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Contract of Sale

 

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Title:

Contract of Sale

Entities:

Keystone Property Trust; Wolf, Block, Schorr and Solis-Cohen

Date:

2002

Size:

Preview shows 7KB of 67KB total

Price:

$42

ID:

#844377

 

 

► Miscellany ► Agreements ► Agreements of... ► Agreements of Sale
► Real Estate
► Services ► Legal

 

 

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                                CONTRACT OF SALE


THIS CONTRACT OF SALE (this "Agreement") is made and entered into as of the
20th day of December, 2001, by and between WESTPARK ACQUISITION COMPANY, INC., a
Delaware corporation ("Westpark"), and 6813 RUPPSVILLE ROAD REALTY HOLDING
COMPANY, a Delaware corporation ("Ruppsville"; together with Westpark,
collectively, "Seller") each having an address c/o J.P. Morgan Investment
Management Inc., 522 Fifth Avenue, New York, New York 10036 and KEYSTONE
OPERATING PARTNERSHIP, L.P., a Delaware limited partnership, having an address
at 200 Four Falls Corporate Center, Suite 208, West Conshohocken, Pennsylvania
19428 ("Purchaser").

W I T N E S S E T H:

A. Seller shall sell to Purchaser, and Purchaser shall purchase from
Seller, at the price and upon the terms and conditions set forth in this
Agreement, (a)(1) that certain parcel of land located in Upper Macungie
Township, Pennsylvania and commonly known as Westpark Business Center, 7520,
7584, 7566, 7542, 7529 Morris Court, 7220 Schantz Road, and 7485 Industrial
Boulevard together with that certain 15.27 acre parcel of land located in Upper
Macungie Township, Pennsylvania, and more particularly described on EXHIBIT A-1
attached hereto and made a part hereof (the "Westpark Property"), and (2) that
certain parcel of land located in Upper Macungie Township, Pennsylvania and
commonly known as 6813, 6829 and 6831 Ruppsville Road and 7663 Industrial
Boulevard, and more particularly described on EXHIBIT A-2 attached hereto and
made a part hereof (the "Ruppsville Property"; together with the Westpark
Property, collectively, the "Land"), (b) the buildings, improvements, structures
and fixtures located upon the Land (collectively, the "Improvements"), (c) all
other easements and rights appurtenant to the Land, if any (collectively, the
"Appurtenant Rights"), (d) all right, title and interest of Seller in, to and
under the all leases, licenses and occupancy agreements affecting the Property
(as hereinafter defined) (the "Leases") and all service, supply and equipment
contracts and agreements related to the operation of the Property (the
"Contracts"), (e) all right, title and interest of Seller, if any, in and to the
fixtures, equipment and other personal property owned by Seller and attached or
appurtenant to the Property (collectively, the "Personal Property"), and (f) all
right, title and interest of Seller, if any, if and to the extent assignable, in
and to the name "Westpark Business Center" (the "Name"; the Land, the
Appurtenant Rights, the Improvements, the Leases, the Contracts, the Personal
Property, and the Name, collectively, the "Property").

B. Purchaser acknowledges that the Property is being sold on an "as is"
"where is" and "with all faults" basis on the terms and conditions hereinafter
set forth.

NOW, THEREFORE, for $10.00 in hand paid and for other good and valuable
consideration, the receipt and sufficiency of which is hereby acknowledged, and
intending to be legally bound, the parties hereto hereby agree as follows:

1. PURCHASE AND SALE. Upon the terms and conditions hereinafter set forth,
Seller shall sell to Purchaser, and Purchaser shall purchase from Seller, the
Property.



{PAGE}

2. PURCHASE PRICE. The purchase price (the "Purchase Price") for the
Property shall be the sum of FIFTY THREE MILLION SEVEN HUNDRED THIRTEEN THOUSAND
FIVE HUNDRED EIGHTY-THREE AND 00/100 DOLLARS ($53,713,583.00), subject to the
prorations and credits specified herein.

3. PAYMENT OF PURCHASE PRICE. The Purchase Price, as adjusted by the
prorations and credits specified herein, shall be paid by Purchaser on the date
hereof, by a bank wire transfer of immediately available federal funds to an
account or accounts designated in writing by Seller.

4. CONDITIONS PRECEDENT. The obligation of Purchaser to purchase, and
Seller to sell, the Property, as contemplated by this Agreement, is subject to
satisfaction of each of the following conditions precedent (any of which may be
waived in writing by the party in whose favor such condition exists) on or
before the applicable date specified for satisfaction of the applicable
condition. If any of such conditions are not satisfied (or waived) pursuant to
the terms of this Agreement, then this Agreement shall, upon written notice from
the terminating party to the other party, terminate and, in connection with any
such termination made in accordance with this Section 4, Seller and Purchaser
shall be released from further obligation or liability hereunder (except for
those obligations and liabilities which, pursuant to the terms of this
Agreement, survive such termination). The completion of Closing (as hereinafter
defined) shall constitute approval by each party of all matters to which such
party has a right of approval and a waiver of all conditions precedent;
provided, the foregoing shall not waive or otherwise impair the rights of either
party which expressly survive the Closing pursuant to this Agreement.

4.1 Title Matters.

4.1.1 Intentionally deleted.

4.1.2 PERMITTED EXCEPTIONS TO TITLE. The Property shall be sold and
conveyed subject to the following exceptions to title (the "Permitted
Exceptions"):

(a) intentionally deleted;

(b) those exceptions to title specifically set forth in the pro
forma title insurance policies attached hereto and made a part hereof as EXHIBIT
B;

(c) all laws, ordinances, rules and regulations of the United
States, the Commonwealth of Pennsylvania, or any agency, department, commission,
bureau or instrumentality of any of the foregoing having jurisdiction over the
Property (each, a "Governmental Authority"), as the same may now exist or may be
hereafter modified, supplemented or promulgated;

(d) all presently existing and future liens of real estate taxes or
assessments and water rates, water meter charges, water frontage charges and
sewer taxes, rents and charges, if any, provided that such items are not yet due

 

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