exhibit 1. 1 purchase and sale agreement article 1 property / purchase price 1. 1 certain basic terms. ( a ) ( a ) alan m. werner md p. o. box 3573 clarksville, tn 37043 - 3573 ( b ) ( b ) first federal savings bank attn : john halliburton p. o. box 688 clarksville, tn 37041 - 0688 ( c ) effective date : the date the agreement signed by seller is received by purchaser as shown on the signature page. ( d ) purchase price : $ 700, 000. 00 ( e ) earnest money : $ 1, 000. 00 to be paid to seller upon the execution of this agreement. ( f ) closing date : as agreed to between seller and purchaser, but no later than 60 days after the effective date. 1. 2 terms of payment. at closing, purchaser shall pay to seller the full amount of the purchase price in full at closing. article 2 property 2. 1 subject to the terms of this purchase and sale agreement ( the “ agreement ” ), seller agrees to sell to purchaser, and purchaser agrees to purchase from seller, the following property ( the “ property ” ) : the real property known as 200 north second street, clarksville, montgomery county, tennessee, more particularly described in official record book volume 194, page 369, in the register ’ s office for montgomery county, tennessee, a copy of which is attached hereto as exhibit a ; provided however, the attached legal description shall be superceded by the survey obtained by seller. 2. 2 earnest money. the earnest money, in immediately available federal funds, evidencing purchaser ’ s good faith to perform purchaser ’ s obligations under this agreement, shall be deposited by purchaser with seller upon execution of this agreement. such earnest money shall be applied to the purchase price at closing. article 3 inspections 3. 1 inspections in general. prior to closing, purchaser, its agents, and employees shall have the right to enter upon the property for the purpose of making non - invasive inspections at purchaser ’ s sole risk, cost and expense. all of such entries upon the property shall be at reasonable times during normal business hours and after at least 24 hours prior notice to seller, and seller shall have the right to accompany purchaser on any activities performed by purchaser on the property. if any inspection or test disturbs the property,