20030708Second Purchase Agreement.pdf

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Communication Result Report (Jul. 7.2003 11:42AM)
FAX HEADER: TIMOTHY VANVAlIN
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SECIIO1'I 01'11
rRICB AND 1'nM8 OF PA)"MDIT
n.. p=Uoc prioo Cor 1IwI1OO.fJO sboto:I r4 S!uCk:DII. b. fiFTY THOOSI\N!)
, DOL1A.1tS ($30,000.00)"'" ~I. 15 1bI'-':
I. Sdler,
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.woclal""lhtrtcdptofnrLNTYfl'lB THOUSAND DOLl..All3
($Zs,IIDQ.OO) .. 8Dd &or 50000"" or ,oo(Jr,f.
1. Partho"...-oCSIi4~, 5d1or....iU _$0,000 ""-ofl1.,q;1D
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3. The w...... of du: pos.u- ,dee. wbIrh 11 TWeNTY f(vE"THOUSAND
DOUARS (S:t$,OOO.OO) :IIaII ~ pli4 1$ mII..-
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PURCHASE AGREEMENT FOR SALE OF CO~ ANY STOCK
In consideration of ONE DOLLAR ($1.00) plus other good and valuable consideration.
which amount is paid to Bruce Bwnett, hereinafter called Seller, through the offices ofNonn
Gissel, Attorney at Law, of Coeur d' Alene , Idaho receipt of which is hereby acknowledged
Seller hereby agrees to sell and grant to Kennneth and Cathy Rickel of Kootenai County, Idaho
hereinafter called Purchasers, his heirs and assigns, the company stock of Bitterroot Water
Company, Inc., consisting of 100 00 shares of stock the sole property of Seller situated in the
County of Kootenai, State ofIdaho. The Parties hereto acknowledge that the Company owns all
and any buildings and all other improvements thereon, all easements, rights of way, and
appurtenances thereto, and right, title, and interest in all public ways adjoining the property and
all the personal property on or employed in connection with the company stocks, sufficient to
operate a Public Utility to supply water to its Clientele.
This agreement is made and based on the following tenns and conditions:
SECTION ONE
PIDCE AND TERMS OF PAYMENT
The purchase price for the 100 00 shares of stock shall be FIFTY THOUSAND
DOLLARS ($50,000.00) and payable as follows:
1. Seller, hereby, acknowledges the receipt of TWENTY FIVE THOUSAND DOLLARS
($25 000.00) as and for 50 000 shares of stocks.
2. For the payment of said amount. Seller will convey 50 000 shares of stock to buyer at
closing.
3. The balance of the purchase price, which is TWENTY FIVE THOUSAND
DOLLARS ($25 000.00) shall be paid as follows:
a. Interest shall be 8% per annum, commencing June 1 , 2003
b. Payments shall be 303.32 per month, with the first payment being due on the
15th day of the month following the month in which the Idaho Publi~ Utilities
commission approves the stock transfer. Said payments will be due month to
month henceforth until the balance is paid in full.
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c. Payments \'till apply first to the interest and second to the principal.
4. Buyer shall execute a Promissory Note secured on the remaining stocks~ naming Bruce
Bennett as Payee which document will be held by Seller pending final payment and completion
oftms Purchase Agreement and all the terms hereWlder.
5. All "skip payments , of which there shall not be more than five (5) in a calender year,
shall be brought CUITent on or before the 191 day of July the following year.
SECTION TWO
C. APPROVAL
This agreement, as set forth herein, to purchase the remaining stocks over time shall be
effective as of June 1 , 2003 . Once the Idaho Public Utilities Commission has approved the sale
of stock, Purchasers shall give notice of the Idaho Public Utilities Commission s decision
SELLER Bruce Burnett, at 4240 Old Seward Hwy, Ste 13, Anchorage, Ak 99503 or within thirty
(30) days following receipt of the approval from the Idaho Public Utilities Commission.
SECTION THREE
TITLE
Seller is in receipt of documentation, satisfactory to themselves, of the merchantable title
to any buildings and all other improvements thereon, all ~asements, rights ofwa)r, and
appurtenances thereto, and all of the Corporation s right, title, and interest in all public ways
adjoining the property and all the personal property on or employed in connection with the
Corporation sufficient to operate a Public Utility and supply water to its clientele.
Title to the stock of the Corporation conveyed to Purchaser, as herein provided, shall be
merchantable, free and clear of all liens, enc~brances or restrictions.
SECTION FOUR
CLOSING AND DEFAULT
An escrow shall be not opened, however, Seller will retain possession of the balance of
the shares of the Company stock and the Promissory Note until the same is paid in full.
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Any taxes and assessments for the current year, water rents due but not delinquent, rentals
under existing leases and tenancies shall be prorated between the parties as of the date of June 1
2003.
The sale transaction shall be closed v.rithin Thirty (30) days ofIdaho Public Utility
Commission approval. The Promissory Note executed tmder Section One shall be delivered to
seller. Any violation or non compliance with any term and condition herein shall be deemed
default of this Agreement and the non-defaulting party, at his/her discretion, can tenninate this
agreement or waive defaults. A waiver of default is not a waiver of any future defaults. shall be
The laws and statutes of the State of Idaho shall apply to this Agreement. Venue shall be
Kootenai County, State ofidaho.
SECTION FIVE
INSURANCE AND RISK OF LOSS
Seller warrants that there is current and, existing rue and public liability insurance.
Risk of loss from fire or other casualty to any improvements of the propert).- shall be the
Corporation
SECTION SIX
NOTICES
Any notice hereunder shall be given in miring to the party for whom it is intended in
person or by registered mail at the following address, or such future address as may be designated
in writing to:
Seller,Bruce Burnett
4240 Old Seward Hwy, Ste 13,
Anchorage, Alaska 99503;
Purchaser Cathy and Kenneth Rickel
O. Box 1261,
Hayden Lake, State ofIdaho 83835;
or to any successor assignee of either party, at the address stated in the notice of succession or
assignment.
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SECTION SEVEN
SIGNATURES
This Agreement abd the Promissory Note resulting from the Agreement shall be binding
upon the heirs, administrators, executors, successors, and assigned Parties. All rights of
Purchasers hereunder may not be assigned unless \\onnen pennission is granted by Seller.
SECTION EIGHT
ASSIGNMENT AND SUCCESSION
This agreement and the Promissory Note resulting from the agreement shall bind and
inure to the benefit of the heirs, administrators, executors, successors, and assigns of the
respective parties. All rights of purchaser hereunder may not be assigned unless 'written
permission is granted by Seller.
SECTION NINE
TIME
Time is of the essence ofthis Agreement.
SECTION TEN
CERTIFICATE OF HOLDER
The Certificate for Bitterroot Water Company, In!;. will not change as a result of this
transaction.
Executed in duplicate on 2003.
ROBERT BRUCE BURNETT
SELLER
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STATE OF ALASKA
County of
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day of , 2003, before me,
a Notary Public, personally appeared ROBERT
BRUCE BURNETT, known or identified to me to be the President, or
vice-President, or Secretary or assistant Secretary of the the
corporation that executed the instrument on behalf of said
corporation, and acknowledged to roe that such corporation
executed the same
On thi
NOTARY PUBLIC IN AND FOR
THE STATE OF ALASKA
RESIDING AT:
MY COMMISSION EXPIRES:
) ss,
County of Kootenai
Orrthis !lD.....day of July, 2003, before me
, a Notary Public, personally appeared NNETH
ICKEL and CATHY RICKEL, Husband and Wife, known or identified to
me as the pers~.whose names ari!
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ubscribed to the within
instrument, and acknow~~ii"~ to me that ey executed the same
being first duly sw~~'Uf?~:~~g depose and says:
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