Purchase and Sale Agreement (2006)Full Document 

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PURCHASE AND SALE AGREEMENT

BY AND BETWEEN

WOODLAND SHOPPING CENTER LIMITED PARTNERSHIP
(“SELLER”)

AND

PR WOODLAND LIMITED PARTNERSHIP
(“BUYER”)

December 29, 2005

 


Purchase and Sale Agreement

Table of Contents

            Page  
Article 1 Purchase and Sale        
               
Section 1.1   Agreement to Buy and Sell     1  
       Section 1.1.1     Fee, Easements, Etc.     1  
       Section 1.1.2     Improvements     1  
       Section 1.1.3     Personal Property     1  
       Section 1.1.4     Tenant Leases     2  
       Section 1.1.5     Contracts     2  
       Section 1.1.6     REA     2  
Section 1.2   Purchase Price     2  
Section 1.3   Payment of Purchase Price     2  
               
Article 2 Opening of Escrow        
               
Section 2.1   Escrow; Escrow Holder     3  
Section 2.2   Escrow Instructions     3  
           
Article 3 Actions Pending Closing        
               
Section 3.1   Deliveries by Seller     3  
Section 3.2   Buyer’s Review of Title and Survey     4  
           
Article 4 Representations and Warranties; Seller’s Covenants        
               
Section 4.1   Seller’s Representations and Warranties     6  
       Section 4.1.1     Seller’s Knowledge     6  
       Section 4.1.2     Seller’s Specific Representations and Warranties     7  
       Section 4.1.3     Seller’s Covenants     9  
Section 4.2   Buyer’s Representations and Warranties     10  
       Section 4.2.1     Formation     10  
       Section 4.2.2     Authority     10  
       Section 4.2.3     Requisite Action     10  
       Section 4.2.4     No Breach of Default     11  
       Section 4.2.5     Patriot Act Compliance     11  
       Section 4.2.6     No Bankruptcy     11  
Section 4.3   Buyer’s Investigation     11  
Section 4.4   Limit on Government Contacts     12  
Section 4.5   Change in Circumstance; Disclosure in Tenant Estoppel     12  
Section 4.6   Knowledge Regarding Seller’s Representations and Warranties     13  
Section 4.7   Limitation on Seller’s Liability     13  
Section 4.8   Survival of Obligations     13  

i


 

Article 5 Closing        
               
Section 5.1   Deposits Into Escrow     13  
       Section 5.1.1     Seller’s Deposits     13  
       Section 5.1.2     Buyer’s Deposits     14  
Section 5.2   Closing Conditions of Buyer     15  
       Section 5.2.1     Pro Forma Title Policy     15  
       Section 5.2.2     Seller’s Representations and Warranties     15  
       Section 5.2.3     Performance of Seller     15  
       Section 5.2.4     Tenant Estoppel Certificates     15  
Section 5.3   Closing Conditions of Seller     16  
       Section 5.3.1     Performance of Buyer     15  
       Section 5.3.2     Buyer’s Representations and Warranties     16  
       Section 5.3.3     Buyer’s Financial Condition     16  
Section 5.4   Prorations     16  
       Section 5.4.1     Rent and Tenant Charges     16  
       Section 5.4.2     Real Estate Taxes and Other Operating Expenses     18  
       Section 5.4.3     Utilities     18  
       Section 5.4.4     Reimbursable Lease Expenses     18  
       Section 5.4.5     Reconciliation     19  
       Section 5.4.6     Maintenance of Books and Records     19  
Section 5.5   Payment of Closing Costs     19  
       Section 5.5.1     Seller’s Costs     19  
       Section 5.5.2     Buyer’s Costs     19  
Section 5.6   Closing of Escrow     19  
       Section 5.6.1     Closing Agent     19  
       Section 5.6.2     Closing     19  
       Section 5.6.3     Recordation and Deliveries     20  
Section 5.7   Failure to Close; Cancellation     20  
Section 5.8   Breach of Agreement     20  
       Section 5.8.1     Liquidated Damages     20  
       Section 5.8.2     Buyer’s Remedies     21  
Section 5.9   Possession     21  
               
Article
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