Exhibit 2.2
AGREEMENT
OF SALE AND PURCHASE
FLEETWOOD
FOLDING TRAILERS, INC., as Real Estate Seller
&
FTCA
REAL ESTATE, LLC, as Real Estate Buyer
EXHIBITS:
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“A”
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LEGAL DESCRIPTION
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“B”
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FORM OF QUIT CLAIM DEED
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“C”
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FORM OF NONFOREIGN PERSON
CERTIFICATION
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AGREEMENT OF SALE AND
PURCHASE
THIS AGREEMENT OF SALE AND PURCHASE (this
“ Agreement ”) is made this 12 th day
of May, 2008, between Fleetwood Folding Trailers, Inc., a
Delaware corporation (“ Real Estate Seller
”), and FTCA Real Estate, LLC, a Delaware limited liability
company (“ Real Estate Buyer ”). This
Agreement is to be effective as of the date on which this Agreement
has been fully executed and delivered by Real Estate Buyer and Real
Estate Seller (the “ Effective Date ”). Upon the
request of either party, the other shall confirm in writing the
Effective Date.
BACKGROUND:
A.
Fleetwood Enterprises, Inc., a Delaware corporation (“
Fleetwood Enterprises ”), owns all of the outstanding
capital stock of Fleetwood Holdings, Inc., a Delaware
corporation (“ Fleetwood Holdings ”), and
Fleetwood Holdings owns all of the outstanding common stock of the
Real Estate Seller;
B.
Fleetwood Holdings intends to sell all of the outstanding common
stock of Real Estate Seller to FTCA, LLC, a Delaware limited
liability company and an affiliate of Real Estate Buyer (“
Stock Buyer ”), pursuant to an Amended and Restated
Stock Purchase Agreement dated May 12, 2008, among Fleetwood
Enterprises, Fleetwood Holdings, Real Estate Buyer and Stock Buyer
(the “ Stock Purchase Agreement ”);
and
C.
The closing of the transactions contemplated by this Agreement is a
condition precedent to the closing of the transactions contemplated
by the Stock Purchase Agreement.
WHEREAS, upon and subject to the terms and conditions of this
Agreement, the Real Estate Buyer desires to purchase from the Real
Estate Seller, and the Real Estate Seller desires to sell to the
Real Estate Buyer, the Real Property (defined below).
NOW, THEREFORE, in consideration of the covenants and provisions
contained herein, and other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the
parties agree as follows:
1.
Agreement to Sell and
Purchase . Real Estate Seller
agrees to sell to Real Estate Buyer, and Real Estate Buyer agrees
to purchase from Real Estate Seller, subject to the terms and
conditions of this Agreement, all of that certain tract or piece of
land located at 258 Beacon Street, Somerset, Pennsylvania,
containing 43.5336 acres, more or less, and located in the
Commonwealth of Pennsylvania, County of Somerset, Borough of
Somerset, as more fully described in the legal description attached
hereto as Exhibit “A” , being the real
property owned by Real Estate Seller in that location, together
with all right, title and interest of Real Estate Seller in and to
any land lying in the bed of any highway, street, road or avenue,
opened or proposed, in front of or abutting or adjoining such tract
or piece of land and any easements and appurtenances pertaining
thereto (the “Land”) and all the buildings and other
improvements
situated thereon, including
all fixtures attached or appurtenant to, located in or on, or used
in connection therewith (the “Improvements”) (the Land
and the Improvements together being the “Real
Property”). Real Estate Buyer and Real Estate Seller
acknowledge and agree that the Real Property to be sold to Real
Estate Buyer from Real Estate Seller and purchased from Real Estate
Seller by Real Estate Buyer, pursuant to this Agreement, shall not
include service contracts, licenses, permits, correspondence,
documents, maintenance records, or promotional materials held by
Real Estate Seller in connection with the upkeep, repair,
maintenance, or operation of the Land or Improvements (the
“Excluded Items”), and the Real Estate Seller’s
right, title and interest in and to such Excluded Items shall not
be assigned to, or assumed by, Real Estate Buyer under this
Agreement.
2.
Purchase Price . The
purchase price for the Real Property is Seven Million Dollars
($7,000,000) (the “ Purchase Price ”). The
Purchase Price shall be paid to Real Estate Seller in cash by wire
transfer of immediately available federal funds at the closing
hereunder. It is agreed that at the time of closing, in exchange
for the Real Estate Buyer’s delivery of the Purchase Price at
closing, Real Estate Seller shall deliver to Real Estate Buyer duly
executed originals of (a) a quit claim deed to the Real
Property, in the form attached hereto as Exhibit “B” (the
“ Deed
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