Land Sale Agreement for Development
I. Agreement Overview
This Land Sale Agreement for Development ("Agreement") is entered into on January 2, 2050, by and between [Your Company Name], a company with its principal place of business at [Your Company Address] (hereinafter referred to as the "Seller"), and Invogorance, a company with its principal office at Garland, TX 75040 (hereinafter referred to as the "Buyer").
This Agreement outlines the terms and conditions under which the Seller agrees to sell and the Buyer agrees to purchase certain land for development purposes, as described herein.
II. Property Description
The land subject to this Agreement ("Property") is described as follows:
Location: 890 Horizon Way, Garland, TX 75040.
Size: Approximately 50 acres of undeveloped land zoned for commercial and residential development.
Legal Description: As provided in Exhibit A, attached to and forming an integral part of this Agreement.
III. Purchase Price and Payment Terms
1. Purchase Price
The total purchase price for the Property is $6,500,000 ("Purchase Price").
2. Deposit
The Buyer shall pay an initial deposit of $650,000 ("Deposit") within seven (7) business days of signing this Agreement. The Deposit shall be held in escrow by [Escrow Agent’s Name] and credited toward the Purchase Price at closing.
3. Balance Payment
The remaining balance of $5,850,000 shall be paid at closing by wire transfer to the account designated by the Seller.
IV. Due Diligence
1. Inspection Period
The Buyer is granted a due diligence period of 60 days from the execution date of this Agreement to conduct all necessary inspections, assessments, and feasibility studies, including but not limited to:
Environmental impact studies.
Zoning and land use compliance.
Utility access and infrastructure review.
Soil and topographical surveys.
2. Access for Inspection
The Seller shall provide the Buyer and its agents reasonable access to the Property during the inspection period.
3. Termination During Due Diligence
If the Property is deemed unsuitable for development during the due diligence period, the Buyer may terminate this Agreement by providing written notice to the Seller. In such a case, the Deposit shall be refunded in full.
V. Development Covenants
The Buyer agrees to the following development covenants:
The Property shall be developed in compliance with all local, state, and federal laws.
Construction must commence within 12 months of the closing date, barring delays caused by force majeure.
The Buyer shall not assign or transfer this Agreement without prior written consent from the Seller.
VI. Representations and Warranties
1. Seller’s Representations
The Seller represents and warrants that:
It holds clear and marketable title to the Property.
The Property is free of liens, encumbrances, or adverse claims, except those disclosed in Exhibit B.
The Property complies with applicable zoning and environmental regulations.
2. Buyer’s Representations
The Buyer represents and warrants that:
VII. Closing
1. Closing Date
The closing shall occur no later than April 15, 2050, unless mutually agreed otherwise by both parties.
2. Closing Location
Closing shall take place at [Your Company Name]’s designated title office or remotely via secure electronic documentation exchange.
3. Closing Deliverables
At closing, the Seller shall deliver:
A Warranty Deed transferring clear title to the Buyer.
A Title Insurance Policy guaranteeing marketable title.
Documentation of any applicable easements or utility agreements.
The Buyer shall deliver:
VIII. Default
1. Default by Seller
If the Seller fails to fulfill its obligations, the Buyer may terminate this Agreement and receive a full refund of the Deposit or pursue legal remedies.
2. Default by Buyer
If the Buyer fails to fulfill its obligations, including payment of the Deposit or Purchase Price, the Seller may terminate this Agreement and retain the Deposit as liquidated damages.
IX. Governing Law
This Agreement shall be governed by and construed in accordance with the laws of the State of Texas. Any disputes arising under this Agreement shall be resolved in the courts of Texas, with both parties consenting to jurisdiction within the state.
X. Termination
This Agreement may be terminated:
By mutual written consent of both parties.
By the Buyer during the due diligence period if the Property is deemed unsuitable.
By the Seller if the Buyer fails to meet its financial obligations.
XI. Signatory Section
This Agreement is executed by authorized representatives of both parties as of the date first written above.
For [Your Company Name]
Signed by: [Your Name]
Title: Chief Executive Officer
Date: January 2, 2050
For Invogorance
Signed by: Reyes Bayer
Title: Director of Real Estate Development
Date: January 2, 2050
For inquiries or further information, please contact [Your Name] at [Your Email], or reach out to [Your Company Name] via [Your Company Email].
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