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Agreement of Purchase and Sale

 

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Title:

Agreement of Purchase and Sale

Entities:

On Site Sourcing Inc

Date:

2004

Size:

Preview shows 7KB of 63KB total

Price:

$35

ID:

#1298861

 

 

► Miscellany ► Agreements ► Agreements of... ► Purchase ► Agreements of Purchase & Sale

 

 

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                         AGREEMENT OF PURCHASE AND SALE

------------------------------

THIS AGREEMENT OF PURCHASE AND SALE ("Agreement"), is made this November 4,
2003 by and between N. HENRY STREET REALTY CO, LLC, a Virginia limited liability
company ("Seller") and CAPITAL ASSOCIATES MANAGEMENT, LLC, a North Carolina
limited liability company ("Purchaser").

RECITALS:

A. Seller is the owner of certain real property located in the City of
Alexandria, Commonwealth of Virginia, having a street address of 800 North Henry
Street, containing approximately 112,710 square feet of land area, more or less,
and as more particularly identified and described on Exhibit A, attached hereto
and made a part hereof (the "Land"), together with all currently existing and
future easements, rights, privileges, rights-of-way, hereditaments, tenements
and appurtenances belonging to the Land, all right, title and interest in and to
all open or proposed highways, streets, roads, avenues, alleys, easements,
strips, gores and rights of way, in, on, across, in front of, contiguous to,
abutting or adjoining the Land (collectively with the Land, the "Real
Property").

B. There currently exist improvements on the Land comprised of one (1)
commercial office building (the "Building"), containing 75,700 rentable square
feet of space (together with all other improvements and infrastructure
associated therewith collectively, the "Improvements").

C. A portion of the Building is leased to Wal-Mart Stores, Inc. on a
month-to-month basis (the "Wal-Mart Lease"). The Building is otherwise currently
one hundred percent (100%) leased to and occupied by On-Site Sourcing, Inc., a
Virginia corporation and an affiliate of Seller ("On-Site").

D. Seller is the owner of certain intangible property used or useable in
connection with the Real Property, including, but not limited to Seller's
rights, if any, in and to all books, records, promotional material, leasing
prospects, plans, drawings, designs, surveys, warranties, trade names, licenses,
permits and authorizations used or useable in connection with any part of the
Real Property and/or Improvements (collectively, the "Intangible Property") (the
Real Property, Improvements and Intangible Property are sometimes collectively
referred to herein as the "Property").

E. Seller is a party to those certain service and maintenance contracts
concerning the Property as are more particularly identified on Exhibit B
attached hereto (herein, the "Service Contracts").

F. Purchaser desires to acquire the Property from Seller, and Seller
desires to sell the Property to Purchaser, in accordance with the terms and
conditions hereinafter set forth.

<PAGE>

G. Following Seller's conveyance of the Property to Purchaser, Purchaser
desires to lease certain of the same Property to Seller, and Seller desires to
lease such property from Purchaser, in accordance with the terms and conditions
hereinafter set forth.

NOW, THEREFORE, in consideration of the mutual promises of the parties
hereto, made one to another, and for other good and valuable consideration, the
receipt and sufficiency of which is hereby acknowledged, the parties hereto
agree as follows:

1. Agreement of Purchase and Sale. Seller hereby agrees to sell and convey
the Property to Purchaser, and Purchaser hereby agrees to purchase the Property
from Seller, in accordance with the terms and provisions hereof.

2. Title.

(a) Title to the Property shall be good and marketable, of record and in
fact, free and clear of all occupancy agreements, liens, encumbrances and
encroachments and subject only to the operation and effect of the Permitted
Exceptions (as hereafter defined). "Permitted Exceptions" shall be deemed to
mean (i) the On-Site Lease (as defined in Section 11 hereof) and the Wal-Mart
tenancy (which Seller shall make reasonable efforts to convert to a sublease
under the On-Site Lease prior to Settlement, but in any event which tenancy
shall not extend beyond the term of the On-Site Lease), (ii) all matters capable
of being reflected or disclosed on a current and accurate survey (the "Survey")
of the Property, to the extent not objected to by Purchaser, or objected to but
cured by Seller under Subsection 2(b) below, (iii) all instruments and matters
of record among the Land Records of the City of Alexandria, Virginia and
reflected on a commitment for title insurance (the "Title Commitment") from a
title insurer selected by Purchaser (the "Title Company") covering the Property,
to the extent not objected to by Purchaser, or objected to but cured by Seller
under Subsection 2(b) below, (iv) liens for taxes not yet due and payable, (v)
all zoning, development, building and other laws, codes and regulations, and
(vi) recorded easements and other rights of way for utilities and covenants and
restrictions applicable to the general area adjacent to the Property.
Purchaser's objections to the Survey or Title Commitment shall be set forth in a
written notice to Seller given on or before November 22, 2003 (the period from
the date hereof through November 22, 2003, for purposes of this Section 2, the
"Title Period"). Notwithstanding anything to the contrary contained in this
Agreement, Purchaser hereby specifically disapproves of any right or claim of
occupancy of all or any part of the Property (other than in connection with the
On-Site Lease and the Wal-Mart Sub-Lease and tenancy), and all liens evidencing
monetary encumbrances (except the liens securing the Wachovia Debt), and Seller
agrees to cause all such liens to be eliminated at Seller's sole cost and
expense prior to or concurrently with the Settlement.

(b) Title to the Property shall be deemed good and marketable if the Title
Company agrees to insure fee simple title to the Property and issue to
Purchaser, at standard premium rates (which may include extra charges for
endorsements requested by Purchaser), an owner's title insurance policy, subject
only to the Permitted Exceptions (as defined above). If there are material title

 

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