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Purchase and Sale Agreement

 

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Title:

Purchase and Sale Agreement

Entities:

Midlantic Office Trust, Inc.

Date:

2005

Size:

Preview shows 9KB of 100KB total

Price:

$56

ID:

#1505066

 

 

► Purchase & Sale ► Purchase & Sale Agreements

 

 

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                                                              7701 Donegan Drive

Paradise/Sudley North Business Park
Manassas, Prince William County, Virginia

PURCHASE AND SALE AGREEMENT

by and between

7701 DONEGAN DRIVE, LLC

a Delaware Limited Liability Company

as Seller

and

MIDLANTIC PARTNERSHIP, LP

a Delaware Limited Partnership

or its nominee

as Purchaser

<PAGE>
PURCHASE AND SALE AGREEMENT

1. PARTIES.

This Purchase and Sale Agreement (this "CONTRACT" or "AGREEMENT") is made
between 7701 DONEGAN DRIVE, LLC, a Delaware limited liability company
("SELLER"), and MIDLANTIC PARTNERSHIP, LP, a Delaware limited partnership or its
nominee ("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 at 7701 Donegan Drive, Paradise/Sudley North Business Park,
Manassas, Prince William County, 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,
without limitation, 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 (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 on the Certification
of Operating Contracts (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
(collectively, the "OPERATING CONTRACTS") and that Purchaser elects to assume by
delivery of written notice to Seller of Purchaser's Contract Assumption Notice
as set forth in Exhibit "D" within ten (10) days of the receipt of the
Assumption Approval as set forth in Section 9.1(a) below.

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, the "PERMITS" and any pending
applications thereon or the renewal thereof).

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 One Million Three Hundred Sixty Thousand Dollars
($1,360,000.00) The Purchase Price will be payable in accordance with Sections 4
and 9 hereof. The cash portion of the Purchase Price will be payable by wire
transfer of US Dollar funds immediately available at the Closing (hereinafter
defined).

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 payable to Seller in the
amount Sixty Eight Thousand Dollars ($68,000.00) representing five percent (5%)
of the Purchase Price (the "Deposit Note").

4.1 (a) The Purchase Price, plus or minus other adjustments
required under this Agreement, shall be paid at Closing by (i)
assumption of the existing loan which is secured by a mortgage on the
Property (the "EXISTING LOAN"), and (ii) the balance of the Purchase
Price, after crediting the principal balance and accrued interest of
the Existing Loan as of Closing, by wire transfer of funds in such
amount in accordance with the written instructions delivered by Seller
to Purchaser at least two (2) business days prior to Closing.

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

 

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