60+/- Acres on Beaver Lake Auction
-
Upload
crystal-klein -
Category
Documents
-
view
219 -
download
2
description
Transcript of 60+/- Acres on Beaver Lake Auction
Page 2
Property Information Package For
00 Jackson Ridge
Eureka Springs, Carroll County, Arkansas
Multi-Parcel Auction Schedule:
Saturday, October 29th Registration Begins: 1 PM
Auction Time: 2 PM
To Schedule a Showing: Rusty Roberts—(281) 814-1961
Auction Location: Best Western—Inn of the Ozarks
207 West Van Buren Eureka Springs, AR 72632
www.BeaverLakeAuction.com
Auction Contact:
United Country—Little Switzerland Realty, Inc. 877-271-7891
Page 3
Table of Contents
Page 1 Cover Page Page 2 Auction Details
Page 3 Table of Contents Page 4 Letter to Bidders Page 5 Auction Terms & Conditions Page 7 Property Overview
Page 9 Property and Surrounding Area Photos Page 14 Maps Page 17 Legal Description
Page 21 Preliminary Title Commitment Page 60 Sample Earnest Money Contract Page 72 Agency Representation Disclosure Form
Page 73 Contact Information
www.BeaverLakeAuction.com
All Prospective Bidders:
Each of us at United Country—Little Switzerland Realty, Inc. are honored that The Charles &
Princess Jackson Trust has decided to utilize the auction method of marketing and the services
offered by our company to sell their real estate. Furthermore, we thank you for your interest and
welcome your participation in the auction process.
The property will be offered in individual tracts and in combination. This unique method of
selling real estate allows all interested parties to compete equally in an open, fair, and public fo-
rum. The real estate will sell to the highest bidder(s) in the manner resulting in the highest total
sales price.
We are providing this Property Information Package in an effort to assist you in your purchasing
decision. You are encouraged to have any buyer representatives or lenders that may need impor-
tant information to contact our office at 1-877-271-7891.
This Property Information Package (PIP) has been carefully prepared to assist you in your pre-
auction due diligence. Please carefully review the property information, disclaimers, and sample
earnest money contract as well as the terms and conditions of the auction.
Please refer to our website at www.BeaverLakeAuction.com for the most current information
about this and future auctions. Should you have any questions or need additional information,
please feel free to contact our office at 806-553-1960 or toll free 877-271-7891 or by email at
Good Luck at the Auction!!
Biddingly yours,
Russell W. Roberts
2039B E. Van Buren
Eureka Springs, AR 72632 877-271-7891
www.BeaverLakeAuction.com
Page 4
Page 5
www.BeaverLakeAuction.com
Auction Terms & Conditions
PROCEDURE: Each property will be offered in individual tracts or any combination of tracts 1 thru 6. There will be open bidding on tracts and combinations until the close of the auction. The prop-erty will be sold in the manner resulting in highest total sale price subject to the Seller’s accep-tance. BUYER’S PREMIUM: A 10% Buyer’s Premium is in effect for all purchases. The Buyer’s Premium will be added to the “High Bid Price” to determine the “Sales Price” or “Contract Price”. DOWN PAYMENT: Ten percent (10%) down payment on the day of the auction, upon signing a purchase agreement immediately following the close of bidding. The down payment may be paid in the form of cash, personal check, business check, or cashier’s check. The remainder of the pur-chase price is payable in cash at closing. YOUR BIDDING IS NOT CONTINGENT UPON FINANC-ING, so be sure you have arranged financing, if needed, and are capable of paying cash at closing. ACCEPTANCE OF BID PRICES: Auctioneer or owner reserves the right to accept or reject the highest bid if either feels the buyer is not financially qualified, technical difficulties arise, or for any other reason. REAL ESTATE TAXES AND ASSESMENTS: The 2011 Property Taxes will be prorated to the date of closing. The buyer will be responsible for any “rollback” in the property taxes. The buyer(s) will be responsible for all additional taxes imposed after the date of execution of the Warranty Deed by Seller as a result of any change in use of any part of the subject property, the intent being that all such additional taxes shall be the responsibility of the buyer and the buyer’s heirs, personal rep-resentatives and assigns. BROKER PARTICIPATION: A 3% commission of the submitted written bid, 1% commission of any amount above the written maximum pre-bid will be paid to the properly licensed Broker whose prospect purchases and closes on the real estate per United Country – Little Switzerland Realty Inc.’s cooperating Broker Guidelines. NO Cooperating Broker fees will be paid without a written opening bid. Under no circumstance can a Broker be a principal or an owner or officer of any entity AND a Cooperating Broker in the same transaction. To obtain these guidelines, please contact the auction office prior to October 27th. CLOSING: Will take place on or before Wednesday, November 23rd, 2011 or as soon thereafter as applicable closing documents and surveys (if needed) are completed. POSSESSION: Full possession will be given at closing. Early possession will not be granted prior to closing.
Page 6
www.BeaverLakeAuction.com
Auction Terms & Conditions (cont.) TITLE: Seller shall execute a Warranty Deed conveying the real estate to the buyer(s). Seller will provide buyer(s) with an Owner’s Policy of Title Insurance. Buyer(s) will be responsible for all expenses related to acquiring a mortgagee’s title policy, if desired or required. EASEMENTS AND LEASES: Sale of the property is subject to any and all easements of record and any and all leases. SURVEY: Seller will provide a current survey of the property. All advertised acreages, square footages and other measurements are approximate and have been estimated based on current legal descriptions, aerial photos or other reliable sources and should not be considered accurate or used as boundary lines or legal descriptions. AGENCY: United Country—Little Switzerland Realty, Inc. and its representatives are exclusive agents of the seller. DISCLAIMER AND ABSENCE OF WARRANTIES: All information contained in this brochure and all re-lated materials are subject to the terms and conditions outlined in the agreement to purchase. AN-NOUNCEMENTS MADE BY THE AUCTIONEER AT THE AUCTION PODIUM DURING THE TIME OF THE SALE WILL TAKE PRECEDENCE OVER ANY PREVIOUSLY PRINTED MATERIAL OR ANY OTHER ORAL STATEMENTS MADE. The property is being sold on an ―AS IS, WHERE IS‖ basis, and no warranty or representation either expressed or implied, concerning the property is made by the seller or the auction company. Each potential bidder is responsible for conducting his or her own independent inspec-tions, investigations, inquiries, and due diligence concerning the property. The information provided is be-lieved to be accurate, but is subject to verification by all parties relying on it. No liability for its accuracy, er-rors or omissions is assumed by the seller or the auction company or any of its respective representatives. All sketches and dimensions are approximate. All acreages, square footages and other measurements are approximate and have been estimated based on legal descriptions, aerial photographs or other sources deemed reliable. Conduct at the auction and increments of bidding are at the direction and discretion of the auctioneer. The Seller and Auction Company reserve the right to preclude any person from bidding if there is any question as to the person’s credentials, fitness, etc. All decisions of the auctioneer are final. SPECIFIC PERFORMANCE: All bidders agree and understand that bids submitted are binding offers and further agree to complete the transaction. Auctioneer and/or Seller reserve the right to pursue any default-ing bidder through legal action. NEW DATA, CORRECTIONS AND CHANGES: Please provide a current e-mail address and phone num-ber and check the official property website regularly to receive any announcements regarding any changes, corrections or additions to the property information. BROKER: Robin Phillips—United Country—Little Switzerland Realty, Inc. SELLER: Charles & Princess Jackson Trust
Page 7
www.BeaverLakeAuction.com
Property Overview
60+/- Acres of Recreational Land near the Beaver Lake located in
Eureka Springs, Arkansas! This property rests on one of the premier
lakes in the Ozarks and offers:
* Abundant Wildlife & Fishing
* Water Frontage with 800+/- ft. Boat Docking Zone
* Paved County Road Access
* Inviting Blue Waters
* Deep Water
Acres: 60.49+/- offered in 6 tracts ranging from 2.17+/- to 19.22+/-
Tract 1: This 3.35+/- acre tract has lake views to the West and
Northeast of it and is accessible from Honey Creek Road.
Tract 2: Includes 19.22+/- acres that are accessible from 3 roads. It
is a water front Army Corps of Engineer tract with no dock
zoning. This tract offers huge development and recreational
opportunities.
Tract 3: Consists of 2.17+/- acres that are accessible from Mundell
Road, and it offers potential buyers terrific homesite
opportunities.
Tract 4: The 9.96+/- acres tract is accessible from Mundell Road or
Jackson Ridge Road. This property offers the buyers the op-
portunity for residential or recreational development.
Page 8
www.BeaverLakeAuction.com
Property Overview Continued
Tract 5: 16.55+/- acres with fantastic views of the lake and 100+/-
feet of boat docking zone makes this tract one of the rarest
opportunities on Beaver Lake.
Tract 6: This 9.24+/- acres with 700+/- feet of boat docking zone
and spectacular lake views offers the buyer unlimited poten-
tial and unlimited opportunities.
2010 Approximate Taxes: $ 78.54
Directions: From Eureka Springs, AR: From the intersection of Kings
Highway Road and US-62, go West on US-62 for approx. 3.8
miles, Turn left on AR-187 and continue for approx. 3.9 miles,
Turn left on Mundell Road and continue approx. 1.3 miles, Turn
slight right on Jackson Ridge Road.
Page 9
www.BeaverLakeAuction.com
Page 10
www.BeaverLakeAuction.com
Page 11
Www.BeaverLakeAuction.com
Page 12
www.BeaverLakeAuction.com
Page 13
www.BeaverLakeAuction.com
Page 15
Page 17
www.BeaverLakeAuction.com
Legal Description
A part of the North Half of the Northeast Quarter of Section 21 and a
part of the Northwest Quarter of the Northwest Quarter of Section 22,
Township 20 North, Range 27 West, Carroll County, Arkansas, more
particularly described as follows: Beginning at a found iron pin at the
Northeast Corner of the Northwest Quarter of the Northwest Quarter
of said Section 22, thence South 00°27’46” West 1308.53 feet to a
found iron pin at the Southeast corner of said forty, thence North 89°
25’10” West 1322.84 feet to a found iron rod at the Southwest corner
of said forty, thence North 88°12’18” West 1297.76 feet to a found
Corps of Engineers Monument located on the U.S. Taking Line being
the Southwest corner of the Northeast Quarter of the Northeast Quar-
ter of said Section 21; thence with said U.S. taking line North 88°
11’32” West 653.70 feet to a found Corps of Engineers Monument,
thence North 43°21’11” West 368.73 feet to a found iron pin, thence
leaving said U.S. Taking Line North 78°44’24” East 93.28 feet to a
found iron pin, thence South 61°17’26” East 447.43 feet to a found
iron pin, thence North 43°51’19” East 569.32 feet to a found iron pin,
thence North 23°55’15” East 156.88 feet to a found iron pin, thence
North 50°12’03” East 74.44 feet to the center line of Jackson Ridge
Road, thence with said center line North 55°35’40” East 158.61 feet,
thence North 60°10’43” East 49.60 feet, thence North 63°26’04” East
51.47 feet, thence North 67°54’56” East 55.57 feet, thence North 72°
14’11” East 50.59 feet, thence North 77°42’56” East 80.94 feet,
thence North 81°04’11” East 63.68 feet, thence North 89°52’47” East
49.54 feet, thence South 63°56’15” East 35.86 feet, thence South 40°
07’09” East 42.18 feet, thence South 29°12’19” East 119.27 feet to
point of curve, thence with said non-tangent curve to the left having a
delta angle of 69°30’58”, a radius of 470.00 feet, an arc length of
Page 18
www.BeaverLakeAuction.com
Legal Description (cont.)
570.24 feet, with a long chord of South 63°57’46” East 535.91 feet,
thence leaving said center line of Jackson Ridge Road North 01°03’25”
East 19.51 feet to the North side of Jackson Ridge Road, thence with
said North side North 73°51’43” East 94.54 feet, thence North 75°
17’44” East 100.27 feet, thence North 84°17’44” East 100.00 feet,
thence South 84°18’58” East 99.81 feet, thence South 72°38’39” East
88.07 feet, thence South 70°20’09” East 61.94 feet, thence South 62°
42’58” East 101.35 feet, thence South 56°39’13” East 120.55 feet to
the West side of Honey Creek Road, thence leaving said North side of
Jackson Ridge Road and following said West side of Honey Creek Road
North 22°04’15” West 153.19 feet, thence North 17°14’59” West
67.74 feet to a found iron pipe, thence leaving said West side of
Honey Creek Road North 65°05’47” West 183.57 feet to a found iron
pin, thence North 01°59’56” East 99.95 feet to a found iron pin,
thence North 89°17’27” West 187.87 feet to a found iron pipe, thence
South 76°08’35” West 97.74 feet to a found iron pin, thence South
75°12’00” West 92.42 feet to a found iron pin, thence North 00°
46’32” East 358.30 feet to a found iron pin, thence South 89°39’05”
East 337.97 feet to a found iron pin on the West side of Honey Creek
Road, thence with said West side North 10°48’12” East 84.21 feet,
thence North 27°53’45” East 75.75 feet to a found iron pin, thence
leaving said West side of Honey Creek Road, South 89°38’58” East
597.97 feet to a found Corp of Engineers Monument on the U.S. Tak-
ing Line, thence leaving said U.S. Taking Line South 89°38’58” East
327.97 feet to the beginning and containing 61.52 acres and subject
to existing easements and road right of ways.
Page 19
www.BeaverLakeAuction.com
Legal Description (cont.)
LESS AND EXCEPT:
A part of the Northwest Quarter of the Northwest Quarter of Section
22, Township 20 North, Range 27 West, described as: From the North-
west corner of said Section 22, run South 00°07’07” East 150.00 feet
along the West section line thereof; thence South 89°38’55” East
357.93 feet to the centerline of an existing county road; thence South
05°51’45” East 128.48 feet along said centerline, thence South 17°
30’15” East 79.40 feet along said centerline, thence South 45°55’15”
East 134.03 feet along said centerline; thence South 38°52’15” East
93.70 feet along said centerline, thence South 17°22’15” East 140.70
feet along said centerline, thence South 72°37;45” West 20.00 feet to
the Southwesterly right-of-way of said existing county road for the
point of beginning, thence North 65°20’57” West 187.00 feet; thence
North 01°45’18” East 100 feet, thence East 90° 100 feet more or less
to the Westerly right-of-way of the county road, thence Southeasterly
along the Westerly right-of-way of county road to point of beginning.
LESS AND EXCEPT:
A part of the Northwest Quarter of the Northwest Quarter of Section
22, Township 20 North, Range 27 West, Carroll County, Arkansas,
more particularly described as follows: Commencing at a found iron
rod at the Southwest corner of the Northwest Quarter of the
Northwest Quarter of said Section 22, thence with South line of said
forty South 89°25’10” East 603.10 feet, thence leaving said South line
of forty N 00°27’46” East 205.18 feet to the point of beginning,
thence North 53°17’16” West 226.60 feet, thence North 35°17’49”
East 194.00 feet to the center line of existing road, thence with said
center line South 52°13’49” East 133.05 feet, thence South 54°47’23”
East 93.60 feet, thence leaving said center line of existing road South
Page 20
www.BeaverLakeAuction.com
Legal Description (cont.)
35°17’41” West 194.00 feet to the point of beginning and containing
1.00 acre and subject to existing easements and road right of way.
Also an easement for any part of existing septic system that may ex-
tend beyond the above described tract of land onto the remaining
Jackson Estate property with right of ingress-egress to maintain septic
system. The above described legal description taken from an unre-
corded survey by Huston Surveying.
Page 21
www.BeaverLakeAuction.com
Preliminary Title Commitment
Page 22
Page 23
Page 24
Page 25
Page 26
Page 27
Page 28
Page 29
Page 30
Page 31
Page 32
Page 33
Page 34
Page 35
Page 36
Page 37
Page 38
Page 39
Page 40
Page 41
Page 42
Page 43
Page 44
Page 45
Page 46
Page 47
Page 48
Page 49
Page 50
Page 51
Page 52
Page 53
Page 54
Page 55
Page 56
Page 57
Page 58
Page 59
Page 60
www.BeaverLakeAuction.com
Sample Earnest Money Contract
This Instrument Prepared by:
Robert A. Ballinger, Esq.
2103 S. 54th Street, Ste 1
Rogers, AR. 72758
Phone: 479.876.8887
CONTRACT FOR SALE OF REAL ESTATE
Tract(s)______ Bidder No.________________
1. PARTIES: Charles & Princess Jackson Trust Dated April 18, 1990, First National Bank of
Ft. Smith, Successor Trustee, C/O: Jeannie M. Wakefield, CTFA (collectively, “Seller”, if
one or more) agrees to sell and convey to ____________________________________
_______________ (collectively, “Buyer’, if one or more) and Buyer agrees to buy from Seller
the Property described below according to the terms hereof.
2. SALES PRICE:
Auction Price $______________________
Buyer’s Premium (10.0%) $______________________
TOTAL Sales Price $______________________
The Total Sales Price shall be paid by Buyer to Seller by wire transfer of immediately available
funds at Closing.
3. EARNEST MONEY: Upon execution of this Contract by both parties, Buyer must deposit in
immediately available funds 10.0% of the Total Sales Price in the amount of
$____________________ as earnest money (the “Earnest Money”) with Kings River Title, 406
Public Square, Berryville, AR 72616 (the “Title Company”). If Buyer fails to deposit the
Earnest Money as required by this Contract, Buyer will be in default. The Earnest Money shall be
credited against the Total Sales Price due at Closing.
4. PROPERTY: As used in this Contract, the term “Property” means any and all of the following:
A. The land situated in Carroll County, Arkansas described on attached EXHIBIT “A”
attached hereto and made a part hereof for all purposes, together with all improvements
thereon and all rights, privileges and appurtenances pertaining thereto, including but not
limited to water rights, claims and permits and easements.
B. The following items, if any: billboard signs, windmills and tanks, domestic water
systems, barns, fences, and all other property owned by Seller and attached to the above
described real property.
5. EXCEPTIONS, RESERVATIONS, CONDITIONS, AND RESTRICTIONS: The Property
will be conveyed subject to the following exceptions, reservations, conditions and restrictions:
A. The oil, gas and other minerals, royalties, and timber interests presently outstanding in
third parties.
Sample
Page 2
B. All items listed in Schedule B to the Commitment for Title Insurance prepared by the
Title Company and furnished to Buyer prior to the Closing of the transaction.
C. Easements, rights-of-way and prescriptive easements whether of record or not, rights of
adjoining owners in fences situated on a common boundary, and any encroachments or
overlapping of improvements.
6. TITLE POLICY AND SURVEY:
A. TITLE POLICY:
(1) Seller shall furnish to Buyer at Seller’s expense an owner policy of title insurance
(the “Title Policy”) issued by the Title Company in the amount of the Total
Sales Price, dated at or after Closing, insuring Buyer against loss under the
provisions of the Title Policy, subject to the promulgated exclusions (including
existing building and zoning ordinances) and the following exceptions:
(a) The standard printed exception for standby fees, taxes, and assessments.
(b) Those matters specifically described in Paragraph 5 above.
(c) The standard printed exception as to discrepancies, conflicts, shortages in
area or boundary lines, encroachments or protrusions, or overlapping
improvements.
(d) The standard printed exception as to marital rights.
(e) The standard printed exception as to waters, tidelands, beaches, streams,
and related matters.
(f) Facts which would be disclosed by a comprehensive survey of the
premises.
(g) Rights or claims of parties in possession.
(h) Mechanics, Contractors’ or Materialmen’s liens and lien claims, if any,
where no notice thereof appears of record.
(i) General Real Estate Taxes for the current year and subsequent years.
(j) Ownership or title to any mineral interest and the effect on the surface of
the existence of any rights included in such mineral interest.
(k) Loss arising from security interest evidenced by financing statements
filed of record under the Uniform Commercial Code and Judgment Liens
and other liens of record in any United States District Court or
Bankruptcy Court.
(l) Any liens for alimony or child support attaching pursuant to Act #989,
1985 Arkansas General Assembly.
(m) Rights-of-Way for Roadways and Utilities heretofore granted or
acquiesced.
(n) Easements, or claims of easements, not shown by the public records.
(o) The rights of dower, curtsey, homestead and other marital rights of the
spouse, if any, of any individual insured.
(p) The number of acres or square footage shown herein, if any, is for
informational purposes only. This information is neither guaranteed nor
insured.
Sample
Page 3
(2) Buyer acknowledges that Seller has furnished Buyer a “to be determined
commitment” for title insurance (the “Commitment”) and legible copies of
documents evidencing exceptions in the Commitment other than the standard
printed exceptions.
(3) Buyer accepts the Commitment and waives the right to object to any item
contained in the Commitment.
B. SURVEY: Buyer, at Buyer’s sole and exclusive option and at Buyer’s expense, may
survey the Property; however, obtaining a survey shall not cause the Closing date to be
extended.
NOTICE TO SELLER AND BUYER:
(1) Eligibility for government farm program benefits may depend upon compliance with a
soil conservation plan for the Property. Buyer is advised to determine whether the
property is subject to and in compliance with a plan before signing this Contract.
(2) Buyer is advised that the presence of wetlands, toxic substances, including asbestos and
wastes or other environmental hazards or the presence of a threatened or endangered
species or its habitat may affect Buyer’s intended use of the Property. Sellers, Broker
and Auctioneer do not warrant or covenant with Buyer with respect to the existence or
nonexistence of any pollutants, contaminants or hazardous waste prohibited by federal,
state, or local law, or claims based thereon arising out of the actual or threatened
discharge, release, disposal, seepage or escape of such substances at, from, or into the
demised premises. Buyer is to rely upon his/her own environmental audit or examination
of the premises.
7. PROPERTY CONDITION:
A. INSPECTIONS AND ACCESS: Buyer acknowledges that Buyer has had the opportunity
to inspect the Property. Buyer accepts the Property according to the terms of this
Contract.
B. PROPERTY CONDITION: EXCEPT AS EXPRESSLY SET FORTH IN THIS
CONTRACT AND OTHER THAN SELLER’S GENERAL WARRANTY OF TITLE
TO BE SET FORTH IN THE DEED, IT IS UNDERSTOOD AND AGREED THAT
SELLER IS NOT MAKING AND HAS NOT AT ANY TIME MADE ANY
WARRANTY OR REPRESENTATION OF ANY KIND OR CHARACTER,
EXPRESSED OR IMPLIED, WITH RESPECT TO THE PROPERTY, INCLUDING,
BUT NOT LIMITED TO, ANY WARRANTIES OR REPRESENTATIONS AS TO
HABITABILITY, MERCHANTABILITY, FITNESS FOR A PARTICULAR
PURPOSE, TITLE, ZONING, TAX CONSEQUENCES, LATENT OR PATENT
PHYSICAL OR ENVIRONMENTAL CONDITION, UTILITIES, OPERATING
HISTORY OR PROJECTIONS, VALUATION, GOVERNMENTAL APPROVALS,
THE COMPLIANCE OF THE PROPERTY WITH LEGAL REQUIREMENTS OR
ANY OTHER MATTER OR THING REGARDING THE PROPERTY OR ANY
PORTION THEREOF.
Sample
Page 4
BUYER ACKNOWLEDGES AND AGREES THAT UPON CLOSING, SELLER
SHALL SELL AND CONVEY TO BUYER AND BUYER SHALL ACCEPT FROM
SELLER THE PROPERTY AND THE LAND “AS IS, WHERE IS, WITH ALL
FAULTS”, EXCEPT TO THE EXTENT EXPRESSLY PROVIDED OTHERWISE IN
THIS CONTRACT.
BUYER HAS NOT RELIED ON AND WILL NOT RELY ON, AND NO SELLER
SHALL BE LIABLE FOR OR BOUND BY, ANY EXPRESSED OR IMPLIED
WARRANTIES, GUARANTIES, STATEMENTS, REPRESENTATIONS OR
INFORMATION PERTAINING TO THE PROPERTY OR RELATED THERETO
MADE OR FURNISHED BY SELLER, BROKER, OR ANY PARTY
REPRESENTING OR PURPORTING TO REPRESENT SELLER, TO WHOMEVER
MADE OR GIVEN, DIRECTLY OR INDIRECTLY, ORALLY OR IN WRITING,
UNLESS SPECIFICALLY SET FORTH IN THIS CONTRACT.
THE GENERAL WARRANTY DEED CONVEYING TITLE TO THE PROPERTY
WILL CONTAIN SIMILAR PROVISIONS TO THE ABOVE.
C. (1) At Closing, Buyer will accept the Property in its current condition reasonable
wear excepted. Buyer releases Seller from any responsibility to remediate or
remove any Hazardous Substance (defined below) and any violation of
environmental laws.
(2) For purposes of this Contract:
(a) the term “Environmental Laws” means any and all laws, statutes,
ordinances, rules, regulations, judgments, orders, decrees, permits,
licenses, or other governmental restrictions or requirements relating to
health, the environment, any “Hazardous Substance” now or any time
prior to Closing in effect in the jurisdiction in which the Property is
located, including, without limitation, the Comprehensive Environmental
Response, Compensation and Liability Act of 1986, as amended (42
U.S.C. § 9601 et seq.), the Resource Conservation Recovery Act, as
amended by the Hazardous and Solid Waste Amendments of 1984, as
now or hereafter amended (42 U.S.C. § 6901 et seq.), the Hazardous
Materials Transportation Act, as amended (49 U.S.C. § 1801 et seq.), the
Clean Air Act, as amended (42 U.S.C. § 7401, et seq.), the Clean Water
Act, as amended (33 U.S.C. § 1251 et seq.), the Toxic Substances and
Control Act, as amended, 15 U.S.C. Sections 2601 et seq., any and all
state and local laws similar to, in whole or in part, federal toxic waste
laws, which from time to time are in effect in the jurisdiction in which
the Property is located, and the regulations adopted pursuant thereto, any
laws or regulations governing “wetlands”, and any common law theory
based on nuisance or strict liability; and,
(b) the term “Hazardous Substance” means any substance, material, or
waste which is regulated by any local government authority, the State of
Arkansas, or other state where applicable, or the United States
Government, including, without limitation, any material or substance
Sample
Page 5
which is (i) defined as a “hazardous waste”, “hazardous material”,
“hazardous substances”, “extremely hazardous waste”, “extremely
hazardous substance”, “regulated substance” or “restricted hazardous
waste” under any provision of the Environmental Laws and (ii)
petroleum, including crude oil and any fraction thereof and any refined
petroleum products and derivatives thereof.
8. AGENCY DISCLOSURE:
Unless otherwise agreed to in writing, United Country - Little Switzerland Realty, Inc.
(“Broker”), an Arkansas real estate broker, represents the seller. BROKER DOES NOT
REPRESENT BUYER.
9. BROKERS’ FEES:
A. Seller shall be solely responsible for the brokers’ fees due to Broker. Broker is Seller’s
exclusive agent.
B. Broker will pay up to a 3% commission to any broker who represents Buyer and who has
complied with the guidelines set by Broker in connection with the land auction by Seller.
BUYER IS SOLELY RESPONSIBLE FOR ANY ADDITIONAL COMMISSION
DUE TO BUYER’S BROKER AND SHALL INDEMNIFY AND HOLD SELLER
HARMLESS FROM ANY CLAIMS BY A BROKER REPRESENTING BUYER,
INCLUDING BUT NOT LIMITED TO ATTORNEY’S FEES AND
REASONABLE COSTS.
10. CLOSING: The closing (“Closing”) of the sale will be on or before November 23, 2011, unless
extended in writing by Seller (the “Closing Date”), in the offices of the Title Company. If either
party fails to close this sale by the Closing Date, the non-defaulting party will be entitled to the
remedies contained in Paragraph 14 below. At Closing Seller shall furnish tax statements or
certificates showing no delinquent taxes, and a general warranty deed, in a form solely
satisfactory to Seller, conveying good and indefeasible title showing no additional exceptions to
those permitted in Paragraph 6 above.
11. POSSESSION: Seller shall deliver possession of the Property to Buyer at Closing and funding.
12. SETTLEMENT AND OTHER EXPENSES: The following expenses must be paid at or prior
to Closing:
A. Seller’s Expenses: Releases of existing liens, including prepayment penalties and
recording fees; release of Seller’s loan liability; tax statements or certificates; preparation
of deed; the title search fee; one-half of the escrow fee charged by the Title Company;
one-half of the state transfer taxes; and other expenses stipulated to be paid by Seller
under other provisions of this Contract.
B. Buyer’s Expenses: Loan application, origination and commitment fees; lender required
expenses incident to new loans, including PMI premium, preparation of loan documents,
recording fees, tax service and research fees, warehouse or underwriting fees,
amortization schedule, premiums for mortgagee title policies and endorsements required
Sample
Page 6
by lender, credit reports, photos; required premiums for flood and hazard insurance;
required reserve deposit for insurance premiums and ad valorem taxes; interest on all
monthly installment notes from date of disbursements to one month prior to dates of first
monthly payments; customary Program Loan costs for Buyer; one-half of the escrow fee
charged by the Title Company; one-half of the state transfer taxes; and other expenses
stipulated to be paid by Buyer under other provisions of this Contract.
13. PRORATIONS AND ROLLBACK TAXES:
A. PRORATIONS: Taxes for the year 2010 and prior years shall be paid by Seller and the
taxes for 2011 will be prorated to the Closing Date.
B. ROLLBACK TAXES: If this sale or Buyer’s use of the Property after Closing results in
the assessment of additional taxes, penalties or interest (Assessments) for periods prior to
Closing, the Assessments will be the obligation of Buyer. Obligations imposed by this
paragraph will survive Closing.
14. CASUALTY LOSS: If any part of the Property is damaged or destroyed by fire or other casualty
loss after the effective date of the Contract, Seller shall assign to Buyer a portion of Seller’s right,
title, and interest to any claims and proceeds Seller may have with respect to any casualty
insurance policies. The portion of Seller’s right, title and interest to any claims and proceeds in
casualty insurance policies assigned to Buyer shall be determined by Seller and shall be based on
the total amount of damage and the terms of the casualty insurance policy. Buyer shall accept
such assignment as Buyer’s sole and exclusive remedy. A casualty loss shall not terminate this
Contract unless Seller fails to make the assignment called for herein. If Seller fails to make the
assignment of all of Seller’s right, title and interest to any casualty insurance policies, Buyer may
either (a) terminate this Contract and the Earnest Money will be refunded to Buyer or (b) extend
the time for performance up to 15 days and the Closing Date will be extended as necessary.
15. DEFAULT: If Buyer fails to comply with this Contract, Buyer will be in default, and Seller’s
sole remedy will be to either (a) enforce specific performance or (b) terminate this Contract and
receive the Earnest Money as liquidated damages, thereby releasing both parties from this
Contract. If Seller fails to comply with this Contract, Seller will be in default and Buyer’s sole
remedy will be to either (a) enforce specific performance or (b) terminate this Contract and
receive the Earnest Money, thereby releasing both parties from this Contract.
16. ATTORNEY’S FEES: The prevailing party in any legal proceeding brought under or with
respect to the transaction described in this Contract is entitled to recover from the non-prevailing
party all costs of such proceeding and reasonable attorney’s fees.
17. REPRESENTATIONS: Seller represents that as of the Closing Date there will be no liens,
assessments, or security interests against the Property.
18. FEDERAL TAX REQUIREMENT: If Seller is a “foreign person”, as defined by applicable
law, or if Seller fails to deliver an affidavit that Seller is not a “foreign person”, then Buyer shall
withhold from the sales proceeds an amount sufficient to comply with applicable tax law and
deliver the same to the Internal Revenue Service together with appropriate tax forms. IRS
regulations require filing written reports if cash in excess of specified amounts is received in the
transaction.
Sample
Page 7
19. AGREEMENT OF PARTIES: This Contract, together with the attached exhibits, contains the
entire agreement of the parties and cannot be changed except by their written agreement. This
Contract supersedes all prior negotiations, correspondence, understandings, brochures, and
agreements among the parties hereto respecting the subject matter hereof.
20. NOTICES: All notices from the parties to each other must be in writing and are effective when
mailed, via certified mail, postage prepaid or hand-delivered as follows:
If to Seller: _______________________
_______________________
_______________________
Telephone No. __________
Facsimile No.____________
E-mail:
with copies to:
United Country - Little Switzerland Realty, Inc.
Attn: Robin Phillips
2039 B East Van Buren
Eureka Springs AR 72632
Phone: (479) 253-9182
Fax: (479) 253-9190
E-mail: [email protected]
If to Buyer: ______________________________
______________________________
______________________________
______________________________
Telephone No. __________________
Cell No. _______________________
Facsimile No. ___________________
E-mail:_________________________
with copies to: ______________________________
______________________________
______________________________
______________________________
Telephone No. __________________
Facsimile No. ___________________
E-mail:_________________________
If to Title Company: Kings River Title
Attn: Bob Ballinger
406 Public Square
Berryville, AR 72616
Phone: 870.423.2535
Fax: 870.423.6396
E-mail: [email protected]
Sample
Page 8
22. TAX-FREE EXCHANGE: Seller shall reasonably cooperate with Buyer in connection with any
tax-free exchange Buyer or Buyer’s assignees desire to complete. Seller shall not be charged
with any additional expense on account of an exchange transaction and the Closing shall not be
extended as a consequence of any exchange. Buyer shall indemnify and hold Seller harmless
from any liability incurred by Seller as a result of Seller’s participation in the tax-free exchange.
23. ASSIGNMENT: Seller retains the right to make an assignment of this Contract. All references in
this Contract to Seller include Seller and its assigns. Buyer may not assign this Contract without
Seller’s prior written consent.
24. ESCROW: The Earnest Money is deposited with the Title Company with the understanding that
the Title Company is not a party to this Contract and does not have any liability for the
performance or nonperformance of any party to this Contract. If both parties make written
demand for the Earnest Money, the Title Company may require payment of unpaid expenses
incurred on behalf of the parties and a written release of liability of the Title Company from all
parties. If one party makes written demand for the Earnest Money, the Title Company shall give
notice of the demand by providing to the other party a copy of the demand. If the Title Company
does not receive written objection to the demand from the other party within 30 days after notice
to the other party, the Title Company may disburse the Earnest Money to the party making
demand reduced by the amount of unpaid expenses incurred on behalf of the party receiving the
Earnest Money and the Title Company may pay the same to the creditors. If the Title Company
complies with the provisions of this paragraph, each party hereby releases the Title Company
from all adverse claims related to the disbursal of the Earnest Money. The Title Company’s
notice to the other party will be effective when deposited in the U.S. mail, postage prepaid,
certified mail, return receipt requested, addressed to the other party at such party’s address shown
below. Notice of objection to the demand will be deemed effective upon receipt by escrow agent.
25. TIME OF THE ESSENCE: Time is of the essence to this Contract and adherence to the
deadlines in this Contract shall be strictly enforced.
26. SAVING CLAUSE: In the event that any of the terms or provisions of this Agreement are
declared invalid or unenforceable by any Court of competent jurisdiction or any Federal or State
Government Agency having jurisdiction over the subject matter of this Agreement, the remaining
terms and provisions that are not effected thereby shall remain in full force and effect.
27. CONSULT YOUR ATTORNEY: This Contract was furnished to Buyer prior to its execution.
The Buyer has been advised to consult an attorney BEFORE signing.
28. PARAGRAPH HEADINGS: The paragraph headings are included only for convenience and are
not to be used to construe any provision of this Contract.
EXECUTED effective as of the ____ day of ______________, 2011 (the “Effective Date”).
Sample
Page 9
SELLER’S SIGNATURE PAGE
TO CONTRACT FOR SALE OF REAL ESTATE
Tract(s)______ Bidder No._____________
SELLER: Charles & Princess Jackson Trust Dated
April 18, 1990, First National Bank of Ft.
Smith, Successor Trustee
______________________________________
BY: Jeannie M. Wakefield, CTFA
Sample
Page 10
BUYER’S SIGNATURE PAGE
TO CONTRACT FOR SALE OF REAL ESTATE
Tract(s)______ Bidder No._____________
BUYER:
________________________________________
________________________________________
Sample
Page 11
TITLE COMPANY RECEIPT
Receipt of [___] Contract and [___] $_________________ Earnest Money in the form of
_______________________________________ is acknowledged.
Date: ________________, 2011.
Kings River Title
By:_____________________________________
Name:________________________________
Title:_________________________________
Sample
Page 73
www.BeaverLakeAuction.com
Be sure to mark your calendar for Saturday, October 29th, 2011
2:00PM
Please call our office if you have any questions
2039B E. Van Buren Eureka Springs, AR 72632
Toll Free: 877-271-7891
www.BeaverLakeAuction.com
Please be sure to check out our website for up-to-date
details for this auction as well as upcoming auctions.