INTEREST ON EARNEST MONEY POC
Exhibit 2.2
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CLOSING STATEMENT INFORMATION
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Property Name: REGENCY PARK SHOPPING CENTER
Seller: REGENCY PARK ASSOCIATES
an Illinois general partnership
Purchaser: NEW PLAN REALTY TRUST
a Massachusetts business trust
Proration Date: 6/15/97
Proration as of: 11:59 PM, SUNDAY JUNE 15, 1997
Closing Date: 6/16/97
Closing as of: MONDAY JUNE 16, 1997
Tax Begin Date: 1/1/97
Tax End Date: 12/31/97
Month Begin Date 6/1/97
Month End Date 6/30/97
CLOSING STATEMENT
FOR SALE OF
REGENCY PARK SHOPPING CENTER
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SELLER: REGENCY PARK ASSOCIATES
an Illinois general partnership
PURCHASER: NEW PLAN REALTY TRUST
a Massachusetts business trust
PRORATION DATE: 11:59 PM, SUNDAY JUNE 15, 1997
CLOSING (FUNDING) MONDAY JUNE 16, 1997
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CREDIT CREDIT
PURCHASER SELLER
--------- ------
PURCHASE PRICE 19,325,000.00
XXXXXXX MONEY (held by Chicago Title Insurance Company) 300,000.00
INTEREST ON XXXXXXX MONEY POC
PRO-RATE REAL ESTATE TAXES 122,542.98
[See Schedule A]
PRO-RATE JUNE, 1997 RETAIL LEASE CHARGES 97,948.93
[See Schedule D]
TENANT PREPAID RENTS 32,345.16
[See Schedule B]
PRO-RATE SERVICE CONTRACTS 1,713.61
[See Schedule C]
TENANT ALLOWANCES 44,964.40
[See Schedule F]
LANDSCAPING CREDIT 4,260.00
------------- -------------
SUBTOTALS 602,061.47 19,326,713.61
CASH AMOUNT DUE TO SELLER 18,724,652.14
------------- -------------
TOTAL CREDITS 19,326,713.61 19,326,713.61
============= =============
APPROVED: SELLER APPROVED: PURCHASER
REGENCY PARK ASSOCIATES NEW PLAN REALTY TRUST
an Illinois general partnership a Massachusetts business trust
By: By:
By: ________________________________ By: ________________________________
Its: ________________________________ Its: ________________________________
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REGENCY PARK SHOPPING CENTER
SOURCES AND USES STATEMENT
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PURCHASER'S SOURCES AND USES:
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BALANCE OF CASH TO BE FUNDED BY PURCHASER 18,724,652.14
----------------
ADDITIONAL CASH OUTLAYS BY PURCHASER:
TITLE CHARGES
Title Insurance Extended Coverage (100%) 55,325.00
Xxxxxxxxx Realty (Sub spot lease) 3,016.00
Escrow Fees (50%) 500.00
----------------
PURCHASERS CLOSING COSTS 58,841.00
----------------
TOTAL CASH OUTLAY BY PURCHASER 18,783,493.14
================
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SELLER'S SOURCES AND USES:
-------------------------
XXXXXXX MONEY 300,000.00
CASH AMOUNT DUE TO SELLER 18,724,652.14
----------------
TOTAL SELLER'S SOURCES 19,024,652.14
----------------
ITEMS PAYABLE FROM SELLER'S PROCEEDS AT CLOSING:
Survey Fees (100%) 8,775.00
Transfer Stamps (100%) 135,275.00
Escrow Fees (50%) 500.00
----------------
SELLERS CLOSING COSTS 144,550.00
BROKER COMMISSION PAYABLE TO XXX XXXXXX ASSOCIATES 386,500.00
LOAN PAYABLE TO THE TRAVELERS INSURANCE COMPANY 15,491,345.55
SECURITY DEPOSIT PAYMENT 39,566.48
LEGAL FEES PAYABLE TO KATTIN, MUCHIN & ZAVIS POC
LEGAL FEES PAYABLE TO XXXXXXXXX & XXXXXXXXXXX POC
----------------
TOTAL CASH OUTLAY BY SELLER 16,061,962.03
----------------
BALANCE TO SELLER 2,962,690.11
================
SCHEDULE A
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REGENCY PARK SHOPPING CENTER
PRO-RATE 1997 PROPERTY TAXES
PRORATION MADE AS OF: 11:59 PM, SUNDAY JUNE 15, 1997
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ACTUAL 1996 REAL ESTATE TAXES:
123030-1000-6 - REAL ESTATE TAXES 269,380.39
00000-000-0 - PERSONAL PROPERTY TAXES 66.53
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TOTAL 1996 REAL ESTATE TAXES: 269,446.92
ESTIMATED 1997 REAL ESTATE TAXES 269,446.92
SELLER'S PRORATA SHARE OF 1997 TAXES 166/365 45.479%
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SELLER'S SHARE OF 1997 TAXES 122,542.98
LESS AMOUNT PAID BY SELLER -
-------------
CREDIT DUE TO PURCHASER (SELLER): 122,542.98
=============
NOTES:
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[1] The 1996 Real Estate taxes are paid in full. The 1997 tax xxxx has not yet been received and the taxes
will be reprorated based on the actual billed.
SCHEDULE B
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REGENCY PARK SHOPPING CENTER
TENANT PREPAID RENTS
PRORATION MADE AS OF: 11:59 PM, SUNDAY JUNE 15, 1997
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AMOUNT
MERCHANT NAME PREPAID
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AT & T WIRELESS 4.63
BABIES 'R' US 332.38
BAPTIST BOOKSTORE 161.35
LENSCRAFTERS 171.55
XXXXXXXX'X 460.32
OUTBACK STEAKHOUSE 463.74
SERVICE MERCHANDISE 29,867.13
FAMOUS FOOTWARE 320.07
XXXXX BEAUTY SUPPLY 341.40
WALDENBOOKS 222.59
------------
TOTAL PREPAID RENTS CREDITED TO PURCHASER 32,345.16
============
NOTE: The large prepaid balance for Service Merchandise is the result of the tenant's overpayment of its monthly Common
Area charges for the period 1/95 - 6/97.
SCHEDULE C
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REGENCY PARK SHOPPING CENTER
RECURRING PAYABLES PRORATION
PRORATION MADE AS OF: 11:59 PM, SUNDAY JUNE 15, 1997
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SERVICE CONTRACTS
CREDIT DUE
BILLING PERIOD # of DAYS PURCHASER
VENDOR NAME PAYMENT BEGIN END CREDIT or (SELLER)
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PAID BY SELLER:
Grass Master Lawn Care & Landscaping (2,308.63) 06/01/97 06/30/97 15 (1,154.32)
Orkin (Pest Control) (140.58) 02/01/97 01/31/98 230 (88.58)
Orkin (Pest Control) (226.85) 02/01/97 01/31/98 230 (142.95)
ADT Security System (Sprinkler Service) (2,160.27) 01/01/97 12/31/97 199 (1,177.79)
Florida Sound Engineering Company (Musak) (58.95) 06/01/97 06/30/97 15 (29.48)
Clean Sweepers d/b/a Xxxxx Sweeping (425.70) 06/01/97 06/30/97 15 (212.85)
Xxxx South (ADT alarm system monitoring) (105.41) 05/23/97 06/22/97 7 (23.80)
Xxxxxxxx Xxxxxx (Trash Collection) (48.51) 06/01/97 06/30/97 15 (24.26)
Xxxx South (Local phone sevice) (43.24) 05/20/97 06/19/97 4 (5.58)
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TOTAL CREDIT DUE TO PURCHASER (SELLER) (2,859.61)
---------
PAYABLE BY BUYER:
Intercon Security 2,079.00 06/01/97 06/30/97 15 1,039.50
Orkin (Pest Control) 213.00 06/01/97 06/30/97 15 106.50
TOTAL CREDIT DUE TO PURCHASER (SELLER) 1,146.00
---------
NET CREDIT DUE TO PURCHASER (SELLER) (1,713.61)
=========
SCHEDULE D
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REGENCY PARK SHOPPING CENTER
RETAIL TENANTS MONTHLY CHARGES
PRORATION MADE AS OF: 11:59 PM, SUNDAY JUNE 15, 1997
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TOTAL
SUITE JUNE UTILITY JUNE
MERCHANT NAME NUMBER SF RENT CAM RET OTHER CHARGES
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AT & T WIRELESS 75170-1352 2,470 2,470.00 195.54 228.48 - 2,894.00
BABIES 'R' US (A) 75170-1500 40,150 23,420.83 2,008.00 - - 25,428.83
BAPTIST BOOKSTORE 75170-1116 10,640 8,086.40 1,500.00 1,012.00 - 10,598.40
BENEFICIAL 75170-1012 1,970 1,970.00 155.96 182.23 - 2,308.19
CHINA BUFFET 75170-1112 4,009 3,340.83 321.00 371.00 - 4,032.83
DAVID'S BRIDAL (B) 75170-1334 7,975 3,489.06 631.36 737.69 - 4,858.11
FAMOUS FOOTWEAR #334 75170-1342 5,208 5,208.00 218.00 490.00 - 5,916.00
XXXXX XXXXX 75170-1326 1,717 1,717.00 130.00 160.25 - 2,007.25
LADIES SUITS 75170-1310 3,005 2,378.96 226.00 280.47 - 2,885.43
LENSCRAFTERS 75170-1128 6,075 7,340.63 460.00 572.00 - 8,372.63
XXXXXXXX'X (A) 75170-1200 28,326 18,293.88 1,425.63 - - 19,719.51
MICHAELS (A) 75170-1300 21,784 13,106.71 1,394.00 - - 14,500.71
NATIONS CREDIT 75170-1318 1,175 1,118.50 110.00 110.00 - 1,338.50
OUTBACK STEAKHOUSE 75170-1320 6,242 5,201.66 880.00 594.00 125.00 6,800.66
PRINCESS NAILS 75170-1104 1,603 1,335.83 121.00 151.00 - 1,607.83
XXXXXX (A,C) 75170-1100 85,000 23,906.25 - - - 23,906.25
XXXX LTD. BIG & TALL 75170-1330 3,586 2,689.50 388.00 341.00 - 3,418.50
S & K FAMOUS BRANDS 75170-1122 5,189 3,026.92 393.00 488.00 - 3,907.92
XXXXX BEAUTY SUPPLY 75170-1346 1,680 2,030.00 237.00 229.00 34.00 2,530.00
SERVICE MERCHANDISE (A) 75170-1400 47,200 29,166.67 2,372.00 - - 31,538.67
SIZES UNLIMITED 75170-1348 3,493 4,075.17 267.00 332.00 - 4,674.17
XXXXX XXXXXX, P.A. 75170-1106 1,603 1,666.67 121.00 154.00 - 1,941.67
TCBY YOGURT 75170-1006 1,101 1,101.00 77.00 150.00 22.18 1,350.18
WALDENBOOKS 75170-2P 7,200 12,708.33 545.00 685.00 - 13,938.33
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298,401 178,848.80 14,176.49 7,268.10 181.18 200,474.57
===================================================================
SCHEDULE D
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REGENCY PARK SHOPPING CENTER
RETAIL TENANTS MONTHLY CHARGES
PRORATION MADE AS OF: 11:59 PM, SUNDAY JUNE 15, 1997
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PURCH. JUNE TOTAL TOTAL TOTAL
CHARGES PRORATA BALANCE CHARGES BALANCE SELLERS PURCH.
MERCHANT NAME PAID SHARE PRIOR 6/1 BALANCE O/S SHARE O/S SHARE O/S
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AT & T WIRELESS 2,894.00 1,447.00 - - - - -
BABIES 'R' US (A) 25,428.83 12,714.42 - - - - -
BAPTIST BOOKSTORE 10,598.40 5,299.20 - - - - -
BENEFICIAL 2,308.19 1,154.10 - - - - -
CHINA BUFFET 4,032.83 2,016.42 761.09 - 761.09 761.09 -
DAVID'S BRIDAL (B) 4,858.11 2,429.06 8.28 - 8.28 8.28 -
FAMOUS FOOTWEAR #334 5,916.00 2,958.00 - - - - -
XXXXX XXXXX - - 45.71 2,007.25 2,052.96 1,049.33 1,003.63
LADIES SUITS 2,885.43 1,442.72 743.56 - 743.56 743.56 -
LENSCRAFTERS 8,372.63 4,186.32 - - - - -
XXXXXXXX'X (A) 19,719.51 9,859.76 - - - - -
MICHAELS (A) 14,500.71 7,250.36 3,621.55 - 3,621.55 3,621.55 -
NATIONS CREDIT 1,338.50 669.25 58.72 - 58.72 58.72 -
OUTBACK STEAKHOUSE 6,800.66 3,400.33 - - - - -
PRINCESS NAILS 79.38 39.69 - 1,528.45 1,528.45 764.22 764.23
XXXXXX (A,C) 23,906.25 11,953.13 2,696.22 - 2,696.22 2,696.22 -
XXXX LTD. BIG & TALL 3,418.50 1,709.25 536.01 - 536.01 536.01 -
S & K FAMOUS BRANDS 3,907.92 1,953.96 7.68 - 7.68 7.68 -
XXXXX BEAUTY SUPPLY 2,530.00 1,265.00 - - - - -
SERVICE MERCHANDISE (A) 31,538.67 15,769.34 - - - - -
SIZES UNLIMITED 4,674.17 2,337.09 36.26 - 36.26 36.26 -
XXXXX XXXXXX, P.A. 1,941.67 970.84 33.43 - 33.43 33.43 -
TCBY YOGURT 309.04 154.52 - 1,041.14 1,041.14 520.57 520.57
WALDENBOOKS 13,938.33 6,969.17 - - - - -
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195,897.73 97,948.93 8,548.51 4,576.84 13,125.35 10,836.92 2,288.43
=================================================================================
(A) Tenant pays real estate taxes annually.
(B) Tenant has a rent abatement until 3/98.
(C) Tenant pays CAM monthly based on actual expenses - approx. $40,000 per year.
NOTE 1 - Tenants have not been billed for water and sewer for the period from
March 26, 1997 through the proration date. This will be subject to reproration
at a later date. The utility billing is estimated to be $3600.00.
NOTE 2 - Xxxxxx pays actual CAM charges in arrears. The CAM charges for May and
June have not been billed and will be subject to reproration at a later date.
Charges for May and first 12 days of June are estimated to be $4,745.00.
SCHEDULE E
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REGENCY PARK SHOPPING CENTER
SECURITY DEPOSIT CREDIT
PRORATION MADE AS OF: 11:59 PM, SUNDAY JUNE 15, 1997
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SECURITY DEPOSITS
MERCHANT NAME
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China Buffet 8,325.35
Xxxxx Xxxxx 2,143.39
Ladies Suits, Etc. 2,744.57
Nations Credit 1,077.08
Princess Nails 13,449.59
Xxxx Ltd. Big & Tall 2,988.33
Sub Spot 7,067.48
TCBY Yogurt 1,770.69
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TOTAL SECURITY DEPOSITS CREDITED TO PURCHASER 39,566.48
=========
NOTE: (Payment from Alt. & Grey)
SCHEDULE F
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REGENCY PARK SHOPPING CENTER
TENANT CONCESSIONS
PRORATION MADE AS OF: 11:59 PM, SUNDAY JUNE 15, 1997
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RENT ABATEMENT
ABATEMENT ABATEMENT PERIOD # of DAYS PURCHASER
TENANT AMOUNT BEGIN END CREDIT CREDIT DUE
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David's Bridal - June 1997 3,489.07 06/01/97 06/30/97 15 1,744.54
David's Bridal - July 1997 - March 1998 30,869.86 07/01/97 03/25/98 283 30,869.86
AT&T Wireless 12,350.00 HAS NOT COMMENCED 12,350.00
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TOTAL CREDIT DUE TO PURCHASER 44,964.40
=========
Page 10
SCHEDULE G
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REGENCY PARK SHOPPING CENTER
LICENSES AND PERMITS
PRORATION MADE AS OF: 11:59 PM, SUNDAY JUNE 15, 1997
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LICENSES AND PERMITS
CREDIT DUE
BILLING PERIOD # of DAYS PURCHASER
VENDOR NAME PAYMENT BEGIN END CREDIT or (SELLER)
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PAID BY SELLER:
Florida Dept of Revenue Registration (50.00) 01/01/97 12/31/97 199 (27.26)
Florida Real Estate License Renewal (24.25) 01/01/97 12/31/97 199 (13.22)
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TOTAL CREDIT DUE TO PURCHASER (SELLER) (40.48)
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Page 11
SCHEDULE H
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REGENCY PARK SHOPPING CENTER
DELINQUENCY FROM FORMER TENANTS
PRORATION MADE AS OF: 11:59 PM, SUNDAY JUNE 15, 1997
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AMOUNT
MERCHANT NAME OUTSTANDING
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Clothestime (11.60)
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TOTAL DELINQUENT AMOUNT DUE SELLER (11.60)
======
