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HomeMy WebLinkAboutReal Estate Agreement 121222ht Non -Exclusive Buyer C2022 ArkansasRepresentation Agreement RAWREALTY .w.tw6109 EALiOR " Page 1 of orsa.ru.n" Association Form Serial Number:073036-900156-3189283 1. RIGHT TO REPRESENT: In consideration of the services of _ Rackley Realty (by and through the Principal Broker or agent thereof assigned by Selling Firm) (hereafter collectively called "Selling Firm") for the purpose of representing NewcaE investment Partners (hereafter called "Buyer") to possibly acquire an interest in real property, Buyer and Selling Firm agree to conduct negotiations for property made known to Buyer by Selling Firm (the "Property") through Selling Firm. Listing Firm, as used in this Non -Exclusive Buyer Representation Agreement, is a real estate brokerage firm representing persons having property that Buyer may want to purchase. Listing Firm may be the same as Selling Firm and properties owned by persons represented by Selling Firm may be shown to Buyer only if authorized in Paragraph 3 below. Seller, as used in this Non -Exclusive Buyer Representation Agreement, refers to any owner of a property presented or offered to Buyer. 2. DURATION OF AGENCY: Selling Firm's authority as Buyer's agent begins at 12:01 a.m_ on (month) September (day) 1 . (year) 2022 , and expires at 11:59 p.m. on (month) _ February (day) 28 (year) 2023 , or upon completion of the acquisition of the Property, unless extended by mutual written agreement of Buyer and Selling Firm. This Non -Exclusive Buyer Representation Agreement may be cancelled at any time by either party. 3. AGENCY REPRESENTATION: Buyer understands that Selling Firm may be in the business of representing both buyers and sellers for the purchase and sale of real property. if Buyer decides to view or purchase property from a Seller also represented by Selling Firm, Buyer hereby agrees that: ❑X A. SELLING FIRM MAY REPRESENT BOTH BUYER AND SELLER and such agreement by Buyer means: (i) Listing/Selling Firm shall not be required to and shall not disclose to either Buyer or Seller any personal, financial or other confidential information concerning the other party without the express written consent of that party; however, Buyer agrees Listing/Selling Firm shall disclose to Buyer information known to Listing/Selling Firm related to defects in the Property and such information shall not be deemed "confidential information." Confidential information shall include but not be limited to any price Seller is willing to accept that is less than the offering price or any price Buyer is willing to pay that is higher than that offered in writing. (ii) Buyer, by selecting this option 3A, acknowledges that when ListinglSelling Firm represents both Buyer and Seller a possible conflict of interest exists, and Buyer further agrees to waive and forfeit individual rights to receive the undivided loyalty of Selling Firm. (iii) Buyer waives any claim now or hereafter arising out of any conflicts of interest from Selling Firm representing both parties. Buyer acknowledges Selling Firm verbally disclosed that Selling Firm may represent both buyers and others, and Buyer has consented to Selling Firm representing both Buyer and Seller before entering into this Non -Exclusive Buyer Representation Agreement. (iv) It is not a breach of fiduciary duty to inform a Seller also represented by Selling Firm of the existence or possibility of offers to purchase the Property other than those contemplated or submitted by Buyer. ❑B. SELLING FIRM MAY NOT REPRESENT BOTH: Buyer understands that Selling Firm may not show to Buyer properties listed with Selling Firm. Page 1 of 4 s.,.w maossao l@"In= i ' ' Pnpr.any Cho..Rach* I ROW" RMyWa 1 d—OmdWwl Wm S;nlplicity M 'ATE _ ? it am X" A -WW- I Non -Exclusive Buyer Copyright 2022 Representation Agreement 113,1 2 Arkansas REALTOR [puµ M*U*f R EALTORS* Page 2 of 4 U••omldwlTY Association Form Serial Number:073036-900166-3189283 4. EARNEST MONEY: Buyer authorizes and instructs Selling Firm to tender any Earnest Money presented by Buyer with a Real Estate Contract to Listing Firm to be deposited in Listing Firm's escrow account. The Real Estate Contract will serve as a receipt to Buyer for Earnest Money tendered. Should Buyer's Earnest Money be forfeited, Selling Firm will not accept any portion of the forfeited monies from Listing Firm unless consented to by Buyer. If a dispute between Seller and Buyer arises, Buyer authorizes Selling Firm to instruct Listing Firm to interplead the disputed Earnest Money in a court of law or to an arbitrator, and to have Selling Firm's and Listing Firm's costs and attomeys' fees paid out of the funds entered for interpleading. S. COST OF SERVICES OR PRODUCTS OBTAINED FROM OUTSIDE SOURCES: Selling Firm will not obtain nor order products or services from outside sources unless Buyer has agreed to pay for there when payment is due. 6. SELLING FIRM'S FEE: In consideration of the services to be performed by Selling Firm, Buyer agrees Selling Firm shall be compensated as follows: EA. Selling Firm shall collect a fee from Listing Firm or Seiler. Buyer shall not be responsible for Selling Firm's compensation; or ❑B. Buyer shall pay to Selling Firm a professional fee of either: ❑ 0) percent ( %) of the gross amount of any accepted Real Estate Contract entered into by Buyer and procured by Selling Firm (or value of any property exchanged for the Property) plus $ for professional services rendered; or ❑ 00 $ for professional services rendered. This fee will be due at the scheduled Closing of the transaction. Buyer is obligated to pay Selling Firm's fee. However, Selling Firm is authorized to accept partial or complete payment of Selling Firm's fee from Seller or from Listing Firm. Should Buyer obtain a VA Loan, the SOLE SOURCE of Selling Firm's fee shall be limited to the payment offered by Seller or Listing Firm. Selling Firm may not have access to any information conceming properties for sale and not listed with a real estate licensee. Buyer agrees Selling Firm shall not have any duty to review or learn of any "For Sale By Owners" or properties not listed with real estate licensees that may suit the desires or needs of Buyer. 7. FAIR HOUSING: Buyer agrees that Selling Firm will provide equal services to all interested persons without regard to race, color, religion, sex, national origin, handicap, sexual orientation or familial status. Additionally, Buyer agrees that Selling Firm and Buyer must comply with all state and federal laws while performing this Non -Exclusive Buyer Representation Agreement. 8. BUYER WARRANTY, REPRESENTATION AND AUTHORIZATION: Buyer warrants and represents to Selling Firm that no exclusive representation or exclusive agency agreement is in force. Buyer understands that if the warranty and representation contained herein is not true Buyer is strongly encouraged to seek legal advice concerning the possibility of liability for two or more commissions before signing this Non -Exclusive Buyer Representation Agreement. Unless otherwise specified, Buyer warrants, represents and authorizes Selling Firm to take the following actions as deemed appropriate by Selling Firm: A. Inform at the time of initial contact all prospective sellers or their agents with whom Selling Firm has contact pursuant to this Non -Exclusive Buyer Representation Agreement that Selling Firm is acting on behalf of and represents Buyer; B. Disclose Buyer's identity to third parties without prior consent of Buyer unless otherwise specified; C. Present, negotiate and sell properties submitted to Buyer to other prospective buyers. Page 2 of 4 Swr anoasa M-31#1sa f nnn PAW bl Chow R.W.r I RAC*LMy Racy he I dy0&*Ck*0rm ar^ I Simplicity Non -Exclusive Buyer Copyright 2022 Representation Agreement [9Arkansas F Q1.�L Fe4'LNG SA REALTORS, Page 3 of 4 ° w. o=PORT,.1Y Association Form Serial Number:073036-900166-3189283 9. CLOSING PROTECTION: Buyer shall have the nght to request that title insurer(s), if any, issue closing protection to indemnify against loss of closing funds because of acts of a Closing Agent, title insurer's named employee, or title insurance agent. Any cost for closing protection will be paid by the requesting party(ies). Selling Firm strongly advises Buyer to inquire of the Closing Agent(s) about the availability and benefits of closing protection. Buyer has been advised of the availability of purchasing a Closing Protection Letter, an additional binder to be added to the Title Insurance Policy at closing. The Closing Protection Letter may be required at the lender's discretion. 10. SPECIAL CONDITIONS: 11. SAFETY: Buyer acknowledges Selling Firm may elect to utilize best safety practices for the safety of Agent and their clients. 12. LIMITATION OF RESPONSIBILITY: Selling Firm shall not be responsible for the condition of the Property and strongly recommends Buyer obtain all third -party inspections deemed necessary by Buyer to determine the condition of the Property including without limitation those provided by the Real Estate Contract. Particularly, Selling Firm does not warrant the Property to be free from mechanical, electrical, structural, infestation, support, environmental or other defects and further disclaims knowledge regarding whether the Seller owns any mineral rights or interests regarding the Property unless specifically set forth in any contract between Buyer and another party. (If ownership of mineral rights is important to Buyer, an Arkansas licensed attorney should be consulted.) Buyer hereby covenants and agrees to indemnify Selling Firm and hold Selling Firm harmless from any and all liability, obligations or demands made by third parties against Selling Firm as a result of Selling Firm's efforts in finding properties for Buyer, including but not limited to damage or injury to property or persons and reasonable attorney's fees. Further, Buyer acknowledges that Selling Firm does not warrant that the Property or any terms of purchase concerning the Property constitutes a transaction more favorable to Buyer than if Buyer were not represented by Selling Firm Buyer acknowledges Seller(s) may be utilizing video and/or audio surveillance equipment for the security of their property with or without the Selling Firm's knowledge. Sellers may be able to listen and/or view conversations infabout their properties and Buyer(s) should be aware that any discussions of negotiating strategies held In the property may not be confidential Buyer hereby agrees to defend, indemnify, save and hold Selling Firm harmless from all liability or claims arising from Seller or Listing Firm utilizing any information obtained through such means. 13. SEVERABILITY: The invalidity or unenforceability of any provisions of this Non -Exclusive Buyer Representation Agreement shall not affect the validity or enforceability of any other provision of this Non- Exclusive Buyer Representation Agreement, which shall remain in full force and effect 14. ENTIRE AGREEMENT, MODIFICATION LIMITED: This Non -Exclusive Buyer Representation Agreement constitutes the entire agreement concerning the subject matter hereof between Buyer and Selling Firm and supersedes any previous oral or written agreement or understanding conceming the employment of Selling Firm by Buyer, or otherwise This Non -Exclusive Buyer Representation Agreement may not be modified except in writing executed by both Buyer and Selling Firm. Any contract entered into by Seller and Buyer shall not affect, in any respect, this Non -Exclusive Buyer Representation Agreement, except as specifically set forth therein. Page 3 of 4 SOMW 07303"Wig .31"2J3 P-Psmd t1y C—R-Uyy I R-4y RaNy he I —We—WA-- I 5iMplirity Non -Exclusive Buyer Representation Agreement Copyright 2022 [13,21 Arkansas REALTORS` Feuu rau�na a _., o..ortrurirr Association Page 4 of 4 15. TIME: Buyer and Selling Firm agree time is of the essence with regard to all times and dates set forth in this Non -Exclusive Buyer Representation Agreement. Unless otherwise specified, days as it appears in this Non -Exclusive Buyer Representation Agreement shall mean calendar days. Further, all times and dates set forth in this Nan -Exclusive Buyer Representation Agreement refer to Arkansas Central time and date. 16. COUNTERPARTS: This Non -Exclusive Buyer Representation Agreement may be executed in multiple counterparts each of which shall be regarded as an original hereof but all of which together shall constitute one in the same. THIS IS A LEGALLY BINDING AGREEMENT WHEN SIGNED BY THE PARTIES BELOW. READ IT CAREFULLY. YOU MAY EMPLOY AN ATTORNEY TO DFT THIS FORM FOR YOU. IF YOU DO NOT F ANY PART, CONSULT YOUR ATTORNEY BEFORE SIGNING. REAL ES ATE AGENTS CANNOT IVE YOU LEGAL ADVICE.THEPARTIES SIGNED BELERSTAND THE EFFECT LOW WAIVE HEIR RIGHT TO HAVE AN ATTORNEY DRAFT THIS FORM AND HAVE AUTHORIZED THE REAL ESTATE AGENT(S) TO FILL IN THE BLANKS ON THIS FORM. THIS FORM IS PRODUCED AND COPYRIGHTED BY THE ARKANSAS REALTORS' ASSOCIATION. THE SERIAL NUMBER BELOW IS A UNIQUE NUMBER NOT USED ON ANY OTHER FORM. HE SERIAL NUMBER BELOW SHOULD BE AN ORIGINAL PRINTING, NOTMACHINE COPIED, OTHERWISE THE FORM MAY HAVE BEEN ALTERED. DO NOT SIGN HIS FORM IF IT WAS PREPARED AFTER DECEMBER 31, 2022. FORM SERIAL NUMBER: 073036-900166-3189283 RLAIISIAU—UMSEiiTED SEES. AE3€REQ1!).®IEp BY THE ARK&KSAS REAL ESTATE COMMMS*Wff vr�,1 VA INY FILEE_A COMPLAINT AT AREC.ARKANSAS.GOV The above Non -Exclusive Buyer Representation Agreement is executed on (month) 0904=2 4 Oa PM CDT (day) , (year) , at ❑ (a.m.) ❑ (p.m.) Rackle eatty Selling Firm Signature: Chase'Fzaok.tid Signature: Printed Name: Chase Rackley Printed Name: Principal or Executive Broker Signature: Chase Racl2l.tU Signature: Printed Name: Chase Rackley Printed Name. Assigned Associate Sa.W o7=344Wesa0229] Prepvad by Chas Rad(Wy I Racklry RnIty pia I &ANWA k "Sw wm I Buyer Buyers Address City, State Zip Buyer's Phone Buyers e-mail address Buyers e-mail address Page 4 of 4 Investment Partners Form Simplicity Copyright Real Estate Contractla 2022 (Lots and Acreage) �[19 Arkansas REALTY FWAI„e,Ls,„„ REALTORSO Page 1 of 11 urA�1o� „°"''' Association Form Serial Number: 043738-500166-3189248 1. PARTIES: Newcap Investment Partners (individually, or collectively, the "Buyer') offers to purchase, subject to the terms and conditions set forth herein, from the undersigned (individually or collectively, the "Seller') the real property described in Paragraph 2 of this Real Estate Contract (the '.Property"). 2. ADDRESS AND LEGAL DESCRIPTION: Buyer is not relying on Seller, Listing Firm or Selling Firm regarding location of the Property, Buyer having sole responsibility to engage surveyors, engineers, attomeys or other professionals to determine the location, size, slope and boundaries of the Property. If Buyer is dissatisfied with the results of such determination, Buyer, without further obligation, may declare this Real Estate Contract terminated with both parties agreeing to sign a Termination of Contract Addendum and Buyer to recover Earnest Money. A. ADDRESS: 000 Cantrell Road, Little Rock, AR 72223 B. FULL LEGAL DESCRIPTION: See attached Arkansas Warranty Deed for Legal Description. 3. PURCHASE PRICE: Subject to the following conditions Buyer shall pay the following to Seller for the Property (the "Purchase Price'): (select one of the following four options) FRItotal purchase price, ..................................................................................................... $ or; ❑ price per acre............................................................................................................. or; ❑ Price per square foot, ................................................................................................... $ or; ❑ price per front foot............................................................................................................. $ ❑X A. PURCHASE PURSUANT TO NEW FINANCING: Subject to Buyer's ability to obtain financing on the terms and conditions set forth herein and the Property appraising for not less than the Purchase Price, Down payment, loan amount, interest rate and other terms of financing to be negotiated between Buyer and creditor. QX OTHER: Subject to Buyer's ability to obtain financing as follows: Conventional Loan ❑ B. PURCHASE PURSUANT TO CASH: Buyer and Seller will each independently verify quantities as set forth above and agree neither are relying upon a representation from Selling Firm or Listing Firm conceming quantities of land or front feet. Page 1 or 11 S naar 04373545 tea-aisaaua i (IM Preaaed try chase Raal&r I Ricklay Rr11y kr- I 62McOm I Simplicity Copyright Rea{ Estate Contract 2022 (Lots and Acreage) Arkansas REALTQRS* REAL'rOR Page 2 of 11 OPPORTLLR,T' Association Form Serial Number: 043738-500166-3189248 4. LOAN AND CLOSING COSTS: Unless otherwise specified, all Buyer's Closing costs, including origination fee, assumption fees, loan costs, prepaid items and loan discount points, closing fee, and all other financing fees and costs charged by Buyer's creditor or any additional fee charged by Closing Agent(s) are to be paid by Buyer. Seller to pay Seller's Closing costs. 5. APPLICATION FOR FINANCING: If applicable, Buyer agrees to make a complete application for new loan or for loan assumption within five (5) business days from the acceptance date of this Real Estate Contract_ In order to make a complete application as required by this Paragraph 5, Buyer agrees to provide creditor with any requested information and pay for any credit report(s) and appraisal(s) required, upon request. Unless otherwise specified, if said loan is not consummated or assumed, Buyer agrees to pay for loan costs incurred, including appraisal(s) and credit report(s), unless failure to consummate is solely the result of Seller's breach of this Real Estate Contract, in which case such expenses will be paid by Seller. Buyer understands that failure to make a complete loan application as defined above may constMe a breach of this Real Estate Contract. 6. EARNEST MONEY: ❑ A. Yes, see Earnest Money Addendum. B. No. 7. NON-REFUNDABLE DEPOSIT: The Non -Refundable Deposit (hereinafter referred to as the "Deposit") is funds tendered by Buyer to Seiler to compensate Seller for liquidated damages that may be incurred by Seller resulting from Buyer failing to close on this Real Estate Contract. The liquidated damages shall include, but not be limited to, Seller's time, efforts, expenses and potential loss of marketing due to Seller's removal of Property from the market. The Deposit is not refundable to Buyer unless failure to close is exclusively the fault of Seller or if Seller cannot deliver marketable title to the Property. The Deposit will be credited to Buyer at Closing_ Buyer shall hold Listing Firm and Selling Firm harmless of any dispute regarding the Deposit. Buyer expressly acknowledges the Deposit is not to be held by either Listing Firm or Selling Firm. The Deposit may be co -mingled with other monies of Seller, such sum not being held in an escrow, trust or similar account. Buyer will pay to Seller the Deposit in the amount of: x❑ A- The Deposit is not applicable. ❑ B. Buyer will pay to Seller the Deposit in the amount of $ ❑ i. Within days following the date this Real Estate Contract has been signed by Buyer and Seller. ❑ ii. Other: Page 2 of 11 serve 0437WSWI alma Form P-PWW by C—RarJJry I -&Joy Realty Inc I vmmos&JaMm oom i�Simplicity I r Real Estate Contract (Lots and Acreage) Gopy2 zo2s Arkansas Page 3 of 11 r: EQ`roR`p"� ;9 REALTORS® Assoclatlon Form Serial Number: 043738-500166-3189248 8. CONVEYANCE: Unless otherwise specified, conveyance of the Property shall be made to Buyer by general warranty deed, in fee simple absolute, except it shall be subject to recorded instruments and easements, if any, which do not materially affect the value of the Property. Unless expressly reserved herein, SUCH CONVEYANCE SHALL INCLUDE ALL MINERAL RIGHTS OWNED BY SELLER r0Nr:FRlu1tur, nnln I OCATED ON THE PROPERTY, IF ANY, UNLESS OTHERWISE SPECIFIED IN PARAGRAPH 20. IT IS THE RESPONSIBILITY OF THE BUYER TO INDEPENDENTLY VERIFY AND INVESTIGATE THE EXISTENCE OR NONEXISTENCE OF MINERAL RIGHTS AND ANY LEGAL RAMIFICATIONS THEREOF. Seller warrants and represents only the signatures set forth below are required to transfer legal title to the Property. Seller also warrants and represents Seller has peaceable possession of the Property, including all improvements and fixtures thereon, and the legal authority and capacity to convey the Property by a good and sufficient general warranty deed, free from any liens, leaseholds or other interests. 9. SOIL TESTING FOR SEPTIC OR SEWAGE SYSTEM: Buyer has been given the opportunity to obtain a soil percolation, soil morphology test or sewage system permit meeting the Arkansas Department of Health regulations concerning septic systems or other sewage treatment systems. Should Buyer decline to obtain any ull t1.c ub-o.c, Buyer agrees to hold Seller, Listing Firm and Selling Firm involved in this Real Estate Contract harmless of any matters relative to obtaining such test, permit or the ability to construct an improvement on the described Property that may exist or be discovered (or occur) after Closing. X A. No soil percolation or soil morphology test or septic system permit shall be provided. a19' A soil percolation or soil morphology test will be conducted by D�jsignated Representative of the Arkansas Department of Health and certified to Buyer within _ �/ days prior to Closing. A satisfactory soil percolation or soil morphology test does not guarantee a septic system permit will ssued in the future. Test to be provided and paid for by: L415-uyer ❑ Seller. ❑ C. A septic system permit will be issued by the Arkansas Department of Health for a Bedroom Standard System certified within days prior to Closing. Buyer, or Buyer's Representative, to mark location of home or be present when test is conducted. Both the tests and permit will be provided and paid for by: ❑ Buyer ❑Seiler. ❑ D. Seller will provide Buyer with a copy of the existing valid septic system permit within three (3) business days of acceptance of this Real Estate Contract after which Buyer is to have ten (10) business days to review and accept the permit. If permit issuance date is greater than six (6) months or if the permit date will expire prior to Closing date, Seller shall have the permit revalidated by the Arkansas Department of Health. Should Buyer not be satisfied, acting with sole discretion, with any test or permit that may be required by Paragraph 9B, 9C or 9D, Buyer shall have all rights provided by Earnest Money Addendum of this Real Estate Contract. I Page 3 of 11 1 sw,a,r 043?M4S061W31N246 Pr"7d Gy Cnaea RKJ3Sy I Ra[.IBy R"Ry Inc i Fnim Simplicity Real Estate Contract Copyright 2022 (Lots and Acreage) [19 Arkansas Page 4 of 11 lay Z> REALTORS` H`E.Az f tip.': orro�,uwi,r Association Form Serial Number: 043738-500166-3189248 10. SURVEY. Buyer has been given the opportunity to obtain a new certified survey. Should Buyer decline to obtain a survey as offered in Paragraph 10A of this Real Estate Contract, Buyer agrees to hold Seller, Listing Firm and Selling Firm involved in this Real Estate Contract harmless of any problems relative to any survey discrepancies that may exist or be discovered (or occur) after Closing. ❑ A New survey satisfactory to Buyer, certified to Buyer within thirty (30) days prior to Closing by a registered land surveyor, []showing property lines only []showing all improvements, easements and any encroachments will be provided and paid for by: ❑ Buyer ❑ Seller ❑ Equally split between Buyer and Seller. ❑ B. No survey shall be provided. ID C. Other: Seller to rovide existing survey Should Buyer agree to accept the most recent survey provided by Seller, this survey is for information purposes only and Buyer will not be entitled to the legal benefits of a survey certified in Buyer's name. 11. TITLE REQUIREMENTS: As per RESPA AND CONSUMER FE":F-^L' o^1<^W 1rECTION BUREAU (CFPB) requirements, Buyer and Buyer's Lender have the right iu ueieriiiinn where Buyer or Buyer's Lender will purchase title insurance and other settlement services. Buyer and Seller understand Listing Firm and Selling Firm are not licensed title insurance agents as defined by Arkansas law and do not and cannot receive direct or indirect compensation from any Closing Agent regarding the closing process or the possible purchase of title insurance by one or more of Buyer and Seller. An enhanced version of title insurance coverage may be available to Buyer for this transaction. Discuss enhanced title insurance coverage with your title insurance provider to determine availability and features. ❑X A. Seller shall furnish, at Seller's cost, an owner's policy of title insurance in the amount of the Purchase Price. If a loan is secured for the purchase of the Property, Fti ryrr ngrrrc fin r•.av mortgagee's portion of title policy_ If Buyer elects to obtain enhanceu iiiie i115tnante �uvel�ye, Buyer shall pay for the increase in title insurance costs in excess of the cost of a standard owner's title policy. �] B. Buyer and Seller to equally split the cost of a combination owner's and mortgagee's policy of title insurance, either standard or enhanced (if enhanced coverage is desired by Buyer and available), in the amount of (as to owner's) the Purcha-,, ^::;� •,. ;: amount (not to exceed the Purchase Price); however, if Buyer and Seller choose to close at oan different title companies, and/or if Buyer pays cash, subparagraph (A) above would control as to the allocation of title insurance costs. In the event the Loan Amount exceeds the Purchase Price, Buyer agrees to pay any additional title insurance premium in excess of Purchase Price. ❑ C. Other: Buyer shall have the right to review and approve a commitment to provide title insurance prior to Closing. If objections are made to Title, Seller shall have a reasonable time to cure the objections. Regardless of the policy chosen, Buyer and Seller shall have the right to choose their Closing Agent(s). Page 4 of f 7 swaW "W364 1@&3i"24& PM611d by Chw R-k*y 1 RAY Rrlly I duwawkWA. wm j - ForM Simplicity Copyright Real Estate Contract 2022 (Lots and Acreage) + Arkansas E�µ�w„o REACTORS` Page 5 of 11 REALT�R' Or�IIRru„i7• Association Form Serial Number: 043738-500166-3189248 12. PRORATIONS: Taxes and special assessments due on or before Closing shall be paid by Seller. Any deposits on rental Property are to be transferred to Buyer at Closing. Insurance, general taxes, special assessments, rental payments and interest on any assumed loan shall be prorated as of Closing, unless otherwise specified herein. 13. CLOSING: Closing is the date and time at which Seller delivers the executed and acknowledged deed and Buyer's completion, signing and delivery to Seller (or Closing Agent agreed to by Buyer 8 Seller) of all loan, closing documents, and Purchase Price funds required to be executed or delivered by Buyer (the ,Closing"). The Buyer and Seller agree the Closing date will be (month) January (day) 13 , (year) Closing date may be changed by written agreement of Buyer and Seller. If the sale is not consummated by the Closing date (or any written extension thereof), the parties shall have the remedies available to them in equity or at law, including the remedies available to them in Earnest Money Addendum. Buyer and Seller shall have the right to choose their Closing Agent(s) and are not relying on Listing Firm or Selling Firm to choose a Closing Agent. Should Buyer or Seller choose the services of a Closing Agent(s) other than Selling Firm or Listing Firm, then Buyer and Seller each jointly and severally agree to indemnify and hold Listing Firm and Selling Firm harmless for all intentional misconduct and negligent acts (including acts of omission) of the Closing Agent(s). This Real Estate Contract shall serve as written closing instructions to the Closing Agent on behalf of the Buyer and Seller. The Closing Agent(s) is/are authorized to provide Seller's closing disclosure or other settlement statement(s) to Listing Firm (in addition to Seller) and Buyer's closing disclosure or other settlement statement(s) to Selling Firm (in addition to Buyer) so Buyer, Seller, Listing Firm and Selling Firm shall have a reasonable opportunity to review prior to Closing. Buyer and Seller shall each have the right to request title insurer(s), if any, issue closing protection to indemnify against loss of closing funds because of acts of a Closing Agent, title insurer's named employee, or title insurance agent. Any cost for closing protection will be paid by the requesting party(ies). Listing Firm and Selling Firm strongly advise Buyer and Seller to inquire of the Closing Agent(s) about the availability and benefits of closing protection. This Real Estate Contract shall, unless otherwise specified in Paragraph 20 of this Real Estate Contract, constitute express written permission and authorization to Listing Firm and Selling Firm to disclose the terms of this Real Estate Contract (and all Addenda), including without limitation concessions provided by Buyer or Seller or other non-public personal information of Buyer and Seller regarding the purchase and sale of the Property, to any of the following: (i) an Arkansas licensed appraiser; (ii) multiple listing services for use by the members thereof; and (iii) any other person or entity which Listing Firm or Selling Firm determines, using sole discretion, may have a legitimate basis to request and obtain such information. The authorization and permissions granted in this Paragraph 13 shall not create any obligation or duty upon Listing Firm or Selling Firm to make any disclosure to any person or entity. 14. FIXTURES AND ATTACHED EQUIPMENT: Unless specifically excluded herein, all fixtures and attached equipment, if any, are included in the Purchase Price. 15. POSSESSION: Possession of the Property shall be delivered to Buyer: ❑x A. Upon the Closing. B. Delayed Possession. (See Delayed Occupancy Addendum attached) El C. Prior to Closing. (See Early Occupancy Addendum attached) Page 5 of 11 s..r 043738+oo+ee-3ip20 imir PMwsdby chm Rack* I Rark"Ra 1Vft I "O°'" I Simplicity 1 9 �. "�, t,1.:. tterdWta9li�VlYlnEi1l41W�W Real Estate Contract Copyright 2022 (Lots and Acreage) [13,21 Arkansas EOW-HOEIL.O REALTORSO Page 6 of 11 ar �� c R QrPD TV.ITY Association Form Serial Number: 043738-500166-3189248 16. OTHER CONTINGENCY: 0 A. No Other Contingency. (Except for those conditions listed elsewhere in this Real Estate Contract.) It is derstood and agreed that Seller has the right to enter into subordinate Real Estate Contracts and other Real Estate Contracts shall not affect this Real Estate Contract. B. This RealEstat Contract is contingent on- BUJ i G reP, O 1 0 Ot f K 7C. i'^ CIArf , 4VV\ hfv U in/n 1.I b on or before (month) '� (day) i _L, (year) 2D . During the term of this Real Estate Contract (Select one): ❑ (i) Binding with Escape Clause: Seller has the right to continue to show the Property and solicit and enter into another Real Estate Contract on this Property. However, all Real Estate Contracts shall be subject to termination of this Real Estate Contract. Should Seller elect to provide written notice of an additional Real Estate Contract being accepted by Seller, Seller shall utilize the Seller's Contingency Notice Addendum, (the "Notice") and Buyer shall have hours to remove this contingency. Buyer shall be deemed in receipt of the Notice upon the earlier of (a) actual receipt of the Notice or (b) two (2) business days after Seller or Listing Firm deposits the Notice in the United States mail, certified for delivery to Buyer at with sufficient postage to ensure delivery. Removal of this contingency shall occur only by delivery of the Notice, in a manner ensuring actual receipt, to Seller or Listing Firm. Time is of the essence. In the event Buyer removes this contingency and does not perform on this Real Estate Contract for any reason concerning this contingency, Seiler may assert all legal or equitable rights that may exist as a result of Buyer breaching this Real Estate Contract. Alternatively, Seller, at his sole and exclusive option, may retain the Earnest Money, as liquidated damages. If this contingency is removed, a Closing date shall be agreed upon by the parties. If a Closing date is not agreed upon, Closing shall occur calendar days from removal. Should Buyer not remove this contingency as specified, then this Real Estate Contract shall be terminated with Buyer and Seller both agreeing to sign a Termination of Contract Addendum with Buyer to recover Earnest Money. All time constraints in Is Real Estate Contract referred to in Paragraphs 5, 9, 10, 18, and 21 B refer to the time Buyer 4removes the contingency. (i1) Binding without Escape Clause: It is understood and agreed Seller has the right to enter into subordinate Real Estate Contracts, and other Real Estate Contracts shall not affect this Real Estate Contract. Page 6 of 11 s.r,.ir 84M&OolM-3189Us Form ptipwW by Chr RKWay I Rackwy Rn�Ey � I dry&r@pdW0&M mrn I Simplicity arm Sim Pr"w 11f C1.K Ll" i �......,,..._. plicity Copyright Real Estate Contract 202 � Arkansas (Lots and Acreage) to „a,,„a REALTORS' 0••o*4UA"" Assoclation Page 7 of 11 Form Serial Number: 043738-500166-3189248 17. BUYER'S DISCLAIMER OF RELIANCE: A. BUYER CERTIFIES BUYER WILL PERSONALLY INSPECT OR HAVE A REPRESENTATIVE INSPECT THE PROPERTY AS ANYLY AS WARRANTIES, REPRESENTAPRIOR TO OTSONS, ORYSTATEMENTS OF SEER CERTIFIES RLLER, N LISTNG F ROT AND I M, NOT RELY ON OR EMPLOYEE ASSOCIATED WITH SELLING FIRM, OR ANY AGENT, INDEPENDENT CONTRACTOR,OR THOSE ENTITIES, OR INFORMATIONYFROM SIZE MULT(PLE (INCLUDING W THOUTLISTINGELIMITATION E HE SQUARE REGARDING MINERAL RIG YEAR RI QUALITY VALUE OR CONDITION OF T HE FEET IN IMPROVEMENTS LOCATED ON THE PROPERTY?, PROPERTY, INCLUDING WITHOUT LIMITATION IMI S.TIOWEVER,I BU ER MAY RELY ALL MPROVEMENTS, PUPON EANY WRITTEN ELECTRICAL OR MECHANIC DISCLOSURES PROVIDED BY SELLER. ICE To BUYER CONDITION OF PROPERTY, AND SELLING FIRM STRONGLY U FIRM CAGE VSTATUS OF TITLE TOT E PROPERTY, OR SELLER. LISTING FIR LISTING FIRM AND SELLING FIR REMENTS OF SQUARE FOOTAGE OF IMPROVEMENTS, QUESTIONS OF VERIFIED RAND, AINVES ND L ATTED BY HER Q BIUYER OR A BUYER SHOULD EACH BE INDEPENDENTLY REPRESENTATIVE CHOSEN BY BUYER. IR AND SURVEY ADDENDUM PRIOR TO B. BUYER AGREES TO SIGN PAGE 4 OF THE I ©N CTTOE PROPERTY AND INTENDS TO C OSE CLOSING IF BUYER ACCEPTS THE G 18. SELLER PROPERTY DISCLOSURE: of Firm A. Buyer and Seller acknowledge that upon the ut on atisnReal eEstate �Contralct9a (written Listing e have delivered to Buyer, prior to the but this fact neither limits nor restricts prepared by Seller concerning the condition of the Property, (year) r�, er's Disclaimer of Reliance set forth in Paragraph 17 of this Real Estate Contract. closure The written Buy aced by Seller is dated (month) disclosure prep Seller to be the latest disclosure and the answers contained In the disclosure and is warranted by correct and complete to Sellers knowledge, that warranted to be tie provide a written disclosure about the condition of the Property B. Buyer hereby requests Seller to p 3 business days after this Rea Estate Contract is true and correct to Sellers knowledge within three Contract terminated with Buyer and Seller both signed b Buyer and Seller. If Seller does not provide the disclosure within the three has been sig by may declare this Real Estatest Money. If business days, Buy Tee 3) business days after receipt of disclosure, o sign the Termination of Contract, with Buyer to receive a refund of the Eamboth agreeing agreeing t g be declared terminated by Buyer, with Buyer and Seller Receipt of Buyer finds the disclosure unacceptable within this Real Estate Contract may s in any way Buyers Disclaimer of Reliance set forth in to sign the Termination of Contract with Buyer to receive a refund of the Earnest Money. this disclosure neither limits nor restricts or can be completed) by Seller, Buyer has Paragraph 17 of this Real Estate rC Vet been completed C. Although a disclosure form may Real Real Estate Contract, but this fact and does not desire from Seller a written disclosure concerning ncernin neither received nor requested riot to the execution of th rah 17 a the condition of the property w Buyer's Disclaimer of Reliance set forth in Paragraph TO li mits nor restricts in any Y TRONGLY URGED BY SELLINGSARY PR OR TO SIGNINI AND LISTING GTHIS Estate Contract, BUYER IS MAKE ALL INDEPENDENT INSPECTIONS DEEMED NECE rovided by Seller. This fact M Paragraph 17 REAL ESTATE CONTRACT. the Buyer's Disclaimer of Reliance LIN(3 FIRM AND LISset forth in TING FIRM nX p. Buyer understands no disclosure is available and will not Le p H neither limits nor restricts in any way Real Estate Contract. BUYER IS STRONGLY URGED BY this R eEPEINSPECTIONS DEEMED NECESSARY PRIOR TO SIGNING TO L STATE CONTRACT. page 7 of 11 E ALL IND REAL E SwI in3pli0rY I Copyright Real Estate Contract 2°Zz Arkansas (Lots and Acreage) rou- Ho�sxc REACTORS` R EA L'VR onoxraxrrr A5SOCIatIOR Page 8 of 11 Form Serial Number: 043738-500166-3189248 19. AGENCY: (check all that apply) ❑ A. LISTING FIRM AND SELLING FIRM REPRESENT SELLER: Buyer acknowledges Listing Firm and Selling Firm and all licensees associated with those entities are the agents of Seller and it is Seller who employed them, whom eivin ypfidential in ormationresent, and to nfromyBuyer, Sell ng are lFirm, which kmaylbegthe es that before eliciting or rec g con same as Listing Firm, verbally disclosed Selling Firm represents Seller. ❑ B. LISTING FIRM REPRESENTS SELLER AND SELLING FIRM REPRESENTS BUYER: Buyer and Seller acknowledge Listing Firm is employed by Seller endeSelling nt a dFirm i respons emp yed by Seller. All licensees associated with Listing Firm are employed by, p All licensees associated with Selling Firm are employed by, represFirm representsent, and are Seller. to Seller. Buyer acknowledges Selling Firm verbally disclosed Listing acknowledges Listing Firm verbally disclosed Selling Firm represents Buyer. ❑x C. LISTING FIRM AND SELLING FIRM ARE THE SAME AND REPRESENT BOTH BUYER AN hereby acknowledge and agree Listing and Selling Firm are the same SELLER: Seller and Buyer both Buyer and Seller in and a!1 licensees associated with Listing and Selling Firm are representinFirm gn and is now the purchase and sale of the above reference ect P� teisnsanlsalcgonelliS9eile andsBuyer have both the agent of both Seller and Buyer P consented to, and hereby confirm their consent to agency representation of both parties Further, Sellr Buyer er and Buyer agree: li) Listing/Selling Firm shall not or other confidential information shall dlconcerning theitho eeother party Seller any personas, fin ree without the express written isclose to Buyernt of information known toeListing Listing/Selling m Listing/Selling Firm shall related to defects in the Property and such information shall not be deeme e i "confidential information." Confidential that is less than the offering price or any price Buyersonfidential information shall include but not be limitedo any price Seller is willing to accept hen Willing to pay that is higher than that offered in writing, Firm ii by selecting this option 190 gbleeco flctofSeller interestersts,gand SellerandBuyer further represents both par#indies, i possible Firm. conflicts of interest from agree to forfeit their rndividuaolrnghe�e°afterear sive ang ouhe t eanyyalty of Listing/Selling to waive any claim now Selling Firm representing both parties. Buyer and Seiler acknowledge Listing g Listing/Selling Firm verbally disclosed Lis 1V9 / their written conresents sent to both representation es in this beforetransaction, and Bo?�fS R�a1 Estate Coeller haven act. before entering Seller acknowledges Selling Firm Buyer and it is Buyer who employed ❑ D. SELLING FIRM REPRESENTS E oRCia associated SelYngRF�NOareShe agents of l Seller acknowledges that at first and all licensees them, whom they represent, and to whom they are resp Buyer. Any reference to "Listing contact Selling Firm verbally disclosed that Selling Firm represents to an uyer and ler Firm" in th is Real Estate Contract will be considelledr is a li licensed Selling Real Estate AgenBt) involved ntlhis acknowledging that all real estate agents (unless e Real Estate Contract only represent Buyer E. NON -REP RESENTATION: See attached Non -Representation Disclosure Addendum � onm If item E is C. checked it should be accompanied by a corresponding entry to Paragraph page B o! 11 Smrilu.ny $anal 043739b00S64.31692" Cl+asa�ra�`IaYl mr� he _�— pr.p.,.d bl Cha" Rad,leY 1 Rarkiey Ra99Y iro�rp —. , 5impucity Copyright Real Estate Contract ® sozs (Lots and Acreages Arkansas roVLL "° REACTOR$° Page 9of 11 G��. °°RF ""' Association Form Serial Number: 043738-500166-3189248 20. OTHER: y 21. LEAD -BASED PAINT RISK ASSESSMENTIINSPECTION: 7 A. Buyer understands and agrees that, according to the best information available, improvements on this Property were not constructed prior to 1978 and should not contain lead -based paint hazards. ❑ B. Buyer has been informed that the Property, including without limitation garages, tool sheds, other outbuildings, fences, signs and mechanical equipment on the Property that were constructed prior to 1978, may contain lead -based paint. Seller will provide the Lead -Based Paint Disclosure (pre-1978 construction) within three (3) business days after acceptance of this Real Estate Contract. The obligation of Buyer under this Real Estate Contract is contingent upon Buyer's acceptance of the Lead -Based Paint Disclosure provided by Seller and an Inspection and/or Risk Assessment of the Property for the presence of lead -based paint and/or lead -based paint hazards obtained at Buyer's expense. If Buyer finds either the Lead -Based Paint Disclosure or the Inspection and/or Risk Assessment unsatisfactory, in the sole discretion of Buyer, within ten (10) calendar days after receipt by Buyer of the Lead -Based Paint Disclosure, Buyer shall have the absolute option to unilaterally terminate this Real Estate Contract with all Earnest Money returned to Buyer and, neither Buyer nor Seller having further obligation to the other thereafter. Buyer may remove this contingency and waive the unilateral termination right at any time without cause by written General Addendum signed by Buyer and delivered to Seller. If Buyer does not deliver to Seller or Listing Firm a Termination of Real Estate Contract Addendum terminating this Real Estate Contract within the ten (10) calendar days after receipt by Buyer of the Lead -Based Paint Disclosure, this contingency shall be deemed waived and Buyer's performance under this Real Estate Contract shall thereafter not be conditioned on Buyer's satisfaction with the Lead -Based Paint Inspection and/or Risk Assessment of the Property. Buyer has been advised of Buyer's rights under this Paragraph 21. 22. RISK OF LOSS: Risk of loss or damage to the Property by fire or other casualty occurring prior to the time Seller delivers an executed and acknowledged deed to Buyer is expressly assumed by Seller. Buyer shall have the right prior to Closing to inspect the Property to ascertain any damage that may have occurred due to fire, flood, hail, windstorm or other acts of nature, vandalism or theft. 23. GOVERNING LAW: This Real Estate Contract shall be governed by the laws of the State of Arkansas. 24. SEVERABILITY: The invalidity or unenforceability of any provisions of this Real Estate Contract shall not affect the validity or enforceability of any other provision of this Real Estate Contract, which shall remain in full force and effect. Page 9 of 11 Sww 0437344WI/b31M246 Pmpuad by Char RadJay I Ra**Y Rmfly wco I dme*ra&4Yww mm Forn simplicity W Real Estate Contract Copyright 2022 (Lots and Acreage) Arkansas Page 10 of 11 oR REACTORS` Association Form Serial Number: 043738-500166-3189248 25. MERGER CLAUSE: This Real Estate Contract, when executed by both Buyer and Seller, shall contain the entire understanding and agreement between Buyer and Seller with respect to all matters referred to herein and shall supersede all prior or contemporaneous agreements, representations, discussions and understandings, oral or written, with respect to such matters. This Real Estate Contract shall not supersede any agency agreements entered into by Buyer or Seller and Listing Firm or Selling Firm. 26. ASSIGNMENT: This Real Estate Contract may not be assigned by Buyer unless written consent of Seiler is obtained, such consent not to be unreasonably withheld. It shall not be unreasonable for Seller to withhold consent if Seller is to provide financing for Buyer in any amount 27. TIME: Buyer and Seller agree time is of the essence with regard to all times and dates set forth in this Real Estate Contract. Unless otherwise specified, days as it appears in this Real Estate Contract shall mean calendar days. Further, all times and dates set forth in this Real Estate Contract refer to Arkansas Central time and date 28. ATTORNEY'S FEES: Should Buyer or Seller initiate any type of administrative proceeding, arbitration, mediation or litigation against the other (or against an agent for the initiating party or agent for the non - initiating party), it is agreed by Buyer and Seller (aforementioned agents being third -party beneficiaries of this Paragraph 28) that all prevailing party (or parties if more than one) shall be entitled to an award of all costs and attorney's fees incurred in prosecution or defense of such initiated action against the non -prevailing party (or parties if more than one). 29. COUNTERPARTS: This Real Estate Contract may be executed in multiple counterparts each of which shall be regarded as an original hereof but all of which together shall constitute one in the same. Electronic signatures shall be deemed original signatures and shall be binding upon the parties. 30. FIRPTA COMPLIANCE, TAX REPORTING: Buyer and Seller agree to disclose on or before Closing, to the person or company acting as Closing Agent for this transaction, their United States citizenship status, solely for the purpose of compliance with the Foreign Investment in Real Property Taxation Act (FIRPTA)_ In addition, Buyer and Seller shall execute all documents required by such Closing Agent to document compliance with FIRPTA and all other applicable laws. Buyer and Seller agree that nothing in this Real Estate Contract is intended to limit the responsibility of the Closing Agent as defined pursuant to United States Treasury Regulation 1,6045.4 to. (r) be the "reporting person" under state and federal laws (including without limitation 26 USC Section 6045(e)), and (ii) file all necessary forms regarding the Closing, including without limitation form 1099. 8288 or 8288A. By accepting the role as Closing Agent, this Real Estate Contract shall obligate the Closing Agent to fulfill their responsibilities as set forth abave and as defined by the above statutes. Seller will execute an affidavit confirming compliance with FIRPTA, as prepared by the Closing Agent. 31. LICENSEE DISCLOSURE: Check all that apply. ❑X A. Not Applicable. ❑ B. One or more parties to this Real Estate Contract acting as a❑Buyer[]Seller hold a valid Arkansas Real Estate License. ❑ ity acting as❑ C. One or more owners of any entBuyer❑Seller hold a valid Arkansas Real Estate License 32. EXPIRATION: This Real Estate Contract exppires if not accepted on or before (month) September (day) _ _ 16 (year) 2022 at _ 11:59 [—](a.m.) ❑x (P.m,). Page 10 of 11 F •n S ®a 0437304 IW31992" SirnPlicity Pnpw.d by Craw Racks .y i ROCADY Ree:'1 Inc wse�rs�ey'.earm^. i %Fofri) — — Simplicity Copyright Real Estate Contract[Ig Arkansas (Lots and Acreage) £a„„L„ova,„a REALTORS' 11 �.3 Page 11 of 11 OPPORTUNITY Association THIS IS A LEGALLY BINDING REAL ESTATE CONTRACT WHEN SIGNED BY THE PARTIES BELOW, READ IT CAREFULLY. YOU MAY EMPLOY AN ATTORNEY TO DRAFT THIS FORM FOR You. IF YOU DO NOT UNDERSTAND THE EFFECT OF ANY PART, CONSULT YOUR ATTORNEY BEFORE SIGNING. REAL ESTATE AGENTS CANNOT GIVE YOU LEGAL ADVICE. THE PARTIES SIGNED BELOW WAIVE THEIR RIGHT TO HAVE AN ATTORNEY DRAFT THIS FORM AND HAVE AUTHORIZED THE REAL ESTATE AGENT(S� TO FILL IN THE BLANKS ON THIS FORM. THIS FORM IS PRODUCED AND COPYRIGHTED BY THE ARKANSAS REALTORS- ASSOCIATION. THE SERIAL NUMBER BELOW IS A UNIQUE NUMBER NOT USED ON ANY OTHER FORD, THE SERIAL NUMBER BELOW SHOULD BE AN ORIGINAL PRINTING, NOT MACHINE COPIED, OTHERWISE THE FORM MAY HAVE BEEN ALTERED. DO NOT SIGN THIS FORM IF IT WAS PREPARED AFTER DECEMBER 31, 2022. FORM SERIAL NUMBER: 043738-500166-3189248 REAL E$TATE LICENSEES ARE REGULATED BY THE ASK&NSAS REAL EtT�.COMMISSION. IF A LICENSEUAS-- PLO- PMLY RREPRE5ENTE-0LYM1 YQU MAY FIL AS Al ITALAREC ARKANSA&GOV� The above Real Estate Contract is executed on: (month) September (day) 14 , (year) 2022 , at 5.00 ❑(a.m-) ❑x (p,rrt.). Rac)(1qy Realty Selling Firm Signature., Signature: 12 A Printed Name Chase Rackley Printed Name Newcap Investment Parfners Buyer Principal or Executive Broker (AREC License # PB00076178 (Broker email: chase@mckleyteam.com Signature: chase T;wrizl.BiJ. Signature: Printed Name, Chase Rackley Printed Name' uyer Selling Agent (AREC License # PB00076178 (Agent email: chase@ rackleyleam.com i (Agent cell number. 501-519-4889 The above Real Estate Contract is executed on: (month) (day) , (year) , at ❑ (a.m.) ❑ (p.m.). Rackley Realty Listing Firm Signature Signature: Printed Name _ Chase Rackley Printed Name Setter TLC, LLC PB00076178 _ Principal or Executive Broker (AREC License # 1 (Broker email: chase@rackle eam.com I Signature. Signature: Printed Name Chase Rackley _ Printed Name. Listing Agent (AREC License # 7W8 t e er (Agent email: chase@rackleLteam.com (Agent cell number: 501-519-4889 The above offer was ❑ rejected ❑ covnteroffered (Farm Serial Number ❑ Buyer informed of Notification of Existing Real Estate Contract Addendum (Form Serial Number ) on (month) (day) , (year) , at ❑ (a.m.) ❑ (p.m ). Seller's Initials Pagel 1 of 11 Seller's Initials SwaM1 autse-aoaiewUWAO i P+WadW ChmRsdJey I RackleyReaAylnc I chase(Aac„leyeamwm I S mplitity