CROW MOUNTAIN RANCH SHARES, LLC

518A COUNTY ROAD 564

SLIPOFF HOLLOW, ALABAMA  35772

 

PURCHASE AGREEMENT

Whereas, Crow Mountain Guest Ranch, LLC, an Alabama Limited Liability Company, herein called the Seller, whose mailing address is 518A County Road 564, Slipoff Hollow, Alabama 35772, is developer of Crow Mountain Ranch Shares, LLC hereinafter described, and Purchaser desires to purchase the Ranch Share Charter Membership described from the Seller.

Any payment made to Seller prior to closing pursuant to this contract may be used for development purposes by the Seller.  Payment will be applied to the purchase price.   Purchaser may receive additional benefits from Seller equal to or greater than the payment amount. 

It is therefore agreed as follows:

1.   PURCHASE

Share Number:       ____________________     Stall Number: _____________________

Purchaser’s Name:  _______________________________________________________

Permanent Street Address: _________________________________________________

City: _______________________________ State: ________ Zip Code: _____________

Phone Number: _________________________ Cell Number: _____________________

SSN: ________________________________

Additional Purchaser’s Name: _______________________________________________

Permanent Street Address: __________________________________________________

City: _______________________________ State: _________ Zip Code: ____________

Phone Number: ________________________ Cell Number: ______________________

SSN: ________________________________

Hereinafter called “Purchaser”, hereby agrees to purchase Ranch Share Membership for the following price and payable as described:

PRICE:                                                                                               $ _______________

The Price will be paid as follows:

(A)   Initial reservation deposit applied to Purchase Price            $ _______________

(B)   Additional deposit due on or before ___________              $ _______________

(C)   Balance due at closing (not including closing costs)            $ _______________

2.     ESCROW  All escrow payments made by Purchaser shall be made to Melanie B. Bradford, LLC, Word Arcade Building, 209 S. Market Street, Suite 102, Scottsboro, AL 35768, herein called “Escrow Agent”, pursuant to the terms and conditions of the Escrow Agreement attached as Exhibit 4 to the Prospectus.  The Purchaser shall receive a receipt for his deposit payments from the Escrow Agent.  Any interest earned on the deposit payments will be applied to the Price at closing to Purchaser’s benefit. 

3.    DOCUMENTS  The documents furnished by Seller to Purchaser are referred to in this paragraph and have been filed with the appropriate public authorities prior to the execution of this agreement.  The Purchaser hereby acknowledges receipt of the documents referred to in this paragraph and acknowledges that Purchaser has read and understood, or had ample opportunity to read and understand, each and every document and that the particulars of Purchaser’s interest in the ranch share membership are governed by said documents.  The documents are as follows:

(A)  The Prospectus

(B)   The Legal Description, Survey, Plot Plan, the Percentage of Ownership in the Common Elements, Share in Common Expenses and Share of Common Surplus, Articles of Incorporation of Crow Mountain Ranch Shares, LLC, the By-Laws of Crow Mountain Ranch Shares, LLC, the Covenants, Restrictions and Easements.

(C)   Purchase Agreement

(D)  Escrow Agreement

(E)   Estimated Closing Expenses

(F)    Estimated Annual Operating Budget for Crow Mountain Ranch Shares, LLC

4.    CLOSING DATE  The closing date, time, and place of closing shall be specified in a written notice given by Seller to Purchaser.  The notice shall not be given less than ten (10) days prior to the date specified in the notice as the Closing date and the Closing date shall not be prior to completion of the improvements.

Witnesses as to Purchasers:                          PURCHASER(S):

______________________________            __________________________________

______________________________            __________________________________

Date Executed by Purchaser:                         __________________________________

Witnesses as to Seller:                                 SELLER:

______________________________            CROW MOUNTAIN RANCH SHARES, LLC, an Alabama Limited Liability Company

______________________________            _________________________________

                                                                  By: ______________________________

                                                                  Its Member

Date Executed by Seller:                               _________________________________