REAL ESTATE CONTRACT      Exit Montgomery Whiteley Realty
						     Larry Montgomery, Broker/Auctioneer
        (Public Auction)                         605A Eureka Ave., Berryville, Ar. 72616
						    870 423-2997        Fax: 870 423-2408 
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1. Buyer: ___________________________________________________________offers to purchase, subject to the Terms and Conditions announced at time of Public Auction and set forth herein, the following described Real Estate:

2. Legal Description: A part of the NE1/4 of the NE1/4 of Section 22, T19N, R22W, described as commencing at the SW Corner thereof; thence N 88 degrees 43’ 39” E 476.41 feet to the Point of Beginning:  thence continue N 88 degrees 43’ 39” E 196.09 feet ; thence N 19 degrees 30’ 11” E 410.42 feet; thence N 38 degrees 38’ E 186.60 feet to the southerly Right of Way of U.S. Highway #62; thence N 45 degrees 29’ 25” W with the right of way 20.10 feet; thence S 38 degrees 38’ W 188.71 feet; thence N 51 degrees 31’ 58” W 112.66 feet; thence S 33 degrees 06’ W 35 feet; thence N 46 degrees 56’ 20” W 99.62 feet; thence S 13 degrees 02’ 05” W 104.26 feet; thence N 65 degrees 37’ 35” W 114.79 feet; thence S 02 degrees 20’ 44” W 116.24 feet; thence S 01 degree 16’ 45” W 137.42 feet; thence S 00 degrees 20’ 33” W 204.78 feet to the point of beginning being located in the Eastern District of Carroll County, Arkansas.

Also:
Part of the NE1/4 of the NE1/4 of Section 22, T19N, R22W, Carroll County Arkansas, starting at the SW corner thereof; thence N 88 degrees 43’ 39” E 476.41 feet; thence N 00 degrees 20’ 33” E 204.78 feet; thence N 01 degree 16’ 45” E 137.42 feet; thence N 02 degrees 20’ 44” E 116.24 feet to the true Point of Beginning: thence N 02 degrees 20’ 44” E 167.62 feet; thence S 46 degrees 56’ 20” E 165.91 feet; thence S 13 degrees 02’ 05” W 104.26 feet; thence N 65 degrees 37’ 35” W 114.79 feet to the point of beginning, containing 0.376 acres, more or less.

LESS AND EXCEPT:  A part of the NE1/4 of the NE1/4 of Section 22, T19N, R22W, described as commencing at the SW corner thereof, thence N 88 degrees 43’ 39” E 476.4 feet; thence continue N 88 degrees 43’ 39” E 196.09 feet; thence N 19 degrees 30’ 11” E 410.42 feet to the Point of Beginning: thence N 38 degrees 38’ E 186.6 feet to the Southerly Right of Way of U.S. Highway #62; thence N 45 degrees 29’ 25” W with the Right of Way 20.10 feet;  thence S 38 degrees 38’ W 188.71 feet; thence N 51 degrees 31’ 58” W 112.66 feet; thence S 33 degrees 06’ W 35 feet; thence S 51 degrees 31’ 58” E 142.76 feet to the point of beginning.  NOTE: A Quit Claim Deed will be provided to this partial which is the driveway.

3. Purchase Price: Buyer will pay for the Real Estate, in certified funds at closing, the total of 

$____________________.  This contract is NOT subject to buyer obtaining financing.

4. Earnest Money: Buyer tenders herewith check #________   cash______ in the amount of 
$10,000, which shall be held in Exit Montgomery Whiteley Realty Escrow Account and shall be applied to the purchase price at closing.   This earnest money shall be refunded ONLY in the event this transaction cannot be completed through no fault of the buyer. 

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5. Conveyance: Unless otherwise specified, conveyance shall be made to buyer by general warranty deed (or other instrument as required by title company) and shall be subject to recorded instruments and easements, if any.  Such conveyance shall include all mineral rights and attached improvements thereon owned by seller.

6. Title Insurance: Seller will provide Owner’s Title Insurance, in the amount of the purchase price, reflecting a clear title with no liens or encumbrances, subject to recorded restrictions and easements and standard policy exceptions, if any.  Cost of owner's Title Insurance is to be divided 50/50 between buyer and seller. 

7. Tax Proration: Taxes or special assessments due on or before closing shall be paid by seller.  Taxes for the year in which this transaction transpires shall be prorated at closing based upon the best information available to closing agent.

8. Survey: Seller will provide no new survey.

9. Deed Stamps: Cost of deed stamps is to be divided 50/50 between buyer and seller.

10. Possession: Possession is to be at closing with buyer accepting current rental agreements.
					
11. Closing: Closing is to be done by Kings River Title, Berryville AR.  Closing agents fee is to be divided 50/50 between buyer and seller. Closing date is designated to be July 15, 2009.  In the event the closing agent cannot be ready to close by this date, the closing date may be extended by the listing agent provided both Buyer and Seller receive notice at least one business day in advance of the extended closing date.  However, time is of the essence, and in no event shall closing be later than 30 calendar days after designated closing date, unless an extension is agreed upon in writing between the Buyer and Seller.  If the sale is not consummated within the deadline of this paragraph, the parties shall have the remedies available to them in equity or at law.

12. Closing Cost: Other than specified herein, Seller is to pay seller's normal closing cost and Buyer is to pay buyer's normal closing cost.
 
13. Inspection: Buyer agrees to accept the Real Estate, and all improvements or faults therewith, "as is".  Buyer certifies buyer has personally, or by another of buyer's choice, inspected the real estate prior to bidding, along with all improvements thereon, as fully as buyer desires and is not relying and shall not hereafter rely upon any warranties, representations, or statements of seller or agent/auctioneer.  Buyer has satisfied buyer as to boundaries, acreage, the possibility of lead base paint being present, environmental conditions and issues, and the condition of real estate and improvements thereon.

14: Risk of Loss: Risk of loss or damage to the property by fire or other casualty occurring up to time of closing is assumed by the Seller.

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15. Agency: Real Estate Agent/Auctioneer is agent for the Seller only.

16.  Seller Property Disclosure:  No seller disclosure is being provided by the seller.
											
17. Termite Certificate:  None. 

18. Personal Property:  Refrigerators and ranges are included in this transaction. 

19. Governing Law: This Real Estate Contract shall be governed by the laws of the State of Arkansas.

20. Merger Clause: This Real Estate Contract, when executed by both Buyer and Seller, shall contain the entire understanding and agreement between the Buyer and the Seller and the Agent with respect to the matters referred to herein and shall supercede all prior or contemporaneous agreements, representations, discussions and understandings, oral or written, with respect to such matters.  
												
21. Assignment:  This Real Estate Contract may not be assigned without the written consent of the Seller.
						
22. Expiration: This Real Estate Contract shall expire if not accepted by the Seller within 48 hours of end of bidding.

_________________________________________________________________________

This is a legally binding Real Estate Contract when signed by the parties below.  Read it carefully.  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.

This form has been approved by agent's attorney.

The Seller, the Buyer and the Agent/Auctioneer involved in this transaction each certify that the terms of this contract are true to his or her best knowledge and belief, and that any other agreement entered into by any of these parties in connection with this transaction is attached to this contact.

_______________________________________________________________________

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The above Real Estate Contract is executed by Buyer on June _____, 2009.

Exit Montgomery Whiteley Realty                         ____________________________________
                                                                                   Buyer                                               Date

______________________________                                 _____________________________________________
Larry Montgomery, Broker /Auctioneer                                      Buyer                                                Date

The above Real Estate Contract is executed by Seller on June _____, 2009

Exit Montgomery Whiteley Realty                          ____________________________________
                                                                                Doris Giles                              Date

_______________________________      		                         
Larry Montgomery, Broker /Auctioneer     		         

							 
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