EXHIBIT 10.1
COMMERCIAL REAL PROPERTY SALES CONTRACT
1.
PARTIES:
STEN CORPORATION, A MINNESOTA CORPORATION AND OR
ASSIGNS ("BUYER") AGREES TO PURCHASE AND ROBERT NICHOLS ENTERPRISES, INC.
("SELLER") AGREES TO SELL AND CONVEY TO BUYER THE PROPERTY DESCRIBED BELOW.
2.
PROPERTY:
THE REAL PROPERTY SITUATED IN JACKSONVILLE, CHEROKEE
COUNTY, TEXAS, DESCRIBED AS:
13.679 acres of land, in Block No, 9 of the Thomas Quevado Three Leagues Grant,
Abstract No. 44, Jacksonville, Cherokee County, Texas, as described on Exhibit A
attached hereto together with all rights, privileges and appurtenances
pertaining thereto, including any right, title and interest of Seller in and to
adjacent streets, alleys, and rights-of-way.
The property sold by this contract
is called the "Property".
3.
SALES PRICE:
$675,000.00
The Sales Price shall not be adjusted based upon any survey that may be obtained
by Buyer.
4.
THIRD PARTY FINANCING:
NONE; PROVIDED, HOWEVER, THIS AGREEMENT
IS CONTINGENT ON THE SUCCESSFUL CLOSING AND FUNDING OF THE BUYER'S SALE OF ITS
REAL ESTATE LOCATED AT 13828 LINCOLN STREET NE, HAM LAKE, MINNESOTA.
5.
EARNEST MONEY: BUYER SHALL DEPOSIT $5,000.00 AS EARNEST MONEY
WITH CHEROKEE TITLE CO., INC., RUSK TEXAS ON THE EFFECTIVE DATE OF THIS
CONTRACT.
THE EARNEST MONEY SHALL BE DEPOSITED IN A NON-INTEREST BEARING
ACCOUNT IN A FEDERALLY INSURED FINANCIAL INSTITUTION CHOSEN BY ESCROW AGENT.
IF
BUYER FAILS TO DEPOSIT THE EARNEST MONEY AS REQUIRED BY THIS CONTRACT, BUYER
SHALL BE IN DEFAULT.
6.
TITLE POLICY AND SURVEY:
(A)
TITLE POLICY:
SUBJECT TO PARAGRAPH 11(A) BUYER SHALL OBTAIN AN
OWNER POLICY OF TITLE INSURANCE (THE "TITLE POLICY") ISSUED BY CHEROKEE TITLE
CO., INC. IN THE AMOUNT OF THE SALES PRICE, DATED AT OR AFTER CLOSING, INSURING
BUYER AGAINST LOSS UNDER THE PROVISIONS OF THE TITLE POLICY, SUBJECT ONLY TO
THOSE TITLE EXCEPTIONS PERMITTED BY THIS CONTRACT, OR AS MAYBE APPROVED BY BUYER
IN WRITING.
WITHIN 20 DAYS AFTER THE TITLE COMPANY RECEIVES A COPY OF THIS
CONTRACT SUBJECT TO PARAGRAPH 11(A) BUYER SHALL OBTAIN A COMMITMENT FOR TITLE
INSURANCE (THE "COMMITMENT").
SELLER AUTHORIZES THE TITLE COMPANY TO DELIVER
THE COMMITMENT AND RELATED DOCUMENTS TO BUYER AT BUYER'S ADDRESS.
BUYER SHALL
HAVE 10 DAYS AFTER RECEIPT OF THE COMMITMENT TO OBJECT IN WRITING TO MATTERS
DISCLOSED IN THE COMMITMENT.
BUYER SHALL NOT HAVE THE AUTHORITY TO OBJECT TO
THE STANDARD PRINTED EXCEPTIONS AND THE EXCEPTIONS DESCRIBED IN THIS PARAGRAPH.
(B)
SURVEY:
BUYER, AT BUYER'S EXPENSE, MAY OBTAIN A SURVEY OF THE
PROPERTY DATED AFTER THE EFFECTIVE DATE OF THIS CONTRACT.
Buyer may, within (5) days after Buyer's receipt of the survey object in writing
to any matter which constitutes a defect or encumbrance to title on the survey
or if the survey shows any part of the Property to lie in a 100-year flood plain
area.
Buyer's failure to object under paragraph 6(a) or 6(b) within the time allowed
shall constitute a waiver of Buyer's right to object except that the
requirements in Schedule C of the Commitment shall not be deemed to have been
waived.
If objections are made