Exhibit 10.22
CONTRACT FOR THE SALE OF LAND
This is a contract of sale by and between Xxxx Xxxx and Xxxxxx Xxxx,
hereinafter called "Seller", and Central Freight Lines, Inc., hereinafter
called "Buyer". Seller hereby agrees to sell to Buyer, and Buyer hereby agrees
to buy from Seller the property hereinafter described upon the terms and
conditions set out herein.
1.
DESCRIPTION OF PROPERTY:
A private residence located at 000 Xxxxxxxxx Xxxxx, Xxxxxxxxxxxx, XX
00000, along with all buildings and improvements thereon. Also described as:
All that tract or parcel of land lying and being in Land Xxx 000 xx xxx 0xx
Xxxx Xxxxxxxx xx Xxxxxxx Xxxxxx, Xxxxxxx, being Lot 9 of Northwind
Subdivision, as per plat recorded in Plat Book 17, Page 29, Fayette County
records, which plat is by reference incorporated herein and made a part
hereof.
2.
CONSIDERATION: In consideration for the above described property, Buyer
agrees to pay Seller the sum of three hundred and twenty five thousand dollars
($325,000). Seller has received $120,000 in a previous payment, Buyer will
payoff the existing loan at $192,048.18, and pay an additional $12,950.82 at
closing, to Seller.
3.
TITLE: Seller shall furnish to Buyer title to the above described property
in a format recognized by local authority transferring title Buyer. Any
existing Deed of Trust will be satisfied by Seller at its expense at time of
closing.
4.
TAXES: Seller shall pay all ad valorem taxes on the property up to and
including 2002, 2003 taxes shall be prorated as of the closing date of this
transaction.
5.
XXXXXXX MONEY: The parties to this contract anticipate an immediate
closing on the property.
6.
SURVEY: If a survey of the property is required to be provided, such survey
will be at the cost and discretion of the Buyer. It is understood between Buyer
and Seller, that the property is being sold in an "AS-IS" condition. Seller has
made no warranties nor guarantees that the property is fit for any particular
purpose.
7.
CLOSING COSTS: Buyer agrees to pay all closing costs unless otherwise
indicated.
POSSESSION: Buyer shall receive possession of the property upon closing and
funding of this transaction. Not withstanding the above, Buyer may have access
to the Property for the purposes of determining the cost of clean-up as well as
the cost of reclaiming the building for use, provided the Buyer agrees to fully
indemnify the Seller against all losses, costs, damages, and expenses of any
kind incurred by Buyer or Seller or any person acting under the direction of
Buyer regardless of fault including the sole negligence of the seller.
9.
CLOSING: This transaction will close as soon as reasonably possible, but in
no event later than 60 days from the date of this Agreement.
10.
TERMINATION: This agreement will terminate at 5 PM, Friday, September 19,
2003, if not signed by both parties and returned to the attention of Xxxx
Xxxxx, Central Freight Lines, Inc., 0000 Xxxx Xxxx Xxxxx, Xxxx, Xxxxx 00000.
Executed this day of September, 2003.
SELLER:
BY /s/ Xxxx Xxxx
__________________________________
Xxxx Xxxx
BY /s/ Xxxxxx X. Xxxx
__________________________________
Xxxxxx X. Xxxx
BUYER:
CENTRAL FREIGHT LINES, INC.
BY /s/ Xxx Xxxxx
__________________________________
Xxx Xxxxx, Exec Vice President
THE STATE OF TEXAS )
COUNTY OF MCLENNAN )
This instrument was acknowledged before me on Sept. 19, 2003, by Xxx
Xxxxx, as authorized agent of Central Freight Lines, Inc.
[NOTARY PUBLIC SEAL] /s/ Xxxxx Xxxxx Xxxxxx
THE STATE OF TEXAS ) __________________________________
COUNTY OF MCLENNAN ) Notary Public, State of Texas
This instrument was acknowledged before me on September 18, 2003, by Xxxx
Xxxx and Xxxxxx Xxxx.
[NOTARY PUBLIC SEAL] /s/ Xxxxx Xxxxx Xxxxxx
__________________________________
Notary Public, State of Texas
