HomeMy WebLinkAboutCONCORD HILL INVSTEMENTS SALES CONTRACTSALES CONTRACT
THIS AGREEMENT made and- entered into the L%
y of vJ'005, by and between
Concord Hill Investments��e rein designated as "Seller," and Augusta, Georgia, a political
subdivision of the State of Georgia, herein designated as "Buyer;"
WITNESSETH:
(1) For value received, Seller has agreed to sell and Buyer has agreed to buy, on the terms
and conditions hereinafter set forth, the real property described on Exhibit A, hereto attached.
Seller hereby acknowledges receipt of $10.00 as earnest money, which is to be deposited with
Seller; which earnest money is to be applied as part payment of the purchase price of the
property at the time the sale is consummated.
(2) PURCHASE PRICE: The purchase price of the property shall be Three Hundred Eight
Thousand Six Hundred and Forty Dollars ($308,640.00), payable in cash at Closing. The Seller
shall receive no other compensation from Buyer for all of Seller's right, title, and interest in the
Property.
(3) L SING ATE: The purchase and sale of the subject property shall be closed on or
befor 4 v, 2005. Possession of the property shall be delivered to the Buyer on or
before t e time of closing.
(4) TITLE: (a) Seller agrees to furnish a marketable title to said property and agrees
to convey said property by general warranty deed to Buyer at the time the sale is consummated,
subject to:
Covenants and restrictions of record not violated by existing
improvements or the use of the property.
2. Zoning ordinances not violated by the existing improvements or the
use of the property.
3. Encumbrances and leases specified in this contract.
(b) Buyer shall furnish to Seller a written statement of objections
affecting the marketability of said title at least fifteen (15) days prior to the date set for closing. If
the Seller shall be unable to convey title in accordance with the provisions of this contract, as a
result of the property being affected by any encumbrance (other than taxes for the current year
which constitute a lien, but are not due and payable at the time of closing), outstanding interest or
question of title not expressly consented to herein by the Buyer which render the Seller's title to the
premises unmarketable, and which may according to reasonable expectations, be removed within
thirty (30) days, the Seller shall have the privilege to remove or satisfy the same and shall for this
purpose, be entitled to an adjournment of the closing of title for a period not exceeding fifteen (15)
days. The Seller shall not be required to bring any action or proceeding or otherwise incur any
expense to render the title to the premises marketable. The Buyer may, nevertheless accept such
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title as Seller may be able to convey without reduction of the purchase price or any credit against
same and without liability on the part of the Seller.
(5) INSPECTION OF THE PROPERTY: Seller does agree that Buyer, at its expense, shall
have the right to conduct such investigations, inspections, and inventories of the Property as it
deems necessary after the date of the making of this Contract.
(6) APPLICATION OF PURCHASE PRICE: Prior to disbursing payment to the Seller,
Buyer may use a portion of the Purchase Price to satisfy the Seller's obligations under this
document to pay taxes, assessments, liens, acquisition of other parties' outstanding interests in
the Property and other costs incidental to the conveyance by Seller of marketable title to Buyer.
(7) PAYMENTS: Seller shall pay all liens, encumbrances, water charges, transfer taxes and
the like on said property. Buyer is to pay for the examination of title, intangible tax, and
preparation of all instruments necessary to close this sale. Taxes shall be prorated as of the date
of Closing.
(8) OCCUPANTS: Seller shall ensure that it and all other current occupants vacate the
Property prior to the Closing Date.
(9) TIME IS OF THE ESSENCE: Time is of the essence in this agreement and Seller and
Buyer agree that such papers as may be legally necessary to carry out the terms of this contract
shall be executed and delivered by the parties at the time this sale is consummated.
(10) LEASES: Seller represents and warrants to Buyer that there are no leases, tenancies, or
other rights of occupancy for use of any portion of the Property. The foregoing representation
and warranty shall survive Closing Date. Seller shall hold harmless and indemnify Buyer from
and against any claims that may arise or be based upon any alleged leasehold interest, tenancy or
other right of occupancy or use for any portion of the Property.
(11) APPROVAL OF COURT: If the Property is an asset of any estate, trust or guardianship,
this document shall be subject to Court approval prior to payment of Purchase Price, unless
declared unnecessary by Augusta. If Court approval is necessary, the appropriate fiduciary shall
proceed promptly and diligently to bring the matter to hearing for issuance of a deed.
(12) CONDITION OF PROPERTY. Seller warrants that when the sale is consummated the
improvements on the property will be in the same condition as they are on the date of this contract,
natural wear and tear excepted, and Seller specifically assumes the risk of loss or damage to said
property until the consummation of the sale. Should the premises be destroyed or substantially
damaged before this contract is consummated, then, at the election of the Buyer: (a) The contract
may be canceled; (b) Buyer may consummate the contract and receive such insurance as is paid on
the claim of loss; if there is no insurance the reasonable cost of repairing said improvements shall be
subtracted from the purchase price provided for in paragraph 2 hereof. The election is to be
exercised by Buyer within ten (10) days after the amount of the Seller's damage is determined.
(13) FAILURE TO CLOSE. Buyer and Seller agree that if this transaction is not
consummated because of Seller's inability to convey marketable title, Seller shall return the earnest
money to the Buyer. Seller agrees that if it fails or refuses to consummate this transaction for any
reason, except lack of marketable title in the Seller, then Buyer shall have the option of suing for
specific performance or of terminating this contract and the earnest money shall be refunded to
Buyer.
(14) CONTRACT BINDING ON SUCCESSORS IN INTEREST: This document shall apply
to and bind the heirs, executors, administrators, partners, assigns, and successors in interest of
the respective parties.
(15) SOLE AGREEMENT: This contract constitutes the sole and entire agreement between
the Darties and no modification to this contract shall be binding unless such modification is in
writing and signed by all parties hereto. Any representation, promises, or inducements not
included in this contract shall not be binding upon any party hereto. All rights, powers,
privileges and duties, granted or assumed, shall inure to the benefit of and shall be binding upon
any and all successors, assigns and personal representatives of the parties hereto.
(16) NO BROKERS: Each party hereto represents that no real estate broker commission shall
be due on the conveyance of the Property in this Contract.
(17) APPROVAL: This Contract is subject to approval and acceptance of Augusta, Georgia,
and shall become binding and enforceable against Buyer only after approval and acceptance by
Augusta, Georgia.
(18) SEVERABILITY: Any part or provision of this Contract held invalid will be severed
from the Contract, without affecting the validity of any other provisions or the entire Contract.
(19) SPECIAL STIPULATIONS. The special stipulations appearing on Exhibit B hereof, shall,
if in conflict with the matter contained hereinabove, control.
IN WITNESS WHEREOF, this the — day of 4 4- 1 c/ K 2005, the parties
hereto agree to the terms contained herein.
SELLER:
CONCOAD XNVESTINUNTS. L LI P
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AS ITS: sss_ ' -
ATTEST:
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SELLER:
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BUYER:
AUGU*GORGIA
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AS ITS: Anterim Mayor
ATTEST: L
AS ITS: Clerk of Commission
Witness
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Notary FVlic Richmond County, GA
My Commission Expires:
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Exhibit A
All that lot, tract or parcel of land ( "Property"), shown as "Tract '1' 19.29 Acres" on a plat for Augusta,
Georgia, prepared by Robert L. Herrington, Jr., dated March 31, 2003, and revised January 29, 2004,
March 24, 2004 and July 6, 2005, a copy of said plat is hereto attached as Exhibit A -1.
Exhibit B
1. This contract is contingent upon (A) the execution of a valid and enforceable contract
between Buyer and Maxwell Richmond Hill Road Properties Ltd., n/k/a Maxwell Richmond Hill
Road Properties, LLC and between Buyer and John Maddox Nixon, et. a1., for the sale of their
respective portions of the total project site, or (B) Buyer waiving such agreements. Should either
of said agreements not be executed within thirty (30) days of the execution of this document, and
Augusta does not waive execution of said agreement(s), this document becomes null and void.
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