Terms of Sale
J-Bar-T Ranch
Pottawatomie County, Oklahoma
J-Bar-T Ranch is being sold by the owners with the intent to divest the ranch in its entirety. Three family members own undivided interest in all but two of the different ranch descriptions which are individually owned. There are no liens, debts, mortgages or encumbrances of any kind.
The table of legal descriptions, attached as Exhibit "A", is true and correct to the best of the Seller’s knowledge. However, it shall be incumbent upon the Buyer to perform whatever title examination may be necessary to satisfy Buyer’s requirements.
Included in Sale of Land:
Equipment: All equipment, tools, pickup trucks, trucks, trailers, tractors, implements, materials, which are present upon the described lands at the time a binding purchase agreement is executed between the parties to the sale. If Buyer requires, then Buyer and Seller’s representatives will jointly conduct an inventory.
Perishables: Hay, feed, veterinary supplies, and fuel are subject to useage as required until closing occurs.
Minerals: The majority of the minerals were severed from surface prior to the current owners. Owners have not and will not retain any mineral ownership. If interested, Buyer should examine record title to determine actual, current mineral ownership as Sellers are unsure.
Excluded from Sale of Land:
Furniture: Seller’s reserve from the sale, all furniture which may be in the main house on the “West” Ranch. Seller’s will remove all remaining furniture after execution of the Purchase Agreement and before Closing. All furniture remaining after closing will become the property of Buyer.
Cattle: All cattle are excluded from the sale. However, the Buyer shall have an option at closing to purchase the entire cattle herd. If Buyer elects to buy the cattle, the price will be based upon an inventory taken by the Seller’s and Buyer’s representatives, prior to closing. The representatives shall agree on the count, classification and weight of each animal. The price for commercial grade cattle will be computed utilizing the Futures Market closing price on the last, previous trading day prior to closing and paid to Seller at Closing. Registered and purebred cattle value will be set appropriately.
In the event Buyer elects not to exercise the option to purchase the entire cattle herd, then Seller shall have up to, but not more than 20 calendar days after Closing, without compensation to Buyer, to remove all the cattle from the ranch. Buyer will extend full cooperation to Seller's representatives and/or employees for access to the cattle as deemed necessary by Seller. If Seller has not removed all cattle, during the specified time period, then Buyer will be entitled to compensation from Seller as agreed to and specified in the Purchase Agreement.
Inspection: Inspections and visits are by appointment only. Contact Jerry Downey @ 1(405)624-2411
Purchase Terms:
1. A binding Purchase Agreement will be executed by the Buyer and Seller
2. Buyer is required to make an earnest deposit of 10% of the purchase price when the Purchase Agreement is executed. Deposit funds will be escrowed by Sellers bank
3. The Closing date will be specified in the Purchase Agreement
4. The form of conveyance will be by Seller’s Quit Claim Deed
5. In the event title curative is necessary, Seller shall be allowed a reasonable period of time to resolve such curative items
6. All payments will be by bank wire transfer only
7. Sale Price: $7,000,000.00 US
Caveat: The terms set forth herein are to outline the basic factors associated with the sale of J-Bar-T Ranch and are not to be construed as a contract. The actual Purchase Agreement will contain additional verbiage as deemed appropriate by Seller's legal counsel. All descriptions herein or represented by Seller or Seller’s representative, are to the best knowledge of Seller or Seller's representative. If, as a result of title examination, it is determined that corrections to the amount of acreage described herein are necessary, then the total purchase price specified in the Purchase Agreement will be increased or decreased as required and adjusted proportionately to the total acreage description originally provided by Seller. Prior to execution of a valid Purchase Agreement between Buyer & Seller, Seller reserves the right to withdraw, in total or in part, or modify any of the terms, descriptions or representations contained herein, without notice and without liability to any party.