Fill and Sign the Agreement Water Well Form

Agreement for Sale of Commercial Water Well Agreement made on the ___ day of __________, 20___, between John Doe of (street address, city, county, state, zip code) , referred to herein as Seller, and Acme, Inc., a corporation organized and existing under the laws of the state of ______________, with its principal office located at (street address, city, county, state, zip code) , referred to herein as Buyer. Whereas, Seller has developed and now owns a ___-inch water well that is being used in connection with (description of operations) at (street address, city, county, state, zip code) ; and Whereas, Seller wishes to sell and Buyer wishes to purchase the above-described well. In consideration of the matters described above, and of the mutual benefits and obligations set forth in this agreement, the parties agree as follows: I. Description of Property Transferred For and in consideration of $________ to be paid by Buyer to Seller as provided in this Agreement, Seller will sell to Buyer and Buyer will buy from Seller: A. Seller's _____-inch water well located on Seller's property at (street address, city, county, state, zip code) ; B. The pump, motor and motor control used in connection with the same; C. The electrical circuit running from Seller's substation to the well; D. The pump house used in connection with the well; E. The feet of _____-inch pipe running from the well to a point of connection with Seller's pipeline; and F. The land on which the well and pump house are located, including the area of ____ feet on each side of the pump house that covers the well. II. Execution and Delivery of Documents As soon as a description of the real property by metes and bounds can be obtained by survey as provided in this Agreement, Seller shall deliver to Buyer a deed and a bill of sale transferring to Buyer all of Seller's right, title and interest in and to the above-described real and personal property. Each party shall execute and deliver such additional documents as may be necessary from time to time to carry out the terms of this Agreement. The cost of any recording fees shall be borne equally by the parties. III. Payment of Purchase Price The purchase price of $__________ shall be paid by Buyer to Seller in the following manner: (describe manner of payment, e.g., cash) . IV. Installation of Water Main The well shall be connected with Buyer's water system at the intersection of ( describe intersection) in (city, county, state) , and to this end Buyer shall install a _____-inch water main commencing at the intersection and running to the well. Buyer shall pay the installed cost of _____feet of the main, and Seller shall pay the installed cost of the remaining ______feet, it being understood that the installed cost shall consist of $_______ per foot for the pipe, plus $_________ per foot for the installation. On completion of the installation, the entire main from the intersection to the well shall be the property of Buyer. Seller shall, at Seller's own expense and cost, furnish and install at the point or points where Seller's water system connects with Buyer's system all necessary valves, including such valves as may be necessary to permit the metering of water delivered to Seller. Buyer shall furnish all meters and shall pay any and all costs that may be incurred in connection with the installation of such meters. V. Furnishing of Water to Seller Buyer shall furnish to Seller at the point or points of connection of their respective systems, ______gallons per minute of water at ______pounds residual pressure. Following the installation of the ______-inch water main and the connection of the systems of Buyer and Seller as provided in this Agreement, Buyer and Seller shall jointly conduct a test to determine whether Seller can be provided with the required ____gallons per minute of water at _______pounds residual pressure. If the test shows that such amount of water at such pressure cannot be furnished to Seller, Seller may at Seller's option: A. Supply from Seller's present ____-inch water well sufficient water to make up any deficiency in the required ____gallons per minute of water at ______pounds residual pressure, or B. Rescind this purchase and sale, in which event each party shall absorb the expenses incurred for which the party is liable under this Agreement in the installation of the water main and in making the connections; real and personal property transferred under this Agreement shall be reconveyed and surrendered to Seller, the easements to be granted under this instrument shall be released to Seller, the _____feet of the _____-inch water main that is nearest the described intersection shall remain the property of Buyer, and the remaining ______feet of the main that is nearest the _____-inch well shall become the property of Seller. If the tests jointly conducted show that _______gallons per minute of water at _________pounds residual pressure can be furnished to Seller, the parties shall proceed to carry out the terms of this Agreement; but if it shall subsequently develop at any time that Buyer cannot furnish Seller with the required amount of water at the required ______pressure, Seller may at Seller's option supplement the water supply as set forth in Subsection A of the this Section or rescind this purchase and sale on the terms set forth in this Subsection B, provided, however, that in the event of rescission, Seller shall pay to Buyer the amount of money that has at the time of rescission been credited on the purchase price as provided in Section III of this Agreement. VI. Maintenance of Property Buyer shall keep and maintain the properties sold to or installed by Buyer under this Agreement in good condition and repair, and shall pay all costs and expenses incurred in connection with the maintenance, repair or operation of the property. To this end, Buyer shall install a submeter at the pump house to measure the electrical energy used by the pump operated in connection with the well, and the demand and kilowatt-hours registered by the meter shall be deducted from the amount recorded on the master electrical meter of Seller, so that Seller shall not be charged for electrical energy used in operating the pump. VII. Insurance Buyer shall maintain fire insurance in the amount of $________ on the pump house, pump, meter and meter controls used in connection with the well. Buyer shall maintain reasonable public liability and property damage insurance covering all liability imposed on Buyer by law on account of personal injury, death or damage to property through the operation of the well, pump or other properties or in any way connected with or arising out of the ownership of the same. VIII. Easements Seller shall grant to Buyer the following easements respecting the use of the well: (description of easements to be conveyed) . The easements described shall be granted as soon as a description is obtained by survey as elsewhere provided in this Agreement. IX. Costs of Survey A survey shall be made in order to establish (a) the description of the real property to be conveyed under the terms of Section II , and (b) the easements to be granted under the terms of Section VIII . The cost of the survey shall be borne equally by the parties. X. Assignment This Agreement shall be assignable by either party without the consent of the other, and shall be binding on and inure to the benefit of the successors and assigns of the parties. If, however, Seller or Seller's successor or assignee shall permanently cease and abandon Seller's (description of operations) in or near (street address, city, county, state, zip code) , so that Seller is no longer in need of the water subject to this Agreement, the obligation of Buyer to make such further payments as may be due on the purchase price shall terminate, and Buyer may retain as Buyer's property all the personal and real property sold to Buyer under the terms of this Agreement. XI. Liability for Fluctuations in Flow and Pressure Anything in this Agreement to the contrary notwithstanding, Buyer shall not be liable in any respect whatever for failure, suspension or diminution in water, service or pressure to be supplied by Buyer under the terms of this Agreement, provided that this provision shall in no way affect Seller's right of rescission reserved in Section V. XII. Governmental Approval This Agreement shall be subject to the approval of the (e.g., Public Utilities Commission) of the state of __________________ ; provided that if the said (e.g., Public Utilities Commission) does not approve this Agreement, Seller may at Seller's option rescind the contract on the terms set forth in Section V of this Agreement. WITNESS our signatures as of the day and date first above stated. ACME, INC. ________________________ By_______________________ JOHN DOE (Name & Office in Corporation)