60+/- acres on beaver lake auction

Property Information Package For

00 Jackson Ridge

Eureka Springs, Carroll County, Arkansas

Multi-Parcel Auction Schedule:

Saturday, October 29th Registration Begins: 1 PM

Auction Time: 2 PM

To Schedule a Showing: Rusty Roberts—(281) 814-1961

Auction Location: Best Western—Inn of the Ozarks

207 West Van Buren Eureka Springs, AR 72632

www.BeaverLakeAuction.com

Auction Contact:

United Country—Little Switzerland Realty, Inc. 877-271-7891

Table of Contents

Page 1 Cover Page Page 2 Auction Details

Page 3 Table of Contents Page 4 Letter to Bidders Page 5 Auction Terms & Conditions Page 7 Property Overview

Page 9 Property and Surrounding Area Photos Page 14 Maps Page 17 Legal Description

Page 21 Preliminary Title Commitment Page 60 Sample Earnest Money Contract Page 72 Agency Representation Disclosure Form

Page 73 Contact Information


All Prospective Bidders:

Each of us at United Country—Little Switzerland Realty, Inc. are honored that The Charles &

Princess Jackson Trust has decided to utilize the auction 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 auction process.

The property will be offered in individual tracts and in combination. This unique method of

selling real estate allows all interested parties to compete equally in an open, fair, and public fo-

rum. 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 impor-

tant information to contact our office at 1-877-271-7891.

This Property Information Package (PIP) has been carefully prepared to assist you in your pre-

auction 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.BeaverLakeAuction.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

[email protected].

Good Luck at the Auction!!

Biddingly yours,

Russell W. Roberts

2039B E. Van Buren

Eureka Springs, AR 72632 877-271-7891



Auction Terms & Conditions

PROCEDURE: Each property will be offered in individual tracts or any combination of tracts 1 thru 6. There will be open bidding on tracts and combinations until the close of the auction. The prop-erty will be sold in the manner resulting in highest total sale price subject to the Seller’s accep-tance. 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 on the day of the auction, upon signing a purchase agreement immediately following the close of bidding. The down payment may be paid in the form of cash, personal check, business check, or cashier’s check. The remainder of the pur-chase price is payable in cash at closing. YOUR BIDDING IS NOT CONTINGENT UPON FINANC-ING, so be sure you have arranged financing, if needed, and are capable of paying cash at closing. ACCEPTANCE OF BID PRICES: Auctioneer or owner reserves the right to accept or reject the highest bid if either feels the buyer is not financially qualified, technical difficulties arise, or for any other reason. 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 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 rep-resentatives and assigns. BROKER PARTICIPATION: A 3% commission of the submitted written bid, 1% 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 – Little Switzerland Realty Inc.’s cooperating Broker Guidelines. NO Cooperating Broker fees will be paid without a written opening 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 October 27th. CLOSING: Will take place on or before Wednesday, November 23rd, 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.


Auction Terms & Conditions (cont.) TITLE: Seller shall execute a 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: Seller will provide a current survey of the property. 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: United Country—Little Switzerland Realty, Inc. and its representatives are exclusive agents of the seller. DISCLAIMER AND ABSENCE OF WARRANTIES: All information contained in this brochure and all re-lated materials are subject to the terms and conditions outlined in the agreement to purchase. AN-NOUNCEMENTS MADE BY THE AUCTIONEER AT THE AUCTION PODIUM DURING THE TIME OF THE SALE 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 inspec-tions, investigations, inquiries, and due diligence concerning the property. The information provided is be-lieved to be accurate, but is subject to verification by all parties relying on it. No liability for its accuracy, er-rors 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 default-ing bidder through legal action. NEW DATA, CORRECTIONS AND CHANGES: Please provide a current e-mail address and phone num-ber and check the official property website regularly to receive any announcements regarding any changes, corrections or additions to the property information. BROKER: Robin Phillips—United Country—Little Switzerland Realty, Inc. SELLER: Charles & Princess Jackson Trust


Property Overview

60+/- Acres of Recreational Land near the Beaver Lake located in

Eureka Springs, Arkansas! This property rests on one of the premier

lakes in the Ozarks and offers:

* Abundant Wildlife & Fishing

* Water Frontage with 800+/- ft. Boat Docking Zone

* Paved County Road Access

* Inviting Blue Waters

* Deep Water

Acres: 60.49+/- offered in 6 tracts ranging from 2.17+/- to 19.22+/-

Tract 1: This 3.35+/- acre tract has lake views to the West and

Northeast of it and is accessible from Honey Creek Road.

Tract 2: Includes 19.22+/- acres that are accessible from 3 roads. It

is a water front Army Corps of Engineer tract with no dock

zoning. This tract offers huge development and recreational

opportunities.

Tract 3: Consists of 2.17+/- acres that are accessible from Mundell

Road, and it offers potential buyers terrific homesite

opportunities.

Tract 4: The 9.96+/- acres tract is accessible from Mundell Road or

Jackson Ridge Road. This property offers the buyers the op-

portunity for residential or recreational development.


Property Overview Continued

Tract 5: 16.55+/- acres with fantastic views of the lake and 100+/-

feet of boat docking zone makes this tract one of the rarest

opportunities on Beaver Lake.

Tract 6: This 9.24+/- acres with 700+/- feet of boat docking zone

and spectacular lake views offers the buyer unlimited poten-

tial and unlimited opportunities.

2010 Approximate Taxes: $ 78.54

Directions: From Eureka Springs, AR: From the intersection of Kings

Highway Road and US-62, go West on US-62 for approx. 3.8

miles, Turn left on AR-187 and continue for approx. 3.9 miles,

Turn left on Mundell Road and continue approx. 1.3 miles, Turn

slight right on Jackson Ridge Road.

Www.BeaverLakeAuction.com


Legal Description

A part of the North Half of the Northeast Quarter of Section 21 and a

part of the Northwest Quarter of the Northwest Quarter of Section 22,

Township 20 North, Range 27 West, Carroll County, Arkansas, more

particularly described as follows: Beginning at a found iron pin at the

Northeast Corner of the Northwest Quarter of the Northwest Quarter

of said Section 22, thence South 00°27’46” West 1308.53 feet to a

found iron pin at the Southeast corner of said forty, thence North 89°

25’10” West 1322.84 feet to a found iron rod at the Southwest corner

of said forty, thence North 88°12’18” West 1297.76 feet to a found

Corps of Engineers Monument located on the U.S. Taking Line being

the Southwest corner of the Northeast Quarter of the Northeast Quar-

ter of said Section 21; thence with said U.S. taking line North 88°

11’32” West 653.70 feet to a found Corps of Engineers Monument,

thence North 43°21’11” West 368.73 feet to a found iron pin, thence

leaving said U.S. Taking Line North 78°44’24” East 93.28 feet to a

found iron pin, thence South 61°17’26” East 447.43 feet to a found

iron pin, thence North 43°51’19” East 569.32 feet to a found iron pin,

thence North 23°55’15” East 156.88 feet to a found iron pin, thence

North 50°12’03” East 74.44 feet to the center line of Jackson Ridge

Road, thence with said center line North 55°35’40” East 158.61 feet,

thence North 60°10’43” East 49.60 feet, thence North 63°26’04” East

51.47 feet, thence North 67°54’56” East 55.57 feet, thence North 72°

14’11” East 50.59 feet, thence North 77°42’56” East 80.94 feet,

thence North 81°04’11” East 63.68 feet, thence North 89°52’47” East

49.54 feet, thence South 63°56’15” East 35.86 feet, thence South 40°

07’09” East 42.18 feet, thence South 29°12’19” East 119.27 feet to

point of curve, thence with said non-tangent curve to the left having a

delta angle of 69°30’58”, a radius of 470.00 feet, an arc length of


Legal Description (cont.)

570.24 feet, with a long chord of South 63°57’46” East 535.91 feet,

thence leaving said center line of Jackson Ridge Road North 01°03’25”

East 19.51 feet to the North side of Jackson Ridge Road, thence with

said North side North 73°51’43” East 94.54 feet, thence North 75°

17’44” East 100.27 feet, thence North 84°17’44” East 100.00 feet,

thence South 84°18’58” East 99.81 feet, thence South 72°38’39” East

88.07 feet, thence South 70°20’09” East 61.94 feet, thence South 62°

42’58” East 101.35 feet, thence South 56°39’13” East 120.55 feet to

the West side of Honey Creek Road, thence leaving said North side of

Jackson Ridge Road and following said West side of Honey Creek Road

North 22°04’15” West 153.19 feet, thence North 17°14’59” West

67.74 feet to a found iron pipe, thence leaving said West side of

Honey Creek Road North 65°05’47” West 183.57 feet to a found iron

pin, thence North 01°59’56” East 99.95 feet to a found iron pin,

thence North 89°17’27” West 187.87 feet to a found iron pipe, thence

South 76°08’35” West 97.74 feet to a found iron pin, thence South

75°12’00” West 92.42 feet to a found iron pin, thence North 00°

46’32” East 358.30 feet to a found iron pin, thence South 89°39’05”

East 337.97 feet to a found iron pin on the West side of Honey Creek

Road, thence with said West side North 10°48’12” East 84.21 feet,

thence North 27°53’45” East 75.75 feet to a found iron pin, thence

leaving said West side of Honey Creek Road, South 89°38’58” East

597.97 feet to a found Corp of Engineers Monument on the U.S. Tak-

ing Line, thence leaving said U.S. Taking Line South 89°38’58” East

327.97 feet to the beginning and containing 61.52 acres and subject

to existing easements and road right of ways.



LESS AND EXCEPT:

A part of the Northwest Quarter of the Northwest Quarter of Section

22, Township 20 North, Range 27 West, described as: From the North-

west corner of said Section 22, run South 00°07’07” East 150.00 feet

along the West section line thereof; thence South 89°38’55” East

357.93 feet to the centerline of an existing county road; thence South

05°51’45” East 128.48 feet along said centerline, thence South 17°

30’15” East 79.40 feet along said centerline, thence South 45°55’15”

East 134.03 feet along said centerline; thence South 38°52’15” East

93.70 feet along said centerline, thence South 17°22’15” East 140.70

feet along said centerline, thence South 72°37;45” West 20.00 feet to

the Southwesterly right-of-way of said existing county road for the

point of beginning, thence North 65°20’57” West 187.00 feet; thence

North 01°45’18” East 100 feet, thence East 90° 100 feet more or less

to the Westerly right-of-way of the county road, thence Southeasterly

along the Westerly right-of-way of county road to point of beginning.

LESS AND EXCEPT:

A part of the Northwest Quarter of the Northwest Quarter of Section

22, Township 20 North, Range 27 West, Carroll County, Arkansas,

more particularly described as follows: Commencing at a found iron

rod at the Southwest corner of the Northwest Quarter of the

Northwest Quarter of said Section 22, thence with South line of said

forty South 89°25’10” East 603.10 feet, thence leaving said South line

of forty N 00°27’46” East 205.18 feet to the point of beginning,

thence North 53°17’16” West 226.60 feet, thence North 35°17’49”

East 194.00 feet to the center line of existing road, thence with said

center line South 52°13’49” East 133.05 feet, thence South 54°47’23”

East 93.60 feet, thence leaving said center line of existing road South



35°17’41” West 194.00 feet to the point of beginning and containing

1.00 acre and subject to existing easements and road right of way.

Also an easement for any part of existing septic system that may ex-

tend beyond the above described tract of land onto the remaining

Jackson Estate property with right of ingress-egress to maintain septic

system. The above described legal description taken from an unre-

corded survey by Huston Surveying.


Preliminary Title Commitment


Sample Earnest Money Contract

This Instrument Prepared by:

Robert A. Ballinger, Esq.

2103 S. 54th Street, Ste 1

Rogers, AR. 72758

Phone: 479.876.8887

CONTRACT FOR SALE OF REAL ESTATE

Tract(s)______ Bidder No.________________

1. PARTIES: Charles & Princess Jackson Trust Dated April 18, 1990, First National Bank of

Ft. Smith, Successor Trustee, C/O: Jeannie M. Wakefield, CTFA (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 Kings River Title, 406

Public Square, Berryville, AR 72616 (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:

A. The land situated in Carroll County, Arkansas 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.

5. EXCEPTIONS, RESERVATIONS, CONDITIONS, AND RESTRICTIONS: The Property

will be conveyed subject to the following exceptions, reservations, conditions and restrictions:

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

third parties.

Sample

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 Closing of the transaction.

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.

6. 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) The standard printed exception for standby fees, taxes, and assessments.

(b) Those matters specifically described in Paragraph 5 above.

(c) The standard printed exception as to discrepancies, conflicts, shortages in

area or boundary lines, encroachments or protrusions, or overlapping

improvements.

(d) The standard printed exception as to marital rights.

(e) The standard printed exception as to waters, tidelands, beaches, streams,

and related matters.

(f) Facts which would be disclosed by a comprehensive survey of the

premises.

(g) Rights or claims of parties in possession.

(h) Mechanics, Contractors’ or Materialmen’s liens and lien claims, if any,

where no notice thereof appears of record.

(i) General Real Estate Taxes for the current year and subsequent years.

(j) Ownership or title to any mineral interest and the effect on the surface of

the existence of any rights included in such mineral interest.

(k) Loss arising from security interest evidenced by financing statements

filed of record under the Uniform Commercial Code and Judgment Liens

and other liens of record in any United States District Court or

Bankruptcy Court.

(l) Any liens for alimony or child support attaching pursuant to Act #989,

1985 Arkansas General Assembly.

(m) Rights-of-Way for Roadways and Utilities heretofore granted or

acquiesced.

(n) Easements, or claims of easements, not shown by the public records.

(o) The rights of dower, curtsey, homestead and other marital rights of the

spouse, if any, of any individual insured.

(p) The number of acres or square footage shown herein, if any, is for

informational purposes only. This information is neither guaranteed nor

insured.

Sample

(2) Buyer acknowledges that Seller has furnished Buyer a “to be determined

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.

B. 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.

NOTICE TO SELLER AND BUYER:

(1) 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.

(2) 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. Sellers, Broker

and Auctioneer do not warrant or covenant with Buyer with respect to the existence or

nonexistence of any pollutants, contaminants or hazardous waste prohibited by federal,

state, or local law, or claims based thereon arising out of the actual or threatened

discharge, release, disposal, seepage or escape of such substances at, from, or into the

demised premises. Buyer is to rely upon his/her own environmental audit or examination

of the premises.

7. 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 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.

Sample

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 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) the term “Hazardous Substance” means any substance, material, or

waste which is regulated by any local government authority, the State of

Arkansas, or other state where applicable, or the United States

Government, including, without limitation, any material or substance

Sample

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.

8. AGENCY DISCLOSURE:

Unless otherwise agreed to in writing, United Country - Little Switzerland Realty, Inc.

(“Broker”), an Arkansas real estate broker, represents the seller. BROKER DOES NOT

REPRESENT BUYER.

9. BROKERS’ FEES:

A. Seller shall be solely responsible for the brokers’ fees due to Broker. Broker is Seller’s

exclusive agent.

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.

10. CLOSING: The closing (“Closing”) of the sale will be on or before November 23, 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.

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

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; the title search fee; one-half of the escrow fee charged by the Title Company;

one-half of the state transfer taxes; 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

Sample

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; one-half of the state transfer taxes; and other expenses

stipulated to be paid by Buyer under other provisions of this Contract.

13. 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.

14. 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.

15. 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 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.

16. 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.

17. REPRESENTATIONS: Seller represents that as of the Closing Date there will be no liens,

assessments, or security interests against the Property.

18. 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.

Sample

19. 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.

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:

United Country - Little Switzerland Realty, Inc.

Attn: Robin Phillips

2039 B East Van Buren

Eureka Springs AR 72632

Phone: (479) 253-9182

Fax: (479) 253-9190

E-mail: [email protected]

If to Buyer: ______________________________

______________________________

______________________________

______________________________

Telephone No. __________________

Cell No. _______________________

Facsimile No. ___________________

E-mail:_________________________

with copies to: ______________________________

______________________________

______________________________

______________________________

Telephone No. __________________

Facsimile No. ___________________

E-mail:_________________________

If to Title Company: Kings River Title

Attn: Bob Ballinger

406 Public Square

Berryville, AR 72616

Phone: 870.423.2535

Fax: 870.423.6396

E-mail: [email protected]

Sample

mailto:[email protected]

22. 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.

23. 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.

24. 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 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.

25. TIME OF THE ESSENCE: Time is of the essence to this Contract and adherence to the

deadlines in this Contract shall be strictly enforced.

26. SAVING CLAUSE: In the event that any of the terms or provisions of this Agreement are

declared invalid or unenforceable by any Court of competent jurisdiction or any Federal or State

Government Agency having jurisdiction over the subject matter of this Agreement, the remaining

terms and provisions that are not effected thereby shall remain in full force and effect.

27. CONSULT YOUR ATTORNEY: This Contract was furnished to Buyer prior to its execution.

The Buyer has been advised to consult an attorney BEFORE signing.

28. 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”).

Sample

SELLER’S SIGNATURE PAGE

TO CONTRACT FOR SALE OF REAL ESTATE

Tract(s)______ Bidder No._____________

SELLER: Charles & Princess Jackson Trust Dated

April 18, 1990, First National Bank of Ft.

Smith, Successor Trustee

______________________________________

BY: Jeannie M. Wakefield, CTFA

Sample

BUYER’S SIGNATURE PAGE

TO CONTRACT FOR SALE OF REAL ESTATE

Tract(s)______ Bidder No._____________

BUYER:

________________________________________

________________________________________

Sample

TITLE COMPANY RECEIPT

Receipt of [___] Contract and [___] $_________________ Earnest Money in the form of

_______________________________________ is acknowledged.

Date: ________________, 2011.

Kings River Title

By:_____________________________________

Name:________________________________

Title:_________________________________

Sample


Be sure to mark your calendar for Saturday, October 29th, 2011

2:00PM

Please call our office if you have any questions

2039B E. Van Buren Eureka Springs, AR 72632

Toll Free: 877-271-7891


Please be sure to check out our website for up-to-date

details for this auction as well as upcoming auctions.

60+/- acres on beaver lake auction

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