|
1-111S AGREEMENT is made this 31st
<br />BOBBY DIXON and AMANDA GAMMILL
<br />hereinafter called seller, and SAFEWAY STORES,
<br />hereinafter called buyer, as follows:
<br />AGREENI ENT
<br />day of August
<br />PARCEL V
<br />, 1981 , between
<br />INCORPORATED, a Maryland corporation,
<br />1. In consideration of the payment to seller of ---------------------FIVE HUNDRED AND 00/100----------
<br />---------------------------------------------------------- ---DOLLARS ($500 00 ),
<br />receipt of which is hereby acknowledged, seller hereby grants to buyer the exclusive option, exercisable on or
<br />sixty (60) days from the date first written above to purchase for -------
<br />AND 00/100---------------------------------------------------- DOLLARS(
<br />the following described real property and all improvements thereon in the City of
<br />County of State of
<br />Lots 3 and 4, Block 3, and the South One—half of Center Street immediately North of
<br />and adjacent to Lot 4, Block 3, HIGHLAND ADDITION to the City of Batesville,
<br />Independence County, Arkansas.
<br />hereinafter called said property.
<br />Together vNith all of seller's right, title and interest in adjoining streets and alleys.
<br />sixty (60)
<br />Seller hereby further grants to buyer the right to extend this option for one( 1) additional period of/iinety (90) days by mailing to seller prior to
<br />the expiration of this option, at the address set forth in Paragraph 2 hereof, written notice of such extension, it being provided that buyer, upon
<br />the exercise of this extension right, shall pay to seller by check or draft an additional deposit of ------------TWO THOUSAND
<br />AND 00/100--------------------------------------------------- DOLLARS($ 2,000.00 ).
<br />2. The exercise of said option shall be by written notice, effective upon mailing or hand delivery, by buyer to seller at
<br />c/o Dr. Robert P. Bass, Jr., 1909 Chestnut Street, Philadelphia, Pennsylvania 1_9103
<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 />4. 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 />SLIMS 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 />------------------------------------
<br />------------------------------------------
<br />----- — ----- DOLLARS
<br />),
<br />the said deposit(s), shall be payable on delivery of the deed and completion of- the escrow as hereinafter prov( ided. less
<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 Beach Abstract and Guaranty Company
<br />at Post Office Box 2580
<br />Little Rock, Arkansas 72203 , 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 />r
<br />A. Said property will be zoned for retail business use and any zoning shall not
<br />impose conditions unsatisfactory to buyer concerning the construction and
<br />operation of any buildings, parking or related improvements. If said property
<br />is not so zoned on the date hereof, buyer agrees to file an application to have
<br />the property so zoned, or to obtain a variance for such use within thirty (30)
<br />days after buyer's exercise of its option, whichever is earlier. Buyer agrees
<br />to take all necessary steps to process said application promptly and properly.
<br />If buyer desires to file and process said application either in buyer's name
<br />or in the name and on behalf of seller, buyer may do so instead of seller, and
<br />seller agrees to cooperate with buyer in obtaining such rezoning or variance.
<br />All expenses incurred in filing and processing said application shall be paid
<br />by buyer.
<br />Form No. R-201 (Rev. 7-79)32 111-1(95) Printed in U.S.A.
<br />Ezi
<br />
|