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Purchase and Sale Agreement

 

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Title:

Purchase and Sale Agreement

Entities:

ABN AMRO Bank N.V.; Alstom; AmeriCredit Corp.; Electronic Data Systems Corp.; Gartner, Inc.; Highwoods Properties, Inc.; IKON Office Solutions, Inc.; Ingram Micro Inc.; Ingram Micro LP; Internet Security Systems Inc.; Lexington Corporate Properties Trust; Lucent Technologies Inc.; Metris Companies Inc.; Newpark Resources, Inc.; PacifiCare Health Systems Inc.; SouthTrust Bank; Wells Capital, Inc.; Wells Operating Partnership, LP; Wells Real Estate Investment Trust Inc.; Bank of America, NA; Paul, Hastings, Janofsky & Walker; Troutman Sanders

Date:

2005

Size:

Preview shows 66KB of 330KB total

Price:

$71

ID:

#1004480

 

 

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Start of Preview

 

PURCHASE AND SALE AGREEMENT

 

BETWEEN AND AMONG

 

WELLS OPERATING PARTNERSHIP, L.P.,

WELLS FUND XII REIT JOINT VENTURE PARTNERSHIP,

WELLS FUND XIII REIT JOINT VENTURE PARTNERSHIP,

WELLS REIT, LLC VA I,

WELLS BREA I, L.P.,

WESTLAKE WELLS, L.P.,

DANACQ FARMINGTON HILLS LLC,

DANACQ KALAMAZOO LLC,

WELLS EDS DES MOINES, L.P.,

AND

THE WELLS FUND XI-FUND XII-REIT JOINT VENTURE,

 

AS SELLERS

 

AND

 

LEXINGTON CORPORATE PROPERTIES TRUST,

 

AS PURCHASER

 

February 25, 2005

TABLE OF CONTENTS

 

ARTICLE 1. DEFINITIONS    3
ARTICLE 2. PURCHASE AND SALE    40
     2.1.    Agreement to Sell and Purchase the Wells Affiliate Properties    40
     2.2.    Agreement to Sell and Purchase the Wells OP Properties    41
     2.3.    Permitted Exceptions    41
     2.4.    Earnest Money    41
     2.5.    Purchase Price    42
     2.6.    Independent Contract Consideration    42
     2.7.    Closing    42
ARTICLE 3. PURCHASERS INSPECTION AND REVIEW RIGHTS    44
     3.1.    Due Diligence Inspections    44
     3.2.    Deliveries to Purchaser by Sellers; Purchasers Access to Property Records of Sellers    45
     3.3.    Condition of the Properties    48
     3.4.    Title and Survey    49
     3.5.    Service Contracts    50
     3.6.    Confidentiality    50

ARTICLE 4. REPRESENTATIONS, WARRANTIES AND OTHER AGREEMENTS

    51
     4.1.    Representations and Warranties of Seller    51
     4.2.    Knowledge Defined    59
     4.3.    Covenants and Agreements of Sellers    59
     4.4.    Representations and Warranties of Purchaser    66
     4.5    Covenants and Agreements of Purchaser    67

ARTICLE 5. CLOSING DELIVERIES, CLOSING COSTS AND PRORATIONS

    68
     5.1.    Sellers Closing Deliveries    68
     5.2.    Purchasers Closing Deliveries    74
     5.3.    Closing Costs    76
     5.4.    Prorations and Credits    77

ARTICLE 6. CONDITIONS TO CLOSING

    80
     6.1.    Conditions Precedent to Purchasers Obligations    80
     6.2.    Conditions Precedent to Sellers Obligations    84
     6.3.    Conditions Precedent to Purchase and Sale of Certain Properties    85

ARTICLE 7. CASUALTY AND CONDEMNATION

    85
     7.1.    Casualty    85
     7.2.    Condemnation    86

ARTICLE 8. DEFAULT AND REMEDIES

    87
     8.1.    Purchasers Default    87
     8.2.    Sellers Default    88
ARTICLE 9. ASSIGNMENT    88
     9.1.    Assignment    88

ARTICLE 10. BROKERAGE COMMISSIONS

    89
     10.1.    Broker    89

ARTICLE 11. INDEMNIFICATION

    90
     11.1.    Indemnification by Sellers    90
     11.2.    Indemnification by Purchaser    90
     11.3.    Limitations on Indemnification    91
     11.4.    Survival    91
     11.5.    Indemnification as Sole Remedy    91

ARTICLE 12. MISCELLANEOUS

    92
     12.1.    Notices    92
     12.2    Possession    93
     12.3    Time Periods    93
     12.4    Publicity    93
     12.5    Discharge of Obligations    93
     12.6    Severability    93
     12.7    Construction    94
     12.8    Sale Notification Letters    94
     12.9    Access to Records Following Closing    94
     12.10    Submission to Jurisdiction    94
     12.11    General Provisions    95
     12.12    Like-Kind Exchange by Sellers    95
     12.13    Attorneys Fees    96
     12.14    Counterparts    96
     12.15    Effective Agreement    96

 

ii

SCHEDULE OF EXHIBITS

 

Exhibit A-1

    Description of Wells OP Lands

Exhibit A-2

    Description of Wells Affiliate Lands

Exhibit A-3

    Description of Wells OP Leasehold Interest Lands

Exhibit B

    List of Personal Property

Exhibit B-1

    List of Property Excluded from Wells OP Personal Property

Exhibit B-2

    List of Property Excluded from Wells Affiliate Personal Property

Exhibit C

    List of Existing Commission Agreements

Exhibit D

    List of Associations and Declarations of Covenants, Conditions, Easements and Restrictions

Exhibit E

    Form of Escrow Agreement

Exhibit F

    List of Existing Environmental Reports

Exhibit G

    List of Existing Surveys

Exhibit H

    Forms of Ground Lessor Estoppel Certificates

Exhibit I

    List of Leases

Exhibit J

    List of Letters of Credit

Exhibit K-1

    Title Exceptions for Wells OP Lands

Exhibit K-2

    Title Exceptions for Wells Affiliate Lands

Exhibit K-3

    Title Exceptions for Wells OP Leasehold Interest Lands

Exhibit L

    List of Service Contracts

Exhibit M

    Form of Tenant Estoppel Certificate

Exhibit N

    Allocation of Earnest Money to Properties

Exhibit O

    List of Purchase Prices for Each Property

 

Schedule of Exhibits

Page 1

Exhibit P

    List of Exceptions

Exhibit Q

    List of Third Party Management Agreements

Exhibit R

    Property Tax Appeals

Exhibit S

    List of Knowledge Parties

Exhibit T

    Form of Lease Guarantor Estoppel Certificate

Exhibit U

    Obligations as to Certain Leasing Commission Obligations

Exhibit V

    List of Additional Matters for Confirmation in Estoppel Certificates

Exhibit W

    Excluded Computer Software

Exhibit X

    List of Security Deposits

Exhibit Y

    Form of Highwoods Estoppel Certificate

Exhibit Z

    Form of Pending Kerr McGee Sewer Easement

Exhibit AA

    Form of Pending Capital One Lake Easement Deed

Exhibit BB

    Intentionally Deleted

Exhibit CC

    Form of Second Amendment to Gartner Office Lease

Exhibit DD

    Form of Letter Amendment to ISS Building III Lease

Exhibit EE

    Alstom Power Property / French Drain Work

Exhibit FF

    Gartner Parking Plans

 

Schedule of Exhibits

Page 2

SCHEDULE OF CLOSING DOCUMENTS

 

Schedule 1

    Form of Assignment and Assumption of ASML Sub-Ground Lease

Schedule 2

    Form of Assignment and Assumption of Ingram Micro Bond Lease

Schedule 3

    Form of Assignment and Assumption of ISS Bond Lease

Schedule 4

    Form of Assignment and Assumption of Leases and Security Deposits and Leasing Commission Obligations arising after Closing

Schedule 5

    Form of Assignment and Assumption of ASML Sublease

Schedule 6

    Form of Assignment and Assumption of Ingram Micro Sublease