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EXHIBIT 10.35

 

Casa Tierra Title Company

GF # 00050591

 

REALTORS® ASSOCIATION OF NEW MEXICO

REAL ESTATE CONTRACT

 

WARNING: THIS IS NOT A PURCHASE AGREEMENT. This Real Estate Contract (this “Contract”) has the effect of actually transferring equitable title to real estate.

 

This form does not contain disclosures required by Federal Reserve Regulation Z and Consumer Protection Act “Truth in Lending”. Use this form only in conjunction with another instrument incorporating the required disclosures or for transactions exempt from the Act.

 

THIS CONTRACT IS MADE on September 1, 2005 (the “Effective Date”), by BOWLIN TRAVEL CENTERS INC., a Nevada corporation (“Seller”) whose address is 150 LOUISIANA N.E., ALBUQUERQUE, NM 87108 and LOST RIVER ESTATES LLC (“Buyer”) whose address is P.O. BOX 1026, CLOUDCROFT, NM 88317 who is purchasing as:

TENANTS IN COMMON  o    JOINT TENANTS  o     OTHER  o   ________________________________________________

Seller and Buyer agree:

 

1.

SALE: Seller sells to Buyer the following described real estate (the “Property”):

LA LUZ GATE ROAD/HIGHWAY 54/70, Alamogordo, NM 88310

See Exhibit A attached hereto and made a part hereof.

 

or see metes and bounds description attached as Exhibit A, OTERO County, New Mexico. Subject to reservations, restrictions, covenants, easements of record, taxes and assessments and the “Prior Obligations” (the “Permitted Exceptions”).

 

2.

PRICE AND PAYMENT.

 

 

A.

BUYER WILL PAY:

 

  CONTRACT SALE PRICE  

 

$   120,000.00

 

  (Total of Down Payment, Assumed Prior Obligations and Balance Due Seller)

 

 

  (One Hundred Twenty Thousand And 00/100

Dollars)

 

 

 

 

 

(1)

DOWN PAYMENT

 

  $   20,000.00

 

 

TWENTY THOUSAND DOLLARS AND 00/100

Dollars)

 

 

 

 

 

(2)

ASSUMED PRIOR OBLIGATIONS

 

  $   N/A

 

 

(N/A

 

 

Dollars)

 

 

 

 

 

(3)

BALANCE DUE SELLER (including wrapped Prior Obligations)

  $   100,000.00

 

 

(ONE HUNDRED THOUSAND DOLLARS AND 00/100

Dollars)

 

 

 

 

 

      

PAYABLE AS FOLLOWS:

THIS REAL ESTATE CONTRACT IS TO BE PAID TO SELLER THROUGH ESCROW IN EQUAL MONTHLY INSTALLMENTS OF $666.67 INTEREST ONLY. PRINCIPAL TO BE REDUCED ANNUALLY AS FOLLOW: $4,000.00 PRINCIPAL REDUCTION ON 12TH PAYMENT, $24,000.00 REDUCTION ON 24TH, 36TH & 48TH MONTHLY INSTALLMENTS. BALANCE DUE AND PAYABLE ON THE 60TH PAYMENT

 

REALTORS® Association of New Mexico (RANM) makes no warranty of the legal effectiveness or validity of this form and disclaims any liability for damages resulting from its use. By use of this form the parties agree to the limitations set forth in this paragraph. The parties hereby release RANM, the real estate brokers, their agents and employees from any liability arising out of the use of this form. You should consult your attorney with regards to the effectiveness, validity, or consequences of any use of this form. The use of this form is not intended to identify the user as a REALTOR®. REALTORS® is a registered collective membership mark which may be used only by real estate licensees who are members of the National Association of REALTORS® and who subscribe to the Association’s strict Code of Ethics

 

RANM Form 2401  Page 1 of 9

2000 REALTORS@ Association of New Mexico

Initials:  Buyer   BAC    Seller   MLB

      


 

REALTORS® ASSOCIATION OF NEW MEXICO

REAL ESTATE CONTRACT

 

If not sooner paid pursuant to the terms of this Contract, the entire Balance Due Seller shall be due and payable 30 years from the date of the first payment.

 

 

B.

INTEREST ON BALANCE DUE SELLER. Except as specifically stated to the contrary in Paragraph 2A, the Balance Due Seller will bear interest at the rate of 8% per year (the “Interest Rate”) from the Effective Date, and the payments will be paid to Escrow Agent (named below) and continue until the entire Balance Due Seller plus any accrued interest due to Seller is fully paid.

 

 

C.

LATE CHARGES AND COLLECTION COSTS. Buyer will pay all late charges and all collection costs incurred on all Prior Obligations paid directly by Buyer or through Escrow Agent. A late charge of $100.00 will be due and payable by Buyer on any payment that is over 5 days overdue. Late charges will be paid to Seller as additional interest.

 

 

D.

APPLICATION OF PAYMENTS ON BALANCE DUE SELLER.

 

 

(1)

Initial only one of the following two paragraphs

 

____      

PERIODIC INTEREST. Payments received by Escrow Agent, excepting prepayments, will be applied to regularly scheduled installments in the order in which payments are due and will be credited as though the payments had been made on heir respective due dates, first to interest and then to the Balance Due Seller.

 

XXX

DAILY INTEREST. Payments will be applied as of the date of receipt by Escrow Agent, first to accrued interest then to the balance Due Seller.

 

 

(2)

All payments will be assumed to be regular payments, and not prepayments, unless otherwise specified by Buyer in writing at the time of delivering the payments to Escrow Agent. Buyer may prepay all or any part of the Balance Due Seller. Any prepayment will be credited first to accrued interest, then to the Balance Due Seller, and then to Prior Obligations assumed by Buyer. Notwithstanding any prepayments, Buyer will make the next regularly scheduled payments.

 

3.

PRIOR OBLIGATIONS .

 

 

A.

Each of the following Prior Obligations is currently outstanding on the Property:

 

No.

Type of Lien or Obligation

Holder  

Loan Number

Recording Data

 

 

 

 

 

1.

NONE OF RECORD

 

 

 

2.

 

 

 

 

3.

 

 

 

 

 

 

B.

IF ANY PRIOR OBLIGATIONS ARE CURRENTLY OUTSTANDING ON THE PROPERTY, INITIAL ANY OF THE FOLLOWING PARAGRAPHS, WHICH APPLY. ONLY THE INITIALED PARAGRAPHS WILL APPLY. Seller and Buyer appoint Escrow Agent as their Attorney-in-Fact for the limited purpose of obtaining account information as needed from the holders of the Prior Obligations.

 

 

(1)

ASSUMED PRIOR OBLIGATIONS.

 

___

(a)

PAID THROUGH ESCROW. Buyer assumes and agrees to pay and perform the Prior Obligations in accordance with their terms. Buyer will make the required payments on the Prior Obligations, together with the required payments on this Contract, to Escrow Agent, which will remit the payments to the proper payee. Buyer will advise Escrow Agent of any change in the amount of the payment due on any Prior Obligations. When the Balance Due Seller is fully paid, this Escrow will terminate and Buyer will make the required payments on the Prior Obligations directly to the proper payee.

 

RANM Form 2401  Page 2 of 9

2000 REALTORS@ Association of New Mexico

Initials:  Buyer   BAC    Seller   MLB

      


 

REALTORS® ASSOCIATION OF NEW MEXICO

REAL ESTATE CONTRACT

 

This Paragraph applies to the following Prior Obligations:

 


 

___

(b)

PAID DIRECTLY BY BUYER. Buyer assumes and agrees to pay and perform the Prior Obligations in accordance with their terms. Buyer will make the required payments on the Prior Obligations directly to the proper payee. If the Buyer fails to pay the required payments before they become delinquent, Seller may pay the payment. Payment by Seller will not be deemed a waiver of Buyer’s default, and the amount paid by Seller will be immediately due and payable to Seller and will bear interest from date of payment by Seller until paid at the highest Interest Rate provided in Paragraph 2B. This Paragraph applies to the following Prior Obligations:


 

 

 

(2)

WRAPPED PRIOR OBLIGATIONS.

 

___

(a)

PAID THROUGH ESCROW. Buyer does not assume and does not agree to pay the Prior Obliga


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