URBAN LAND PURCHASE CONTRACT
I. AGREEMENT OVERVIEW
This Urban Land Purchase Contract (the "Contract") is made and entered into on the 4th day of December 2050, by and between [Your Name], of [Your Company Name], with a principal business address at [Your Company Address] (hereinafter referred to as "Seller"), and Edgar Spencer, of ZooMoco, with a principal business address at Virginia Beach, VA 23450 (hereinafter referred to as "Buyer").
The Seller agrees to sell, and the Buyer agrees to purchase, the urban land described in this Contract, subject to the terms and conditions set forth herein.
II. PROPERTY DESCRIPTION
Identification of Property
The property subject to this Contract is described as follows:
Address: 1500 Central Avenue, Virginia Beach, VA 23450
Parcel Number: 301-784-562
Lot Size: 2.5 acres
Zoning Classification: Commercial Mixed-Use (CMU)
Legal Description: A parcel of land located within Block 4, Section 3 of the Downtown District of Virginia Beach, more specifically described in the title deed recorded in the Virginia Beach City Clerk's Office, Book 98, Page 112.
The above-described property shall hereinafter be referred to as the "Property."
III. PURCHASE PRICE AND PAYMENT TERMS
Purchase Price
The total purchase price for the Property shall be $2,750,000 (the "Purchase Price").
Payment Terms
Initial Deposit: The Buyer shall pay an initial deposit of $275,000 upon execution of this Contract. The deposit shall be held in escrow by a mutually agreed-upon escrow agent and applied toward the Purchase Price at closing.
Balance Payment: The remaining balance of $2,475,000 shall be paid in full at the closing date through certified funds or wire transfer.
IV. DUE DILIGENCE
Inspections and Studies
The Buyer shall have a period of forty-five (45) days (the "Due Diligence Period") from the effective date of this Contract to conduct inspections, surveys, environmental studies, zoning verifications, and any other assessments deemed necessary.
Termination During Due Diligence
If the Buyer, in its sole discretion, determines that the Property is unsuitable for its intended use, the Buyer may terminate this Contract by providing written notice to the Seller before the expiration of the Due Diligence Period. In such a case, the initial deposit shall be refunded to the Buyer, less any escrow agent fees.
V. CLOSING TERMS
Closing Date
The closing of this transaction (the "Closing") shall occur on or before June 15, 2050, unless extended by mutual written agreement.
Closing Costs
The parties agree to the following allocation of closing costs:
The Seller shall bear the cost of preparing the deed and any title defect corrections.
The Buyer shall bear the cost of title insurance, recording fees, and all other applicable transfer taxes.
Title and Conveyance
The Seller shall convey to the Buyer good and marketable title to the Property through a general warranty deed, free and clear of all liens, encumbrances, and claims, except as otherwise stated in this Contract.
VI. REPRESENTATIONS AND WARRANTIES
Seller Representations
The Seller represents and warrants that:
The Seller has full legal authority to sell the Property.
The Property is free from environmental contamination.
No litigation, claims, or disputes are pending against the Property.
Buyer Representations
The Buyer represents and warrants that:
The Buyer has conducted or will conduct all necessary due diligence.
The Buyer has the financial capacity to complete the purchase.
VII. GOVERNING LAW
This Contract shall be governed by and construed in accordance with the laws of the State of Virginia, without regard to its conflict of laws principles.
VIII. DISPUTE RESOLUTION
The parties agree that any dispute arising out of this Contract shall first be resolved through good-faith mediation. If mediation fails, the dispute shall be settled through litigation in the courts located in Virginia Beach, Virginia.
IX. NOTICES
All notices under this Contract shall be sent to the following addresses:
Seller: [Your Name], [Your Company Name], [Your Company Address]
Buyer: Edgar Spencer, ZooMoco, Virginia Beach, VA 23450
X. SIGNATURES
By signing below, the parties agree to the terms and conditions set forth in this Contract as of the date first written above.
Seller: [Your Name]
[Your Company Name]
Date: January 1, 2050
Buyer: Edgar Spencer
ZooMoco
Date: January 1, 2050
For further information or questions regarding this Contract, please contact [Your Name] at [Your Email] or [Your Company Email].
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