Buyer Required to Deliver. On or before one (1) business day prior to the Close of Escrow, Buyer shall deliver (or caused to be delivered) to Escrow the following: 6.3.1. In accordance with Section 2, the Deposit; 6.3.2. On or before one (1) business day prior to the Close of Escrow, by 3:00 p.m. (Eastern Time) of the Closing Date, the balance of the Purchase Price; provided, however that Buyer shall not be required to deposit the balance of the Purchase Price into Escrow until Buyer has been notified by Title Company that (i) Seller has delivered to Escrow each of the documents and instruments to be delivered by Seller in connection with Buyer’s purchase of the Property, (ii) Title Company has committed to issue and deliver the Title Policy to Buyer, and (iii) the only impediment to Close of Escrow is delivery of such amount by or on behalf of Buyer; 6.3.3. On or before Close of Escrow, such other documents as the Title Company may require from Buyer in order to issue the Title Policy; 6.3.4. Two (2) originals of an Assignment and Assumption Agreement in the form attached hereto as Exhibit E (the “Assignment Agreement”), duly executed by Buyer assigning all of Seller’s right, title and interest in and to the Leases, Personal Property, Contracts, which Buyer elects to assume or is required to assume pursuant to Section 5.2.3, and Permits from and after the Close of Escrow to Buyer; and 6.3.5. Such other documents as may be required by this Agreement or as may reasonably be required to carry out the terms and intent of this Agreement, provided that such documents shall not increase Buyer’s liability or result in a material expense to Buyer.
Appears in 1 contract
Samples: Purchase and Sale Agreement (Grubb & Ellis Healthcare REIT, Inc.)
Buyer Required to Deliver. On or before one (1) business day prior to the Close of Escrow, Buyer shall deliver (or caused to be delivered) to Escrow the following:
6.3.1. In accordance with Section 2, the Deposit;
6.3.2. On or before one (1) business day prior to the Close of Escrow, by 3:00 5:00 p.m. (Eastern Time) of the Closing Date, the balance of the Purchase Price; provided, however that Buyer shall not be required to deposit the balance of the Purchase Price into Escrow until Buyer has been notified by Title Company Escrow Holder that (i) Seller has delivered to Escrow each of the documents and instruments to be delivered by Seller in connection with Buyer’s purchase of the Property, (ii) Title Company has committed to issue and deliver the Title Policy to Buyer, and (iii) the only impediment to Close of Escrow is delivery of such amount by or on behalf of Buyer;
6.3.3. On or before Close of Escrow, such other documents as the Title Company may require from Buyer in order to issue the Title Policy;
6.3.4. Two (2) originals of an Assignment and Assumption Agreement in the form attached hereto as Exhibit E (the “Assignment Agreement”), duly executed by Buyer assigning all of Seller’s right, title and interest in and to the Leases, Personal Property, Contracts, which Buyer elects to assume or is required to assume pursuant to Section 5.2.3assume, and Permits from and after the Close of Escrow to Buyer; and
6.3.5. Such other documents as may be required by this Agreement or as may reasonably be required to carry out the terms and intent of this Agreement, provided that such documents shall not increase Buyer’s liability or result in a material expense to Buyer.
Appears in 1 contract
Samples: Purchase and Sale Agreement (Grubb & Ellis Healthcare REIT, Inc.)
Buyer Required to Deliver. On or before one (1) business day prior to the Close of Escrow, Buyer shall deliver (or caused to be delivered) to Escrow the following:
6.3.1. 6.3.1 In accordance with Section Paragraph 2, the Deposit;
6.3.2. 6.3.2 On or before one (1) business day prior to the Close of Escrow, by 3:00 p.m. (Eastern Time) of the Closing Date, the balance of the Purchase Price; provided, however that Buyer shall not be required to deposit the balance of the Purchase Price into Escrow until Buyer has been notified by Title Company Escrow Holder that (i) Seller has delivered to Escrow each of the documents and instruments to be delivered by Seller in connection with Buyer’s 's purchase of the Property, (ii) Title Company has committed to issue and deliver the Title Policy to Buyer, and (iii) the only impediment to Close of Escrow is delivery of such amount by or on behalf of Buyer;
6.3.3. 6.3.3 On or before Close of Escrow, such other documents as the Title Company Escrow Holder may require from Buyer in order to issue the Title Policy;
6.3.4. Two (2) originals 6.3.4 A counterpart original of an Assignment and Assumption Agreement in the form attached hereto as Exhibit E C (the “"Assignment Agreement”"), duly executed by Buyer assigning all of Seller’s 's right, title and interest in and to the Leases, Personal Property, Contracts, which Buyer elects to assume or is required to assume pursuant to Section 5.2.3, Contracts and Permits from and after the Close of Escrow.
6.3.5 Duly executed counterpart originals of each of the Tenant Notification Letters (as hereinafter defined);
6.3.6 Evidence reasonably satisfactory to Title Company, Escrow Holder and Seller that all necessary authorizations of the transaction provided herein have been obtained by Buyer, together with such other customary documents and instruments as may be reasonably requested by Escrow Holder or Title Company or Seller in order to Buyerconsummate the transaction contemplated hereby and issue the Owner's Policy; and
6.3.5. Such other documents as may be required 6.3.7 A Closing Statement signed or initialed by this Agreement or as may reasonably be required to carry out the terms and intent of this Agreement, provided that such documents shall not increase Buyer’s liability or result in a material expense to Buyer.
Appears in 1 contract
Buyer Required to Deliver. On or before one Closing (1) business day prior to the Close of Escrowunless otherwise noted), Buyer shall deliver (or caused to be delivered) to Escrow the following:
6.3.17.3.1. In accordance with Section 2Within three (3) business days after the Effective Date, the Deposit;
6.3.27.3.2. On or before one (1) business day prior to the Close of Escrow, by 3:00 p.m. (Eastern Time) of the Closing Date, the The balance of the Purchase Price; provided, however that Buyer shall not be required subject to deposit the balance of the Purchase Price into Escrow until Buyer has been notified by Title Company that (i) Seller has delivered to Escrow each of the documents closing adjustments, credits and instruments to be delivered by Seller in connection with Buyer’s purchase of the Property, (ii) Title Company has committed to issue and deliver the Title Policy to Buyer, and (iii) the only impediment to Close of Escrow is delivery of such amount by or on behalf of Buyerprorations contemplated hereby;
6.3.3. On or before Close of Escrow, such other documents as the Title Company may require from Buyer in order to issue the Title Policy;
6.3.47.3.3. Two (2) originals original counterparts of a duly executed and acknowledged assignment and assumption agreement with respect to the Ground Lease (the “Ground Lease Assignment”) in favor of Buyer in form reasonably acceptable to Buyer and otherwise recordable in the applicable jurisdiction where the Property is located;
7.3.4. Two (2) original counterparts executed by Buyer of an Assignment assignment and Assumption Agreement assumption agreement in substantially the form attached hereto as Exhibit E (the “Assignment Agreement”)C, duly executed by whereby Seller assigns and conveys to Buyer assigning all of Seller’s right, title and interest in in, and to Buyer assumes all of Seller’s obligations under, the Leases, Personal Propertythe Contracts being assumed, Contracts, which Buyer elects to assume or is required to assume pursuant to Section 5.2.3the Permits, and Permits from the Warranties (the “Assignment and after Assumption Agreement”);
7.3.5. Two (2) original counterparts executed by Buyer of the Close of Closing Statement (as hereinafter defined); provided, however that such executed Closing Statement may be transmitted by facsimile and/or e-mail so long as two (2) original counterparts are deposited with Federal Express or other nationally recognized overnight delivery service on the Closing Date for delivery to Escrow to BuyerHolder the next business day; and
6.3.57.3.6. Such other evidence or documents as may be required by this Agreement or as may reasonably be required by the Title Company evidencing the status and capacity of Buyer and the authority of the person or persons who are executing the various documents on behalf of Buyer in connection with the purchase of the Property.
7.3.7. Such other instruments as may be reasonably required to carry out consummate the terms and intent of transactions contemplated by this Agreement, provided that such documents shall not increase Buyer’s liability or result in a material expense to Buyer.
Appears in 1 contract
Samples: Purchase and Sale Agreement (G REIT Liquidating Trust)
Buyer Required to Deliver. On or before one (1) business day prior to the Close of Escrow, Buyer shall deliver (or caused to be delivered) to Escrow the following:
6.3.1. In accordance with Section 2, the Deposit;
6.3.2. On or before one (1) business day prior to the Close of Escrow, by 3:00 5:00 p.m. (Eastern Time) of the Closing Date, the balance of the Purchase Price; provided, however that Buyer shall not be required to deposit the balance of the Purchase Price into Escrow until Buyer has been notified by Title Company Escrow Holder that (i) Seller has delivered to Escrow each of the documents and instruments to be delivered by Seller in connection with Buyer’s purchase of the Property, (ii) Title Company has committed to issue and deliver the Title Policy to Buyer, and (iii) the only impediment to Close of Escrow is delivery of such amount by or on behalf of Buyer;
6.3.3. One (1) original Indiana Sales Disclosure pursuant to Indiana Code Section 6-1.1-5.5 (“Sales Disclosure”), duly executed and acknowledged by Buyer and in proper form for recording.
6.3.4. On or before Close of Escrow, such other documents as the Title Company may require from Buyer in order to issue the Title Policy;
6.3.46.3.5. Two (2) originals of an Assignment and Assumption Agreement in the form attached hereto as Exhibit E (the “Assignment Agreement”), duly executed by Buyer assigning all of Seller’s right, title and interest in and to the Leases, Personal Property, Contracts, which Buyer elects to assume or is required to assume pursuant to Section 5.2.3assume, and Permits from and after the Close of Escrow to Buyer; and
6.3.56.3.6. Such other documents as may be required by this Agreement or as may reasonably be required to carry out the terms and intent of this Agreement, provided that such documents shall not increase Buyer’s liability or result in a material expense to Buyer.
6.3.7. A written undertaking, reasonably satisfactory to Seller, under which Buyer agrees to maintain, in good condition and repair, the paved drives and the drainage pond located on the Property within easements pursuant to that certain Declaration of Easements dated February 28, 2003 and recorded on March 5, 2003 in the office of the recorder of Xxxxxx County, Indiana as Instrument Number 2003-0045941.
Appears in 1 contract
Samples: Purchase and Sale Agreement (Grubb & Ellis Healthcare REIT, Inc.)
Buyer Required to Deliver. On or before No later than one (1) business day prior to the Close of EscrowEscrow (unless an earlier date is specified), Buyer shall deliver (or caused to be delivered) to Escrow the following:
6.3.1. In accordance with Section 2, the Deposit;
6.3.2. On or before one (1) business day prior to the Close of Escrow, by 3:00 p.m. (Eastern Time) of the Closing Date, the balance of the Purchase Price; provided, however that Buyer shall not be required to deposit the balance of the Purchase Price into Escrow until Buyer has been notified by Title Company Escrow Holder that (i) Seller has delivered to Escrow each of the documents and instruments to be delivered by Seller in connection with Buyer’s purchase of the Property, (ii) Title Company has committed to issue and deliver the Title Policy to Buyer, and (iii) the only impediment to Close of Escrow is delivery of such amount by or on behalf of Buyer;
6.3.3. On or before Close of Escrowthe Closing Date, such other documents as the Title Company may require from Buyer in order to issue the Title Policy;
6.3.4. Two (2) originals of an Assignment and Assumption Agreement of Intangible Property for each of the Health Quest Group Properties in the form attached hereto as Exhibit E D (the “Assignment Agreementof Intangible Property”), duly executed by Buyer assigning all of Seller’s right, title and interest in and to the Leases, Personal Intangible Property, Contractsthe Contracts and the Permits
6.3.5. Two (2) originals of an Assignment of Leases for each of the Health Quest Group Properties in the form attached hereto as Exhibit E (the “Assignment of Leases”), which duly executed by Buyer elects assigning all of Seller’s right, title and interest in and to assume or is required to assume the Leases (with the exception of those Leases disapproved by Buyer pursuant to Section 5.2.3, and Permits from and after the Close terms of Escrow to Buyerthis Agreement); and
6.3.56.3.6. Such other documents as may be required by this Agreement or as may reasonably be required to carry out the terms and intent of this Agreement, provided that such documents shall not increase Buyer’s liability or result in a material expense to Buyer.
Appears in 1 contract
Samples: Purchase and Sale Agreement (NNN Healthcare/Office REIT, Inc.)
Buyer Required to Deliver. On or before 12:00 p.m. (Eastern Time) one (1) business day prior to the Close of EscrowClosing Date, Buyer shall deliver (or caused to be delivered) to Escrow Holder the following:
6.3.1. In accordance with Section 2, the Deposit;
6.3.2. On or before one (1) business day prior to the Close of Escrow, by 3:00 p.m. (Eastern Time) of the Closing Date, the The balance of the Purchase Price; provided, however less the Deposit that Buyer shall not be required is being held by Escrow Holder, the Free Rent Credit (as defined in Section 6.7.1(e) below) and any other credits or adjustments made pursuant to deposit the balance of the Purchase Price into Escrow until Buyer has been notified by Title Company that (i) Seller has delivered to Escrow each of the documents and instruments to be delivered by Seller in connection with Buyer’s purchase of the Property, (ii) Title Company has committed to issue and deliver the Title Policy to Buyer, and (iii) the only impediment to Close of Escrow is delivery of such amount by or on behalf of Buyerthis Agreement;
6.3.36.3.2. On or before Close of Escrow, such Such other documents as the Title Company may require from Buyer in order to issue the Title Policy;
6.3.46.3.3. Two (2) originals of an Assignment and Assumption Agreement in the form attached hereto as Exhibit E (the “Assignment Agreement”), duly executed by Buyer assigning all of Seller’s right, title and interest in and to the Leases, Personal Property, Contracts, those Contracts which Buyer elects to assume or is required to assume assumes pursuant to Section 5.2.3the terms of this Agreement, and Permits from and after the Close of Escrow to Buyer; and;
6.3.4. Two (2) original limited-scope management agreement (the “Management Agreement”), the form of which shall be mutually agreed upon prior to the expiration of the Due Diligence Period, duly executed by Buyer whereby Buyer engages Crossgate Partners, LLC, a Georgia limited liability company, to provide certain property management services (not including accounting) on behalf of Buyer at the Property for a combined total consideration of two and a half percent (2.5%) of the monthly gross revenues collected from the operation of the Property for a period of three (3) years commencing as of the Close of Escrow and such other reimbursements as are set forth in the Management Agreement;
6.3.5. Such other documents as may be required Two (2) original escrow agreements (the “TI Escrow Agreement”) duly executed by this Agreement or as may reasonably be required to carry out the terms and intent of this Agreement, provided that such documents shall not increase Buyer’s liability or result Buyer in a material expense form reasonably acceptable to Buyer.Buyer and Seller which shall identify an escrow account (the “TI Escrow Account”) and govern the holding and disbursement of the “TI Funds” (as defined in Section 6.6.4 below);
Appears in 1 contract
Samples: Purchase and Sale Agreement (NNN Healthcare/Office REIT, Inc.)
Buyer Required to Deliver. On or before one (1) business day prior to the Close of Escrow, Buyer shall deliver (or caused to be delivered) to Escrow the following:
6.3.1. In accordance with Section Paragraph 2, the Deposit;
6.3.2. On or before one (1) business day prior to the Close of Escrow, by 3:00 p.m. (Eastern Time) of the Closing Date, the balance of the Purchase Price; provided, however that Buyer shall not be required to deposit the balance of the Purchase Price into Escrow until Buyer has been notified by Title Company Escrow Holder that (i) Seller has delivered to Escrow each of the documents and instruments to be delivered by Seller in connection with Buyer’s purchase of the Property, (ii) Title Company has committed to issue and deliver the Title Policy to Buyer, and (iii) the only impediment to the Close of Escrow is delivery of such amount by or on behalf of Buyer;
6.3.3. On or before the Close of Escrow, such other documents as the Title Company Agent or Escrow Holder may reasonably require from Buyer in order to issue the Title Policy;
6.3.4. Two (2) originals On or before the Close of Escrow, a counterpart original of an Assignment and Assumption Agreement in the form attached hereto as Exhibit E B (the “Assignment Agreement”), duly executed by Buyer assigning all of Seller’s right, title and interest in and to the Leases, Personal Property, Contracts, which Buyer elects to assume or is required to assume pursuant to Section 5.2.3, Contracts and Permits from and after the Close of Escrow to BuyerEscrow; and
6.3.5. Such other documents On or before the Close of Escrow, a counterpart escrow agreement attached hereto as may be required by this Agreement or as may reasonably be required to carry out the terms and intent of this Agreement, provided that such documents shall not increase Buyer’s liability or result in a material expense to Buyer.Exhibit C.
Appears in 1 contract
Samples: Purchase and Sale Agreement (NNN Healthcare/Office REIT, Inc.)
Buyer Required to Deliver. On Buyer shall deliver to Escrow, on or before one Closing except as specified in Section 7.3.1, the following (1) business day each in form and content reasonably approved by Buyer and any other party thereto, which form shall [except to the extent already attached as an Exhibit hereto] be mutually and reasonably agreed upon prior to the Close expiration of Escrow, Buyer shall deliver (or caused to be delivered) to Escrow the following:Inspection Period):
6.3.1. In accordance with Section 2, the Deposit;
6.3.27.3.1. On or before one (1) business day prior to the Close of Escrow1:00 p.m. Central Standard or Daylight Savings Time, by 3:00 p.m. (Eastern Time) of as applicable, on the Closing Date, the balance of the Purchase Price, subject to the closing adjustments, credits and prorations as shown on the approved settlement statement; provided, however however, that, notwithstanding anything to the contrary in this Agreement, if Buyer fails to make such delivery by 1:00 p.m. Central Standard or Daylight Savings Time, as applicable, but nevertheless makes such delivery on the Closing Date, prorations shall be recalculated in accordance with Section 7.7 below and for purposes of prorations, the Closing Date shall be deemed the next business day;
7.3.2. Two (2) original counterparts executed by Buyer of an assignment and assumption agreement in substantially the form attached hereto as Exhibit B, whereby Seller assigns and conveys to Buyer all of Seller’s right, title and interest in, and Buyer assumes all of Seller’s obligations under, the Leases, the Contracts being assumed and the Permits (the “Assignment and Assumption Agreement”);
7.3.3. Two (2) original counterparts executed by Buyer of the Buyer’s Closing Statement as approved by Buyer;
7.3.4. If applicable, three (3) original counterparts executed and acknowledged by Buyer of an assumption agreement in form and content reasonably acceptable to Buyer pursuant to which Buyer assumes the Existing Loan [as it may be modified] and Seller and all guarantors are prospectively released from liability under the Existing Loan (the “Loan Assumption Agreement”);
7.3.5. A letter from Buyer and Seller (in form and content reasonably approved by each) addressed to each Tenant, to be delivered by Buyer promptly after Closing, informing such Tenant of the change in ownership, stating the exact amount of the Tenant’s security deposit, and acknowledging that Buyer has received and is responsible for the Tenant’s security deposit, and directing that future rent payments be made as instructed by Buyer (the “Tenant Notice”);
7.3.6. Three original counterparts of an agreement executed and acknowledged by Buyer (in form and content reasonably approved by Buyer during the Inspection Period) in counterpart, running with the land and binding Buyer, Seller, and their successors and assigns, which agreement shall document: (i) intentionally omitted; (ii) the fact that title to the Sculpture remains in Seller; (iii) permitting the Sculpture to remain in place in the courtyard of the building located on the Real Property for up to five (5) years from the Closing Date; (iv) providing for Seller’s obligation to insure and maintain the Sculpture as reasonably required by Buyer (or, if Seller fails to do so, at Buyer’s election, Buyer may insure and maintain the Sculpture, and receive reimbursement from Seller of Buyer’s actual out-of-pocket reasonable costs of doing so); (v) permitting Seller to remove the Sculpture at any time upon at least thirty (30) days’ written notice to Buyer; (vi) requiring Seller to remove the Sculpture at the end of such 5-year period; and (vii) requiring Seller to restore the surface of the courtyard in a commercially reasonable manner within ten (10) days of Seller’s removal of the Sculpture (or, if such restoration cannot reasonably be completed within such 10-day period, within such time as is reasonable under the circumstances), provided, however, that Seller shall not be required to deposit remove the balance of footing or pediment upon which the Purchase Price into Escrow until Buyer has been notified by Title Company that (i) Seller has delivered Sculpture is placed, and to Escrow each of the documents and instruments repair any damage caused in connection therewith, such removal, restoration and/or repair to be delivered by Seller in connection with Buyerat Seller’s purchase of cost and expense (the Property, (ii) Title Company has committed to issue and deliver the Title Policy to Buyer, and (iii) the only impediment to Close of Escrow is delivery of such amount by or on behalf of Buyer“Sculpture Agreement”);
6.3.37.3.7. On or before Close of Escrow, such Such other documents as the Title Company or Seller may reasonably require from Buyer in order to issue the Title Policy;
6.3.4. Two (2) originals of an Assignment and Assumption Agreement in the form attached hereto as Exhibit E (the “Assignment Agreement”), duly executed by Buyer assigning all of Seller’s right, title and interest in Policy and to the Leases, Personal Property, Contracts, which Buyer elects to assume or is required to assume pursuant to Section 5.2.3, and Permits from and after the Close of Escrow to Buyerclose this transaction; and
6.3.57.3.8. Such other Evidence of the existence, organization and authority of Buyer and of the authority of the persons executing documents as may be required by this Agreement or as may on behalf of Buyer reasonably be required satisfactory to carry out Seller, the terms Escrow Holder and intent of this Agreement, provided that such documents shall not increase Buyer’s liability or result in a material expense to Buyerthe underwriter for the Title Policy.
Appears in 1 contract
Samples: Purchase and Sale Agreement (NNN 2003 Value Fund LLC)
Buyer Required to Deliver. On or before one (1) business day prior to the Close of Escrow, Buyer shall deliver (or caused to be delivered) to Escrow the following:
6.3.1. In No later than in accordance with Section 2, the Deposit;
6.3.2. On or before one (1) business day prior to the Close of Escrow, by 3:00 p.m. (Eastern Time) of the Closing Date, the balance of the Purchase Price; provided, however that Buyer shall not be required to deposit the balance of the Purchase Price into Escrow until Buyer has been notified by Title Company Escrow Holder that (i) Seller has delivered to Escrow each of the documents and instruments to be delivered by Seller in connection with Buyer’s purchase of the PropertyProperty as provided in Section 6.4.1 below, (ii) Title Company has committed to issue and deliver the Title Policy to Buyer, and (iii) the only impediment to Close of Escrow is delivery of such amount by or on behalf of Buyer;
6.3.3. On or before Close of Escrow, such other documents as the Title Company may require from Buyer in order to issue the Title Policy;
6.3.4. Two (2) originals of an Assignment and Assumption Agreement in the form attached hereto as Exhibit E D-1 and Exhibit D-2 (the “Assignment Agreement”)) for (i) the 515 Parcel, (ii) the 500 Parcel, and (iii) the Mound Street Parking Lot, duly executed by Buyer assigning all of Seller’s right, title and interest in and to the Leases, Personal Property, Contracts, which Buyer elects to assume or is required to assume pursuant to Section 5.2.3assume, and Permits from and after the Close of Escrow to Buyer; and;
6.3.5. Such other documents as may be required by this Agreement or as may reasonably be required to carry out the terms and intent of this Agreement, provided that such documents shall not increase Buyer’s liability or result in a material expense to Buyer;
6.3.6. Two (2) original counterparts of a Parking Lease Agreement in the form mutually agreed to by and between 4MX Partners, as lessor, and Buyer, as lessee, dated prior to the Close of Escrow (the “515 Parking Lease”), duly executed by Buyer under which 4MX Partners leases to Buyer, its successor or assigns, and Buyer leases from 4MX Partners, forty-one (41) exclusive parking spaces, which shall be located within those certain improved, non-exclusive parking areas more particularly described on the attached Exhibit H for a term of the earlier of (a) one hundred twenty (120) days from the Close of Escrow or (b) the completion of construction of the “Parking Lot Improvements” (as defined below) on the Mound Street Parking Lot, at a rate of Twenty Five and No/100 Dollars ($25.00) per month per parking space, subject to a one day extension (but no more than one hundred fifty (150) additional days) for each day the construction of the Parking Lot Improvements are not complete due to a prevention, delay or stoppage caused by strikes, lockouts, labor disputes, acts of God, inability to obtain services, labor, or materials or reasonable substitutes therefor, governmental actions, civil commotions, fire or other casualty, or other causes beyond the reasonable control of Buyer, as lessee, including, without limitation, the inability of Buyer to obtain any permit or approval necessary to complete the Parking Lot Improvements (each, a “Force Majeure Event“) if and only if Buyer, as lessee, exercises commercially reasonable efforts to obtain all necessary permits and approvals and diligently continues to prosecute its plans to complete the Parking Lot Improvements; provided, however, that 4MX Partners, its successors or assigns, may in its sole discretion relocate the exclusive parking spaces to a comparable location in the Market Exchange District so long as such location is within 750 feet from the entrance/exit doors to the 515 Building;
6.3.7. Two (2) original counterparts of a Parking Lease Agreement in the form mutually agreed to by and between Savoy Properties, Ltd. (“Savoy”), as lessor, and Buyer, as lessee, dated prior to the Close of Escrow (the “Savoy 515 Parking Lease”), duly executed by Buyer under which Savoy leases to Buyer, its successor or assigns, and Buyer leases from Savoy, sixty-five (65) exclusive parking spaces, which shall be located within those certain improved, non-exclusive parking areas more particularly described on the attached Exhibit H (the “Savoy 515 Parking Area”) for a term of the earlier of (a) one hundred twenty (120) days from the Close of Escrow or (b) the completion of construction of the Parking Lot Improvements on the Mound Street Parking Lot, at a rate of Twenty Five and No/100 Dollars ($25.00) per month per parking space, subject to a one day extension (but no more than one hundred fifty (150) additional days) for each day the construction of the Parking Lot Improvements are not complete due to a prevention, delay or stoppage caused by a Force Majeure Event if and only if Buyer, as lessee, exercises commercially reasonable efforts to obtain all necessary permits and approvals and diligently continues to prosecute its plans to complete the Parking Lot Improvements; provided, however, that Savoy, its successors or assigns, may in its sole discretion relocate the exclusive parking spaces to a comparable location in the Market Exchange District so long as such location is within 750 feet from the entrance/exit doors to the 515 Building;
6.3.8. Two (2) original counterparts of a Parking Lease Agreement in the form mutually agreed to by and between 4MX Partners, as lessor, and Buyer, as lessee, dated prior to the Close of Escrow (the “4MX Parking Lease”), duly executed by Buyer under which 4MX Partners leases to Buyer, its successor or assigns, and Buyer leases from 4MX Partners eleven (11) exclusive parking spaces, which shall be located within those certain improved, non-exclusive parking areas 750 feet from either the main front and/or main rear entrance/exit doors to the 500 Building (the “500 Parking Area”) for a term of the earlier of (a) one hundred twenty (120) days from the Close of Escrow or (b) the completion of construction of the Parking Lot Improvements on the Mound Street Parking Lot free of charge, subject to a one day extension (but no more than one hundred fifty (150) additional days) for each day the construction of the Parking Lot Improvements are not complete due to a prevention, delay or stoppage caused by a Force Majeure Event if and only if Buyer, as lessee, exercises commercially reasonable efforts to obtain all necessary permits and approvals and diligently continues to prosecute its plans to complete the Parking Lot Improvements; provided, however, that 4MX Partners may in its sole discretion relocate the exclusive parking spaces to a comparable location in the Market Exchange District so long as such location is within 750 feet from the entrance/exit doors to the 500 Building;
6.3.9. Two (2) original counterparts of a Parking Lease Agreement in the form mutually agreed to by and between JDS Management, Inc., its successors or assigns (“JDS”), as lessor, and Buyer, as lessee, dated prior to the Close of Escrow (the “JDS Parking Lease”), which shall commence upon the termination of the 515 Parking Lease, the Savoy 515 Parking Lease and/or the 4MX Parking Lease, together with a recordable memorandum thereof, duly executed by Buyer under which JDS leases to Buyer, its successors or assigns, and Buyer leases from JDS, up to seventy (70) exclusive parking spaces, which shall be located within those certain improved, non-exclusive parking areas more particularly described on the attached Exhibit H (the “JDS Parking Area”) for a term of fifteen (15) years at an initial rate of $25 per month per parking space for the first three (3) years and six (6) months of the term (“Initial Lease Period”) and then at a rate of 95% of the fair rental value as a parking lot after the Initial Lease Period. JDS further reserves the right during the term of the JDS Parking Lease to relocate, in its sole discretion, the exclusive parking spaces to a comparable location in the Market Exchange District so long as such location is within 750 feet from the entrance/exit doors of the 515 Building;
6.3.10. Two (2) original counterparts of the document(s) transferring the “Site Plan” (as defined below) and the “Development Rights” (as defined below) duly executed by Buyer.
6.3.11. Two (2) original counterparts of a Cell Tower Agreement (as defined below), together with a recordable memorandum thereof, executed by Buyer;
6.3.12. Two (2) original counterparts of the “Abatement Assignment” (as defined below) duly executed by Buyer; and
Appears in 1 contract
Samples: Purchase and Sale Agreement (NNN Healthcare/Office REIT, Inc.)