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Title: |
Real Estate Sale and Purchase Agreement |
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Entities: |
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Date: |
2002 |
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Preview shows 12KB of 50KB total |
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$42 |
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ID: |
#1229392 |
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REAL ESTATE SALE AND PURCHASE AGREEMENT
WISCONSIN-DELL
By and Between
RONALD A. POTTS
and
CHARLES B. HICKS
Date: APRIL 16, 2002
================================================================================
<PAGE>
TABLE OF CONTENTS
<TABLE>
<CAPTION>
Page
<S> <C> <C>
1. Agreement of Purchase and Sale.......................................................................... 1
2. Earnest Money........................................................................................... 1
3. Purchase Price.......................................................................................... 1
4. Feasibility Period...................................................................................... 1
5. Due Diligence Documents................................................................................. 2
6. Survey.................................................................................................. 3
7. Title................................................................................................... 3
8. Property Inspection..................................................................................... 4
9. Condition of the Property and Operation of the Property Prior to Closing................................ 4
10. Seller's Representations and Warranties................................................................. 4
11. Purchaser's Representations and Warranties.............................................................. 6
12. Seller's Obligations Pending Closing.................................................................... 6
13. Closing................................................................................................. 7
14. Conveyance.............................................................................................. 7
15. Possession.............................................................................................. 8
16. Settlement Costs and Adjustments........................................................................ 8
17. Condemnation............................................................................................ 9
18. Seller's Remedy......................................................................................... 9
19. Purchaser's Remedies.................................................................................... 10
20. Real Estate Commissions................................................................................. 10
21. Escrow Agent............................................................................................ 10
22. Time Period............................................................................................. 10
23. Notices................................................................................................. 11
24. Assignment of Interest.................................................................................. 11
25. Survival................................................................................................ 11
26. Construction............................................................................................ 11
27. Persons Bound........................................................................................... 12
28. Modification/Amendment.................................................................................. 12
29. Counterparts............................................................................................ 12
30. Waiver.................................................................................................. 12
</TABLE>
<PAGE>
<TABLE>
<S> <C> <C>
31. Captions............................................................................................... 12
32. Pronouns............................................................................................... 12
33. Severability........................................................................................... 12
34. Exhibits............................................................................................... 12
35. Use of the Word "Herein"............................................................................... 12
36. Third Parties.......................................................................................... 12
37. Confidentiality........................................................................................ 12
38. Attorney's Fees........................................................................................ 13
</TABLE>
ii
<PAGE>
REAL ESTATE SALE AND PURCHASE AGREEMENT
This REAL ESTATE SALE AND PURCHASE AGREEMENT ("Agreement") is made and
entered into as of the 16 day of April 2002 (the "Effective Date"), by and
between RONALD A. POTTS, an individual residing in the state of Florida
("Purchaser" or "Potts"), and Charles B. Hicks, an individual residing in the
state of Tennessee or assignee (the "Seller").
1. AGREEMENT OF PURCHASE AND SALE. Seller hereby agrees to sell
to Purchaser, and Purchaser hereby agrees to purchase from Seller, the "Land,"
"Ancillary Rights" and "Improvements" (hereinafter called the "Property ")
located in Wisconsin, as more specifically described in attached Exhibit A,
together with all right, title and interest of Seller in and to any trade or
business name (hereinafter collectively called the "Trade Name") used in
connection with the operation of the business conducted by Seller at the Land;
and all easements, appurtenances, rights, privileges, reservations and tenements
belonging or pertaining to any of the foregoing. The foregoing items are
hereinafter collectively called the "Property."
2. EARNEST MONEY. On the Effective Date, Purchaser will deposit
One Thousand Dollars ($1,000) (the "Earnest Money") with JOYCE, MERIDETH,
FLITCROFT & NORMAN TITLE COMPANY (the "Escrow Agent"), located at 30 Kentucky
Avenue, Oakridge, Tennessee 32830, to be held in trust on the terms herein set
forth for the mutual benefit of the parties hereto. The Earnest Money shall be
refunded to the Purchaser if Purchaser decides, for any reason, to not proceed
with the purchase of the Property at any time prior to the expiration of the
Feasibility Period (as defined herein). At the Closing the Earnest Money shall
be applied to the Purchase Price. As used in this Agreement, the term "Refund"
shall mean the Earnest Money, with interest, shall be returned to Purchaser
except for the $100, which Title Company shall deliver to Seller as
consideration for Seller's entering into this Agreement.
3. PURCHASE PRICE. In consideration for the Property, Purchaser
shall pay Seller the sum of Three Million Five Hundred Thousand Dollars
($3,500,000) as follows: (a) At the Closing, Purchaser shall deliver to Seller
the sum of Eight Hundred Forty One Thousand Six Hundred Sixty Six (841,666)
shares of Oasis Group, Inc. common stock held by Ronald A. Potts valued at Three
Dollars per share, (b) assume the Promissory Note in the amount of Nine Hundred
Seventy Five Thousand Dollars ($975,000) payable to The First National Bank and
Trust Company of Baraboo, located at Main-Commercial, 502 Oak Street, Baraboo,
WE 539131, Loan #366000511600.
4. FEASIBILITY PERIOD. The "Feasibility Period" shall begin upon
receipt of all of the Due Diligence Information by Purchaser. The Feasibility
Period shall last for thirty (30) days. During the Feasibility Period, the
Purchaser shall review the Due Diligence Documents, the Survey, and the
Preliminary Title Report, perform any Property Inspections deemed necessary by
Purchaser, and perform any other reviews or inspections deemed necessary by
Purchaser to complete its Feasibility Analysis. During the Feasibility Period,
Purchaser shall hold meetings with County and local officials to confirm the key
issues necessary to develop the property.
<PAGE>
5. DUE DILIGENCE DOCUMENTS. Seller shall, prior to the beginning
of the Feasibility Period or as soon as commercially practicable after the
Effective Date, provide to Purchaser the following:
(a) Any and all environmental reports, site assessments
or governmental notices relating to the environmental condition of the
Property which are in the possession of Seller (collectively, the
"Environmental Report");
(b) Any and all surveys pertaining to the Property
including boundary topographic and tree surveys;
(c) Copies of any and all correspondence or notices
regarding the Property's compliance or failure to comply with any
governmental ordinance, code or regulation pertaining thereto;
(d) A copy of any and all permits, licenses and similar
documents relating to the Property;
(e) Current agreement(s) with owner/partner(s) and
preliminary title reports;
(f) Current property tax bills;
(g) Subdivision maps, with conditions;
(h) All current covenants, conditions and restrictions
relating to the Property including public subdivision;
(i) Any soil, biological, geological and engineering
reports;
(j) EIR, specific plan(s) and conditions of approval;
(k) Governmental zoning letter, will serve letters and
development agreements;
(l) Plans/costs regarding grading, improvements,
landscape and building architecture;
(m) Any other obligations of the ultimate lot buyers,
including fees, design guidelines, bonds, or dues, plus limitations for
the Purchaser;
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