SEC Contract Filing

Filing Date: 2022-02-16

Document Content:
<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>vbhi_ex10z1.htm
<DESCRIPTION>PURCHASE AND SALE AGREEMENT
<TEXT>
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<DIV style=margin-left:72pt;width:468pt><P style='font:14pt Times New Roman;margin:0'><FONT style='border-bottom:1px solid #000000'><B>Exhibit 10.1</B></FONT></P>
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<P align=center style='font:14pt Times New Roman;margin:0'><B>PURCHASE AND SALE AGREEMENT</B></P>
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<P align=justify style='font:12pt Times New Roman;margin:0;color:#000000'><KBD style=margin-left:36pt></KBD>This Purchase and Sale Agreement (the &#8220;Agreement&#8221;) is made and entered into by and between <A name=_Hlk45612989 /><B>Verde Bio Holdings, Inc. </B>with an address of<B> 5750 Genesis Ct. , Suite 220B, Frisco, Texas 75034 </B>(hereinafter referred to as &#8220;Buyer&#8221;), and<B> __________________________ </B>with an address of _________________________________, (hereinafter referred to as &#8220;Seller&#8221;). &nbsp;Buyer and Seller are sometimes referred to below individually as a &#8220;Party&#8221; or collectively as the &#8220;Parties&#8221;; and&nbsp;</P>
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<P align=justify style='font:12pt Times New Roman;margin:0'><KBD style=margin-left:36pt></KBD>WHEREAS, Seller owns or has the right to sell the mineral &amp; royalty interests described on Exhibit &#8220;A&#8221; attached hereto and made a part hereof.&nbsp;</P>
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<P align=justify style='font:12pt Times New Roman;margin:0;text-indent:36pt;color:#000000'>WHEREAS, Buyer desires to purchase from Seller, and Seller desires to sell to Buyer, those certain interests in oil and gas leases that are defined and described as &#8220;Properties&#8221; hereinbelow, subject to and on the terms and conditions set forth in this Agreement.</P>
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<P align=justify style='font:12pt Times New Roman;margin:0;text-indent:36pt;color:#000000'>NOW, THEREFORE, in consideration of the foregoing and the mutual promises, covenants and agreements contained herein and other good and valuable consideration the receipt and sufficiency of which is hereby acknowledged, Buyer and Seller agree as follows:</P>
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<P align=justify style='font:12pt Times New Roman;margin:0;text-indent:36pt'>Subject to the terms, conditions and provisions of this Agreement, Seller agrees to sell, assign and convey to Buyer an undivided <FONT style='border-bottom:1px solid #000000'><B>100</B><B>%</B></FONT> of Seller&#8217;s right, title and interest in and to Seller&#8217;s oil, gas and other mineral rights in and to the Properties more specifically described on the attached Exhibit A (&#8220;the Properties&#8221;) including but not limited to oil royalty, gas royalty, overriding royalty interest, mineral interest and other similar interests which may be produced from said oil, gas and mineral leases and lands<SUP><A name=_ftnb1 /><A href=#_ftnf1><SUP>1</SUP></A></SUP>.</P>
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<P style='font:12pt Times New Roman;margin:0'><B>Terms of this transaction are as follows:</B></P>
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<P style='font:12pt Times New Roman;margin:0'>1. The purchase price is $325,000.00 in cash, subject to adjustment due to revenue review and title review as mutually agreed upon by Buyer and Seller.</P>
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<P align=justify style='font:12pt Times New Roman;margin-top:0pt;margin-bottom:6pt'>2. The closing shall occur on or before February 11, 2022, (the &quot;Closing Date&quot;) Prior to the Closing Date Buyer will have the exclusive right to conduct its review of the Properties, including title. &nbsp;As a condition to the Transaction, Buyer must be fully satisfied, in its sole and absolute discretion, with the results of its due diligence investigation. Buyer&#8217;s sole remedy for any alleged breach of this agreement, including but not limited to failure of title to one or more of the Properties, shall be termination of this agreement. &nbsp;If additional title review is required by the terms of this Agreement, the Closing Date may be extended without amendment by not more than 14 days to accommodate delays attributable to title review. </P>
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<HR style=text-align:left;width:25%><P align=justify style='font:10pt Times New Roman;margin:0'><SUP><A name=_ftnf1 /><A href=#_ftnb1><SUP>1</SUP></A></SUP> The description of the Properties on Exhibit &#8220;A&#8221; is subject to change pending the Parties verification of title thereto.</P>
<HR style='border:0;height:0;width:0;margin:14pt 0 0 0'><HR style='page-break-after:always;border:0;height:3pt;background-color:#909090;margin:8pt 0'><P style=line-height:0;margin:0></P>
<HR style='border:0;height:0;width:0;margin:14pt 0 0 0'><P align=justify style='font:12pt Times New Roman;margin:0'>3. Seller represents that as of the Closing Date, the Properties are free and clear of any and all known liens, mortgages and encumbrances created by Seller. All known mortgages, liens or encumbrances created by Seller which affect the Properties will either be released or paid-off by Seller on or before the Closing Date. </P>
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