Legal Petition for Purchase

LEGAL PETITION FOR PURCHASE

Petitioner Name:    Respondent Name:

Case Number:    Court Name:

RECITALS

WHEREAS, Petitioner is a party in the above-captioned proceeding and seeks authority to enter into a purchase transaction concerning certain property described below; and

WHEREAS, Respondent holds an interest in the subject property or otherwise has authority to sell the property, and the parties have negotiated terms which Petitioner asserts are fair, reasonable, and in the best interest of the estate or parties; and

WHEREAS, Petitioner requests that the Court review and authorize the purchase, permitting conveyance consistent with the Purchase Terms set forth herein and the entry of an order approving such transaction.

NOW, THEREFORE

The parties hereby present this Petition for Purchase and agree that the Court may grant relief as set forth in the following terms and conditions.

1. DEFINITIONS

For purposes of this Petition, the following definitions apply: "Property" means the asset described in Section 2; "Closing" means the transfer of title and payment as described in Section 6; "Effective Date" means the date the Court signs an order approving this Petition.

2. DESCRIPTION OF PROPERTY

Property Type:  Real Property  Personal Property

3. PURCHASE TERMS

Purchase Price: $   Earnest Money: $

Proposed Closing Date:   Anticipated Place of Closing:

4. CONDITIONS PRECEDENT

The obligations of the parties under this Petition are subject to the following conditions precedent: (a) Court approval of the purchase and authority to convey; (b) satisfactory title examination and any curative actions; (c) inspection and due diligence acceptable to Petitioner; and (d) satisfaction or waiver in writing of any contingencies enumerated in the Purchase Terms.

5. REPRESENTATIONS AND WARRANTIES

5.1 Seller Representations. Respondent represents and warrants to Petitioner that Respondent has the authority to sell the Property, that the Property is not subject to undisclosed liens except as listed above, and that there are no pending actions that would prevent transfer of title other than those disclosed in writing to Petitioner.

5.2 Buyer Representations. Petitioner represents that Petitioner has sufficient funds or access to financing to consummate the purchase in accordance with the Purchase Terms and will proceed in good faith to satisfy any conditions to Closing.

6. CLOSING

At Closing, Respondent shall execute and deliver such deeds, bills of sale, releases, assignments, affidavits and other instruments as are reasonably required to transfer the Property free and clear of liens and encumbrances except as expressly permitted in this Petition and as approved by the Court. Petitioner shall deliver the Purchase Price in the form provided in Section 3, subject to prorations and adjustments customarily made at Closing.

7. REMEDIES

In the event of breach by either party, the non-breaching party shall be entitled to seek specific performance, monetary damages, and any equitable relief available under law. The parties agree that any monetary damages awarded with respect to the obligations herein may be enforced as a judgment in the applicable tribunal.

8. NOTICES

All notices required or permitted under this Petition shall be in writing and shall be deemed given when delivered personally, by nationally recognized overnight courier, or three (3) business days after deposit in the United States mail, postage prepaid, addressed as follows:

9. GOVERNING LAW; ENTIRE AGREEMENT; SEVERABILITY

This Petition shall be governed by and construed in accordance with the substantive laws of the applicable jurisdiction where the Court sits, without regard to conflict of law principles. This Petition constitutes the entire agreement between the parties concerning the subject matter hereof and supersedes any prior oral or written agreements. If any provision of this Petition is determined by a court of competent jurisdiction to be invalid or unenforceable, such provision shall be deemed modified to the minimum extent necessary to render it enforceable, and the remaining provisions shall continue in full force and effect.

10. AMENDMENTS; WAIVER; COUNTERPARTS

No amendment, modification or waiver of any provision of this Petition shall be effective unless in writing and signed by both parties or approved by the Court. Failure by any party to insist upon strict performance of any term or provision of this Petition shall not be construed as a waiver of such term or provision. This Petition may be executed in counterparts, each of which shall be deemed an original and all of which together shall constitute one instrument.

PETITIONER'S PRAYER

Petitioner respectfully requests that the Court: (a) grant this Petition and authorize the Purchase as set forth herein; (b) approve the Purchase Price and terms; (c) authorize any ministerial actions necessary to effectuate transfer of title; and (d) grant such other and further relief as the Court deems just and proper.

CERTIFICATION

The undersigned certify under penalty of perjury under the laws of the applicable jurisdiction that the facts stated in this Petition are true and correct to the best of their knowledge and that they are authorized to seek the relief requested.

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