Exhibit 10(i)
REAL ESTATE PURCHASE AGREEMENT
PARTIES: Oasis Fields, L.L.C. - Buyer, a Nevada limited liability
corporation, with a mailing address of P. O. Xxx 0000 Xxxxxx
Xxxxx, Xxxxxxx 00000.
Oasis International Hotel & Casino, Inc. - Seller, a Nevada Corporation
with its offices located at 000 Xxxx 000 Xxxxx, Xxxxx 000, Xxxx Xxxx Xxxx, Xxxx
00000.
PROPERTY: 2.145 acres, designated as Parcel No. 2 as shown on the Parcel
Map for Oasis International Hotel and Casino, Inc., filed in the
office of the Elko County Recorder, Elko, Nevada, at file no.
433771, located in a portion of Sections 2 and 3, Township 38
North, Range 66 East, M.D.B.&M. and as more specifically set
forth in Exhibit "A" as attached hereto.
Seller agrees to sell to Buyer and Buyer agrees to buy from Seller the
property as set forth above upon the following terms and conditions:
Price: Total purchase price shall be $600,000 for the property as
described herein above, the purchase price to be paid as
provided for at the time of closing.
Payment: The purchase price of $600,000 is to paid at closing, cash
payment of $120,000, the balance to be seller financed for
one year bearing an interest rate of 7% per annum.
DEPOSIT: Within 10 calendar days of this agreement, both parties shall deposit
with an agreed and designated Escrow Holder, all funds and instruments necessary
to complete the sale in accordance with the terms hereof.
CLOSING: This transaction shall be closed on or before ten days from the date
hereof, or thereafter if extended by the agreement of both parties hereto.
Closing shall occur when: (a) Buyer and Seller have signed and delivered to an
escrow/title company all documents required by this Contract, by written escrow
instructions and by applicable law; and (b) the monies required to be paid under
these documents, have been delivered to the escrow/title company in the form of
cashier's check, collected or cleared funds. Seller and Buyer shall each pay
one-half (1/2) of the escrow Closing fees. Taxes and assessments for the current
year, rents, and interest on assumed obligations shall be prorated as set forth
in this Section. Prorations set forth in this Section shall be made as of the
date of Closing.
POSSESSION: Seller shall have right to possession upon closing.
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BROKER & AGENTS: The parties hereby agree and acknowledge that each party is
liable for any payments to each parties respective brokers or agents.
EVIDENCE OF TITLE: Seller has, or shall have at Closing, fee title to the
Property and agrees to convey such title to Buyer by deed, free of financial
encumbrances as warranted herein.
SELLER'S DISCLOSURES: Seller will deliver to Buyer the following Seller
Disclosures; (a) a copy of all loan documents relating to any loan now existing
which will encumber the Property after Closing; and (b) a copy of all leases
affecting the Property not expiring prior to Closing. Seller agrees to pay any
title commitment cancellation charges.
GENERAL CONTINGENCIES: Buyer's approval of the content of items referenced in
Seller's Disclosures and Buyer's inspection of the Property. Any inspection
shall be paid for by Buyer and shall be conducted by an individual/company of
Buyer's choice. Seller agrees to fully cooperate with such inspection and a
walk-though inspection of the Property as reasonably requested by the Buyer.
Buyer shall have 5 days after receipt of the content of Seller's
Disclosures to determine, if, in Buyer's sole discretion, the content of all
Seller Disclosures is acceptable.
If Buyer does not deliver a written objection to Seller regarding a
Seller Disclosure or the Property Inspection within the time provided above,
that document or inspection will be deemed approved or waived by Buyer.
If Buyer objects, Buyer and Seller shall have 10 calendar days after
receipt of the objections to resolve Buyer's objections. Seller may, but shall
not be required to, resolve Buyer's objections. If Buyer's objections are not
resolved within the 10 calendar days, Buyer may void this Contract by providing
written notice to Seller within the same 10 calendar days. If this contract is
not voided by Buyer, Buyer's objection is deemed to have been waived. However,
this waiver does not affect any other matters warranted by Seller.
CHANGES DURING TRANSACTION: Seller agrees that no changes in any existing leases
shall be made, no new leases entered into, and no substantial alterations or
improvements to the Property shall be made or undertaken without the written
consent of the Buyer.
AUTHORITY OF SIGNERS: The persons executing this Contact on behalf of the Buyer
and the Seller warrant that each has the authority to do so and to bind the
named Buyer and Seller corporations.
COMPLETE CONTRACT: This instrument together with its addenda, any attached
exhibits, and Disclosures constitute the entire Contract between the parties and
supersedes and replaces any and all prior negotiations, representations,
warranties, understandings, term sheets or contracts between the parties. This
Contract cannot be changed except by written agreement of the parties.
DISPUTE RESOLUTION: The parties agree that any dispute or claim relating to this
Contract, including but not limited to the breach or termination of this
Contract, or the services related to this transaction, shall first be submitted
to mediation in accordance with the Rules of the American Arbitration
Association.
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Disputes shall include representations made by the parties, any broker or other
person or entity in connection with the sale, purchase, financing, condition or
other aspect of the Property to which this Contract pertains, including without
limitation, allegations of concealment, misrepresentation, negligence and/or
fraud. Each party agrees to bear its own costs of mediation. Any agreement
signed by the parties pursuant to the mediation shall be binding. If mediation
fails, the procedures applicable and remedies available under this Contract
shall apply. Nothing in this paragraph shall prohibit any party from seeking
emergency equitable relief pending mediation. The parties agree that mediation
under this paragraph is not mandatory, but is optional upon agreement of all
parties.
DEFAULT: If Buyer defaults, Seller may elect to either retain any payments made
as liquidated damages or to return the Deposit and xxx Buyer to enforce Seller's
rights. If Seller defaults, Buyer is entitled to the return of any payments or
to xxx Seller to enforce Buyer's rights. Where a section of this Contract
provides a specific remedy, the parties intend that the remedy shall be
exclusive regardless of rights which might otherwise be available under common
law.
ATTORNEY'S FEES: In any action arising out of this Contract, the prevailing
party shall be entitled to costs and reasonable attorney's fees.
APPLICABLE LAW AND VENUE DESIGNATION: The parties agree that the Law of the
State of Nevada shall apply to any issue arising under this Agreement and the
parties further agree and stipulate that the Courts located in the County of
Elko, Nevada have jurisdiction to hear and rule upon any dispute arising under
this Agreement.
ABROGATION: Except for express warranties made in this Contract, the provisions
of this Contract shall not apply after Closing.
RISK OF LOSS: All risk of loss or damage to the Property shall be borne by
Seller until Closing.
TIME IS OF THE ESSENCE: Time is of the essence regarding the dates set forth in
this transaction. Extensions must be agreed to in writing and by all parties.
Performance under each section and paragraph of this Contract which references a
date shall be required absolutely by 5:00 p.m. Pacific Time on the stated date.
ZONING: The parties agree to cooperate in the zoning of any of the property,
including the development of a master plan for the area in support of any
application by either party for zoning change applications.
HEADINGS AND CAPTIONS: The headings or captions of paragraphs are included
solely for convenience. If a conflict exists between any heading or caption and
the text of this Agreement, the text shall control.
SEVERABILITY: If any of the terms or provisions of this Agreement are determined
to be invalid,
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such invalid term or provision shall not affect or impair the remainder of this
Agreement, but such remainder shall continue in full force and effect to the
same extent as though the invalid term or provision were not contained herein.
EXECUTION IN COUNTERPARTS: This Agreement may be executed in two or more
counterparts, each of which may be executed by one of the parties, with the same
force and effect as though all of the parties executing such counterparts have
executed but one instrument.
FACSIMILE (FAX) DOCUMENTS: Facsimile transmission of any signed original
document, and retransmission of any signed facsimile transmission, shall be the
same as delivery of an original.
SUCCESSORS AND ASSIGNS: This Agreement shall be binding upon and inure to the
benefit of the parties and their respective heirs, legal representatives,
successors and permitted assigns.
ACCEPTANCE: Acceptance occurs when Seller or Buyer, responding to any offer or
counteroffer, (if any) (a) signs the offer or counter where noted to indicate
acceptance; and (b) communicates to the other party or the other party's agent
that the offer or counteroffer has been signed as required.
OASIS FIELDS L.L.C.
BUYER'S SIGNATURE: /s/ Xxxxxx Xxxxxx 3/24/99
--------------------------------------- ------------
By: Xxxxxx Xxxxxx Date
------------------------------------------
Print name and Title
OASIS INTERNATIONAL HOTEL & CASINO, INC.
SELLER'S SIGNATURE:
/s/ Xxxxxxx Xxxxxx
By: Xxxxxxx Xxxxxx Date
---------------------------
Print name and Title
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EXHIBIT "A"
REAL PROPERTY DESCRIPTION
Real property located in the County of Elko, State of Nevada, described as
follows:
TRACT:
Parcel No. 2, as shown on Parcel Map for OASIS INTERNATIONAL HOTEL and
CASINO, INC., filed in the office of the County Recorder of Elko County on
October 15, 1998, as File NO. 433771, located in a portion of Section 2,
Township 38 North, Range 66 East, M.D.B. & M.
EXCEPTING THEREFROM that portion of said land, as reserved by the State of
Nevada, in deed recorded July 18, 1950, in Book 58, Page 287, Deed Records,
Elko County, Nevada.
FURTHER EXCEPTING THEREFROM all oil and gas, in the land so patented, and
to it or person authorized by it, the right to prospect for, mine and
remove deposits from the same upon compliance with the conditions and
subject to the provisions and limitations of the Act of July 17, 1914, (38
Stat. 509), as reserved by the UNITED STATES OF AMERICA, in deed recorded
December 13, 1966, in Book 76, Page 684, Official Records, Elko County,
Nevada.
EXHIBIT "A"
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