HomeMy WebLinkAboutREAL ESTATE PURCHASE AGREEMENT SELLER AUGUSTA GA BUYER ALONZO P BOARDMAN JRDate ").
REAL ESTATE PURCHASE AGREEMENT
This Agreement entered into as of the, 2nd day of October , 2012( "Reference
I. PARTIES Seller, AUGUSTA, GEORGIA, a political subdivision of the State of Georgia
and Buyer, Alonzo P. Boardman Jr. , wish to enter this, a mutual
Real Estate Agreement ( "Agreement ") Seller owns and agrees to sell to Buyer, and Buyer
agrees to purchase from Seller, all that real property, described in Exhibit "A" attached to
hereto, together with all improvements now located on or in such real property and all rights,
privileges, and easements appurtenant to such real property (collectively the "Property "),
subject only to the permitted title exceptions as defined in this Agreement.
II. PRICE Subject to and pursuant to the following terms and conditions, Seller shall sell,
convey, and transfer the Property' to Buyer and Buyer shall purchase the Property from Seller
and pay to Seller the sum of OM PiunMg anduon and No /100 U.S. Dollars
($ 200,101 .00), by the delivery of immediately available and collectible funds payable
at Closing, less the deposit as defined below and subject to adjustment as provided in this
agreement.
III. INSPECTION At the time of the Acceptance Date, the Bid Bond in the amount of
$10,005.05 and No/U.S. Dollars submitted by Buyer to Sherman & Hemstreet Real Estate
Company shall thereafter be held by Sherman & Hemstreet Real Estate Company, "the
Escrow Agent ", as earnest money for this contract (the "Deposit ") which shall entitle Buyer,
for a period of sixty (60) days from the date of acceptance by Seller or Buyer who last executes
and causes the Agreement to be binding (the "Acceptance Date "), the right to inspect and make
tests of the Property, review the title to the Property, survey the Property, obtain applicable
approvals and (with Seller's cooperation as required, at Buyer's expense) obtain all third party
approvals and consents, all as Buyer may deem appropriate, in order that Buyer may determine
whether, in Buyer's sole discretion, the Property is suitable for Buyer's development, during
this "Inspection Period ". The Buyer may extend the Inspection Period for one (1) additional
thirty (30) day periods by making an additional deposit of five (5 %) percent of the contract
price ( "Additional Deposit "), which sum shall be non - refundable, but apply toward the
Purchase Price. The Deposit shall remain refundable and applied to the Purchase Price during
the Inspection Period and any extension to the Inspection Period. The retention by Seller of the
Additional Deposit is in addition to any remedies Seller may have in the event that Buyer
defaults under this Agreement.
IV. PURCHASE NOTICE In the event that Buyer shall have determined that the Property is
suitable for the Buyer's intended use and gives Seller written notice of its intent to purchase the
Property on or before the expiration of the Inspection Period (the "Purchase Notice "), the
Deposits shall be applied to the Purchase Price. In the event that Buyer shall elect not to
purchase the Property, the Seller herein grants to Buyer the option to rescind this Agreement.
To exercise the Option to Rescind Buyer shall give Seller written notice of rescission during
the Inspection Period. Upon exercise of rescission, Escrow Agent shall return the Deposit to
Buyer and thereafter the Parties shall have no further obligations or liability hereunder. If the
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