Opinion ID: 1677445
Heading Depth: 1
Heading Rank: 2

Heading: surface lease and agreement to buy and sell

Text: This AGREEMENT made and entered into on the 27th day of August 1976, by and between GOLDIE H. KIZER, born Hause, married but once and then to Roland C. Kizer, who joins herein individually and to aid and authorize his wife, both of the full age of majority and residents of the Parish of East Baton Rouge, State of Louisiana, hereinafter referred to as Lessors and/or Vendors and JACK S. BURK, married to and living with Martha Cook Burk, born Cook of the full age of majority and a resident of the Parish of East Baton Rouge, Louisiana, hereinafter referred to Lessee and/or Vendee. The LESSORS, in consideration of the agreement and covenants herein made by the LESSEE, do hereby lease, let and rent to the LESSEE, who takes and hires the following described land, to wit: A certain parcel of land, lying and being in the first ward, Parish of East Feliciana, State of Louisiana, containing Two Hundred Seventy-six and three-fourths (276¾) acres, together with all the buildings and improvements thereon, bounded North, now or formerly, by B.F. Appleby, East, now or formerly, by A.C. Watson, South, now or formerly, by A.C. Watson and Public Road, and West, now or formerly, by Mrs. C. Appleby, ONE HUNDRED TWENTY-FIVE (125) ACRES, more or less, bought by Theo. McCarstle from heirs of Stephen K. McCarstle and ONE HUNDRED TWENTY-FIVE (125) ACRES more or less acquired by Theo. McCarstle by act of donation from his father, and being the same property acquired by W.L. Hause from Theo. McCarstle by Notarial Act dated March 29th, 1919 and recorded in Notarial Book N-2 Folio 25 of the conveyance records of the Parish of East Feliciana, State of Louisiana. The term of this lease shall be Three (3) years beginning on the first day of September, 1976, and ending on the 31st day of August, 1979. The rent for this lease shall be the sum of TWELVE THOUSAND DOLLARS ($12,000.00), payable in the following manner: Four Thousand Dollars ($4,000.00) on the first day of September, 1976, and Four Thousand Dollars ($4,000.00) on the first day of September of each of the next succeeding Two (2) years. Failure to pay the rent as herein stipulated or to comply with any of the terms and conditions of this lease, after Ten (10) days' notice in writing by the LESSORS to the LESSEE of such failure shall, ipso facto, at the option of the LESSORS mature this lease or cause all remaining installments to become due and payable, as well as all damage incurred by the LESSORS. Such written notice is to be addressed to the LESSEE at 6088 Moss Side Lane, Baton Rouge, LA 70808. The LESSEE further agrees that he will not sublease, assign or relinquish the said premises without the written consent of the LESSORS, nor will the LESSORS owe the LESSEE any repairs, either ordinary or extraordinary, during the term of this lease, the leased land having been inspected by LESSEE. The LESSEE further agrees that the cultivation of the crops and the maintenance of the pasture will be done in a good and workmanlike manner and LESSEE will carefully and faithfully guard and protect the said premises. LESSEE shall occupy the leased premises at his own cost and risk and hereby agrees to hold LESSORS free and harmless from any damages whatsoever, including but not limited to that caused by flood or overflow as well as damage, to persons or property arising out of LESSEE'S enjoyment of the leased premises and shall indemnify LESSORS against any expense, loss, cost, damage, claim, action or liability paid, suffered or incurred as a result of any breach by LESSEE, his agents, servants, employees, customers, visitors or licensees of any covenant or condition of this lease, including, without limitation, acts of omission of any subtenant, agent, servant, employee, customer, visitor or licensee of any such tenant or subtenant. As a further consideration hereof, the VENDORS agree to sell and the VENDEE agrees to buy at the termination date of this lease, August 31, 1979, the land above described which is herein rented, the VENDORS to reserve one-half (½) of the oil, gas and other minerals. The act of sale is to be passed before VENDEE'S Notary Public on the first day of September, 1979. The consideration of said sale is to be the sum of TWO HUNDRED TWENTY-ONE THOUSAND FOUR HUNDRED DOLLARS ($221,400.00), of which amount Twenty-one Thousand Four Hundred Dollars ($21,400.00) is to be paid in cash, and the balance or credit portion amounting to the sum of Two Hundred Thousand Dollars ($200,000.00) is to be represented by one (1) promissory note of equal amount bearing interest at the rate of 8% per annum from date of said note until paid and being due and payable at the main office of the Fidelity National Bank of Baton Rouge, Baton Rouge, Louisiana, in Eight (8) equal yearly installments of Twenty-five Thousand Dollars ($25,000.00) each, together with the interest on the unpaid balance, the first installment being due and payable on or before the first day of September, 1980 and a like installment being due and payable on the first day of September of each of the succeeding seven (7) years thereafter, said note to be secured by a mortgage on said land importing a confession of judgment and containing a pact de non alienando and the other usual Louisiana security clauses, including a provision for attorney fees of 10% in the event of default of any covenant of said mortgage by VENDEE. The consideration herein set forth is based upon the Consumer Price Index of 171.1 as compiled by the U.S. Department of Labor for the month of July, 1976, and anything to the contrary notwithstanding, it is agreed between the parties hereto that should the Consumer Price Index increase by as much as 25 points before the date the act of sale is passed, then and in that event the sales price and the installment payments shall be increased to the extent that the Consumer Price Index exceeds 25 points. In no event shall the sales price be reduced. Taxes for the year 1979 are to be prorated as of the date of the execution of the act of sale. Either party to this agreement shall have the right to specific performance in the event of failure by the other to perform. THUS DONE AND PASSED in duplicate originals on the day, month and year first above written, in the presence of Carolyn Hembree and Patrick F. McGrew, competent witnesses who hereunto sign their names with the said appearers and me, Notary Public, after reading of the whole. WITNESSES: /s/ Carolyn Hembree /s/ Goldie H. Kizer Carolyn Hembree GOLDIE H. KIZER /s/ Patrick F. McGrew /s/ Roland C. Kizer Patrick F. McGrew ROLAND C. KIZER /s/ Jack S. Burk JACK S. BURK /s/ Roland C. Kizer, Jr. Roland C. Kizer, Jr. - NOTARY PUBLIC