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HomeMy WebLinkAbout978325CONTRACT FOR CONVEYANCE OF REAL PROPERTY This Contract is made and entered into this MI day of 1.6± 2014, by and between Crown Oil Gas Company, Inc., a Wyoming Corporation, whose mailing address is P.O. Box 790, Green River, Sweetwater County, Wyoming, hereinafter referred to as "Seller and Randall Nielson, P.O. Box 101, LaBarge, Wyoming 83123, hereinafter referred to as "Buyer WHEREAS Seller is the owner of a parcel of real property located in Lincoln County, Wyoming; and WHEREAS Seller desires to sell said real property to Buyer, and Buyer desire to purchase said real property from Seller. NOW, THEREFORE, in consideration of the mutual covenants and promises hereinafter set forth the parties agree as follows: 1. Description Of Property. Buyer agrees to purchase from Seller the real property and premises more particularly described on Exhibit "A" attached hereto and by this reference made a part hereof. 2. Purchase Price. Buyer agrees to pay and Seller agrees to accept the sum of $550,000. said property. Said sum shall be paid as follows: a. A payment in the amount of $25,000 shall be paid to Seller in certified funds at closing. b. Buyers shall deliver a promissory note to Seller at closing in satisfaction of the remaining balance of $525,000 due to Seller hereunder. Said promissory note shall provide for interest of eight percent (8 per annum on outstanding principal commencing September 10, 2014 and shall provide for payment of principal and interest in equal monthly payments of $3,852.26 for ten (10) years until August 10, 2024, and with a final balloon payment in the amount of $459,772.80 due on or before September 10, 2024, unless the parties otherwise agree in writing. Said promissory note shall also provide that Buyer shall incur a late fee of one percent (1 per annum on the outstanding principal balance for any payment not made on or before five days of the payment's due date. The first of said monthly payments shall be due on September 10, 2014 with monthly payments due thereafter on the 10` day of each and every month through August 10, 2024, as to monthly payments, and with a final balloon payment in the amount of $459,772.80 due on or before September 10, 2024, with payment of all outstanding principal and accumulated interest then owing to Seller being due and payable, unless the parties agree otherwise in writing. Said note shall be secured by a mortgage on the real property described above and said mortgage shall provide that Buyer shall incur a late fee of one percent (1 per annum on the outstanding principal balance for any payment not made on or before five days of the payment's due date. 3. Personal Property. The purchase price hereinabove set out shall include all fixtures currently on the premises, including but not limited to all lighting, heating and plumbing fixtures, all outdoor plants, air conditioning, ventilating fixtures and evaporative coolers, built -in appliances, permanently 1 U p CL r' Q z tC o Z 0 N0 z- N U 0 W M Z w �a z O M to z w a o 0 0 Oz z0 a1 J al r_40 attached floor coverings, storm windows, doors, smoke /fire detection devices, curtain and drapery rods, attached mirrors, and awnings 4. Title Insurance. Upon execution of this contract Seller shall provide a title insurance commitment to Buyer for review. At the time of closing a title insurance policy in an amount equal to the purchase price covering said property shall be purchased, which title insurance shall be for the benefit of Buyer and shall insure merchantable title subject only to those exceptions specifically enumerated in Paragraph 6 below, and those regularly included in title insurance policies issued in Lincoln County, Wyoming at the time of this contract. 5. Designation Of Grantee. Title shall be conveyed to the following named party: Randall Nielson. 6. Merchantable Title. Title shall be merchantable in the Seller, except as stated in this paragraph. Subject to payment or tender as above provided and compliance with the conditions hereunder by Buyer, the Seller shall execute and deliver a good and sufficient statutory warranty deed for said real property in favor of the party named in Paragraph 5 hereof, including the release and waiver of all homestead rights, and Seller shall deliver said deed to Buyer at closing conveying said real property free and clear of all liens and encumbrances thereon, except: the general taxes for the year of closing; liens for special improvements or districts, if any; easements for utilities; building and zoning regulations; state and county subdivision laws; and restrictions, covenants and easements of record. 7. Condition Of Property. The Seller covenants that upon execution of this contract, with the exception of those issues referenced specifically hereinbelow in this paragraph, there are no known defects except those that are readily visible upon inspection. Buyer acknowledges having inspected said property and being aware of the condition of the property and premises. Buyer accepts said property and premises as is in its present condition. In addition, Buyer understands and acknowledges that the Wyoming Department of Environmental Quality have identified certain ground water and surface dirt issues that require remedial attention. Buyer agrees to be solely responsible for said remedial attention for these ground water and surface dirt issues, and shall remedy these issues in accordance with the direction of the Wyoming Department of Environmental Quality or any other applicable agency or authority. This will require Buyer to, at a minimum, participate in the Voluntary Remedial Program as directed by the Wyoming Department of Environmental Quality. Buyer shall take any further actions to completely remedy these ground water and surface dirt issues. Seller does not warrant whether the property meets applicable city, county and /or state subdivision, zoning, building and /or public health codes, ordinances, laws, rules, or regulations. Buyer acknowledges and agrees that, upon execution of this contract, Buyer is not relying upon any representations of Seller or Seller's agents or representatives as to any condition with regard to the real property which Buyer deems to be material to Buyers' decision to purchase the real property that is the subject of this contract. 8. Responsibility For Costs. Seller shall be responsible for and shall pay the following costs associated with this transaction: his attorney fees; deed preparation fee; recording fees for releases of mortgages and other security interests; one -half of the owner's title insurance premium; and one -half of the closing agent's fees, if any. Buyers shall be responsible for and shall pay its attorney fees, if any; deed recording fee; one -half of the owner's title insurance premium; one -half of the closing agent's fees, if any; appraisal fees; inspection costs; all costs incurred in connection with obtaining financing for this transaction; and any other costs not specifically allocated between the parties in this Contract 2 For Conveyance of Real Property. 9. Closing. Closing shall take place August 1, 2014, or on such other date as to which the parties agree. 10. Possession. Possession of said real property shall be delivered to Buyer immediately upon closing. All utilities and services provided to said property, including but not limited to water, sewer, telephone, gas, garbage, electric and cable television, shall be transferred from Seller to Buyer as of the date of closing. 11. Apportionment Of Taxes. Real property taxes and special improvement district assessments on said property for the year of closing shall be pro -rated between Seller and Buyer as of the date of closing. 12. Risk Of Loss. Risk of loss shall remain with the Seller until closing. Seller agrees to maintain fire and casualty insurance on the subject property until completion of this transaction and if possible and if requested to do so, to assign said insurance to Buyer as of the time of delivery of deed. Buyer shall account to Seller on a pro -rata basis for prepaid insurance premiums in the event of assignment. 13. Time Of The Essence. Time is of the essence hereof, and if any payment or any other condition hereof is not made, tendered or performed by either the Seller or Buyer as herein provided, then this contract, at the option of the party who is not in default or breach, may at that parties' option be terminated by such party, in which case the non defaulting party may recover such damages as may be proper. In the event, however, the non breaching or non defaulting party elects to treat this contract as being in full force and effect, nothing herein shall be construed to prevent its specific performance. 14. Enforcement Of Agreement. In the event any party is in default or breach of any of the terms of this agreement, the defaulting or breaching party shall pay all reasonable attorney's fees and other expenses which the non- breaching or non defaulting party may incur in enforcing this agreement with or without suit. This provision shall not limit any other remedies to which the parties may otherwise be entitled. 15. Persons Bound. This contract shall be binding upon and shall inure to the benefit of the parties' successors, representatives and assigns. 16. Totality Of Agreement. There are no verbal agreements or representations between the Seller and the Buyers to modify the terms and conditions of this agreement. This agreement may be modified by written instrument signed by both Buyer and Seller. 17. Contract Binding. By their signatures hereon the parties acknowledge that they understand this to be a legally binding contract and that they have the unqualified right to consult an attorney prior to signing it. 3 Crown Oil Gas Company, Inc., Seller By: DATED this day of IN ript,i" 2014. David W. Neher, President The State of Wyoming County of Sweetwater ss. The foregoing Contract for Co veyance 9f Real Property was acknowledged before me by David W. Neher this '1 day of nU$r 2014. On said date David W. Neher personally appeared before me, and after having been first duly sworn upon his oath, acknowledged that he is the President of Crown Oil Gas Company, Inc., a Wyoming Corporation; that the foregoing Contract for Conveyance of Real Property was signed by him on behalf of Crown Oil Gas Company, Inc.; and that he has the authority to execute the foregoing Contract for Conveyance of Real Property on behalf of said corporation. Said President further acknowledged the instrument to be the fr ��pd deed of the corporation. „sy a0 BI ,sss iiiy i and official seal. :o.F:: di r P UBt ifi� 1 1� r o ary Pu s My Commisslia 01‘. xpires: 7/p,_ 20 1 7 The State of Wyoming :ss County of Sweetwater 765 I aoig The foregoing Contract for Conveyance of Real Property was acknowled ed, subscribed to, and 4 to before me by Randall Nielson, personally known to me, on this o `l of 2014. tfIN hand and official seal. OTAr •�g� pi_ ���nrr►n►►►!�� My commission expires: 4 Randall Nielson, Buyer EXHIBIT "A" (Parcel One) That part of N1/2 W1/2 (Lot 1 and NE 1/4NW1/4) of section 7, Township 26 North, Range 112 West of the 6th Principal Meridan, Lincoln County, State of Wyoming, lying South of the Southerly right of way line of the Calpet State Secondary Highway, which tract may also be described as follows: Beginning at a point on the north -south Mid- section line of said Section 7 which point is northerly, 497 feet more or less, from the southeast corner of said NE1 /4NW1/4 where is found a granite stone 10" x 17" x 6" marked 1/16 on W, SS on E; thence southerly, 497 feet, more or less to the said southeast corner of the NE1 /4NW1/4, thence westerly, 1944 feet, more or less, along the south line of the said N1/2 NW1 /4 of its intersection with the said southerly right of way line where is found a steel spike 3/8" x 12 thence N75-43'E, 2006 feet more or less, along the said southerly right of way line to the point of beginning. Excepting therefrom .5 acres sold to G.B. Oldaker and Edna Oldaker on 4 -14 -1961, and recorded 4 -14 -1961 in Book 48 of Photostate Records at page 554. (Parcel Two) The part of the S1/2 NW1 /4 of Section 7, T26N, R112W, Lincoln County, Wyoming, described as follows: Beginning at the Northeast corner of the said S1/2NW1/4 where found a granite stone 10" X17" X6" MARKED 1/16 on the West, SS on the East; thence West 1341.6 feet along the North line of said S1/2 NW1 /4 to the Southeast point of that tract of record in the Office of the Clerk of Lincoln County, in Book 48 of Photo Records on page 554; thence South 00— 15.3' East, 324.66 feet parallel to the East line of the said S1/2NW1/4 to a point; thence East 1341.6 feet parallel to the North line of the said S1/2NW1/4; thence North 0015.3' West, 324.66 feet along the East line of the said S1 /2NW1 /4,to the corner of beginning. (Parcel Three) That part of the NW! ?$NE1 ?4 and SW1 /4NE1/4 of Section 7, TN6N, R112W, Lincoln County, Wyoming lying and being situated south of the South right -of -way line of State Highway 189; ENCOMPASSING an area of 59.7 acres, more or less; and that the NW1 /4NE1/4 is within the incorporated limits of the Town of LaBarge; that no survey nor monuments were set for the north and east line of the foregoing tract and that the acreage was determined by computations from records and actual surveys of part of the lands; all in accordance with the map prepared and filed for record in the Office of the Clerk of Lincoln County dated 27 August 1980 and revised 8 September, 1980.