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MRY-16-2602 16:45 LEGGETT PLATT
<br />417 358 8449 P.03i09
<br />Final: 51I0102
<br />REAL ESTA'X'E PURCHASE AGREEMENT
<br />This Real Estate Purchase Agreement (this "Agreement") is made as of the day of May
<br />2002, by and between Leggett & Platt, Incorporated, a Missouri corporation, with an address for
<br />notice purposes at No. 1 Leggett Road, Carthage, Missouri 64836, Attenuon: General Counsel
<br />(whether one or more, "Sel1eh, and the City of Paris, County of Lamar, State of 7exas, a body
<br />politic, with an address for notice purposes at 135 First Street S:E., Paris, Texas 75461, Attention:
<br />Mattie Cunningham, City Clerk (whether one or more, "Buyer").
<br />1. 5ALE. Seller shall sell to Buyer and Buyer shall purchase from Seller an approximatety
<br />83,000 sq. ft. m2in building (the "Buildirg") sicuated on 2 uacts of land containing approximately 23
<br />acres (the "Land") located in the Counry of T..amar, Ciry of Paris, State of Texas, the same being
<br />commonly known as The UARCO Building, 2800-2910 Clazksville Street, Paris, Texas, together
<br />with all fixtures contained in the Building and other improvements located on the I,and, but
<br />excepting any equipment and machrinery (regardless of whether the same is bolted to or otherwise
<br />affixed to the Building) used by Seller in the business it presently conducts in the Building
<br />(collectively, the "Property"). A metes and bounds description ofthe Land is attached hereto as
<br />6''t A, and the same is incorporatad herein for all purposes.
<br />2, pURCHASE PRICE ANT) DEPOSIT. The purchase price for the Property shall be ONE
<br />MILLION TWO HUND1tED SBVENT1' FTVE THOUSAND A1`ID NOI100 DOLLARS
<br />($1,275,000.00), subject to the adjustments provided herein.
<br />(a) Contemporaneously with the execution of this Agreement, Buyer has deposited or
<br />will deposit the sum of TWENTY FiVE THO'USAND AND NOl100 DOLLARS ($25,000.00) (the
<br />°DeposiP') wich Seller, which shall be applied towards the purchase price on the Closing Date;
<br />(b) On the Closing Date, Buyer shall pay Seller the balance of the purchase price, and
<br />SeUer shall retain the Dtposit;
<br />3. DEED. At dosing, Seller shall deliver a Gcneral Warranty Deed to Buyer conveying fee
<br />simple title to the Property, free and cleaz of all ]iens, claims and encurobrances, except the following
<br />("Permitted Encumbrances"):
<br />(a) real estate taxes and assessments not yet due and payable;
<br />(b) easements or other grants in favor of third parties that do not materially interfere with
<br />the cutrent use of the Property;
<br />(c) easements or other grants to utility companies and/or public or quasi-public entities to
<br />facilitate the delivery of utilities to the Property, or for road, water, sewer or other public purposes,
<br />regardless of whether they arc for the benefit of the Property;
<br />(d) those liens and encumbranees listed on the attached Schedule 3; and
<br />(e) those liens and mcumbrances which Buyer waives on or before the Closing Date.
<br />q, TiTLE INSUItANCE. Within thirty (30) days of the execution hereof, Seller shall obtain, at
<br />Seller's expense, a commitment from a title insurance company licensed to do business in the State of
<br />Texas (the "Title Company") co issue a standard policy of title insurance on the appropriate TLTA
<br />fortn in the amoum of the purchase price, and deliver the same to Suyer. Tf azry encumbrances exist
<br />on Seller's title other than the Permitted Encumbrances, Seller shall have sixty (60) days to cure or
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