24
RESOLUTION No 2011
A RESOLUTION AUTHORIZING THE MAYOR TO SELL AND CONVEY PROPERTY
E 2ND STREET AND
LOCATED AT 4317 STILLMAN LOOP 502 LORA DRIVE 102 N
702 S
W 2ND STREET SALINE COUNTY BRYANT ARKANSAS AND FOR OTHER
PURPOSES
WHEREAS the City of Bryant Arkansas
in Bryant
desires to sell the
following property
located
Arkansas
4317 Stillman
Street
Saline
Loop 502 Lora Drive
County Bryant Arkansas
d Street
2
102 N
E
And 702 S
W
2nd
NOW THEREFORE BE IT RESOLVED BY THE CITY COUNCIL FOR THE
CITY OF BRYANT ARKANSAS THAT
Section 1 Authorization
The
Bryant
and
Mayor
Arkansas
City
to execute
documents necessary in
Clerk
are
hereby
authorized
by
the contract attached hereto
effecting
the
City
Council for the
City
of
Exhibit 1 deeds and any other
transfer
and
the sale
conveyance of the properties described
as
above
Section 2
Severability
In the event any
resolution is declared
shall
adjudication
force and effect
originally
a
not
as
title section paragraph item sentence clause phrase or word of this
to be invalid or unconstitutional such declaration
or adjudged
or
remaining portions of the resolution which shall remain in full
portion so declared or adjudged invalid or unconstitutional was not
affect the
if the
part of the resolution
Section 3
Repealer
All resolutions and other
extent
of any
matters in conflict with this resolution are
hereby repealed
inconsistency
PASSED AND APPROVED this
as
day
of August 2011
ATTEST
Mayor
Jill Dabbs
Heat
er
Kizer City Clerk
to the
hl
GaA9
Rea ES
@ dn
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e
es
A
REARTOR
r
Page 1 of 11
TUN
aaPO
TOtiB
REAl
Association
Farm Serial Number
2819932
ootsT
3x
Qei
PARTIES City o Bryant
collectively the Buyer offers to purchase subject to the terms and conditions set forth
individually or collectively the Seilet the real property described in Paragraph
2 of this Real Estate Contract fhe Property
2 AQDRESS AND LEGAL DESCRIP
iaN 3uyer is not relying an Seller Listing Firm or Selling Firm
i
location
ofthe
regarding
Properly Buyer having sale responsibility to engage surveyors engineers attorneys
orather prafessienals to determine the looatian size slope and boundaries of the Property if Buyer is
hthe results o ouch determination Buyer without further obligation may declare this Real
dissatisfied wi
Estate Contract null and void and receive a return of Earnest Money defined below
Part of the SE 9f SW i
4 Section 22 Township 1 South Range
Vilest C
ty a Bryant Saline
individually
herein from
or
the undersigned
nty Arkansas containing approximate3y
Co
ADDRESS 2109 Ridgearest
14 acres
Bryant AR 72022
3 PURCHASE PRICE Subject to the
fallowing conditions Buyer shall
jselect nne ofthe fallowing fouraptiorrsJ
Property fibs Purchase Price
Q total purchase price
pay the following to Seller for the
9Qt
399
or
price
per acre
ar
price
per square foot
or
price per front foot
thof
with Buyer paying sum
in cash at Closing as down payment with the balance of the Purchase Prioe
to be paid pursuant to the following
the Balance
talnaloan to6a seciurea by ha Propertyln emaunt oPfidce
o
andsabilifyjto
Buyer
i
g
WS
fiINANCtNG AS FOLLt
i9 below
Cl iiCASW
each rodependently verify quantities asset forth above and agree neither are relying
representation from 5e
Ang Firm or Listing Firm concerning quantities of land or front feet
Buyer and Better will
a
P
e1
at
11
EXHIBIT 1
upon
mnnAau aor ito
rro
n
i
Real Es
eon
a
ac
1C AiTrt
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RE
PagES 2 ai 17
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kansas
R6
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RS
Association
Form Serial umbgr
x919992
90gi3i
oaz73Z
BiNG CC38TS Unless otherwise specified ail Buyer
d LOAN AND CLC
s Closing costs including
origination fee assumption fees loan oasts prepaid items and Joan discount points closing tea and all other
financing fees and costs charged by Buyer
s tender or any additional fee charged by Closing Agent
s aro to
s Closing assts
be paid by Buyer Seller tv pay Seller
The Buyer and Seller to pay their own respective closing costs
S APPLICATION FOR FINANCING ff applicable Buyer agrees to make a eornplete application fior new
loan or for ioan assumption within five 5j business days from thg acceptance date of this Real Estate
Contract n order fa matte a complete application as required by this Paragraph 5 Buyer agrees to provide
lender with any requested Information and pay for any credit repvrt
s and appraisal
s required upon
said
can is not closed or assumed Buyer agrees to pay for loan casts
otherwise
if
specified
requestUnless
s breach
incurred including appraisal
s and credit report
s unless failure to class is safely the result of StsAer
ofPhis Real Estate Contract in which aria such expenses will be paid 6y Seller Huyer understands That failure
o make acampiata ioan apptlcafivn as de
ined above rrtay constitute a breach of this Real Estate Contract
gB Earnest Money which shall
Q
6 EARNEST Mt3NEY Earnest money is in the amount of
Purchase
Price
Coats
if
at
least
one
or
mare
of the conditions of Paragraphs
toward
ar
Closing
apply
s
buyer
been
or remavad Earnest
and
3
20
have
not
fulfilled
performed
158 78
19 if any
2 3
i 5 S 9 10
to
fulfill
his
under
this Reat Estate
be
refunded
to
if
fails
shall
buyer
Buyer
obligations
Money
promptly
Contract or if after ap condltlons have Been met Buyer faits to close this transaction Earnest Money may
at the sots and exclusive option of Seiler be retained by Seiler as liquidated damages Aitematlvely Seller
amest Money and assert sit legal or equitable rights that may exist tas a result of Buyer
may return F
aet Buyer warrants represents and acknowledges that the chEack
breaching this Real Estate Conh
tendered will be honored upon presentation to Buyer
s bank and that Buyer stroll be in default of this Real
check
is
honored
Estate Canfract if the
not
s bank Buyer understands that
upon first presentation to Buyer
6
shall
constitute a breacfr of this Reai Estate
to
tender
Earnest
as
this
failure
Paragraph
Money
required by
and
event
of
Seiler
that
in
the
Contract Boyar
any dispute concerning entitlement to Earnest Money
agree
court
Fmt
Earnest
into
a
of aornpetent jurisdiction and upon such
may interptead
Money
Listing
Earnest Money both Listing F1rm and Sailing Firm shalt be released from Uability to Buyer
of
nterpleading
and Sailer Listing Firm shall ba reimbursed for all costs and atiorney
s fees from the funds entered for
lnterpleadMg
A Earnest Money is tendered by Buyer in the form of cash Q check f Earnest Money is tendered
by check it wilt be madEa payable to Listing Flrm Earnest Money will be deposited by Listing Firm
no later than three 3 business days fiallawing the date tills ReaE Estate Contract has been signed by
Buyer and Seiler
cash
check If Earnest Money is
8 Earnest Money will be tendered by Buyer in the form of
to
it
will
made
Firm
Earnest
tendered by check
be
Money will 6ES deposited by
payable Listing
date
Estate Contract has been
Firm
within
three
business
the
this
Real
following
Listing
3
days
is
not
to
be
tendered
within
three 3 business days
and
Geller
Earnest
by
f
Money
Buyer
signed
ts Contract has been signed by Buyer and Seller see Paragraph 1 S for furEher
after this Real Est
explanation
Cx7
C No Earnest Money wil be tendered References to Earnest
not ba applicaile and
ate
Money in this Reai Estate Contract shaii
deemed deleted
Pace 2 of 111
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REALi
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Form SaFiaf Nutrtfler
819932
9D0737
082732
y CONVEYANCE Unlesa otherwise specified conveyance of fibs Property shall 6e made to Buyer by
general warranty deed in fee simple absofufe except it shah be subject to retarded instruments and
easements if any which da not materially affect the value of the Property Unless expressly
reserved het
in SUCH CONVEYANCE SHALL INCLUDE ALL MINERAL RIGHTS OWNEp BY
SELLER CONCERNING AND LOCA7Eb dN 7HE PROPERTY IF ANY UNLESS OTHERWISE SPECIFIED
iE RESI
ONSlr31LiTY OF THB BUYER TO INDEPENDENTLY VERIFY AND
IN PARAGRAPH f9 IT IS TI
H
7
i
EXISTENCE
t3R Nt
NEXISTENCE OF MtNEIvAL RIGHTS AND ANY LEGAL
INVESTIGATE
RAMIFICATIONS THEREOF Seger warrants and represents only the signatures set forth below are
required to transfer legal title fa the Property Seller also warrants and represents that Seiler has peaceable
possession of the Property Lncluding alt improvements and fixtures thereon and the legal authority end
capacity to convey the Property by a good and sufficient general warranty deed free from any liens
leaseholds or other interests
SOiI TESTING POR SEPTIC OR SEIIVAOE SYSTEM Buyer has been given the opportunity to obtain
a soil percviatian soli morihology test or sewage system permit meeting the Arkansas DepartmenE of
Haaith regulations concerning septic systems or other sewage treatment systems Should t3uyerdecfine to
obtain any of the above Buyer egress to hold Seller Listing Firm and Belting Firm involved in fhls Reai
Estate Contract harmless of any matters relative to obtaining such test permit or he
ability to construct an
on the described Prooperty that may exist ar ba discovered or occur after Closing
t
n
impmvarri
A Nb soli
percolation
or soli
morphology test or septic system permit shall
be provided
percolation or soli morphology test will be candLtcted by a Designated Representative of
the Arkansas Department of Health and certified to Buyer within
A satisfactory soli percolation or sail morphology test does net necessarily
prior o Closing
guarantee a septic system permit will be issued in the future
B A soil
Test to be
provided and paid
far by
Suyer Q
days
Seller
Bedroom
G A septic system permit will bE issued by the Arkansas Department of hlealtfi fora
Standard System certified within
days prior to Closing Buyer or
or be present when tes is canduated
to
of
home
mark
location
s Represertta
Buyer
ive
be provided and
Both the tests end permit wi
i
D Seiler will
provide Buyer with
a
paid for by
Dopy of the existing valid
Buyer D
Seller
septic system permit within
three
3
of acceptance of this Reai Estate Contract afterwhich Buyer is to have ten 10
to review and sacept the permit if permit issuance date is greater than six B
months
business days
business days
hepermit revalidated by the
ar 1f the permit date will expire priarto Closing date Seller shall have
Arkansas Department of Health
Should Buyer not be satisfied acting with sole discretion with any fast or permit that maybe required by
Paragraph t36 8C or 8D Buyer shall have all rights provided by Paragraph 6 of this Real Estate Contract
THIS
SPADE LEt
TINTENTIONALLY
BLANK
ju
Cnpydght
2019
kea Estate Cont
t
a
ea
1
Lots and e
Page
Arkansas
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Form Sertat Ntttaber
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to obtain at new certified survey Should Huyer decline
9A
of
this
Real
Estate Caniract Buyer agrees o hold Seller Llsting
Paragraph
harmless of any problems relative to any
F7rrn
Involved
in
this
Reai
Estate
Contrast
Firm and Selling
survey discrepancies that may exist or be discovered or occur after Closing
9 SURVEY
Buyer has
been
given the opportunity
to obtain a survey as offered In
C7 A
hin thirty 30 days prier tv Closing lay a
satisfaotory to Buyer certified to Buyer wi
land surveyor
showing property Ines only
aR improvarnents easements
shvwin
and any encroachments will be provided and paid for by
euyer Ci 5ellet
Equally split between
and
Seller
Buyer
new survey
registered
9 No survey shaii be provided
C Uther
Should Buyer agree fio accept the most recent stuvey provided by Salter Phis sunray is for information
s of a survey certified in Buyer
s name
fOUrposes only and Buyer will not be entitled to the legai benefi
E REQt
4 Q TiTl
itREMENTS Buyer and Seller understand that lasting Pirm and Salting Pirrn are not
licensed Title insurance agents as defined lay Arkansas aw and do not and cannot receive direcfi or indirect
compensafion from any Closing Agent regarding the closing process or the possible purchase of title insurance
may be available to
by one ar more of Buyer and Baiter An enhanced version of fifie Insurance coverageinsurance
Discuss
insurance
with
title
enhanced title
coverage
your
provider to
buyer far this transaction
determine avafiabtllty and feafiures
s cost
A Seller shaii furnish at Setter
a
complete absfract reflecting merchantable title to Buyer
or
s Attorney
Buyer
s paUcy of title Insurance in the arnaunt ofCite
s cast an owner
ter
B Seller shag fum
sh at Se
Purchase Price if a loan is secured forthe purchase afthe Property Buyer agrees to pay
s portion of title potioy if i3uyer elects to obtain enhanced title Insurance coverage buyer
mortgagee
s title policy
shaii pay for tits increase in title insurance casts in excess of the cast of a standard owner
C
s and mortgagee
s policy of
Buyer and Seiler to equally split the cost of a ovmbination owner
is
enhanced
desired
either
standard
ar
enhanced
by Buyer and available
title insurance
coverage
if
in The amount of as to owner
s the Purchase Price and as to mortgagee
s the loan amount net tv
exceed the Purchase
Pricey
D t7ther
Buyer shalt have the right to review acid approve a commitment to provide title insurance prior to Clcsing
tf obJectivns are made to Tlt
e Salter shall have a reasonable time to cure te objections Regardless of the
and
Seller shall have the right to choose their Closing Agee
s
policy chosen Buyer
i
1
PRQRATIONS Taxes and special assessrnerlts due on or before Ciosing shaii bs paid by Seller
Any deposits on rental Property are to be Transferred to Buyer at Cinsing insurance general taxes
acing
special assessments rental payments and interest an any assumed loan shalt be prorated as of C
unless otherwise specified herein
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Page S of 4t
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OPPGR7UNIn
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Aesociaiitin
iUumber
9
2
Q0131 2819992
Form Serial g
t2 CLdS1NG Closing Is the date and time at which Seller delivers the executed and acimowledged deed
ctaber
day 14 year 217 The
Buyer and Seller agree the Closing date will be month
bs
of
Baiter
if
the
sale
is not consummated by
date
written
end
may
changed by
agreement
Buyer
Closing
Closing date or any written extension thereat the parties shall have the remedies available to them in
equity ar at law fnctudtng the remedies available to them m Paragraph 6
Buyer and Seller shah have the right to choose their Closing Agents and are not relying an Lisfing Firm or
arvfoes of a Ciosing Agent
s
Selling Firm to choose a Closing Agent Should Buyer or Seller choose the z
other han Selling Firm or Listing Firm than Buyer and Sslier each joinfiy and severally agree to indemnify
and hold Using Firm and Selling Firm harmless for all intentional misconduct and negligent acts
s
including acts of omission oP the Closing Agent
the
This Real Estate Contract shall aeroe as written olosing instructions to the Closing Agent on behalf of the
s settlement statement to l
lsting
s islare authorized to pravrde Seller
Buyer and Seller The Ctastng Agent
to
Firm n addition to Seller and Buyer
s settlement statement Selling Firm in addition o Buyer priorto
lemarit so that Buyer Seller Listing Firm and gelling Firm shaft have a reasonable opportunity to review
set
priorto Closing
s tf any issue closing protection to
Buyer and Salter shalt each have the right to request that title insurer
s named employee
indemnify against loss of closing funds because of acts of a Closing Agent title insurer
will
be
the
ar title insurance agent Any cost for closing protection
paid toy
requesting party
fas Listing Firm
the availabI
of
the
about
tyand
Closing Agent
s
and Selling Firm strongly advise Buyer and Setter to inquire
beneflfs of closing
protection
Unless
tS FIXTURES AND ATTACHED EQUIPMENT
attached equipment if any are included in the Purchase Price
94 PnSSESSt4N Possession of the
x
A
C
n
specifically excluded hera
Property shall be delivered
ail tixturas and
to Buyer
s delivery of executed and aoknawtedged Deed
Upon the Cloaing Seller
scompletion signing and delivery to Seiler or to Elating Firm or the Closing Agent
Upon Buyer
agreed to by Buyer and Salter of alt loan closing documents and Purchase Price funds
required to be executed ar delivered by Buyer
After the Ciosing Seller
s delivery of executed and acknowledged Qeed
on
days
the date that is
from the day after
after
but
no later than
59 p
11
m
Closing Seller agrees a pay
Ciosing through the date possession is
per day
s
Receipt and acceptance of such daily rental shall Wert extend the Mme of Seller
time set forthr herein Sellerr will be responsible for ail
deliver
at
the
to
requirement
possession
damages caused p the Property during the period between the Ctostng date and the date
s intentional or negligent actions i
tte rental
y if caused by Seller
possession Is delivered to Buyer an
sum shall be paid
irm or the Closing Agent agreed to by Buyer and Seiler
i by depositing this sum with Elating t
to ba disbursed to the par
ies entitled thereto an the data possession is delivered
iidirectiy to Buyer on the date possession is delivered
delivered
D
QE
Delayed
Prior to
Possession See Delayed Occupancy Addendum attached
Closing See Early Occupancy
Addendum
attached
page 6 of 1
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ArEcansas
raar
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2819932
3
aea7sxaoa
Form Serial Numter
i5 CONTINGENCY
OTHER
Cl A No Other Contingency Except for those condidons listed elsewhere in this Real Estate Contract
racts
ft Is understood and agreed that Seller has the right to enter into subordinate Real Estate Ccr
and other Reaf Estate Contracts shall not affect this Reai Estate Contract
C1 B This
The
Real Estate Contract is contingent upon
ofabove described
City ot Bryant Council approving the purchase the
terms of t
on
ar
before
During
s
ea
property and
the
Estate ContraQt
month
August
tdaY
the term of this Reai Estate Contract
t
3
i
Year 209
Select one
Clause Salter has the right to continue to show the Property and
ct art this Property Mawever al Reai
solicit and enter into anafher Reai Estate Cantr
ct Should Seiier
Estate Contracts shat be subject to termination cf this Rea Estate Cantr
elect to provide written notice of an additlanai Reai Estate Contract being accepted
haun3 to remove this contingency Buyer
by Seiler theNotice Buyer shall have
shalt be deemed in receipt ofthe Notice upon the earlier of a actusi receipt of the Notice ar
business Clays after SeKer or Listing Firm deposits the Notice in the United
b two
Stafes mail certified for delivery to Buyer at
ij Binding with scope
to ensure delivery emovai ar tnis connngency snau occur only uy aeitvery
In
notice a manner ensuring actual receipt to Seiier or Listing Firm Time is of the
essence In the event Buyer removes this contlngency and does not pertorm an this Reai Estate
I legal ar eixuftabfe
Contract far any reason conceming this contingency Seller may assert a
a result of Buyer
this
Reai
Estate
Contrast
their
exist
as
Alternatively
rights
may
breaching
Seiier at his sale and exclusive option may retain the Earnest Money if any as liquidated
damages if this contingency is removed a Closing date shaft be agreed upon by the
parties if a Closing date Is not agreed upon Closing shall occur
calendar days from removal Should Buyer not remove this contingency as specl
ad then this
raints in this Reai Estate
Reai Estate Contract shall be deemed null and void All dme cons
i8 referto the time Suyer removes the
Contract referred to in Paragraphs 5
1 and 2
9
sufficient
postage
of written
fly
aontingency
Binding without Escape
Clause tt is understood and agreed that Seiler has the right to enter
Contracts and other Reai Estate Contracts shall not affect this
Info subordinate Reat Estate
Reai Estate Contract
Read Estate ontract
ts and Acresg
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REALTOR
Page 7 of 99
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Arkansas
REALTORS
xlatian
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Farm 3eriai 900131
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t LIANCE
B Bl1YER
S DISCLAIMER OF R
lE
ft
fiVt5lNSp@CT
RSONALLY INSPECT OR HAVI A REPRESENTA
A BUYER CERTIFIES BUYER WILL PI
PROPERTY A9 FULLY AS E3iR PRIOR TO CLOSING BUYER CERTIFIES BUYER HAS NOT AND
SOF t
IENi
ATE
WILL NOT RI
Y ON ANY WARRANTIES R1
I
PRESENTATIONS OR Si
LLER LISTING
ED
I
LLiNG FIRM OR ANYA
SE
NTINDEPENDENT CONTRACfORt OR EMPLOYEE A89QCIA
3
FIRM
S OR dl
WITH TH03E BNTI
tiER WEBSiTES
flI3S OR INFORAdATtON FROM MULTIPLE LISTiNd SERVtC
WfTHOUT
YFAR
Si2E
LIMITATION
THE SRUARE FEE
OARDING MINERAL Rtnt
Rts
BUlCT
S
t
l
INCLUDING
IN IMPROVEMENT8 LOCATED ON THE PROPERTY QUALITY VALUE OR CONDITION OF THE
AT10NALL IMPROVEMENTS APPLIANCt
SPLUMBING
PROPERLY INCLUDtN WtTHtZUT UMII
i
HOWEVER BUYER MpY RELY UPON ANY WRITT
VIDa BY SELLI
R
DI9CL03URE5 PR
ELECTRICAL OR MECHANICAL 3YSTEM3
LiSTING FiRM AND SELLlNC FIRM CANNOT GIVE LEGAL ADVICE TO BUYER OR SELLER LISTING
ISOF TITLE TO THE PROPERTY CONDITION OF
FiI2M AND SELLIN FIRM STRONGLY l1RGE STATI
OF
FOOTAGE
IARE
IMPROVEMENTS QUESTIONS t1F SURVEY AND ALL OTHER
PROPERTY S4
IED AND 1NVESTIGATt
D BY
REQUIREMENTS OF BUYER SHOULp LACH BE INDEPENDENTLY VERit
BUYER OR A
NTA CHOSEN
S
ARt
RI
IVE
Y SUYER
R TO
B BUYER AGREES TO SiGN PAGE 4 OF THE INSPlrCT10N REPAIR AND SURVEY ADDENDUM PRiC
INTENDS
TO
CLOSE
ACCEPTS
THE
OF
THE
PROPERTY
AND
CONDITION
CLOSING IF BUYER
17 SELLER PROPERTY DlSCLASURE
A Buyer and Seller acknowledge that upon the authorization of Seller ether Set
ing Firm or Usting Firm
execution
Estate
fio
the
of
this
Real
have delivered to Buysr prior
Contract a written disclosure
prepared by Seller concerning the condition of the Properly but thts fact neither limits nor restricts
s Disclalrner of Retlance set Earth in Paragraph 18 ar this Real Estate Contract The written
Buyer
re prepared ray Salter is dated month
diaclast
day
year and is
warranted by Sailer to be the latest disclosure and the answers contained in the disctasura era
s knowledge
warranted totae Eros correct and complete to Saiter
B Buyer hereby requests Seller to provide a written disctesura about the condition of the Property that is
true and correct to Seller
s imawtedge within three 3j business days alter this Real Estate Contract has
been signed by l3uyar and Seller if Seiler does not provide the disdosure within the three 3
business days Buyer may declare this Real Estate Contract Halt and void with 8uyar o receive a
refund of the Earnest Money ff any if Buyer finds the disclosure unacceptable within three 3
business days after receipt of disclosure this Real Estate Canfract may be declared null and void by
eive a refund of the Eamesfi Money if any Receipt of this dlsalosurs
Buyer with Buyer to rer
3 of this
limits
nor
restricts
in any way Buyetas Disdatmer of Reliance set finrth in Paragraph 1
neither
Real Estate Contract
C
a disclosure faun Wray have been completed or can be completed 6y Seiler Buyer has
neither received nnr raquesfed and does Hat desire from Seller a writen disclosure concerlttng the
condition ofthe Property prior to the execution of this Rea Estate Contract but this fact neither
limits War restdcfs in any way Buyer
s flisciaimer of Reliance set forth in Paragraph B of this Real
lRM AND LISTING FIRM TO
Estate Contract BUYER S STRONGLY URGED BY SELLING 1
El5
ALL
DEEMED
NECESSARY
PR1C3R TO SIGNING Ti
INDEPENDENT
INSPECTIONS
MAKE
ECONTRACT
REAL ESTAL
Aithaugh
disclosure farm is available end wll not be pravlded by Seiler BUYER
1S STRONGLY URGED BY SELI
INt3 t
IRM ANI LISTING FlRM TO MAKE ALL
INDEPENDENT INSAECTtONS DEEMED NECESSARY PRIOR TO SIGNING TNf5 REAL ESTATE
CONTRACT
D Buyer undarsfands
na
Page 7 of 11
FormNARAFt aaY Hotta
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Beat Estate Goniract
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Page
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as
p
T
ri
p
Fkc
iV113
7I
7JHm ASSCCIatiaa
1
iiap
H
Farm Serial x
Nurnberc
9
bb13 2819932
98 AGEriICY
A
L13TIN0 F1RM ANA SE
ING FIRM REPRESENT SELLER Buyer acknowtedges that Listing Ftrm
l
and Sailing Firm and all licensees associated with thane entdies are the agents of Seiler and that tt
is Seder wha employed them wham they represent and to wham they are respansibla Buyer
acknowledges that before eliciting or receiving confidential infarmatlan from Buyer Setting Firm
which may be the same as Llsttng Firm verbally disclosed that Seigng Firm represents Seller
B LISTING FIRM REPRESENTS SELLER ANI7 SlLLING FlRllll REPRESENTS BUYER
Seiler acknawtedge that Listing Firm is employed by Seiler and Setting Firm is employed
Buyer and
by Buyer
Ail llaensees associated with Listing Firm are emptayed by represent and are responsible fa Setter
At1 licensees associated with Selling Firm are empiayad by represent and are responsible fa Buyer
Buyer acknowledges Selling Firm verbally disclosed that Listing Firm represents Setter Setter
acknowledges Listing Firm verbally disclosed that Selling Firm represents Buyer
x
TH BUYER
HE SAME ND REPRESENT 8C
IRM ARE 7
C LISTING FIRM AND SELLING 1
that
and
Seller
and
AND S1rLL
ER
acknowledge
agree
Listing and Selling Firm ors the
Buyer hereby
licensees associated with Listing and Selling Firm are representing both Bayer and
Seller to the purchase and sate of fhe above referenced Properly and that LlsttngfSeliing Erirm has
been and is new the agent of bath Seiler and Buyer with respect to this transacfian Seller
and Suyer have bath consented fo and hereby confirm their consent to agency representation of bath
same and all
parties Further Seller and Buyeragree
Baiting Firm shall not be required fo and shall not disclose to either Buyer or Seiler
i Listing
other party without the
any personal financial ar other confidential information conceming the
Setter
of
that
and
written
consent
however
Buyer
agree
LfstingiSeUing Firm shall
express
party
disctose to Buyer information known to ListingiSelling Fnn related to defects in fhe
Property and such information shall not be deemed confidential information Confidential
infarmatlan shat Include but not be limited o any price Seller is wilting to accept that is ens
than the offering price ar any price Buyer is willing to pay that is higher than That offered in
writing
Baiting
C Buyer and Seller acknowledge that when Listing
ii by selecting this opttan 1
ler end Buyer further
Firm represents both parties a possible conflict of interest exists and Se
fa
receive
the
undivided
of
Firm
fa
forfeit
their
individual
toyatfy
Salting
Listing
agree
right
of
interest
from
ListinglSelling
p1 to waive any claim new or hereafter arising out of any aonfticts
Firm representing bath parties Buyer and Seiler acknawtedge LisfdnglSelitng Firm verbaiiy
disclosed that Listing
Sailing Firm represents bath parties in this transaction and Buyer and Setter
have given their written consent to this reprasentattan before entering Into this Real Estate
Contract
Q
L15TINC FIRM Seiler acimowtedges that Selling
Ffrm are the agents of Buyer and that it Is Buyer wha
whom
whom
and
a
they are responsible Seiler aclcnowiedges
em
They represent
employed ii
irst contact Setting Fnm verbaiiy disclosed that Selling Frm represents Buyer Any
hat at 1
sta Contract wilt be considered to mean Selling Firm
F
reference to Listing Flrrn In this Real e
bath Bayer and Seller acknowledging that aI real estate agents involved in Phis Rea rstafe Contract
D SELLING FiRM REPRISENTS 6tfYER
Firm and ail llaensees associated with
NO
Belling
only represent Buyer
THIS
FT INTENTI
NALLY BLANK
SPACE Lf
BoF1
o
iio
h
Real Estate contract
ea a
Qts and Ac
anaes
As
01in ri
cnn
opp
RCAL70R
Page 9of 11
REAI
TQRS
At19001dtIGtt
2839932
900137
062732
perm Bartel Number
9B OTHER
The Bu
00 The
900
erwil pay the Seller at the closing the exact cash amount of 139
balance of 260
00 wilt be paid with the Transfer of the
000
of Bryant
317 Stillman Loo
A
l
2nd Street
AR 72022
Bryant
Citarnf 8
ract between
Cor
260 for the
00
000
B
and
fallowing four properties
remaining
awned
by the City
ant AR 72022 2 502 Lars Drive Bryant AR 72022 3
102 NE
4 742
SW 2nd
ant and Summit
four above described
Street Bryant AR
Propeitles
roperties
72022 A
separate
LLC will be executed with
each
arty pa ing
their awn
a
res
Real Estate
Purchase Price of
activeclosln
costs alt improvements being aece led In AS lS WHERE 1S aanditlon and a simultaneous cCosin
daTt wlfh The 2905
Rldgecres Drive B ant AR raperty
The C of Bryant wIil
pro
a
accept
all
improvements
located
on
the 2109 Rldgecrest
Drive Bryant AR
an
in AS S WHERE lS condlt
This Real Estate Contract is furttler canditianed
approval to release the above described
on the
property
sability o abtaln Malvern NaT3onal Bank
Seller
at the
closing
1FISPECTION
24 At
LE PAINT RISK AS5E59MENT
BASED
and
understands
that according to the best information available improvements on this
A
agrees
Q
Buyer
based paint hazards
Property were not constructed prior to 1978 and should not contain teed
without
imitation
has
been
informed
That
the
garages tool sheds other
Property Including
d g Buyer
an
the
that
were constructed prior to
and
meohanlcat
equipment
Property
outbuildings fences signs
based paint Seller will prvvtde the Lead
Based Paint Disclosure lare
197E3
1978 may contain lead
on wlthtn three 3 business days after acceptance of Phis Real Estate Contrast The
canstruct
obligation
of
Buyer
under this Real Estate Contrast Is
contingt3nt
upon
s acceptance
Buyer
of the
or Rtsk Assessment of the
Based paitrt Disclosure provided by Seller and an tnspeotlan and
Lead
or lead
based paint hazards obtained at Buyer
based paint and
s
Property far the presence of sad
Based Paint Disclosure or the inspection and
ar Risk
expense f Buyer finds either the Lead
Assessment unsatisfactory in the sole dIscretian of Buyer within ten 10 Calendar days sitar receipt
Based Paint Disclosure Buyer shalt have the absolute option to unilaterally
by Buyer of the Lead
this
terminate
Real Estate Contract with all Earnest Money If any returned to Buyer and Walther Buyer
War Seiler having further obligation to the other thereafter Buyer may remove this oantingency and
ndum signed by
wave the unilateral termination right at any time without cause by written Oenerat Add
of Real
Buyer and delivered to 9elter if Buyer rives not deliver to Seller or Listing Firm a Termination
Estate Contract Addendum terminating this Real Estate Contract within the ten 9t calendar days after
Based Paint Disclosure this oantingency shall be deemed waived and
receipt by Buyer of the Lead
s
s performance under this Reai Estate Contract shalt thereafter not be conditioned an Buyer
Buyer
Risk
Assessment
of
the
Paint
or
and
with
the
Based
Lead
property
satisfaction
Inspection
Buyer has been advised of Buyer
s rights under this Paragraph 24
s Bai f1
wnrr
a
rwR
tanna
rmv
C
m
g
aatl
eGantrac
a
s
Rea d I
Ca ts am d Acrea g e
REALTOR
Page 10 of 11
f
a
rm Serial
iaAUxt
i
r
ar
ur
s
ro
Aesaclagon
19932
E39z
o82732Aa0
Nnmber
t RISK OF LOSS Risk of lass or damage to the Property by fire or other casualty occurring prior to the
2
time Seler delivers an executed and actcnowiedged dead to Buyer is expressly assumed by Seller Buyer
shall have the right prior a Closing to inspect the Property to asoertatn any damage that may have
smor theft
occurred due to fire flood hall windstorm ar other acts of nature vandal
22 GOVERNING LAW This Real Estats Contract sha0 be
governed by the Paws
of the State of Arkansas
28 MERGER CLAUSE This Real Estate Contract when executed by loath i3uyer and Seller shall contain
ferred to
the entire understanding and agreement between Buy
rand Seller with respect to afI matters r
discussions
and
herein and shall supersede alt prior or canternparaneous agreements representations
shall
oat
to
such
matters
This
Real
s
1
tate
Contract
andings oral or wriEten with respect
unders
rm
F
supersede any agency agreements entered into by i3uyer ar Seiler and listing Ffrm or Selling
24 ASSIGNMENT This Real Estate Contract may nai be assigned by Buyer sonless written consent of Seller
is abtatned such consent oaf io be unreasonably withheld it shalt not be unreasonable far Seller to
withhold consent if Setter is o provide financing tar Buyer fn any amount
regard to all Imes and dates set forth In this
as
tt appears in Phis Real Estate Contract shall mean
llnfess
otherwise
days
Real Estate Contract
specified
in
Real Estate Contract refer to Arkansas Central
and
dates
set
forth
his
all
times
calendar days Further
time and date
25 TIME Buyer
and Se
ter agree Time is of the essence with
ive proceeding arbitration
S FEES Shvutd Buyer or Seiler initiate any type of administra
26 ATTORNEY
an
for
the
agent
initiating party or agent for the non
mediation or litlgatian against the other or against
Seller
party
afarementtanedogents being third
initiating party it is agreed by Buyer and
beneficiaries of this Paragraph 2ti that all prevailing parties shall be entitled fo an award nitheir
the non
prevailing
casts artd aftorr
sfees incurred in defense of such initiated action against
ey
respective
party
executed In multiple caunferpar
s each of which
27 COUNTERPARTS This Reat Estate Contract may be
afwhich
shall
constitute
one in the same
together
shag be regarded as an original hereof but all
ar before Closing
2t3 FtRPTA COMPLIANCE TAX REPORTING Buyer and Seller agree to disclose on
for
their
United
States
as
his
transaction
p
eitizensh
ar
a the person
Closing Agent
company acting
in Rea Property Taxation Act
the
lnveatment
the
of
with
for
Foreign
purpose
status solely
compliance
all docurnenta required by ouch Closing Agent to
FIRPTA In addfion Buyer and Seller shalt execute
lother applicable laws Buyer and Seller agree that na
hing
TA and a
document compliance with FIRI
ity rrf the Closing Agent as defined pursuant
in this Real Estate Contract is intended to limit the respnnslbl
6046 ta i be the reporting person under state and federal
1
to United States Treasury Regulafian 4
28
USG Section 6045
caws including without limitattan
eand iq flle ail necessary forms regarding
without
form
fhe Closing including
tfon
Umits
1099 8288 ar 8288A By accepting the rote as Closing
shall
the
Closing
Agent to fulfill their respanslbtiifies as set forth above
Agent this Agr
obligate
emerrt
Setter
execute
an affidavit confirming compliance with
strove
statutes
will
defined
the
and as
by
FIRPTA
as
prepared by the Gtosing Agent
29 EXPIRATION This Real Estate Contract
tdaY
tmonth Au
Year
expires
tf not accepted an or before
at
DOIam a
S
P
m
Farm FApA4J Hev
110St0
s
Beat Esfa
eCa
rac
r
reaa
Lois and t
page
17 of 71
i 15
ftil
I
kansaa
Ar
H Li
GWif OIryUI
t
lu S
HI G
IiHIG
imucenuuHO
rv
oaTVa
ar
REALTDEt
vcilrifvlvl
e
rrRCi
rcv
a
va
u I76
w ap
rruw
v
v naru
REALTORlia
Aasociaii6n
aa
va yF
n
IY4
un
LT YOUR
EMPLflY AN ATTORNEY Tfl DRAFT TH FORM FOR YOU It YOU DO NOT UNDERSTAND THE EFFECT flF ANY PART CONS
ATTORNtY BEFORE 9IGNlNG RF
AI ESTATE Ai3ENTS QANNOT GIVE YOU Li
QAL ADVICE THE AARTIES SIQNED HBLOW WAIVE THEIR
D TH REAL ESTATE AGENT
rHORI
S3TO FILL IN THE BLANKS ON
RIGHT TO HAVEAN ATTORNEY DRAFT THIS FORIVt ANO HAVE AU
THEE FORM
TORS ASSOCEATiON THE SERWL NUMBER BELOW iS A
At
THIS FOtiM IS PRODUCED AND COPYRIGHTED BY THE ARKANSAS kF
UNtgUE NUMBEti NOT USED ON ANY ETHER FOt214i THE SERfAL NUIVft3FR 6ELOW SHOULD BEAN ORIGINAL PRtNTINt3 NOT IVIACNtNE
COPIED OTHERWISE THE PORN tNAY HAV4 BEEN ALTERED 130 NDT SIGN THIS FORM fF IF WAS PREPARED AFTER DECEMBER 39
1
17
75932
The above Real Estate Cantraat is executed an
I at p
1
August
year Q
tn
a
m
day 9
month
ietd Moody
Bexley Pen
Realtors
6e10ng Firm
Signature
Signature
Lance Peni
eid
Printed Name
Printed
na Bro ar
PdnalpalatSupervis
City of 8ryairt
Nam
Buyer
L
Signature
Signature
Lance Peni
eld
Pdnted hJama
Pdnted Name
Buyer
sEltrtg Agent
The above Real Estate Contract is executed on
mortfh
August
day
8
Year
2Q
P
m
a
at
ftaid MoudY Realtors
Pert
G
T
Signature
fora
Lance Penfield
Pelntad Name
ncipat or S
g
LC
Summit Properties L
Printed Name
ng Bro ar
i fv
gnatura
S
it
sut
Lance Penfield
Printed Nama
Pdnted
l4 2Qt
Listing Agent
e
Ferwas rejected
above o
month
s InitIat
Saner
A
day
aounteroffered Form Setfal
year
Nurnbar
p
m
a
at
niiiais
e
Selter
Pa9a 11 aF iii
vtlptlr
FmmSJ1FA2t t
Copyright
2Qt1
Seiler property
Qisclosure
Page of
REALTOR
r
eaauNOUSaa
OPPOATONITT
Arkansas
REAI
TORS
IOn
ASSOCIa
Farm Serial Number
09976460013135178463
TO 6E COMPLETEt BY SELLER
r
tww
s
Seller
Seller
is
is not occupying
If Seller is
occupying
Property Address
Approximate finished
Please Print
Property
occupied the Property give length of occupancy in
r r iA
s
C
z
roG
ICL
t
heated
Please check the following boxes
and is
3
v
L
the
has
or
cooled square
Approximate Date of Construction
r
N
Water
Date
r
as
A
years
footagplicabie rv
e
they apply to the Property
provided by
A rural water district
A municipality
or
other non
municipal water
system
f
r
l
county
or
Well
Other
9
C
Natural gas and is provided by
tank
Owned
Rented
from
Propane
M
r
Electricity and is provided by F
and
is
Sewer
provided by
municipal sewer system
Anon
t
r
f
A municipality or county
Septic system See questions 4 5 fallowing page Type
if known
Other
Mandatory Property
s Association Dues Amount
Owner
Covered by association fee check ail that appiy
Hot tub
Playground
Swimming pawl
Exterior maintenance
Termite contract
Gas
Water
Boat
Frequency
Clubhouse
Tennis courts
Grounds maintenance
Fitness center
Other
Garbage pickup
Slips
Number to be conveyed if
Not
applicable
Covered boat slips No
Lifts
Other docks Na
No
Town
Condvminium
Home total number of parking
Open No
These spaces
spaces
Assignee No
Owned
Covered
Garage No
Special Property
Na
and is
Telephanepickup
Na
Assessment Amount
satellite television and is
Cable
provided by
and is
1 R
T
provided by
provided by
CJ Termite policy current
Frequency
provided by
and is
Ire protection and is
i
ir
t
r
f
provided by Name
of Company
Homestead Tax Credit has been claimed for the tax year of
A Tax Benefit
No
ara
Uncovered
Garbage
applicable
Uncovered boat slips Na
tax
assessment
frozen
for
over 65 or
handicapped
a
rJ
r
status has been claimed
by
Seller
copydgnt
Seller Property
Disclosure
zo
Arkansas
REALTOR
Page 2 of 7
0y
o
REALTORt
Association
Form Serial Number o9976abo013135084b3
Purpose Of Statement This is a statement of conditions and information concerning the Property Unless otherwise advised Salter
does not possess any expertise in conatructlon architecture engineering or any ocher specific areas related to the consiructlon or
condition of improvements on the Property or the Property itself other than occupying or having ownership of the Property Seiler
possesses no greater knowledge than that which could be obtained by inspection of the Property by potentia buyers lessees tenants or
their representatives This statement is not a warranty of any kind by Seller Listing F1rrn or any subagent of Listing Firm THIS
DISCLOSURE 15 NOT A SUBSTITUTE FOR INSPECTIONS ANY POTENTIAL BUYER OF THE PROPERTY 1S ENCOURAGED 70
OBTAIN A PROFESSIONAL PERSONAL OR OTHER INSPECTION PRIOR TO PURCHASING LEASING EXCHANQING RENTING
OR OFFERING TO PURCHASE THE PROPERTY
instructions to Seller 1 Complete this form yourself 2 Report known conditions affecting the Property 3 Attach additional pages
Answer ALL questions 5 if some items do not apply to Property check Not
with your signature if additions space is required
fcabla ti if you do not know the answer to a question or do not understand a question check the answer Unknown
App
s
s Statement Even though this is not a warranty Seiler hereby specifically makes the ioliov
Seller
ing representations based on Seller
ing Firm In writing and to modify this Seller property
knowledge as of the above date Sailer agrees to immediately notify Lfs
Disclosure if any answer set forth below changes prior to Closing Unless a potential buyer desires not to obtain a copy of this
statement as expressly set forth in a Real Estate Contract Seller authorizes Listing Firm to provide a copy of his statement io any
person or entity fn connection with any possible actual or anticipated sale exchange tease ar rents of the Property
THE FOLLOWING STATEMENTS ARE MADE BY SELLER AND ARE NOT REPRESENTATIONS OF ANY
STATEMENTS MADE BY SELLER ARE BASED
SjANDlOR SUBAGENT
AGENT
SjOF SELLER THE
SOLELY UPON SKNOWLEDGE
SELLER
AND INFORMATION AND b0 NOT CONSTITUTE ANY
REPRESENTATION OR WARRANTY BY SELLER AGAINST ANY CONDITIONS THAT MAY EXIST
LYENCOURAGED TO
THAT ARE UNKNOWN TO SELLER 7HE BUYER 1S AGAIN STRON
CONDUCT AND OBTAIN INSPECTIONS OF THE PROPERTY
referenced above
Concernin the Pro a
are
there any Features of the Property
To your knowledge
in
common
with
shared
adjoining landowners such as walls
s
fences driveways septic systems
z
s
dishes or shared meters or shared utilities
To your knowledge is there a Homeowners Association
historical preservation district or architectural committee
board that has an authority over the Pro e
To your knowledge are there any common areas such
pools ennis courts driveways roads or walkways co
owned with or used
a
7
others
personnel
certified
ar
utilit
servicin
by the Arkansas
the Pra
Yes
No
Unknown
Not
Applicable
Applicable
Yes
o
ynknown
Not
Yes
o
Unknown
Not Applicable
Yes
o
Unknown
Not
Applicable
Yes
No
Unknown
Not
Applicable
Yes
No
Unknown
Nat
Applicable
Yes
Na
Unknown
Not Applicable
Yes
Na
Unknown
Not Applicable
as
Department of Health
To your knowledge have there been any problems with any
private sewer ar water system septic system water well or
others stem
8
by
or
To your knowledge is there now or has there ever been a
waste disposal maintenance and monitoring contract with
maintenance
s
water wells satellite
e
knowledge are there any encroachments
easements leases liens mortgages or deeds of trust
contracts for sale or installment land sales contracts
adverse possession claims or similar matters that affect the
Pro ert that a title search would not reveal
To your
To your
knowledge
have there been any room additions
or other alterations or repairs made
structure modifications
to the
Property
since the
Property
was
originally
constructed
g
If the
were
answer to Question 7 was Yes to you knowledge
such structural changes done following issuance of a
permit
and in
compliance
with
building
codes
P
e2of7
trARna
F
to
tta
se
opyright
t
Seller Property
DISCIoSUre
Arisansas
REALTOR
Page 3 of 7
xausuw
eovu
OPPDRTUMITY
tiOCiatl0
463
fl947646Q0131354
Farm Serial Number
s
To your
knowledge
are
there any
tanks of any kind located
a
t
underground storage
Property
knowledge has there been any settling from any
cause or slippage sliding or other poor soil conditions at
the Pro eriy or at ad aunt ro erties
n
Yes
No
Y es
No
Yes
Na
Unkno
Nat Applicable
Yes
No
Unknown
Nat Applicable
Yes
No
Unknown
Nat Applicable
Yes
Na
Inknown
Not Applicable
Yes
No
Unknown
NotA
Yes
o
Unknown
Not Applicable
Yes
No
Unk
Nat Applicable
Yes
No
Yes
No
Unknown
Not Applicabie
yes
No
Unknown
Not A
licable
Unkn
n
Nat A
licable
Unkn
Not A
licabte
To your
To your
knowledge has there been any flooding drainage
problems or has water ever stood on the Property
grading
or
a
on the
under an im
rovement constructed thereon
has here been any
knnwledge
Tn ynur
damage
nknown
Nat Applicable
to the
Property ar any ofthe structures ftnm fire earthquake
storms floods or landslides prior to or during your
ownershi
93
are here any Bilis of Assurance deed
her obligations or other use restrictions for
o
riy that a title search would not reveal
knowledge
To your
restrictions
the Pro
la
To your
knowledge are there any vlolafions or
nonconforming uses of the Property regarding zoning land
use restrictions or setback requirements or matters not
1s
disclosed in Questlnns 12 and 13
To your knowledge are there any notices of abat ement or
citations against the Property
6
To your knowledge
Property
title
1
a
or
judgments
or sale of the
there any lawsuits affecting his
against Seller that would affect the
Prope
knowledge are there any neighborhood noise
problems nr other nuisances that would net be normal far
Ta your
this type of Pro a
To your knowledge
are here
iances
any defects in the ap
mechanical electrical plumbing heating and air
er sewer or septic systems of the
condlttoning wa
or the
Pro
19
To your
are there any defects in the
knowledge
of any
improvements
on
To your
knowtedge is any ofthe Property
in the
floodplain
floodway
To your knew edge has any lender required you to
purchase flood insurance on the Property
z
To Your knowledge has there ever been a problem with the
ert y s ch qs
roof o fany ofth e i mprovemen ts on th P
defective shingles damaged shingles ea ng or
p
r
o your
knowledge
is there any In estat nn
insects
Yes
ierwtse
ot
y termites
Tn ynur
knowledge
is there any
infestation of his type
2s
on
the
damage
from
a
Yes
No
Unkn
n
Nat Applicable
Yes
No
Unkn
n
NotA
licable
Yss
No
Unk
n
Not A
licable
Yas
No
Unknown
previous
Property
Do you have knowle ge or have you ever received notice
from a termite company or other person or entity concerning
ossible roblems or otential robfems with the Pro ert
Pa
a
or
destroying
athertyood
za
Not Applicable
the
z
z3
nknown
s
structure
located
Pro ert
or
rn
e
s
structure
nrcub
zo
licabte
are
e
3 of 7
NotApplicable
Fwmttatto
Rev
ARA37
t
m
Seller Property
Disclosure
a
Arkansas
REALTOR
Page
4 of 7
varuNiTV
iir
REALTORS
Association
Farm Serial Number X997646001313506453
2s
Have you ever fed
claim
or
made
an
other ciaim concerning
or
insurance claim
wa
rranty
the Property
leris aware thatinsurance claims against this
Se
Yes
Na
Unknown
NotAppilcabie
Yes
No
Unknawn
NotA
Yes
Na
Unknown
Nat
Yes
a
Unknown
Nat A
licabie
Yes
No
Unknown
Not A
licabie
Yes
No
Unknown
Not Applicable
Yes
Na
Unknown
Not Applicable
afhardabllify ofa
Property may affecf the availabilify
obtain
s insurance and
homeowner
sability to
buyer
a a
fhus obtainin of a mo
z7
Have you
made
2s
ever
repairs
received
to
a settlement
improvements
on
the
of a claim and not
Properly
To your knowledge has any person
entity ever refused to
the purchase of the Property because of an actual
complete
29
ed roblem with the condition of the Pro rt
To your knowledge are t ere any leases or rental
agreements currently in effect on the Properly
30
To your
3
To your knowledge are there any persons or entities other
than those listed above as Sellers who claim or have
ownershi ar leasehold interest in the Pro e
or ails
sz
owledge has any part ofthe Property
designated as Wetlands
knowledge
percolation groundwater
Pro
34
nawledge
unsatisfactory
concerning the
has any
oun
j
s
Yes
Na
Unknawn
Nat Applicable
Yes
No
U
Mown
Not Applicable
Yes
a
nknown
NotApplicable
U nknown
N at A ppli ca bi e
Unknown
Nat
ary discrepancy or
concerning the Property bean
disclosed to you including information obtained from a
boundary survey environmental report or property
ins ection ofthe Pro erty
To your knowledge are here any facts circumstances
events on or around the Property which if known to a
unsatisfactory
35
or soli test
e
To your
Applicable
7
e
has there been an
To your
Q
been
To your know edge are there any existing pipelines canying
oil gas or chemicals underneath ar adjacent to the Property
or are here any pipeline rights
ofway ar easements over or
adjacent to the Pro
33
licabie
or
condition
potential buyer
could
adversely
affect in
a
material manner
the value or desirabili
3s
To your
knowledge
of the Pro e
have any of the
or
improvements
an the
been constructed at another site then moved onto
Property
Prope
Yes
the
37
To your
knowledge
does the
insula finish system
ion
corn onents
38
To your
mining
minerals
39
knowledge
or
Property contain any exterior
SIPS or synthetic stucco or similar
No
is theta any surface
extraction for coal
an the Pro a
or
ad acent
ro
gas
erties
or
Applicable
other
To your knowledge is there any person or entity c aim ng or
possibly having the right to claim the right to extract any
minerals ail natural gas coal or other minerals from the
surface orsub
surface of the
o
ace
sun
sub
grevel rock oil
or on
Yes
Yes
Yes
No
o
nknown
Not Applicable
Unknown
NatApplicable
Prope
Pa e 4 of 7
Fam ARA31 Rov t1011d
s
p
Seller Properly
Disclosure
Arkansas
TOR
REa
Page 5 of 7
Farm aerial Number
an
0997646001 313506463
Ta your knowledge does any person ar entity other than
Seiler claim any rights to any natural resource or minerals
located an the surface of the Property sub
surface ofthe
ar
Property
REAI
1
TOR5
OPPORTUHI
fY
pssoclatl4n
ta
aeala
ea
otherwise
ing
affecc
ar
impacting
the
Yes
No
Unknown
Nat Applicable
Unknown
Not Applicable
Unknown
NotA
Unkn
Not Applicable
ownership
or use of such natural resources ar
a2
mineral ri hts
To your knowledge is the Property specially constructed
modified to permit access and use by a person with a
h sisal disabil
Dees Seller hold a real estate license
43
To your
41
or
Yes
Yes
knowledge does any person owning an interest in
the Property if Seller is a corporation ar ether entity hold a
real estate license
Property
as
as
Yes
To your knowledge are there landfills Nazar aus waste
asbestos radon gas urea fiarmaldehyde electromagnetic
fields or other substances that may affect the Properly ar
the occu ants ofthe Props
l chemical nr drug substances
is Se er aware of any unto
or their manufacture within the Property
Ta your
a7
nowledge
Elementary
Senior
l
n
Yes
No
nknown
Not A
Ileable
Unknown
Not Applicable
qVo
Unknown
NoE A
No
Unknown
Not
n
llcable
Applicable
a
R
1
High
tQ any of the
the answe
tf
t
r
o
licable
are there any notifications of
Junior High
Middle
F
Yes
environmental conditions about the Property from the EPA
Yes
ovemmental a encies or some ether source
To your
awledge in what school district is the Property ocated
as
tVo
are there any other defects in the
To your knowledge
aa
Yes
o
prevEous
questionns
5
sir
t
tom
S
tr1L
is yes
explain
1 oPL
r
Attach additional sheets if necessary
1a
ai
aCrAfi
fw3
Af
Y
ov
pA
L
Gin
v
Ps 9 5 of
FarmARA3Y Rsv
11O1 tO
ht
ca
Seller Properly
Disclosure
Page
7012
REAt
6 of 7
Arkansas
Rf
70RS
Al
RT Association
0
r
Ou
Y
UNIT
fi46001313506463
0997
orm Serial Number
f
4s
To your
so
To your
knowledge were any improvements
Property constructed prior to 9978
on this
based paint or
knowiedge are there lead
based paint hazards on any improvements to the
lead
Property including without imitation garages tool sheds
other outbuildings fences signs and mechanical equipment
an
the Pro
es
Na
Yes
No
Unk
wn
nknown
Not A
cable
Not Applicable
e
NOTICE if either
ead Paint Disclosure
t
questions 49 or 5fl are answered with Yes or Unknown the Based
must be completed and acknowledged by all parties to the real estate transaction and attached to ANY Real
Estate Contracts associated with this Property
or
MOLD ENVIRONMENTAL CONOITlONS Mold mildew spores and ofhermlcroscopic organisms and
that are common In residential
edfo
refen
as
are
environmenfal
conditions
collectively
7
Amold
allergens
properties and may affect the Property Mold in some Tomas has been reported to be toxic and may cause
serious illnesses including but not limited fo allergic and
or respiratory reacflons or other problems particularly
or the elderly Mold has also been reparfed fo
in persons with Immune system problems young children and
cause extensive damage to personal and real praperfy
Listing Firm cannot suggest refer recommend or infer that you should or should not use a Mold
by a Certlhed Mold Jnspector you should contact an lnspecfor who
Inspector
oralr samples farlaboratory fasting
has been authorized fo capture mold samples and
Selling Firm
or
Should you desire an inspection
taffve of Selling
warranty representation or recommendation can be made by any agent or repress
Firm or Listing Firm concerning any Mold inspector The persons signing Phis Salter Property
isciosure is STRONGLY URGED to independenfly determine the competency of any Mold inspector to
tal ofreal estate
be used in connection with fhe purchase sale or re
Nv
51
To your
or
52
knowiedge is there
present
Ta your
ar has there ever been
any past
water intrusion
knowledge
is there or has there
ever bean
Na
Unkn
Yes
No
Unknown
n
Not
Applicable
any
presence of mold
If the answer to any of the above four questions is yes
Yes
explain
page 6 of 71
Not A
licable
Attach additional sheets if necessary
Pam
Rev ttatto
copyaght
2011
Seller Properly
SUre
D1SClt
Page
Arkansas
REALTOR
7 of 7
REALTDRS
crraaru
rtr
Association
nonafxo
sauM
If the presence of aregJstered sex offender is a matter of concern to Buyer Buyer undersfands That Buyer must
contact local law enforcement offlclals ar access the State ofArkansas registered sexual offender websife at
arg regarding
acic
lwww
http
such Infarmatlan
closing Investlgatlon desired by Buyer concerning the Property to I
Buyer Is strongly urged as part of any pre
conduct testing for passible existence of chemical or drug substances in on orabauf the Property as desired by
Buyer and li vlsJt with applicable taw enforcement authorrtres about passible prior Illegal acfrvJty on or about the
Property
THIS FORM 13 PRODUCED AND COPYRIGHTED BY THE ARKANSAS REAL70RS A550CIATION THE SERIAL NUMBER BELOW IS A
UNQUE NUMBER NOT USED ON ANY OTHER FORM THE SERIAL NUMBER BELOW SHOULq BE AN ORIGINAL PRINTING NOT
MACHINE COPIED OTHERWISE THE FORM MAY HAVE BEEN ALTERED DO NOT SIGN TWfS FORM 1F i3 WAS PREPARED AFTER
gECEMBER 31 Z01
i
FORM SERIAL NUMBER
dQ13i3508463
C9g73
SELLER WEREBY AUTHORIZES UNLESS A POTENTIAL BUYER DESIRES NOT TO OBTAIN A COPY OF THE
STATEMENT AS EXPRESSLY SET FORTW IN A REAL ESTATE CaNTRACT ALL AGENTS INVOLVED IN TWE SALE
EXCHANGE LEASE OR RENTAL OF THE PROPERTY TO DISTRIBUTE THIS SELLER PROPERTY DISCLOSURE TO
PROSPECTNI BUYERS LESSEES OR TENANTS OF THE PROPERTY THIS SELLER PROPERTY DISCLOSURE IS
INCORPORATED INTO TWE LIST1NG AGREEMENT EXECUTED BY SELLER AND LISTING FIRM SELLER FURTHER
S
KNOWLEDGE
CERTIFIES THAT THE INFORMATION HEREIN IS TRUE AND CORRECT TO THE BEST OF SELLER
A5 OF THE ABOVE DATE SELLER FURTHER AGREES TO NOTIFY iN WRITING BUYERS LESSEES TENANTS
AND LISTING FIRM OF ANY CHANGES IN THIS DISCLOSURE THAT MAY BECOME KNOWN TO SELLER AFTER
THE DATE SIGNED BY SELLER
CQUNTERPARTS This Seiler
shall be regarded as an e Ina
Submitted
Property Disclosure
may be executed in
multiple counterparts
ereof but all of which together shalt constitute one in the
each of which
same
by
Signature
Signature
Lrl W
Printed Name
Printed Name
Seller
Seller
b uS
month
day year
t
at
WE ACKNOWLEDGE RECEIPT OF A COPY OF THIS SELLER PROPERTY DISCLOSURE WE UNDERSTAND TWAT
S
THE ABOVE STATEMENTS ABOUT TWE PROPERTY ARE TRUE AND CORRECT TO THE BEST OF SELLER
SAGENT
KNOWLEDGE AS OF THE ABOVE DATE IT IS NOT A WARRANTY OF ANY KIND BY SELLER OR SELLER
AND IS NOT A SUBSTITUTE FOR ANY INSPECTIONS BUYER LESSEE OR TENANT MAY WISH TO OBTAW
BASED PAINT DISCLOSURE ACKNOWLEDGEMENT
SLEAD
BUYER
Buyer has race ve copies of a I records and reports
pertaining
to lead
based
hazards in
z
or
about the
paint
Pro
or
a
lead paint
based
available to Seller
Buyer has received a copy of he pamphlet
Family From Lead In Your Home
Received
Na
Unknown
Not Applicable
Yes
No
Unknown
Not A
licabte
by
Signature
Signature
Printed Name
Printed Name
Huyer
month
Yes
Protect Your
t3uyer
day
year
at
Pa e7of
ARA37 Rov
Feim
110N0
1
i
Ij
1
1
lll
w
A
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Real Estate Contract
lmmerc
C
al
Arkansas
roR
REA
Page 1 of 10
EOUALNOWIRO
OPPORTUNITY
REAI
TORS
Assaciatian
35oH183
csz5sa400131
Form Serial Number
I PARTIES Summit
individually
herein from
Salter
the
Properties
LLC
collectively the Buyer offers to purchase subJect to the terms and conditions set forth
City of Bryant
individually or collectively
in
2
Estate
Contract
real property described
Paragraph of this Real
the Property
or
the
2 ADDRESS AND LEGAL DESCRIPTION
ADDRESS 4397 Stillman
Lot 48
Springhill
Manor
Bryant
AR 72022
Subdivision City
of Bryant Saline
County
Arkansas
ADDRESS 502 Lora Drive Bryant AR 72022
City of Bryant
The West 112 of Lot 71 and alI of Lot 72 Pikewoad I
ADDRESS 110 SE Second Street
The West 34 of Lot
3
Block
Bryant
19 Original
Town of Bryant Saline
Arkansas
County
Arkansas
AR 72022
Bryant
Lat 11 and Lot
Subdivision City
Morden
County
AR 72022
ADDRESS 702 SW Fourth Street
12 Block 3
Saline
of
Bryant Saline County
Arkansas
Property the Purchase Price
00 payable as follawa
000
260
3 PURCHASE PRICE Buyer shall pay the following to Seller for the
Cash Credit at the simultaneous
closing
acres located at 2109
of the 14
Page
1 of
10
Ridgecrest Bryant
AR
FormAARA15 Rev 110110
gnt
copy
Real Estate Contract
nga
tCommercial
REALTOR
IO
Fags Z 0
eauuenvrieo
eruKirr
ovvo
AssocftS
Form Serial Numi
oais3
s
aal3t
agzssa
er
CONVEYANCE Unless otherwise specified conveyance of the Property shall be made to Buyer by
general warranty deed in fee simple absolute except it shall be subject to recorded instruments and
easements if any which do not materially affect the value of the Property
Unless expressly
reserved herein SUCH CONVEYANCE SHALL INCLUDE ALL MINERAL RIGHTS OWNED BY
SELLER CONCERNING AND LOCATED ON THE PROPERTY IF ANY UNLESS OTHERWISE SPECIFIED
IN PARAGRAPH 76 IT IS THE RESPONSIBILITY OI THE BUYER TO INDEPENDENTLY VERIFY AND
INVESTIGATE THE EXISTENCE OR NONEXISTENCE OF MINERAL RIGHTS AND ANY LEGAL
RAMIFICATIONS THEREOF Seller warrants and represents only signatures set forth below are required to
transfer legal title to the Property Seller also warrants and represents that Seller has peaceable possession
of the Property including ail improvements and fixtures thereon and the legal authority and capacity to
Canvey the Property by a goad and sufficient general warranty deed free from any liens leaseholds or other
interests
5 TITLE INSURANCE Buyer and Seller understand that Listing Firm and Selling Firm are not licensed
title insurance agents as defined by Arkansas law and do not and cannot receive direct or indirect compensation
from any Closing Agent regarding the closing process orthe possible purchase of title insurance by one ar
mare of Buyer and Seller
Regardless of the policy chosen Buyer and Seiler shall have the right to choose
30
Within
their Closing Agent
s
days of acceptance Seller shalt furnish to Buyer a
commitment for an American Land Title Association
s title insurance policy in the amount of the
ALTA owner
of
Seller
s
choice
authorized
to insure title to real property in the
by company
State of Arkansas and which company is reasonably acceptable to Buyer
Purchase Price issued
a
Where the title commitment shows
special exceptions to title other than those standard exceptions contained
form
special exceptions relate to restrictions conditions defects or
other matters that would interfere with Buyer
use
or adversely affect the value of the Property then within
s
5
days of delivery of the title commitment Buyer shall deliver written notice
thereof to Seller Such notice shall state specifically those exceptions to which Buyer objects Afl objections
not specifcally enumerated within such a timely delivered notice shalt be deemed to be waived by Buyer
in the ALTA commitment
and where such
15
Within
Seller may cure such
objections
days of Buyer
s delivery of
or
Ef within such
have the exceptions waived
15
or
removed
notice of objec
ions to Seller
the title company issuing the
ar
period Seger faits to cure and
by
carnmitment
day
waive such objections and exceptions or within that period Seller delivers written notice to Buyer that it wilt
15
not so cure then within
days from delivery of such notice from Seger or the
end of the period within which Seller may cure whichever is applicable Buyer shall have the option to
A
Terminate this Real Estate Contract
sums
t3
Agree
paid
to
or
deposited by Buyer
purchase the Property
reduction in the Purchase
C
as
Price
by delivering written notice thereof to Seller
Buyer or
in which event all
shall be returned to
scheduled
subject to such objections
and exceptions with no
or
30
to extend the Closing date far
days to give Seller additional time to
such objections fBuyer fails to deliver notice of termination or grant an extension of the Closing
date within that period the objections shall be deemed to be waived and the transaction shall close as
Agree
cure
scheduled
stitle insurance policy
Seiler shall furnish the committed owner
shall pay all expenses related to the owner
s title insurance
of
as soon as
practicable
after
Closing
and
policy
170110
Form8ARA16 Rev
copyright
Real Estate Contract
20
ICommercllalj
Page 3 Of
Arkansas
r
REALTOR
10
aowcNCUSxa
OPPORTUNITY
TORS
RE4t
Association
Farm Serial Number
3508183
4x0131
a82550
g Earnest Money which shall
4
6 A
F
RNEST MONEY Earnest money is in the amount of
Purchase
Price
transaction
costs
if
title
toward
or
requirements are not fulflled or ifi those
apply
s
Buyer
an Earnest Money refund are not satisfied Earnest Money shalt be promptly
for
contingencies providing
refunded to Buyer If Buyer fails to fulfcll his obligations under this Real Estate Contract or if after ail conditions
have been met Buyer fails to close this transaction Earnest Money may at the sale and exclusive option
of Seller be retained by Seller as liquidated damages Alternatively Seller may return Earnest Money and
assert a
I legal or equitable rights that may exist as a result of Buyer breaching this Real Estate Contract
Buyer warrants represents and acknowledges that the check tendered will be honored upon presentation to
s bank and that Buyer shall be in default of this Real Estate Contract if the check is not honored upon
Buyer
first presentation to Buyer
s bank Buyer understands that failure to tender Earnest Money as required by
this Paragraph 6 shall constitute a breach of this Real Estate Contract Buyer and Seller agree that in the
event of any dispute concerning entitlement to Earnest Money Lis
ing Firm may interplead Earnest Money
arm and
into a court of competent Jurisdiction and upon such interpleading of Earnest Money both Listing
and
be
all
costs
be
from
to
Seller
i
f
rm
shall
reimbursed
released
Listing
liability Buyer
Selling Firm shall
fees
from
the
funds
for
and attorney
entered
interpleading
s
cash
check If Earnest Money is tendered
Money is tendered by Buyer in the form of
to
Earnest
will be deposited by Listing l
irm
it
made
Firm
will
be
Listing
Money
by check
payable
no later than three 3 business days following the date this Real Estate Contract has been signed by
A Earnest
Buyer
and Seller
check if Earnest Money
cash
B Earnest Money will be tendered by Buyer in the farm of
be
to
Firm
a
f
rnest
made payable
is tendered by check it will
Money will be deposited by
Listing
business
Real
Estate Contract has been
Firm
within
three
the
date
this
Listing
3
days following
Seller If Earnest Money is not to be tendered within three 3 business days
and
signed by Buyer
after this Real Estate Contract has been signed by Buyer and Seller see Paragraph 16 for further
explanation
Money will be tendered References to Earnest Money
not be applicable and are deemed deleted
C Na Earnest
in this Real Estate Contract shall
opportunity to obtain a new certified survey Should Buyer decline
offered
in
to obtain a survey as
Paragraph 7A of this Real Estate Contract Buyer agrees to hold Seller Listing
in this Real Estate Contract harmless of any problems relative to any
and
Firm
involved
Firm
Selling
that
exist
or be discovered or occur after Closing
survey
may
7 SURVEY Buyer has been given the
discrepancies
A A new survey satisfactory to
a registered land surveyor
improvements
er
Se
easements and
Equally split
B No survey shall be
Buyer certified to Buyer within thirty 30 days prior to Closing by
ALTA Certified Survey
showing ail
showing property fines only
any encroachments will be provided and paid for by
Buyer
between
Buyer and
Seller
provided
C Other
Specific Survey Requirements
Should Buyer agree to accept the most recent survey provided by Seiler this survey is for information
Buyer name
purposes only and Buyer will not be entitled to the legal benefits of a survey certified in s
Page 3 of
1
110110
Form APA16 Rav
copyright
Real Estate Contract
Commercial
Page a
Germ
REALTOR
EauuluuaNS
OPPORTIlN1TY
ofi 10
2099
Arkansas
REALTQRSih
Association
mhpr
l
3306183
400131
Sarlal 08Z55Q
S PROBATIONS Taxes and special assessments due on or before Closing shall be paid by Seller Any
deposits on rental Property are to be transferred to Buyer at Closing Insurance general taxes and
special assessments rental payments and interest an any assumed loans shall be prorated as of
ise specified herein
Closing unless othen
9 FIXTURES AND ATTACHED EQUIPMENT Unless specifically excluded herein all fixtures and
attached equipment if any are included in the Purchase Price
1t CLOSING Closing is the date and time at which Seller delivers the executed and acknowledged deed
October
1 The
day f4
f
20
year
Buyer and Seller agree the Closing date will be month
and
Seller
If
the
sale
is
not
consummated
date
be
written
of
by
may
changed by
agreement Buyer
Closing
the Closing date or any written extension thereof the parties shalt have the remedies available to them in
equity or at law including the remedies available to them in Paragraph 6
s and are not relying on Listing Firm or
right to choose their Closing Agent
or
Seller
chocse the services of a Closing Agents
Selling Firm to choose a Closing Agent Should Buyer
each
than
Flan
or
then
and
Seller
Buyer
jointly and severalty agree to indemnify
other
Listing Firm
Selling
and hold Listing Firm and Selling Firm harmless for all intentional misconduct and negligent acts
s
including acts of omission of the Closing Agent
This Real Estate Contract shall serve as written closing instructions to the Closing Agent on behalf of the
ssettlement statement to Listing
are authorized to provide Seller
s is
Buyer and Seller The Closing Agent
and
statement
to
Selling Firm in addition to Buyer prior to
Firm in addition to Seller
ssettlement
Buyer
and
Firm
shall
have a reasonable opportunity to review
Flan
settlement so that Buyer Seller Listing
Selling
to
Closing
prior
title insurer
s if any issue closing protection to
Buyer and Seller shall each have the right to request that
snamed employee
of closing funds because of acts of a Closing Agent title insurer
foss
Indemnify against
ies Listing Firm
ar title insurance agent Any cost for closing protection will be paid by the requesting parly
about
the availability and
to
of
the
Closing Agents
and Selling Firm strongly advise Buyer and Seiler
inquire
benefits of closing protection
Unless otherwise agreed by Buyer and Seller transaction costs will be paid by the party indicated below
Buyer and Seller
shall have the
Buver
Seller
Title Examination or search fees
s title insurance policy
Premium for owner
Preparation of conveyance documents
half of escraw fees
One
halfof documentary stamps
One
Other charges as customarily paid by Seller
IRS Notification form
Recording
11 POSSESSION Possession of the Property shall be delivered to Buyer
x A Upon the Closing Seller
s delivery
B Other
as
fees
s title insurance policy
mortgagee
Preparation of loan documents
halfof escrow fees
One
hail of documentary stamps
One
Other charges customarily paid by Buyer
Premium for
of executed and
Check one
acknowledged Deed
follows
aafi
RBP tnt tc
Copyright
Real Estate Contract
C
ommercial
l
2011
Arkansas
REALTOR
Page
REALTORS
Association
u
a
oaruxirr
cn
S of 70
Form Serial Number
3508183
40x131
08255U
12 SELLER PROPERTY DISCLOSURE
Check one
A Buyer and Seller acknowledge that upon the
authorization of Seller either Selling Firm
to the execution of this Real
Firm have delivered to
Buyer prior
Seller conceming
by
prepared
Estate
or
Contract
Listing
a written
the condition of the Property but this fact neither limits
Real Esta
e
nor restricts s
Buyer Disclaimer of Reliance set fnrth in Paragraph 15 of this
Contract The written disclosure prepared by Setter is dated month
day
disclosure
and is warranted by
year
Seller to be the latest disclosure and the answers
contained in the disciosure are warranted to be true
B
correct
and
complete
to Seller
s
knowledge
written disclosure about the condition of the Property that
within
three 3 business days after this Real Estate
is true and correct to Seller
s knowledge
and
Seger
if Seller does not provide the disclosure within the
Contract has been signed by Buyer
to
three 3 business days Buyer may declare this Real Estate Contract null and void with Buyer
finds
within
If
the
disclosure
unacceptable
receive a refund of the Earnest Money if any
Buyer
asure this Real Estate Contract maybe declared null
three 3 business days after receipt of disc
and void by Buyer with Buyer to receive a refund of the Earnest Money if any Receipt of this
disclosure neither limits nor restricts in any way Buyer
s Disclaimer of Reliance set forth in Paragraph
Buyer hereby requests
Selier to
provide
a
15 of his Real Estate Gantract
Q C Although
disciosure farm
a
has neither received nor
may have been
completed ar
and does naf desire
requested
of the Property prior
be
can
from
completed by Seller Buyer
Seller
written disciosure
a
to the execution of this Real Estate Contract but this
concerning the condition
s Disclaimer of Reliance set forth in Paragraph 15
fact neither limits nor restricts in any way Buyer
AND LISTING
of this Real Estate Contract BUYER IS STRONGLY URGED BY SELLING FIRM
PRIOR
TO
RM TO MAKE ALL INDEPENDENT NSPECTIONS DEEMED NECESSARY
F
SIGNING THIS REAL ESTATE CONTRACT
D
Seiler BUYER
no disciosure form is available and will not be provided by
URGED BY SELLING FIRM AND LISTING FIRM T MAKE ALL
INSPECTIONS DEEMED NECESSARY PRIOR TO SIGNING THIS REAL ESTATE
Buyer understands
IS STRONGLY
INDEPENDENT
CONTRACT
13 ENVIRONMENTAL REPRESENTATION
knowledge unless otherwise disclosed herein
A
The
Property is
Selier hereby represents to
not the subject of any judicial
waste ar environmental
or
administrative notice
or
action
s
Seller
relating to hazardous
contamination
ion of any law
viola
B
Seller has received no notice of any claim
with environmental protection
C
No hazardous or toxic substances have been stored
the period that Seller has awned the Property and
D
No
underground storage
14 TERMITE CONTROL
Buyer that to
anks
are
located
on
or
the
processed
or
or
regulation having
disposed
of on the
to
do
Property during
Property
REQUIREMENTS Check one
A None
B Seller shall
a
s
provide prior to Closing at Seller
to
Buyer
satisfactory
expense a current termite control
policy
issued
by
licensed operator
5 0 10
17011
FamSARAtfi Rtw
copyright
Real Estate Contract
Commercial
Page
2017
Arkansas
r
TOR
REAi
eaun
Awwttl
pPPtlATUMitY
REALl
ORS
AggoClatf6A
6 of 1Q
rlal Number
3508183
aoo131
os2sso
Form St
15 BUYER
S DISCLAIMER OF RELIANCE
OR HAVE A REPRESENTATIVE
A BUYER CERTIFIES BUYER WILL PERSONALLY INSPECT
TO CLOSING BUYER CERTIFIES
AS
DESIRED
PRIOR
AS
FULLY
INSPECT THE PROPERTY
RELY ON ANY WARRANTIES REPRESENTATIONS OR
AND
NOT
HAS
NOT
WILL
BUYER
ANY AGENT INDEPENDENT
STATEMENTS OF SELLER LISTING FIRM SELLING FIRM OR
OR INFORMATION FROM
THOSE
ENTITIES
CONTRACTOR OR EMPLOYEE ASSOCIATED WITH
MINERAL
REGARDfNG
RIGHTS YEAR
OTHER
WEBSI7ES
MULTIPLE LISTING SERVICES OR
FEET IN fMPROVEMENTS
SQUARE
LIMITATION
THE
WITHOUT
BUILT SIZE INCLUDING
OF TWE PROPERTY
LOCATED ON THE PROPERTY QUALITY VALUE OR CONDITION
INCLUDING WITHOUT LIMITATION ALL IMPROVEMENTS APPLIANCES PLUMBING
ANY WRITTEN
ELECTRICAL OR MECWANICAL SYSTEMS HOWEVER BUYER MAY RELY UPON
BY
SELLER
DISCLOSURES PROVIDED
TO BUYER OR
LISTING FIRM AND SELLING FIRM CANNOT GIVE LEGAL ADVICE
URGE STATUS OF TITLE TO THE
STRONGLY
FIRM
SELLING
SELLER LISTING FIRM AND
FOOTAGE OF IMPROVEMENTS
PROPERTY CONDITION OF PROPERTY SQUARE
ALL OTHER REQUIREMENTS OF BUYER SHOULD EACH BE
OF
AND
SURVEY
UESTIONS
C
OR A REPRESENTATIVE CHOSEN BY
INDEPENDENTLY VERIFIED AND INVESTIGATED BY BUYER
BUYER
ADDENDUM IS USED BUYER
THE EVENT THAT TWE INSPECTION REPAIR AND SURVEY
AND
SURVEY
ADDENDUM PRIOR TO
REPAIR
AGREES TO SIGN PAGE 4 OF THE INSPECTION
TO CLOSE
AND
INTENDS
OF
THE
PROPERTY
CONDITION
CLOSING IF BUYER ACCEPTS THE
B IN
6 OTHER
Summit
Properties
LLC will
accept
all
impcavements located
on
the above described four
properties
in AS IS WHERE IS condition
This Real Estate Contract is further conditioned
National Bank
on
the above described four
on
the
s ability to obtain financing
Buyer
from Malvern
properties
Page 6
of
1Q
FonnttARA15 RAV ttottq
Copyright
2a1t
Arkansas
rac
Real Es
Q Con
a
mmercialj
t
Page
ao
uwiir
REALTOR
7 of 10
REALTORS
Association
3508183
4110131
Q82550
Form Serial Number
77 CONTINGENCIES Buyer
s offer to purchase the Property is expressly contingent upon
ssatisfaction of the contingencies checked below wIthln the deadline indicated for each contingency
Buyer
If Buyer fails to provide such written
Buyer shall notify Seller in writing when the contingencies are satisfied
notice before the indicated deadline that a contingency checked below has been satisfied then this Real
Estate Contract shall be void and the Earnest Money shall be refunded to Buyer and Buyer and Seller shall
have no further obligation to each other
Contingencies check
all that
apply
Q A Obtain satisfactory financing
in
satisfactory results of
acceptance
B Obtain
s
Buyer
sole
discretion
feasibility study
a
C Obtain satisfactory results of a Property
inspection
5
within
safe
days
after
acceptance
within
in
s
Buyer
in
Buyer sole discretion within
s
discretion
days
after
days after
acceptance
ain
D Ob
satisfactory results of
an
environmental report in
s
Buyer
sole
discretion
within
days
offer acceptance
E Obtain satisfactory
The
F
City
on or
within
The
reor zoning verification
rezoning platting platting
in
ssole discretion
Buyer
days after acceptance
wlthfn
of
Bryant
the sale of the above described four
Council
before 2011
31 days after acceptance
8
Council approving
City of Bryant
on or
within
before 8
2091
3
1 days
the
after
purchase
of 14
acres at 2109
Ridgecrest Bryant
acceptance
H
days after acceptance
within
Additional requirements related to any of above
The
Buyer
contingencies
will pay the Seller 260
00 in the form of a credit at the simultaneous
000
above described four
properties and the
14 acres located at 2109
closing
of the
Ridgecrest Bryant AR
to be
1 acres located at 2109
credited against the Purchase Price of 399
00 for the 14
900
Bryant AR
The
Buyer and
Seller agree to pay heir
7of1
own
respective closing
Ridgecrest
costs
110t1a
ARA15 Rev
Fotm
fght
copy
Real Estate Contract
ao
mmercial
Cta
REALTOR
Pege
Arkansas
TORS
REAi
rr
8 of 1U
ueiri
r
oPPOr
Associafion
4Qa131
5
Qg7
Number
Form Serial 3508183
78 AGENCY
A
Check one
LISTING FIRM AND SELLING FIRM REPRESENT SELLER
Buyer acknowledges that Listing
Firm and Selling Firm and al licensees associated with those entities are the agents of Seller and
that it is Seller who employed them whom they represent and to whom they are
that before eliciting or receiving confidentia information from
responsible Buyer acknowledges
Buyer Se
ing Firm which may be
represents Seiler
B
the
same as
Listing Firm verbally disclosed
that Selling Firm
Buyer
LISTING FIRM REPRESENTS SELLER AND SELLING FIRM REPRESENTS BUYER
acknowledge that Listing Firm is employed by Seller and Selling Firm is employed by
Buyer Ai licensees associated wifh Listing Firm are employed by represent and are responsible
to Seller All licensees associated with Selling Firm are employed by represent and are responsible
to Buyer Buyer acknowledges Selling Firm verbally disclosed that Listing Firm represents Seller
Seller acknowledges Listing Firm verbally disclosed that Se1Nng Firm represents Buyer
and Seller
I
QC
LISTING FIRM AND SELLING FIRM ARE THE SAME AND REPRESINT BOTH BUYER
AND SELLER Seller and Buyer hereby acknowledge and agree that Listing and Selling Firm are
the same and all licensees associated with Listing and Selling Firm are representing both Buyer and
Seller In the purchase and sale of the above referenced Property and That ListinglSelling Firm has
been and is now the agent of both Seiler and Buyer with respect to this transaction Seller
and Buyer have both consented to and hereby confirm their consent to agency representation of
both parties Further Selier and Buyer agree
i
Luting Firm shall not be required to and shall not disclose
Seliing
any personal financial or other confidential information concerning
to either
Buyer
or
Seiler
the other party without the
and Seller agree Listing
Selling Firm shall
Firm related to defec
s in the
express written consent of that party however Buyer
disclose to Buyer information known to ListinglSelling
Property and such information shall not be deemed confidential information
Confidential
o
that is less
Seiler
is
willing
accept
price
Buyer is willing to pay that is higher than that offered in
information shall include but not be limited to any
than the
offering price
or any
price
writing
ii by selecting this option 98C Buyer and Seller acknowledge that when Listingl5elling
Firm represents bath parties a possible conflict of interest exists and Seller and Buyer further
Selling Frm
agree to forfeit their individual right to receive the undivided loyalty of Listing
Selling
iii to waive any claim now or hereafter arising out of any conflicts of interest from Listing
Firm representing both parties Buyer and Seller acknowledge Listing
Selling Firm verbally
disclosed that ListinglSelling Firm represents both parties in this transaction and Buyer and
Seller have given their written consent to this representation before entering into this Real Estate
Contract
NO LISTING FtRM Seller acknowledges that Selling
Selling Firm are the agents of Buyer and that it is Buyer who
employed them whom they represent and to whom they are responsible Seller acknowledges
that at first contact Selling Firm verbally disclosed that Selling Firm represents Buyer Any
reference to Listing Frm in this Real Estate Contract will be considered to mean Selling Firm
both Buyer and Seiler acknowledgingthatcll real estate agents involved in this Real Estate Contract
only represent Buyer
7 S RfSK OF LOSS If prior to Closing ofthis transaction the improvements on the Property shall be
destroyed ar materially damaged by fire or other casualty this Real Estate Contract atthe option of Buyer shall
be null and void If Buyer shall elect in the event ofsuch loss that the Real Estate Contract shall be
loss for use in repairing said
performed Buyer shah be entitled to the proceeds of insurance applicable to the
D SELLING FIRM REPRESENTS BUYER
Firm and ail licensees associated with
lass
Buyer shall
have the
right prior
to
Closing
occurred due to fire flood hail windstom7
or
to
inspect
the
Property
to ascertain any
or theft
damage
that may have
ether acts of nature vandalism
8 of
Rte ilottEa
t
apyrigr
Real Estate Contract
Arkansas
al
Comrnerc
Page
X011
s
aEAL70rr
9 of 10
REALTORS
Association
ro
r
Form Serial Number
183
350
400131
082550
20 GOVERNING LAW This Real Estate Contract shall be
governed by
the Laws of the State of
Arkansas
I MERGER CLAUSE This Real Estate Contract when executed by bath Buyer and Seller shall contain
2
the entire understanding and agreement between Buyer and Seller with respect to all matters referred to herein
and shall supersede all prior or contemporaneous agreements representations discussions and
understandings oral or written with respect to such matters This Real Estate Contract shall not supersede
any agency agreements entered info by Buyer or Seller and Listing Firm or Selling Firm
22 ASSIGNMENT This Real Estate Contract may not be assigned by Buyer unless written consent of Seller
is obtained such consent not to be unreasonably withheld It shall not be unreasonable fior Seller to
withhold cansen if Seller is to provide financing for Buyer in any amount
28 ACCEPTANCE The term acceptance as used herein shall mean the later of the two dates an which
ract is signed by Seller or Buyer as indicated by their signatures below which later date
this Real Estate Con
shag be the date of final execution and agreement by the parties hereto If any date or deadline provided for
herein fails on Saturday Sunday or a holiday the applicable date shall be the next business day
24 TIME Buyer and Seller agree time is of the essence with regard to all times and dates set forth in this
Real Estate Contract Unless otherwise specified days as it appears in this Real Estate Contract shall mean
calendar days Further all times and dates set forth in this Real Estate Contract refer oArkansas Central time
and date
25 ATTORNEY
S FEES Should Buyer or Seller initiate any type of administrative proceeding arbitration
mediation or If
igatian against the other or against an agent or the initiating party or agent for the non
initiating party it is agreed by Buyer and Seller aforementioned agents being third
party beneficiaries of this
an award of their respective costs and
that
all
shall
be
entitled
to
s
attamey
Paragraph 25
prevailing parties
fees incurred in defense of such initiated action against the non
prevailing party
26 COUNTERPARTS This Real Estate Contract may be executed in multiple counterparts each ofwhich
eone in the same
u
shall be regarded as an original hereof but all of which together shall consfi
27 FIRPTA
COMPLIANCE
TAX REPORTING
Buyer
and Seller agree to disclose
on or
before
Closing
to the person or company acting as Closing Agent for this transaction their United States citizenship status
solely for the purpose of compliance with the Foreign Investment in Real Property Taxation Act FIRPTA In
required by such Closing Agent to document
Buyer and Seller agree that nothing in this
compliance
Real Estate Contract is intended to Ilmit the responsibility of the Closing Agent as defined pursuant to United
States Treasury Regulation 4
6045 to i be the reporting person under state and federal tax laws
1
hout
wi
26
limitation
USC Section 6045
including
eand ii fits all necessary farms regarding the Closing
A 13y accepting the role as Closing Agent this Agreement
including without Ilmitatton form 1099 8288 or 828
shall obligate the Closing Agent o fulfil their responsibilities as set forth above and as defined by the above
statutes Seiler will execute an affidavit confirming compliance with FIRPTA as prepared by the Closing
addition Buyer and
with the
Seller shall execute all documents
FIRPfiA
and all
her applicable laws
o
Agent
2 EXPIRATION This Real Estate Contract expires if not accepted fn writing by Setter
00 prn a
August
l year
1 at 5
209
before month
p
m
day 3
70
Page 9 0
on or
or
t
tAftAls Rev t4
Fomt
Capydght
Real Estate Contract
2879
Arkansas
Commercial
REALTOR
Page
10 of 11
eewuHOUemo
TtlNITY
pPr00
REALTORS
cn
AsSOCIat
SBELOW READ lT CAREFULLY YOU MAY
THIS IS A LEGALLY BINDING REAL ESTATE CONTRACT WHEN SIGNED BY THE PARTIi
EMPLOY AN ATTORNEY TO DRAFT THiS FORM FOR YOU IF YOU DO NOT UNDERSTAND THE EFFECT OF ANY PART CONSULT YOUR
ATTORNEY BEFORE SIGNING REAL ESTATE AGENTS CANNOT GIVE YOU LEGAL ADVICE THE PARTIES SIGNED BELOW WAIVE THEIR
S TO FILL N THE BLANKS ON
RIGHT TO HAVE AN ATTORNEY DRAFT THIS FORM AND HAVE AUTHORISED THE REAL ESTATE AGENT
THIS FORM
ASSOCIATION THE SERIAL NUMBER BELOW IS A
THIS FORM IS PRODUCED AND COPYRIGHTED BY THE ARKANSAS REALTORS
UNIQUE NUMBER NOT USED ON ANY OTHER FORM THE SERIAL NUMBER BELOW SHOULD BEAN ORIGINAL PRINTING NOT MACHINE
COPIED OTHERWISE THE FORM MAY HAVE BEEN ALTERED DO NOT SIGN THIS FORM F R WAS PREPARED AFTER DECEMBER 31
2011
4001313508183
082550
FORM SERIAL NUMBER
The above Real Estate Contract is executed
month
August
Baxley
Selling
16
day
Penfield
year
Moudy
by Buyer
an
2011 at
p
m
a
Realtors
Firm
Signature
Signature
Lance Penfietd
Printed Name
Principal
or Su
ing
Wanted Name
Buyer
B
Signature
Signature
Lance Penfield
Printed Narna
Printed Name
Buyer
Selling Agent
The above Real Estate Contract is executed
day
month
year
Baxley Penfield Moudy
Listing
6y Seller on
at
p
m
a
Realtors
Firm
Signature
Signature
Lance Penfietd
Panted Name
Principal
or
5erpervising
Printed Name
Se er
Broker
Signature
Signature
Lance Penfield
Printed Name
paned Name
Seifar
Listing Agent
The above offer was
an
month
s initials
Seller
rejected
day
counter offered
year
Farm Serial
Number
at
p
m
a
s Initiate
Seller
Page 10 of 10
11011G
ARA15 RnT
Farm