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Exhibit 10.142
Execution Original
909 CHESTNUT
REAL ESTATE SALE CONTRACT
The mailing, delivery or negotiation of this Contract
by Seller or its agents or attorneys shall not be deemed an offer
by Seller to enter into any transaction or to enter into any other
relationship, whether on the terms contained herein or on any other
terms. This Contract shall not be binding upon Seller, nor shall
Seller have any obligations or liabilities or Purchaser any rights
with respect thereto, or with respect to the Property, unless and
until Seller has executed and delivered this Contract. Until such
execution and delivery of this Contract, Seller may terminate all
negotiation and discussion of the subject matter hereof, without
cause and for any reason, with recourse or liability.
ARTICLE 1: GENERAL PROVISIONS
1.1
Contract . Subject to the terms and
conditions of this Real Estate Sale Contract (this " Contract
"), SOUTHWESTERN BELL TELEPHONE, L.P., a Texas limited partnership
(collectively " Seller ") agrees to sell to INLAND REAL
ESTATE ACQUISITIONS, INC., an Illinois corporation or its nominee
permitted under Section 11.1 below (" Purchaser "), and
Purchaser agrees to purchase from Seller, that certain high rise
office tower, underground parking and related improvements located
at 909 Chestnut Street, St. Louis, Missouri, consisting of the
following (collectively, the " Property "): (i) the real
property described on Exhibit A attached hereto, together
with all improvements (the "Improvements") located thereon
(collectively, the " Real Property "); and (ii) all of
Seller’s right, title and interest in and to fixtures, which
are used in the operation of the Improvements (collectively, the "
Fixtures "), including, without limitation, all affixed
heating, ventilation and air conditioning equipment, and fire
sprinklers, but excluding (x) any personal property used by Seller
or any other occupant of the Improvements or the Property in the
operation of its business, and (y) any trademarks, trade names or
other intellectual property, including, without limitation, the
AT&T name and any variant thereof.
1.2
Purchase Price : The total purchase price
to be paid to Seller by Purchaser for the Property shall be TWO
HUNDRED FOUR MILLION NINE HUNDRED THOUSAND AND NO/100 DOLLARS
($204,900,000.00) (the " Purchase Price ") . The
Purchase Price shall be paid to Seller at Closing, plus or minus
prorations and other adjustments hereunder, including all Earnest
Money (hereinafter defined) credited against the Purchase Price by
federal wire transfer of immediately available funds.
1.2.1 Lease Back : During the Review Period, Seller and
Purchaser shall negotiate in good faith to finalize the terms of a
lease for the Property whereby Seller shall leaseback the entire
Property for a primary lease term of Ten (10) years nine (9) months
and lease payments of One Million Two Hundred Twenty-Six Thousand
Two Hundred Ninety-Three Dollars ($1,226,293.00) per month and
Fourteen Million Seven Hundred Fifteen Thousand Five Hundred
Sixteen Dollars ($14,715,516.00) per annum for the first year, with
annual increases of two percent (2%) per year thereafter.
1.3 Title Company and Escrow Agent : The Title Company and
Escrow Agent for this transaction shall be First American Title
Insurance Company, 1401 South Brentwood Boulevard, Suite 300, Saint
Louis, Missouri, 63144, Attn: Nanci Napoli, Phone: (314)
785-6202.
1.4
Effective Date : This Contract is executed
as of November 3, 2006 (the " Effective Date ").
1.5
Inspection Period : The " Inspection
Period " is the period beginning on the Effective Date and ending
at 5:00 p.m. Central Standard Time on November 30, 2006,.
1.6
Closing Date : The " Closing Date "
shall be on the later of (i) five (5) days following the
MPSC Approvals per Section 1.13 hereof (or such days fewer than
five so that the Closing occurs by December 29, 2006); or (ii) five
(5) business days after expiration of the Inspection Period; or
(iii) on such other date or place as may be mutually agreed to in
writing by Seller and Purchaser. Provided, however, that
notwithstanding the foregoing, if the Closing has not occurred by
Friday, December 29, 2006, then Seller may terminate this Contract
and thereupon the Escrow Agent shall return the Earnest Money to
Purchaser, the same as if MPSC Approvals had not been obtained, it
being the intention of the parties that the sale and leaseback as
contemplated by this Contract shall occur, if at all, before the
end of calendar year 2006.
1.7
Deposit of Earnest Money . Within two
business days after the Effective Date, Purchaser shall deposit
Five Million Dollars ($5,000,000) in immediately available funds
(such amount the " Earnest Money ") with Escrow Agent,
evidencing Purchaser’s good faith to perform
Purchaser’s obligations under this Contract. If Purchaser
fails to timely deposit the Earnest Money with the Escrow Agent,
this Contract shall terminate and be of no force and effect. The
Escrow Agent shall hold and disburse the Earnest Money in
accordance with the terms and provisions of this Contract. If the
Closing under this Contract occurs, the Escrow Agent shall deliver
the Earnest Money into the closing escrow with Title Company, to be
applied against the Purchase Price. All interest earned on the
Earnest Money shall in all events be the money of Purchaser,
regardless of the ultimate disposition of the Earnest Money and
shall be paid to Purchaser upon written request of Purchaser.
1.8
AT&T Lease . Provided the parties have
fully and finally negotiated the terms of the lease, at the
Closing, Purchaser, as landlord, shall enter into a lease agreement
(the " AT&T Lease ") with AT&T Services, Inc., which
AT&T Lease shall be in the form agreed to by the parties as
evidenced by their execution thereof. The execution and delivery of
the AT&T Lease by the parties is a condition precedent to the
closing hereunder. If the parties have not agreed upon the terms of
the AT&T Lease and finalized the same by the end of the
Inspection Period then either party may terminate this Contract
upon written notice to the other prior to the expiration of the
Inspection Period.
1.9
Skywalks . At Closing, Purchaser and
Seller shall enter into an easement agreement in form and substance
mutually agreeable to the parties, that establishes easement rights
in and to the existing skywalks that connect 909 Chestnut to the
adjoining Data Center and Central Office Building owned by Seller
and/or related Seller entities (the "Skywalk Easement"). The
execution, delivery and recordation of the Skywalk Easement is a
condition precedent to the closing hereunder.
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1.10 Rooftop
Rights . At Closing, Purchaser and Seller shall enter into a
perpetual easement agreement in form and substance mutually
agreeable to the parties, that establishes sole and exclusive
easement rights in favor of Seller in and to all of the rooftop
areas of the Improvements, together with 24 hour, seven day a week
access for Seller and Seller’s designees to and from such
rooftop areas (the "Rooftop Easement"). The execution, delivery and
recordation of the Rooftop Easement is a condition precedent to the
closing hereunder.
1.11
Blanket Technology Easement . At Closing,
Purchaser and Seller shall enter into a perpetual easement
agreement in form and substance mutually agreeable to the parties,
that grants to Seller a blanket easement on, under and through
those portions of the Property as presently exists (including the
existing risers and chase from the basement to the rooftop of the
Property) or as Seller may in the future determine are necessary,
in Seller’s sole discretion, for such wiring, conduit,
connections, cabling and any and all such other technology or
operating system needs of the Data Center and Central Office
Building of AT&T located adjacent to the Property so that those
two buildings continue to have the same connectivity, functionality
and operations through the Property as would exist if Seller had
continued to own the Property (the "Blanket Easement"). The
execution, delivery and recordation of the Blanket Easement is a
condition precedent to the closing hereunder.
1.12
Seller Approval . Seller’s
obligations under this Contract are conditioned on Seller obtaining
such approvals as Seller deems necessary from the Board of
Directors (or a committee of such Board ) of AT&T, Inc. with
respect to this Contract and the transactions contemplated herein.
If Seller does not receive the necessary approvals, Seller may
terminate this Contract by written notice to Purchaser given prior
to the Closing Date.
1.13
Missouri Public Service Commission
Approval . It is further understood and agreed that this
Contract and Seller’s obligations to close hereunder are
contingent upon Seller obtaining the approval of this Contract and
the conveyance provided for herein upon terms and conditions
acceptable to Seller in its sole and exclusive discretion, from the
Missouri Public Service Commission (hereinafter the "MPSC") in
accordance with the Missouri Revised Statutes and regulations
adopted pursuant thereto, without appeal therefrom (collectively,
the "MPSC Approvals"). Seller agrees at its own cost and expense to
diligently prepare and submit an application requesting the MPSC
Approvals promptly following the date of this Contract and to
diligently pursue the MPSC Approvals. Seller shall have no
obligation to appeal any adverse MPSC decision, or to defend any
appeal from any favorable decision. In the event that Seller does
not obtain the MPSC Approvals upon terms and conditions acceptable
to Seller in its sole and exclusive discretion by December 23,
2006, then Seller shall give notice to Purchaser to that effect and
thereafter upon written request of Purchaser the Title Company
shall return to Purchaser the Earnest Money together with interest
accrued thereon, whereupon this Contract and all rights of
Purchaser hereunder shall terminate (except for those provisions
which specifically survive termination) and Seller shall have no
further obligations to Purchaser hereunder.
1.14
Trade Fixtures and Equipment . Purchaser
acknowledges that Seller is currently conducting its
telecommunications business and other related operations at the
Property. All trade fixtures, equipment, furniture, furnishings,
appliances, supplies, records, documents and other items of
moveable personal property relating to the operation of
Seller’s
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business that may be situated upon the Property
(including, without limitation, signage, computer hardware,
racking, such wiring as Seller may chose to remove, alarms and
security equipment, telecommunication and technology equipment and
infrastructure and all proprietary equipment and systems) are
hereby excluded from the Improvements to be conveyed hereunder and
shall remain the property of Seller or AT&T Services, Inc., as
the tenant under the AT&T Lease.
1.15
Termination for Convenience. In addition
to any other provision in this Contract permitting Seller to
terminate the Contract, Seller may also terminate this Contract
upon written notice to Purchaser at any time prior to the Closing
Date for the convenience of Seller, provided that Seller in the
event of any termination by Seller of this Contract, whether for
convenience or as otherwise permitted hereunder, shall in such
event reimburse Purchaser for all of its then reasonable and
customary third party expenses incurred in performing due diligence
on the Property. Seller shall make such reimbursement within thirty
(30) business days of being presented with copies of all third
party invoices and billings for such third party due diligence
services and expenses, together with such other supporting or
back-up documentation as Seller may reasonably request. In the
event Seller disputes any third party due diligence expense
included in Purchaser’s request for reimbursement then Seller
shall reimburse Purchaser for all nondisputed due diligence
expenses and the parties shall resolve any disputed due diligence
expenses by binding mediation.
ARTICLE 2: INSPECTION
2.1
Property Information . Seller shall
deliver or make available to Purchaser the following, to the extent
in Seller’s possession or control (the " Property
Information "), within five days after the Effective Date:
2.1.1 Environmental Reports . Existing third party
environmental reports or site assessments related to the Property
to be delivered to Purchaser by Seller;
2.1.2 Tax Statements . Copies of most recent ad valorem tax
statements relating to the Property, together with the latest
assessment information; and
2.1.3 Contracts and Leases . Copies of any and all management,
service, supply, equipment rental and other contracts related to
the operation of the Property which would survive the terms of the
AT&T Lease, as well as a copy of the existing first floor
leases for tenants who will become subtenants under the AT&T
Lease, as provided therein.
Except as otherwise expressly provided herein, Seller makes no
representations or warranties as to the accuracy or completeness of
the Property Information. The Property Information and all other
information, other than matters of public record, furnished to, or
obtained through inspection of the Property by, Purchaser, its
affiliates, lenders, employees or agents relating to the Property,
will be treated by Purchaser, its affiliates, lenders, employees
and agents as confidential, and will not be disclosed to anyone
other than on a need-to-know basis to Purchaser’s consultants
who agree to maintain the confidentiality of such information, and
will be returned to Seller by Purchaser if the Closing does not
occur.
2.2
Inspections . Commencing on the Effective
Date, at its sole cost and expense, upon reasonable prior notice to
Seller, Purchaser shall have reasonable access during
normal
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business hours to the Property and conducting
inspections and tests, including surveys and architectural,
engineering, geotechnical and environmental inspections and tests,
provided that i) such inspections shall be at such times and
subject to and under such terms, conditions and requirements as
Seller may impose in its sole discretion; ii) shall exclude any
areas deemed by Seller as being secret areas into which Purchaser
may not enter due to confidential or proprietary matters; and iii)
no photography, video or other recording may be taken of any part
of the interior of the building without the prior written consent
of Seller, which consent may be granted or denied in Seller’s
sole discretion. Before any such entry, Purchaser shall provide
Seller with a certificate of insurance naming Seller as an
additional insured and with an insurer and insurance limits
(minimum $5 million) and coverage reasonably satisfactory to
Seller. Purchaser shall not disturb Seller’s business
operations on the Property. In connection with its due diligence
investigations, Purchaser or Purchaser’s representatives may
meet with or contact building officials and governmental
authorities, parties to Service Contracts and other agreements, the
property management personnel, and a walk through of the Property;
provided that Seller shall be given a reasonable opportunity to
participate in any of the foregoing. Purchaser may only enter and
inspect the interior of the Improvements when accompanied by a
representative of Seller. Purchaser may not perform any invasive
testing or drilling without the consent of Seller which consent
will not be unreasonably withheld. In conducting any inspections or
tests of the Property, Purchaser shall keep the Property free and
clear of any liens arising from work performed on behalf of
Purchaser. Purchaser shall restore the Property to substantially
the same condition as existed prior to the tests and inspections,
and shall defend, indemnify and hold Seller harmless from and
against any claims and liabilities asserted against Seller arising
out of Purchaser’s inspections; provided, however, the
indemnity shall not extend to claims or liabilities arising out of
the discovery of any existing environmental condition except to the
extent such condition is made worse by Purchaser’s negligence
or willful misconduct. This indemnity shall survive the Closing and
any termination of this Contract. Within five days after
Seller’s request, Purchaser shall provide Seller with a copy
of the results of any tests and inspections made by or for
Purchaser, excluding only market and economic feasibility studies
(the " Purchaser’s Reports ").
2.3
Absolute Termination Right . Purchaser
shall have through the last day of the Inspection Period in which
to examine, inspect, and investigate the Property and, in
Purchaser’s sole and absolute judgment and discretion,
determine whether the Property is acceptable to Purchaser.
Notwithstanding anything to the contrary in this Contract,
Purchaser may terminate this Contract for any reason or no reason,
by giving written notice of termination to Seller and Escrow Agent
(the " Inspection Termination Notice ") on or before the last
day of the Inspection Period. If Purchaser does not give an
Inspection Termination Notice, this Contract shall continue in full
force and effect, Purchaser shall be deemed to have waived its
right to terminate this Contract pursuant to this Section
2.3, and the Earnest Money shall become non-refundable except
as expressly provided herein.
2.4
Purchaser’s Reliance on its
Investigations . To the maximum extent permitted by
applicable law and except for Seller’s representations and
warranties in Section 8.1 and the warranties of title in the
deed delivered at the Closing (" Seller’s Warranties
"), this sale is made and will be made without representation,
covenant, or warranty of any kind (whether express, implied, or, to
the maximum extent permitted by applicable law, statutory) by
Seller. As a material part of the consideration for this Contract,
Purchaser agrees to accept the Property on an
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"As is" and "Where is" basis, with all faults and
any and all latent and patent defects, and without any
representation or warranty, all of which Seller hereby disclaims,
except for Seller’s Warranties. Except for Seller’s
Warranties, no warranty or representation is made by Seller as to
(a) fitness for any particular purpose, (b) merchantability, (c)
design, (d) quality, (e) condition, (f) operation or income, (g)
compliance with drawings or specifications, (h) absence of defects,
(i) absence of hazardous or toxic substances, (j) absence of
faults, (k) flooding, or (l) compliance with laws and regulations
including, without limitation, those relating to health, safety,
and the environment. Purchaser acknowledges that Purchaser has
entered into this Contract with the intention of making and relying
upon its own investigation of the physical, environmental, economic
use, compliance, and legal condition of the Property and that
Purchaser is not now relying, and will not later rely, upon any
representations and warranties made by Seller or anyone acting or
claiming to act, by, through or under or on Seller’s behalf
concerning the Property, except for Seller’s
Warranties.
Consistent with the foregoing and subject solely to the
Seller’s Warranties, effective as of the Closing Date,
Purchaser, for itself and its agents, affiliates, successors and
assigns, hereby releases, covenants not to sue, and forever
discharges Seller, its agents, affiliates, subsidiaries, successors
and assigns (collectively the " releasees ") from any and
all rights, claims and demands at law or in equity, whether known
or unknown at the time of this Contract, which Purchaser has or may
have in the future, arising out of the physical, environmental,
economic or legal condition of the Property, including, without
limitation, all claims in tort or contract and any claim for
indemnification or contribution arising under the Comprehensive
Environmental Response, Compensation, and Liability Act (42 U.S.C.
Section 9601, et seq.) or any similar federal, state or local
statute, rule or regulation. Purchaser, upon Closing, shall be
deemed to have waived, relinquished and released Seller and all
other releasees from and against any and all matters affecting the
Property.
The provisions of this Section 2.4 shall survive
indefinitely any closing or termination of this Contract and shall
not be merged into the closing documents.
ARTICLE 3: TITLE REVIEW AND APPROVAL
3.1
Title Review . Purchaser acknowledges its
receipt of a current preliminary title report or commitment (such
report or commitment, as it may be amended, supplemented and
updated, the " Preliminary Title Report ") issued by the Title
Company, together with legible copies of all documents of record
referred to in the Preliminary Title Report as exceptions to title
to the Property. Upon execution of this Contract by the parties,
Seller shall direct Title Company to revise the commitment to name
Purchaser’s acquisition entity as the named insured in the
amount of the Purchase Price. Seller shall obtain, at
Seller’s expense, a current ALTA survey (" Survey ")
of the Property during the Inspection Period certified to
Purchaser, Title Company and any other party as Purchaser may
direct. During the Inspection Period, Purchaser shall review title
to the Property as disclosed by the Preliminary Title Report and
the Survey. Seller shall remove or cause the title company to
insure over at Closing any monetary lien for a determinable sum.
Seller may cause the Title Company to insure over mechanics liens
for unpaid labor and materials relating to the Repair Contracts
(defined below). With respect to any other title exceptions, Seller
shall have no obligation to remove such exceptions. The term "
Permitted Exceptions " means those specific exceptions in
the Preliminary Title Report as of the
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end of the Inspection Period other than those
that Seller is required to remove, any real estate taxes not yet
due and payable, zoning ordinances and regulations and other laws
or regulations governing use or enjoyment of the Property, the
Rooftop, Skywalk and Blanket Easements, and the AT&T Lease, and
the current first floor subtenants under lease, as
applicable.
3.2
Title Policy Condition . Purchaser shall
not be obligated to close this transaction unless, upon the sole
condition of payment of the premium, at Closing, the Title Company
is willing to issue to Purchaser an owner’s policy of title
insurance, dated as of the date and time of the recording of the
Deed, with extended coverage, in the amount of the Purchase Price,
insuring Purchaser that title to the Property is vested of record
in Purchaser on the Closing Date, subject only to the Permitted
Exceptions, the printed conditions and exceptions of such policy
other than the standard exceptions deleted by extended coverage and
any other title exceptions accepted or deemed accepted by Purchaser
but including the following endorsements: 3.1 zoning; subdivision;
utility facility, tax parcel number; access; and contiguity (the
" Title Policy "). The agreement of the Title Company to issue
such endorsements will be a condition to Purchaser’s
obligation to close, but the failure of the Title Company to issue
such endorsement will not be deemed a default by Seller
hereunder.
3.3
Owner’s Affidavit . At the Closing,
Seller shall execute and deliver to the Escrow Agent an ALTA
statement in customary form, a standard gap indemnity, and any
other document or undertaking required to cure or remove the
exceptions to title that Seller is obligated to remove pursuant
to Section 3.1 .
3.4
Leasehold Policy . Seller shall also
request, at Seller’s sole cost and expense, that the Title
Company provide Seller at Closing with a simultaneous leasehold
title commitment issued by the Title Company under which the Title
Company will agree at Closing to issue an ALTA Leasehold Policy of
Title Insurance in the amount of the Purchase Price insuring
Seller’s leasehold interest under the Lease, subject only to
the Permitted Exceptions and Purchaser’s acquisition
financing.
3.5
SNDA . Purchaser will provide Seller at
Closing with a Subordination, Non-Disturbance and Attornment
Agreement (in substantially the form attached as an exhibit to the
Lease between the parties) from the holders of all such mortgages,
deeds of trust, liens or other encumbrances arising from the
acquisition financing.
ARTICLE 4: COVENANTS
4.1
Operation of Property; Ongoing Repairs and
Maintenance . From the Effective Date through the Closing,
Seller shall operate and manage the Property in substantially the
same manner in which it is being operated as of the Effective
Date.
4.2
New Contracts . From the Effective Date
through the Closing, Seller will not enter into or amend any
contract that will be an obligation affecting the Property
subsequent to the Closing, except contracts entered into in the
ordinary course of business that do not have a term extending
beyond the end of the terms of the AT&T Lease.
4.3
Estoppel Certificate . [Intentionally
Deleted]
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4.4 Maintenance of Insurance . From the Effective Date
through the Closing, Seller shall continue to carry its existing
insurance on the Improvements.
4.5
Permits and Encumbrances . From the
Effective Date through the Closing, without the prior written
consent of Purchaser, which shall not be unreasonably withheld or
delayed, Seller shall not encumber the Property or create or modify
any exceptions to title to the Property, or initiate or consent to
any action with respect to zoning or other Property entitlements or
permits.
ARTICLE 5: CONDITIONS AND REMEDIES
5.1
Conditions . The obligation of Seller, on
the one hand, and Purchaser, on the other hand, to consummate the
transactions contemplated hereunder shall be subject to the
following conditions:
5.1.1 Representations and Warranties . The other party’s
representations and warranties contained herein shall be true and
correct in all material respects as of the respective dates made
and re-made (subject to Section 10.3.2 below);
5.1.2 Covenants . As of the Closing Date, the other party
shall have performed its material covenants and obligations
hereunder;
5.1.3 Proceedings . There shall exist no pending or threatened
action, suit or proceeding with respect to the other party before
or by any court or administrative agency which seeks to restrain or
prohibit, or to obtain damages or a discovery order with respect
to, this Contract or the consummation of the transactions
contemplated hereby; and
5.1.4 Other . Any other condition set forth in this Contract
to such party’s obligation to close is not satisfied by the
applicable date and time.
5.2
Effect of Failure of Condition . So long
as a party is not in default hereunder, if any condition benefiting
such party has not been satisfied as of the Closing Date or other
applicable date, such party may, in its sole discretion: (i)
terminate this Contract by delivering written notice to the other
party on or before the Closing Date or other applicable date, in
which event the Earnest Money shall be returned to Purchaser
(unless Purchaser is in default hereunder), (ii) extend the time
available for the satisfaction of such condition by up to a total
of 10 business days, but not past December 29, 2006, or (iii) elect
to close, notwithstanding the non satisfaction of such condition,
and therefore waive satisfaction of such condition. If such party
elects to proceed pursuant to clause (ii) above, and such condition
remains unsatisfied after the end of such extension period, then,
at such time, such party may proceed pursuant to either clause (i)
or (iii) above.
ARTICLE 6: CLOSING
6.1
Closing . The consummation of the
transaction contemplated herein (" Closing ") shall occur on
the Closing Date through the usual form of deed and money escrow,
which the parties shall establish with Escrow Agent. Counsel for
the respective parties may provide closing escrow instructions to
the Title Company. In the event of any conflict between the
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escrow instructions and the provisions of this
Contract, as between the parties, the provisions of this Contract
shall control. All conditions to Closing must be met and the
Purchase Price paid to Seller by wire transfer from the Escrow
Agent prior to 1:00 p.m. Central Standard Time on the Closing
Date.
6.2
Seller’s Deliveries in Escrow . On
the Closing Date, Seller shall deliver in escrow to Escrow Agent
the following:
6.2.1 Deed . Special Warranty Deed (the "Deed") executed by
Seller conveying the Property to Purchaser in the form attached to
this Contract as Exhibit B subject to no exceptions other than
the Permitted Exceptions;
6.2.2 Evidence of Authority . If required by the Title
Company, an affidavit signed on behalf of Seller as of the Closing
Date, so as to evidence the authority of the person signing the
Deed and other documents to be executed by Seller at
Closing
6.2.3 Foreign Person . An affidavit of Seller certifying that
Seller is not a "foreign person" as defined in the federal Foreign
Investment in Property Tax Act of 1980;
6.2.4 Owner’s Affidavit . An executed affidavit or other
document acceptable to the Title Company in issuing the
owner’s title policy without exception for possible lien
claims of mechanics, laborers and materialmen and without exception
for parties in possession, except for the rights of the tenant
under the AT&T Lease and the first floor subtenants;
6.2.5 Easements . An executed original of each of the Section
1.9 (Skywalk), 1.10 (Rooftop) and 1.11 (Technology)
easements;
6.2.6 AT&T Lease . Two (2) originals of the AT&T Lease
executed by AT&T Services, Inc. as the tenant thereunder;
and
6.2.7 Other Documentation . Such other documents as may be
reasonable and necessary in the opinion of the Title Company to
consummate and close the purchase and sale contemplated herein
pursuant to the terms and provisions of this Contract.
6.3
Purchaser’s Deliveries in Escrow .
On the Closing Date, Purchaser shall deliver in escrow to Escrow
Agent the following:
6.3.1 Purchase Price . The Purchase Price, less the Earnest
Money that is applied to the Purchase Price, plus or minus
applicable prorations, in immediate, same-day U.S. federal funds
wired for credit into Escrow Agent’s escrow account;
6.3.2 Evidence of Authority . Such consents and authorizations
as the Title Company may reasonably deem necessary to evidence
authorization of Purchaser for the purchase of the Property, the
execution and delivery of any documents required in connection with
Closing and the taking of all action to be taken by the Purchaser
in connection with Closing;
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6.3.3 Lease . Two
(2) originals of the AT&T Lease executed by Purchaser or
Purchaser’s acquisition entity, as landlord;
6.3.4 Easements . An executed original of each of the Section
1.9 (Skywalk), 1.10 (Rooftop) and 1.11 (Technology) easements as
described therein; and
6.3.5 Other Documentation . Such other documents as may be
reasonable and necessary in the opinion of the Title Company to
consummate and close the purchase and sale contemplated herein
pursuant to the terms and provisions of this Contract.
6.4
Closing Statements . As of or prior to the
Closing Date, Seller and Purchaser shall deposit with Escrow Agent
executed closing statements consistent with this Contract in the
form required by Escrow Agent.
6.5
Possession . Seller shall deliver
possession of the Property to Purchaser at the Closing, subject to
the AT&T Lease and the first floor subtenants.
6.6
Proration . There shall be no prorations
of taxes, utilities or other charges since Seller is leasing back
the Property at Closing pursuant to the Lease.
6.7
Closing Expenses . Seller shall pay, on
the Closing Date, the cost of the survey, the base premium cost for
Purchaser’s Title Policy and all title search fees or
commitment fees, one-half (1/2) of any escrow fees and other
customary Closing charges of the Title Company and the cost for
Seller’s leasehold title policy. Purchaser shall pay, on the
Closing Date, all recording costs and the balance of any escrow
fees and other customary Closing charges of the Title Company, the
premium cost of all requested endorsements for the Title Policy,
including any extended coverage or other endorsements set out in
Section 3.2 hereof or otherwise desired by Purchaser. Each party
shall pay its own attorneys’ fees.
ARTICLE 7: PRORATIONS AND ADJUSTMENTS
7.1
Prorations . Real estate taxes and
assessments, charges under Service Contracts, and utility charges
will not be prorated at Closing. At Closing Seller will cause the
tenant under the AT&T Lease to pay, or Purchaser shall be
credited, for "Base Rent" payable under the AT&T Lease from and
including the date of Closing through and including the last day of
the calendar month in which the Closing occurs. Seller shall
continue to be responsible as set forth in the AT&T Lease after
Closing for real estate taxes and assessments, charges under
Service Contracts, and utility charges which accrue before Closing;
provided that Seller’s obligation for real estate taxes
accrued through the date of Closing shall be adjusted between
Seller and the tenant under the AT&T Lease as set forth therein
and real estate taxes shall thereafter be paid and settled as
provided in the AT&T Lease.
7.2
Transfer Taxes . [Intentionally
Deleted]
7.3
Sales Commissions . Seller and Purchaser
represent and warrant each to the other that they have not dealt
with any real estate broker, sales person or finder in connection
with this transaction other than CB Richard Ellis/Brian Scott (NYC
office), on behalf of Seller (the "Broker"). The Broker is an
independent contractor and is not authorized to make any
agreement
10
or representation on behalf of Seller.
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