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Purchase Agreement

 

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Title:

Purchase Agreement

Entities:

21st Century Technologies Inc

Date:

2001

Size:

Preview shows 5KB of 37KB total

Price:

$41

ID:

#1604600

 

 

► Purchase & Sale ► Purchase Agreements

 

 

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3

texnex21.txt


PURCHASE AGREEMENT

This PURCHASE AGREEMENT (the "Agreement") is made and
entered into as of the 25th day of September, 2000 between Retired
Persons Pharmacy of Texas, Inc. ("Seller") and 21 st Century
Technologies, Inc. ("Purchaser').

In consideration of the mutual covenants hereinafter set
forth, the parties hereto agree as follows:

I . Purchase and Sale of Property.

A. Subject to the provisions and conditions contained
herein, Seller agrees to sell and Purchaser agrees to purchase a
parcel of land and building, which land and building is known as 5050
East Belknap Street, Fort Worth, Texas 761175050 and a parcel of
land, which land is known as 2219 Eden Avenue, Fort Worth, Texas
76117-5050 both as more particularly described on Exhibit A attached
hereto and made a part hereof (collectively the "Property").

B. As used herein, the Property shall also include all
appurtenances, easements, licenses, rights-of-way, and privileges
belonging or appurtenant to the Property.

2. Deposits.

Purchaser shall deposit, in cash, with Rattikin Title
Company (the "Escrow Agent") the sum of twenty five thousand dollars
($25,000.00) upon Purchaser's execution of this Agreement (the
"Deposit").

3.

Intentionally Deleted.

4. Purchase Price.

The purchase price for the Property (the "Purchase Price")
shall be eight hundred and fifty thousand one hundred and fifty two
dollars and twenty cents ($850,152.20), which shall be paid by
Purchaser to Seller at the Closing in immediately available funds, by
certified or cashier's check, or by bank wire transfer of funds, at
Seller's option.

5. Title.

A. At the Closing, Seller shall convey title to the
Property to Purchaser in fee simple, free and clear of all mortgages,
deeds of trust, leases, security interests, or judgments, except for
(i) the lien of real estate taxes not yet due and payable, (ii) and
such other matters affecting title to the Property as shown on a
current title commitment or survey or which do not adversely affect
the marketability of title, (iii) building and zoning rules,
regulations, laws and ordinances; and to easements, covenants,
restrictions, reservations, consents and agreements of record not
violated by the existing structure or present use therein, (iv) to
any statement of facts that an accurate survey would show so long as
it does not render title unmarketable and (v) such other items as set
forth on Schedule 1 attached hereto ((i), (ii). (iii), (iv) and (v)
collectively "Permitted Exceptions.")

B. The existence of any other liens or encumbrances which
may be discharged by the payment of money, or satisfaction of which
shall be available at the time of Closing, shall not constitute an
objection of title, provided the Seller, at the time of Closing,
deposits with the Escrow Agent, a sum reasonably sufficient to
satisfy said lien or encumbrance of record.

C. Purchaser shall immediately upon the execution of this
Agreement order from the Escrow Agent a title commitment on the
Property together with legible copies of all documents described
therein. Purchaser shall have a period of fifteen (15) calendar days
after receipt of such title commitment to determine whether any of
the matters described in such report are not Permitted Exceptions. If
Purchaser determines that any matters described in such title
commitment are not Permitted Exceptions, Purchaser shall so
immediately notify Seller in writing of such matters and the reasons
why they are not Permitted Exceptions. Notwithstanding the foregoing,
any title matters to which Purchaser does not object by the
conclusion of the Study Period (as hereinafter defined) whether
Permitted Exceptions or otherwise, shall conclusively be deemed to
have been waived by Purchaser. Seller agrees not to permit any new
title matter to be recorded against the Property which can not be
satisfied or removed prior to the Closing. Seller shall thereafter
eliminate or cure such disapproved matters (other than the Permitted
Exceptions) or make satisfactory arrangements to have such
disapproved matters (other than the Permitted Exceptions) eliminated
or cured prior to or at the Closing, provided, that in no event shall
Seller be obligated to institute litigation or spend more than

 

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