Purchase and Sale Agreement (2004)Full Document 

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PURCHASE AND SALE AGREEMENT

 

BETWEEN

 

CH REALTY II/NAVY YARDS, L.P.

AS SELLER

 

AND

 

WELLS OPERATING PARTNERSHIP II, L.P.

AS PURCHASER

 

DATED April 20, 2004


TABLE OF CONTENTS

 

          Page No.

Article 1

  

        BASIC INFORMATION

   1

Section 1.1

  

Certain Basic Terms

   1

Section 1.2

  

Closing Costs

   4

Section 1.3

  

Notice Addresses:

   4

Article 2

  

        PROPERTY

   5

Section 2.1

  

Property

   5

Article 3

  

        EARNEST MONEY

   6

Section 3.1

  

Deposit and Investment of Earnest Money

   6

Section 3.2

  

Independent Consideration

   7

Section 3.3

  

Form; Failure to Deposit

   7

Section 3.4

  

Disposition of Earnest Money

   7

Article 4

  

        DUE DILIGENCE

   7

Section 4.1

  

Due Diligence Materials To Be Delivered

   7

Section 4.2

  

Due Diligence Materials To Be Made Available

   8

Section 4.3

  

Physical Due Diligence

   8

Section 4.4

  

Due Diligence/No Termination Right

   9

Section 4.5

  

Return of Documents and Reports

   9

Section 4.6

  

Service Contracts

   9

Section 4.7

  

Proprietary Information; Confidentiality

   10

Section 4.8

  

No Representation or Warranty by Seller

   10

Section 4.9

  

Purchaser’s Responsibilities

   10

Section 4.10

  

Purchaser’s Agreement to Indemnify

   11

Section 4.11

  

Environmental Studies; Seller’s Right to Terminate

   11

Article 5

  

        TITLE AND SURVEY

   12

Section 5.1

  

Title Commitment

   12

Section 5.2

  

New or Updated Survey

   12

Section 5.3

  

Title Review

   12

Section 5.4

  

Delivery of Title Policy at Closing

   12

Article 6

  

        OPERATIONS AND RISK OF LOSS

   13

Section 6.1

  

Ongoing Operations

   13

Section 6.2

  

Damage

   13

Section 6.3

  

Condemnation

   15

Article 7

  

        CLOSING

   15

Section 7.1

  

Closing; Extension of Closing

   15

Section 7.2

  

Conditions to Parties’ Obligation to Close

   16

Section 7.3

  

Seller’s Deliveries in Escrow

   17

Section 7.4

  

Purchaser’s Deliveries in Escrow

   18

Section 7.5

  

Closing Statements

   19

Section 7.6

  

Purchase Price

   19

Section 7.7

  

Possession

   19

 

i


TABLE OF CONTENTS

(continued)

 

Section 7.8

  

Delivery of Books and Records

   19

Section 7.9

  

Notice to Tenants

   19

Article 8

  

        PRORATIONS, DEPOSITS, COMMISSIONS

   20

Section 8.1

  

Prorations

   20

Section 8.2

  

Leasing Costs

   21

Section 8.3

  

Closing Costs

   22

Section 8.4

  

Final Adjustment After Closing

   22

Section 8.5

  

Tenant Deposits; Letter of Credit

   22

Section 8.6

  

Commissions

   22

Article 9

  

        REPRESENTATIONS AND WARRANTIES

   22

Section 9.1

  

Seller’s Representations and Warranties

   22

Section 9.2

  

Purchaser’s Representations and Warranties

   25

Section 9.3

  

Survival of Representations and Warranties

   25

Article 10

  

        DEFAULT AND REMEDIES

   26

Section 10.1

  

Seller’s Remedies

   26

Section 10.2

  

Purchaser’s Remedies

   26

Section 10.3

  

Attorneys’ Fees

   27

Section 10.4

  

Other Expenses

   28

Article 11

  

        DISCLAIMERS, RELEASE AND INDEMNITY

   28

Section 11.1

  

Disclaimers By Seller

   29

Section 11.2

  

Sale “As Is, Where Is”

   29

Section 11.3

  

Seller Released from Liability

   30

Section 11.4

  

“Hazardous Materials” Defined

   30

Section 11.5

  

Indemnity

   31

Section 11.6

  

Survival

   31

Article 12

  

        MISCELLANEOUS

   31

Section 12.1

  

Parties Bound; Assignment

   31

Section 12.2

  

Headings

   31

Section 12.3

  

Invalidity and Waiver

   31

Section 12.4

  

Governing Law

   31

Section 12.5

  

Survival

   31

Section 12.6

  

Entirety and Amendments

   32

Section 12.7

  

Time

   32

Section 12.8

  

Confidentiality

   32

Section 12.9

  

No Electronic Transactions

   32

Section 12.10

  

Notices

   32

Section 12.11

  

Construction

   33

Section 12.12

  

Calculation of Time Periods

   33

Section 12.13

  

Execution in Counterparts

   33

Section 12.14

  

No Recordation

   33

 

ii


Section 12.15

  

Further Assurances

   33

Section 12.16

  

Discharge of Obligations

   33

Section 12.17

  

ERISA

   34

Section 12.18

  

No Third Party Beneficiary

   34

Section 12.19

  

Reporting Person

   34

Section 12.20

  

Mandatory Arbitration

   34

Section 12.21

  

Cooperation with Purchaser’s Auditors and SEC Filing Requirements

   34

Section 12.22

  

Soil Disclosure

   34

Section 12.23

  

UST Disclosure

   35

Section 12.24

  

Underground Facilities Compliance

   35

 

iii


LIST OF DEFINED TERMS

 

     Page No.

Additional Earnest Money

   2

Additional Property Information

   8

Assignment

   17

Broker

   2

Cap

   26

Casualty Notice

   14

CERCLA

  

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