Variable Investment Advisors, Inc.
AgStockTrade.com
4305 South Louise Avenue, Suite 101A
Sioux Falls, SD 57106-3115
Contract for Sale of Capital Units of Lake Area Corn Processors (Company)
| Date of Agreement | SAMPLE | Transaction ID | WEB000X000X000 |
| Seller or Buyer | SAMPLE | Seller or Buyer | Undisclosed |
| Seller's or Buyer's Address | SAMPLE | ||
| Seller's or Buyer's Phone Number | SAMPLE | Seller's or Buyer's Social Security Number | Undisclosed |
| Number of Capital Units Sold | SAMPLE | Purchase Price Per Capital Unit | SAMPLE |
| Class of Capital Units Sold | SAMPLE | Total Purchase Price | SAMPLE |
| Company may not require Buyer to have a corn delivery obligation. Please consult Company for details. | |||
SELLER AND BUYER AGREE AS FOLLOWS:
1. Sale. Seller hereby sells to Buyer and Buyer hereby purchases from Seller, the capital units, subject to the terms and conditions set forth below. Seller certifies that Seller is the sole owner of and has the right to sell the capital units, subject to the provisions of the Company's Articles of Organization, Operating Agreement and Capital Units Transfer System.
2. Purchase Price. Upon the execution of this Agreement by Buyer, Buyer shall pay the purchase price to First State Bank (Escrow Agent), having its principal office located at 707 Main Street, PO Box 129, Wilmot, SD 57279, by check, bank money order or wire transfer of funds. The Escrow Agent shall deposit the funds in a non-interest bearing account until the sale transaction is approved by the Company's Board of Managers. If the sale transaction is not approved by the Company's Board of Managers, the Escrow Agent shall return to the Buyer the funds. If the sale transaction is approved by the Company's Board of Managers, the Escrow Agent shall release to the Seller the funds less the Escrow Agent's fees and expenses.
3. Payment and Other Obligations. Upon the execution of this Agreement by Buyer, Buyer shall deliver to the Escrow Agent within seven (7) days from Date of Agreement, the Buyer's check, bank money order, or complete the wire transfer. Also, within seven (7) days from Date of Agreement, the Seller and Buyer shall execute and return their respective copies of this agreement to Variable Investment Advisors, Inc. (VIA). Seller and Buyer agree that if either party fails to abide by the terms of this Agreement either party shall have any and all available remedies provided under law.
4. Condition Precedent. Seller and Buyer acknowledge that if the Company's Board of Managers does not approve this sale transaction this Agreement shall be null and void.
5. Closing Date. Upon approval by the Company's Board of Managers and the release of the funds by the Escrow Agent, all right, title, and interest of the Seller in the capital units and all incidents of ownership thereof, shall be transferred to the Buyer and transferred on the books of said Company, effective upon the first day of the next calendar trimester. This transaction shall be subject to Company's Distributions and Allocations Policy in effect upon the date of this Agreement.
6. Binding Agreement. The Agreement shall be binding upon the parties, their heirs, successors, and assigns, and is governed by the laws of the State of South Dakota.
7. Unsolicited Order. Both Seller and Buyer acknowledge that they entered into this Agreement voluntarily. Neither VIA or AgStockTrade.com has solicited or recommended the suitability of this transaction to either party.
8. Attorney's Fees. In the event that any action is filed in relation to this Agreement, the unsuccessful party in the action shall pay to the successful party, in addition to all sums that either party may be called upon to pay, a reasonable sum for the successful party's attorney's fees.
9. Escrow Agent Fees. Seller agrees to pay the Escrow Agent a fee of Two Percent (2%) or a minimum of one hundred dollars ($100.00) and a maximum of seven hundred and fifty dollars ($750.00) to be withheld from the sale proceeds.
10. Release. Seller and Buyer agree to release, indemnify and hold harmless VIA and the Escrow Agent for any acts either may take in furtherance of this Agreement. All parties acknowledge that in the event of a conflict arising between Seller and Buyer, the Escrow Agent has the full right and authority to deposit any monies held by it with a state circuit court pursuant to South Dakota statute. Any legal action involving either VIA and/or the Escrow Agent shall be brought exclusively in the Circuit Court, Minnehaha County, South Dakota.
11.Authorization. Seller and Buyer hereby authorize Company to furnish to VIA information as is necessary to facilitate the transfer of the capital units.
12. Counterparts. This Agreement may be executed in any number of counterparts, each of which, when executed and delivered, shall be an original, but all such counterparts shall constitute one and the same instrument. As used herein, the term "counterparts" shall include full copies of this Agreement signed and delivered by facsimile transmission, as well as photocopies of such facsimile transmissions.
| BUYER(S) for TRANSACTION ID: WEB000X000X000 | |||
| FOR INDIVIDUALS AND JOINT TENANTS | FOR BUSINESS ENTITIES | ||
| Signature | Date | Name of Business Entity |
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| Signature (if necessary) | Date | Signature and Title of Authorized Representative |
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| DOCUMENTATION REQUIREMENTS OF BUYER | |
1. Please indicate your method of payment: [ ]
Check [ ] Money Order [ ] Wire Transfer (ABA # 091407667) |
OR
| SELLER(S) for TRANSACTION ID: WEB000X000X000 | |||
| FOR INDIVIDUALS AND JOINT TENANTS | FOR BUSINESS ENTITIES | ||
| Signature | Date | Name of Business Entity |
|
| Signature (if necessary) | Date | Signature and Title of Authorized Representative |
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| DOCUMENTATION REQUIREMENTS OF SELLER | |
| Within seven (7) days from Date of Agreement, sign and return this Contract for Sale (including page 1 through signature page) and related Unit Power Certificates (or affidavit of lost certificate) to VIA at 4305 S Louise Ave, Ste 101A, Sioux Falls, SD 57106-3115. |
Contract Version Date: 01/01/2006
THE TRANSMITTAL PAGE PROVIDED TO BUYER ONLY
Within 7 days from Date of Agreement, detach here and send this Transmittal with your check or bank money order.- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -- - - - - - - - - - - - -
Check or Bank Money Order Transmittal
| Date: | __________________ |
| To: | Escrow Agent |
| First State Bank | |
| PO Box 129 | |
| Wilmot, SD 57279-0129 | |
| Subject: | Purchase of Capital Units of Lake Area Corn Processors |
| Date of Agreement | SAMPLE | Transaction ID | WEB000X000X000 |
| Seller or Buyer | SAMPLE | Seller or Buyer | Undisclosed |
| Seller's or Buyer's Address | SAMPLE | ||
| Seller's or Buyer's Phone Number | SAMPLE | Seller's or Buyer's Social Security Number | Undisclosed |
| Number of Capital Units Sold | SAMPLE | Purchase Price Per Capital Unit | SAMPLE |
| Class of Capital Units Sold | SAMPLE | Total Purchase Price | SAMPLE |
| Company does not require Buyer to have a corn delivery obligation. | |||
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Your Business Receipt
Variable Investment Advisors, Inc.
AgStockTrade.com
4305 South Louise Avenue, Suite 101A
Sioux Falls, SD 57106-3115
Contract for Sale of Capital Units of Lake Area Corn Processors (Company)
| Date of Agreement | SAMPLE | Transaction ID | WEB000X000X000 |
| Seller or Buyer | SAMPLE | Seller or Buyer | Undisclosed |
| Seller's or Buyer's Address | SAMPLE | ||
| Seller's or Buyer's Phone Number | SAMPLE | Seller's or Buyer's Social Security Number | Undisclosed |
| Number of Capital Units Sold | SAMPLE | Purchase Price Per Capital Unit | SAMPLE |
| Class of Capital Units Sold | SAMPLE | Total Purchase Price | SAMPLE |
| Company does not require Buyer to have a corn delivery obligation. | |||