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Title: |
Purchase and Sale Agreement |
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Entities: |
Citibank, NA; Lehman Brothers Inc.; Morgan Stanley & Co. Inc.; Morgan Stanley Dean Witter; Real Estate Board of New York, Inc.; Lehman Brothers Holdings Inc.; Fried, Frank, Harris, Shriver & Jacobson; Weil, Gotshal & Manges LLP; MSDW 745, LLC; LB 745 LLC |
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Date: |
2002 |
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Size: |
Preview shows 20KB of 130KB total |
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Price: |
$38 |
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ID: |
#253826 |
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Start of Preview |
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PURCHASE AND SALE AGREEMENT
Between
MSDW 745, LLC,
SELLER,
and
LB 745 LLC
PURCHASER.
PREMISES:
745 Seventh Avenue
New York, New York
October 19, 2001
{Page}
TABLE OF CONTENTS
Page
----
1. DEFINITIONS...........................................................1
2. PURCHASE AND SALE.....................................................4
3. ACCESS TO PREMISES....................................................5
4. PURCHASE PRICE AND DEPOSIT............................................7
5. STATUS OF THE TITLE...................................................8
6. TITLE INSURANCE; LIENS................................................9
7. APPORTIONMENTS........................................................12
8. PROPERTY NOT INCLUDED IN SALE.........................................14
9. CERTAIN COVENANTS OF SELLER...........................................14
10. ASSIGNMENTS BY SELLER AND ASSUMPTIONS BY PURCHASER; EMPLOYEES.........15
11. REPRESENTATIONS.......................................................16
12. DAMAGE AND DESTRUCTION................................................21
13. CONDEMNATION..........................................................22
14. BROKERS AND ADVISORS..................................................24
15. TAX REDUCTION PROCEEDINGS.............................................24
16. TRANSFER TAXES, RECORDING CHARGES AND SALES TAXES.....................25
17. CONDITIONS OF CLOSING; DELIVERIES TO BE MADE ON THE CLOSING DATE......26
18. CLOSING DATE..........................................................30
19. NOTICES...............................................................31
20. DEFAULT BY PURCHASER OR SELLER........................................32
21. FIRPTA COMPLIANCE.....................................................33
-i-
{Page}
Page
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22. ENTIRE AGREEMENT......................................................33
23. AMENDMENTS............................................................34
24. WAIVER................................................................34
25. PARTIAL INVALIDITY....................................................34
26. SECTION HEADINGS......................................................34
27. GOVERNING LAW.........................................................34
28. PARTIES; ASSIGNMENT AND RECORDING.....................................34
29. CONFIDENTIALITY AND PRESS RELEASES....................................35
30. FURTHER ASSURANCES....................................................36
31. THIRD PARTY BENEFICIARY...............................................36
32. JURISDICTION AND SERVICE OF PROCESS...................................36
33. WAIVER OF TRIAL BY JURY...............................................37
34. MISCELLANEOUS.........................................................37
35. ORGANIZATIONAL REPRESENTATIONS........................................38
36. CERTAIN GROUND LEASE PROVISIONS.......................................38
37. CONDITION OF PREMISES AT CLOSING......................................40
38. LIMITATION ON EMPLOYMENT..............................................41
-ii-
{Page}
Schedules
A. Description of the Land
B. Easements, Conditions, Restrictions and Encumbrances
C. Assumed Contracts
D. Building Plans
E. Interior Improvement Plans
F. FF&E Specifications
G. Hoist Related Work
H. Employees
I. Litigation Schedule
J. Insurance Schedule
K. IT Equipment Specifications
L. Exterior Signs Specifications
M. Notice to Landlord
N. [Intentionally Deleted]
O. Global IT Agreements
Exhibits
1. Form of Deed
2. Form of Assignment and Assumption of Ground Lease
3. Form of Bill of Sale
4. Form of FIRPTA Affidavit
5. Form of Assignment and Assumption of JV Option Agreement
6. Form of Assignment of Option to Lease Space Agreement
7. Form of Assignment and Assumption of Contracts
8. Form of General Assignment and Assumption Agreement
9. Form of Substitute Guaranty
10. Form of Opinion
11. Form of Assignment of Management Agreement
12. Form of Assignment of Plaza Agreement
13. Form of Assignment of Publicity Agreement
14. Form of Assignment of Rental Agency Agreement
15. Agreement as to Post Closing Obligations
-iii-
{Page}
PURCHASE AND SALE AGREEMENT (this "AGREEMENT") made as of the 19day of
October, 2001 between MSDW 745, LLC, a Delaware limited liability company,
having an address at 1633 Broadway, New York, N.Y. 10036 ("SELLER") and LB 745
LLC, a Delaware limited liability company, having an address at 101 Hudson
Street, Jersey City, New Jersey 07302 ("PURCHASER").
W I T N E S S E T H :
- - - - - - - - - -
WHEREAS, Seller is (i) the tenant under a ground lease (the "GROUND
LEASE") dated November 19, 1998 between Rock-Forty-Ninth LLC ("LESSOR"), as
landlord, and Seller, as tenant, of certain plots, pieces and parcels of land
("Land") more particularly described in SCHEDULE A annexed hereto and known as
745 Seventh Avenue, New York, New York (the Land and Seller's interest therein
under the Ground Lease, the "GROUND LEASEHOLD"), (ii) the owner of the building
and other improvements (collectively, the "BUILDING") located on the Land, (iii)
the owner of certain interior improvements affixed to and located on the floors
of the Building (the "INTERIOR IMPROVEMENTS"), (iv) the owner of certain
furniture fixtures and equipment located or to be located in the Building upon
the completion of the Interior Improvements (the "FF&E"), (v) the owner of
certain technological equipment (the "IT EQUIPMENT"), and (vi) the owner of
certain exterior signage (the "EXTERIOR SIGNS") (the Ground Leasehold, the
Building, the Interior Improvements and the Exterior Signs are hereinafter
sometimes collectively referred to as the "PREMISES" and the FF&E and IT
Equipment are sometimes collectively hereinafter referred to as the "PERSONAL
PROPERTY");
WHEREAS, Seller desires to cause the sale, assignment, transfer and
conveyance of its interests in and to the Premises and the Personal Property to
Purchaser in accordance with the terms and provisions of this Agreement, and
Purchaser desires to purchase such interests from Seller upon the terms more
particularly set forth in this Agreement;
NOW, THEREFORE, in consideration of the foregoing and the mutual
covenants and agreements herein contained, the parties hereto covenant and agree
as follows:
l. DEFINITIONS.
2001/2002 Tax Year Section 15
AAA Section 12(c)
Adjourned Closing Date Section 6(a)
Agreement Preamble
Apportionment Date Section 7(a)
Approvals Section 37
-1-
{Page}
Approved Commitment Items Section 5(b)
Assumed Contract Section 10(a)(ii)
Base Building Punchlist Section 37(b)
Broker Section 14(a)
Building Recitals
Building Plans Section 11(c)(ii)
business day Section 4(c)
Cap Amount Section 11(c)(xiii)
Certification Section 17(a)(ii)
Closing Section 18
Closing Date Section 18
Commitment Section 6(a)
Company Section 6(a)
Confidentiality Agreement Section 29(a)
Contractors Section 3
Damages Section 11(c)(xiii)
Deposit Section 4(a)
Development Agreement Section 36(b)
Disclosed Survey Items Section 5(a)
Employment Contacts Section 10(b)
Escrow Agent Section 4(a)
Excluded Personalty Section 8
Exculpated Parties Section 11(a)
Existing Guaranty Section 17(c)(iii)
Exterior Signs Recitals
FF&E Recitals
FF&E Contracts Section 10(a)(ii)
FF&E Specifications Section 11(c)(iv)
Final Closing Statement Section 7(e)
FIRPTA Section 21
Full Stop Election Section 37(b)
Global Agreements Section 8
Ground Lease Recitals
Ground Leasehold Recitals
Hoist Related Work Section 37(a)
Interference Damages Section 20(a)
Interior Improvement Plans Section 11(c)(iii)
Interior Improvements Recitals
IT Contracts Section 10(a)(ii)
IT Equipment Recitals
JV Option Agreement Section 2
Land Recitals
-2-
{Page}
Landlord Section 11(c)(viii)
Later Closing Date Section 18
Lessor Recitals
Letter Agreement Section 2
LHI Section 17(c)(iii)
Management Agreement Section 2
Manager Section 10(b)
MS Section 2
MSDW Section 17(c)(iii)
New Closing Notice Section 6(d)
Notices Section 19
Non-Objectionable Encumbrances Section 6(a)
Operative Documents Section 2
Objection Date Section 6(a)
Option to Lease Space Agreement Section 2
Outside Date Section 11
Percentage Share Section 16(a)
Permitted Encumbrances Section 5
Plans Section 37(a)
Plaza Agreement Section 2
Pledge Section 2
Post Closing Agreement Section 4(b)(ii)
Premises Recitals
Preliminary Closing Statement Section 7(e)
Proceeding Section 11(c)(xiii)
Project Section 37(a)
Project Personnel Section 38
Property Section 2
Property Taxes Section 7(a)(ii)
Publicity Agreement Section 2
Purchaser Preamble
Purchase Price Section 4
Purchaser's Representatives Section 3(a)
REBNY Section 12(c)
Rental Agency Agreement Section 2
RET Section 16(a)
RFN Section 2
ROFO Section 36(a)
RP Section 2
RPT Section 16(a)
Rep Claim Section 11(c)(xiii)
Representation Section 11(c)
-3-
{Page}
Scheduled Closing Date Section 18
Seller Preamble
Seller Knowledge Individuals Section 11(c)(xiii)
Seller Related Parties Section 3(c)
Stop Work Notice Section 37(b)
Subway Agreement Section 6(a)
Subway Work Section 37(a)
Taking Section 13(a)
Termination Event Section 10(b)
Termination Payment Section 10(b)
Title Cure Notice Section 6(a)
Title Cure Period Section 6(a)
Turner Section 37(b)
Update Objections Section 6(a)
Utilities Section 7(c)
2. PURCHASE AND SALE.
Seller agrees to sell, assign and convey to Purchaser, and
Purchaser agrees to purchase from Seller, subject to the terms and conditions of
this Agreement, all of Seller's right, title and interest, if any, in and to and
under (i) the Ground Leasehold, (ii) the Building; (iii) the Interior
Improvements; (iv) the FF&E; (v) the IT Equipment; (vi) the Exterior Signs;
(vii) the JV Option Agreement between Landlord and Seller dated November 19,
1998 (the "JV OPTION AGREEMENT") and Purchaser shall assume same from and after
the Closing Date; (viii) the Option to Lease Space Agreement (the "OPTION TO
LEASE SPACE AGREEMENT") between Landlord, Seller and Morgan Stanley & Co.
Incorporated ("MS") dated November 19, 1998 and Purchaser shall assume same from
and after the Closing Date, (ix) the Management Agreement dated November 19,
1998 between Seller and Rockefeller Center Management Corporation (the
"MANAGEMENT AGREEMENT") and Purchaser shall assume same from and after the
Closing Date; (x) the Plaza Agreement dated November 19, 1998 between Seller and
Landlord (the "PLAZA AGREEMENT") and Purchaser shall assume same from and after
the Closing Date; (xi) the Publicity Agreement dated November 19, 1998 between
Seller, Rockefeller Center Management Corporation, Rockefeller Group Development
Corporation, Rockefeller Forty-Ninth LLC and Rockefeller Group, Inc. (the
"PUBLICITY AGREEMENT") and Purchaser shall assume same from and after the
Closing Date; (xii) the Rental Agency Agreement dated March 1, 2001 between
Seller and the Rockefeller Group Development Corporation (the "RENTAL AGENCY
AGREEMENT") and Purchaser shall assume from and after the Closing Date, (xiii)
the Pledge and Security Agreement dated November 19, 1998, by Rock-Forty-Ninth,
Inc. ("RFN") and Rock-Plaza, Inc. ("RP") in favor of Seller (the "PLEDGE") and
Purchaser shall assume same from and after the Closing Date and the "PLEDGED
COLLATERAL" (as defined in the Pledge) thereunder; (xiv) the Letter Agreement
between
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{Page}
Rockefeller Group, Inc. and Seller dated November 19, 1998 with respect to the
use of the name "Rockefeller" (the "Letter Agreement") and Purchaser shall
assume same from and after the Closing Date; (xv) the Assumed Contracts and
Purchaser shall assume same from and after the Closing Date, (xvi) any strips
and gores pertaining to the Premises; (xvii) all easements, rights of way,
reservations, privileges and appurtenances of Seller pertaining to the Premises;
and (xviii) the Plans, (the documents set forth in (vii), (viii), (ix), (x),
(xi) and (xii) shall be collectively referred to as the "OPERATIVE DOCUMENTS").
The items described in clauses (i) through (xviii) above shall be referred to
herein collectively as the "PROPERTY". The Property shall also include all of
the right, title and interest of MS under the Option to Lease Space Agreement.
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