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REAL ESTATE OFFER AND ACCEPTANCE CONTRACT <br /> Dated <br /> OFFER <br /> The undersigned buyer, the City of Batesville, Arkansas (herein after "buyer"), <br /> hereby makes an offer to purchase from seller, (herein after "sellers"), real property in <br /> Independence County, State of Arkansas, including all improvements thereon, and <br /> commonly known and described as follows: <br /> See Legal Description Attached hereto. <br /> together with the personal property described below in Paragraph 13, if any. <br /> COVENANTS <br /> FIRST: The buyer herewith makes payments to the seller in the following amounts: <br /> $ 0 by earnest money deposit; <br /> $ 525,000 at the close of escrow; <br /> SECOND: That the buyer will take title to the above-described property as Fee Simple <br /> owner. <br /> THIRD: It is hereby agreed that in the event said purchaser fails to pay the balance of <br /> said purchase price, or otherwise fails to complete said purchase as herein provided, the <br /> seller(s) may either demand specific performance of this contract in the manner provided <br /> by law, or cancel this contract in the manner provided by law. <br /> FOURTH: Title to the premises shall be conveyed by Warranty Deed, subject to the <br /> conditions of this contract, and seller shall furnish buyer, at buyer's expense built into the <br /> purchase price, a Standard Owner's Title Insurance Policy showing good and marketable <br /> title. All other closing costs shall be borne by the buyer. <br /> FIFTH: The buyer and seller agree that if the title to the above property be defective, <br /> seller or his agent, will be given 120 days from the date of this contract to perfect the <br /> same. If said title cannot be perfected within said time limit, this contract shall be <br /> cancelled. Purchaser may, however, elect to accept title to said premises subject to any <br /> defects'which are not so cured. <br /> SIXTH: It is understood and agreed that said property has been inspected by the buyer or <br /> the buyer's duly authorized agent: that the same is, and is being purchased by the buyer as <br /> the result of said inspection and not upon any representation made by the seller, or any <br /> selling agent,,or any agent for the seller, and the buyer hereby expressly waives any and <br /> all claims for damages occasioned by any representation made by any person <br />