|
|
|
|
Document Preview Agreement for Purchase and Sale |
||||
|
|
||||
|
Click "Add to Cart" button to purchase document. |
||||
|
|
||||
|
Title: |
Agreement for Purchase and Sale |
|||
|
Entities: |
||||
|
Date: |
2004 |
|||
|
Size: |
Preview shows 16KB of 297KB total |
|||
|
Price: |
$85 |
|||
|
ID: |
#1459330 |
|||
|
|
||||
|
||||
|
|
||||
|
Start of Preview |
||||
AGREEMENT FOR PURCHASE AND SALE
FOR
HOTEL VENTURE PORTFOLIO
AND
JOINT ESCROW INSTRUCTIONS
<PAGE>
TABLE OF CONTENTS
Page
1. Definitions...............................................................2
1.1 General.............................................................2
1.2 Other Definitions..................................................14
2. Purchase and Sale........................................................15
3. Purchase Price; Allocation...............................................15
3.1 Purchase Price.....................................................15
3.2 Certification of Net Operating Income..............................15
3.3 Allocation of Price................................................16
4. Title and Due Diligence Conditions.......................................16
4.1 Delivery of Property Records and Title Documents...................16
4.2 Survey.............................................................16
4.3 Estoppels and Consents.............................................16
4.4 Buyer's Review and Approval of Title...............................17
4.5 Access to Property and Records.....................................18
4.6 Indemnification....................................................19
4.7 Buyer's Right of Termination.......................................19
4.8 Due Diligence Costs................................................19
5. Representations and Warranties...........................................20
5.1 By Sellers.........................................................20
5.2 By Buyer...........................................................29
5.3 Notice of Subsequent Event or Discovery............................30
6. Operation of the Hotels Pending Closing..................................30
7. Other Agreements.........................................................31
7.1 Liquor License(s) and Inventory....................................31
7.2 Property of Guests.................................................32
7.3 Retention of Funds.................................................33
7.4 2004 Interim Financial Statements..................................33
7.5 Further Assurances.................................................33
7.6 Government Approvals and Third Party Consents......................33
7.7 Exclusivity........................................................34
i
<PAGE>
TABLE OF CONTENTS
(continued)
Page
8. Prorations, Credits and Other Adjustments................................34
8.1 Proration of Taxes.................................................34
8.2 Proration of Expenses..............................................34
8.3 Hotel Revenues.....................................................35
8.4 Hotel Payables.....................................................36
8.5 Other Credits to Buyer.............................................36
8.6 Other Credits to Sellers...........................................36
8.7 Regarding Hotel Prorations Generally...............................37
8.8 Preliminary Closing Statement......................................37
9. Conditions to Closing....................................................37
9.1 In Buyer's Favor...................................................37
9.2 In Sellers' Favor..................................................39
9.3 Pre-Closing Damage or Destruction..................................40
10. Closing..................................................................41
10.1 Closing Date; Location.............................................41
10.2 Pro Forma Title Policies...........................................41
10.3 Sellers' Deliveries................................................41
10.4 Buyer's Deliveries.................................................42
10.5 Closing Costs......................................................43
10.6 Completion of Closing..............................................44
10.7 Escrow and Recording Instructions..................................44
10.8 Delivery of Possession.............................................44
10.9 Procedure for Termination of Escrow................................45
10.10 Maintenance of Confidentiality by Escrow Agent.....................45
11. Post-Closing Adjustments.................................................45
11.1 Final Closing Statement............................................45
11.2 Disputes...........................................................46
11.3 Settlement.........................................................46
11.4 Subsequent Tax Bills...............................................46
12. Third-Party Claims and Obligations.......................................47
ii
<PAGE>
TABLE OF CONTENTS
(continued)
Page
12.1 Assumed and Retained Liabilities...................................47
12.2 Employee Liabilities...............................................47
13. Indemnification..........................................................47
13.1 Indemnification; Survival..........................................47
13.2 Third-Party Claims and Obligations.................................48
13.3 Time Limitation on Claims..........................................50
13.4 Seller Liquidated Damages..........................................51
14. Termination..............................................................52
15. Assignment...............................................................53
16. Notices..................................................................53
17. General Provisions.......................................................54
17.1 Confidentiality....................................................54
17.2 Effect of Termination..............................................55
17.3 Construction; Participation in Drafting............................55
17.4 No Third-Party Beneficiaries.......................................55
17.5 Survival of Provisions.............................................55
17.6 Integration and Binding Effect.....................................55
17.7 Computation of Time................................................56
17.8 Captions...........................................................56
17.9 Further Assurances.................................................56
17.10 Enforcement Costs..................................................56
17.11 Governing Law......................................................56
17.12 Counterparts.......................................................56
iii
<PAGE>
SCHEDULES AND EXHIBITS
Exhibits
--------
Exhibit A Schedule of Contracts
Exhibit B Form of Bill of Sale
Exhibit C Form of Agreement of Assignment and Assumption of Assumed Contracts
Exhibit D Form of Deeds
Exhibit E Form of FIRPTA Certificate
Exhibit F Form of General Assignment and Assumption Agreement
Exhibit G Hotel Parcels
Exhibit H Hotel Properties
Exhibit I Form of Tenant Leases Assignment
Exhibit J Schedule of Offsite Rights
Exhibit K Form of Agreement for Assignment and Assumption of Offsite Rights
Exhibit L Form of Sellers' Closing Certificate
Exhibit M Survey of Each Hotel Parcel
Exhibit N Form of Hotel License Estoppel Certificate
Exhibit O Form of Hotel Management Estoppel Certificate
Exhibit P Form of Assumed Loan Estoppel Certificate
Exhibit Q Form of Tenant Estoppel Certificate
Exhibit R Equipment Leases
Exhibit S Form of Notice to Tenant of Sale of Hotel (Lease)
Schedules
---------
Schedule 1.1(a)
Schedule 5.1(a)
Schedule 5.1(d)
Schedule 5.1(e)
Schedule 5.1(f)
Schedule 5.1(g)
Schedule 5.1(h)
Schedule 5.1(i)(3)
Schedule 5.1(i)(5)
Schedule 5.1(i)(6)
Schedule 5.1(j)
Schedule 5.1(k)
Schedule 5.1(l)
Schedule 5.1(m)(1)
Schedule 5.1(m)(2)
Schedule 5.1(n)
Schedule 5.1(o)
Schedule 5.1(p)
Schedule 5.1(q)
Schedule 5.1(r)
iv
<PAGE>
Schedule 5.1(u)
Schedule 5.1(v)
Schedule 5.1(w)(1)
Schedule 5.1(w)(3)
Schedule 5.2(d)
Schedule 8.3(c)
v
<PAGE>
AGREEMENT FOR PURCHASE AND SALE
FOR
HOTEL VENTURE PORTFOLIO
AND
JOINT ESCROW INSTRUCTIONS
THIS AGREEMENT FOR PURCHASE AND SALE AND JOINT ESCROW INSTRUCTIONS (this
"Agreement") is made as of April 16, 2004 by and among Hotel Venture East, LP, a
Texas limited partnership ("HVE"), Circa GP East, Inc., a Texas corporation ("GP
East"), Hotel Venture West, LP, a Texas limited partnership ("HVW"), and Circa
GP West, Inc., a Texas corporation ("GP West," and, together with HVE, GP East
and HVW, the "Sellers"),
and
AP/APMC Partners, LLC, a Delaware limited liability company ("Buyer").
WHEREAS, the Sellers collectively own or hold each of the Hotels;
WHEREAS, Buyer desires to purchase and Sellers desire to sell the Hotels to
Buyer;
WHEREAS, in connection with the initial public offering of the common stock
of Newco, Buyer intends to assign all of its rights in and to this Agreement to
Newco;
WHEREAS, the Parties intend that the Closing under this Agreement occur
simultaneously with the Newco IPO Closing and that a portion of the net proceeds
received by Newco in the Newco IPO be used to fund the Purchase Price hereunder
and other costs associated with the transactions contemplated hereby; and
WHEREAS, the respective governing bodies of each of the Sellers and the
Buyer deem it advisable and in the best interests of such persons and their
respective stockholders, partners, members and beneficiaries, respectively, that
the Parties effect the transactions herein described.
<PAGE>
NOW, THEREFORE, IN CONSIDERATION OF the mutual covenants and conditions
contained herein, the parties hereto (together, the "Parties" and each,
sometimes, a "Party") do hereby agree and covenant with each other as follows:
1. Definitions.
1.1 General. As used in this Agreement, the following defined terms shall
have the meanings indicated below:
"Account" means any account receivable to be assigned by Sellers to Buyer
or Buyer's nominee at Closing, pursuant to Section 8.3; and "the Accounts" means
all such accounts receivable.
"Accountant" has the meaning specified in Section 3.2.
"Accountant's Review" has the meaning specified in Section 3.2.
"Actions" means all actions, claims, suits, litigation, proceedings, labor
disputes, arbitral actions, governmental audits, inquiries, criminal
prosecutions, investigations or unfair labor practice charges or complaints.
"Affiliate" means, with respect to an indicated person, any other person
who directly or indirectly controls, is controlled by or is under common control
with such indicated person.
"Approval Date" means April 15, 2004.
"Assumed Contracts" means the Contracts identified on the Schedule of
Contracts attached hereto as Exhibit A, other than Excluded Contracts.
"Assumed Loan Agreements" means each of the agreements representing first
mortgage indebtedness of Sellers secured by one or more Hotels set forth on
Schedule 1.1(a) hereto.
"Assumed Loan Estoppel Certificate" has the meaning specified in
Section 4.3(c).
"Assumption Fees" means (i) the assumption fees payable to the Secured
Lender pursuant to the Assumed Loan Agreements in connection with the assignment
thereof to Buyer, up to one percent (1%) of the aggregate outstanding principal
amount under such Assumed Loan Agreements at Closing, and (ii) the costs, fees
and expenses of the Secured Lender and its counsel in connection with the
assignment of the Assumed Loan Agreements to Buyer.
"Billings Liquor Licensee" means Billings HI Operating Company, a Texas
corporation, the holder of the temporary Liquor License applicable to the
Billings, Montana Holiday Inn.
"Bill of Sale" means an instrument, substantively in the form attached
hereto as Exhibit B, for conveyance of the FF&E and Inventory to Buyer or
Buyer's nominee.
"Business Day" means a Day other than Saturday, Sunday or other Day when
commercial banks in the State of New York are authorized or required by Law to
close.
2
<PAGE>
"Buyer's Knowledge" means the knowledge of each of the officers and
directors of Buyer which was or could have been obtained upon inquiry by such
persons of those employees of Buyer whose duties would in the normal course of
Buyer's affairs result in such employees having knowledge concerning the
applicable subject matter.
"Cash Bank" means, with respect to each Hotel, cash on hand in house banks
and petty cash as of Closing.
"Casualty" has the meaning specified in Section 9.3(b).
"Claim" means any claim, demand, liability, legal action or proceeding,
investigation, fine or other penalty, and loss, cost or expense related thereto
|
End of Preview |
Home Intelligence Services Subscriptions News About Us