> bl)b 13 .5 ~ ;>, THIS AGREEMENT is made and entered into this 20th day of Jùíy, ~e2] .~ ~ 5 2006, by and between Lester Barber (hereinafter referred to as "Seller"), E¡J.¡ 8 (¡J -a ~ and Mark A and Kris A Coelho, (hereinafter referred to as "Buyer'') S @ v¡ B II.J C\! O';::¡ '"ö .- ~ ¡ WITNESSETH THA T: \~ \~ WHEREAS, Seller owns property in Bedford, County of Lincoln in Wyoming, Parcel #3418-173-00-116 and more particularly described in Exhibit "A" attached hereto and made a part hereof by this reference (the "Property''); and WHEREAS, Seller desires to sell the Property to Buyer and Buyer desires to purchase the property from Seller; and WHEREAS, prior to the closing of the transaction, Seller is willing to allow Buyer to take possession under the following terms and conditions; NOW THEREFORE FOR GOOD AND VALUABLE CONSIDERATION, IT IS MUTUALLY AGREED AS FOLLOWS: 1. Option to Purchase: Seller hereby grants to Buyer an option to purchase the Property at any time during the next 120 months up to and including 8/1/2006 provided that the Buyer is current in the faithful performance of all covenants and obligations under this Agreement. Buyer in consideration of the Option granted herein shall pay Seller upon execution hereof an amount; See Exhibit "A". This option right shall expire by its own terms at midnight on the 1st day of Aug~st, 2016. See also Exhibit "B". Buyer must exercise his option to purchase prior to said date by providing written notice to Seller of his intent to purchase the Property. Closing must occur within thirty days following the expiration of the option period or all such rights to purchase the Property shall be extinguished. At closing, any escrow charges shall be divided equally between the parties. ~ / nilla(~e=::> ".-.--.-_..... .......-. ...........-.-,...;...... . ..... :.:.:..,....... f : 000609 (~I;O'~"I1., ~ #p V.J'~L .A,.{) Seller agrees to provide Buyer with a standard coverage Owner's Policy of Title Insurance. Buyer shall be responsible for all real estate taxes owing from the date of this Agreement. 2. Rental: Seller, for and in consideration of the rents,. covenants, conditions and agreements hereinafter mentioned, reserved and contained on the part of the Buyer to be paid, kept and performed, hereby agrees to rent the property to Buyer for a term of 120 months. The rental term shall commence as of the date of this Agreement. 2a. No penalty for early payoff. COVENANTS OF BUYER: Buyer, is addition to the Covenants set forth above agrees as follows: ~ 1. Use of Premises: Buyer agrees to use and occupy the Property in a careful and proper manner. Buyer shall not dispose of any hazardous waste or harmful environmental products on the Property. In the event and such products are found on the Property Buyer shall be fully responsible to remove and such products and comply with all federal and sate environmental laws regarding such clean up. 2. Assignment and Subletting: Buyer shall not assign his rights to use the Property and sublet the Property with exception of rental on mobile home unit and shop area. 3. Maintenance Repair and Replacement: At all times maintain both the interior and exterior of the Property in a good state of repair. 4. Utility Charges and Garbage: Pay all utility rates and charges, while in possession and all charges for garbage disposal. 5. Inspection: Permit Seller and its representatives at all reasonable times to enter upon the Property for the purpose of inspection. 6. Fire and Casualty Insurance: Maintain such available fire and casualty insurance as Seller deems advisable to insure the Property to 100% of replacement cost. Insurance greater than note to Seller 7. Taxes: In addition to the monthly rent provided for above, ii..·_:,:::.::::,":,:.":"'._..'·...:;::.'!;'.',·..',,1:.:.t!'.,-.:,·::,:;:,·.·,; -rl/l ~ I.,~, Ice;:;::;;;¿. ..];:;:.....,F..i;;~,-.;'.,:~... --t6, .; . ..L"...t:c..c..<.- '\L'::¡::::¡:(;h~ ;::~;~jIill;;mmm¡:, . _.,p"~..,~-_"""._.~~,-,-",~-,-._,.. ,...,....", ._~-_..._.-~"'""-'<...,,~.._,_....,.,,---.,,- . - '-'. .,,<. .~. . '"'.,,,. .~. .- .._..,.........-.-.".,-,,- "'..-"'''.-'. '_._C'.'''. ;"~'''''' ºOP610_ i1 ,\ '01. .' ::-". "I -, -"'J f_' v ..)1>*"., ..L.E..¿.:u Buyer shall be responsible for the payment of all real property taxes owed on the Property from the date herof. t :.- IN ADDmON TO ITS COVENANTS SET FORTH ABOVE, SELLER AND BUYER HEREBY COVENANT AND AGREE AS FOLLOWS: 1. Title and Quiet Enjoyment: Seller has free title to the Property. Seller covenants that so long as Buyer has performed all of its covenants and obligations within this Agreement, Buyer shall and may peacefully and quietly have, hold and enjoy the Property for the term aforesaid, except for interferences due to casualty loss, eminent domain and governmental regulations or intervention. 2. Further Encumbrances: Neither Buyer nor Seller shall encumber in any manner, the Property prior to closing the purchase of the sale. An encumbrance on the Property caused or created by either party shall be an automatic default unless both parties agree in writing. ~ 3. Defaults: If Buyer shall at any time be in default in payment of rent herein reserved, or in th performance of any of the covenants, terms conditions or provisions of the Agreement, or if the Buyer should make an assignment for the benefit of creditors, or have a petition in bankruptcy filed against creditors, or have a petition in bankruptcy filed against it, or file a petition in bankruptcy, it shall be lawful for seller to immediately terminate this Agreement and said Agreement shall not be assignable in any process of law nor be treated as an asset of said Buyer nor shall it pass to the control of any trustee or assignee of Buyer by virtue of any action or proceedings. Seller may in any way such case, at its option, terminate this Agreement and re-enter upon the Property and repossess and enjoy same as in its first and former estate and thereupon this Agreement and everything herein contained on the part of Seller to be done and performed shall cease and determine, without prejudice to the rights of Seller to recover from Buyer all rent due up to the time of such entry. It is hdÙ¡$~þ · ..,....",............,... ", 000611 ¡{J"'a"» 1! "f! A~ ;¡:.. '\. ·..:t:J·.¡¡· ...L..J¡,.'U agreed that each and every one of the rights, remedies and benefits provided by this agreement shall be cumulative and shall not be exclusive of any other of said rights, remedies, and benefits, or of any other rights, remedies and benefits allowed by law. In addition, if any default is not cured within the time provided herein, all amounts paid by Buyer to Seller shall be forfeited to Seller, including the option money paid herein. 4. Buyer Improvements: All improvements to the property made by Buyer shall become and remain the Property of Seller in the event Buyer does not timely exercise his option and close within the time provided herein. 5. Costs and Attorney's Fees: Should either party hereto or its successors default in the performance of the covenants, conditions, terms or agreements herein contained, that party shall be liable for all costs and expenses that may arise from enforcing this agreement, or any rights or remedy arising out of the breach thereof, including costs and a reasonable attorney's fee, regardless of whether or not suit be instituted. 6. Time of Essence: Time is of the essence of this Agreement and every term, covenant, and condition herein contained. 7. Notices: Any notices or request to be made under this Agreement shall be by personal delivery or by United States Mail, registered or certified with return receipt requested, postage prepaid, to the Seller shall be sent to: TO SELLER Lester Barber PO Box 175 Lehi, Utah 84043 TO BUYER Mark & Kris Coelho PO Box 799 Thayne, Wy 83127 1 fSfmmiliHfi -r. ..-. I ~¡¡:;;?i .J-/I.llltUS~:'~ :mm~~~~~¡I%!~: ,,~'.'.-.'...-.'.;-..-.-. .." .-.c, -, ..... ."."~";",,.,=,,_,_.,,,".,.._:". :.___,;··o..·:"·_:.~·,.-:.___ _t. .'-.·r.'.·.:....·..:.... 0006j.2 :f1\ln1·>·1i1"~ (f," ~..r .-:] ?<iN ,AI. .. ..if}',) , , Exhibit "B" Sale of Property: $160,000 Down Payment on option: $ 35,000 Balloon on 8/1/07 $ 25,000 to be applied towards principle $ 3,500 to be applied towards interest 2nd Balloon on 8/1/08 $ 25,000 to be applied towards principle $ 1,750 to be applied towards interest Lease payment rv 120 mos. $ 870.01 . 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