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HomeMy WebLinkAbout901866 REAL ESTATE RCItASE AGRI~EMLNT AN AGREEMENT dated this day of July, 2004, betwedn STEVEN A. JOHNSON and DEREK A. JOHNSON, hereinafter reDrrfid t6 'h~. "Purchh~et'' aud ALAN W. LAMPE and EDWARD B. LAMPE, hereinafter referred to as "Seller". Subjec{ to the provisions of this agreement, Purchaser agrees to buy and Seller agrees to sell tile following described real estate situate in Lincoln County, Wyoming, more particularly described as follows: SEE ATTACHED 1. EARNEST MONEY/INITIAL PAYMENT ALAN W. LAMPE and EDWARD B. LAMPE acknowledge receipt of Five Thousand Dollars ($5,000.00) fi'om Purchaser in the form of a personal check. The balance of Seventy Thousand ($70,000.00) is due one hundred eighty days from the date of closing. No interest will accrue if the obligation is paid within one hundred eighty (180) days from the date of closing. No payments are required until maturity. In the event of default on the part of theSeller, Seller shall refund the earnest money, in full, within seventy-two hours (72). 2. PURCHASE TERMS. Purchasers agree to buy the above- described property upon the terms and conditions outlined in Paragraph 1 of this agreement for the m~ount of Seventy-Five Thousand Dollars ($75,000.00) 3. CLOSING COSTS. a. Purchaser shall be liable for closing costs. Real Estate Purchase Agreement Jo!mson / Lampe bo Seller shall be liable for providing and paying the fees associated with providing the Purchaser with title insurance. TITLE. Title shall be conveyed to the folloWing named Purchaser, DEREK ¸5. JOHNSON, a single person. a. Title shall be merchantable in Seller. Seller agrees to execute and deliver a warranty deed including the release and wmver of all homestead rights, if any, and a good and sufficient bill of sale to the Purchaser conveying said real and personal properties upon full tender of the purchase price. Title shall be subject to general taxes for the year of closing, local improvement districts, building and zoning regulations, county and state zoning laws, easements, restrictive covenanls, and reservations of record and the following additional encumbrances which will NOT be released or discharged at closing. b. If title is not merchantable or otherwise recordable, written notice of such defect(s) in title shall be given by the Purchasers or Purchasers' agent to the Sellers or Sellers' agent no less than fifteen (15) days before the closing date anticipated by this Agreement. Upon receipt of such notice, Sellers shall have the right to cure such defects within fifteen (15) days, or provide title insurance at the expense of the Sellers. CLOSING AND POSSESSION. a. Closing shall occur on ~0~_l C/ ,2004 or as otherwise mutually agreed in writing between the parties, at a time and place mutually agreed. Real Estate Purchase Agreement Johnson / Lampe b. Possession shall be delivered to Purchasers on ,2004 as soon as closing documents have been executed or as agreed upon by the parties. c. Purchaser shall tender the remaining Seventy Thousand Dollars ($70,000.00) to the Seller within one hundred eighty (180) days. d. Title, by way of warranty deed, shall be transl'erred to the Purchaser upon tender of the entire Seventy-Five Thousand Dollars ($75,000.00). 6. CONDITION OF PROPERTY. Purchasers take possession and title in this property in "As Is" condition. Sellers warrant that they have disclosed all known and discoverable defects in the property and/or in its fixtures or structures. a. Purchaser acknowledges and agrees that, upon execution of this Agreement, Purchaser is not relying uPon any representations of the Seller as to any condition which Purchaser deem to be material to Pm'chasers' decision to purchase this property. b. Seller acknowledges that she has disclosed any defects with the property known to them. 7. RISK OF LOSS. Risk of loss shall remain with the Seller until the Purchaser tenders the final Seventy Thousand Dollar ($70,000.00) payment. Purchaser shall not use the property in any way that may diminish the value of said property until the trans£er of the deed from the Seller to the Purchaser. 8. DISCLOSURES AND ACKNOWLEDGEMEN 1 S. All prior representations made in the negotiations of this sale have been incorporated herein, and there are no oral agreements or representations between Purchaser, Seller or their agents to modify the terms of this Contract. Real Estate Purchase Agreement Johnson / Lampe 9. ENTIRE AGREEMENT AND BINDING EFFECT. the parties are merged in this agreement and the documents to be executed pursuant to its terms. This agreement may not be changed orally and is to apply to and bind the parties and their heirs, personal representatives, executors, administrators, successors, and assigns of tl~e respective parties. This agreement may be modified only by a subsequent written agreement executed by all of the parties to this agreement 10. FORECLOSURE. In the event that the Purchaser fails to meet his obligation in tendering the remaining sum of Seventy Thousand Dollars ($70,000.00), on the date specified in Paragraph 5(c) of this Agreement, Seller shall ha¥c the right to declare any amounts tendered on or before the date specified in Paragraph 5¢) of this Agreement as "rent" or liquidated damages. Seller shall then have the right to take possession of the land subject to this agreement, Purchaser having waived all rights of foreclosm'e and redemption under Wyoming law. DATED this //-'/'/-]qday of F_~EK JOHNSC~, Puro~-aser ALAN W. LAMP~-, Se[ler~/' ,. ,.. 5-3,9 All agreements between ,2004. STEVEN A. JOHNSON, Pm'chaser EDWARD B. LAMPE, Seller r Real Estate Purchase Agreement Johnson / Lampe ........ ~ ~- O .k 0 All of that portion of the following described parcel which lies East of the East right-of- way line of U.S. Highway 89, said parcel being a part of the S 1/2S 1/2SW1/4 of Section 6, Township 31 North, Range 118 West of the 6"~ P.M., Wyoming, to-wit: Beginning at a point which is the Southwest corner of said Section.6 and running thence 660.0 feet North 0°12'E; thence 722.91 feet North 89°35'E; thence 660.0 feet South 0°25'E; thence 730.01 feet South 89°35'W to the point of beginning. The East right-of-way line of U.S. Highway 89 as referred to above is described as, to-wit: A line located parallel to and 75 feet East of, when measured radially the following described centerline of said highway right- of-way beginning on the South boundary and ending on the North boundary of said S 1/2S 1/2SWl/4 of said Section 6; beginning at a point of the South boundary of said S 1/2S 1/2SW1/4 from which the Southwest corner thereof bears South 89° 10'W a distance of 468 feet, more or less, said point of beginning also being located on the spiral arc of a 3° 00' spiral curve to the right, the spiral lengths of which are 450.0 feet, the total length of which is 1,681.1 feet, the total central angle of which is 36°56', and at which point a line tangent to said curve bears North 37°08.8'W; thence along said spiral arc through a central angle of 6°40.8' a distance of 403.9 feet; thence along the circular arc of said curve through a central angle of 10057, a distance of 365 feet, more or less, to a point on the North boundary of said S1/2S1/2SW1/4. Also, a right-of-way Easement for the purpose of maintaining an existing pipeline for culinary and stock watering purposes, over, across, and along a two (2) rod wide tract of land, the centerline of which is described as follows, to-wit: Beginning at a point which is located 40.0 feet North 0°17'W of the Southwest corner o1' Section 6, Township 31 North, Range 118 West of the 6'" P.M., Wyoming, and running thence in a Northeasterly direction to the South edge of the approach to the surrounding property from U.S. Highway 89 where said approach intersects the West right-of-way boundary of said U.S. Highway 89. This Easement being the same Easement reserved by Grantors in that certain unrecorded Real Estate Sales Agreement dated January 13, 1976 and entered into by and between GRANTORS herein as Sellers O'Niel Miles and Rhea Miles as buyers. Also, Membership Certificate Number 71 of the Osmond Pipeline Colnpany of Afton, Wyoming. Also, all irrigation rights pertaining to said land from the Dry Creek Irrigation Company. This conveyance is subject to all assessments remaining due and payable and all other amonnts owed by GRANTOR to the dry Creek In'igation Company. WITNESS our hands this c~'/'/ :~O¢ day of ~ 2004. Alan W Lampe