Wb 16 Form – Fill Out and Use This PDF

Approved by the Wisconsin Real Estate Examining Board	Page 1 of 14, WB-16
11-1-14 (Optional Use Date) 1-1-15 (Mandatory Use Date)

WB-16 OFFER TO PURCHASE – BUSINESS WITH REAL ESTATE INTEREST

1 LICENSEE DRAFTING THIS OFFER ON ____________________________________________ [DATE] IS (AGENT OF BUYER)

2(AGENT OF SELLER/LISTING BROKER) (AGENT OF BUYER AND SELLER) STRIKE THOSE NOT APPLICABLE

3GENERAL PROVISIONS The Buyer (if entity, include type and state of organization), ___________________________________

4 _____________________________________________________________________________________________________

5 _________________________________________________________, offers to purchase the Assets of the Business known as:

6 Business Name (include both legal name and any trade names) ______________________________________________________

7 __________________________________________________________________________________________________________

8 Type of Business Entity (e.g., corporation, LLC, partnership, sole proprietorship, etc.): _____________________________________

9 Business Description: ________________________________________________________________________________________

10__________________________________________________________________________________________________________

11__________________________________________________________________________________________________________

12_______________________________________________________________ (Lines 6-12 hereinafter referred to as the “Business”)

13Insert additional description, if any, at lines 699-713 or attach as an addendum per line 698. The terms of Buyer’s offer are as follows:

14■ PURCHASE PRICE: ______________________________________________________________________________________

15______________________________________________________ Dollars ($ __________________________________________).

16■ EARNEST MONEY of $ _______________________ accompanies this Offer and earnest money of $______________________

17will be mailed, or commercially or personally delivered within ___________________ days of acceptance to listing broker or

18_________________________________________________________________________________________________________.

19■ THE BALANCE OF PURCHASE PRICE will be paid in cash or equivalent at closing unless otherwise provided below.

20■ INCLUDED IN PURCHASE PRICE: Seller shall include in the purchase price the following:

21■ DESCRIPTION OF INTEREST IN REAL ESTATE:

22Street address is: ______________________________________________________________________________________ in the

23_______________ of ____________________________, County of __________________________, Wisconsin (the “Real Estate”).

24The Real Estate is owned by: __________________________________________________________________________________

25__________________________________________________________________________________________________________.

26The Real Estate is leased to: __________________________________________________________________________________

27_________________________________________________________________________________________ (see lines 300-325).

28	The interest in the Real Estate included in the purchase price is:				ownership		leasehold		assignment of existing
29	lease		______________________________________________. Insert any additional description, including further description

30of the type of interest in the Real Estate that is included in purchase price, at lines 699-713 or attach as an addendum per line 698.

31■ DESCRIPTION OF OTHER ASSETS:

32Seller shall also include in the purchase price (unless excluded at lines 48-50) the Assets of the Business including all goodwill,

33stock-in-trade, trade fixtures, accounts receivable, Business Personal Property, Fixtures, and the following additional property

34(consider work in process, if applicable): _________________________________________________________________________

35____________________________________________________________________ STRIKE AND COMPLETE AS APPLICABLE

36(hereinafter, including the interest in Real Estate described above, collectively the “Assets”).

37Seller shall convey Business Personal Property and any other personal property by Bill of Sale or ___________________________

38_________________________________________, free and clear of all liens and encumbrances except ______________________

39__________________________________________________________________________________________________________

40For the items below, the purchase price shall be based on the following terms: ___________________________________________

41(a) stock-in-trade ____________________________________________________________________________________________

42__________________________________________________________________________________________________________

43_______________________________________________________________________________________________________________

44(b) accounts receivable ________________________________________________________________________________________________

45__________________________________________________________________________________________________________

46__________________________________________________________________________________________________________

47(c) Other (e.g., work in process) ________________________________________________________________________________

48■ NOT INCLUDED IN THE PURCHASE PRICE: __________________________________________________________________

49__________________________________________________________________________________________________________

50__________________________________________________________________________________________________________

51CAUTION: Identify Fixtures, trade fixtures and Business Personal Property to be excluded by Seller or which are rented and

52will continue to be owned by the lessor (see lines 221-228 and 560-570).

Property Address: ________________________________________________________________________________________________________ Page 2 of 14, WB-16

53 NOTE: The terms of this Offer, not the listing contract or marketing materials, determine what items are included/excluded.

54ACCEPTANCE Acceptance occurs when all Buyers and Sellers have signed one copy of the Offer, or separate but identical copies

55of the Offer.

56CAUTION: Deadlines in the Offer are commonly calculated from acceptance. Consider whether short term deadlines

57running from acceptance provide adequate time for both binding acceptance and performance.

58BINDING ACCEPTANCE This Offer is binding upon both Parties only if a copy of the accepted Offer is delivered to Buyer on or

59before _______________________________________________________________. Seller may keep the Assets on the market

60and accept secondary offers after binding acceptance of this Offer.

61CAUTION: This Offer may be withdrawn prior to delivery of the accepted Offer.

62OPTIONAL PROVISIONS Terms of this Offer that are preceded by an OPEN BOX (  ) are part of this offer ONLY if the box is

63marked such as with an “X.” They are not part of this Offer if marked “N/A” or are left blank.

64DELIVERY OF DOCUMENTS AND WRITTEN NOTICES Unless otherwise stated in this Offer, delivery of documents and written

65notices to a Party shall be effective only when accomplished by one of the methods specified at lines 66-84.

66(1) Personal Delivery: giving the document or written notice personally to the Party, or the Party's recipient for delivery if named at

67line 68 or 69.

68Seller’s recipient for delivery (optional): __________________________________________________________________________

69Buyer’s recipient for delivery (optional): _________________________________________________________________________

70 (2) Fax: fax transmission of the document or written notice to the following telephone number:

71Seller: (_________) ___________________________________ Buyer: (_________) _____________________________________

72 (3) Commercial Delivery: depositing the document or written notice fees prepaid or charged to an account with a commercial 73 delivery service, addressed either to the Party, or to the Party's recipient for delivery if named at line 68 or 69, for delivery to the

74Party's delivery address at line 77 or 78.

75 (4) U.S. Mail: depositing the document or written notice postage prepaid in the U.S. Mail, addressed either to the Party, or to

76the Party's recipient for delivery if named at line 68 or 69, for delivery to the Party's delivery address at line 77 or 78.

77Delivery address for Seller: ___________________________________________________________________________________

78Delivery address for Buyer: ___________________________________________________________________________________

79 (5) E-Mail: electronically transmitting the document or written notice to the Party’s e-mail address, if given below at line 83 or 84.

80If this is a consumer transaction where the property being purchased or the sale proceeds are used primarily for personal, family or

81household purposes, each consumer providing an e-mail address below has first consented electronically to the use of electronic

82documents, e-mail delivery and electronic signatures in the transaction, as required by federal law.

83E-Mail address for Seller: ____________________________________________________________________________________

84E-Mail address for Buyer: ____________________________________________________________________________________

85BUSINESS AND PROPERTY CONDITION PROVISIONS

86■ REPRESENTATIONS REGARDING THE BUSINESS, ASSETS AND TRANSACTION: Seller represents to Buyer that as of the

87date of acceptance Seller has no notice or knowledge of Conditions Affecting the Business, Assets or Transaction (as defined at lines

88465-530) other than those identified in Seller’s disclosure report(s) CHECK AND INSERT DATES AS APPLICABLE:

89 Seller disclosure report (commercial or business real estate) dated _______________________________________________

90 Real Estate Condition Report (1-4 dwelling units) dated ________________________________________________________

91 Vacant Land Disclosure Report (no buildings) dated ___________________________________________________________

92 Business disclosure report(s) dated ________________________________________________________________________

93 Other: _____________________________________________ (specify) dated _____________________________________

94 which was/were received by Buyer prior to Buyer signing this Offer and which is/are made a part of this Offer by reference and

95__________________________________________________________________________________________________________

96__________________________________________________________________________________________________________

97____________________ INSERT CONDITIONS NOT ALREADY INCLUDED IN THE DISCLOSURE OR CONDITION REPORT(S).

98CAUTION: If Assets include 1-4 dwelling units, a Real Estate Condition Report containing the disclosures provided in Wis.

99Stat. § 709.03 may be required. If Assets include Real Estate without any buildings, a Vacant Land Disclosure Report

100containing the disclosures provided in Wis. Stat. § 709.033 may be required. Buyer may have rescission rights per Wis.

101Stat. § 709.05. A commercial or business disclosure report for commercial/business Real Estate may be used as well as

102business disclosure report(s) regarding Assets other than real estate. More than one report may be used.

103SALES AND USE TAX

104Sales and use tax, if any, for sales occurring prior to closing shall be paid by Seller. Within 120 days of closing, Seller shall provide

105Buyer with a sales and use tax clearance certificate from the Department of Revenue that any sales and use tax due has been paid,

106per Wis. Stat. Ch. 77. These responsibilities shall survive closing.

107 SALES AND USE TAX ESCROW: Seller agrees to escrow $_________________________ at closing to be held by

108 ___________________________________________________________________________ (escrow agent) and released to Seller

109 when Seller provides the escrow agent with a sales and use tax clearance certificate from the Department of Revenue confirming

110that any sales and use tax due has been paid, per Wis. Stat. Ch. 77. If a certificate is not provided to escrow agent within 120 days of

111closing, escrow funds shall be released to Buyer. Release of funds to Buyer shall not relieve Seller of Seller’s obligation to pay any

112sales and use tax due. All escrow fees shall be paid by Seller.

Page 3 of 14, WB-16

113DELIVERY/ACTUAL RECEIPT Delivery to, or Actual Receipt by, any named Buyer or Seller constitutes delivery to, or Actual

114Receipt by, all Buyers or Sellers.

115BUSINESS OPERATION Seller shall continue to conduct the Business in a regular and normal manner and shall use Seller’s best

116efforts to keep available the services of Seller’s present employees and to preserve the goodwill of Seller’s suppliers, customers and

117others having business relations with Seller. Seller shall maintain the equipment, appliances, business fixtures, fixtures, tools,

118furniture and other Business Personal Property in substantially the same working order as of the date of acceptance of this Offer.

119PROPERTY DAMAGE BETWEEN ACCEPTANCE AND CLOSING Seller shall maintain the physical Assets until the earlier of

120closing or occupancy of Buyer in materially the same condition as of the date of acceptance of this Offer, except for ordinary wear

121and tear. If, prior to the earlier of closing or occupancy by Buyer, the physical Assets are damaged in an amount of not more than five

122percent (5%) of the purchase price, Seller shall be obligated to repair the damaged property and restore it to the same condition that

123is was in on the day of this Offer. No later than closing, Seller shall provide Buyer with lien waivers for all lienable repairs and

124restoration. If Seller is unable to repair and restore the damaged property, Seller shall promptly notify Buyer in writing and this Offer

125may be canceled at the option of the Buyer. If the damage shall exceed such sum, Seller shall promptly notify Buyer in writing of the

126damage and this Offer may be canceled at the option of Buyer. Should Buyer elect to carry out this Offer despite such damage,

127Buyer shall be entitled to any insurance proceeds relating to the damaged property, plus a credit towards the purchase price equal to

128the amount of Seller’s deductible on such policy, if any. However, if this sale is financed by a land contract or a mortgage to Seller,

129any insurance proceeds shall be held in trust for the sole purpose of restoring the physical Assets.

130INSPECTIONS AND TESTING Buyer may only conduct inspections or tests if specific contingencies are included as a part of this

131Offer. An “inspection” is defined as an observation of the Assets which does not include an appraisal or testing of the Assets, other

132than testing for leaking carbon monoxide, or testing for leaking LP gas or natural gas used as a fuel source, which are hereby

133authorized. A “test” is defined as the taking of samples of materials such as soils, water, air or building materials from the Assets and

134the laboratory or other analysis of these materials. Seller agrees to allow Buyer’s inspectors, testers, appraisers and qualified third

135parties reasonable access to the Assets upon advance notice, if necessary to satisfy the contingencies in this Offer. Buyer and

136licensees may be present at all inspections and testing. Except as otherwise provided, Seller’s authorization for inspections does not

137authorize Buyer to conduct testing of the Assets.

138NOTE: Any contingency authorizing testing should specify the Assets to be tested, the purpose of the test, (e.g., to

139determine if the presence or absence of a source of environmental contamination), any limitations on Buyer's testing and

140any other material terms of the contingency.

141Buyer agrees to promptly restore the Assets to their original condition after Buyer’s inspections and testing are completed unless

142otherwise agreed to with Seller. Buyer agrees to promptly provide copies of all inspection and testing reports to Seller. Seller

143acknowledges that certain inspections or tests may detect environmental pollution which may be required to be reported to the

144Wisconsin Department of Natural Resources.

145BUYER’S PRE-CLOSING VIEW OF ASSETS Within 3 days prior to closing, at a reasonable time pre-approved by Seller or Seller's

146agent, Buyer shall have the right to view the Assets solely to determine that there has been no significant change in the condition of

147the Assets, except for ordinary wear and tear and changes approved by Buyer, and that any Defects Seller has agreed to cure have

148been repaired in the manner agreed to by the Parties.

149CAUTION: The intention of this paragraph is only to allow Buyer to view the Assets. The Parties should consider separate

150language to address specific concerns.

151PROPERTY IMPROVEMENT, DEVELOPMENT OR CHANGE OF USE If Buyer contemplates improving, developing or changing

152the use of the Assets, Buyer may need to address municipal ordinances and zoning, recorded building and use restrictions,

153covenants and easements which may prohibit some improvements or uses. The need for licenses, building permits, zoning

154variances, environmental audits, etc. may need to be investigated to determine feasibility of improvements, development or use

155changes for the Assets. Contingencies for investigation of these issues may be added to this Offer. See lines 355-381 and 382-424.

156If plant closings or mass layoffs will occur as a result of this Offer the Buyer and Seller should review federal and state plant closing

157laws.

158PROPERTY DIMENSIONS AND SURVEYS Buyer acknowledges that any land, building or room dimensions, or total acreage or

159building square footage figures, provided to Buyer by Seller or by a broker, may be approximate because of rounding, formulas used

160or other reasons, unless verified by survey or other means.

161CAUTION: Buyer should verify total square footage or acreage figures and land, building or room dimensions, if material to

162Buyer’s decision to purchase.

163DEFAULT Seller and Buyer each have the legal duty to use good faith and due diligence in completing the terms and conditions of

164this Offer. A material failure to perform any obligation under this Offer is a default which may subject the defaulting party to liability

165for damages or other legal remedies.

166If Buyer defaults, Seller may:

167(1) sue for specific performance and request the earnest money as partial payment of the purchase price; or

168(2) terminate the Offer and have the option to: (a) request the earnest money as liquidated damages; or (b) sue for actual

169damages.

170If Seller defaults, Buyer may:

171(1) sue for specific performance; or

172(2) terminate the Offer and request the return of the earnest money, sue for actual damages, or both.

173In addition, the Parties may seek any other remedies available in law or equity.

Page 4 of 14, WB-16

174 The Parties understand that the availability of any judicial remedy will depend upon the circumstances of the situation and the

175discretion of the courts. If either Party defaults, the Parties may renegotiate the Offer or seek nonjudicial dispute resolution instead of

176the remedies outlined above. By agreeing to binding arbitration, the Parties may lose the right to litigate in a court of law those

177disputes covered by the arbitration agreement.

178NOTE: IF ACCEPTED, THIS OFFER CAN CREATE A LEGALLY ENFORCEABLE CONTRACT. BOTH PARTIES SHOULD READ

179THIS DOCUMENT CAREFULLY. BROKERS MAY PROVIDE A GENERAL EXPLANATION OF THE PROVISIONS OF THE

180OFFER BUT ARE PROHIBITED BY LAW FROM GIVING ADVICE OR OPINIONS CONCERNING YOUR LEGAL RIGHTS UNDER

181THIS OFFER OR HOW TITLE SHOULD BE TAKEN AT CLOSING. AN ATTORNEY SHOULD BE CONSULTED IF LEGAL

182ADVICE IS NEEDED.

183ENTIRE CONTRACT This Offer, including any amendments to it, contains the entire agreement of the Buyer and Seller regarding

184the transaction. All prior negotiations and discussions have been merged into this Offer. This agreement binds and inures to the

185benefit of the parties to this Offer and their successors in interest.

186EARNEST MONEY

187■ HELD BY: Unless otherwise agreed, earnest money shall be paid to and held in the trust account of the listing broker (Buyer’s

188broker if Assets are not listed or Seller’s account if no broker is involved), until applied to purchase price or otherwise disbursed as

189provided in the Offer.

190CAUTION: Should persons other than a broker hold earnest money, an escrow agreement should be drafted by the Parties

191or an attorney. If someone other than Buyer makes payment of earnest money, consider a special disbursement agreement.

192■ DISBURSEMENT: If negotiations do not result in an accepted offer, the earnest money shall be promptly disbursed (after

193clearance from payor’s depository institution if earnest money is paid by check) to the person(s) who paid the earnest money. At

194closing, earnest money shall be disbursed according to the closing statement. If this Offer does not close, the earnest money shall be

195disbursed according to a written disbursement agreement signed by all Parties to this Offer. If said disbursement agreement has not

196been delivered to broker within 60 days after the date set for closing, broker may disburse the earnest money: (1) as directed by an

197attorney who has reviewed the transaction and does not represent Buyer or Seller; (2) into a court hearing a lawsuit involving the

198earnest money and all Parties to this Offer; (3) as directed by court order; or (4) any other disbursement required or allowed by law.

199Broker may retain legal services to direct disbursement per (1) or to file an interpleader action per (2) and broker may deduct from

200the earnest money any costs and reasonable attorney’s fees, in an amount up to $1,000 but no more than one-half of the earnest

201money, prior to disbursement.

202■ LEGAL RIGHTS/ACTION: Broker’s disbursement of earnest money does not determine the legal rights of the Parties in relation to

203this Offer. Buyer’s or Seller’s legal right to earnest money cannot be determined by broker. At least 30 days prior to disbursement per

204(1) or (4) above, broker shall send Buyer and Seller notice of the disbursement by certified mail. If Buyer or Seller disagree with

205broker’s proposed disbursement, a lawsuit may be filed to obtain a court order regarding disbursement. Small Claims Court has

206jurisdiction with regard to civil actions involving amounts claimed up to the amount specified in Wis. Stat. Ch. 799. Buyer and Seller

207should consider consulting attorneys regarding their legal rights under this Offer in case of a dispute. Both Parties agree to hold the

208broker harmless from any liability for good faith disbursement of earnest money in accordance with this Offer or applicable

209Department of Safety and Professional Service regulations concerning earnest money. See Wis. Admin. Code Ch. REEB 18.

210SPECIAL ASSESSMENTS/OTHER EXPENSES Special assessments, if any, levied or for work actually commenced prior to date

211of this Offer shall be paid by Seller no later than closing. All other special assessments shall be paid by Buyer.

212CAUTION: Consider a special agreement if area assessments, property owners association assessments, special charges

213for current services under Wis. Stat. § 66.0627 or other expenses are contemplated. “Other expenses” are one-time charges

214or ongoing use fees for public improvements (other than those resulting in special assessments) relating to curb, gutter,

215street, sidewalk, municipal water, sanitary and storm water and storm sewer (including all sewer mains and hook-

216up/connection and interceptor charges), parks, street lighting and street trees, and impact fees for other public facilities, as

217defined in Wis. Stat. § 66.0617(1)(f).

218DEFINITIONS

219■ ACTUAL RECEIPT: “Actual Receipt” means that a Party, not the Party’s recipient for delivery, if any, has the document or written

220notice physically in the Party’s possession, regardless of the method of delivery.

221■ BUSINESS PERSONAL PROPERTY: “Business Personal Property” is defined as all tangible and intangible personal property and

222rights in personal property owned by Seller and used in the Business as of the date of this Offer, including, but not limited to,

223furniture, trade fixtures and equipment, tools used in business, telephone numbers and listings if transferable, customer lists, trade

224names, intellectual property, Internet domain names, digital media, digital marketing, databases, business records, supplies, leases,

225advance lease deposits, customer deposits, signs, all other personal property used in Business, and if transferable, all permits,

226special licenses and franchises, except those assets disposed of in the ordinary course of business or as permitted by this Offer.

227CAUTION: Identify on lines 48-50 Business Personal Property not included in the purchase price or not exclusively owned

228by Seller, such as licensed or rented personal property, tenants’ personal property and tenants’ trade fixtures.

229(Definitions Continued on Page 9)

Property Address: ________________________________________________________________________________________________________Page 5 of 14, WB-16

230TIME IS OF THE ESSENCE “Time is of the Essence” as to: (1) earnest money payment(s); (2) binding acceptance; (3) occupancy;

231(4) date of closing; (5) contingency Deadlines STRIKE AS APPLICABLE and all other dates and Deadlines in this Offer except: ____

232____________________________________________________________________________________. If “Time is of the Essence”

233applies to a date or Deadline, failure to perform by the exact date or Deadline is a breach of contract. If "Time is of the Essence" does

234not apply to a date or Deadline, then performance within a reasonable time of the date or Deadline is allowed before a breach occurs.

235ALLOCATION OF PURCHASE PRICECHECK LINE 236 OR 245

236			The Parties agree to the following allocation of the purchase price:
237	Goodwill:			$ __________________________________________
238	Stock-in-trade (inventory):			$ __________________________________________
239	Accounts receivable:			$ __________________________________________
240	Business Personal Property:			$ __________________________________________
241	Real Estate Interest:			$ __________________________________________
242	Other:			$ __________________________________________
243	Other:			$ __________________________________________
244			Total	$ __________________________________________
245			The Parties shall agree in writing on an allocation by the following deadline: (within _________________ days of acceptance of
246	the Offer) (_______________________________, _________)			STRIKE AND COMPLETE AS APPLICABLE.	If the Parties cannot
247	agree on an allocation by the deadline either Party may, within 5 days following the deadline, deliver written notice to terminate and
248	all earnest money shall be returned to Buyer. If no notice is delivered by either party within such 5 day period, the Parties agree to

249proceed to closing and separately allocate the purchase price.

250CAUTION: Failure of the parties to agree on an allocation of purchase price prior to closing may have tax implications. Fair

251market value of the real property must be determined prior to closing to complete the transfer return per Wis. Stat. § 77.22.

252The Parties should consult accountants, legal counsel or other appropriate experts, as necessary.

253

ENVIRONMENTAL EVALUATION CONTINGENCY: This Offer is contingent upon a qualified independent environmental

254consultant of Buyer’s choice conducting an Environmental Site Assessment of the Real Estate (see lines 544-559), at (Buyer’s)

255(Seller’s) STRIKE ONE (“Buyer’s” if neither is stricken) expense, which discloses no Defects. For the purpose of this contingency, a

256Defect (see lines 538-540) is defined to also include a material violation of environmental laws, a material contingent liability affecting

257the Real Estate arising under any environmental laws, the presence of an underground storage tank(s) or material levels of

258hazardous substances either on the Real Estate or presenting a significant risk of contaminating the Real Estate due to future

259migration from other properties. Defects do not include conditions the nature and extent of which Buyer had actual knowledge or

260written notice before signing the Offer.

261CAUTION: The Parties should consider additional environmental inspection or testing contingencies of the Assets.

262■ CONTINGENCY SATISFACTION: This contingency shall be deemed satisfied unless Buyer, within ______________________

263days of acceptance, delivers to Seller a copy of the Environmental Site Assessment report and a written notice listing the Defect(s)

264identified in the Environmental Site Assessment report to which Buyer objects (Notice of Defects).

265CAUTION: A proposed amendment is not a Notice of Defects and will not satisfy this notice requirement.

266■ RIGHT TO CURE: Seller (shall) (shall not) STRIKE ONE (“shall” if neither is stricken) have a right to cure the Defects. If Seller has

267the right to cure, Seller may satisfy this contingency by: (1) delivering written notice to Buyer within 10 days of Buyer's delivery of the

268Notice of Defects stating Seller’s election to cure Defects, (2) curing the Defects in a good and workmanlike manner and (3)

269delivering to Buyer a written report detailing the work done within 3 days prior to closing. This Offer shall be null and void if Buyer

270makes timely delivery of the Notice of Defects and written Environmental Site Assessment report and: (1) Seller does not have a right

271to cure or (2) Seller has a right to cure but: (a) Seller delivers written notice that Seller will not cure or (b) Seller does not timely

272deliver the written notice of election to cure.

273CLOSING Legal possession of the Assets shall be delivered to Buyer at the time of closing. This transaction is to be closed no later

274than _____________________________________ at the place selected by Seller, unless otherwise agreed by the Parties in writing.

275CLOSING PRORATIONS The following items, if applicable, shall be prorated at closing, based upon date of closing values: real

276estate taxes, personal property taxes, rents, prepaid insurance (if transferred), private and municipal charges, property owners

277association assessments, fuel, other prepaid amounts for items being transferred to Buyer, and _______________________

278_________________________________________________________________________________________________________.

279CAUTION: Provide basis for utility charges, fuel or other prorations if date of closing value will not be used.

280Any income, taxes or expenses shall accrue to Seller, and be prorated at closing, through the day prior to closing. Personal property

281taxes shall be prorated based on (the taxes for the current year, if known, otherwise on the taxes for the preceding year)

282( ________________________________________________________________) STRIKE AND COMPLETE AS APPLICABLE.

283Real estate taxes shall be prorated at closing based on CHECK BOX FOR APPLICABLE PRORATION FORMULA:

284

The net general real estate taxes for the preceding year, or the current year if available (Net general real estate taxes are

285defined as general property taxes after state tax credits and lottery credits are deducted) (NOTE: THIS CHOICE APPLIES IF NO

286BOX IS CHECKED)

287

Current assessment times current mill rate (current means as of the date of closing)

	Property Address: ________________________________________________________________________________________________________Page 6 of 14, WB-16
288			Sale price, multiplied by the municipality area-wide percent of fair market value used by the assessor in the prior year, or

289current year if known, multiplied by current mill rate (current means as of the date of closing)

290

_____________________________________________________________________________________________.

291 CAUTION: Buyer is informed that the actual real estate taxes for the year of closing and subsequent years may be 292 substantially different than the amount used for proration especially in transactions involving new construction, extensive 293 rehabilitation, remodeling or area-wide re-assessment. Buyer is encouraged to contact the local assessor regarding

294possible tax changes.

295

Buyer and Seller agree to re-prorate the real estate taxes, through the day prior to closing based upon the taxes on the

296actual tax bill for the year of closing, with Buyer and Seller each owing his or her pro-rata share. Buyer shall, within 5 days of

297receipt, forward a copy of the bill to the forwarding address Seller agrees to provide at closing. The Parties shall re-prorate within

29830 days of Buyer’s receipt of the actual tax bill. Buyer and Seller agree this is a post-closing obligation and is the responsibility of

299the Parties to complete, not the responsibility of the real estate brokers in this transaction.

300LEASED REAL ESTATE

301■ Real Estate Leased to Third Parties. CHECK AS APPLICABLE

302

For any Real Estate included in the purchase price which is owned by Seller and leased to third parties and such lease(s)

303extend beyond closing, Seller shall assign Seller’s interests and rights under the lease(s) and transfer all security deposits and

304prepaid rents thereunder to Buyer at closing. The terms of the (written) (oral) STRIKE ONE lease(s), if any, are ________________

305_________________________________________________________________________________________________________.

306			Seller agrees the lease(s) for the following Real Estate currently owned by Seller and leased to third parties shall terminate
307	at closing: _________________________________________________________________________________________________

308_____________________________________________________________________________________________.

309■ Real Estate Owned by Seller. If the Real Estate occupied by the Business is owned by Seller, but not sold by this Offer:

310CHECK AS APPLICABLE

311

Seller agrees to lease the Real Estate to Buyer at closing on the following terms: _________________________________

312__________________________________________________________________________________________________________

313________________________________________________________________________________.

314

Seller agrees to lease the Real Estate to Buyer at closing according to the terms of the lease attached to this Offer as an

315addendum per line 698.

316			This Offer is contingent upon Seller and Buyer, within ______ days from acceptance of this Offer, negotiating the terms of
317	a written lease for the Real Estate to be executed at closing, with a minimum term from ____________ to _____________ and

318minimum initial rent of $ ____________ per month STRIKE AND COMPLETE AS APPLICABLE or this Offer shall be null and void.

319■ Real Estate Leased to Seller. If the Real Estate occupied by the Business is owned by a third party and leased to Seller, then

320CHECK AS APPLICABLE

321			Seller agrees to assign its interest in the lease for the Real Estate to Buyer, if assignable. (See lines 21-30.)
322			This Offer is contingent upon the third party and Buyer, within ______ days from acceptance of this Offer, negotiating the
323	terms of a written lease for the Real Estate to be executed at closing, with a minimum term from ________________ to
324	___________________ and an initial maximum rent of $ __________________ per month			STRIKE AND COMPLETE AS

325APPLICABLE or this Offer shall be null and void.

326LEASED ASSETS (OTHER THAN REAL ESTATE)

327■ Assets Leased to Third Parties. CHECK AS APPLICABLE

328

For non-real property Assets included in the purchase price which are owned by Seller and leased to third parties and

329such lease(s) extend beyond closing, Seller shall assign Seller’s interests and rights under the lease(s) and transfer all security

330deposits and prepaid rents thereunder to Buyer at closing. The terms of the (written) (oral) STRIKE ONE lease(s), if any, are

331__________________________________________________________________________________________________________

332_________________________________________________________________________________________________________.

333

Seller agrees the lease(s) for the following Assets currently owned by Seller and leased to third parties shall terminate at

334closing:____________________________________________________________________________________________________

335__________________________________________________________________________________________________________.

336■ Assets Owned by Seller. If Assets are used by the Business and owned by Seller, but not sold by this Offer, Seller:

337CHECK AS APPLICABLE

338

Seller agrees to lease the following listed Assets to Buyer at closing on the following terms: _______________________

339__________________________________________________________________________________________________________

340__________________________________________________________________________________________________________.

341

Seller agrees to lease the following listed Assets to Buyer at closing according to the terms of the lease(s) attached to this

342Offer as an addendum per line 698. Assets: ______________________________________________________________________

343

This Offer is contingent upon Seller and Buyer, within _________ days from acceptance of this Offer, negotiating the terms

344of a written lease(s) for the following listed Assets to be executed at closing, with a minimum term(s) from ___________________ to

Property Address: ________________________________________________________________________________________________________Page 7 of 14, WB-16

345 ____________________ and minimum initial rent(s) of $ ____________ per month STRIKE AND COMPLETE AS APPLICABLE or

346this Offer shall be null and void. Assets: _________________________________________________________________________

347■ Assets Leased to Seller. If Assets used by the Business are owned by a third party and leased to Seller, then

348CHECK AS APPLICABLE

349

Seller agrees to assign its interest in the lease(s) for the following listed Assets to Buyer, if assignable. (See lines 31-47.)

350Assets: ______________________________________________________________

351

This Offer is contingent upon the third party and Buyer, within __________ days from acceptance of this Offer, negotiating

352the terms of a written lease(s) for the following listed Assets to be executed at closing, with a minimum term(s) from ___________ to

353____________ and an initial maximum rent(s) of $ ____________ per month STRIKE AND COMPLETE AS APPLICABLE or this

354Offer shall be null and void. Assets: ____________________________________________________________________________.

355

PROPOSED USE CONTINGENCIES: Buyer is purchasing the Assets for the purpose of: ______________________________

356__________________________________________________________________________________________________________

357________________________________________________________________________ [insert proposed use and type and size of

358the Assets or Business, if applicable; e.g., restaurant and tavern business with capacity of 350 and 3 second floor dwelling units]. The

359optional provisions checked on lines 363-381 shall be deemed satisfied unless Buyer delivers to Seller by the deadline(s) set forth on

360lines 363-381 written notice specifying those items which cannot be satisfied and written evidence substantiating why each specific

361item included in Buyer’s notice cannot be satisfied. Upon delivery of Buyer’s notice, this Offer shall be null and void. Seller agrees to

362cooperate with Buyer as necessary to satisfy the contingencies checked at lines 363-381.

363

EASEMENTS AND RESTRICTIONS: This Offer is contingent upon Buyer obtaining, within ______________________ days

364of acceptance, at (Buyer’s) (Seller’s) STRIKE ONE (“Buyer’s” if neither is stricken) expense, copies of all public and private

365easements, covenants and restrictions affecting the Assets and a written determination by a qualified independent third party that

366none of these prohibit or significantly delay or increase the costs of the proposed use or development identified at lines 355-357.

367 APPROVALS: This Offer is contingent upon Buyer obtaining, at (Buyer’s) (Seller’s) STRIKE ONE (“Buyer’s” if neither is

368stricken) expense, all applicable governmental permits, approvals and licenses, as necessary and appropriate, or the final

369discretionary action by the granting authority prior to the issuance of such permits, approvals and licenses, for the following items

370related to Buyer’s proposed use: _____________________________________________________________________________

371_____________ or delivering written notice to Seller if the item(s) cannot be obtained or can only be obtained subject to conditions

372which significantly increase the cost of Buyer’s proposed use, all within __________________ days of acceptance of this Offer.

373

ACCESS TO PROPERTY: This Offer is contingent upon Buyer obtaining, within ___________ days of acceptance, at

374(Buyer’s) (Seller’s) STRIKE ONE (“Buyer’s” if neither is stricken) expense, written verification that there is legal vehicular access to

375the Assets from public roads.

376 LAND USE APPROVAL: This Offer is contingent upon Buyer obtaining, at (Buyer’s) (Seller’s) STRIKE ONE (“Buyer’s” if

377

neither is stricken) expense, a

rezoning;

conditional use permit;

license;

variance;

building permit;

378

occupancy permit;

other ____________________________________________________________________________

379CHECK ALL THAT APPLY, for the Assets for its proposed use described at lines 355-357 or delivering written notice to Seller if

380the item(s) cannot be obtained or can only be obtained subject to conditions which significantly increase the cost of Buyer’s

381proposed use, all within __________ ______________ days of acceptance.

382DOCUMENT REVIEW/RECEIPT CONTINGENCY

383■ BUYER OBTAINING DOCUMENTS: This Offer is contingent upon Buyer, at Buyer’s expense, being able to obtain the following

384within the number of days of acceptance specified in each item checked below (consider addressing licenses, permits, etc.)

385			___________________________________________________________________________________________	(___ days).
386				(___ days).
			___________________________________________________________________________________________
387			___________________________________________________________________________________________ (___ days).
388	This contingency shall be deemed satisfied unless Buyer, within ________ days of the earlier of: 1) receipt of the final document to

389be obtained by Buyer or 2) the latter of the deadlines for Buyer obtaining the documents, delivers to Seller a written notice indicating

390that this contingency has not been satisfied. The notice shall identify which document(s) (a) cannot be timely obtained and why they

391cannot be obtained, or (b) do not meet the standard set forth for the document(s).

392■ BUYER TERMINATION RIGHTS: If Buyer cannot obtain any document by the stated deadline; Buyer may terminate this Offer if

393Buyer delivers a written notice of termination to Seller.

394■ SELLER DELIVERING DOCUMENTS: This Offer is contingent upon Seller delivering the following documents to Buyer within the

395number of days of acceptance specified in each item checked below. All documents Seller delivers to Buyer shall be true, accurate,

396current and complete.

397		Documents showing the sale of the Assets has been properly authorized, if Seller is a business entity (______ days).
398		A complete inventory of all included Business Personal Property which shall be consistent with all prior representations

399(______ days).

400 Uniform Commercial Code lien search as to the Business Personal Property included in the purchase price, showing the 401 Business Personal Property to be free and clear of all liens, other than liens to be released prior to or from the proceeds of closing

402(______ days).

403		Copies of all leases affecting the Assets, which shall be consistent with all prior representations (______days).
404		Estimated principal balance of accounts receivable and payable which shall be consistent with all prior representations

405(______ days).

406 Copy of profit and loss statements, balance sheets, business books and records, and income tax returns for the following years 407 _________________________________________________ which shall be consistent with all prior representations (______days).

Property Address: ________________________________________________________________________________________________________Page 8 of 14, WB-16

408 Copies of all current licenses held by Business which indicate that Business holds all licenses required for current operations

409(______ days).

410		Copies of franchise agreements, if any, which shall be consistent with all prior representations (______ days).
411		Any agreements restricting Seller from competing with Buyer after closing which shall be consistent with all prior

412representations (______ days).

413 Other ________________________________________________________________________________________________

414 Other ________________________________________________________________________________________________

415 Other ________________________________________________________________________________________________

416 This contingency shall be deemed satisfied unless Buyer, within ________ days of the earlier of: 1) Buyer’s receipt of the final

417 document to be delivered by Seller; or 2) the latter of the deadlines for delivery of the documents, delivers to Seller a written notice 418 indicating that this contingency has not been satisfied. The notice shall identify which document(s): (a) have not been timely 419 delivered; or (b) do not meet the standard set forth for the document(s). Buyer shall keep all such documents confidential and

420disclose them to third parties only to the extent necessary to implement other provisions of this Offer.

421■ BUYER TERMINATION RIGHTS: If Seller does not make timely delivery of any document by the stated deadline; Buyer may

422terminate this Offer if Buyer delivers a written notice of termination to Seller prior to Buyer’s Actual Receipt of the document(s)

423identified in Buyer’s written notice as not having been timely received. Buyer shall return all documents (originals and any

424reproductions) to Seller if this Offer is terminated.

425TITLE EVIDENCE

426■ CONVEYANCE OF TITLE: Upon payment of the purchase price, Seller shall convey the Real Estate by warranty deed

427((trustee’s deed if Seller is a trust, personal representative’s deed if Seller is an estate or other conveyance as provided

428herein) free and clear of all liens and encumbrances, except: municipal and zoning ordinances and agreements entered under them,

429recorded easements for the distribution of utility and municipal services, recorded building and use restrictions and covenants,

430general taxes levied in the year of closing and ___________________________________________________________________

431___________________________________________________________________ (provided none of the foregoing prohibit present

432use of the real property), which constitutes merchantable title for purposes of this transaction. Seller further agrees to complete and

433execute the documents necessary to record the conveyance. WARNING: Municipal and zoning ordinances, recorded building

434and use restrictions, covenants and easements may prohibit certain improvements or uses and therefore should be

435reviewed, particularly if Buyer contemplates making improvements to the Assets or a use other than the current use.

436■ TITLE EVIDENCE: Seller shall give evidence of title to the Real Estate in the form of an owner’s policy of title insurance in the

437amount of the value of the Real Estate on a current ALTA form issued by an insurer licensed to write title insurance in Wisconsin.

438Seller shall pay all costs of providing title evidence to Buyer. Buyer shall pay all costs of providing title evidence required by Buyer’s

439lender.

440CAUTION: MODIFY AMOUNT OF OWNER’S POLICY OF TITLE INSURANCE IF TITLE POLICY WILL INSURE TITLE TO

441ASSETS OTHER THAN REAL ESTATE.

442■ GAP ENDORSEMENT: Seller shall provide a “gap” endorsement or equivalent gap coverage at (Seller’s) (Buyer’s) STRIKE ONE

443(“Seller’s” if neither stricken) cost to provide coverage for any liens or encumbrances first filed or recorded after the effective date of

444the title insurance commitment and before the deed is recorded, subject to the title insurance policy exclusions and exceptions,

445provided the title company will issue the endorsement. If a gap endorsement or equivalent gap coverage is not available, Buyer may

446give written notice that title is not acceptable for closing (see lines 452-459).

447■ PROVISION OF MERCHANTABLE TITLE: For purposes of closing, title evidence shall be acceptable if the required title insurance

448commitment is delivered to Buyer’s attorney or Buyer not more than _________________ days after acceptance (“15” if left blank),

449showing title to the Real Estate as of a date no more than _________________ days, before delivery (“15” if left blank) of such title

450evidence to be merchantable per lines 426-432, subject only to liens which will be paid out of the proceeds of closing and standard

451title insurance requirements and exceptions, as appropriate.

452■ TITLE NOT ACCEPTABLE FOR CLOSING: If title to the Real Estate is not acceptable for closing, Buyer shall notify Seller in

453writing of objections to title within _____________ days (“15” if left blank) after delivery of the title commitment to Buyer or Buyer’s

454attorney. In such event, Seller shall have a reasonable time, but not exceeding _____________ days (“5” if left blank), from Buyer’s

455delivery of the notice stating title objections, to deliver notice to Buyer stating Seller’s election to remove the objections by the time

456set for closing. In the event that Seller is unable to remove said objections, Buyer may deliver to Seller written notice waiving the

457objections, and the time for closing shall be extended accordingly. If Buyer does not waive the objections, Buyer shall deliver written

458notice of termination and this Offer shall be null and void. Providing title evidence acceptable for closing does not extinguish Seller’s

459obligations to give merchantable title to Buyer.

460RENTAL WEATHERIZATION This transaction (is) (is not) STRIKE ONE (“is” if neither is stricken) exempt from Wisconsin Rental

461Weatherization Standards (Wis. Admin. Code, Ch. SPS 367). If not exempt, (Buyer) (Seller) STRIKE ONE (“Buyer” if neither is

462stricken) shall be responsible for compliance, including all costs with Wisconsin Rental Weatherization Standards. If Seller is

463responsible for compliance, Seller shall provide a Certificate of Compliance at closing.

Page 9 of 14, WB-16

464DEFINITIONS CONTINUED FROM PAGE 4

465■ CONDITIONS AFFECTING THE BUSINESS, ASSETS OR TRANSACTION: A “Condition Affecting the Business, Assets or

466Transaction” is defined to include, but is not limited to, the following:

467(a) Proposed, planned or commenced public improvements which may result in special assessments or otherwise materially affect

468the Business or Assets, or the present use of the Business or Assets;

469(b) Violation of federal, state or local regulations, ordinances, laws or rules; any government agency or court orders requiring repair,

470alteration or correction of any existing condition; or any potential, threatened or pending claims against the Business or its agents or

471materially affecting the Assets;

472(c) Material violation of the Americans with Disabilities Act (ADA) or other state or local laws requiring minimum accessibility for

473persons with disabilities. NOTE: A building owner’s or tenant’s obligations under the ADA may vary dependent upon the

474financial or other capabilities of the building owner or tenant;

475(d) Completed or pending reassessment of the Assets or any part thereof;

476(e) Structural or mechanical system inadequacies which if not repaired will significantly shorten the expected normal life of the

477Assets;

478(f) Zoning or building code violations, any land division involving the Assets for which required state or local approvals were not

479obtained, nonconforming structures or uses, conservation easements, rights-of-way, encroachments; easements, other than

480recorded utility easements; covenants, conditions and restrictions; zoning variances or conditional use permits; shared fences, walls,

481wells, driveways, signage or other shared usages; or leased parking;

482(g) Construction or remodeling on the Assets for which required federal, state or local approvals were not obtained;

483(h) Any portion of the Assets being in a 100 year floodplain, a wetland or shoreland zoning area under local, state or federal

484regulations;

485(i) That a structure which the Business occupies or which is located on the Real Estate sold by this Offer is designated as a historic

486building or that any part of a structure which the Business occupies or the Real Estate sold by this Offer is in a historic district; or

487burial sites or archeological artifacts on the Real Estate;

488(j) Material violations of environmental laws or other laws or agreements regulating the Business or the use of the Assets;

489(k) Conditions constituting a significant health or safety hazard for occupants, invitees or employees of the Business;

490(l) Unsafe concentrations of, or unsafe conditions relating to hazardous or toxic substances or medical or infectious waste located

491on the premises which the Business occupies or on the Assets; or previous storage or disposal of material amounts of hazardous or

492toxic substances or medical or infectious waste on the premises which the Business occupies or on the Assets;

493(m) Assets are subject to a mitigation plan required under administrative rules of the Department of Natural Resources related to

494county shoreland zoning ordinances, which obligates the owner of the Assets to establish or maintain certain measures related to

495shoreland conditions and which is enforceable by the county;

496(n) Flooding, standing water, drainage problems or other water problems on or affecting the Assets; material damage from fire,

497wind, floods, earthquake, expansive soils, erosion or landslides; or significant odor, noise, water intrusion or other irritants emanating

498from neighboring property;

499(o) A dam is totally or partially located on the Real Estate or that an ownership in a dam that is not located on the Real Estate will be

500transferred with the Real Estate because it is owned collectively by members of a homeowners association, lake district, or similar

501group. (If “yes,” contact the Wisconsin Department of Natural Resources to find out if dam transfer requirements or agency orders

502apply.);

503(p) Underground or aboveground storage tanks for storage of flammable, combustible or hazardous materials including, but not

504limited, to gasoline and heating oil, which are currently or which were previously located on the premises which the Business

505occupies or on the Assets (the owner, by law, may have to register the tanks with the Wisconsin Department of Agriculture, Trade

506and Consumer Protection at P.O. Box 8911, Madison, Wisconsin, 53708, whether the tanks are in use or not. Regulations of the

507Wisconsin Department of Agriculture, Trade and Consumer Protection may require the closure or removal of unused tanks.);

508(q) High voltage electric (100 KV or greater) or steel natural gas transmission lines located on but not directly serving the Business

509or Assets;

510(r) Any material Deficiencies in any of the equipment, appliances, business fixtures, fixtures, tools, furniture or other Business

511Personal Property included in the transaction;

512(s) Any encumbrances on the Business, all integral parts thereof, or the Assets, except as stated in this Offer and in any schedule

513attached to it;

514(t) Any litigation, condemnation action, government proceeding or investigation in progress, threatened or in prospect against or

515related to the Business or the Assets;

516(u) Any proposed road change, road work or change in road access which would materially affect the present use or access to the

517Business or the Assets;

518(v) Any right granted to underlying lien holder(s) to accelerate the debtor’s obligation by reason of the transfer of ownership of

519Business or the Assets, or any permission to transfer being required and not obtained;

520(w) Any unpaid Business taxes such as: income; sales; payroll; Social Security; unemployment; or any other employer/employee

521taxes due and payable or accrued; or any past due debts;

522(x) A material failure of the financial statements, or schedules to the financial statements, to present the true and correct condition of

523the Business as of the date of the statements and schedules or a material change in the financial condition or operations of the

Page 10 of 14, WB-16

524 Business since the date of the last financial statements and schedules provided by Seller, except for changes in the ordinary course

525of business which are not in the aggregate materially adverse;

526(y) Unresolved insurance claims, outstanding lease or contract agreements, back wages, due or claimed, product liability exposure,

527unpaid insurance premiums, unfair labor practice claims, unpaid past due debts;

528(z) Other Defects affecting the Real Estate, Deficiencies affecting the Assets, or conditions or occurrences which would significantly

529reduce the value of the Business or Assets to a reasonable person with knowledge of the nature and scope of the condition or

530occurrence.

531■ DEADLINES: “Deadlines” expressed as a number of “days” from an event, such as acceptance, are calculated by excluding the

532day the event occurred and by counting subsequent calendar days. The deadline expires at midnight on the last day. Deadlines

533expressed as a specific number of “business days” exclude Saturdays, Sundays, any legal public holiday under Wisconsin or Federal

534law, and other day designated by the President such that the postal service does not receive registered mail or make regular

535deliveries on that day. Deadlines expressed as a specific number of “hours” from the occurrence of an event, such as receipt of a

536notice, are calculated from the exact time of the event, and by counting 24 hours per calendar day. Deadlines expressed as a specific

537day of the calendar year or as the day of a specific event, such as closing, expire at midnight of that day.

538■ DEFECT: “Defect” means a condition that would have a significant adverse effect on the value of the Real Estate; that would

539significantly impair the health or safety of future occupants of the Real Estate; or that if not repaired, removed or replaced would

540significantly shorten or adversely affect the expected normal life of the premises.

541■ DEFICIENCY: “Deficiency” means an imperfection that materially impairs the worth or utility of an Asset other than Real Estate;

542makes such Asset unusable or significantly harmful; or substantially prevents such Asset from functioning or operating as designed

543or intended.

544■ ENVIRONMENTAL SITE ASSESSMENT: An “Environmental Site Assessment” (also known as a “Phase I Site Assessment”)(see

545lines 253-272) may include, but is not limited to: (1) an inspection of the Real Estate; (2) a review of the ownership and use history of

546the Real Estate, including a search of title records showing private ownership of the Real Estate for a period of 80 years prior to the

547visual inspection; (3) a review of historic and recent aerial photographs of the Real Estate, if available; (4) a review of environmental

548licenses, permits or orders issued with respect to the Real Estate; (5) an evaluation of results of any environmental sampling and

549analysis that has been conducted on the Real Estate; and (6) a review to determine if the Real Estate is listed in any of the written

550compilations of sites or facilities considered to pose a threat to human health or the environment including the National Priorities List,

551the Department of Natural Resources’ (DNR) registry of Waste Disposal Sites, the DNR’s Contaminated Lands Environmental Action

552Network, and the DNR’s Remediation and Redevelopment (RR) Sites Map including the Geographical Information System (GIS)

553Registry and related resources. Any Environmental Site Assessment performed under this Offer shall comply with generally

554recognized industry standards (e.g. current American Society of Testing and Materials “Standard Practice for Environmental Site

555Assessments”), and state and federal guidelines, as applicable.

556CAUTION: Unless otherwise agreed an Environmental Site Assessment does not include subsurface testing of the soil or

557groundwater or other testing of the Real Estate for environmental pollution. If further investigation is required, insert

558provisions for a Phase II Site Assessment (collection and analysis of samples), Phase III Environmental Site Assessment

559(evaluation of remediation alternatives) or other site evaluation at lines 699-713 or attach as an addendum per line 698.

560■ FIXTURES: A “Fixture” is an item of property, which is on the Real Estate on the date of this Offer, which is physically attached to

561or so closely associated with land and improvements so as to be treated as part of the real estate, including, without limitation,

562physically attached items not easily removable without damage to the premises, items specifically adapted to the premises, and

563items customarily treated as fixtures, including, but not limited to, all: garden bulbs; plants; shrubs and trees; screen and storm doors

564and windows; electric lighting fixtures; window shades; curtain and traverse rods; blinds and shutters; central heating and cooling

565units and attached equipment; water heaters and treatment systems; sump pumps; attached or fitted floor coverings; awnings;

566	attached antennas; overhead door openers	and remote	controls; installed security systems; central vacuum systems and
567	accessories; in-ground sprinkler systems and	component	parts; built-in appliances; ceiling fans; fences; storage buildings on

568permanent foundations and docks/piers on permanent foundations. A Fixture does not include trade fixtures owned by tenants of the

569Real Estate.

570CAUTION: Exclude Fixtures not owned by Seller such as rented fixtures. See lines 48-52.

624♦ Term: _____________(months/years).

625♦ Amortization Period: ____________(months/years).

626♦ Payments to be made monthly on _______day of the month.

627♦ Late payment charge of _______% of the monthly principal and interest for payments received more than _______days

628after the due date.

629♦ Prepayment fee: (None) (__________if paid before__________) STRIKE ONE [“none” if neither is stricken].

630♦ Buyer understands that the entire balance of such debt will be due (balloon) at the end of the specified term. [Use if

631amortization period exceeds term].

Property Address: ______________________________________________________________________________________________________ Page 12 of 14, WB-16

632♦ [Use the following if Seller is taking back a second priority lien]: Seller agrees that the collateral for this loan will be

633 subordinate to a first lien against the Assets in the (amount of ____ % of the purchase price) (sum of

634$_____________________________) STRIKE AND COMPLETE AS APPLICABLE.

635♦ The default period shall be ______ days (“30” if left blank) for payments and ______ days (“30” if left blank) for performance of

636any other obligations.

637♦ Following any payment default, interest shall accrue at the rate of _______ % per annum on the entire amount in default until

638such time, if any, as the default is cured.

639■ CREDIT REPORT: Buyer must deliver a current credit report to Seller [together with this Offer][within ___ days (“5” if left blank) of

640acceptance of this Offer] STRIKE AND COMPLETE AS APPLICABLE. Within _______days (“7” if left blank) of Buyer’s delivery of

641such report Seller may, in Seller’s reasonable discretion, object to Buyer's credit worthiness and void this contract by delivering to

642Buyer written notice of such objection.

643■ LOAN DOCUMENTATION: Seller's attorney shall prepare the loan documentation at Seller's expense, and distribute the proposed

644draft no later than _______________ days (“21” if left blank) prior to closing, for approval by Buyer. Within ______________ days

645(“7” if left blank) of delivery of the proposed documents, the Buyer may provide written notice to the Seller specifying the Buyer’s

646objections, and the Offer shall be null and void unless (1) the parties agree to amended documentation or (2) Buyer provides Seller a

647commitment for the above financing from a third party lender within ____________________ days (“14” if left blank) of delivery of the

648proposed documents.

649 APPRAISAL CONTINGENCY: This Offer is contingent upon the Buyer or Buyer’s lender obtaining the appraisal reports

650checked below [CHECK LINES 653, 656 OR 659, AS APPROPRIATE], at buyer’s expense. This contingency shall be deemed

651satisfied unless Buyer, within _______ days of acceptance, delivers to Seller a copy of the appraisal report(s) which indicates that the

652appraised value is not equal to or greater than the amount indicated in the corresponding subsection(s) selected below:

653

ALL ASSETS APPRAISAL: An appraisal of all Assets appraised by a qualified independent appraiser for Real Estate, or

654by an qualified, independent appraiser for non-Real Estate Assets, who issues an appraisal report dated subsequent to the date

655of this Offer indicating an appraised value for the Assets equal to or greater than the agreed upon purchase price.

656

REAL ESTATE APPRAISAL: An appraisal of the Real Estate by a Wisconsin licensed or certified independent appraiser

657who issues an appraisal report(s) dated subsequent to the date of the Offer indicating an appraised value equal to or greater

658than $_____________________________________.

659

SPECIFIED ASSETS APPRAISAL: An appraisal of the following non-Real Estate Assets: __________________________

660(specify by category such as inventory, vehicles, machinery, equipment, etc. or name specific Assets) by a qualified independent

661appraiser who issues an appraisal report(s) dated subsequent to the date of the Offer indicating an appraised value equal to or

662greater than $ __________________________________________ .

663■ RIGHT TO CURE: Seller (shall) (shall not) STRIKE ONE (“shall” if neither is stricken) have a right to cure. Seller may satisfy this

664Appraisal Contingency by delivering a written amendment to Buyer within seven (7) days of receipt of the appraisal report(s),

665amending the agreed upon purchase price to match the appraised value or modified to reflect the difference between the appraised

666value of the particular Assets and the amount stated above. Buyer agrees to deliver an accepted copy of this amendment to Seller

667within seven (7) days of receipt of the amendment from Seller. This Offer shall be null and void if Buyer makes timely delivery of the

668appraisal report(s) and: (1) Seller does not have a right to cure; or (2) Seller has a right to cure but: Seller either (a) delivers written

669notice that Seller will not change the price, or (b) Seller does not timely deliver the written amendment changing the purchase price.

670Buyer and Seller agree to make other amendments to this Offer necessitated by this change in purchase price.

671CAUTION: Buyer may wish to confer with Buyer’s lender(s) before engaging any appraisers to ensure the appraiser is

672acceptable to the lender. An appraisal ordered by Buyer’s lender may not be received until shortly before closing. Consider

673whether deadlines provide adequate time for performance.

674 INSPECTION CONTINGENCY: This contingency only authorizes inspections, not testing (see lines 130-144). This Offer is 675 contingent upon a qualified independent inspector(s) conducting an inspection(s) of the Assets which discloses no Defects or 676 Deficiencies. This Offer is further contingent upon a qualified independent inspector or qualified independent third party performing 677 an inspection of __________________________________________________________________________________________

678 (list any specific structural, mechanical or technology systems and equipment, etc., to be separately inspected) which discloses no

679Defects or Deficiencies. Buyer shall order the inspection (s) and be responsible for all costs of inspection(s). Buyer may have follow-

680up inspections recommended in a written report resulting from an authorized inspection performed provided they occur prior to the

681deadline specified at line 687. Each inspection shall be performed by a qualified independent inspector or qualified independent third

682party.

683CAUTION: Buyer should provide sufficient time for the primary inspection and/or any specialized inspection(s), as well as

684any follow-up inspection(s).

685For the purpose of this contingency, Defects and Deficiencies (see lines 538-540 and 541-543) do not include conditions the nature

686and extent of which Buyer had actual knowledge or written notice before signing the Offer.

687■ CONTINGENCY SATISFACTION: This contingency shall be deemed satisfied unless Buyer, within __________________ days of

688acceptance, delivers to Seller a copy of the inspection report(s) and a written notice listing the Defects or Deficiencies identified in the

689inspection report(s) to which Buyer objects (Notice of Defects).

690CAUTION: A proposed amendment is not a Notice of Defects and will not satisfy this notice requirement.

691■ RIGHT TO CURE: Seller (shall) (shall not) STRIKE ONE (“shall” if neither is stricken) have a right to cure the Defects or

692Deficiencies. If Seller has the right to cure, Seller may satisfy this contingency by: (1) delivering written notice to Buyer within 10 days

693of Buyer's delivery of the Notice of Defects stating Seller’s election to cure Defects or Deficiencies, (2) curing the Defects or

694Deficiencies in a good and workmanlike manner and (3) delivering to Buyer a written report detailing the work done within

Property Address: ______________________________________________________________________________________________________ Page 14 of 14, WB-16

SELLER ACCEPTS THIS OFFER. THE WARRANTIES, REPRESENTATIONS AND COVENANTS MADE IN THIS OFFER SURVIVE CLOSING AND THE CONVEYANCE OF THE ASSETS. SELLER AGREES TO CONVEY THE ASSETS ON THE TERMS AND CONDITIONS AS SET FORTH HEREIN AND ACKNOWLEDGES RECEIPT OF A COPY OF THIS OFFER.

741Seller Entity Name (if any) (include type and state of organization):

742___________________________________________________________________________________

743(x)______________________________________________________________________________________________________

744 Authorized Signature ▲

Print Name & Title Here ►

Date ▲

745(x)______________________________________________________________________________________________________

746 Individual Seller’s Signature ▲

Print Name Here ►

Date ▲

747(x)______________________________________________________________________________________________________

748 Authorized Signature ▲

Print Name & Title Here ►

Date ▲

749(x)_______________________________________________________________________________________________________

750 Individual Seller’s Signature ▲

Print Name Here ►

Date ▲

751Seller Entity Name (if any) (include type and state of organization):

752___________________________________________________________________________

753(x)_______________________________________________________________________________________________________

754 Authorized Signature ▲

Print Name & Title Here ►

Date ▲

755(x)_______________________________________________________________________________________________________

756 Individual Seller’s Signature ▲

Print Name Here ►

Date ▲

757(x)_______________________________________________________________________________________________________

758 Authorized Signature ▲

Print Name & Title Here ►

Date ▲

759(x)_______________________________________________________________________________________________________

760 Individual Seller’s Signature ▲

Print Name Here ►

Date ▲

761This Offer was presented to Seller by [Licensee and Firm] __________________________________________________________

762__________________________________________________ on __________________________ at ______________ a.m./p.m.

763This Offer is rejected _______________ __________ This Offer is countered [See attached counter] _______________ __________

764

Seller Initials ▲

Date ▲

Seller Initials ▲

Date ▲