EXHIBIT
10.1
CONTRACT FOR
SALE OF REAL ESTATE
August 7,
2009
RECEIVED of
GH Doane Inc., a Maine corporation, or assigns hereinafter called
the Purchaser, the sum of:
TWENTY-FIVE
THOUSAND DOLLARS ($25,000) as a deposit on account of the purchase
price of the following described real estate, situated in Penobscot
County, State of Maine, to wit:
1292 Hammond
Street, Bangor, Maine , further
described as a 23,000 +/- sf building situated on a 4.5 acre lot as
shown on Map R9, Lot 13A in the City of Bangor tax assessor’s
office and recorded in the Penobscot County Registry of Deeds, Book
5224, Page 331 (hereinafter referred to as the
“Premises”),
the TOTAL
purchase price being EIGHT HUNDRED THIRTY THOUSAND DOLLARS
($830,000) to be paid as follows:
$ 25,000
herewith;
$ 805,000
balance in cash or certified check or closing agent check at
closing.
Said deposit
is received and held by Epstein Commercial Real Estate, subject to
the following terms and conditions:
1. Seller
shall have until 5 o'clock p.m. on Friday, August 7, 2009, to
accept the within offer; and if Seller has not accepted the offer
by such time, said deposit shall be returned promptly to
Purchaser. Epstein Commercial Real Estate will hold said
deposit and act as escrow agent until the closing.
2. Within
30 days from the full execution of this Contract, Purchaser shall
notify the Seller of any title defects to which Purchaser objects,
and Seller shall have a reasonable period of time, not to exceed 30
days, to cure such objections. If Seller is unable to cure the
objections after having made reasonable efforts, Purchaser may
either consummate the purchase of the Premises in accordance with
this Contract or terminate this Contract, in which case the Seller
shall refund to Purchaser the deposit made hereunder and the
parties shall have no further obligation to each other.
3. The
closing shall take place within 15 days of the satisfaction of the
contingencies outlined in Paragraph 11, or at such other time or
place as may be agreed by both parties. Seller shall on
the date of closing execute typical closing documents and title
insurance documents and deliver a good and sufficient warranty deed
conveying the Premises to the Purchaser or its nominee, in fee
simple, with good and marketable title thereto. Seller shall
deliver possession of the premises to the Purchaser or its nominee
at the time of closing, free of all tenants and occupants, unless
otherwise provided herein. The Premises shall be broom clean, free
of all possessions and debris, and in the same condition as they
are now, reasonable wear and tear accepted. Purchaser may inspect
the Premises on or before the date of closing to verify the
condition of the Premises.
4. The
following items will be pro-rated as of the Closing:
Real estate
taxes X ; fuel
X ; rents
; utilities X
.
5. Risk
of loss or damage to the Premises, by fire or otherwise, until
title is passed, remains with the Seller. In the event
of any such loss or damage, Purchaser shall have the option of
terminating this Contract and receiving its deposit back, or to
accept available insurance proceeds that cover the damage and to
close the transaction with the Premises in an “as is”
condition.
6. In
case of the failure of the Purchaser to pay the purchase price or
to perform an
