HomeMy WebLinkAboutOffer & Acceptance Form 071825Doi ,'L,ign Envelope ID: E090C878-BEC2-4A9D-A494-635E81 FE7B6C
Docusign Envelope ID: A0133AD81-1317D-4ACF-88F7-86E26ED9A70B
1 Allied Drive, Suite 1500 Main: +1 501 372 6161
Little Rods, AR 72202 colliers.com
OFFER AND ACCEPTANCE
Colliers Arkansas, Inc.
dba Colliers I Arkansas
DATE: June 13, 2025
1. BUYER and SELLER: PROPERTY: Kanis Investment. LLC and/or Assigns (the "Buyer") submits this offer to Mordecai
Properties, LLC (the "Seller"), to buy the land and all improvements situated thereon located at 12819 Kanis Road, Little
Rock. Arkansas (the "Property") and more particularly as shown and described on attached Exhibit A.
2. PURCHASE PRICE: Buyer will pay Two Hundred Sever -Five Thousand and 00l100 Dollars ($275,000-001 for the
Property (the "Purchase Price"), payable as follows: cash at closing.
3. EARNEST MONEY: Within THREE (3) business days after the Acceptance Date (as defined below), Buyer shall tender a check
for $2,500.00 made payable to Title Company (as named in Section 8 hereof), to be deposited as earnest money (the "Earnest
Money"), held In escrow by the Title Company and applied at closing toward the Purchase Price or closing costs. Buyer
represents and warrants that the Earnest Money check, and any other funds to be paid to Seller hereunder, shall be drawn on
an account in which there are good and sufficient, immediately available funds. If title and survey requirements are not fulfilled
or if any special contingency or condition hereto is not satisfied, the Earnest Money shall be promptly refunded to Buyer.
If Buyer fails to fulfill each of its obligations under this contract or if, after all conditions to be satisfied by Seller have been met,
Buyer fails to close this transaction, the Earnest Money shall be released to Seller as liquidated damages and the parties hereto
will have no further rights or obligations hereunder. In the event there is at any time a dispute regarding who is entitled to receive
the Earnest Money, the party then holding same may interplead the Earnest Money into a court of competent jurisdiction, after
deducting its reasonable attorneys' fees and costs to interplead, and upon such interpleader, no party other than Buyer and
Seller shall have any further obligation or liability for the Earnest Money or under this contract; this provision is intended to
release the Title Company, Listing Agent Firm and Selling Agent Firm (as such are hereinafter named) from all further liability.
In any circumstance in which the Earnest Money is to be returned to Buyer or released to Seller pursuant to the terms of this
contract, this contract will be deemed null and void the parties hereto will thereafter have no further rights or obligations
hereunder.
4. SELLER'S ENVIRONMENTAL PROPERTY DISCLOSURES: Seller hereby represents and warrants to Buyer that to the best
of Seller's knowledge and belief:
A. The Property is not the subject of any administrative or judicial notice or action relating to asbestos, polychlorinated
biphenyls, dioxin or other hazardous, toxic or contaminated substances or environmental waste;
B. Seller has not received any notice of any claim or assertion that the Property is in violation of any environmental
protection law, rule or regulation.
C. No hazardous or toxic substance has been stored, processed or disposed of on the Property while Seller has owned
the Property and Seller has no actual knowledge of such prior to Seller acquiring title.
D. No underground storage tanks are located on the Property and Seller has no actual knowledge of storage tanks ever
having been located on the Property.
S. INSPECTIONS AND REPAIRS: Buyer certifies that Buyer has inspected or will inspect, personally or through its
representatives, the Property, and that Buyer is not relying upon any warranties, representations or statements of Seller or
Seller's agent as to the age or condition of the Property or improvements thereon, other than those expressly set forth herein, if
any.
6. RISK OF LOSS The risk of loss or damage to the Property by fire or other casualty occurring up to the time of Buyer's closing
is assumed and retained by Seller.
7. SURVEY: Seller has no existing survey. Buyer may obtain a new ALTA certified survey at Buyer's sole expense (the "Survey").
Docusign Envelope ID: E090C878-BEC2-4A9D-A494-635E81FE7B6C
Docusgn Envelope ID: A063AD81-121170-4ACF-88F7-86E26ED9A70B
8. TITLE INSURANCE: Within FOURTEEN (14) days after the Acceptance Date hereof Seller shall famish to Buyer an ALTA
commitment for an owner's policy of title insurance for each property in the amount of the Purchase Price, naming Buyer as the
proposed insured and noting thereon (but not insuring) the current zoning classification of the Property, together with legible and
complete copies of each special exception noted on or referred to in such commitment (such commitment and exception
documents being collectively referred to as the "Title Commitment"), issued by Mike Sage. Commerce Title & Closin
Services in Little Rock, Arkansas (the "Title Company"), which is a company that is authorized to insure title to real property
in the State of Arkansas.
Within SEVEN (7) days after Seller delivers the Title Commitment to Buyer, Buyer shall deliver written notice to Seller
of any exceptions set forth in the Title Commitmentto which Buyer objects, and of any deficiencies in or objections to the Survey.
Buyer's notice to the Title Company (regarding the Title Commitment) and/or the Surveyor (regarding the Survey), copied to
Seller, shall also constitute proper notice to Seller of objections. If Buyer does not timely raise objections to the Title Commitment
or Survey they shall be deemed accepted by Buyer.
Within SEVEN (7) days after Buyer's delivery of notice of objections to the Title Commitment or the Survey, if any,
Seller may cure such objections or have the exceptions waived, removed or, when appropriate and acceptable to Buyer, insured
over, by the Title Company agreeing to issue a policy consistent with a revised title commitment, or via endorsement thereto,
and by Surveyor correcting, completing or modifying and recertifying the Survey. If Seller fails to timely have such objections
and/or exceptions waived, removed, corrected or insured over, or within that period of time, Seller delivers written notice to Buyer
that it will not so cure, then Buyer shall have the option, by giving written notice to Seller, to:
(a) terminate this contract, in which event the Earnest Money shall be promptly returned to Buyer; or
(b) purchase the Property subject to such objections and exceptions with an appropriate reduction in the Purchase Price
as negotiated and agreed to by Seller and Buyer; or
(c) agree to extend the closing date for up to THIRTY (30) days to give Seller additional time to cure such objections.
If Buyer fails to timely deliver a notice indicating option (b) or (c) above Buyer will be deemed to have elected option (a) and this
contract shall be null and void and the Earnest Money promptly refunded to Buyer, and the parties hereto will have no further
rights or obligations hereunder.
Seller agrees to cooperate in all respects with the Title Company, both before and after closing, and to promptly
provide to the Title Company such documents and information (including social security number or federal tax identification
number, as appropriate) as maybe reasonably requested to facilitate the closing. Seller shall furnish to Buyer the owner's policy
of title insurance consistent with the accepted Title Commitment as soon as practicable after closing and in all events within
THIRTY (30) days after closing.
9. INVESTIGATION' PERIOD: Buyer shall have NINETY (90) days after Seller's Acceptance (the "Investigation Period' to review
such materials and conduct such further examinations of the Property, studies, tests and any other inspections and analysis as
Buyer shall deem necessary or desirable (including the roof, foundation, parking lots, heating, ventilation and air conditioning
systems, plumbing systems, electrical systems and other infrastructure and improvements) to satisfy itself as to such matters
which Buyer, in its sole and absolute discretion, considers relevant to its decision to purchase the Property. No utilities will be
connected. There is no Property Manager. Anyone entering the interior of the structures on Property is at their own risk. There
are no current occupants of the Property. Seller further grants Buyer and its engineers, representatives and consultants, a
license to go upon the Property and conduct such tests and explorations as are reasonably deemed necessary by Buyer. In the
event Buyer, its engineers, representatives and consultants, need access to the interior of the Property in order to conduct such
investigations Seller shall grant Buyer such access. Rezoning application shall be submitted to the City of Little Rock by July
14, 2025, the deadline for a hearing date of September 11, 2025.
Should Buyer elect to terminate this contract for any reason whatsoever on or before the end of the initial ninety (90) day
Investigation Period, then Buyer may, at its option, do so by giving Seller written notice of termination, whereupon the Earnest
Money will be promptly refunded to Buyer. If Buyer does not deliver, on or before the expiration of the Investigation Period, either
(a) a notice of termination, (b) a notice removing this investigation contingency, or (c) a notice to extend the Investigation Period
(as defined below), then this contract shall be deemed null and void and the Earnest Money will be promptly refunded to Buyer.
Buyer shall have the right to extend the Investigation Period for TWO (2) additional THIRTY (30) day periods by written notice
of Buyer's election to do so. Upon notice of the first thirty -day extension, Buyer shall deposit an additional $2,500.00 with the
Title Company, and the initial $2,500.00 earnest money and the additional $2,500.00 earnest money shall become non-
refundable but applicable to the purchase price. Upon notice of the second thirty -day extension, Buyer shall deposit an additional
$2,500.00 for such period that shall also become non-refundable but applicable to the purchase price. If Buyer elects not to
proceed to Closing after one or both extensions, the Title Company shall deliver the appropriate amount of earnest money to
Docusign Envelope ID: E090C878-BEC2-4A9D-A494-635E81FE7B6C
Docusign Envelope ID: A0133AD81-617D-4ACF-88F7-86E26ED9A70B
Seller. If Closing occurs, all Earnest Money shall be credited to Buyer and applied to the purchase price. For clarity, if Buyer
elects to terminate the contract during the initial ninety (90) day Investigation Period, then the Earnest Money shall be refunded
to Buyer.
Buyer shall obtain satisfactory financing for the purchase of the Property, at Buyer's sole discretion, during the Investigation
Period.
10. PRORATIONS: Taxes and special assessments due on or before closing shall be paid by Seller. Any deposits and pre -paid
rent on rental property are to be transferred to Buyer at closing. Current general taxes and special assessments, rental payments
and any interest on assumed loans shall be prorated at closing unless otherwise specified herein.
11. CLOSING: Closing shall occur at such time as is mutually agreed by the parties hereto, provided that the date shall be no later
than FOURTEEN (14) days after rezoning application is approved by the City of Little Rock. Closing shall occur at the Title
Company's office located at Commerce Tifie & Closing Services _1901_Napa Valley Drive #10, Little Rock, A_R_7_2.212. Unless
otherwise agreed by Buyer and Seller, transaction costs will be paid by the party indicated below;
Seller:
Title examination or search fees, Premium for owner's
policy of title insurance,
IRS notification form,
Preparation of conveyance documents,
One-half of escrow fees, One-half of documentary
stamps,
Other charges customarily paid by seller.
Buyer:
Premium for mortgagee's policy of title insurance,
Recording flees,
Preparation for loan documents,
One-half of escrow fees,
One-half of documentary stamps,
Other charges customarily paid by buyer.
12. CONVEYANCE: At closing, Seller shall deliver title to each Property through a duly executed and recordable general warranty
deed, conveying to Buyer good and marketable fee simple absolute title to the Property, subject only to the matters listed as
exceptions, either standard or special, in the Title Commitment, which exception is not timely objected to or is deemed approved
or waived by Buyer under the terms of this contract Seller shall further deliver to Buyer, at dosing, (a) an affidavit certifying that
no labor, materials or services have been furnished to or for the benefit of the Property within one hundred twenty (120) days
prior to closing, other than those which have been listed in the affidavit of title and have been paid in full by closing with such
affidavit having attached thereto receipts evidencing all such payments; (b) all architectural plans and specifications for the
Property that are in the possession or control of Seller or its agents or representatives; and (c) all licenses and permits necessary
to the operation of the Property, to the extent they are assignable.
13. POSSESSION: Possession of the Property shall be delivered to Buyer at closing, including all keys, entry codes and other
means of access.
14. ATTACHED FIXTURES AND EQUIPMENT: Unless specifically excluded herein, all fixtures and equipment, if any, attached to
the Property are included in the Purchase Price.
15. AGENCY: LISTING AGENT FIRM REPRESENTS SELLER AND SELLING AGENT FIRM REPRESENTS BUYER. Buyer and Seller
acknowledge that the Listing Agent Firm (identified below) is employed by Seller and the Selling Agent Firm (identified below)
is employed by Buyer. All licensees associated with the Listing Agent Firm are employed by, represent, and are solely responsible
to, Seller, and all licensees associated with the Selling Agent Firm are employed by, represent, and are solely responsible to,
Buyer. Buyer acknowledges that the Selling Agent Firm verbally disclosed that the Listing Agent Firm represents Seller. Seller
acknowledges the Listing Agent Firm verbally disclosed that the Selling Agent Firm represents Buyer. Buyer represented by
Colliers. Seller represented by United Real Estate. Seller to pay a real estate fee of five percent (5%) of the Purchase Price, with
a split of two and six hundredths percent (2.6%) to Listing Firm and two and four hundredths percent (2.4%) to Selling Firm.
16. MERGER CLAUSE: This contract, when executed by both Buyer and Seller, shall contain the entire understanding and
agreement between Buyer and Seller with respect to the Property and shall supersede all prior or contemporaneous agreements,
representations, discussions and understandings, oral or written, with respect to such matters. This contract shall not supersede
any agency agreements entered into by Buyer or Seller and Listing Agent Firm or Selling Agent Firm.
17. TIME IS OF THE ESSENCE: Buyer and Seller agree that time is of the essence to this contract and any failure to perform within
the time specified shall constitute a breach hereof. All times stated herein shall mean Central (Arkansas) time.
Docusign Envelope ID: E090C878-BEC2-4A9D-A494-635E81FE7B6C
Docusign Envelope ID: A083AD81-617D-4ACF-88F7-86E26ED9A70B
18. ATTORNEYS' FEES: In the event this contract is breached by either party and the other party hereto subsequently obtains
legal counsel to enforce the contract or obtain any remedies to which the non -defaulting party may be entitled, the defaulting
party agrees to pay the attorneys' fees and court costs of the non -defaulting parry, whether or not litigation, arbitration, mediation
or some other form of action is instigated.
19. COUNTERPARTS: This contract may be executed in one or more counterparts, each of which shall be regarded as an original
hereof but all of which together shall constitute one and the same instrument.
20. NOTICE: Any time notice is required or permitted hereunder, notice to Buyer's real estate salesperson or attorney shall be
deemed notice to Buyer and notice to Seller's real estate salesperson or attorney shall be deemed notice to Seller. Notice may
be given by (a) personal delivery, (b) first class U.S. Mail, (c) Federal Express or any other reputable form of mail or courier
service, or (d) electronic mail if. (i) the sending party is able to confirm receipt and (ii) no more than ten (10) letter or legal size
pages (and no larger pages) are being sent, with bigger deliveries to be sent only by method (a), (b) or (c). Notices shall be
deemed delivered on the earlier of when received or three (3) business days following deposit into the mail. Notices for Buyer
should be emailed to Buyer's agent at: Bill.Pander ist colliers.com. Notices to Seller should be emailed
to: kath hardison mail.com.
21. ASSIGNMENT: Buyer may assign its rights under this contract provided Buyer will remain obligated under the terms hereof as
though no assignment had occurred until the completion of the closing to either Buyer or its assignee.
The Remainder of This Page Left Intentionally Blank
Signature Page to Follow
This offer is executed by Buyer on June 13u', 2025, and shall expire unless accepted in writing by Seller at or before 5:00 PM
Central time on June 15'^, 2025, with such acceptance being promptly thereafter communicated to Buyer.
Colliers Arkansas, Inc. dba Colliers l Arkansas
Buyer: Kanis Investment, LLC or
Assigns 6/13/2025
fvcvSMM.Y GY:
By: hl uun.i " Su, rn,si" ew I,LW eF 6ais IKA s{MLV! UL
Name: Maunish Shah, President on behalf of Kanis Investment LLC
Title: President
The above offer is accepted by Seller on June . 2025, at AM/PM Central time (the "Acceptance
Date"). At closing, Seller agrees to pay a sales commission as per a separate agreement.
Docusign Envelope ID: E090C878-BEC2-4A9D-A494-635E81FE7B6C
K
Docusgn Envelope ID: AOB3AD81-B17D-4ACF-88F7-86E26ED9A70B
United Real Estate
Listing Agent Firm
n1,,b1mdby:,,p'
Super 'iffi "Broker Melissa Bond
�o«„sosenr.
Hu viwc G Aarksew
Listing Agent Katherine G Hardison
Jun 14, 2025 1 11:09 AM PDT
Seller: Mordecai Properties, LLC
m, . nr
By: Nrdx.cN ] LW
1.a
Name:
Mordecai D Lee
Title:
Owner/Principal
Docusign Envelope ID: E09OC878-BEC2-4A9D-A494-635E81FE7B6C
Docusign Envelope ID: AOB3AD81-B17D-4ACF-88F7-86E26ED9A70B
Exhibit A
Property
Parcel: 44L-077.00-009.00 Pulaski County Report ID: 37890
Prev Parcel- R0148794 As of: 6111/2024
Property Owner Property Information
Name: MORDECAI PROPERTIES LLC Physical Address: 12819 KANIS RD
Mailing Address: 2408 BLACKWOOD RD Subdivision: 1N-13-08
LITTLE ROCK, AR 72207-2638 Block I Lot: — I —
Type: (RI) Res_ Improv_ S-T-R: 08-01N-13W
Over 65 Freeze: No
Tax Dist: (001) Little Rock SD
Size (Acres): 1.000
Extended Legal: SUB DIV OF NW NE LOT 6 8 1N 13W