Sharpe Enterprises, LLC
Building the American Dream . . .
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BUYER’S PURCHASE AGREEMENT FOR PROPERTY IN ELK RUN SUBDIVISION BLOCK #1 SH 21, MILE MARKER 37.7, BOISE COUNTY, IDAHO THIS AGREEMENT, made and entered into this _______ day of _____________, 2007, by and between Sharpe Enterprises, LLC, a State of Nevada Limited Liability Company with Foreign Corporation Status in the State of Idaho, (“Seller”), and ________________________________________________________________, (“Buyer/Builder”). Pursuant to the request of the Buyer/Builder, this instrument reserves Lot ______ Block______ (“Lot”) in the Elk Run Subdivision (“Subdivision”), according to the recorded Final Plat thereof which is in the possession of the Boise County Planning and Zoning, and Boise County Commissioner, Offices having jurisdiction over said Subdivision. As a function of Seller signature, the Seller grants to the Buyer/Builder the right to purchase the Lot upon the terms of this Agreement. 1. Purchase Price. 1.1 Purchase Price. The purchase price for the Lot shall be _____________________ Dollars ($_____________) (“Purchase Price”), payable at closing in lawful money of the United States 1.2 Method of Payment. At Closing, the Buyer/Builder shall pay the Developer the Balance of the Purchase Price for the Lot in cash after applying any and all Earnest Money and/or Credits toward the Purchase Price. 2. Consideration for Purchase. As consideration for the purchase agreement herein granted to Buyer/Builder, the Buyer/Builder shall pay to the Seller the nonrefundable sum of _________________________($____________) upon the execution of this Agreement, which sum is hereby acknowledged by Seller in the form of: Cash___ Personal Check___ Cashiers Check___ Other_________________________ and which sum shall be applied toward the Purchase Price upon Buyer’s/Builder’s close of purchase. 3. Exclusive Remedy. In the event the Buyer/Builder is entitled to a refund of any Option Money, or in the event of the Seller’s breach of any of the Seller’s obligations herein; the Buyer/Builder’s right to a refund shall constitute Buyer/Builder’s exclusive remedy for the Seller’s breach, if any, of the Seller’s obligations herein. 4. Exercise of Closing Date. The Buyer/Builder may exercise purchase of the Lot on or before thirty (30) calendar days (“Closing Date”) after receipt of the Recordation Notice (defined below). 4.1 Multiple Lots. In the event that more than one Lot has been contracted for purchase by Buyer/Builder in the Subdivision, Buyer/Builder must fill out to completion this document for each lot optioned by Buyer/Builder. 5. Recordation Notice. This agreement provides formal notice that Developer has duly recorded the final plat with the Boise County Recorders Office. 6. Failure to Close. In the event the Buyer/Builder fails to timely close the Lot on or before the Closing Date, or fails to obtain an extension thereof; the Buyer/Builder’s purchase agreement shall be terminated, and the Buyer/Builder shall have lost any and all rights to purchase the Lot. In the circumstances outlined in Section 6, the Seller shall have the right to retain all Purchase Agreement Money. After the final Closing Date has passed, and if the purchase agreement has not been executed by the Buyer/Builder, the Seller shall be free to sell or convey the Property to others without regard to this Agreement or to payments made hereunder, and Buyer/Builder shall have no claim to the Property or to the Purchase Agreement Money. 7. Condition of Title. At the closing of the Lot, the Seller shall convey fee simple title to the Lot to the Buyer/Builder by Warranty Deed, Subject only to the following matters: i) real property taxes not then delinquent ii) all easements, restrictions and covenants of record and/or shown on the Final Plat of the Subdivision and/or contained in the Subdivision CC&R’s (defined below); iii) zoning ordinances, easements and rights-of-way upon the Lot, and iv) any encumbrance, lien or charge attributable to the Buyer/Builder. The Seller will not be required to furnish Title Insurance to Buyer/Builder, but Seller does warrant that it will transfer title to the Property to Buyer/Builder free of all encumbrances, except as outlined above. 8. Closing Agency and Escrow Officer. The Closing Agency shall be Pioneer Title Company, located at 8151 W Rifleman St, Boise, Idaho 83704. The Escrow Officer shall be Sharon Wilson, or assigns. Sharon can be reached at (208) 377-2700. At or prior to the Closing Date, the Buyer shall deposit with the Closing Agency, the balance of the Purchase Price and other obligations of Buyer/Builder to be paid as set forth on the Closing Statement prepared by the Closing Agency. The seller shall deposit with the Closing Agency the Warranty Deed in the form required in Section 7 above. 9. Closing Costs and Pro-rations. The Seller shall pay one-half (1/2) of any recording fees, and one-half (1/2) of the Closing Agency’s fee. The Buyer/Builder shall pay the premium, if any, for title insurance, one-half (1/2) of any recording fees, and one-half (1/2) of the Closing Agency’s fees. Real property taxes based on the most recent assessor’s information available, and Irrigation taxes shall be prorated between the Seller and Buyer/Builder. Any homeowners association dues, as required by the CC&R’s (defined below) is the responsibility of the Buyer/Builder. 9.1 Buyer/Builder shall also pay the following charges to the Seller at closing:
10. Possession. Possession date shall be the date full payment is made with good funds through the Closing Agency by Buyer/Builder to Seller. It is specifically agreed and understood that the Buyer/Builder shall not be entitled to possession of the Lot prior to the Closing Date without written consent of the Seller. Any improvements created on the Lot prior to its Closing Date shall become property of the Seller, in the subsequent event the Buyer/Builder fails to timely close on any such Lot. 11. Declaration of Covenants, Conditions and Restrictions. Buyer/Builder acknowledges receipt of a copy of the duly recorded Declaration of Covenants, Conditions, and Restrictions (“CC&Rs”) for the Elk Run Subdivision (the “Declaration”). A copy of the CC&Rs for the Elk Run Subdivision is available through the Seller’s Realtor Representative and/or through the office of the Architectural Review Committee (“ARC”) of the Developer (defined below). The Buyer/Builder as a function of entering into this agreement certifies that he/she is familiar with its terms and have entered into this Agreement with full knowledge and acquiescence that the Lot will be burdened by the recorded CC&R’s. 12. Plans and Specifications Submittal. Buyer/Builder acknowledges receipt of the ARC Rules, Standards, Guidelines, and Submittal Requirements for the Elk Run Subdivision as articulated within the CC&Rs. The Buyer/Builder specifically acknowledges that they have read the ARC Rules and Standards in complete, is familiar with its terms, and have entered into this Agreement with full knowledge of its contents. Buyer/Builder understands it is his/her responsibility to read said documents and agrees to abide by said CC&R’s and said ARC Rules and Standards throughout his/her ownership of the Property. Buyer/Builder agrees to submit for approval, prior to construction of any improvements, all plans and specifications for all building construction on the Lot to the ARC on the approved Elk Run Subdivision Design Standards Submittal Form. Construction of any of the improvements shall not commence prior to obtaining approval by the ARC, with all penalties in place if Buyer/Builder commences without ARC approval. Buyer/Builder agrees to submit in writing for a Lot inspection from the ARC prior to any refund of the Security Deposit (Section 20 below), and after all building construction is complete. This request must be made out in writing and Buyer/Builder must receive written satisfactory response from the ARC prior to refund of the Security Deposit item contained in section 9. 13. Buyer/Builder’s Construction. 13.1 The Buyer/Builder agrees that any and all site preparation, construction and improvements placed on any Lot Shall be constructed in accordance with all applicable safety codes, ordinances and regulations and all other statutes, codes, laws, ordinances and regulations applicable to the Subdivision and/or the improvements placed thereon. 13.2 The Buyer/Builder shall at its sole cost and expense, repair any damage to streets,curbs, landscaping, fences, utility facilities or any other Subdivision improvement caused by the Buyer/Builder or resulting from the construction activities of the Buyer/Builder, or activities of any other agent, subcontractor, employee, or person acting on behalf of the Buyer/Builder. It is conclusively presumed that all streets, curbs, gutters, fences, utility fences, and other improvements to the Lot and properties in this Subdivision are in good condition as of the Closing Date unless the contrary is evidenced in writing and delivered by the Buyer/Builder to the Seller prior to the Closing Date. During construction of improvements on any Lot, the Buyer/Builder agrees to perform all work in a neat and workman like manner and shall not allow dirt, debris, or other waste material to remain on the Lot after construction is completed, or to be scattered on other Lots or in streets or common areas of the Subdivision at any time. During the Buyer/Builder’s grading and site improvement work, the Buyer/Builder will make adequate provisions to handle the run-off of surface waters in a manner that will not damage or deface streets or adjoining Lots, and will not drain into other lots or adjacent properties, and the Buyer/Builder will at all times conduct its construction activities in a manner as to preserve lateral support for adjoining Lots and properties. The Buyer/Builder agrees to remove in a timely manner from the Subdivision, all excess excavation materials, trash, excess construction materials, and any other material or debris resulting from the Buyer/Builder’s construction activities. 13.3 Buyer/Builder agrees to indemnify and hold harmless the Seller from and against any and all claims, costs, damages or losses incurred as a result of the condition of the Lot, the Lot’s suitability for rural residential construction, the Buyer/Builder’s site preparation, and construction of improvements on the lot, including without limitation, claims resulting from surface or ground water damage or any breach of the foregoing covenants contained in this section 13, which shall survive the closing of the Lot. 13.4 The Buyer/Builder shall not commence construction of any of the improvements prior to obtaining approval by the ARC. The Buyer/Builder shall complete construction of the main livable homesite on each Lot within three hundred sixty-five (365) days from the date of breaking ground for said improvements on the Lot, or obtain written approval for an extension on this time frame from the ARC. Once construction is commenced, the Buyer/Builder shall proceed diligently to complete such construction within said time period, however, Buyer/Builder is not constrained by any time frame from closing on a Lot and the commencement of breaking ground for construction. In the event that Buyer/Builder commences construction, does not complete within the specified time frame above, and makes no effort to obtain an extension on the construction time frame for ninety (90) days after the time period has elapsed, Buyer/Builder agrees by this document that the Seller is hereby granted an option to repurchase the Lot, together with all improvements thereon at a price equal to ninety percent (90%) of the original Lot Purchase Price herein. Any closing fees, interest expense, or other fees incurred by the Buyer/Builder will not be reimbursed to the Buyer/Builder by the Seller at the repurchase closing. In the event the Seller elects to exercise its repurchase option, it shall first give the Buyer/Builder thirty (30) days written notice of the closing of the repurchase scheduled with the Closing Agency herein. 14. “As-Is” Condition. The Buyer/Builder agrees that its purchase of the Lot is made without any warranty expressed or implied by the Seller, except as to warranties of title contained in the Seller’s Warranty Deed. The Buyer/Builder acknowledges that his/her purchase of the Lot shall be the result of his/her inspection and examination of the Lot and the entire Subdivision, and that no representation, other than those contained in this Agreement, has been made by the Seller or its agents or employees. The Buyer/Builder, rather than the Seller, is responsible for payment of all sewer, water, and utility fees, and all other fees associated with obtaining a building permit. 15. Property Pins. Seller agrees to locate the property pins for the Lot on a one time formal basis at request of Buyer/Builder. After such location activity on the part of Seller, further location activity will be at the cost of labor to Seller for engineer and surveyor activity on Buyer/Builder’s behalf for this purpose. 16. Septic and Well Installation. It shall be the responsibility of the Buyer/Builder to bear all costs of single family residential septic and well installation in accordance with the Elk Run Subdivision CC&Rs, including the obtaining of all permits thereof; excepting that each Lot has been given preliminary approval for septic installation through the Central District Health Department. Preliminary approval is recorded on the Subdivision Plat Map and a copy will be made available to Buyer/Builder upon request to Developer. Additionally, preferred septic installer and well drilling contractors, and well reports on the five (5) single family residential wells installed on Lots by Developer will be made available by Seller at Buyer/Builder request. 17. Time. Time is of the essence of every provision of this Agreement. 18. Notice. All notices required to be given hereunder must be given in writing, and sent by an established mail service, or by facsimile, or by electronic media and will be deemed effective when received if to the Seller at: Sharpe Enterprises, LLC, c/o Tom Sharpe, Managing Partner (sharpe@unlv.nevada.edu, 702-839-2648, FAX: 702-974-1475), or c/o Randell Sharpe, Partner and Projects Engineer (rsharpe@sharpesurveying.com, 510-337-0706, FAX: 781-623-8386), 4935 Buckhorn Butte Court, Las Vegas, NV 89149. And if to the Buyer/Builder at: Name: __________________________________ Address: ________________________________ _________________________________ Phone: _________________________________ E-Mail: _________________________________ 19. Assignment and/or Re-sale of Lot(s). If the Buyer/Builder determines to re-sell or assign a Lot under this agreement, such may not occur until Buyer/Builder has successfully closed on the Lot. If resold, the new Buyer/Builder will be constrained by all CC&R, ARC, and other rules, standards, and procedures set forth by the Elk Run Subdivision. 20. Security Deposit. At closing, Buyer/Builder will deposit one thousand dollars ($1,000.00) as a security deposit (“Security Deposit”) to be held in escrow by the Developer as security for the Buyer/Builder’s obligations hereunder during the construction of the improvements. In particular and without limitation, it is understood that the Security Deposit shall be made available to Seller funds in the event the Buyer/Builder fails to: i) repair any damage to streets, curbs, medians, fences, and facilities of the Subdivision, or ii) keep the work site clean and properly dispose of all debris and waste material. In addition to all other remedies available to the Seller, the Buyer/Builder will forfeit its Security Deposit if: iii) the Buyer/Builder commences construction without first obtaining approval of its plans and specifications, or iv) constructs the improvements without complying with the plans and specifications submittal. If the Buyer/Builder faithfully performs his/her obligations under this Agreement, and requests such deposit back in writing to the Seller, the Security Deposit, as a function of satisfactory construction performance and cleanup, shall be refunded to the Buyer/Builder upon submitting a request through the ARC for a Final Inspection of the Lot premises. 21. Holidays. In determining the last day of any time period prescribed by this Agreement, if the last day of the period would otherwise be a Saturday, Sunday, or Holiday observed by the federal government (“Holiday”), the period shall be deemed extended to the first day following the Holiday, which is not itself a Holiday. 22. Arbitration and Attorney Fees. Prior to instituting formal legal action, each party must agree to engage in the process of binding arbitration with a mutually agreed upon arbitrator. If legal action is instituted to enforce this Agreement, and/or one of the party’s refuses to engage in the arbitration process, the prevailing party shall be entitled to receive reimbursement for all reasonable attorney fees and related costs of action from the non-prevailing party. 25. Entire Agreement. This option contains the entire agreement between the parties hereto and supersedes all prior agreements, oral or written, with respect to the subject matter hereof. The provisions of this Option shall be construed as a whole and not strictly for or against any party. THIS AGREEMENT shall be binding on the executors, heirs, administrators, personal representatives, successors, and assigns of the respective parties hereto. BUYER: SELLER: ______________________________________ Sharpe Enterprises, LLC Printed Name: ___________________________ Elk Run Subdivision Title: __________________________________ By: __________________________ Address:_______________________________ Tom Sharpe, Managing Partner _______________________________ Date: _________________________ Date: _________________________________ PLEASE INDICATE YOUR PREFERENCE FOR ANY WRITTEN NOTIFICATIONS AS OUTLINED IN SECTION 18 ABOVE: CERTIFIED MAIL OR OVERNIGHT COURIER FACSIMILE EMAIL OTHER ___________________ Website Enclosures available at: www.sharpeenterprises.com : 1. Copy of CC&R’s, including all ARC Rules, Standards, Guidelines and Submittal Requirements. 2. Copy of Recorded Final Plat |
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