HomeMy WebLinkAbout905436 RECEIVED 12/22/2004 at 10:22 AM
RECEIVING # 905436
BOOK: 575 PAGE: 646
JEANNE WAGNER
LINCOLN COUNTY CLERK, KEMMERER, WY
OPTION AGREEMENT
OPTION AGREEMENT made December 21, 2004 ("Option"), between David L. Combe
and Nanette E. Combe, Trustees of the Combe Family Trust dated April 4, 1995 ("Combe"), of
5455 South 600 West, Riverdale, UT 84405, and John E. Hunsaker and Bonnie M. Hunsaker,
husband and wife ("Hunsaker"), of PO Box 134, Smoot, WY 83126.
In consideration of the payment of the aggregate sum of One Hundred Thousand and
no/100 Dollars ($100,000.00) ("Option money"), by Hunsaker to Combe, the receipt whereof,
subject to collection, is acknowledged, and also in consideration of the promises and conditions
hereinafter contained, the parties agree as follows:
1. Grant of Option. Combe hereby irrevocably grants to Hunsaker the exclusive option
to purchase from Combe, on and subject to the terms and conditions hereinafter contained, the real
property (hereinafter called the "property"), in Lincoln County, State of Wyoming, which is
described as follows:
A portion of the Nl/2S1/2 of Section 31, T31N, R118W of the 6th P.M., Lincoln
County, Wyoming, more particularly described as follows:
Beginning at a BLM type monument set marking the location of the southeast corner
of the NW1/4SE1/4 of said Section 31;
thence S89°49'23'W, along the South line of the NW1/4SE1/4, 1318.54 feet, to a
BLM type monument found marking the location of the Southwest corner of the
NWl/4SE1/4;
thence S89°44'44"W, along the South line of the NE1/4SWl/4, 657.315 feet;
thence North 877.06 feet;
thence N89°49'01 "E, 1591.995 feet;
thence S0°15'07"E, 463.00 feet;
thence N89°49'01"E, 380.00 feet;
thence S0°15'07"E, along the East line of said NWI/4SE1/4, 413.37 feet to the point
of beginning.
2. Purchase price and terms. The full purchase price for the property is Two Hundred
Thousand and no/100 Dollars ($200,000.00) on which the Option Money shall apply. The balance
shall be payable by Hunsaker to Combe in cash or certified funds at closing. Hunsaker may
arrange for payment of the price pursuant to an IRC §1031 exchange. Combe agrees to cooperate
in any such exchange, including execution of documents necessary to effect such an exchange, at
no cost or liability to Combe.
3. Exercise of Option, possession and closin~. This option may be exercised by
Hunsaker giving Combe written notice of exercise of this option on or before March 1, 2005. The
sale shall then be closed on or before March 31, 2005, or as otherwise agreed by the parties in
writing. Title shall be conveyed and possession shall be transferred to Hunsaker upon closing.
The Option Money may be retained by Combe if Hunsaker does not exercise this Option.
4. Clear title. Combe shall convey to Hunsaker good and marketable title to the
property herein described upon payment to Combe of the purchase pdce as set forth above.
Evidence of good title conveyed shall be by standard form title insurance policy issued by a
qualified title insurer provided by Combe subject only to the standard exceptions found in a title
insurance policy issued in Lincoln County, Wyoming.
5. Property taxes. Ad valorem taxes against the property for the year in which the sale
is closed, whether or not a lien, and whether or not assessed, shall be prorated between the parties
as of the date of delivery of possession. If such taxes are not ascertainable at such time, the basis
of proration shall be the amount of the ad valorem taxes for the previous year.
6. Assi,qnment. All rights of Hunsaker hereunder are assignable by Hunsaker.
7. Entire a,qreement. This Option constitutes the entire agreement between the
parties. No representations, warranties or promises pertaining to this Option or any property
affected by this Option have been made by, or shall be binding on, any of the parties, except as
expressly stated in this Option. This Option may not be changed orally, but only by an agreement
in writing signed by the party against whom enforcement of any change is sought.
8. Notices. Any notice or demand under this Option shall be by registered or certified
mail, sent to the parties at the addresses given above. Notices are deemed given on the date so
placed in the US Mail postage prepaid.
9. Construction. The interpretation, construction and performance of this Option shall
be governed by the laws of the State of Wyoming.
10. Closing expenses. Combe shall pay the title insurance premium, and each party
shall pay 1/2 of the expenses to close the transaction except for expenses associated with a §1031
exchange which Hunsaker shall pay in full.
11. Benefit. Except as restricted by this Option, this Option shall inure to the benefit of,
and shall bind, the heirs, successors and assigns of the respective parties.
12. Attorney's fees in the event of dispute. In the event of a dispute between the parties
in connection with this Option resulting in legal action in the form of litigation, mediation or
arbitration, the prevailing party shall be entitled to recover its reasonable attorney's fees, costs and
other expenses incurred in such legal action.
13. Time of the essence. Time is of the essence of this agreement.
IN WITNESS WHEREOF, the parties hereto have executed and delivered this Option
Agreement as of the day and year first above mentioned.
David L. Combe, Trustee
'"' John E. Hunsaker
3
STATE OF WYOMING
COUNTY OF LINCOLN
064'.9
On this 21st day of December, 2004, before me personally appeared David L. Combe and
Nanette E. Combe, to me personally known, who, being by me duly sworn and put upon their oath,
did say that they are the trustees of the Combe Family Trust dated April 4, 1995, described in and
which executed the foregoing instrument; 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.
I cou of st.teof
My Commission Expires May 2, 2007
My commission expires: May 2, 2007·
STATE OF WYOMING ·
· SS.
COUNTY OF LINCOLN ·
The foregoing Option Agreement was acknowledged before me by John E. Hunsaker and
Bonnie M. Hunsaker, husband and wife, this 21st day of December, 2004.
Witness my hand and official seal.
County o, ~ St=e ~ ~
a~ln t",,:, ~Wyoming {
~]~mmis~ ':",v 2.2nO~ ,
My commission expires: May 2, 2007·
NOTARY PUBLIC