|
i
<br /> i
<br /> 3,5 Release, The parties acknowledge that the Property is being acquired by the Buyer by deed in lieu
<br /> of condemnation, The parties further acknowledge and intend that the Purchase Price, together with the Option,
<br /> shall constitute the frill and total amount to be paid by the Buyer to the Seller for the Property and all related
<br /> costs incurred by the parties pertaining thereto, The Seller hereby waives and releases the Buyer from any and
<br /> all claims for additional compensation or property pertaining to the Buyer's acquisition of the Property,
<br /> including but not 1nnited to appraiser fees, severance damages, damages for loss of going concern, access,
<br /> attorney's fees,interest,relocation benefits, and all other costs and expenses which could have been asserted in
<br /> an eminent domain proceeding.
<br /> 4. Contingencies.Buyer's obligations under this Agreement are contingent upon Buyer's satisfaction with each
<br /> of the following on or before the Contingency Date or the date specified below;
<br /> 4.1 Document Inspection,Buyer may inspect the Property and examine,review,inspect, and copy the
<br /> books and records relating to the ownership and operation of the Property,Seller will make the Property available
<br /> for Buyer's inspection in accordance with Section 4.2.Within 10 days after the Contract Date,Seller will deliver to
<br /> Buyer complete copies of each of the following documents related to the Property that it has in its possession or that is
<br /> reasonably obtainable by Seller;
<br /> 4.l,1 The Leases and any Guaranties;
<br /> 4,l.2 The Rent Roll for the Property,outlining the rent,operating expenses,security deposit,tern,
<br /> square footage and other terns of all Leases updated to a date not more than 30 days prior to the Contract Date. Seller
<br /> will fin•ther update the Rent Roll to a date which is not more than 30 days prior to the Closing Date;
<br /> 4,1.3 All material Tenant correspondence relating to the Tenants, and all financial statements for
<br /> Tenants which are not subject to a confidentiality agreement. Further,Buyer has the right to visit the offices of
<br /> Seller's property manager to inspect and review Tenants'files located at such offices;
<br /> 4.1.4 All Contracts.Seller will update the list of Contracts attached hereto as Exhibit G to a date
<br /> which is not more than 30 days prior to the Closing Date;
<br /> 4.1.5 Real estate tax and assessments statements for the Property for the current tax year and for the
<br /> immediately preceding three tax years;
<br /> 4,1.6 All Plans;
<br /> 417 Operating statements and related documents and records for the Property,including an aged
<br /> receivables or delinquency report,for the current calendar year and for the three years immediately preceding the
<br /> current calendar year;
<br /> 4,1.8 The most recent budget for the Property for the current year and any future year, including
<br /> income,operating expenses,property taxes and assessments and capital expenditures;
<br /> 4,1,9 All certificates of occupancy for the Building shell and for all spaces occupied by Tenants,all
<br /> Permits and Licenses, authorizations and approvals required by law or by any governmental authority, other than
<br /> the City of Roseville, having jurisdiction over the Property, relating to the construction, occupancy, operation, or
<br /> present use of the Property;
<br /> 4,1,10 An updated list of Personal Property updated to a date not more than 30 days prior to the
<br /> Closing Date;
<br /> Page 6 0£38
<br />
|