GF # 00050591 REALTORS® ASSOCIATION OF NEW MEXICO REAL ESTATE CONTRACT
EXHIBIT
10.35
Casa
Tierra Title Company
GF
#
00050591
REALTORS®
ASSOCIATION OF
NEW MEXICO
WARNING:
THIS IS NOT A PURCHASE AGREEMENT. This Real Estate Contract (this “Contract”)
has the effect of actually transferring equitable title to real
estate.
This
form
does not contain disclosures required by Federal Reserve Regulation Z and
Consumer Protection Act “Truth in Lending”. Use this form only in conjunction
with another instrument incorporating the required disclosures or for
transactions exempt from the Act.
THIS
CONTRACT IS MADE on September 1, 2005 (the “Effective Date”),
by ▇▇▇▇▇▇ TRAVEL CENTERS INC., a Nevada corporation (“Seller”)
whose address is ▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇.▇., ▇▇▇▇▇▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇ and
LOST RIVER ESTATES LLC (“Buyer”) whose address is ▇.▇.
▇▇▇ ▇▇▇▇, ▇▇▇▇▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇ who is purchasing as:
TENANTS
IN COMMON o JOINT
TENANTS o
OTHER o
________________________________________________
Seller
and Buyer agree:
| 1. |
SALE:
Seller sells to Buyer the following described real estate (the
“Property”):
▇▇
▇▇▇ ▇▇▇▇ ▇▇▇▇/▇▇▇▇▇▇▇ ▇▇/▇▇, ▇▇▇▇▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇
See
Exhibit A attached hereto and made a part
hereof.
|
or
see
metes and bounds description attached as Exhibit A, ▇▇▇▇▇ County, New Mexico.
Subject to reservations, restrictions, covenants, easements of record, taxes
and
assessments and the “Prior Obligations” (the “Permitted Exceptions”).
| 2. |
PRICE
AND PAYMENT.
|
|
A.
|
BUYER
WILL PAY:
|
| CONTRACT SALE PRICE |
$ 120,000.00
|
|||
| (Total of Down Payment, Assumed Prior Obligations and Balance Due Seller) | ||||
| (One Hundred Twenty Thousand And 00/100 | Dollars) | |||
| (1) | DOWN PAYMENT |
$ 20,000.00
|
||
| TWENTY THOUSAND DOLLARS AND 00/100 | Dollars) | |||
| (2) | ASSUMED PRIOR OBLIGATIONS |
$
N/A
|
||
| (N/A | Dollars) | |||
| (3) | BALANCE DUE SELLER (including wrapped Prior Obligations) |
$ 100,000.00
|
||
| (ONE HUNDRED THOUSAND DOLLARS AND 00/100 | Dollars) | |||
PAYABLE
AS FOLLOWS:
THIS
REAL
ESTATE CONTRACT IS TO BE PAID TO SELLER THROUGH ESCROW IN EQUAL MONTHLY
INSTALLMENTS OF $666.67 INTEREST ONLY. PRINCIPAL TO BE REDUCED ANNUALLY AS
FOLLOW: $4,000.00 PRINCIPAL REDUCTION ON 12TH PAYMENT, $24,000.00 REDUCTION
ON
24TH, 36TH & 48TH MONTHLY INSTALLMENTS. BALANCE DUE AND PAYABLE ON THE 60TH
PAYMENT
REALTORS®
Association of New Mexico (RANM) makes no warranty of the legal effectiveness
or
validity of this form and disclaims any liability for damages resulting from
its
use. By use of this form the parties agree to the limitations set forth in
this
paragraph. The parties hereby release RANM, the real estate brokers, their
agents and employees from any liability arising out of the use of this form.
You
should consult your attorney with regards to the effectiveness, validity,
or
consequences of any use of this form. The use of this form is not intended
to
identify the user as a REALTOR®. REALTORS® is a registered collective membership
▇▇▇▇ which may be used only by real estate licensees who are members of the
National Association of REALTORS® and who subscribe to the Association’s strict
Code of
Ethics
| RANM Form 2401 Page 1 of 9 |
2000
REALTORS@ Association of New
Mexico
|
Initials:
Buyer BAC
Seller MLB
|
REALTORS®
ASSOCIATION OF NEW MEXICO
If
not
sooner paid pursuant to the terms of this Contract, the entire Balance Due
Seller shall be due and payable 30 years from the date of the first
payment.
|
B.
|
INTEREST
ON BALANCE DUE SELLER. Except as specifically stated to the
contrary in Paragraph 2A, the Balance Due Seller will bear interest
at the
rate of 8% per year (the “Interest Rate”) from the Effective Date, and the
payments will be paid to Escrow Agent (named below) and continue
until the
entire Balance Due Seller plus any accrued interest due to Seller
is fully
paid.
|
|
C.
|
LATE
CHARGES AND COLLECTION COSTS. Buyer will pay all late charges and
all collection costs incurred on all Prior Obligations paid directly
by
Buyer or through Escrow Agent. A late charge of $100.00 will be due
and
payable by Buyer on any payment that is over 5 days overdue. Late
charges
will be paid to Seller as additional
interest.
|
|
D.
|
APPLICATION
OF PAYMENTS ON BALANCE DUE
SELLER.
|
| (1) |
Initial
only one of the following two
paragraphs
|
| ____ |
PERIODIC
INTEREST. Payments received by Escrow Agent, excepting prepayments,
will
be applied to regularly scheduled installments in the order in which
payments are due and will be credited as though the payments had
been made
on heir respective due dates, first to interest and then to the Balance
Due Seller.
|
| XXX |
DAILY
INTEREST. Payments will be applied as of the date of receipt by Escrow
Agent, first to accrued interest then to the balance Due
Seller.
|
| (2) |
All
payments will be assumed to be regular payments, and not prepayments,
unless otherwise specified by Buyer in writing at the time of delivering
the payments to Escrow Agent. Buyer may prepay all or any part of
the
Balance Due Seller. Any prepayment will be credited first to accrued
interest, then to the Balance Due Seller, and then to Prior Obligations
assumed by Buyer. Notwithstanding any prepayments, Buyer will make
the
next regularly scheduled payments.
|
| 3. |
PRIOR
OBLIGATIONS.
|
|
A.
|
Each
of the following Prior Obligations is currently outstanding on the
Property:
|
|
No.
|
Type of Lien or Obligation |
Holder
|
Loan
Number
|
Recording
Data
|
| 1. | NONE OF RECORD | |||
| 2. | ||||
| 3. |
| B. |
IF
ANY PRIOR OBLIGATIONS ARE CURRENTLY OUTSTANDING ON THE PROPERTY,
INITIAL
ANY OF THE FOLLOWING PARAGRAPHS, WHICH APPLY. ONLY THE INITIALED
PARAGRAPHS WILL APPLY. Seller and Buyer appoint Escrow Agent as
their Attorney-in-Fact for the limited purpose of obtaining account
information as needed from the holders of the Prior
Obligations.
|
| (1) |
ASSUMED
PRIOR OBLIGATIONS.
|
| ___ | (a) |
PAID
THROUGH ESCROW. Buyer assumes and agrees to pay and perform the
Prior Obligations in accordance with their terms. Buyer will make
the
required payments on the Prior Obligations, together with the required
payments on this Contract, to Escrow Agent, which will remit the
payments
to the proper payee. Buyer will advise Escrow Agent of any change
in the
amount of the payment due on any Prior Obligations. When the Balance
Due
Seller is fully paid, this Escrow will terminate and Buyer will make
the
required payments on the Prior Obligations directly to the
proper payee.
|
| RANM Form 2401 Page 2 of 9 |
2000
REALTORS@ Association of New
Mexico
|
Initials:
Buyer BAC
Seller MLB
|
REALTORS®
ASSOCIATION OF NEW MEXICO
This
Paragraph applies to the following Prior Obligations:
| ___ | (b) |
PAID
DIRECTLY BY BUYER. Buyer assumes and agrees to pay and perform
the Prior Obligations in accordance with their terms. Buyer will
make the
required payments on the Prior Obligations directly to the proper
payee.
If the Buyer fails to pay the required payments before they become
delinquent, Seller may pay the payment. Payment by Seller will
not be
deemed a waiver of Buyer’s default, and the amount paid by Seller will be
immediately due and payable to Seller and will bear interest from
date of
payment by Seller until paid at the highest Interest Rate provided
in
Paragraph 2B. This Paragraph applies to the following Prior
Obligations:
|
|
(2)
|
WRAPPED
PRIOR OBLIGATIONS.
|
| ___ | (a) |
PAID
THROUGH ESCROW. Buyer does not assume and does not agree to pay
the Prior Obligations. All required payments due on the Prior Obligations
will be remitted by Escrow Agent to the proper payee out of the payments
on the Balance Due Seller. If Buyer fails to pay the required payments
before they become delinquent, Seller may pay the payment. Payment
by
Seller will not be deemed a waiver of Buyer’s default, and the amount paid
by Seller will be immediately due and payable to Seller and will
bear
interest from the date of payment by Seller until paid at the highest
Interest Rate provided in Paragraph 2B. Upon payment of the Balance
Due
Seller, Seller will obtain a release of the Property from the lien
of the
wrapped Prior Obligations. This Paragraph applies to the following
Prior
Obligations:
|
| ___ | (b) |
PAID
DIRECTLY BY SELLER. Buyer does not assume and does not agree to
pay the Prior Obligations. Seller will be responsible for all payments
required under the Prior Obligations and will keep the Prior Obligations
in good standing. Upon payment of the Balance Due Seller, Seller
will
obtain a release of the Property from the lien of the wrapped Prior
Obligations. This Paragraph applies to the following Prior
Obligations:
|
| 4. |
BUYER
TO MAINTAIN PROPERTY, PAY INSURANCE, TAXES AND PAVING LIENS; AND
SELLER’S
RIGHTS.
|
| A. |
MAINTENANCE.
Buyer will maintain the Property in as good condition as on the Effective
Date, excepting normal wear and tear. Buyer will obey all applicable
laws
governing the use of the property, including but not limited to
environmental laws.
|
| B. |
INSURANCE.
Buyer will keep the insurable improvements upon the Property insured
against the hazards covered by fire and extended coverage and public
liability insurance, with an insurance company satisfactory to Seller
in
the amount of:
|
| (1) |
not
less than the greater of the replacement cost of the improvements
or the
Balance Due Seller, for the benefit of Buyer and Seller as their
interests
may appear, as to fire and extended coverage;
and
|
| (2) |
not
less than RAW LAND as to liability with Seller as additional named
insured, and Buyer will furnish a copy of the insurance policy or
certificate of the insurance policy to Seller annually before expiration
of existing insurance stating that coverage will not be canceled
or
diminished without a minimum of 15 days prior written notice to
Seller.
|
| C. |
TAXES.
The property taxes for the current year have been divided and prorated
between Seller and Buyer as of the Effective Date and Buyer is responsible
for and will pay the taxes and assessments of every kind against
the
Property. Buyer will have the Property assessed for taxation in Buyer’s
name. Unless taxes are paid through an escrow account, Buyer will
send
copies of paid tax receipts to Seller within 30 days after the taxes
become due and payable
|
| D. |
PAVING,
UTILITY AND OTHER IMPROVEMENT LIENS AND CHARGES. Subject to
proration, Buyer assumes any paving, utility or other improvement
liens or
charges now or later assessed against the Property and will pay all
installments of principal and interest thereon that become due after
the
Effective Date.
|
| E. |
SELLER’S
RIGHTS. If Buyer fails to pay any amounts (required to be paid)
by Paragraphs 4 B, C and D before the amounts become delinquent,
Seller
may pay the amounts (but is not obligated to do so) for protection
of the
Property and Seller’s interest in the Property. Payment of the amounts
will not be deemed a waiver of the Buyer’s default for failure to pay the
amounts, and the amounts that have been paid will be immediately
due and
payable to Seller, and will bear interest until paid at the highest
Interest Rate provided in Paragraph
2B.
|
| RANM Form 2401 Page 3 of 9 |
2000
REALTORS@ Association of New
Mexico
|
Initials:
Buyer BAC
Seller MLB
|
REALTORS®ASSOCIATION
OF NEW MEXICO
|
5.
|
BUYER’S
RIGHT TO POSSESSION. Buyer will be entitled to take and retain
possession of the Property unless and until Buyer’s rights in the Property
are terminated by Seller, as provided in Paragraph
8.
|
|
6.
|
BUYER’S
RIGHT TO SELL, ASSIGN, CONVEY, OR ENCUMBER. A sale, assignment,
conveyance or encumbrance of all or any portion of Buyer’s interest in
this Contract or the Property to any person or entity (an “Assignee”)
constitutes a Transfer under this
Contract.
|
|
A.
|
SALE
WITHOUT CONSENT OF SELLER. A Transfer to an Assignee will not
require the consent of Seller. Buyer will not, however, be released
from
Buyer’s obligations under this Contract by any Transfer under this
Paragraph. Buyer will deliver a copy of the written evidence of the
Transfer (the “Transfer Document”) to Escrow
Agent.
|
| B. |
NO
SALE WITHOUT CONSENT OF SELLER.
CAUTION:
THE FOLLOWING PARAGRAPH SEVERELY RESTRICTS THE RIGHT OF BUYER TO
TRANSFER
THIS CONTRACT AND THE PROPERTY. To invoke this Paragraph, initial
where
indicated. If this Paragraph is initialed, paragraph 6A does not
apply.
|
| N/A |
Transfer
without payment of the Balance Due Seller will require obtaining
the prior
written consent of Seller, which Seller will not unreasonably withhold.
A
Transfer without payment of the Balance Due Seller, and without the
prior
written consent of Seller, will be an event of default for which
Seller
will have the right to send a Default Notice pursuant to Paragraph
8 and
to demand payment of the Balance Due
Seller.
|
Caution:
If the Property is subject to any prior mortgages, deeds of trust or real estate
contracts, their provisions should be examined carefully for any conflict with
Paragraph 6.
|
7.
|
TITLE
INSURANCE OR ABSTRACT. Seller is delivering a Contract
Purchaser’s Title Insurance Policy to Buyer or Abstract of Title to Escrow
Agent at the time this Contract is escrowed, showing insurable or
marketable title to the Property as of the Effective Date, subject
to the
Permitted Exceptions, and Seller is not obligated to provide other
evidence of title,
|
|
8.
|
SELLER’S
RIGHTS IF BUYER DEFAULTS.
|
| A. |
DEFAULT
NOTICE. Time is of the essence in this Contract. If Buyer fails
to pay or perform any obligation of Buyer under this Contract, the
failure
will constitute a default and Seller may give notice of default to
Buyer,
specifying the default and the curative action required (the “Default
Notice”), at Buyer’s mailing address as follows:
▇.▇.
▇▇▇ ▇▇▇▇, ▇▇▇▇▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇ or at such other address that
Buyer may designate by a written, signed statement delivered to Escrow
Agent. If Seller’s attorney sends a Default Notice, Buyer will pay within
the time allowed the additional sum of $100.00, plus gross receipts
tax
and postage, for Seller’s attorneys fees and costs in connection with
sending of the Default Notice.
|
| B. |
MANNER
OF GIVING DEFAULT NOTICE. Default Notice will be given in writing
by certified mail, return receipt requested, and regular first class
mail,
addressed to Buyer at the address for Buyer provided in Paragraph
6A, with
a copy to Escrow Agent. Default Notice given as provided in Paragraph
8A
is sufficient for all purposes, whether or not the Default Notice
is
actually received.
|
| C. |
BUYER’S
FAILURE TO CURE DEFAULT RESULTS IN TERMINATION OF BUYER’S EQUITABLE RIGHTS
IN THE PROPERTY OR ACCELERATION OF BALANCE DUE
SELLER.
|
| (1) |
If
Buyer fails or neglects to cure any default within 30 days after
the date
Seller’s Default Notice is mailed, then Seller may, at Seller’s option,
either
|
| (a) |
declare
the Balance Due Seller to be then due and proceed to enforce payment
of
the Balance Due Seller, plus any accrued interest, together with
reasonable attorneys fees, postage and costs in which case the special
warranty deed will remain in escrow;
or
|
| (b) |
terminate
Buyer’s rights in the Property and retain all sums paid as liquidated
damages to that date for the use of the Property, and all rights
of Buyer
in the Property will end. If the final day for curing the default
falls on
a non-business day of Escrow Agent, then the period for curing the
default
will extend to the close of business on the next business day of
Escrow
Agent. If the Contract is terminated by Seller, Buyer will forfeit
all
payments made pursuant to this Contract. Buyer waives any claim to
the
payments if a default occurs and Seller elects to terminate Buyer’s rights
in the Property. If Buyer’s rights in the Property are terminated, Buyer
waives any and all rights and claims
for reimbursement for improvements Buyer may have made to the Property.
Buyer will be liable to Seller to the extent permitted by law for
failure
to comply with Paragraph 4A.
|
| RANM Form 2401 Page 4 of 9 |
2000
REALTORS@ Association of New
Mexico
|
Initials:
Buyer BAC
Seller MLB
|
REALTORS®ASSOCIATION
OF NEW MEXICO
| (2) |
acceptance
by Escrow Agent of any payment tendered will not be deemed a waiver
by
Seller of Buyer’s default or extension of the time for cure of any default
under this Contract.
|
| D. |
AFFIDAVIT
OF UNCURED DEFAULT AND ELECTION OF TERMINATION. A recordable
affidavit (the “Default Affidavit”) made by Seller, Seller’s agent, or
Escrow Agent, identifying the parties, stating the legal description
of
the Property or the recording date of this Contract, stating the
date that
Default Notice was given, stating that the specified default has
not been
cured within the time allowed and that Seller has elected to terminate
Buyer’s right in the Property, and delivered to Escrow Agent, will be
conclusive proof of the uncured default and election of termination
of
Buyer’s rights in the Property.
|
| E. |
BUYER
BECOMES TENANT. Upon termination of Buyer’s rights in the
Property, Buyer has no continuing right to possession. If Buyer remains
in
possession of the Property after Buyer’s rights in the Property have been
terminated, Buyer will then become a tenant at will, for a rental
amount
equivalent to the regularly scheduled installment payment due and
payable
under this Contract, with the first such rental payment due immediately,
in advance, and such tenancy being subject to termination by either
party
upon 30 days separate prior written notice. Seller’s acceptance of rental
payment will not be deemed a waiver of any of Seller’s rights, nor will it
constitute any manner of estoppel against
Seller.
|
| F. |
LEGAL
RIGHT TO EVICT BUYER. A forcible entry and detainer action, in
addition to any other appropriate legal remedies, may be used by
Seller,
if necessary, to obtain possession of the Property following termination
of Buyer’s rights in the Property and to terminate Buyer’s continued
possession.
|
| G. |
NOTICE
TO ASSIGNEES. In addition to sending a Default Notice to Buyer,
Seller will send all Default Notices to all Assignees who have given
written notice of their name, address, and interest in the Property
and
who have provided a copy of the Transfer Document to Escrow
Agent.
|
| H. |
RIGHTS
AND OBLIGATIONS SURVIVING TERMINATION. In the event the Property
is rented, upon termination of Buyer’s rights in the Property, Buyer will
provide an accounting to Seller of any prepaid rents and deposits
received
by Buyer from the Property, which obligation will survive termination.
Notwithstanding the termination of Buyer’s rights to the Property, Buyer
will be liable to Seller for any failure to maintain the property
as
required in Paragraph 4A, as well as for any unpaid taxes or utilities
liens which survive the termination of Buyer’s rights, prepaid rent, and
rental deposits.
|
| 9. |
BINDING
EFFECT. This Contract will bind and benefit the heirs, devisees,
personal representatives, successors and assigns of Seller and
Buyer.
|
| 10. |
APPOINTMENT
OF AND INSTRUCTIONS TO ESCROW
AGENT.
|
|
A.
|
ESCROW
AGENT.
Seller
and Buyer appoint as Escrow Agent: MTN STATES ESCROW
CO.
|
|
B.
|
ESCROW
DOCUMENTS. The following papers (the “Escrowed Documents”) are
placed in escrow:
|
| (1) |
Signed
copy of this Contract.
|
| (2) |
Original
Warranty Deed signed by Seller.
|
| (3) |
Original
Special Warranty Deed signed by Buyer.
|
| (4) |
OTHER
ESCROW AGREEMENT
|
|
C.
|
PRIOR
OBLIGATIONS. Add the following information, if applicable:
|
| (1) |
Name
and address of mortgagees/escrow agents/servicing agents
Account
or Loan No.
|
| (2) |
Name
and address of mortgagees/escrow agents/servicing agents
Account
or Loan No.
|
| (3) |
Name
and address of mortgagees/escrow agents/servicing agents
Account
or Loan No
|
| D. |
FEES.
|
| RANM Form 2401 Page 5 of 9 |
2000
REALTORS@ Association of New
Mexico
|
Initials:
Buyer BAC
Seller MLB
|
REALTORS®
ASSOCIATION OF NEW MEXICO
| (1) |
The
escrow fees of Escrow Agent will be paid as follows:
ALL
FEES PAID BY PURCHASER
If
all or part of the fees are paid by Buyer, that amount will be
in addition
to the amounts due from Buyer provided in Paragraph
2.
|
| (2) |
Escrow
Agent will accept all amounts paid in accordance with this Contract
and
remit the amounts received (less applicable escrow fees) as
follows:
▇▇▇▇▇▇
TRAVEL CENTERS, INC.
▇▇▇
▇▇▇▇▇▇▇▇▇ ▇▇
▇▇▇▇▇▇▇▇▇▇▇,
▇▇ ▇▇▇▇▇
|
| E. |
ACCEPTANCE
OF PAYMENTS. All payments will be deemed provisionally accepted
when tendered, subject to determination by Escrow Agent of the correct
amount and the timeliness of the payment. After each Default Notice
is
mailed to Buyer and any Assignee, pursuant to Paragraph 8, and a
copy is
furnished to Escrow Agent, Escrow Agent will not accept less than
the full
amount of the sum stated as due in the Default
Notice.
|
| F. |
RELEASE
AND DELIVERY OF ESCROWED DOCUMENTS. Upon full payment of the
Balance Due Seller and full performance under this Contract by Buyer,
other than payment of the assumed Prior Obligations, Escrow Agent
is
directed to release and deliver the Escrowed Documents to
Buyer.
|
| G. |
DEFAULT
BY BUYER. If Seller or Seller’s agent delivers a Default
Affidavit to Escrow Agent, then Escrow Agent will release and deliver
the
Escrowed Documents to Seller. Escrow Agent will be entitled to rely
on the
Default Affidavit as conclusive proof of
termination.
|
| H. |
CHANGES
IN ESCROW FEES. Escrow Agent may charge its standard escrow fees
current as of the date the service is rendered, but all changes will
become effective only after 60 days written notice to the party or
parties
paying the fee of Escrow Agent.
|
| I. |
INDEMNIFICATION.
Seller and Buyer and any Assignee will each indemnify and save harmless
Escrow Agent against all costs, damages, attorneys fees, expenses
and
liabilities which Escrow Agent may incur or sustain in connection
with
this Contract, including any interpleader or declaratory judgment
action
brought by Escrow Agent but not for the failure of Escrow Agent to
comply
with this Paragraph 10 or the negligence or intentional act of Escrow
Agent.
|
| J. |
RESIGNATION
BY ESCROW AGENT. Escrow Agent may resign as Escrow Agent, by
giving Seller and Buyer 60 days written notice of intent to resign.
Seller
and Buyer will select a successor escrow agent and give written notice
to
Escrow Agent of the selection. If the parties fail, for any reason,
to
select a successor escrow agent and give Escrow Agent written notice
of
the selection within 60 days after mailing by Escrow Agent of notice
of
intent to resign, then Escrow Agent may select the successor escrow
agent.
|
| 11. |
SEVERABILITY
CLAUSE. The invalidity or unenforceability of any provision of
this Contract will not affect the validity or enforceability of the
remainder of this Contract.
|
| 12. |
ATTORNEYS
FEES. If either party uses the services of any attorney to
enforce that party’s rights or the other party’s obligations under this
Contract, the prevailing party will recover reasonable attorneys
fees and
costs from the non-prevailing party.
|
| 13. |
OTHER.
SELLER WILL RELEASE PARCELS OF 1 ACRE OR MORE WITH PRINCIPAL REDUCTION
OF
$5,200.00 PER ACRE. ALL EXPENSES RELATED TO RELEASES OF PARCELS SUCH
AS
SURVEY, LEGAL, ESCROW COSTS, ETC. ALL TO BE PAID BY PURCHASER
|
| 14. |
NO
RELEASES SHALL BE GRANTED AT CLOSING DUE TO DOWN
PAYMENT.
|
| 15. |
IT
IS FURTHER AGREED AND UNDERSTOOD THAT THE RELEASE OF LAND AT THE
S.E.
CORNER OF SUBJECT PROPERTY SHALL BE IN THE MINIMUM AMOUNT OF 5 ACRES
AND
SHALL REQUIRE A $30,000.00 PRINCIPAL REDUCTION. THIS WOULD BE A PARCEL
BOUNDED BY LA ▇▇▇ GATE ROAD ON THE SOUTH AND HW54-70 ON THE EAST.
IT IS
AGREED AND UNDERSTOOD THAT THE 5 ACRES WOULD HAVE A MINIMUM OF ▇▇▇
▇▇▇▇▇▇▇▇ ▇▇ ▇▇ ▇▇▇ ▇▇▇▇
▇▇▇▇.
|
**PURCHASER
AGREES TO THE ATTACHED “EXHIBIT B” AS SIGN #1
| RANM Form 2401 Page 6 of 9 |
2000
REALTORS@ Association of New
Mexico
|
Initials:
Buyer BAC
Seller MLB
|
SELLER
AGREES TO REMOVE OR RELOCATE BILLBOARD LOCATED AT N.W. ▇▇▇▇▇▇ ▇▇ ▇▇ ▇▇▇ ▇▇▇▇
▇▇▇▇ ▇▇▇ ▇▇ ▇▇-▇▇, TO A POINT AT LEAST 250' N. OF ITS PRESENT LOCATION. SELLER
SHALL HAVE 90 DAYS NOTICE. SUCH ACTION WILL BE DUE TO SOME EVENT SUCH AS
DEVELOPMENT, LEASE OR SALE OF PARCEL CONTAINING BILLBOARD. IN ADDITION,
PURCHASER ACKNOWLEDGES EXISTING ADVERTISING SIGN ACCESS AND MAINTENANCE EASEMENT
EXISTING ON PROPERTY, AND SHALL CONTINUE TO GRANT INGRESS AND EGRESS.
| RANM Form 2401 Page 7 of 9 |
2000
REALTORS@ Association of New
Mexico
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Initials:
Buyer BAC
Seller MLB
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REAL
ESTATE CONTRACT
CAUTION:
PLEASE READ THIS ENTIRE CONTRACT BEFORE SIGNING. IF YOU DO NOT UNDERSTAND THIS
CONTRACT, PLEASE CONSULT YOUR ATTORNEY.
| ▇▇▇▇▇▇ TRAVEL CENTERS INC. | LOST RIVER ESTATES, LLC | ||
| /s/ ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇ | |||
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BY: ▇.▇.
▇▇▇▇▇▇,
PRESIDENT
Date
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BY: ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇, REGISTERED AGENT | ||
| /s/ ▇.▇. ▇▇▇▇▇▇ 9/2/05 | |||
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Date
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Date
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ACKNOWLEDGEMENT
FOR ENTITIES
STATE
OF
NEW MEXICO
COUNTY
OF
▇▇▇▇▇
This
instrument was acknowledged before me on AUGUST 31, 2005 by ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇
of
LOST RIVER ESTATES, LLC, as REGISTERED AGENT.
| /s/ ▇▇▇▇▇ ▇▇▇▇▇▇▇ | |||
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NOTARY
PUBLIC
My
commission expires: 08/29/08
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STATE
OF
NEW MEXICO
COUNTY
OF
Bernalillo
This
instrument was acknowledged before me on SEPTEMBER 2, 2005 by ▇.▇. ▇▇▇▇▇▇ of
▇▇▇▇▇▇ TRAVEL CENTERS INCORPORATED as PRESIDENT.
| /s/ ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇ | |||
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NOTARY
PUBLIC
My
commission expires: 12/16/05
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| RANM Form 2401 Page 8 of 9 |
2000
REALTORS@ Association of New
Mexico
|
Initials:
Buyer BAC
Seller MLB
|
EXHIBIT
“A”
A
TRACT
OF LAND IN THE SW1/4 OF SECTION 28 AND IN THE NW1/4 NE1/4 OF SECTION 33, T15S,
R10E, NMPM, ▇▇▇▇▇ COUNTY, NEW MEXICO, DESCRIBED BY METES AND BOUNDS AS
FOLLOWS:
BEGINNING
AT THE SOUTH ONE-QUARTER CORNER OF SAID SECTION 28 AND GOING N 00° 40' 36" W
ALONG THE NORTH-SOUTH CENTERLINE OF SAID SECTION 28 A DISTANCE OF 1328.22 FEET
THENCE S 89° 31' 53" E A DISTANCE OF 538.88 FEET TO THE ▇▇▇▇ ▇▇▇▇▇-▇▇-▇▇▇ ▇▇▇▇
▇▇ ▇.▇. ▇▇▇▇▇▇▇ ▇▇/▇▇; THENCE S 19° 11' 07" E ALONG SAID RIGHT-OF-WAY LINE A
DISTANCE OF 1363.50 FEET TO THE NORTH RIGHT-OF-WAY LINE OF LA ▇▇▇ GATE ROAD;
THENCE S 82° 12' 42" W ALONG SAID RIGHT-OF-WAY LINE A DISTANCE OF 979.95 FEET;
THENCE N 00° 12' 12" W A DISTANCE OF 96.84 FEET TO THE SAID PLACE OF
BEGINNING.
SUBJECT
TO THAT CERTAIN PERPETUAL OUTDOOR ADVERTISING SIGN EASEMENT
DESCRIPTION
A
75-FOOT
PERPETUAL OUTDOOR ADVERTISING SIGN EASEMENT IN THE ▇▇▇/▇ ▇▇ ▇▇▇▇▇▇▇ ▇▇, ▇▇▇▇,
▇▇▇▇, NMPM, DESCRIBED BY METES AND BOUNDS AS FOLLOWS:
STARTING
AT THE SOUTH ONE-QUARTER CORNER OF SAID SECTION 28 AND GOING S 89° 38' 28" E
ALONG THE SOUTH LINE OF SAID SECTION 28 A DISTANCE OF 895.93 FEET TO THE WEST
RIGHT-OF-WAY LINE OF HIGHWAY 54/70; THENCE N 19° 11' 07" W ALONG SAID
RIGHT-OF-WAY LINE A DISTANCE OF 44.60 FEET TO THE PLACE OF BEGINNING OF THE
HEREIN DESCRIBED EASEMENT; THENCE S 82° 12' 42" W A DISTANCE OF 76.51 FEET;
THENCE N 29° 11' 07" W A DISTANCE OF 1375.16 FEET; THENCE S 89° 31' 53" E A
DISTANCE OF 79.64 FEET TO THE WEST RIGHT-OF-WAY LINE OF U.S. HIGHWAY 54/70;
THENCE S 19° 11' 07" E ALONG SAID RIGHT-OF-WAY LINE A DISTANCE OF 1363.50 FEET
TO THE SAID PLACE OF BEGINNING.
SUBJECT
TO ANY RIGHTS-OF-WAY OR OTHER EASEMENTS AS GRANTED OR RESERVED BY INSTRUMENTS
OF
RECORD OR AS NOW EXISTING ON SAID TRACT.
| RANM Form 2401 Page 9 of 9 |
2000
REALTORS@ Association of New
Mexico
|
Initials:
Buyer
Buyer BAC
Seller MLB
|
EXHIBIT
“B”
Know
by
all men these presents, that ▇▇▇▇▇▇ Travel Centers Incorporated, a Nevada
corporation (hereinafter referred to as GRANTEE), whose principal address
is ▇▇▇
▇▇▇▇▇▇▇▇▇ ▇▇▇▇. ▇▇, ▇▇▇▇▇▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇, hereby creates and Easement
in
Perpetuity for Outdoor Advertising sign(s) on the land described hereunder,
and
attached hereto as Exhibit “A” in ▇▇▇▇▇ County in the state of New Mexico (the
“Property”) and other described as: Tract B on Exhibit A survey attached.
Easements shall apply to signs as identified on Exhibit B, attached, as
sign
numbers 2, 3, 4, and 5.
Description
and Purpose of Easement:
Easement in perpetuity along with the right of ingress into and egress
through
the Property for the assembly, installation, operation, maintenance, repair,
electrification, and removal of outdoor advertising sign structure(s) &
related devices; including the right to trim or remove any vegetation on
the
Property that might block view of the sign from Highway 54/70; and including
all
airspace rights. GRANTOR covenants that it, its assign, heirs, successors
in
interest, and lessees will in no way block access to the sign, nor will
they
block access to the easement or construct anything permanent within the
Easement; nor will they block the line of sight of any of the advertising
displays installed on any of the signs as viewed from Highway 54/70. Survey
of
the Easement(s) is attached hereto as Exhibit “A”. This Easement shall be
binding upon all successor’s in interest in the Property, or any divided
portions thereof, described in the attached Exhibit “A”.
EXECUTED
this 15th
day of
July, 2005.
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| /s/ ▇▇▇ ▇▇▇▇▇▇▇ | ||
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▇▇▇
▇▇▇▇▇▇▇, DO
▇▇▇▇▇▇
Travel Centers,
Inc.
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