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30 Home Lots Offered By Sealed Bid! 21 Home Lots— Preston Manor in Wolfforth, Texas Sealed bids will be accepted through Thursday, June 2, 2011 by 2PM CST.

9 Home Lots— Meadows South in Lubbock, Texas

806-553-1960 or www.AllianceAuctioneers.com


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Property Information Package For

Preston Manor and Meadows South Lots Wolfforth and Lubbock, Lubbock County, TX Offered Through Sealed Bids: Thursday, June 2nd Bids Must Be Submitted By 2PM CST To Place a Bid: Go to www.AllianceAuctioneer.com Under Auctions Tab—Click on Preston Manor & Meadows South Lots Click on Sealed Bid Submission Button Click on Bid Now! Button in New Window Credit Card is required for registration Auction Contact: United Country—Alliance Auction & Realty 877-271-7891 Texas License #13507


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Table of Contents Page Page Page Page Page Page Page Page Page

1 2 3 4 5 7 9 12 14

Page Page Page Page

36 44 56 57

Cover Page Auction Details Table of Contents Letter to Bidders Auction Terms & Conditions Property Overview Property Photos Maps Preston Manor Declaration of Covenants, Conditions and Restrictions Meadows South Deed Restrictions Sample Earnest Money Contract Information About Brokerage Services Contact Information

*Title Commitments are available upon request*

www.AllianceAuctioneers.com


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All Prospective Bidders: Each of us at United Country—Alliance Auction & Realty are honored that Thomas S. and Linda Martin have decided to utilize the sealed bid method of marketing and the services offered by our company to sell their real estate. Furthermore, we thank you for your interest and welcome your participation in the sealed bid process. The property will be offered in individual tracts and in combination upon request. This unique method of selling real estate allows all interested parties to compete equally in a fair market forum. The real estate will sell to the highest bidder(s) in the manner resulting in the highest total sales price. We are providing this Property Information Package in an effort to assist you in your purchasing decision. You are encouraged to have any buyer representatives or lenders that may need important information to contact our office at 1-877-271-7891. This Property Information Package (PIP) has been carefully prepared to assist you in your preauction due diligence. Please carefully review the property information, disclaimers, and sample earnest money contract as well as the terms and conditions of the auction. Please refer to our website at www.allianceauctioneers.com for the most current information about this and future auctions. Should you have any questions or need additional information, please feel free to contact our office at 806-553-1960 or toll free 877-271-7891 or by email at info@AllianceAuctioneers.com. Good Luck!! Biddingly yours, Brent R. Graves Owner/Auctioneer 2744 Duniven Circle Amarillo, TX 79109 877-271-7891


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Auction Terms & Conditions PROCEDURE: Each property will be offered in individual tracts or any combination of tracts upon request. Bidding will be open on tracts and combinations until the close of the auction. The property will be sold in the manner resulting in highest total sale price subject to the Seller’s acceptance. BUYER’S PREMIUM: A 10% Buyer’s Premium is in effect for all purchases. The Buyer’s Premium will be added to the ―High Bid Price‖ to determine the ―Sales Price‖ or ―Contract Price‖. DOWN PAYMENT: Ten percent (10%) down payment upon signing a purchase agreement by June 3rd at 5 PM. The down payment may be paid in the form of cash, personal check, business check, cashier’s check, or wire transfer. The remainder of the purchase price is payable in cash at closing. YOUR BIDDING IS NOT CONTINGENT UPON FINANCING, so be sure you have arranged financing, if needed, and are capable of paying cash at closing. ACCEPTANCE OF BID PRICES: All Final Bids are subject to the owner’s acceptance or rejection. REAL ESTATE TAXES AND ASSESMENTS: The 2011 Property Taxes will be prorated to the date of closing. The buyer will be responsible for any ―rollback‖ in the property taxes. The buyer(s) will be responsible for all additional taxes imposed after the date of execution of the Special Warranty Deed by Seller as a result of any change in use of any part of the subject property, the intent being that all such additional taxes shall be the responsibility of the buyer and the buyer’s heirs, personal representatives and assigns. BROKER PARTICIPATION: A 3% commission of the submitted written maximum pre-bid, 2% commission of any amount above the written maximum pre-bid will be paid to the properly licensed Broker whose prospect purchases and closes on the real estate per United Country – Alliance Auction & Realty’s cooperating Broker Guidelines. NO Cooperating Broker fees will be paid without a written maximum pre-bid. Under no circumstance can a Broker be a principal or an owner or officer of any entity AND a Cooperating Broker in the same transaction. To obtain these guidelines, please contact the auction office prior to May 31st. CLOSING: Will take place on or before Friday, July 8th, 2011 or as soon thereafter as applicable closing documents and surveys (if needed) are completed. POSSESSION: Full possession will be given at closing. Early possession will not be granted prior to closing.

www.AllianceAuctioneers.com


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Auction Terms & Conditions (cont.) TITLE: Seller shall execute a General Warranty Deed conveying the real estate to the buyer(s). Seller will provide buyer(s) with an Owner’s Policy of Title Insurance. Buyer(s) will be responsible for all expenses related to acquiring a mortgagee’s title policy, if desired or required. EASEMENTS AND LEASES: Sale of the property is subject to any and all easements of record and any and all leases. SURVEY: All advertised acreages, square footages and other measurements are approximate and have been estimated based on current legal descriptions, aerial photos or other reliable sources and should not be considered accurate or used as boundary lines or legal descriptions. AGENCY: Alliance Auction Group, LLC dba United Country – Alliance Auction & Realty and its representatives are exclusive agents of the seller. DISCLAIMER AND ABSENCE OF WARRANTIES: All information contained in this brochure and all related materials are subject to the terms and conditions outlined in the agreement to purchase. ANNOUNCEMENTS MADE BY THE AUCTIONEER VIA EMAIL COMMUNICATION OR ON THE OFFICIAL PROPERTY WEBSITE WILL TAKE PRECEDENCE OVER ANY PREVIOUSLY PRINTED MATERIAL OR ANY OTHER ORAL STATEMENTS MADE. The property is being sold on an ―AS IS, WHERE IS‖ basis, and no warranty or representation either expressed or implied, concerning the property is made by the seller or the auction company. Each potential bidder is responsible for conducting his or her own independent inspections, investigations, inquiries, and due diligence concerning the property. The information provided is believed to be accurate, but is subject to verification by all parties relying on it. No liability for its accuracy, errors or omissions is assumed by the seller or the auction company or any of its respective representatives. All sketches and dimensions are approximate. All acreages, square footages and other measurements are approximate and have been estimated based on legal descriptions, aerial photographs or other sources deemed reliable. Conduct at the auction and increments of bidding are at the direction and discretion of the auctioneer. The Seller and Auction Company reserve the right to preclude any person from bidding if there is any question as to the person’s credentials, fitness, etc. All decisions of the auctioneer are final. SPECIFIC PERFORMANCE: All bidders agree and understand that bids submitted are binding offers and further agree to complete the transaction. Auctioneer and/or Seller reserve the right to pursue any defaulting bidder through legal action. NEW DATA, CORRECTIONS AND CHANGES: Please provide a current e-mail address and phone number and check the official property website regularly to receive any announcements regarding any changes, corrections or additions to the property information. BROKER: Brent Graves—United Country—Alliance Auction & Realty SELLER: Thomas S. and Linda Martin www.AllianceAuctioneers.com


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Property Overview Tract # Lot

Legal Description

Address

City, State, Zip

Sq. Ft. +/-

Taxes

1

11

Preston Manor 901 Buckingham Ave Wolfforth, TX 79382

8,308

$ 667.92

2

121

Preston Manor 627 N 10th St

Wolfforth, TX 79382

8,308

$ 667.92

3

122

Preston Manor 630 N 9th St

Wolfforth, TX 79382

8,308

$ 667.92

4

168

Preston Manor 631 N 9th St

Wolfforth, TX 79382

8,308

$ 667.92

5

169

Preston Manor 718 N 8th St

Wolfforth, TX 79382

8,308

$ 667.92

6

186

Preston Manor 717 N 8th St

Wolfforth, TX 79382

8,308

$ 667.92

7

187

Preston Manor 720 N 7th St

Wolfforth, TX 79382

8,308

$ 667.92

8

204

Preston Manor 721 N 7th St

Wolfforth, TX 79382

8,528

$ 667.92

9

250

Preston Manor 607 Buckingham Ave Wolfforth, TX 79382

7,178

$ 667.92

10

275

Preston Manor 1406 Churchill Ave

Wolfforth, TX 79382

7,917

$ 667.92

11

276

Preston Manor 1408 Churchill Ave

Wolfforth, TX 79382

8,432

$ 667.92

12

280

Preston Manor 1416 Churchill Ave

Wolfforth, TX 79382

10,301

$ 667.92

13

283

Preston Manor 1422 Churchill Ave

Wolfforth, TX 79382

9,505

$ 667.92

14

286

Preston Manor 1506 Churchill Ave

Wolfforth, TX 79382

9,404

$ 667.92

15

287

Preston Manor 1508 Churchill Ave

Wolfforth, TX 79382

9,548

$ 667.92

16

289

Preston Manor 1512 Churchill Ave

Wolfforth, TX 79382

8,925

$ 667.92

17

290

Preston Manor 1514 Churchill Ave

Wolfforth, TX 79382

8,859

$ 667.92

18

291

Preston Manor 1516 Churchill Ave

Wolfforth, TX 79382

8,798

$ 667.92

19

295

Preston Manor 1524 Churchill Ave

Wolfforth, TX 79382

7,920

$ 667.92

20

296

Preston Manor 1526 Churchill Ave

Wolfforth, TX 79382

8,384

$ 667.92

21

384

Preston Manor 1411 Churchill Ave

Wolfforth, TX 79382

10,977

$ 667.92

Tract #9—Lot #250 in Preston Manor is a Garden Home Lot.

www.AllianceAuctioneers.com


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Property Overview (cont.) Tract # Lot

Legal Description

Address

City, State, Zip

Sq. Ft. +/-

Taxes

22

379

Meadows South 10119 Chicago Ave

Lubbock, TX 79424

5,640 $ 363.00

23

380

Meadows South 10201 Chicago Ave

Lubbock, TX 79424

5,640 $ 363.00

24

381

Meadows South 10203 Chicago Ave

Lubbock, TX 79424

5,640 $ 277.89

25

382

Meadows South 10205 Chicago Ave

Lubbock, TX 79424

5,640 $ 277.89

26

383

Meadows South 10207 Chicago Ave

Lubbock, TX 79424

5,640 $ 277.89

27

384

Meadows South 10209 Chicago Ave

Lubbock, TX 79424

5,640 $ 363.00

28

385

Meadows South 10301 Chicago Ave

Lubbock, TX 79424

5,640 $ 363.00

29

386

Meadows South 10303 Chicago Ave

Lubbock, TX 79424

5,640 $ 277.89

30

387

Meadows South 10305 Chicago Ave

Lubbock, TX 79424

5.640 $ 277.89

All of the lots in Meadows South are Garden Home Lots

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Preston Manor Tract Map

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Meadows South Tract Map

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Preston Manor Declaration of Covenants, Conditions and Restrictions

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Meadows South Deed Restrictions

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CONTRACT FOR SALE OF REAL ESTATE Tract No. ______

Bidder No._____________

1.

PARTIES: Thomas S. and Linda Martin (collectively, “Seller”, if one or more) agrees to sell and convey to ____________________________________ _______________ (collectively, “Buyer’, if one or more) and Buyer agrees to buy from Seller the Property described below according to the terms hereof.

2.

SALES PRICE: Auction Price Buyer’s Premium (10.0%) TOTAL Sales Price

$______________________ $______________________ $______________________

The Total Sales Price shall be paid by Buyer to Seller by wire transfer of immediately available funds at Closing. 3.

EARNEST MONEY: Upon execution of this Contract by both parties, Buyer must deposit in immediately available funds 10.0% of the Total Sales Price in the amount of $____________________ as earnest money (the “Earnest Money”) with Lubbock Abstract & Title Company, 1216 Texas Avenue, Lubbock, Texas, 79401 (the “Title Company”). If Buyer fails to deposit the Earnest Money as required by this Contract, Buyer will be in default. The Earnest Money shall be credited against the Total Sales Price due at Closing.

4.

PROPERTY: As used in this Contract, the term “Property” means any and all of the following:

5.

A.

The land situated in Lubbock County, Texas described on attached EXHIBIT “A” attached hereto and made a part hereof for all purposes, together with all improvements thereon and all rights, privileges and appurtenances pertaining thereto, including but not limited to water rights, claims and permits and easements.

B.

The following items, if any: billboard signs, windmills and tanks, domestic water systems, barns, fences, and all other property owned by Seller and attached to the above described real property.

EXCEPTIONS, RESERVATIONS, CONDITIONS, AND RESTRICTIONS: The Property will be conveyed subject to the following exceptions, reservations, conditions and restrictions:

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6.

A.

The oil, gas and other minerals, royalties, and timber interests presently outstanding in third parties.

B.

All items listed in Schedule B to the Commitment for Title Insurance prepared by the Title Company and furnished to Buyer prior to the execution of this Contract.

C.

Easements, rights-of-way and prescriptive easements whether of record or not, rights of adjoining owners in fences situated on a common boundary, and any encroachments or overlapping of improvements.

TITLE POLICY AND SURVEY: A.

TITLE POLICY: (1)

Seller shall furnish to Buyer at Seller's expense an owner policy of title insurance (the “Title Policy”) issued by the Title Company in the amount of the Total Sales Price, dated at or after Closing, insuring Buyer against loss under the provisions of the Title Policy, subject to the promulgated exclusions (including existing building and zoning ordinances) and the following exceptions: (a) (b) (c)

(d) (e)

B.

The standard printed exception for standby fees, taxes, and assessments. Those matters specifically described in Paragraph 5 above. The standard printed exception as to discrepancies, conflicts, shortages in area or boundary lines, encroachments or protrusions, or overlapping improvements. The standard printed exception as to marital rights. The standard printed exception as to waters, tidelands, beaches, streams, and related matters.

(2)

Buyer acknowledges that Seller has furnished Buyer a commitment for title insurance (the “Commitment”) and legible copies of documents evidencing exceptions in the Commitment other than the standard printed exceptions.

(3)

Buyer accepts the Commitment and waives the right to object to any item contained in the Commitment other than exceptions in Schedule C of the Commitment which shall be satisfied on or before Closing.

SURVEY: Buyer, at Buyer’s sole and exclusive option and at Buyer’s expense, may survey the Property; however, obtaining a survey shall not cause the Closing date to be extended.

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NOTICE TO SELLER AND BUYER: (1)

If the Property is situated in an utility or other statutorily created district providing water, sewer, drainage, or flood control facilities and services, Chapter 49 of the Texas Water Code requires Seller to deliver and the Buyer to sign the statutory notice relating to the tax rate, bonded indebtedness, or standby fee of the district prior to final execution of this Contract.

(2)

Eligibility for government farm program benefits may depend upon compliance with a soil conservation plan for the Property. Buyer is advised to determine whether the property is subject to and in compliance with a plan before signing this Contract.

(3)

Buyer is advised that the presence of wetlands, toxic substances, including asbestos and wastes or other environmental hazards or the presence of a threatened or endangered species or its habitat may affect Buyer's intended use of the Property.

(4)

Pursuant to Section 5.011 of the Texas Property Code, Seller gives Buyer the following notice: If the Property that is the subject of this Contract is located outside the limits of a municipality, the Property may now or later be included in the extraterritorial jurisdiction of a municipality and may now or later be subject to annexation by the municipality. Each municipality maintains a map that depicts its boundaries and extraterritorial jurisdiction. To determine if the Property is located within a municipality’s extraterritorial jurisdiction or is likely to be located within a municipality’s extraterritorial jurisdiction, contact all municipalities located in the general proximity of the Property for further information.

(6)

7.

According to the terms of the Real Estate License Act of Texas, you, as Buyer, are advised by Broker that you should have the abstract covering the Property examined by an attorney of your selection, or be furnished with or obtain an owner policy of title insurance.

PROPERTY CONDITION: A.

INSPECTIONS AND ACCESS: Buyer acknowledges that Buyer has had the opportunity to inspect the Property. Buyer accepts the Property according to the terms of this Contract.

B.

PROPERTY CONDITION: EXCEPT AS EXPRESSLY SET FORTH IN THIS CONTRACT AND OTHER THAN SELLER’S GENERAL WARRANTY OF TITLE TO BE SET FORTH IN THE DEED, IT IS UNDERSTOOD AND AGREED THAT SELLER IS NOT MAKING AND HAS NOT AT ANY TIME MADE ANY WARRANTY OR REPRESENTATION OF ANY KIND OR CHARACTER, EXPRESSED OR IMPLIED, WITH RESPECT TO THE

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PROPERTY, INCLUDING, BUT NOT LIMITED TO, ANY WARRANTIES OR REPRESENTATIONS AS TO HABITABILITY, MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, TITLE, ZONING, TAX CONSEQUENCES, LATENT OR PATENT PHYSICAL OR ENVIRONMENTAL CONDITION, UTILITIES, OPERATING HISTORY OR PROJECTIONS, VALUATION, GOVERNMENTAL APPROVALS, THE COMPLIANCE OF THE PROPERTY WITH LEGAL REQUIREMENTS OR ANY OTHER MATTER OR THING REGARDING THE PROPERTY OR ANY PORTION THEREOF. BUYER ACKNOWLEDGES AND AGREES THAT UPON CLOSING, SELLER SHALL SELL AND CONVEY TO BUYER AND BUYER SHALL ACCEPT FROM SELLER THE PROPERTY AND THE LAND “AS IS, WHERE IS, WITH ALL FAULTS”, EXCEPT TO THE EXTENT EXPRESSLY PROVIDED OTHERWISE IN THIS CONTRACT. BUYER HAS NOT RELIED ON AND WILL NOT RELY ON, AND NO SELLER SHALL BE LIABLE FOR OR BOUND BY, ANY EXPRESSED OR IMPLIED WARRANTIES, GUARANTIES, STATEMENTS, REPRESENTATIONS OR INFORMATION PERTAINING TO THE PROPERTY OR RELATED THERETO MADE OR FURNISHED BY SELLER, BROKER, OR ANY PARTY REPRESENTING OR PURPORTING TO REPRESENT SELLER, TO WHOMEVER MADE OR GIVEN, DIRECTLY OR INDIRECTLY, ORALLY OR IN WRITING, UNLESS SPECIFICALLY SET FORTH IN THIS CONTRACT. THE GENERAL WARRANTY DEED CONVEYING TITLE TO THE PROPERTY WILL CONTAIN SIMILAR PROVISIONS TO THE ABOVE. C.

(1)

At Closing, Buyer will accept the Property in its current condition reasonable wear excepted. Buyer releases Seller from any responsibility to remediate or remove any Hazardous Substance (defined below) and any violation of environmental laws.

(2)

For purposes of this Contract: (a)

the term “Environmental Laws” means any and all laws, statutes, ordinances, rules, regulations, judgments, orders, decrees, permits, licenses, or other governmental restrictions or requirements relating to health, the environment, any “Hazardous Substance” now or any time prior to Closing in effect in the jurisdiction in which the Property is located, including, without limitation, the Comprehensive Environmental Response, Compensation and Liability Act of 1986, as amended (42 U.S.C. § 9601 et seq.), the Resource Conservation Recovery Act, as amended by the Hazardous and Solid Waste Amendments of 1984, as now or hereafter amended (42 U.S.C. § 6901 et seq.), the Hazardous Materials Transportation Act, as amended (49 U.S.C. § 1801 et

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seq.), the Clean Air Act, as amended (42 U.S.C. § 7401, et seq.), the Clean Water Act, as amended (33 U.S.C. § 1251 et seq.), the Toxic Substances and Control Act, as amended, 15 U.S.C. Sections 2601 et seq., any and all state and local laws similar to, in whole or in part, federal toxic waste laws, which from time to time are in effect in the jurisdiction in which the Property is located, and the regulations adopted pursuant thereto, any laws or regulations governing “wetlands”, and any common law theory based on nuisance or strict liability; and, (b)

8.

the term “Hazardous Substance” means any substance, material, or waste which is regulated by any local government authority, the State of Texas, or other state where applicable, or the United States Government, including, without limitation, any material or substance which is (i) defined as a “hazardous waste”, “hazardous material”, “hazardous substances”, “extremely hazardous waste”, “extremely hazardous substance”, “regulated substance” or “restricted hazardous waste” under any provision of the Environmental Laws and (ii) petroleum, including crude oil and any fraction thereof and any refined petroleum products and derivatives thereof.

BROKERS' FEES: A.

Seller shall be solely responsible for the brokers’ fees due to Alliance Auction Group, LLC dba United Country – Alliance Auction & Realty. (“Broker”), a Texas real estate broker. Broker is Seller’s exclusive agent. BROKER DOES NOT REPRESENT BUYER.

B.

Broker will pay up to a 3% commission to any broker who represents Buyer and who has complied with the guidelines set by Broker in connection with the land auction by Seller. BUYER IS SOLELY RESPONSIBLE FOR ANY ADDITIONAL COMMISSION DUE TO BUYER’S BROKER AND SHALL INDEMNIFY AND HOLD SELLER HARMLESS FROM ANY CLAIMS BY A BROKER REPRESENTING BUYER, INCLUDING BUT NOT LIMITED TO ATTORNEY’S FEES AND REASONABLE COSTS.

9.

CLOSING: The closing (“Closing”) of the sale will be on or before July 8, 2011, unless extended in writing by Seller (the “Closing Date”), in the offices of the Title Company. If either party fails to close this sale by the Closing Date, the non-defaulting party will be entitled to the remedies contained in Paragraph 14 below. At Closing Seller shall furnish tax statements or certificates showing no delinquent taxes, and a general warranty deed, in a form solely satisfactory to Seller, conveying good and indefeasible title showing no additional exceptions to those permitted in Paragraph 6 above.

10.

POSSESSION: Seller shall deliver possession of the Property to Buyer at Closing and funding.

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11.

12.

SETTLEMENT AND OTHER EXPENSES: The following expenses must be paid at or prior to Closing: A.

Seller's Expenses: Releases of existing liens, including prepayment penalties and recording fees; release of Seller's loan liability; tax statements or certificates; preparation of deed; one-half of the escrow fee charged by the Title Company; and other expenses stipulated to be paid by Seller under other provisions of this Contract.

B.

Buyer's Expenses: Loan application, origination and commitment fees; lender required expenses incident to new loans, including PMI premium, preparation of loan documents, recording fees, tax service and research fees, warehouse or underwriting fees, amortization schedule, premiums for mortgagee title policies and endorsements required by lender, credit reports, photos; required premiums for flood and hazard insurance; required reserve deposit for insurance premiums and ad valorem taxes; interest on all monthly installment notes from date of disbursements to one month prior to dates of first monthly payments; customary Program Loan costs for Buyer; one-half of the escrow fee charged by the Title Company; and other expenses stipulated to be paid by Buyer under other provisions of this Contract.

PRORATIONS AND ROLLBACK TAXES: A.

PRORATIONS: Taxes for the year 2010 and prior years shall be paid by Seller and the taxes for 2011 will be prorated to the Closing Date.

B.

ROLLBACK TAXES: If this sale or Buyer's use of the Property after Closing results in the assessment of additional taxes, penalties or interest (Assessments) for periods prior to Closing, the Assessments will be the obligation of Buyer. Obligations imposed by this paragraph will survive Closing.

13.

CASUALTY LOSS: If any part of the Property is damaged or destroyed by fire or other casualty loss after the effective date of the Contract, Seller shall assign to Buyer a portion of Seller’s right, title, and interest to any claims and proceeds Seller may have with respect to any casualty insurance policies. The portion of Seller’s right, title and interest to any claims and proceeds in casualty insurance policies assigned to Buyer shall be determined by Seller and shall be based on the total amount of damage and the terms of the casualty insurance policy. Buyer shall accept such assignment as Buyer’s sole and exclusive remedy. A casualty loss shall not terminate this Contract unless Seller fails to make the assignment called for herein. If Seller fails to make the assignment of all of Seller’s right, title and interest to any casualty insurance policies, Buyer may either (a) terminate this Contract and the Earnest Money will be refunded to Buyer or (b) extend the time for performance up to 15 days and the Closing Date will be extended as necessary.

14.

DEFAULT: If Buyer fails to comply with this Contract, Buyer will be in default, and Seller’s sole remedy will be to either (a) enforce specific performance or (b) terminate this Contract and receive the Earnest Money as liquidated damages, thereby releasing

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both parties from this Contract. If Seller fails to comply with this Contract, Seller will be in default and Buyer’s sole remedy will be to either (a) enforce specific performance or (b) terminate this Contract and receive the Earnest Money, thereby releasing both parties from this Contract. 15.

ATTORNEY'S FEES: The prevailing party in any legal proceeding brought under or with respect to the transaction described in this Contract is entitled to recover from the non-prevailing party all costs of such proceeding and reasonable attorney's fees.

16.

REPRESENTATIONS: Seller represents that as of the Closing Date there will be no liens, assessments, or security interests against the Property.

17.

FEDERAL TAX REQUIREMENT: If Seller is a "foreign person", as defined by applicable law, or if Seller fails to deliver an affidavit that Seller is not a "foreign person", then Buyer shall withhold from the sales proceeds an amount sufficient to comply with applicable tax law and deliver the same to the Internal Revenue Service together with appropriate tax forms. IRS regulations require filing written reports if cash in excess of specified amounts is received in the transaction.

18.

AGREEMENT OF PARTIES: This Contract, together with the attached exhibits, contains the entire agreement of the parties and cannot be changed except by their written agreement. This Contract supersedes all prior negotiations, correspondence, understandings, brochures, and agreements among the parties hereto respecting the subject matter hereof.

19.

CONSULT YOUR ATTORNEY: This Contract was furnished to Buyer prior to its execution. The Buyer has been advised to consult an attorney BEFORE signing.

20.

NOTICES: All notices from the parties to each other must be in writing and are effective when mailed, via certified mail, postage prepaid or hand-delivered as follows: If to Seller:

_______________________ _______________________ _______________________ Telephone No. __________ Facsimile No.____________ E-mail:

with copies to:

_______________________ _______________________ _______________________ Telephone No. ___________ Facsimile No. ____________ E-mail:

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United Country-Alliance Auction & Realty Attn: Brent R. Graves 2744 Duniven Circle Amarillo, TX 79109 Telephone No. 806.553.1960 Cell No. 806.236.0323 Facsimile No. 806.553.1964 E-mail: brent@AllianceAuctioneers.com

If to Buyer:

______________________________ ______________________________ ______________________________ ______________________________ Telephone No. __________________ Cell No. _______________________ Facsimile No. ___________________ E-mail:_________________________

with copies to:

______________________________ ______________________________ ______________________________ ______________________________ Telephone No. __________________ Facsimile No. ___________________ E-mail:_________________________

If to Title Company:

Lubbock Abstract & Title Company Attn: Gail Wilcoxson 1216 Texas Avenue Lubbock, Texas 79401 Telephone No. (806) 763-0431 Facsimile No. (806) 763-2207 E-mail: gailw@lubbockabstract.com

21.

TAX-FREE EXCHANGE: Seller shall reasonably cooperate with Buyer in connection with any tax-free exchange Buyer or Buyer’s assignees desire to complete. Seller shall not be charged with any additional expense on account of an exchange transaction and the Closing shall not be extended as a consequence of any exchange. Buyer shall indemnify and hold Seller harmless from any liability incurred by Seller as a result of Seller’s participation in the tax-free exchange.

22.

ASSIGNMENT: Seller retains the right to make an assignment of this Contract. All references in this Contract to Seller include Seller and its assigns. Buyer may not assign this Contract without Seller’s prior written consent.

23.

ESCROW: The Earnest Money is deposited with the Title Company with the understanding that the Title Company is not a party to this Contract and does not have any liability for the performance or nonperformance of any party to this Contract. If both parties make written demand for the Earnest Money, the Title Company may require

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payment of unpaid expenses incurred on behalf of the parties and a written release of liability of the Title Company from all parties. If one party makes written demand for the Earnest Money, the Title Company shall give notice of the demand by providing to the other party a copy of the demand. If the Title Company does not receive written objection to the demand from the other party within 30 days after notice to the other party, the Title Company may disburse the Earnest Money to the party making demand reduced by the amount of unpaid expenses incurred on behalf of the party receiving the Earnest Money and the Title Company may pay the same to the creditors. If the Title Company complies with the provisions of this paragraph, each party hereby releases the Title Company from all adverse claims related to the disbursal of the Earnest Money. The Title Company’s notice to the other party will be effective when deposited in the U.S. mail, postage prepaid, certified mail, return receipt requested, addressed to the other party at such party's address shown below. Notice of objection to the demand will be deemed effective upon receipt by escrow agent. 24.

PARAGRAPH HEADINGS: The paragraph headings are included only for convenience and are not to be used to construe any provision of this Contract. EXECUTED effective as of the ____ day of __________, 2011 (the “Effective Date”).

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SELLER’S SIGNATURE PAGE TO CONTRACT FOR SALE OF REAL ESTATE Tract No. ______

Bidder No._____________ SELLER: ________________________ _______________________

________________________________________ BY:

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BUYER’S SIGNATURE PAGE TO CONTRACT FOR SALE OF REAL ESTATE Tract No. ______

Bidder No._____________ BUYER: ________________________________________

________________________________________

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TITLE COMPANY RECEIPT Receipt of [___] Contract and [___] $_________________ Earnest Money in the form of _______________________________________ is acknowledged. Date: ________________, 2011.

(Title Company) By:_____________________________________ Name:________________________________ Title:_________________________________

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Be sure to mark your calendar for Thursday, June 2nd, 2011 2:00PM CST Please call our office if you have any questions 2744 Duniven Circle Amarillo, TX 79109 Toll Free: 877-271-7891 Office: 806-553-1960 Fax: 806-553-1964 info@AllianceAuctioneers.com www.AllianceAuctioneers.com Please be sure to check out our website for up-to-date details for this auction as well as upcoming auctions.

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Preston Manor and Meadows South Lots Property Information Package