Contract of Sale of Real Estate

This is a legally binding contract; if not understood seek advice from an attorney.

CONTRACT OF SALE OF REAL ESTATE

THIS CONTRACT is entered into between ______(Seller) and ______(Buyer). Upon approval of this Contract by both Seller and Buyer, as described in Paragraph 13 below, a valid and binding contract of sale shall exist, the terms and conditions of which are as follows: 1. SALE. Seller agrees to sell and convey to Buyer, by Warranty Deed, subject only to reasonable utility easements and building restrictions of record, and Buyer agrees to purchase the following described real estate (the Property) located in ______County, Oklahoma:

together with all improvements thereon, if any, in their present condition, ordinary wear and tear excepted. 2. PURCHASE PRICE. The total purchase price is $ ______, payable by Buyer as follows: $ ______on execution of this Contract, receipt of which is acknowledged by Seller, which is deposited with the Listing Broker identified below in the Listing Broker's trust or escrow account, as earnest money and part payment of the purchase price; and the balance of the purchase price to be paid in cash, cashier's or certified check, or other funds acceptable to the Seller, upon delivery of the Deed (the Closing), unless otherwise provided in Paragraph 16 hereof. Further, in the event that interest shall accrue on such earnest money deposit, the Listing Broker is hereby authorized to direct such interest be paid to the GTAR Foundation for donation to selected charities. 3. FINANCING CONDITIONS. The following Supplemental Agreement is attached to and made a part of this Contract: Conventional Financing Assumption Financing Other None. This is a cash sale. 4. EFFECTIVE DATE OF TIME PERIODS SPECIFIED IN CONTRACT (“EFFECTIVE DATE”). Except for the deposit of earnest money, which shall be deposited in accordance with applicable laws, rules and regulations, all time periods for fulfilling the obligations and exercising the rights set out in the Contract shall commence on ______(“Effective Date”), regardless of the date upon which the Contract becomes binding as described in Paragraph 13. For the purpose of this paragraph, the day immediately following the date set out in this paragraph shall be counted as day one (1). 5. DISCLAIMER, DISCLOSURE, INSPECTIONS: The Seller, Seller’s agents, Broker(s) and/or their sales associates, are

RESIDENTIAL LOT/VACANT LAND 3/04 (A107) Copyright 1999- Greater Tulsa Association of REALTORS - All rights reserved Page 1 of 4 RESIDENTIAL LOT/VACANT LAND CONTRACT OF SALE OF REAL ESTATE (CONTINUED) not experts regarding the condition of the Property. No representations regarding the condition of Property, or environmental hazards, are expressed or implied, other than as may be specified by Seller in Paragraph 16 below.

A. Flood Notification. If required by a City or County governmental agency, Seller shall deliver to Buyer within ten (10) days of the Effective Date of this contract, notice in writing if Property is located in an area designated as a flood hazard area as defined by such City and/or County governmental agency. B. Inspection Time Period. Buyer shall have ten (10) days from the “Effective Date” to perform any of the inspections and investigations set out in 1 through 3 below. Buyer, at Buyer’s expense, shall have the right to enter upon the Property, together with any other persons, to conduct the following inspections and investigations: 1. Flood, Storm Run Off Water, or Storm Sewer Backup or Water History. 2. Environmental Risks, including, but not limited to, soil, air, hydrocarbon, chemical, carbon, asbestos, mold, radon gas, lead-based paint. 3. Psychologically Impacted Property and Megan’s Law. C. Ten (10) Day Cancellation and Release of Contract. If Buyer has any objection to the Property based on the results and findings of the inspections, investigations and information described in Paragraph 5A and 5B(1 through 3), Buyer shall have the right to cancel, and terminate this Contract by delivering written notice stating the Buyer's objections to the Property to Seller, in care of the Listing Broker, within twenty-four (24) hours of the time period specified in Paragraph 5B, in which event this Contract shall be null and void. Earnest money shall be refunded to Buyer as described in the You Need to Know - GTAR Contract Guide. Regardless of whether Buyer investigates and/or has inspections of the Property performed, if Buyer fails to deliver the above written notice to Seller, in care of the Listing Broker, within twenty-four (24) hours of the time period specified in Paragraph 5(B), Buyer accepts all portions of the Property which are subject to Buyer's right of inspections in Paragraph 5A and 5B(1 through 3),in the condition or state which existed at the expiration of the time period stated in Paragraph 5B. 6. DELIVERY OF PROPERTY INSPECTION REPORTS AND TEST RESULTS. Upon receipt by Buyer, Buyer shall deliver to Seller, in care of the Listing Broker, a copy of any and all written inspection reports obtained by the Buyer pertaining to all portions of the Property which are subject to Buyer's right of inspections. 7. COST OF INSPECTIONS/REINSPECTIONS. The cost of any and all inspections and reinspections shall be paid by the Buyer unless prohibited by mortgage underwriter. 8. RISK OF LOSS. Until Closing or transfer of possession, risk of loss to the Property, ordinary wear and tear excepted, shall be upon Seller; after Closing or transfer of possession, such risk shall be upon Buyer. 9. ACCEPTANCE OF PROPERTY. Unless otherwise agreed upon in writing, Buyer, by Closing or taking possession of the Property, shall be deemed to have accepted the Property in its then condition. No warranties, expressed or implied, by Seller, Seller's agents, Broker(s) and/or their sales associates with reference to the condition of the Property shall be deemed to survive the Closing. 10. TITLE/CLOSING. The Closing shall be held on or before ______(the “Closing Date”). Possession shall be transferred______. At Closing Buyer agrees to accept delivery of a warranty deed to the Property. Not later than ten (10) days prior to the “Closing Date,” Seller, at Seller’s expense, agrees to furnish Buyer or Buyer’s lender a current Uniform Commercial Code Search Certificate, abstract of title and, if required by lender, a “Mortgage Inspection Certificate” prepared by a licensed surveyor, certified to a date at least within 180 days of the “Closing Date.” Buyer shall have ten (10) days after receipt to have Seller’s title evidence or title commitment examined. In the event the title evidence is not made available to Buyer ten (10) days prior to the “Closing Date,” said “Closing Date” may be extended by Buyer up to ten (10) days from receipt to allow Buyer to examine title evidence. If Buyer determines that Seller’s evidence of title, including the “Mortgage Inspection Certificate,” does not meet the standard of marketable title set out in the Real Estate Title Examination Standards of the Oklahoma Bar Association, Buyer may cancel and terminate this Contract and receive a refund of the earnest money as described in the You Need to Know - GTAR Contract Guide, provided that prior to exercising Buyer’s right to terminate this Contract: A. Buyer agrees to advise the Seller, in writing, detailing Buyer’s objection to Seller’s Title, and RESIDENTIAL LOT/VACANT LAND 3/04(A107) Copyright 1999- Greater Tulsa Association of REALTORS - All rights reserved Page 2 of 4

RESIDENTIAL LOT/VACANT LAND CONTRACT OF SALE OF REAL ESTATE (CONTINUED) B. Seller agrees to make reasonable efforts to secure and/or execute all documents necessary to cure title defects identified by Buyer, and C. Buyer agrees to delay the “Closing Date” thirty (30) days, or such longer period as Buyer shall grant in writing, to allow Seller to cure Buyer’s objection to Seller’s Title. In the event Seller cures Buyer’s objection prior to the delayed “Closing Date,” Buyer’s right to terminate shall lapse and Buyer and Seller agree to close within five (5) days of notice of such cure. 11. TAXES AND PRORATIONS: A. The Seller shall pay in full: (i) all special assessments against the Property upon the date of Closing, whether or not payable in installments; (ii) all taxes, other than general ad valorem taxes for the current calendar year, which are a lien on the Property upon the date of Closing, including the cost of documentary stamps to be attached to the Deed; (iii) the cost of any item of workmanship or material furnished on or prior to the date of Closing which is, or may become, a lien on the Property. B. Unless otherwise specified in Paragraph 16, the following items shall be prorated between the Seller and Buyer as of the date of Closing: (i) rents, if any, and (ii) general ad valorem taxes for the current calendar year, provided, that if the amount of such taxes has not been fixed, the proration shall be based upon the rate of levy for the previous calendar year and the most current assessed value available at time of Closing. 12. BREACH OR FAILURE TO CLOSE: If, after the Seller has performed Seller's obligations under this Contract, and if, within five (5) days after the date specified for Closing under Paragraph 10, the Buyer fails to make payments or to perform any other obligations of the Buyer under this Contract, then the Seller may, at Seller's option, cancel and terminate this Contract and retain all sums paid by the Buyer, but not to exceed 5% of the purchase price, as liquidated damages, or pursue any other legal or equitable remedy for the breach of this Contract by the Buyer. If the Buyer performs all of the obligations of Buyer, and Seller breaches this Contract or fails to perform any of Seller's obligations, then Buyer shall be entitled to either cancel and terminate this Contract, return the abstract to Seller and receive a refund of the earnest money as described in the You Need to Know - GTAR Contract Guide, or pursue any other legal or equitable remedy. 13. BINDING EFFECT AND ENFORCEMENT. This Contract shall be executed as set out in Paragraph 13, and when executed by both Seller and Buyer shall be binding upon and inure to the benefit of Seller and Buyer, their heirs, legal representatives, successors, and assigns. This Contract sets forth the complete understanding of Seller and Buyer and supersedes all previous negotiations, representations, and agreements between them, their agents, Broker(s) and Broker(s)’ sales associates. This Contract can only be amended or modified by a written agreement signed by Seller and Buyer. In executing this Contract, both Seller and Buyer agree to the terms of the Receipt contained below, and Seller additionally agrees to pay the named Listing Broker the commission previously agreed upon in the Listing Agreement, or other agreement of employment between them, which shall survive this Contract, for services rendered in this transaction. Before this Contract shall be binding and can be enforced by either party, the following acts of execution and delivery shall be completed; Execution and Delivery of Contract Documents, Counterparts. The parties agree that the Contract between them shall be evidenced by either a single executed Contract upon which each of them shall place their signatures, or by each of them placing their signatures on separate complete (carbon, photo or fax) copies "counterparts" of the Contract documents. The Contract shall be binding only upon the delivery to each party, or their Broker, of either (i) a Contract containing the original signature of both parties or (ii) a counterpart containing either the original or a copy of the signature of the other party. The Buyer and Seller by their signatures below authorize their respective Brokers to accept delivery of the contract documents as provided in the in the above subparagraph entitled “Execution and Delivery of Contract Documents, Counterparts.”

14. MEDIATION. The Buyer and Seller acknowledge that they have received, read and understand the explanation of the City of Tulsa's Early Settlement Program contained in the You Need to Know – GTAR Contract Guide and agree to submit any claim arising out of a dispute in relation to this Contract to such mediation program. Claims may include, but are not limited to, allegations of concealment, misrepresentation, negligence and/or fraud. Any settlement agreement signed by the parties during RESIDENTIAL LOT/VACANT LAND 3/04 (A107) Copyright 1999- Greater Tulsa Association of REALTORS - All rights reserved Page 3 of 4 RESIDENTIAL LOT/VACANT LAND CONTRACT OF SALE OF REAL ESTATE (CONTINUED) or after the mediation conference shall be binding. In the event an agreement is not reached in mediation the parties are free to pursue other legal remedies. 15. BROKERAGE DISCLOSURE AND INFORMATION. Buyer and Seller acknowledge that prior to signing this Contract, they received and read a copy of the You Need to Know – GTAR Contract Guide prepared by the Greater Tulsa Association of REALTORS®, which explains: (i) options the Buyer/Seller has; (ii) obligations the Buyer/Seller has; and (iii) relationship of the Broker(s). Buyer and Seller further acknowledge that, prior to signing this Contract, the following disclosures were clearly made to each of them. Listing Broker is acting as: Single-party Broker for the Seller Transaction Broker for the Seller Single-party Broker for the Buyer Transaction Broker for the Buyer Transaction Broker for both the Buyer and Seller Cooperating Broker is acting as: Single-party Broker for the Seller Transaction Broker for the Seller Single-party Broker for the Buyer Transaction Broker for the Buyer Transaction Broker for both the Buyer and Seller 16. SPECIAL CONDITIONS.

APPROVED BY BUYER: APPROVED BY SELLER:

This ______day of ______, ______This ______day of ______, ______

______

RECEIPT. The undersigned Brokers acknowledge receipt of the earnest money referred to in Paragraph 2 and agree to hold it in the Listing Broker’s trust or escrow account in accordance with the terms of the above Contract, applicable laws, rules, and regulations governing such funds. The Broker shall be entitled to accept Buyer's personal check for the earnest money and endorse it for deposit without recourse. If Seller does not approve the above Contract, the earnest money shall be returned to Buyer. The Brokers further agree to (1) submit to mediation any claim made upon them by either Buyer or Seller arising from any provision of the Contract and (2) to accept delivery of contract documents on behalf of the party for whom they are providing brokerage services.

Dated this ______day of______, _____ Dated this ______day of______, ______

Cooperating Broker______Listing Broker______

By______By______

MLS ID: Broker’s Co. ______Sales Associate______MLS ID: Broker’s Co. ______Sales Associate______

Office Address______Office Address______

Office Phone No.______Fax______Office Phone No:______Fax______