Document:

Exhibit 10.6

EXHIBIT 10.6 – Real Estate Sales Contract

REAL ESTATE SALES CONTRACT

1.

 Property Descriptions: Buyer agrees to purchase from Seller the following properties located at

• 701 N. Wenona, Bay City, MI 48706

• 1203 S. Raymond Ave, Bay City, MI 48706

• 414 Franklin St., Bay City, MI 48708

• 3318 N. Water St., Bay City, MI 48708

• 200 N. Sheridan, Bay City, MI 48708

• 207 E. Thomas, Bay City, MI 48706

• 505 N. Henry, Bay City, MI 48706

Property includes: All buildings, built-in appliances, lighting fixtures, plumbing and plumbing fixtures, heating fixtures, electrical and electrical fixtures, radio and/or television antenna with any mechanical devices, shades, awnings, shutters, window blinds, storm windows & doors, curtains and drapery rods, hard wired or attached smoke detectors and/or carbon monoxide detectors, all floor coverings except area rugs, fireplace glass doors and/or fireplace screens, mechanical door openers and controls, water softener (unless rented), plantings, trees, in ground or above ground pools including equipment and accessories, invisible fence and accessories, installed outdoor grills, fences, mailboxes, and sheds if any; all oil, gas, and mineral rights owned by the Seller. Title to any gas, oil, and mineral rights are not warranted by the Seller.

2.

Sales Price: The sales price for the properties is: $217,404.17

3.

 Payment Method: Cash, payable in installments prior to October 31st, 2010.

4.

 Seller Contributions: None.

5.

 Seller Disclosure: Buyer acknowledges the properties are sold "as-is" and is responsible for due diligence.

6.

 Title Evidence: As evidence of marketable title Seller will provide without expense to the buyer,

an owners policy of title insurance, including a policy commitment at closing, in the amount of the sales price.

7.

Land Division Act: The grantor grants the grantee the right to make (0) zero divisions under

section 108 of the Land Division Act no. 288 of the Public Acts of 1967 and subject to the

approval of the governing municipality.

8.

Property Inspection: The Buyer is encouraged to have the properties inspected as they are being sold as is, the Buyer shall have (10) Ten days from the date of this contract to have the properties inspected and the properties shall be considered acceptable if no reply is heard in the allotted time period.

9.

Lead Based Paint Inspection: The Buyer understands the hazards of lead based paints and is waiving the right for an inspection of lead based paint.

10.

Taxes: Taxes shall be prorated from the date of closing 08/11/2010.

			
	Buyer___/s/MK__________

	 
	Seller:___/s/JIW__________

Exhibit 10.6 Pg. 1

			

11.

Assessments: All special assessments, including current installments and unbilled portion of future installments, in EXCESS of $1.00, which have become a lien upon the land at the date of closing shall be paid by the Seller.

12.

Closing Date: Closing shall be set for August 11th , 2010

13.

Occupancy: Buyer shall be able to occupy the property immediately after closing and begin renovations with the final payments due no later than October 31 5% 2010.

14.

Utility Bills: It is the Sellers responsibility for all utility bills up to the date possession is surrendered and to make arrangements for the final payment of all utilities.

15.

Heirs and Successors: This contract is binding for the Buyer, Seller, their personal representatives and heirs, and anyone succeeding to their interest in the property. Buyer shall not assign this contract without the Sellers permission.

16.

Buyer and Seller Agree: that this is the entire contract and that there are no other written or oral contracts or understandings. No representations or warranties of any kind, expressed or implied, have been made to the Buyer about the property or its condition.

Seller: The Diversified Group Partnership Management LLC

Sellers Representative:  Michael A. Kazee

Sellers Representative Signature_/s/Michael A. Kazee_______________  Date:__      8-11-10____

Buyer: American Realty Funds Corporation

Buyers Representative:   Joel I. Wilson

Buyers Representative Signature: __/s/Joel I. Wilson__________________Date:_  _ 8-11-10_____

Exhibit 10.6 Pg. 2Exhibit 10.7

EXHIBIT 10.7 – Sublet Agreement

Sublet Agreement

It is mutually agreed on this date ___7/1/10________ between Landlord/Agent

_______6/30/11_____________________

and Sublessor(s)(Original Tenant(s))

__The Diversified Group__________________

__Partnership Management, LLC___________

________/s/____________________________

and Sublessee(s) (New Tenant(s))

___American Realty Funds Corporation______

________/s/____________________________

_____________________________, that all the rights and

duties described below shall be transferred to Sublessee(s) for the term of the sublet agreement specified below. The sublessee acknowledges receipt of the original lease and agrees to be bound by the terms of the original lease consistent with this sublet agreement effective__7-1-10_____(date of beginning of sublease).

Description of Lease and Premises

Address of Rental Unit _501 W. Eulicid Avenue, Bay City, MI 48706_________________________

Term of Original Lease __5/15/10__________ to _____5/14/11______ (beginning and ending dates)

Term of Sublease ____7/1/10_________ to _____6/30/11_________ (beginning and ending dates)

Provisions of Sublet Agreement

A. Choose one of the following:

[X]

The sublessee(s) shall be liable for the full rent of the sublessor(s) in the amount of

$_5,000___________ per month.

[  ]

The sublessee(s) shall be liable for part of the rent of the sublessor(s) in the amount of

$_________er month. Sublessor(s) shall remain liable for the remaining $____________ per

month.

B. Choose one of the following:

[  ]

The sublessor(s) shall be relieved of all liability and the original lease is assigned to the

sublessee(s) effective ______________(date). Note: Any sublessor’s release from liability must be approved by the landlord.

[X]

The sublessor(s) shall remain liable under the original lease.

C. Choose one of the following:

[  ]

The sublessee(s) shall pay a security deposit in the amount of $____________ to be held by

_______________________. Note: In the cities of Madison and Fitchburg, no single party

may require a security deposit from tenants if the combined total is more than one month of the original lease’s rent.

[X]

The sublessee(s) shall pay no security deposit.

			
	Tenant Resource Center, Inc. • (608) 2570006/(877) 238 RENT (7368)

	 
	 9/05Exhibit 10.8

EXHIBIT 10.8 – Promissory Note

1. Promise to Pay. For value received American Realty Funds Corporation, A Tennessee Corporation  (Borrower) promises to pay The Diversified Lending Services, LLC A Michigan Limited Liability Company (Lender) $50,000 and interest at the yearly rate of 10% on the unpaid balance as specified below. 

2. Installments. 

☐  Borrower will pay ______ payments of $_____ each at monthly/yearly/_________ intervals on the _____ day of the month.

☐  Borrower will pay one lump payment of principal and all accrued monthly interest for each full month on or before 01/01/2026

☐  Borrower will pay ______ payments of $_____ each at monthly/yearly/_________ intervals with a final balloon payment of ____________ at the end of the loan term on _________ date.

3. Application of Payments. Payments will be applied first to interest and then to principal.

4. Prepayment. Borrower may prepay all or any part of the principal without penalty.

5. Loan Acceleration. If Borrower is more than _______ days late in making any payment, Lender may declare that the entire balance of unpaid principal is due immediately, together with the interest that has accrued.

7. Security 

☐   This is an unsecured note. 

☐   Borrower agrees that until the principal and interest owed under this promissory note are paid in full, this note will be secured by a security agreement and Uniform Commercial Code Financing statement giving Lender a security interest in the equipment, fixtures, inventory and accounts receivable of the business known as ____.

☐   Borrower agrees that until the principal and interest owed under this promissory note are paid in full, this note will be secured by the

☐   mortgage

☐   deed of trust covering the real estate commonly known as _________________

and more fully described as follows:   ___________________________________ 

8. Collection Costs. If Lender prevails in a lawsuit to collect on this note, Borrower will pay Lender's costs and lawyer's fees in an amount the court finds to be reasonable.

The undersigned and all other parties to this note, whether as endorsers, guarantors or sureties, agree to remain fully bound until this note shall be fully paid and waive demand, presentment and protest and all notices hereto and further agree to remain bound notwithstanding any extension, modification, waiver, or other indulgence or discharge or release of any obligor hereunder or exchange, substitution, or release of any collateral granted as security for this note. No modification or indulgence by any holder hereof shall be binding unless in writing; and any indulgence on any one occasion shall not be an indulgence for any other or future occasion. Any modification or change in terms, hereunder granted by any holder hereof, shall be valid and binding upon each of the undersigned, notwithstanding the acknowledgement of any of the undersigned, and each of the undersigned does hereby irrevocably grant to each of the others a power of attorney to enter into any such modification on their behalf. The rights of any holder hereof shall be cumulative and not necessarily successive. This note shall take effect as a sealed instrument and shall be construed, governed and enforced in accordance with the laws of the State of Michigan.

						
	Lender:

	/s/Michael Kazee

	Date:

	1-4-2011

	 
	Michael Kazee, President Diversified Lending Services, LLC

	Witnessed:

	/s/Shawn Kristi Dicken

	Date:

	1-4-2011

	 
	Shawn Kristi Dicken

	Borrower:

	/s/Joel I. Wilson

	Date:

	1-4-2011

	 
	Joel I. Wilson, Co-CEO for American Realty Funds Corporation

	Witnessed

	/s/Shawn Kristi Dicken

	Date:

	1-4-2011

	 
	Shawn Kristi Dicken

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