S211815

Gov Janklow

67760

CONTRACT FOR PURCHASE OF ASSETS

THIS CONTRACT FOR PURCHASE OF ASSETS, made and entered into
this 30th day of April, 1984, by and between UNIVERSITY EDUCATIONAL
ENTERPRISES, INC., a South Dakota corporation, hereinafter
refered to as "Buyer," and STATE OF SOUTH DAKOTA, hereinafter
referred to as "Seller."

WITNESSETH:

WHEREAS, Seanate Bill 221 as adopted by the 1984 South Dakota
Legilature authorizes the Governor of the State of South Dakota
and the Board of Charities and Corrections to sell certain assets
associated with the University of South Dakota at Springfield;
and

WHEREAS, Buyer is desirous of purchasing such assets;

NOW, THEREFORE, in consideration of the mutual convenants and
premises contained herein, the parties herto agree as follows:

1. Purchase of Assets. Buyer hereby purchases all of the
real property described in attached Exhibit "A" and the personal
property described below from Seller for the sum of One Milion
Seven Hundred Thousand One Dollars ($1,700,001,00).

2. Payment of Purchase Price. The purchase price shall be
paid as follows:
(a) One Dollar ($1.00) upon execution of the Agreement.
(b) One Hundred Seventy Thousand Dollars ($170,000,00) to
be paid to Escrow Agent (as Provided for below) no
later than July 1, 1984.

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