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Document Preview Agreement and Plan of Merger |
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Title: |
Agreement and Plan of Merger |
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Entities: |
Columbia Equity Trust, Inc.; Commercial Settlements, Inc.; Hogan & Hartson; Hunton & Williams |
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Date: |
2005 |
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Size: |
Preview shows 15KB of 129KB total |
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Price: |
$51 |
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ID: |
#1598970 |
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Start of Preview |
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AGREEMENT AND PLAN OF MERGER
between
CARR CAPITAL CORPORATION
and
THE BARLOW CORPORATION
Dated as of March 25, 2005
TABLE OF CONTENTS
ARTICLE I DEFINITIONS............................................................................6
1.1 Defined
Terms.............................................................................6
ARTICLE II MERGER; CLOSING......................................................................13
2.1 The Merger.......................................................................13
2.2 Tax Matters......................................................................14
2.3 Effective Time...................................................................14
2.4 Effect of Merger on the Corporation..............................................14
2.5 Consideration....................................................................14
2.6 Adjustment in Amount of Consideration............................................15
2.7 Preparation of Estimated Closing Balance Sheet and Closing Balance Sheet.........16
2.8 Deposit..........................................................................17
2.8.1 Delivery of Deposit......................................................17
2.8.2 Disposition of Deposit...................................................17
2.9 Closing Date.....................................................................17
2.10 Actions at Closing...............................................................18
2.11 Expenses.........................................................................19
ARTICLE III REPRESENTATIONS AND WARRANTIES OF THE CORPORATION...................................19
3.1 Representations and Warranties Regarding the Barlow Corporations.................19
3.2 Representations and Warranties regarding the Real Property.......................24
3.3 Representations and Warranties Regarding Leases, Contracts, Insurance and Other
Documents........................................................................26
ARTICLE IV REPRESENTATIONS AND WARRANTIES OF PURCHASER..........................................29
4.1 General..........................................................................29
ARTICLE V COVENANTS.............................................................................30
5.1 Operating Covenants..............................................................30
5.2 Access to Documents..............................................................31
5.3 Indemnification for Physical Damage, Injury or Death.............................32
5.4 Distribution.....................................................................32
5.5 Possession of Offices............................................................32
5.6 Building Name....................................................................32
ARTICLE VI OTHER COVENANTS......................................................................33
6.1 Cooperation......................................................................33
6.2 Confidentiality; Press Release...................................................33
6.3 Operating Records................................................................34
6.4 Tax Matters......................................................................35
6.5 Transfer Tax Returns.............................................................36
6.6 Defeasance of Senior Mortgage....................................................36
i
6.7 Tax Appeals......................................................................36
6.8 Casualty and Condemnation........................................................37
6.9 Directors, Officers and Employees................................................37
6.10 Mutual Releases..................................................................37
6.11 Termination of Parking Contract..................................................37
6.12 UCC Termination Statements.......................................................38
6.13 Reciprocal Easement Agreement Estoppel...........................................38
6.14 Corporation Trust Account........................................................38
ARTICLE VII CONDITIONS PRECEDENT TO THE CORPORATION'S OBLIGATIONS...............................38
7.1 Purchaser's Representations and Warranties.......................................38
7.2 Purchaser's Performance..........................................................38
7.3 Consents.........................................................................39
7.4 No Injunctions or Restraints.....................................................39
7.5 Limitation on Delinquent Rents and Vacated Delinquent Rents......................39
7.6 Purchaser Releases...............................................................39
7.7 Merger Sub Representations and Authority.........................................39
ARTICLE VIII CONDITIONS PRECEDENT TO PURCHASER'S OBLIGATIONS....................................39
8.1 Corporation's Representations and Warranties.....................................40
8.2 Corporation's Performance........................................................40
8.3 Tenant Estoppel Certificates.....................................................40
8.4 Consents.........................................................................40
8.5 No Material Adverse Effect.......................................................41
8.6 Resignation of Directors and Officers............................................41
8.7 No Injunctions or Restraints.....................................................41
8.8 Wagner Closing Certificate.......................................................41
8.9 Casualty and Condemnation........................................................41
8.10 Title............................................................................41
8.11 Employees........................................................................42
8.12 Mutual Releases..................................................................42
8.13 Termination of Parking Contract..................................................42
8.14 No Right to Fair Value of Stock..................................................42
ARTICLE IX TERMINATION, AMENDMENT AND WAIVER....................................................42
9.1 Reasons for Termination..........................................................42
9.2 Effect of Termination............................................................43
9.3 Exclusivity of Remedies..........................................................44
ARTICLE X BROKERS...............................................................................44
10.1 Brokers..........................................................................44
ARTICLE XI SURVIVAL.............................................................................45
11.1 Survival.........................................................................45
ARTICLE XII MISCELLANEOUS PROVISIONS............................................................45
12.1 Entire Agreement; Third Party Beneficiaries......................................45
ii
12.2 Benefit and Burden...............................................................45
12.3 Governing Law....................................................................46
12.4 Notices..........................................................................46
12.5 Partial Invalidity...............................................................47
12.6 Waiver of Jury Trial.............................................................48
12.7 Interpretation...................................................................48
12.8 Amendment; Waiver................................................................48
12.9 Counterparts; Facsimile Execution................................................48
12.10 Assignment.......................................................................48
iii
Exhibits
A Form of Articles of Merger
B Escrow Agreement
C Description of Real Property
D Title Insurance Commitment
E [INTENTIONALLY OMMITTED]
F Form of Tenant Estoppel Certificate
G Wagner Certificate
H Accounting Principles
I Form of Mutual Release
Schedules
1 Contract Schedule
2 Environmental Report
3 Insurance Schedule
4 Lease Schedule, Tenant Improvements, Leasing Commissions and Loans
to Tenants
5 License Schedule
6 Litigation Schedule
7 Real Estate Tax Schedule
8 Consideration and Stockholder Schedule
9 Capitalization
10 Liabilities
11 Prior Activities
12 Employees
13 Pension Benefit Plans; Welfare Benefit Plans
14 Title Exceptions
15 Management Agreements
16 Tax Matters
17 Personal Property to be Removed
18 Underground Storage Tank Removal
19 Releasing Stockholders
20 Other Stockholders
21 Legal Requirements
22 UCC Termination Statements
iv
THIS AGREEMENT AND PLAN OF MERGER (this "Agreement") is made and
entered into this 25th day of March, 2005 by and between CARR CAPITAL
CORPORATION, a District of Columbia corporation ("Purchaser"), and THE BARLOW
CORPORATION, a Maryland corporation (the "Corporation").
RECITALS
A. The Corporation owns all of the outstanding capital stock of 5454
Wisconsin, Inc., a Maryland corporation (the "Operating Sub"), and all of the
outstanding capital stock of Barlow Enterprises, Inc., a Maryland corporation
(the "Finance Sub", and collectively with the Corporation and the Operating Sub,
the "Barlow Corporations"). The Operating Sub owns a certain parcel of land
containing approximately 49,071 square feet, and the improvements thereon
consisting of an eighteen (18)-story office building known as the Barlow
Building, located at 5454 Wisconsin Avenue, Chevy Chase, Maryland 20815.
B. Purchaser desires to purchase the Stock (as defined below) from the
Stockholders, and the Stockholders desire to sell the Stock to the Purchaser, by
effecting the merger of an assignee or designee of Purchaser or a wholly-owned
subsidiary of an assignee or designee of Purchaser ("Merger Sub") with and into
the Corporation, with the Corporation surviving as a Maryland corporation (the
"Merger"), upon the terms and subject to the conditions set forth herein.
C. The Board of Directors of Purchaser and the Corporation each deem it
advisable and in the best interests of their respective shareholders and
respective companies to consummate the Merger.
D. Upon the terms and subject to the conditions set forth herein,
Purchaser shall cause Merger Sub to, and Merger Sub and the Corporation shall,
execute articles of merger in substantially the form attached hereto as Exhibit
A (the "Articles of Merger") and shall file such Articles of Merger in
accordance with Maryland law to effectuate the Merger.
E. Purchaser and the Corporation desire to make certain
representations, warranties, covenants and agreements as provided in this
Agreement.
NOW, THEREFORE, in consideration of the premises and the mutual
representations, warranties, covenants and agreements set forth herein, and of
other good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, the parties hereby agree as follows:
5
ARTICLE I
DEFINITIONS
1.1 Defined Terms. For all purposes of this Agreement, the following
terms shall have the respective meanings set forth below:
"Accounting Principles" shall mean the accounting principles,
methodologies, policies and practices set forth on Exhibit H hereto.
"Affiliate" shall mean, with respect to any specified Person (i) that
is an individual, its family members, representatives and executors, and (ii)
that is not an individual, a Person that directly, or indirectly through one or
more intermediaries, controls or is controlled by, or is under common control
with, the specified Person. For purposes of this definition, "control" means the
possession, directly or indirectly, of the power to direct or cause the
direction of management or policies (whether through ownership of voting
securities, by agreement or otherwise).
"Agreement" shall mean this Agreement in its present form or as it may
be amended from time to time in accordance with the terms hereof.
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