Rural Land Purchase Agreement
I. Agreement Overview
This Rural Land Purchase Agreement ("Agreement") is entered into on January 2, 2050, by and between [Your Company Name], with its principal place of business located at [Your Company Address], and NamorCo, a company duly incorporated and existing under the laws of the State of Texas, with its principal place of business located at Plano, TX 75023.
This Agreement establishes the terms under which [Your Company Name] agrees to sell, and NamorCo agrees to purchase, specific rural property located in Texas.
II. Property Description
The property subject to this Agreement ("Property") is described as follows:
Location: 145 Prairie Vista Lane, Plano, TX 75023.
Size: Approximately 200 acres of rural land, including pasture areas, a small pond, and woodland sections.
Legal Description: Detailed in Exhibit A, attached hereto and incorporated into this Agreement by reference.
III. Purchase Price and Payment Terms
1. Purchase Price
The total purchase price for the Property is $3,200,000 ("Purchase Price").
2. Deposit
NamorCo agrees to pay an initial deposit of $320,000 ("Deposit") to [Your Company Name], to be held in escrow by [Your Company Name]’s escrow agent. This payment is due within five (5) business days from the execution of this Agreement and will be credited toward the Purchase Price at closing.
3. Final Payment
The remaining balance of $2,880,000 shall be paid in full at closing. Payment shall be made via certified funds or wire transfer to a designated account provided by [Your Company Name].
IV. Inspection and Due Diligence
1. Inspection Period
NamorCo shall have 60 days from the execution of this Agreement to inspect the Property. This includes conducting land surveys, environmental studies, soil testing, and any other assessments deemed necessary.
2. Access to Property
[Your Company Name] agrees to grant NamorCo and its representatives reasonable access to the Property during the inspection period for evaluations and assessments.
3. Termination Based on Findings
If any material defect or condition is discovered during the inspection period that is not resolved to NamorCo’s satisfaction, NamorCo may terminate this Agreement with written notice to [Your Company Name], and the Deposit shall be refunded in full.
V. Representations and Warranties
1. [Your Company Name]
[Your Company Name] represents and warrants that:
It is the lawful owner of the Property with full authority to sell.
The Property is free from liens, encumbrances, or adverse claims, except those disclosed in Exhibit B.
The Property complies with applicable zoning, agricultural, and environmental laws.
2. NamorCo
NamorCo represents and warrants that:
VI. Closing
1. Closing Date
The closing shall occur no later than April 15, 2050, unless otherwise agreed in writing by both parties.
2. Location of Closing
Closing shall take place at [Your Company Name]’s designated title office or via electronic documentation exchange.
3. Deliverables at Closing
At closing, [Your Company Name] shall deliver:
A Warranty Deed transferring clear title to NamorCo.
A title insurance policy ensuring marketable title.
Any additional documents necessary to complete the transaction.
At closing, NamorCo shall deliver:
VII. Default
1. Default by [Your Company Name]
If [Your Company Name] fails to fulfill its obligations under this Agreement, NamorCo may terminate the Agreement, and the Deposit shall be refunded in full.
2. Default by NamorCo
If NamorCo fails to make the Deposit or pay the Purchase Price as required, [Your Company Name] may terminate the Agreement and retain the Deposit as liquidated damages.
VIII. Governing Law
This Agreement shall be governed by and construed in accordance with the laws of the State of Texas. Any disputes arising from this Agreement shall be resolved in the courts of Texas, with both parties consenting to the jurisdiction of these courts.
IX. Termination
This Agreement may be terminated as follows:
By mutual written consent of both parties.
By NamorCo, if inspection reveals material issues that cannot be resolved.
By [Your Company Name], if NamorCo fails to comply with payment terms.
X. Signatory Section
This Agreement is executed by authorized representatives of both parties, who affirm that they have the authority to bind their respective organizations.
For [Your Company Name]
Signed by: [Your Name]
Title: Chief Executive Officer
Date: January 2, 2050
For NamorCo
Signed by: Winona Harvey
Title: President
Date: January 2, 2050
For further inquiries, please contact [Your Name] at [Your Email], or reach out to [Your Company Name] via [Your Company Email].
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