Nmisc Sample Agreement Of Purchase And Sale (Page 4 of 20) in pdf

NMISC SAMPLE CONTRACT

Property; (ii) copy of any existing survey of the Property; (iii) copy of the most recent real estate tax

bill, together with a copy of any real estate tax protest documents, if any; (iv) copy of all deeds,

Water Rights Documents (subsequent to but including court adjudication of said water rights),

transfers and real estate or agricultural or soil conservation leases relating to the ownership or

development of the Property; (v) copies of all warranties and guaranties relating to any

improvements located on the Property; (vi) governmental documents, including building permits,

licenses, agricultural programs relating to the Premises, soil and geographical and environmental

studies, and grazing leases to the extent in Seller's possession and control; (vii) and any and all

other documents in Seller’s possession or reasonably available to Seller requested by Purchaser

and material to Purchaser's inspection and purchase of the Property.

3.03

Governmental Contingencies. Before any sale can be closed, (1) this Agreement

shall be duly and formally approved by the New Mexico Interstate Stream Commission, itself, (2)

this Agreement shall satisfy the requirements of NMSA 1978, §72-14-10 and the contingencies

established by the New Mexico Legislature in NMSA 1978, §72-1-2.4(D), and the 2002 general

appropriations act, Laws 2002, ch. 109, §2, and (3) there must be sufficient funds appropriated by

the New Mexico Legislature and authorized for expenditure by the New Mexico Department of

Finance and Administration for the Purchaser to consummate the sale.

3.04

Land Division Contingencies.

A. Purchaser agrees to reimburse 50% of the costs of the necessary surveying to

effectuate such division with reimbursement to be paid at closing.

B. If Seller elects to retain one or more tracts from the Premises, Seller shall bear any costs

of the division of the Premises, other than its agreed upon portion of the costs of the Survey, and

shall obtain all necessary governmental approvals of such division prior to Closing. Seller shall, as

a condition on Purchaser’s obligation to close in addition to Section 5.01, infra, provide Purchaser

with satisfactory documents evidencing final approval by the requisite regulatory agency.

C. Seller and the licensed land surveyor, as selected by Seller, shall verify: (1) that the

lands being conveyed to Purchaser have water rights appurtenant to them; (2) that the amount and

location of the water rights correlate with the records of the New Mexico Office of the State

Engineer, including the hydrographic survey, permits and modifications; (3) that the water right

acreage conforms to the Survey; and (4) that the Survey provides a description which may be

utilized in the Warranty Deed required under Article 6.02 A(i).

D. Seller shall perform the Survey within forty-five (45) days of execution of the Agreement

by the Purchaser. Upon receipt of the Survey, Purchaser shall have 45 days in which to exercise its

due diligence with respect to the Survey.

3.05

Contingency Termination.

A. This Agreement shall terminate without further action by Seller or Purchaser immediately

upon Purchaser's notice to Seller as a result of Seller’s failure to satisfy a contingency under this

Article Three, whereupon the Deposit shall be immediately refunded to Purchaser, and thereafter

the parties shall have no further obligations hereunder except as otherwise expressly provided

herein. If Seller otherwise satisfies all of his requirements under this Agreement to be fulfilled prior

to Closing and Purchaser fails to complete this transaction within the time period set out in 3.01 for

reasons other than a governmental contingency, Seller shall be entitled to receive the Deposit. If

this Agreement terminates pursuant to this Article Three due to Seller’s failure to satisfy the

contingencies in this Article Three, Purchaser shall pay $100.00 to Seller for Seller's execution and

Nmisc Sample Agreement Of Purchase And Sale Page 4

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