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PARCEL II
<br />AGREEMENT
<br />THIS AGREEMENT is made this =� �t'7 �% day of 199,
<br />between
<br />� 13 GOME fRY &LINDA L. N�JIVI'GCNIL'RY, his wife, and SAVOY MNTGONERY & PAULINE
<br />here�na ter ca ed�se ersancil e,
<br />HERMAN NELSON BOYKIN, Agent for Undisclosed Buyer
<br />hereinafter called buyer, as follows:
<br />I. In consideration of the payment to seller of -------------------------------------FIVE HUNDRED and
<br />00/100 -----------------------------------------------------DOLLARS ($ 500.00 ),
<br />receipt of which is hereby acknowledged, seller hereby grants to buyer the exclusive option, exercisable onobeninety (90) days from the date first written above , to purchase for----------------- ------------ DOL
<br />the followim, described real property and all improvements thereon in the City of Batesville
<br />County of Independence State of Arkansas bt '
<br />Lots 1 and 2, Block 2, ORIGINAL CITY OF BATESVILLE, Independence County,
<br />Arkansas, and Lots 1 and 2, Block 3, ORIGINAL CITY OF BATESVILLE, Independence
<br />County, Arkansas,
<br />hereinafter called said property.
<br />Together with all of seller's right, title and interest in adjoining streets and alleys.
<br />Sel ler hereby further grants to buyer the right to extend this option for one (1) additional period of ninety (90) days by mailing to seller prior to
<br />the expiration of this option, at the address set forth in Paragraph 2 hereof, written notice of such extensiovided that buyer, upon
<br />on, it being pr
<br />the exercise of this extension right, shall pay to seller by check or draft an additional deposit of ----------ONE THOUSAND
<br />and 00/100---------------------------------------------------- DOLLARS ($ 1,000.00 ).
<br />2. The exercise of said option shall be by written notice, effective upon mailing or hand delivery, by buyer to seller at
<br />3. Buyer may, at its expense, during the option and escrow periods, enter upon said property to make surveys and site analyses (including soil
<br />tests).
<br />d. If buyer fails to exercise this option in the manner and within the time herein provided, seller shall retain said deposit (which shall include all
<br />sums paid under the provisions of Paragraph 1), and this agreement shall be of no further force or effect.
<br />5. Upon buyer's exercise of said option, this agreement shall constitute a contract for the purchase of said property on the terms and conditions
<br />hereinafter set forth.
<br />6. The purchase price of --------- ------- --
<br />-------------------------------------------=-------------DOLLARS ($ less
<br />s"07,
<br />the said deposit(s), shall be payable on delivery of the deed and completion of the escrow as hereinafter pro
<br />7. Within thirty (30) days after buyer's exercise of said option, an escrow covering the purchase and sale of said property shall be opened by
<br />buyer with Little Rock Abstract Company,
<br />at 214 Louisiana Street,
<br />Little Rock, Arkansas 72201 , hereinafter called escrow agent, and
<br />buyer shall deposit with escrow agent an executed copy of this agreement and seller shall deposit a grant or warranty deed of said property to
<br />buyer and all title papers required by escrow agent or buyer.
<br />8. Buyer's title to said property shall be evidenced by an owner's policy of title insurance in the amount of the purchase price written by a title
<br />insurer of buyer's choice. Title shall be subject only to current taxes not yet delinquent and shall be free and clear of all other matters not
<br />approved by buyer in writing. Said other matters include, without limitation, all encumbrances, leases, tenancies, rental agreements,
<br />reservations, covenants, conditions, restrictions, easements, rights of way and encroachments onto or from said property. Seller promises to
<br />furnish buyer with copies of all written leases, tenancies and rental agreements and to advise buyer fully as to any not written. Seller further
<br />promises that buyer, at buyer's expense, will be able to obtain a survey confirming that said property extends to the street line of all adjacent
<br />streets and that there are no easements, rights of way or encroachments. Should buyer inform seller of matters not acceptable to buyer, seller
<br />shall make every effort to correct such matters.
<br />9. Seller agrees that buyer's obligation to purchase said property is subject to satisfaction of the following conditions upon completion of
<br />escrow, and seller further agrees buyer may waive any of the following conditions prior to the close of escrow:
<br />A. Said property will be zoned for retail business use and any zoning shall not impose conditions unsatisfactory to buyer concerning the
<br />construction and operation of any buildings, parking or related improvements. If said property is not so zoned on the date hereof, seller
<br />agrees to file an application to have the property so zoned, or, at buyer's request, to obtain a variance for such use within thirty (30) days
<br />after buyer's notice to do so or buyer's exercise of its option, whichever is earlier. Seller agrees to take all necessary steps to process said
<br />application promptly and properly; provided, however, if buyer desires to file and process said application either in buyer's name or in
<br />the name and on behalf of seller, buyer may do so instead of seller, and seller agrees to cooperate with buyer in obtaining such rezoning
<br />or variance. All expenses incurred in tiling and processing said application shall be paid by seller.
<br />Form No. R-201 (Rev. 7-79)32
<br />111-1(95) Printed in U.S.A.
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