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CONTRACT FOR THE SALE OF REAL PROPERTY <br /> This Contract of Sale ("Agreement") is made by and between First Community Bank, <br /> 1325 Harrison Street, Batesville, AR ("Seller") and the City of Batesville, Arkansas, 500 E. <br /> Main Street, Batesville, AR ("Purchaser"). <br /> WITNESSETH: <br /> In consideration of the mutual promises herein contained, the Seller agrees to sell, <br /> and the Purchaser agrees to buy, in accordance with the terms and conditions of this <br /> Agreement, the following real property in Independence County, Arkansas: <br /> See Exhibit A <br /> (hereinafter referred to as the"Property"). <br /> 1. PURCHASE PRICE. <br /> The Purchase Price for the Property is $850,000.00, payable at closing. <br /> 2. TITLE AND CONVEYANCE. <br /> Seller is to convey title to Purchaser by Warranty Deed. Title shall be good and <br /> marketable, subject only to: (a) covenants, conditions, easements, agreements and <br /> restrictions of record; (b) public, private utility easements and roads and right-of-ways; (c) <br /> applicable zoning ordinances, protective covenants and prior mineral reservations; and (d) <br /> real estate taxes for the year 2022, water charges and/or sewer rents, if any, subject to <br /> apportionment. <br /> 3. CONDITION OF PROPERTY. <br /> The Property is being sold as is. Purchaser certifies that Purchaser has personally <br /> inspected or will personally inspect, or has had or will have a representative inspect, the <br /> Property as fully as Purchaser desires and is not relying upon any warranties, <br /> representations or statements of the Seller regarding the Property, whether or not an <br /> existing defect may be reasonably discoverable by Purchaser. <br /> 4. CLOSING. <br /> The parties agree that the closing shall be at such time as mutually agreed by the <br /> parties, after the sale of Purchaser's property at 51 Industrial Drive, Batesville. The parties <br /> intend for closing to be 60- 90 days from the execution of this Agreement. At closing, Seller <br /> shall deliver to Purchaser a Warranty Deed, executed in proper form for recording, and <br /> sufficient to convey title to the Property in accordance with this Agreement. <br /> 1 of 4 <br />