2014-10-08 CC Handouts at Meeting

Home Browse Search

COMMERCIAL PURCHASE AGREEMENT 45. Page 2 Date 10/06/14 46. Property located at 7087 20th Avenue South Centerville 47. TENANTS/LEASES: Property❑IS ✓❑IS NOT subject to rights of tenants (if answer is IS, see attached Addendum --------(Check one.)------- 48. to Commercial Purchase Agreement:Due Diligence). 49. Seller shall not execute leases from the date of this Purchase Agreement to the date of closing,the term of which lease 50. extends beyond the date of closing, without the prior written consent of Buyer. Buyer's consent or denial shall be 51. provided to Seller within N/A days of Seller's written request.Said consent 52. shall not be unreasonably withheld. 53. REAL ESTATE TAXES: Real estate taxes due and payable in the year of closing shall be prorated between Seller and 54. Buyer on a calendar year basis to the actual date of closing unless otherwise provided in this Purchase Agreement. 55. Real estate taxes, including penalties, interest, and any associated fees, payable in the years prior to closing shall be 56. paid by Seller. Real estate taxes payable in the years subsequent to closing shall be paid by Buyer. 57. SPECIAL ASSESSMENTS: 58. ❑✓ BUYER AND SELLER SHALL PRORATE AS OF THE DATE OF CLOSING ❑ SELLER SHALL PAY ----------------------------------------------------------------------------------------------------(Check one.)------------------------------------------------------------------------------------------------------- 59. on the date of closing all installments of special assessments certified for payment with the real estate taxes due and 60. payable in the year of closing. 61. ./❑ BUYER SHALL ASSUME ❑ SELLER SHALL PAY ON DATE OF CLOSING all other special assessments --------------------------------------------------------------------------(Check one.)------------------------------------------------------------------- 62. levied as of the date of this Purchase Agreement. 63. ✓❑ BUYER SHALL ASSUME❑SELLER SHALL PROVIDE FOR PAYMENT OF special assessments pending as ---------------------------------------------------------------------(Check one.)------------------------------------------------------------------- 64. of the date of this Purchase Agreement for improvements that have been ordered by any assessing authorities.(Seller's 65. provision for payment shall be by payment into escrow of up to two(2)times the estimated amount of the assessments 66. or less, as allowed by Buyer's lender.) 67. Buyer shall pay any unpaid special assessments payable in the year following closing and thereafter, the payment of 68. which is not otherwise herein provided. 69. As of the date of this Purchase Agreement, Seller represents that Seller❑ HAS ❑✓ HAS NOT received a notice ------------(Check one.)------------ 70. regarding any new improvement project from any assessing authorities, the costs of which project may be assessed 71. against the Property.Any such notice received by Seller after the date of this Purchase Agreement and before closing 72. shall be provided to Buyer immediately. If such notice is issued after the date of this Purchase Agreement and on 73. or before the date of closing, then the parties may agree in writing, on or before the date of closing, to pay, provide 74. for the payment of or assume the special assessments. In the absence of such agreement, either party may declare 75. this Purchase Agreement canceled by written notice to the other party, or licensee representing or assisting the other 76. party, in which case this Purchase Agreement is canceled.If either party declares this Purchase Agreement canceled, 77. Buyer and Seller shall immediately sign a written cancellation confirming said cancellation and directing all earnest 78. money paid hereunder to be refunded to Buyer. 79. POSSESSION:Seller shall deliver possession of the Property no later than immediately after closing, unless otherwise 80. agreed to in writing. 81. PROBATIONS: All items customarily prorated and adjusted in connection with the closing of the sale of the Property 82. herein including but not limited to rents,operating expenses, interest on any debt assumed by Buyer, shall be prorated 83. as of the date of closing. It shall be assumed that Buyer will own the Property for the entire date of the closing. 84. RISK OF LOSS: If there is any loss or damage to the Property between the date hereof and the date of closing, for 85. any reason,the risk of loss shall be on Seller. If the Property is destroyed or substantially damaged before the closing, 86. this Purchase Agreement shall be canceled, at Buyer's option, if Buyer gives written notice to Seller, or licensee 87. representing or assisting Seller, of such cancellation within thirty (30) days of the damage. Upon said cancellation, 88. Buyer and Seller shall immediately sign a written cancellation confirming said cancellation and directing all earnest 89. money paid hereunder to be refunded to Buyer. MNC:PA-2(8/14) Insfarr?_f