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99 109581 <br /> PURCHA.SE AGREEMENT <br /> THIS PURC�IASE AGREEMENT (the "Agreement") is made and entered <br /> into this �` day of December, 1998, by and between Donald R. <br /> Spiehs and Beulah G. Spiehs, husband and wife, (the "Seller") , and <br /> Lezlie Wolf, or an entity to be known as LW Development, Inc. , to <br /> be formed by Lezlie Wolf, as President, (the "Buyer") upon the <br /> following terms and conditions: <br /> l . SALE AND PURCHASE . At Closing (as hereinafter defined) , <br /> Seller shall sell to Buyer, and Buyer shall purchase from Seller <br /> the property described as follows: <br /> A. Legal Description: <br /> The Southwest Quarter of the Southwest Quarter of <br /> Section 22, Township 10 North, Range 9, West of the 6th <br /> P.M. , Hall County, Nebraska. <br /> B. Personal Property: <br /> Al1 fixtures located upon the real estate including all <br /> fencing and watering equipment. <br /> C. Water and Mineral Rights : <br /> Seller shall convey to Buyer one hundred percent (100o) <br /> of all water and mineral rights that Seller now owns <br /> associated with said real estate. <br /> NOTE: The description of the above property is subject to <br /> modification or correction upon completion of a commitment for <br /> policy of title insurance. <br /> 2 . PURCHASE PRICE AND PAYMENT. <br /> 2 . 1 Cash Consideration. Buyer shall pay to Seller as total cash <br /> consideration the sum of FOUR HUNDRED SIXTY-FIVE THOUSAND SIX <br /> HUNDRED DOLLARS ($465, 600 . 00) ; which sum is calculated as <br /> $12, 000. 00 per acre for 38 . 80 taxed assessed acres, regardless of <br /> any actual acreage amount. At the time that all conditions of sale <br /> are satisfied, Buyer shall place a non-refundable downpayment or <br /> earnest money deposit in the sum of $46, 560. 00, with the escrow <br /> agent herein. The purchase price and downpayment shall be subject <br /> to adjustment and prorations herein provided. <br /> 2 .2 Additional Consideration. In addition to the cash <br /> consideration, at the time that all conditions of sale are <br /> satisfied and this transaction is closed, Buyer shall be obligated <br /> 1 <br />