Purchase and Sale Agreement for Commercial Vacant Land

Sep 4, 2026

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Purchase and Sale Agreement outlining the transaction between The City of Oskaloosa (Seller) and 4 G PROPERTIES, LLC (Buyer) for approximately 0.72 acres of vacant land in Oskaloosa, Iowa. The agreement incorporates recitals and defines an effective date tied to execution. It sets a purchase price of $275,000, provides earnest money timing, and addresses payment mechanics through a title company. It also covers conveyance, title warranties, possession, and ALTA title and survey review procedures with objection and cancellation rights.

LanguageEnglish

CategoryLetters

FormatPDF

Pages13

Reading Time5 min

AccessFree to download

Terms

Incorporation of Recitals

Effective Date

Purchase Price and Terms of Payment

Conveyance and Title

Title/Survey Review

PURCHASE AND SALE AGREEMENT FOR COMMERCIAL VACANT LAND THIS PURCHASE AND SALE AGREEMENT (“Agreement”) is made and entered into by and between The City of Oskaloosa, a municipal authority (“Seller” or “City”) and 4 G PROPERTIES, LLC, a Colorado limited liability company, or its assigns (“Buyer” or “4G”) . RECITALS A. Seller is the holder of fee simple title to certain real property described as approximately .72 acres located on A Avenue West in the City of Oskaloosa, Mahaska County, Iowa, which is legally described on Exhibit A attached hereto and made a part hereof, together with all improvements thereon, if any (the “Vacant Land”) . B. Buyer wishes to purchase and Seller desires to sell the Vacant Land pursuant to the terms stated herein. NOW, THEREFORE, in consideration of the foregoing, the mutual covenants, representations, warranties and agreements contained herein, and for other good and valuable consideration, the adequacy and receipt of which are hereby acknowledged by all the parties, it is agreed as follows: TERMS 1. Incorporation of Recitals. The Recitals to this Agreement are hereby incorporated into and made a part of this Agreement. 2. Effective Date. The effective date (“Effective Date”) of this Agreement shall bethe later of (i) the last date that either Buyer or Seller executes this Agreement. 3. Purchase Price and Terms of Payment. The purchase price (“Purchase Price”) for the Vacant Land is TWO HUNDRED SEVENTY-FIVE THOUSAND AND NO/100THS DOLLARS ($275,000.00) . The Purchase Price shall be paid by 4G as follows: A. Within ten (10) business days after the Effective Date of this Agreement, 4G shall deposit FIVE THOUSAND AND NO/100THS DOLLARS ($5 ,000.00) (“Earnest Money Deposit”) with DRI Title and Abstract , 13057 West Center Rd. , Suite 1, Omaha, NE 68144 (the “Title Company”) . B. Expressly conditioned on the closing of this transaction, is the closing contemplated by that “Purchase and Sale Agreement – Hardee’s Restaurant Property”of even date herewith between 4G and City (the “Hardee’s Property PSA”), pertaining toa 0.33 acre parcel of land located to the east of the Vacant Land in Oskaloosa, IA, on which 4G currently operates a Hardee’s Restaurant (the “Hardee’s Property”), which closing (the “Hardee’s Closing”) is intended to be conducted simultaneously with the closing of the sale of the Vacant Land, as described herein (the “Vacant Land Closing”), but not as a §1031 Exchange. Buyer shall receive a credit towards the Purchase Price in the amount of $195,000 for the deed of the Hardee’s Property to Seller. C. At the time of the Vacant Land Closing, the Earnest Money Deposit and any other deposit(s) which may be made by 4G hereunder as provided in Paragraph 13(B)(7) below, will be disbursed by the Title Company to City and applied against the Purchase Price, and the balance of the Purchase Price shall be paid to City by allocation on the settlement statements of all sums owed by City to 4G in connection with City’s acquisition of the Hardee's Property from 4G. To the extent the settlement statements executed at the time of the Hardee’s Closing and the Vacant Land Closing show that either City or 4G owes the other a net balance, the same shall be paid in certified funds by the obligated party on the date of such closings. 4. Conveyance and Title. Subject to the terms and conditions of this Agreement and for the consideration set forth herein, Seller agrees to convey, transfer, assign, sell and deliver to Buyer at Closing all of the following: A. Fee Simple Title to the Vacant Land, as the same is replatted by Seller as described in Section 7(D) , free and clear of any lien or claim; B. All of Seller's right, title and interest, if any, in and to all easements, privileges, licenses, reservations, permits, approvals, authorizations, rights-of-way, stripsand gores, consents and other use rights, interests and privileges owned or used by Seller in connection with the Vacant

FAQs

What property is covered by the agreement?

The agreement covers approximately 0.72 acres of vacant land in the City of Oskaloosa, Mahaska County, Iowa, described in Exhibit A, including any improvements if any.

How is the purchase price paid and how does earnest money work?

The purchase price is $275,000. Earnest money of $5,000 is deposited within ten business days after the effective date with the title company, and the earnest money is applied at closing against the purchase price.

What are the title and survey review deadlines and buyer options?

Seller must deliver an ALTA title commitment within 20 days and an ALTA survey within 30 days after the effective date. Buyer has 20 days after receiving the survey to submit objections; Seller has 20 days after the objection date to resolve them. If Seller does not cure, Buyer may cancel within 10 days or waive objections in writing.

Sep 4, 2026

Upload by Adam