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Title: |
Purchase and Sale Agreement |
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Date: |
2005 |
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Preview shows 9KB of 99KB total |
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$64 |
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ID: |
#1505061 |
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Fort Hill Center
5900 Centreville Road
Fairfax County
Centreville, Virginia
FORT HILL CENTER
PURCHASE AND SALE AGREEMENT
by and between
FT. HILL OFFICE ASSOCIATES, LLC
a Virginia Limited Liability Company
as Seller
and
MIDLANTIC PARTNERSHIP, LP
a DeLaware Limited Partnership
as Purchaser
<PAGE>
PURCHASE AND SALE AGREEMENT
1. PARTIES.
This Purchase and Sale Agreement (this "CONTRACT" or "AGREEMENT") is made
between FT. HILL OFFICE ASSOCIATES, LLC, a Virginia limited liability company
("SELLER"), and MIDLANTIC PARTNERSHIP, LP, a Delaware limited partnership
("PURCHASER") as of July 21, 2005 (the "EFFECTIVE DATE").
2. PROPERTY.
On the terms and conditions stated in this Contract, Seller hereby agrees
to sell to Purchaser and Purchaser hereby agrees to purchase from Seller all of
the following described property (collectively, the "PROPERTY"):
2.1 LAND. Seller's fee interest in and to all of that certain tract of
land situated in Centreville, Virginia and described more particularly in
EXHIBIT A attached hereto and incorporated herein by reference, together with
all of Seller's right, title and interest appurtenant to such land, including
all of Seller's right, title and interest, if any, in and to (i) all minerals,
oil, gas, and other hydrocarbon substances thereon, (ii) all adjacent strips,
streets, roads, alleys and rights-of-way, public or private, open or proposed
pertaining thereto, (iii) all easements, privileges, and hereditaments
pertaining thereto, whether or not of record, and (iv) all access, air, water,
riparian, development, and utility, and solar rights pertaining thereto
(collectively, the "LAND")
2.2 IMPROVEMENTS. The office buildings and all other improvements and
structures constructed on the Land (collectively, the "IMPROVEMENTS"). The Land
and Improvements are referred to herein as the "REAL PROPERTY."
2.3 PERSONAL PROPERTY. All of Seller's right, title and interest, if any,
in the following additional property ("PERSONAL PROPERTY"):
2.3.1. TANGIBLE PROPERTY.
(i) mechanical systems, fixtures and equipment comprising a
part of or attached to or located upon the Improvements,
(ii) maintenance equipment and tools owned by Seller, located
on the Land and used exclusively in connection with the Improvements,
(iii) site plans, surveys, plans and specifications, marketing
materials and floor plans in Seller's possession which relate exclusively to the
Real Property,
<PAGE>
(iv) all signs, supplies, appliances, security systems,
decorations, furniture, furnishings, machinery, landscaping and other tangible
personal property owned by Seller, located at and/or used in connection with the
leasing, management, operation, maintenance and/or repair of the Property,
(v) pylons and other signs located on the Land, and
(vi) other tangible property of every kind and character owned
by Seller and located in or on the Real Property (collectively, the "TANGIBLE
PROPERTY").
2.3.2. LEASE RIGHTS. Leases and rental agreements with tenants
occupying space in the Improvements (collectively, the "LEASES"), and any
guaranties or other security applicable thereto and all security deposits,
advance rental, or like payments, if any, held by Seller in connection with the
Leases.
2.3.3. OTHER CONTRACT RIGHTS. To the extent assignable or
transferable, only the contracts or agreements as set forth in that certain
Certification of Operating Contracts (as hereinafter defined) (collectively, the
"CONTRACT RIGHTS"), related to the Real Property, Tangible Property or Leases
(other than insurance policies), including, without limitation, Seller's
interest in all management, employment, maintenance, construction, commission,
architectural, parking, telecommunication, supply or service contracts,
warranties, guarantees and bonds and other agreements related to the
Improvements, Tangible Property, or Leases and that Purchaser elects to assume
by delivery of written notice to Seller of Purchaser's Contract Assumption
Notice as set forth in EXHIBIT C within ten (10) days of the receipt of the
Assumption Approval as set forth in Section 9.1(a) below (collectively, the
"OPERATING CONTRACTS").
2.3.4. PERMITS. To the extent assignable or transferable, all
permits, licenses, certificates of occupancy, and governmental approvals which
relate to the Real Property, Tangible Property, Leases, the Contract Rights or
the Operating Contracts (collectively, together with any pending applications
thereon or any renewals thereof, the "PERMITS").
2.3.5. CLAIMS AND AWARDS. Any pending or future award made with
respect to condemnation of the Land or Improvements, any award or payment for
damage to the Real Property or claim or cause of action against third parties
for damage, injury or loss with respect to the ownership, maintenance and
operation of the Real Property.
2.3.6. BOOKS AND RECORDS. Any and all data, books and records
related to the Property and the operations of the Property, including without
limitation, clients and tenant lists, market reports, operations manuals,
service and warranty records, correspondence and property tax records.
2
<PAGE>
3. PURCHASE PRICE.
3.1 PAYMENT. The purchase price (the "PURCHASE PRICE") for the Property
will be the sum of Ten Million Four Hundred Fifty Thousand Dollars
($10,450,000.00). The Purchase Price will be payable in accordance with Sections
4 and 9 hereof. The Purchase Price, plus or minus any adjustments required under
this Agreement, will be payable by wire transfer of US Dollar funds immediately
available at the Closing (hereinafter defined) in accordance with the written
instructions delivered by Seller to Purchaser at least two (2) business days
prior to Closing.
4. CONSIDERATION.
4.1 DEPOSIT NOTE AND TITLE COMPANY. Within three (3) business days after
the execution of this Contract by all parties hereto, Purchaser will deposit
with First American Title Insurance Company (the "TITLE COMPANY"), as earnest
money, a non-interest bearing demand promissory note in the amount of Five
Hundred Twenty-two Thousand Five Hundred Dollars ($522,500.00)
representing five percent (5%) of the Purchase Price (the "DEPOSIT NOTE").
4.2 APPLICATION OF DEPOSIT NOTE. The Deposit Note shall be in the form of
EXHIBIT B attached hereto. The Deposit Note shall be cancelled (i) at the time
of Closing or (ii) upon the occurrence of a material default by Seller or the
failure of a condition precedent to Purchaser's obligation to close hereunder.
Upon the occurrence of a material default by Purchaser which leads to the
termination of this Agreement, the Deposit Note shall be delivered by Escrow
Agent to Seller, and the Deposit Note shall constitute liquidated damages, as
set forth in Section 10.2 hereof.
4.3 DISPUTE AS TO DEPOSIT NOTE. In the event of a dispute with respect to
the right to receive the Deposit Note, the Title Company may deliver the Deposit
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