CONTRACT FOR SALE OF REAL ESTATE



OFFER TO PURCHASE REAL ESTATE

(August 2009 Edition)

The undersigned Buyer(s) offer(s) to purchase from Mississippi State University (MSU) the hereinafter described real estate, and if this offer is accepted, the contract shall be on the terms and conditions set forth as follows:

A. Real estate: (See attached property description) and any improvements thereon, except that all mineral rights will be retained by MSU.

B. Price: The sales price of the real estate is to be $_______________________.

C. The Buyer(s) agree(s) to pay the cost for the Attorney Fees, Deeds, Title Certificates, Surveys, and other fees/costs, except that MSU agrees to pay (or reimburse) for one-half of the costs of two appraisals authorized by MSU.

D. The closing date shall be on or before _________________. The possession date shall be [the date of closing][__________________________________].

E. There must be two appraisals and the above sales price must not be less than the average of the two appraisals.

F. MSU shall not pay any special assessments, taxes or other like governmental fees before,

during, or after the closing date.

G. MSU does not warrant any aspect of this sale or ownership of the real estate that is the

subject of this sale. MSU shall provide a Quitclaim Deed to the real estate.

H. Specific Performance shall be the essence of this contract. In the event of a breach of this contract by the Buyer(s), MSU, at its option, (1) may deem this contract void, cancel the contract, and accept $1,000.00 as liquidated damages, or (2) may enter suit for damages and/or specific performance in any court of competent jurisdiction chosen by MSU, including, but not limited to, the Chancery Court of Oktibbeha County, Mississippi.

I. The Buyer has deposited $_________.00 with MSU as earnest money, which earnest money

shall be applied toward the sales price upon consummation of the sale on the date of closing. Without limiting the remedies available to MSU in paragraph H. above, but instead being in addition thereto, the earnest money shall be forfeited to MSU should the sale not be consummated by the date of closing as a result of Buyer(s) actions or failures to act

J. This offer requires prior approval of the IHL Board before it may be accepted by MSU.

Sale Recommended by MAFES Director

_______________ (Initials of Director)

________________________________ MISSISSIPPI STATE UNIVERSITY

BUYER DATE

________________________________ _________________________________

BUYER DATE Accepted

Director of Procurement and Contracts

BUYER(S) NOTARY CLAUSES

STATE OF MISSISSIPPI

COUNTY OF ____________________

Personally appeared before me, the undersigned authority in and for the jurisdiction aforesaid, ___________________________, who in my presence and after being properly identified, and after swearing that he/she had the authority so expressed in the above Offer to Purchase, executed and delivered the foregoing Offer to Purchase for the purposes therein contained.

In witness whereof, I hereunto set my hand and official seal on this the ______ day of ________________________, 20_____.

_______________________________

NOTARY PUBLIC

(SEAL) My commission expires: _________________

STATE OF MISSISSIPPI

COUNTY OF ____________________

Personally appeared before me, the undersigned authority in and for the jurisdiction aforesaid, ___________________________, who in my presence and after being properly identified, and after swearing that he/she had the authority so expressed in the above Offer to Purchase, executed and delivered the foregoing Offer to Purchase for the purposes therein contained.

In witness whereof, I hereunto set my hand and official seal on this the ______ day of ________________________, 20_____.

_______________________________

NOTARY PUBLIC

(SEAL) My commission expires: _________________

MISSISSIPPI STATE UNIVERSITY=S NOTARY CLAUSE

STATE OF MISSISSIPPI

COUNTY OF OKTIBBEHA

Personally appeared before me, the undersigned authority in and for the jurisdiction aforesaid, ____________________________________, as Director of Procurement and Contracts for Mississippi State University, who in my presence and after being properly identified, and after swearing that he had the authority so expressed in the above contract, executed and delivered the foregoing contract for the purposes therein contained.

In witness whereof, I hereunto set my hand and official seal on this the ______ day of ________________________, 20_____.

_______________________________

NOTARY PUBLIC

(SEAL) My commission expires: _________________

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