DEPOSIT RECEIPT AND CONTRACT FOR SALE AND PURCHASE
REGIONAL DEVELOPERS, INC., a Florida corporation, whose principal place of
business is 0000 Xxxxxxxxx Xxxx, XX, Xxxxx 000, Xxxxxxx, Xxxxxxx 00000,
telephone number (000) 000-0000, hereinafter called Seller, and REGIONAL
DEVELOPERS OF THOMASVILLE, INC., a Georgia corporation, of
_________________________________, Thomasville, GA ____ and telephone number
is (000) 000-0000 or assignees, hereinafter called Buyer agree that Seller
shall sell and Buyer shall buy the following property upon the terms and
conditions hereinafter set forth.
SEE ATTACHED EXHIBIT "A" - (See Attached Legal Description)
(Containing approximately 290 total acres )
2. PURCHASE PRICE: Buyer and Seller agree that the purchase price
for the site shall be SEVEN HUNDRED THIRTY FIVE THOUSAND SEVENTY FIVE DOLLARS
AND NO CENTS ($735,075.00).
METHOD OF PAYMENT:
a) Assumption of Current Debt to
Commercial Bank of Thomasville $ 570.075.00
b) Approximate balance to close in form of 31 day
Promissory Note to Seller $ 165,000.00
(Excluding Buyer's expenses subject to prorations)
TOTAL PURCHASE PRICE $ 735,075.00
3. TIME FOR ACCEPTANCE: If this offer is not executed by Xxxxxx and Buyer
prior to June 28, 1999 the deposit shall be returned to Buyer and this offer
shall be null and void. The date of this contract shall be the date when the
last party has signed this contract and initialed any corrections.
4. CLOSING AND POSSESSION: This contract shall be closed and the deed
delivered on or before June 30, 1999 unless extended by other provisions of
this contract. Possession of the property shall be delivered to Buyer at
closing.
5. EVIDENCE OF TITLE: Seller and Xxxxx agree that neither party wishes to
have title insurance on the above property and will rely exclusively on the
warranty of the titel given to them, as well as the Affidavit of No-Lien or
Encumbrances to be executed in connection with this contract. Seller warrants
title to be given free and clear, except from the aforementioned mortgage
given to Commercial Bank of Thomasville, covenants and restriction, and
easements of record.
6. RESTRICTIONS; EASEMENTS; LIMITATIONS: Buyer and Seller agree that the
Buyer is taking this property subject to allexisitng taxes and homeowners dues
(if any) which may be due and not yet paid. Further, Xxxxx agrees to take
title subject to any of the following: special assessments and those taxes
accruing hereafter, zoning and other governmental restrictions, plat
restrictions and qualifications, public utility easements, and restrictive
covenants of record.
7. INSTRUMENTS: Title to real property shall be conveyed by general
warranty deed. Seller represents that it has legal authority and capacity to
convey title to the property with all improvements. Seller shall furnish to
Buyer a Seller's affidavit that there have been no improvements to subject
property for 90 days preceding date of closing for which a lien could be
filed.
8. PRORATIONS: All taxes and homeowners association dues from the current
year shall NOT be prorated as of date of closing. Buyer shall be deemed the
owner of the property on date of closing.
9. EXPENSES:
Buyer shall pay for the following:
a) recording fees
b) any costs associated with loan
Seller shall pay for the following:
a) state documentary stamps on deed
10. FAILURE OF PERFORMANCE: If Buyer fails to perform this contract within
the time specified (including payments of all deposits), the deposit(s) paid
by Buyer may be retained by or for the account of the Seller as agreed upon
liquidated damages, consideration for the execution of the contract and in full
settlement of any claims; whereupon Buyer and Seller shall be relieved of all
obligations under contract; of Seller, at Seller's option, may proceed in
law or in equity to enforce Seller's rights under this contract. If, for
any reason other than failure of Seller to make Seller's title marketable
after diligent effort, Seller fails, neglects or refuses to perform this
Contract, the Buyer may seek receive the return of Xxxxx's deposit(s) and
agreeing to waive any action for damages resulting from Xxxxxx's breach.
11. ATTORNEYS FEES AND COSTS: In connection with any litigation, including
appeals arising out of this contract, the prevailing party shall be entitled
to recover all costs incurred, including reasonable attorney fees.
12. TYPEWRITTEN, WRITTEN AND OTHER AGREEMENTS: There are no agreements,
promises, or understandings between these parties except as specifically set
forth herein. No alterations or changes shall be made to the contract
except those in writing initialed and dated by all parties. Typed or written
provisions inserted in this contract shall control all printed provisions
in conflict.
13. SPECIAL CLAUSES:
_____________________________________________________________________
_____________________________________________________________________
_____________________________________________________________________
BUYER SELLER
REGIONAL DEVELOPERS OF REGIONAL DEVELOPERS, INC.
THOMASVILLE, INC. , a Florida corporation
a Georgia corporation
FED ID#___________________ FED ID# 00-0000000
__________________________________ ________________________________
By:____________________________ By:Xxxxxx X. Xxxxx, Vice-President
DATE:_________________________ DATE:________________________
