Free Agricultural Land Purchase Agreement Template

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Free Agricultural Land Purchase Agreement Template

Agricultural Land Purchase Agreement

I. Agreement Overview

This Agricultural Land Purchase Agreement ("Agreement") is made and entered into on January 2, 2050, by and between [Your Company Name], with its principal place of business located at [Your Company Address] (hereinafter referred to as the "Seller"), and TurboNow, a company with its principal address at Anchorage, AK 99501 (hereinafter referred to as the "Buyer").

This Agreement sets forth the terms and conditions under which the Seller agrees to sell and the Buyer agrees to purchase certain agricultural land as described below.

II. Property Description

The agricultural property subject to this Agreement ("Property") is described as follows:

  1. Location: 350 Harvest Road, Anchorage, AK 99501.

  2. Size: Approximately 120 acres of fertile agricultural land, including a barn, irrigation systems, and fencing.

  3. Legal Description: As outlined in Exhibit A, attached to and incorporated into this Agreement by reference.

III. Purchase Price and Payment Terms

1. Purchase Price

The total purchase price for the Property is $4,000,000 ("Purchase Price").

2. Deposit

The Buyer shall pay an initial deposit of $400,000 ("Deposit") to the Seller, to be held in escrow by [Escrow Agent’s Name]. The Deposit is due within seven (7) business days of signing this Agreement and shall be credited toward the Purchase Price at closing.

3. Final Payment

The remaining balance of $3,600,000 shall be paid at closing by wire transfer to the account designated by the Seller.

IV. Due Diligence

1. Inspection Period

The Buyer shall have a due diligence period of 60 days from the date of this Agreement to conduct inspections, including but not limited to:

  • Soil testing for agricultural viability.

  • Water rights and irrigation system assessments.

  • Zoning compliance checks.

  • Review of the Property’s title and any encumbrances.

2. Access for Inspection

The Seller shall grant the Buyer and its agents reasonable access to the Property during the inspection period.

3. Termination Due to Inspection Findings

If the Buyer identifies any defects or conditions during the inspection period that are unsatisfactory, the Buyer may terminate this Agreement by providing written notice to the Seller. Upon termination, the Deposit shall be refunded in full.

V. Representations and Warranties

1. Seller’s Representations

The Seller represents and warrants that:

  • The Seller holds clear and marketable title to the Property.

  • The Property is free of liens, encumbrances, or other adverse claims, except those disclosed in Exhibit B.

  • The Property complies with applicable agricultural, zoning, and environmental regulations.

2. Buyer’s Representations

The Buyer represents and warrants that:

  • It has the financial resources to fulfill its obligations under this Agreement.

  • It will comply with all applicable laws and regulations related to its intended agricultural use of the Property.

VI. Closing

1. Closing Date

The closing shall take place no later than April 10, 2050, or another mutually agreed-upon date.

2. Location of Closing

Closing shall occur at [Your Company Name]’s designated title office or remotely via secure electronic documentation exchange.

3. Closing Deliverables

At closing, the Seller shall deliver:

  • A Warranty Deed transferring clear title to the Buyer.

  • A Title Insurance Policy guaranteeing marketable title.

  • Any necessary documentation regarding water rights or permits.

The Buyer shall deliver:

  • The remaining balance of the Purchase Price.

  • Any signed acknowledgments required to complete the transaction.

VII. Default

1. Default by Seller

If the Seller fails to fulfill its obligations, the Buyer may terminate this Agreement and receive a full refund of the Deposit or pursue other legal remedies.

2. Default by Buyer

If the Buyer fails to fulfill its obligations, including payment of the Deposit or Purchase Price, the Seller may terminate this Agreement and retain the Deposit as liquidated damages.

VIII. Governing Law

This Agreement shall be governed by and construed in accordance with the laws of the State of Alaska. Any disputes arising from this Agreement shall be resolved in the courts of Alaska, with both parties consenting to jurisdiction in the state.

IX. Termination

This Agreement may be terminated under the following circumstances:

  1. By mutual written agreement of both parties.

  2. By the Buyer during the due diligence period if the Property is found unsuitable for its intended purpose.

  3. By the Seller if the Buyer fails to meet its payment obligations.

X. Signatory Section

This Agreement is executed by authorized representatives of both parties, who confirm that they have the authority to bind their respective organizations.

For [Your Company Name]

Signed by: [Your Name]
Title: Chief Executive Officer
Date: January 2, 2050

For TurboNow

Signed by: Ronaldo Glynn
Title: Director of Operations
Date: January 2, 2050

For further details or inquiries, please contact [Your Name] at [Your Email], or reach out to [Your Company Name] via [Your Company Email].

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