AGREEMENT FOR SALE AND PURCHASE OF LOTS
THIS AGREEMENT FOR THE SALE AND PURCHASE OF LOTS (the
“Agreement”) is made and entered into by and between Tony Hale dba Rockingham
Development and _________________________________________________________
WHEREAS, Seller is developing and intends to complete the development of that certain
real property known as Rockingham Subdivision (the subdivision), a subdivision in the
county of Loudon and in the state of Tennessee, according to the Final plat (the “Final
Plat”), a copy of which is attached as Exhibit A hereto. Reference herein to certain lots
shall be deemed to refer to the corresponding lots on the Final Plat. Seller desires to sell
and dispose of certain lots in the Subdivision in accordance with the terms hereof for the
construction of 87 single family home residences
WHEREAS, the parties hereto desire to set forth in writing all of the terms, conditions,
and agreements for the sale and purchase of lots in the Subdivision;
1. The Lots. Seller agrees to sell to Purchaser and Purchaser agrees to purchase
from Seller lot number(s) ________________________________________ to
be developed in Rockingham subdivision.
The term “Lots” shall refer to Single Family Lots and shall include all rights
in and to roads, rights-of-way, ingress and egress easements relating to any of the
Lots, and all other rights, privileges and appurtenances owned by Seller, reversionary
or otherwise, and in any way related to any of the Lots.
2. Earnest Money. As and for earnest money (the “Earnest Money”) hereunder,
The Earnest Money shall be used by the Seller in ordinary business. The
Earnest Money shall be credited against the Purchase Price payable at closing
on Purchaser’s purchase of the Lot. Earnest money shall be ten percent (10%)
of sales contract price.
3. Purchase Price and Interest. The price for each Single Family Lot is
________________________________________and shall be increased as provided
in this paragraph (such amount plus said increase being called the "Purchase
Price"). In addition to said designated amount, Purchaser shall also pay an amount
equal to the interest which would accrue thereon, as computed at a rate per annum
equal to the prime rate as published by the Wall Street Journal, provided, however, in
no event shall said interest accrue at a rate in excess of the maximum no usurious rate
of interest provided by applicable law. The interest shall be computed and be payable
on each Lot as each such Lot is purchased (but not in any event before) and shall not
be compounded. Said interest shall begin upon execution of this contract.
4. Purchasers Representations. Purchaser hereby makes the following
representations and warranties, which shall also be true as of the closings of the sale of
the Lots to Purchaser, and which shall survive the respective closings:
A. Purchaser shall indemnify Seller from any damages whatsoever in
connection to the Purchaser’s use of employees and subcontractors in the Subdivision
provided that the Seller is not negligent with regard to such damage.
B. Purchaser shall complete all construction in within nine (9) months
and shall maintain the architectural integrity of the Subdivision. In no case shall
Purchaser cease construction on any home once construction has begun until home is
complete and a certificate of occupancy has been issued by the County of Loudon.
C. All homes constructed shall be the same as previously submitted
and approved. All homes constructed shall comply with the restrictive covenants and
guidelines attached hereto and made a part hereof. Any additional improvements
including retaining walls, driveways and fences shall be approved by the Seller in
D. Upon the sale of any house and lot, or upon the completion of
a house by a lot owner, the buyer shall deposit two hundred and fifty dollars $250.00
with the Rockingham Homeowners Association.
H. Purchaser shall construct homes in accordance with the following:
(a) Brick to Grade on all homes, all homes shall be a minimum of 70%
brick, remaining to be approved by ACC
(b) All driveways and walks will be white broom swept concrete or
approval of the ACC.
(c) All homes will have a minimum of an 8:12 roof pitch design with
front porches and bays to have a minimum of 6:12 pitch roof.
(d) Purchaser will install an ornamental mailbox and lamp post on
each home. Design of mailbox and lamp post shall be provided by Seller.
(e) All construction sites will be kept neat and clean. Construction
debris and mud will be kept out of subdivision streets. Each lot shall have a dumpster and
portable toilet. No burning of construction debris shall be allowed in the subdivision.
(f) No work shall commence on any Lot until such Lot is acquired by
(g) Purchaser shall not construct any structure or grade any lot that
modifies the subdivision drainage plan.
This is a sales contract and it is agreed by both parties that the closing date will be on or
Signed by both parties on this________day of ________________20____.
1150 Duncan Road.
Lenoir City, Tennessee 37772
LOT NUMBERS ______________________________
LOT NUMBERS ______________________________