SUMMARY
PURCHASE AND SALE AGREEMENT FOR 000 XXXXX XXXX (XXXXXXXXXXXX) AND CENTERPORT
PROPERTIES
The Purchase and Sale Agreement dated May 29, 1997, between the Company and
The Prudential Insurance Company of America covering the 000 Xxxxx Xxxx
(Xxxxxxxxxxxx) and Centerport properties as amended by the First Amendment
thereto dated July 7, 1997, the Second Amendment thereto dated July 22, 1997,
and the Third Amendment thereto dated August 5, 1997, (the "Xxxxx/Centerport
Agreement") is substantially identical to the Purchase and Sale Agreement
dated May 29, 1997 between the Company and The Prudential Insurance Company
of America covering Texas properties as amended by the First Amendment
thereto dated July 7, 1997, the Second Amendment thereto dated July 22, 1997,
and the Third Amendment thereto dated August 5, 1997, which is filed herewith
(the "Filed Agreement"). Material differences between the Xxxxx/Centerport
Agreement and the Filed Agreement are set forth below.
- Description of 000 Xxxxx Xxxx (Xxxxxxxxxxxx) and Centerport properties:
see the attached Exhibit A
- Purchase price for 000 Xxxxx Xxxx (Xxxxxxxxxxxx) and Centerport
properties: $19,346,510
- Allocation of purchase price among the 000 Xxxxx Xxxx (Xxxxxxxxxxxx)
and Centerport properties: see the attached Exhibit B
- Required deposit: $98,606
EXHIBIT A
PRUDENTIAL OWNED FLORIDA PROPERTY PACKAGE
PRUDENTIAL
PROPERTY # PROPERTY NAME LOCATION EXHIBIT
01131001 Centerport Building A Pompano Beach, FL A-20 *
01131002 Centerport Building B Pompano Beach, FL A-21 *
01131005 Centerport Building E Pompano Beach, FL A-22 *
01326000 460 and 000 Xxxxx Xxxxx Xxxxxxxxxxxx, XX A-27 *
* Attached
EXHIBIT A-20
CENTERPORT BUILDING A
POMPANO BLEACH, FL
Land description: Buildings A & B
A portion of Parcel "A", Morningstar Lake parcels, according to the plat
thereof as recorded in Plat Book 144, Page 22 of the public records of
Broward County, Florida. More particularly described as follows:
Beginning at the easternmost northeast corner of said plat; thence
South 01(31'35" east, along the east line of said plat, 653.45 feet; thence
south 88^39'10" west 619.83 feet to the east line of northwest 0xx Xxxxxx;
thence north 01(17'56" west, along said east line, 407.41 feet; thence north
03(25'54" east 247.11 feet to the westerly extension of a north line of said
plat; thence north 88(40'22" east, along said westerly extension and said
north line, 596.86 feet to the point of beginning.
Said lands lying in the city of Pompano, Broward County, Florida. Containing
9.223 acres more of less.
EXHIBIT X-00
XXXXXXXXXX XXXXXXXX X
XXXXXXX XXXXX, XX
Land description: Buildings A & B
A portion of Parcel "A", Morningstar Lake parcels, according to the plat
thereof as recorded in Plat Book 144, Page 22 of the public records of
Broward County, Florida. More particularly described as follows:
Beginning at the easternmost northeast corner of said plat; thence
South 01(31'35" east, along the east line of said plat, 653.45 feet; thence
south 88^39'10" west 619.83 feet to the east line of northwest 0xx Xxxxxx;
thence north 01(17'56" west, along said east line, 407.41 feet; thence north
03(25'54" east 247.11 feet to the westerly extension of a north line of said
plat; thence north 88(40'22" east, along said westerly extension and said
north line, 596.86 feet to the point of beginning.
Said lands lying in the city of Pompano, Broward County, Florida. Containing
9.223 acres more of less.
EXHIBIT X-00
XXXXXXXXXX XXXXXXXX X
XXXXXXX XXXXX, XX
Land description: Building "E"
A portion of Parcels "A" & "B", Morningstar Lake parcels, according to the
plat thereof as recorded in Plat Book 144, Page 22 of the public records of
Broward County, Florida. More particularly described as follows.
Commencing at the westernmost northwest corner of said plat; thence south
10(48'34" west, along the west line of said plat, 661.62 feet to the point of
beginning, said point lying on the south right-of-way line of N.W. 00xx
Xxxxxx; thence north 88(39'10" east, along said south right-of-way line
381.28 feet; thence south 46(19'23" east along said south right-of-way line
42.44 feet to the west right-of-way line of X.X. 0xx Xxxxxx; thence south
01(17'56" east along said west right-of-way line 264.97 feet; thence south
88(39'10" west, 474.60 feet to the west line of said plat; thence north
10(48'34" east, along said west line, 301.77 feet to the point of beginning.
Said lands lying in the city of Pompano Broward County, Florida. Containing
2.989 acres more of less.
EXHIBIT A-27
460 AND 000 XXXXX XXXXX
XXXXXXXXXXXX, XX
Phase I: A part of the northwest 1/4 of the northwest 1/4, Section 18,
Township 2 South, Range 26 East, Jacksonville, Xxxxx County, Florida, and all
being more particularly described as follows:
Commence at the intersection of the centerline of Xxxxx Road, an original 60
foot right of way as described in O.R. Volume 425, Page 417, of the current
public records of said county, with the centerline of Broadway Avenue (a 60
foot right of way as now established), said point being the southeasterly
corner of said northwest 1/4 of the northwest 1/4 of Section 18, Township 2
South, Range 26 East; thence south 88 degrees 25 minutes 10 seconds west
along the westerly prolongation of the centerline of Broadway Avenue and the
southerly line of said northwest 1/4 of the northwest 1/4, a distance of
40.03 feet to the present westerly right of way line of Xxxxx Road and to the
point of beginning; thence south 89 degrees 26 minutes 50 seconds west,
1245.83 feet, to a point on the westerly line of that certain 20 foot
perpetual right of way and easement for drainage, recorded in O.R. Volume
1969, Page 581 and Page 584 of the current public records of said county;
thence north 00 degrees 45 minutes 10 seconds west, along last said line
377.44 feet; thence north 88 degrees 25 minutes 10 seconds east, 1254.39
feet; to a point on the aforementioned westerly right of way line of Xxxxx
Road; thence south 00 degrees 27 minutes 20 seconds west, along last said
line 400.00 feet to the point of beginning.
Phase II: A part of the northwest 1/4 of the northwest 1/4, and a part of
the southwest 1/4 of the northwest 1/4 of Section 18, Township 2 South, Range
26 East, Jacksonville, Xxxxx County, Florida, and all being more particularly
described as follows:
Commence at the intersection of the centerline of Xxxxx Road, an original 60
foot right of way described in O.R. Volume 425, Page 417, of the current
public records of said county, with the centerline of Broadway Avenue (a 60
foot right of way as now established), said point being the southeasterly
corner of said northwest 1/4 of the northwest 1/4 of Section 18, Township 2
South, Range 26 East; thence south 88 degrees 25 minutes 10 seconds west,
along the westerly prolongation of the centerline of Broadway Avenue and the
southerly line of said northwest 1/4 of the northwest 1/4, a distance of
40.03 feet to the present westerly right of way line of Xxxxx Road and to the
point of beginning; thence south 00 degrees 04 minutes 04 seconds east, along
said westerly right of way line of Xxxxx Road, a distance of 275.63 feet;
thence south 89 degrees 26 minutes 50 seconds west, 831.58 feet to a point
lying in the easterly line of that certain 80 foot D.O.T. drainage easement
recorded in O.R. Volume 2841, Page 814, and O.R. Volume 2831, Page 1026, of
the current public records of said county; run thence south 00 degrees 31
minutes 37 seconds east, public records of said county; run thence south 00
degrees 31 minutes 37 seconds east, along said easterly line of the
aforedescribed easement, a distance of 341.83 feet; run thence south 89
degrees 26 minutes 50 seconds west, a distance of 80.00 feet to a point lying
on the westerly line of the aforedescribed 80 foot drainage easement, said
point also being the intersection with a curve concave northeasterly, having
a radius of 385.28 feet and a central angle of 64 degrees 48 minutes 00
seconds; run thence along and around the arc of said curve, an arc
length of 435.74 feet, said arc being subtended by a chord having a bearing
of north 49 degrees 16 minutes 28 seconds west, and a distance of 412.89 feet
to a point of intersection with the easterly line of that certain 20 foot
perpetual right of way and easement for drainage recorded in O.R. Volume
1969, Page 581, and Page 584, of the current public records of said county;
run thence south 89 degrees 14 minutes 51 seconds west, a distance of 20.00
feet to the westerly line of the aforementioned 20 foot perpetual right of
way and easement for drainage; run thence north 00 degrees 45 minutes 10
seconds west, along said westerly line, a distance of 345.14 feet; thence
north 89 degrees 26 minutes 50 seconds east, 1245.83 feet to the point of
beginning.
Phase I and Phase II described together as follows:
A part of the northwest 1/4 of the northwest 1/4, and a portion of the
southwest 1/4 of the northwest 1/4 of Section 18, Township 2 South, Range 26
East, Jacksonville, Xxxxx County, Florida, and all being more particularly
described as follows:
Commence at the intersection of the centerline of Xxxxx Road, an original 60
foot right of way described in O.R. Volume 425, Page 417, of the current
public records of said county, with the centerline of Broadway Avenue (a 60
foot right of way as now established), said point being the southeasterly
corner of said northwest 1/4 of the northwest 1/4 of Section 18, Township 2
South, Range 26 East; thence south 88 degrees 25 minutes 10 seconds west,
along the westerly prolongation of the centerline of Broadway Avenue and the
southerly line of said northwest 1/4 of the northwest 1/4, a distance of
40.03 feet to the present westerly right of way line of Xxxxx Road and to the
point of beginning; thence south 00 degrees 04 minutes 04 seconds east,
275.63 feet to a point; thence south 89 degrees 26 minutes 50 seconds west
831.58 feet to a point lying on the easterly line of that certain 80 foot
D.O.T. drainage easement recorded in O.R. Volume 2841, Page 814, and O.R.
Volume 2831, Page 1026, of the current public records of said county; run
thence south 00 degrees 31 minutes 37 seconds east, along said easterly line
of the aforedescribed easement, a distance of 341.83 feet; run thence south
89 degrees 26 minutes 50 seconds west, a distance of 80 feet to a point lying
on the westerly line of the aforedescribed 80 foot drainage easement, said
point also being the intersection with a curve concave northeasterly, having
a radius of 385.28 feet and a central angle of 64 degrees 48 minutes 00
seconds; run thence along and around a curve of said arc, an arc length of
435.74 feet, said arc being subtended by a chord having a bearing of north 49
degrees 16 minutes 28 seconds west, and a distance of 412.89 feet to a point
of intersection with the easterly line of that certain 20 foot perpetual
right of way and easement for drainage recorded in O.R. Volume 1969, Page
581, and Page 584, of the current public records of said county; run thence
south 89 degrees 14 minutes 51 seconds west, a distance of 20 feet to the
westerly line of the aforementioned 20 foot perpetual right of way and
easement for drainage; run thence north 00 degrees 45 minutes 10 seconds west
along said westerly line, a distance of 722.58 feet; thence north 88 degrees
25 minutes 10 seconds east, 1254.39 feet to a point on the aforementioned
westerly right of way line of Xxxxx Road; thence south 00 degrees 27 minutes
20 seconds west, along said line 400 feet to the point of beginning.
EXHIBIT B
ALLOCATION OF PURCHASE PRICE
PROJECT DESCRIBED ALLOCATED PRICE
X-00 Xxxxxxxxxx Xxxxxxxx X x0,000,000
X-00 Xxxxxxxxxx Xxxxxxxx X $3,369,890
A-22 Centerport Building E $4,397,000
A-27 460 AND 500 X. XXXXX 48,023,130
