AGREEMENT FOR PURCHASE AND SALE
THIS AGREEMENT FOR PURCHASE AND SALE (this “ Agreement ”) is made and entered into as of
the Effective Date (defined below), between GULF SHORES INVESTMENT GROUP, LLC , an Alabama
limited liability company (“ Seller ”), and VISION BANK , an Alabama banking corporation (“ Buyer ”).
In consideration of the mutual covenants and provisions contained herein and other good and valuable
consideration, the receipt and sufficiency of which is hereby acknowledged, Seller and Buyer agree as follows:
1. Description of Property . Seller hereby agrees to sell and convey to Buyer, and Buyer agrees to purchase
from Seller, in accordance with the terms and subject to the conditions contained in this Agreement, certain real
property located at 2201 West 1 st Street, Gulf Shores, Alabama, in Baldwin County, Alabama more particularly
described in Exhibit A attached hereto and incorporated herein by reference, together with all buildings and
improvements located thereon, and all real property rights and easements appurtenant thereto, including Seller’s
rights in any roads, roadways or vacated streets or alleys (collectively, the “ Property ”).
2. Purchase Price . The purchase price for the Property (the “ Purchase Price ”) shall be Two Million Four
Hundred Thousand Dollars ($2,400,000.00). The Purchase Price, subject to the adjustments, credits, and
prorations required by this Agreement, shall be paid by Buyer to Seller at Closing by cashier’s or bank check or
by federal wire transfer of immediately available funds.
3. Buyer’s Inspection Contingency . For a period of sixty (60) days from the Effective Date (the “
Inspection Period ”), Buyer and its agents and representatives shall have the right to conduct inspections and
examinations regarding the physical condition of the Property and the status of title and survey matters for the
Property. Buyer and its agents and representatives shall be permitted to enter upon t