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Title: |
Real Estate Sale and Purchase Agreement |
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Entities: |
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Date: |
2001 |
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Size: |
Preview shows 6KB of 47KB total |
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Price: |
$48 |
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ID: |
#260380 |
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REAL ESTATE SALE AND PURCHASE AGREEMENT
THIS REAL ESTATE SALE AND PURCHASE AGREEMENT (the "Agreement") is made as of
January 2, 2001 by and between Maxus Realty Trust Inc., a Missouri corporation
("Seller") and Vanguard Archives, Inc., an Illinois corporation, ("Purchaser").
1. Recitals.
a. Seller is the fee owner of that certain parcel of land legally
described on Exhibit A attached hereto and commonly known as 3431 North
Powell, Franklin Park, Illinois (the "Real Estate'). The Real Estate,
together with the 162,437 square foot building located on the Real
Estate (the "Building") and (1) all other improvements thereon or
therein, all privileges, rights, easements, hereditaments and
appurtenances thereto belonging, and/or any right, title and interest
of the title holder in and to any streets, alleys, passages and other
rights-of-way included therein or adjacent thereto, and (2) all
fixtures and personal and tangible property owned by Seller and used in
connection with the operation and ownership of the Real Estate or the
Building, including, without limitation, equipment, apparatus,
machinery, cranes, appliances, furnishings, signs, site plans, surveys,
soil and substrata studies, architectural renderings, plans and
specifications, engineering plans and studies, floor plans and other
plans or studies of any kind, leasing brochures, market studies, tenant
data sheets and other supplies, improvements thereon are referred to
herein collectively as the "Property."
b. Seller desires to sell and Purchaser desires to purchase the Property
upon and subject to the terms and conditions contained in this
Agreement.
c. In consideration of the terms and conditions contained in this
Agreement, and for other good and valuable consideration paid by
Purchaser to Seller, the receipt and sufficiency of which are hereby
acknowledged by Seller, Seller and Purchaser agree as set forth in this
Agreement.
2. Purchase and Sale. Subject to the, conditions and on the terms contained in
this Agreement, on the Closing Date (as hereinafter defined), Seller shall
convey fee simple title to the Property to Purchaser or any assignee or
designee of Purchaser by good, sufficient and recordable general warranty
deed subject only to the title exceptions set forth on Exhibit B attached
hereto (the "Permitted Exceptions").
3. Earnest Money: Purchase Price.
a. Purchase Price. The purchase price ("Purchase Price") for the Property
shall be Four Million Five Hundred Fifty Thousand and 00/100 Dollars
($4,550,000.00).
1
{PAGE}
b. Earnest Money. Within five (5) days after the Execution Date
(hereinafter defined), Purchaser shall deposit One Hundred Thousand and
00/100 Dollars ($100,000.00) (the "Earnest Money") with Assured Quality
Title Company (the "Escrow Agent") pursuant to a joint order escrow on
the form therefor currently in use by the Escrow Agent. The parties
shall direct the Escrow Agent to invest the Earnest Money in a money
market fund or other acceptable vehicle established and managed by a
nationally recognized bank or money management company. All interest
earned on the Earnest Money shall be paid to, or on behalf of,
Purchaser as provided herein, except in the event of a default by
Purchaser as provided in Paragraph 17.
4. Title, and Survey.
a. Title.
i. Title Insurance Commitment. No later than ten (10) days after the
Execution Date, Seller agrees to deliver to Purchaser:
(1) A commitment (the "Commitment") for an Owner's Policy of
Title Insurance, American Land Title Association ("ALTA")
Form B-1992 issued by Assured Quality Title Company, as
agent for Lawyers Title Insurance Corporation (the "Title
Insurer") dated on or after the Execution Date and showing
title to the Property in Seller, in the amount of the
Purchase Price, with extended coverage over all the general
title exceptions and subject only to the Permitted
Exceptions, together with the following additional
endorsements, the form of which must be either "ALTA" of
otherwise approved by Purchaser and which shall be, paid for
by Purchaser: (a) 3.1 Zoning with parking, (b) location, (c)
utility facility, (d) restrictions insuring over any
recorded covenants, conditions or restrictions of record,
(e) survey, (f) single tax parcel, and (g) contiguity; and
(2) Legible copies of all documents cited, raised as exceptions
or noted in the Commitment (the "Title Documents").
ii. Survey. No later than January 10, 2001, Seller agrees to deliver
to Purchaser Seller's existing ALTA/ACSM Survey of the Property
prepared by Chicago Guaranty Survey Company and dated October 4,
1994 (the "Survey"). Purchaser may have the Survey updated and
certified to Purchaser, the Title Insurer and Purchaser's lender,
if any, and the cost thereof shall be credited to Purchaser at
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