HomeMy WebLinkAbout2018 - LBWL Lansing Board of Water and Light - 1609 Larch Executed Purchase Agreement O R
COMMERCIAL PURCHASE AGREEMENT
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THIS COMMERMALPORCNASE AGREEMENT is made and anlered.Intl INS tstdsy of May,2018,by and between Laming
Board of Wolff and Light VSeger"),whose address is PO Sez 1=7 Lansing,Mfcllgah,481)01,and prow LLC,Vpwchasoo,
wlwse address Is 2647W Main,Lansing All 48917,lo the manner ini ewini
PADPERTY DESCR""I'lON. Purphaserottars and. Res is rchase the r
In tram,Adlchi Iw Poperty located fnthaRity aftansing;County oT g g8n,ccnmany known as id04.N Larch SLLansing,Mi489G6,and turiherdescribedas:LOTS30THR'CO"d a
EXC THAT PART LYINGWpFA LINE 0OM 15.28 FTE OP.SW.COR LOT 3G,T1iN I— 24MIN 32SC6 E TO APT ONN
i LINE LOT 3284.35 FT E OF g1W COR SAIp.L07,N?GOEG 24MIN 323C6 E.47.884DEp S�AIN615CD-E 8085 FT
TO N LhNE LOT 84 EKC N 4.25 FT
LOT 34;NELLERS SU73 N0.1,(Sre'Propad7 together wJgt a0 buginngs,strticures and
adrer physical Improvements situated on the Propady(the"imprpvemenls'�,and art.4.
mane arrd char peraonai prapafy
€ appurtenant to and cdy_I yu itd in connec8aferdi the
knprevematits,including personal Pro
panyas descibed in.P-khibitA
? AgRmnanlnal Proper'}•'),pfovlded,however,Ne<fescripilon of Iha Property alto[[be suoJeci to a survey as provitled'far
in taus
ti 2•PURCHASE PRICE Tho purchase price far the property sha0 Ins Beverly Thousand($70,riGg)polarb, Any allocation of
r the Illiterates price behvaan me property and PerspnalProparty shah be set forth on an aftached Exhibit.
0, TERMS OF PAYMENT.
{
t OCash,Purchasershall pay Pog purchase price;Including any adjustments andfor prorationscontainedtherein,to
Seller et closing upon execution and delivery of a warzanry dead and performance by Seller closing oblgaUdna
specified harem.
4. EARNEST MONEY DEPOSIT. Within three(3)calendar days following the Etfadtive Date of lliis Agreement,Pdrehaser
�. shop deposit'Afth Diversified Notiona Title Agency,as the The Insurance Company;which party shah be referred to as the
Escrow Agent%Purchasers esmost money deposit in the amount of Five Thousand($5.M Dollars.paid In cash or rdlack
repRsen1419 Immediately available funds(the`Deposit'). The Deposit shall be refunded to purchaser it,the evens lids
Agreement Is terminated under the terms and conditions provided for homon;w applied IQ file Purchase Price at Closing.
�. S INSPECTION PERIOD. Purchaser shag be under no eWigatfon to purchase the Ropedyor omelwiso Perform under this
Agreement unless Purchaser dateropmesthe Property to be,In aft respads,suAablh?Pro intended W Oftiurposas,The under
is
to wtrelharthe Property is Suitable for Its intended purposes shall be the$ole decision of Purchaser,deierminedin
discretion of Purchaser.with Pumhasor's decision being final and binder Sw ten(10)
business days from the Effecove Date to notify Seller of its termination of this Agreement due t Purchaser sndl gaVa ten that
the PWOMY Is un5mtable for its intended u .Agreement due to Purchaesfs determination that
p rPose flee 9napecgon Pe now)jprf. m the expiration
Purchaser elects b terminate a this
eveemanf,aser Provides Said nose written terminace tion,
Seller andtoSeilerpriorla the expirationofthe Inspection Period.Deposit
event Purchaser provides said notice re .adneith r party
the Escrow Agent shall be obligated to return the Deposit to
Purchaser as provided in SecUon4hereoi.and neithetpany Shan have any further rights or obligations under this AgrewneoL
In the even[Purchaser does rn iod,ol.submit wd8en notice or termination prior to the espfrzilon of the Inspection Per Purchaser
j shall be deemW to be sea rted with fts Inspections of the Property and lies contingency shag therefore be deemed fo he fulfilled.
!! Seiler,at no expense to Seller,shall fully:cooperate vdm Purchaser in the obtaining of all approvals required from any federal,
stale or IOealgovernment(°Govemmentat Approvals')necessary for Purchaser to satisfy itself during Period unless the padres the Inspection Period of
the suitability of the Property. Said GOVemmeNal Approvals shag be obtained dwingthe Inspection agree that addilmnal time is required to obtain them.
6. SURVEY AND TITLE INSURANCE.
(a) Survey: Purchasermay atftsopifon,cause to be prepared an on4he-ground bo,mday survey Offal Property(herein
refenatl le as ihe'Survey`) Thametesandboundsorodlerlegsidescdpb ofill Nrcpedy resulting the Survey,
ff and asaccegted by Purchaser,shall open such acceptance supersede and replace the desnipoon of the property
set(odh in Secikn f hereof forag purposes hereunder and shah be the desmipUon of The Property used In the Warranty
:Deed or Land Contract and Owner Policy ef'rifeinsurance to be furnished hereunder;lobe paid for by Purchaser.
Revised 9vt 2OO8 cialpwCw.e J.proen,gnl - _
RevUcd aff5l2g0a
Pa9a101710
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(b) TitleklatSahce:W,Chin.NM(2)days.,(the EReetire Dateotthiv Agoeemen(Pulchase anvil order a commitmeMfor
an Owners ALTA Title Policy, with Standard Exeeisiona;{the'Co mSltmem'),.from Diymifed Tile(tits`Tige
Compann and shall provide a copy ofUtesame to SaieruparreceiFt, t+tcchasersMpnogfy Selkrin wmirtg va7fiin
tvra(2)days ofreenpt ofany totems that Purctitscre iayhave vnp a' Opo'bacemnri. 011"hsland'm iderg the m lIn
i Purchaser atC be under no obligation to purchase t"PrWarty from Salter unless the Title Company shall deliver
Purchaser al Closing an Owners ALTA Policy of Title imallsoCa,which shalt identify the.Property and easements
{ aPpurtarerd thereto byre the legal dascHDtion(s)set(oHM1 an the Survey. To satisfy the requirements hereof,the
Coco ksia that
$a be a e Tifte niod bytegUila copies of ate exceppons fo.We Marred to therein and shay bedro med
to irmkideNo same,The T@e krsuranc.PoGcyta be isBued pursuant to t"Commitment shall contain andoraement.
slating:(1)that the Propedy Shut$the public a(ract(s)snmediately adjacent thereto and has cho,,,l and valid full S unresoctad access themip at the locations designated wi 11%Suand
etitlbrsemenk as Purcliesar may reasonably raqulgre(tlta`Endorsemrvey y�prtovidatlded �haveveren iris avian any such
I ndo[samenls Shall nolb rincluded in the Ti1k Company$sbndard foe for the Conaniimeni andthle inearanop ppi still ,
icy,_ than Pmgtaser she"berespatsiblofoi'Ula atldrponet fees-in conneslion with Uie Issuance of suun Fndasements.
Sol kr)krebyagreesto provide Io theTjlls.COmpanyeny abelmbis of�ip.covering tits Propedy andfor anYolh&form
d pge evidnme it may have abtairea,ItiGudmg any f-Me" wners title insurance policy, Parchasats decls(on as to tJnelh.,cabsfastary gpcareacnce can It obtamadshat(b.gnalend slap iml tewp)ecito 9_aCurn 3tySei!er, Seiler
s"Ilscre to WflywptiPurcheser in"Iping Pumhaser to epmkiala such axaOpiionstram Puchasers Commitment
asP+rrOhu an may d.sireehmiraled.sad tuMar,Sallarall 1'.late fullywilh Parshasorio satisryall repuireinems
oTClock, oufixed st purchaser's Canmilment.
j {a) QbjeF(Igns to Title and Survey, In Sha avoM7ha Comm'rfment retleatslMi'Ell
to fie Prapany is not vosied in Sauer
i ar dattyaf two Is
andl0...erestdciions,easements,arcovan"It'of record{the"Permitted ExCepfions)w0uld,
E i t Purchasers as as
judgment,iMadere vdih Pumhaaer5 inlendetl use of the Property,or if the Survey refleGs
I that Utietogreneft " at'jcntha OMidiiiidescdhedfnSeGbn O(a)above;&it Purchaserhasanyoiher obJedion
m tide,and puProdo so ndtlfleaSnterinwdGng ofsutliab)eUWn(a)wit
(hso pravitlea m Section S,I",Soper
shop havS:nvp(?)do not"ills daleSetlerls noNfiedm writing of the partktuar tleton(s)datmed 6y:PurcMser,io
elUier.n remedyt)re title defogs described.h Purdfiaa&'s wdilan notifipepon to S¢Iler aotl obtain ono tleUver 19
.. Purchaser a revised CammilmeMand/or Surveyavhirfi raff"ts that all such data
have been remedied;or C}nOlihr Bit ESCrowAxJent to promppyrefond Purchasers Deposit.fait tnmi rchon of this Agreo"If
7.ENVIRONMENTAL WARRANTY,DISCLOSURES AND INDEMNIFICATION.
(a) Environmental.TO the beat of Sapar'knowledge,other than the environmental information contained in the Phase I
Environmerdal Site Assessment report,dated December 2015,there are rm areas of the.Property when Naaardoes
subetances arh=cdouswas(es,assuch tefmsare deforad byapppcablo Federal,Staie and local slolutes andfegulations,
have base disposed of,released.or found. NO Clain has been made conical Seller with regard to hazardous substances
or waeusess act forth"rein and Seller is not aware that any such claim is current or aver has been th_atened.
(b) Due Diligence. To the best of Sailers knowledge,it has delivered is Purchaser any documentation(for example;anytilia
evidence,Outlays,reports,studies,test results,engineering drawings,permile or tank registrations)in Settees possession
' Or control which relates to the Property,including,bu(not Urine t to the phase I Environmental Siie AssaBsmentrepod,
dated December 2055,and the CaHlimato ofSurvey,Gated ra-recorded October 28.1991. Within three(3)days of the
Effee(1 Dale,Salver understands Ibat Purchaser repairs'this information and the krforn!effon In 7.(a)above to property
evaluate
vie the Property..avoid damaging untlerground structures and utilities and avoid caas
:ng. Oonldbutiag to or
axacotbatin9'he rcleaas of a haac"OUS substances'tiia course of its invesl".b.cls.Purchaser shall havo Ute right b
conduct a:Phasafenvironmpplal iovastigM duringtha tits
5elie(shall tlafemUno t".axtentc pectic art
Per'o0 IFI theradlvitias Marco fired,PurshaseraM
fsah" 10Itss Purchaser a go 0stopay Seiv .costa and experises associead and
its:nrestigat_ and feeling and to repair and_slot.arty damage to the Property caused by Purchaser.invosdgaaons or
tasting,a!Purchasers sole expense. Purchaser all 11 screary and hold Salter harmless from all costs,expanses and
orO.Il-an,'bout of
Purchasers Inspect{pnoYth.PropaHy,inciudIngt"to�Purchasefs.mplpy sac
,agents,pannr tams.
or comraetorS porfbrming said inspection.
S. CLOSING AND CLOSING ADJUSTMENTS, Closing shalt take p
(90}days afteGeXecufion of he purchase ag 'am at the offices of Diversified National Title Agency and
i Seller Shall convey the Property to Purchaser in accordance with the lams hereof.Closing shall take place sixty{80}to ninCly
reement,and upon the approval of the Lansing Bcafd of Water and Light Board of
{ COmmissionars and the Lansing City Council.Bolo sides may mutually agree in wnimg to close earlier or later than this lime
period:
At Closing,Sep&shall deliver to Purchaser a Warmrily Coed,subject to Una Permitted Exceptions,conveying the Property along
with the right b make all permilted land divisions Of the Property under the IJlchigaw Land Division Act.MCL 550.101 of sag 10
purchaser,to be PFOPsMd of Sailers cost At posing Seller agrees that it will Convoy the Property to Purchaser by Wormniy
Rav a ham-Cwnm¢rcWl P4nlias¢A9MaMan!
Ravi{sea 9(I812098 gTgy
page201 19
Deed containing covenants of iitlo SaGsfeenly to Purchaser,which nevenaiits of title Obeit*Fate Offer Seiler Is sewed of the
1418 the P WYinfee Simple,and that Seller has bargained,sold and conveyed mom Purolrasar and its rwscessors andforassigns in
roperty in fee Simple;and that Segef MH warfare and defend title against the Goons of sit persons Of enmies.The
Wwanty Deed Shelf
fproves th deeds almost aeat le 10 file ProPzdYwriveyedatClosing than be m eatabS and(reeandctearofanyendog
How,mo �J Interests,ayerlams,conelons.reflections,non-permflled easernenls.noMpermitted
way.ticanses,encroachments,judgments or mormimances of any kind"Cap:(1)the Gen of feel estate taxes not yet
due and payable;am!(III any Permitted eseeplions Should any liens or encumbrance$berecordedagainst iheproperty,Seller
shall pay and/or satisfy any such enrAanbtanras xhadeanecusy veth(ha closing and transfer the property in the condition
raquk¢d above, In addt)on;a'Gfasing SGlershaU have lharesponstbiGtyofpaying(or the Gde InsumncaarM all stele or woniy
transfer texas and aocurnentary etamPs,if anY.Axast0 it bythe aonveyenca ottha ProPedy..The o>Jrrent rear estate texas
ra,"ambe recant summ¢r and winter teither issued)and assessments,ifany,en iha Property x6a11 be prorafedtP dre dote
of Ina DJoein9 on a exendar basis. Ail olhcv'assessmeths,I.being.but not limited to arty sPaeiaiasseasmenis/filch have
become a Alin upon the(antl shall be paitl m fup by Soler.Seiler Shalt pay aG:brokers fags orwTeal same*sates ome,-i icon or
any
simi is'
loss
ace
asioned 4Y the sale oiihv Property,and
Ptiretrasvr shed have rw aNig�Wn or Bspoto
nsitnity bvrard the
y Pdymentofany sash costs.Seiler
ag[aaslaplotnPUY torward to Per
chasaranypropady taz siateman(s for Ne P2pedY received
byero. aflerCtosing and if Set iertaQato de so;S¢liershaji 6a liable branypanalUasPtirchoserfies to pay because ofSotets
n
fnilura.
fi, SELLER'SR'ARRANTiES,RSPRESENTAYIONSAND COVENANTS, As an inducement to Purchaser to enter Into Ihis
". fyfaatnantandto pgMoses the Property.Seljerwarrants,represents and covenants to purchaser,as fosovs:
(a) Authority. Seller,C)if an.angry,ISO lawfully constitulod utility,duty organized,validly existing,and in good standing
i under the lam of jhe Slate Of Michigan crahother'ande:Al has the auinority and Powertoenterinfo this Agreement
and to consummate the eansaadpns aonlemplaled herein;and p(l)Upon execudpn hermfwAthe legally obpga[ad to
Purchaser in accordance with the lames and Previsions ofthis Agreement.
(b) Title antl Chamoterisdes of Property. Seller,On ofthe date of emricutlon of this Agreement,owns tha Propaq u Pea
simple ant!has marketable and good fine of public record and infact and the Property at Clasing shall have the title
status as described in Section S of this Agreement,
ta 3 C onflkta.The exambion"es"dtl enl uto on re FS Agreement the execution""'"'t eryotihe tlaamants aM insbumgnis
to be executed antl deGvamd by Setter on Ace Closing Dale and Nepaflprmance by Seller-of5allefs duties an'
obtigho ns under this Agreement andaf.aA other ads nenessary and appropriate for the fUi wnsuninra•
p aandselo of iheProperiy asconlampiafed herein,are constalon(wilh and noon violelianof.and will not uvale
artyaduerao cantlttton era
coN2G,agrgemenl oFotherinsirpmenttovihich SaUeris a pony,_any)udinatortler
or Wtlgm is,of any nalureby vhdch Seger is bound. At Clos(ng all necessary end approptlaEa action wig has
ebean
taken by.Sell_autho t Pq and agpmNryg-the execution of end entry inbthis Agreement,the exenution antl delivery
by Setter of the documems and in5lttarlenl5lo be.execued by Satter at G)osing end lhepedormance by Seller at
SelleYs duties and obligations under this All, P. of and of all other on ..
ts necessary and appropriate far the
consummation of the purchase and sofa Pf IbePropany as nentompIS or
For
1 1 (d) Condemnation. Seiler has resolved no notice of.nor is Seller avrare of,any Pending threatened or contemplated
action by any governmental authority or agency having-the power of ambient domain,whiGl might result in Any part of
the Property being taken by condemnation or conveyed in lieu thereof,
(e) Lldgatfon, There is no action,still or preventing pending or,to S011e1's knowledge,threatened by or against or
attesting Seiler or the Property which does or will involve or affect tiro Property of title thereto. Seller noiil defend.
indemnlfyand otherwise holdPurchaser became
to the Property,Includingan trom anyandaUeys'feems s which Purchas due er
r aybrouioloresult f
y end all coats,expanses,slid ly Upon r eiving any Pomh otic may tar:inns a result of
contemplated
of reateneda hemunder. Sellervdi,prempdy Upon receiving any such notice or learning of such
' nontampl¢lad or threatened action.tile*Purchaser written nnlina lhereof,
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j it) Assessments and Taxes. No assessments have been made against any ponbn at the Property which are unpaid
(except ad valorem taxes for the currant year),whether of not they have become liens,and Seger shag Which
re unpaid
of any such assessments which are brought to Sellers attention chaser
*ter the execution of this Agreement. Seller sit pay
or cause to be Paid Promptly all city,slate andcounty ad entertain taxes and similar lmoi and assessments,all sewer
and water charges and all other governmental charges levied or imposed upon or assessed against the:Property and
due on or pier to the Closing Date,
(g) Boundaries. (I)There is no disixis involving oreenceming the location oflhe lines and wmars of the Property;oil to
SeilBeS knoyedge there are no encroachments en the Property and no Winn of the Property is located within any
'Special Flood.Hozard Area'designated bq$Is United Slates Departmentof Housing and Urban Development and/or
Federal Emergency Management Agency,or in any area Similarly designated by any agency or bitter governmental
CBOR Irma-ccooltlmi Pc'evoe Atmenons - Q—BGR
Reviser 99a200a
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Propertyeut ornany part pusheofl�an d.
of 91a Properly is bested within a wsterahed are9lmpgging reaSricfiong upon use of the
(n} No dons. Seger has reaflivad nn nolca there are erg violaifons of sigteor federal laws,mumgDal,s caumy
ordinaxas,ordi6s(Oralrequkrmenis vdlh reaper IONIC
Property,ihotua she as�Vl0laiions:aferenv_dinPar�raph
P above. Seiler has rrceivrd ro naflce(area or written))Fat any muNtlpaG1Y w governmental or quasigavamnbntai
auNor4y has
datermined that rears are such We mum)I to the event Seller receives nogcr M any such vio�ilona
agachg the Property prior io the Ck,"It,Seller shag promptly rtodfy pOrphasorlhare0f,.end shell promptly and
diggeetiydaland any Orasacuiion thereof and Sake anyand a nepgssary ocilons10 etiminata said vida8ons.
(I) Foreign Ownership. Sells is not 0-1wal)n person`as iris(term is defined In No U,S.Internet Revenue Code of
19M,.as amended,and the regulations pronwigalad Puraaanl iiwrato,and Purchaser hag no SmIll tlon under Section
l 1446 Of he U.S.Internal Revenue Code of 1986,as amended,to withhold and
pay- Service any Part on the"amount realized"by Seller in the transaction contemplated rto Inthe sucLL h
term is Revenue
the reghtedans issued under said section 1448y. hereby(as such term is defined b
E- () Prior Dialects. No prior options or rights of first ralusai)lave been grunter!by Seller to my third parties to purchase
1 or lease any Interest in the Property,or any part thereof,Which are offedive as of file sxoomfor data,
( (k) MepiM1anim and Nlatafiatman. On the Closing Date,Sellomil not beindebled to any contractor,laboter,mechanic,
rrtalada4nen,architect o engine0r for work,labor or as
rviees performed or rendered,or for materials supplied or
i furnished,In connection with the Property for which any parson could claim a Gen against Ole Property and shall not
have done anyworkon the PropertY within one hunded lweniy(IM daYs.prlOrto the Closing bate.
IN, PURCHASER'S WARRANTIES,REPRESENTATIONS AND:COVENANTS
(. (a) AuthorityPschaser.(1)if an gndty,is a lawfully Oonsh'jumd guilty,duty Omanmed,validly rsisUng,and in good standing
under the laws of the State of Mi0higan or mother seals:01)has the authority and power to:enter Into INS Agreement and
i aecodsels vn'di the to Irma any Coisions ofed nereln;and, l upon execution hereof wig be legally Obligated to Selarin
and provisions p(Nis Agrerinenf.
lb) Confutes.Theexeculion and Onlyintothis Agreement.the exoCNirtl.6nd deliveryofine docunreNs and.instruments to be
axoenied and dgliverad by Purchaser an zha Closing Dale,and IFa performance by am,a'
Purchasets tldiixs and
06ggationsu a ert his A"comm and of all Omer acts necessary and appropririata(o the lull consummation of tfurpurghasa
and save of the Prapedy ae contemplated heed are t»ngsteN vrith and n0l in,vloled Oh n'8re s"not credteany adverse
cOndAton underany wnfraci agreement Pro
Is towhlch Purchaser isa party,or anyjudigai ordar0rjudgmenh
I
any nalurg by which Purahaserie beuM, A(Closing all tretessary Intl appropriate action will have been bken by
Purchaser auln0rizing and approving Ne execution of and ad into Ibis Agreement, the executfon arid.delivery M'
Purchaser off
doCamanla arai insimmems_b be executed by Htrchass al Closing and the padotmsnca by Porchaser
1 of?ardiasgte duties and obligaliong urMer lhts Agreement and of a7 Wher aqs necessary and apprapi}afa for the
consnmmatlOn ofNe putglPae and sale of the Prop0 y as can ardinjumd hard.
j - It. DAMAGE TO PROPERTY. If between me Effective Date of this Agreement and the Closing Date,all or an
Property is damaged by fire or natural elements or other causes y Pau of the
the closing Date,ore beyond power femilant dom,inwhiche"a stguli renamed pd0rto
9 try pert of the Property Is taken pursuant to any event emptauen notice
Seller shall immediately ra ys
Purchaserofsuch occurrence and Purchaser maY.lermina(eaa3 Agreement with w'after the(Intent damage or taking. If purchaser doe S *Igen nothe fo hall b within one(1)days
purchase price and Seller shall ass) nto Purchase does Seller mnate ay
Agreement, �cre shall be ra ce Proceofthe
j 9 Purchaser rights Seller may have With respemtoany insurance proceeds or
, eminonf domain award at Gbsing.
i 12. SELLER'S CLOSING OBLIGATIONS. At Closing,Seiler shag deliver the following to Purchaser:
(a) The Warmniy Deed required by Section 3 Of this Agreement,
to) A bill of sale for any Personal Properly Surferlmprovements.
(o) A written assignment by Seger of Seller's interest in all lease$and a transfer 10 Purchaser of all security deposits,
accompanied by the original or a true copy Clench lease.
i (d) An assignment of all Setter's rights under any service Contracts described herein,which are assignable by their terms
I and which purchasarwishes to assume,Legal with an original Or true copy of earl)service assigned.
I (a) A notice to any tenants advising the tenants of the sale and dlrectinq that future payments be ma do to Purchaser,
Revised
mprAal Pownase Pq,aem¢n;
fteul5ad wi52008
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() Any other daddeamus required by 7NS Agreement to be dehiwad by Seller.
(g) Anaccabntrgofepemlirtyexpanwslncludkg,hui not
aGiip timiW_dio:wmmon area malrilensnce sixtamenis,
ran insurance bander end)or polky, schedule of rents 111111
a ted in advance or arrears,and an sp iyt�e
alioallocationb tns
atweerttnepanaes ofthe same pursuant to the terms harem.
p (h)-Other. -
13, PURCHASER'S CLOSING OBLIGATIONS. At closing,purchaser shoo deliver to seller the followthg:_
(a) mlPaeasteip oval etrblha Purchase.pass spedged in Sactkn 3 above shall be paid by fishier"5 shack or ocher
f Y hmds,as ad/usled by the apportionments add assignments in aomrdans, hINSAgn, in ht.
(o) A wdttan assumption by parchaser of It,,ebligafens of Seller under the teases arising after dosing,Including an.
acknowledgement of the receipt of sitsacunty deposits,
(c) Any offer documents required by thisAgreemeni W bo defy dy by perchaseu
i
� tdY Outer,,_
} 14' SECTION '031 '"DEFERRED EXCHANGES. Upon either party's request,}ha othejAreemard,
reasonably asslsi the rogitasiang party in simctudng the purehaso and sale oaniempiatetl by thiyshellas paH att,a da ed,hke bind exchange untlor Sadion1031of tnnerm Rvenue Casamenprovid ,tocorn"Idmh liI re the nomraques"ng Party she"not be regoiratl to:(e)incurany add"bnaWwapenaae@)lleetoaddllional real poperty('athemquesigpoes'"repcamenlpanor°re"ngdd property'};rR agre6
too
the Closing, Ho»gver,should bath partlaa wish to complete a Wx-detatt¢d exchange,tAa ponies will cacti incurtheh
owe adr"Iknat oxpenses related to(heir ezchartge and sh.11.
d split any pommopcasfs wldch w)II bahaObotb panics bY-s1.•Ut a
kv?ston:
15. NOTICE% Unless otherwise stated in this Agreement,A notice required or permitted by tbisAgnesummit shall bewifleenl
of In tyd"ng and either delivered personally or by swatted or aWass mail addressed 10 iha Parties attheir addresses specified
in the preamble of this Agreement.and any neikes given by ma"shall be deemed to have been given as of the date of the
postmark. Copies ota"polices shag daniadeas follows:
❑If to Purchaser!
Noma: Adam Brewer _ _-"'-
Address: 2647W Mom St
Adtlmss, helsino M14R977
Tale horre: _._,it7 57xfS7
Fapdmlte: '�— '—
Email: ---
With copy dx.
fAN.
ame; r- 2
Wisnrasst_ nalah _ieaaiinin , A14882?g___elfond840 tmtle: '—'—
a.If to Seller:
Name i7 ad M911ar
CP�aansing Boeoi of+Aaor&l, hg i "-"
Address PO Box 13407
Address: Lansing
Tela�iha 5t77426380
F.¢mi —
Emal _
Rlevisedd Wepn fN3t2008- lei Pu�dia=_a A9,00matt
2o08 :
rage bol A9. wmno,tinu. ;�
WAh copy to:
'Nam .._ CBRE 0.5artllr
Address: 1f71 Mfonigan Ava Suite 3Gp --
Addresa: EaSl Lansin4 M198823 __
Tale e:
Facsimile:
Email:
ia. ADDITIONAL ACTS, PWchRSarand Seller agree to exacule am deliver such additional dominants
additional abIISa6 May became nm,psa y 1.effeetuate me.hansrers contemplated and perform Such by this Agreement.
1T.EADIREAGREEEMENT.This Agreementcontafn$Umentireagreemenloffhapadieswi@raspacllomessleotihe Piaperty..
. All WntemfwfanaodsorilmornagpliafionshaI beenmergedhdothisiAgreemenl.This AgraemmosayhenroAfiedar emeart
only by Wilted Instrument signed by the Padua Of this Agreement. This Agreement shall be governed by and becalmed In
aceordancd with the lays of fine Slate.ar N,dhigan,without regard to is
Agreement the phm",Effec(iva Dam"al
congkl of laws principles. For purposes of this.
counter proposals or a nendmanis untensg bnedeby f the o peP opas8g rwiPa rry.km.this Agreement becomes fully executed,inciuddg any
18, ADVICE OF COUNSEL. All parties involved in a at estate transaction Should seek the advice Of legal counsel before
) entering Into any agreement-fo detemhtlathe mmkelabllky of file,underslard possibly tax consequences;to ascedairtihal the
r terms of the Sete are adhared to before the fMnSadion is dosed:and to obtain adios with respect to as,oil..related to this.
t Agreement Purchaser and Bailer aeknaiiledge the importance foradv oo to counsel and acknowledge that Broker(s not an
oflons Agreement and does nos pfadde fegat advice and shall not be responsible for any loss Or damage resulting from the preparation
of ihta en g t Pradtle leg l areto.
10.BROKERAGE FEE.POrchumarand Saflereach etknOwledgeihah Q)Purranoes real estate agent rs REJMA$Cammerr3gl
Group and is acting as an agardOf thePubanmer:.and()Selfees real estate age,is CBRE idiuilage 1 is acing N an agent of
! the Seger.
Seller agrees to Pay the real astatc mker(s)Involved in this Uansaction a brokerage fee as sPerimd in A commission or rating
i agreement;of as Provided in a-subsequent agreement between the padte, ir.tHo evert no such apreamenpaxisis,Unless
aMolly
^ e previaustyagread,the panios agree that the brokerage teawil be shared between are parties'6mkeragO OASIS,
fleas
ly.and paid at closhg. The parties acknowledge that Other than the parties'real estate agents chumsed herein,nip otspill
her
i real made,brokers,salespersons,or agent$are involv
Other harmless from any and all such claims for brokemeed in this transaction and the parties hereby indamnL`1 and hold each
tees.
20, DEFAULT.
(it) Seller's Default. if the sale and purchase of the PropadyOoniearplated by this Agreement is net Const mmuled on
account OfitabOl's default orfagureto perform hereunder.Purdtasermay,at Purc.^.asersopliun and asits maramedy,
elect to either(1)specifically enforce the terms hereof;or(6)demand and be sagged 10 an immediate reork!of the
Depedl.in which case this Agfeemontshatl terminate in(oil.
(b) Pachead's Default,if the sale and purchase of'be Properly coulempleted by He Agreement is not consuanmatetl
On account of Purchasers default hereunder,Seearshall be entitled,as its solo and exclusive remedy hereunder,to
mcegrtn(ihe UapasltamountasfUltand Comp(e(e ligrtidaleddaan8""for such anno l Of Purchaser,the Artie
aeknowlaiige U1aliT is in' OR
}o astimala more recisel h p s hereby
PprgHasers delau0o11Ms P Y t e damages whica might be suffered S A el.er greementorany dutypasin9 fo connection-relating herovdirt
ih.Seller's enfUcme upon
receipt of @e t)eposit is intended not as s nit to antl
.¢malt but
Sgch sums as toll LOWdate4 S agesfs Sayerssole antlexPiueivo mmedyln hm event ordranefault orfedo 'ages. m(lu efofpedorm
Hereunder by Purchaser,.rat bller hereby waives and releases afly
fight to{and hereby covenanis that ii shag nod
sue Purchaser for Shy claims,injury or toss arising from Of in connection wglh This Agreement,including without
limitation:G)for specga Perfomhance Of this Agreemear:rn Cal to recover any damages is excess of such liguidatetl
dean a.
21.. INCENTIVES, Purchaser shag have the exclusive right to seek and obtain any federal,slate or other governmm al
approval Or quasl.governmemai environmental or tax Incentives, Inducements,allowances or sugar benefits (ay way of
example,and not in limitation of the foregoing,any Sm vnteld classification or any Brownfield tax andlargrant reimbursements)
*ih respect to the Property;and Purchaser's night to do co shag lake preixidence over any such right of Seller Wi(h respect to
the Property in the event such incentives,Inducements,allowances or similarenceov miryonlybitght of elonepare. Seger
shall reasonably cooperate and provide all necessary information and approvals mein may the same. by
CenRParn-Commp¢�at�*du�sc9flcemea
Revr;ad 9/i52008 --yypp''
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22. NtANEft.The failure benturm anypamcukartarovlsbn If IN,Ageeme.Ncn any pafiiataraccasion shall not ba tloom¢d
Ofthat PrOrdima,unlnless such waimf Itsexpmssdadinna writing spndd byth party fa be tnamdba ont ormenTnvngbmsthes
23. OATEFORPERFORMANCE irlheGmeparimbywhlChanydghi,pPEon wsieetlon previdad under Agreement nwsl
be¢xerctsed,Orby which any act requtmd hereunder must be performed,or by which the Closing moat be held,expires an a
Saltaday,Sunday Or legal of bank holiday,then such time period wig be on the next following business day, tomagcagy extended the close of business
24. FURTHER ASSURANCES. The parges,agree that they wig each isles Such steps and execute such doctmanls as may
be reaspndblyrrrtuiretl by the other laanyOfPadim to daily out the intent and purposes of this Agreement.
be SEd of unenforceable,
UTY. in ble,s event anychholdingW'1;ston Of Portion OF this Agreemanl is held by am Gaud ofcompelent jurisdicgm to
be invalid of unenfmceapia.such holtlMgxstf not aHectihen:mmalnderhereo(and the rema(nfng Provisions shah continue in full
t bores and affect to the mine¢Ment as would have been the case had such Invalid or unenforceable provision or portion never
i beano part hereof.
26, CUMULATIVE REMEDIES.Therigftts,privileges and rsmediesgranfed bySallerta Pwchamr hereundershah bedeemed
lobe CUmulative aad may be a cmissd by Purchaser al:hsdlsaelim..In the event starry conflict orapparant confect between
any such 69W PrNiloge r m retnedfas,Seller expressly agrees that Purchaser shag have the right to choose to enforce my or
all such fights,privileges of remedies.
2T, AUTHORITY. The uaderalgned officers of Seller and Purchaser,it an entity hereby represent.covenant and warrant that
an actions necessary by their rospeclNa Shareholders,Members,Padners,Boards at Directors,Of other corporate entity
auihodty will have Gem Obtained and that Iheyvfig has a'bean specifically authorised to enter Into this Agreement and that fro
addhimml action will be necessary by them in order to make this Agreement legally balding upon them in all respects.Purchaser
and SLIM Covenant to provide wdom avltlence of compliance with fi is.Section(27)prior to or an the Closing Date.
i
28. SUCCESSORS AND ASSIGNS. The designagon Seiler It¢tra, and Purchaser as usedporeinsM1nil incNdesaid pades,their
successors and assigns,aifd shall include singutsr,plural,masculine,feminine of neuter
as required bymntext.
` 29. NOTICE OF CONTACT WITH THIRD PARTIES, Dining the pendency of this Agreement,Seller may Ciaent
o V h,or
reoalve the submission of pmposa(e or otters from a Thud
Seiler should fac(iva such a proposal,Seller Shot Promptly rattlyPurty Or cchaser in writing Of relating(a the came ame and,punischase high, h,advise an sruch
ibird Party aentity of the e'd0hal a of this Agreement and,if necessary,make aCOPy Pf Inis Agreement available to any such
(bird pally ormul Ivah all monetary terms,dates and cmldi!iona mdaly- and blocked from weer.
30. ENTIREAGREEMENT.This Agreement concgutesihe antae Agreement batsman Me Parties and shall became a binding
and mfurcESble
Agreement among tho panics hereto upon the full and Compiei¢execution and uncnru loons(delivery of ibis
Agreement by slLpaNas hereto. No prior verbal or written Agreement shall survive theexecufim of this Agreement. In the
event of an aheratim of this.Agreement.the alteration shall be in writing and shag be signed by all the parties in order for the
i same to be binding upon file parties,
31. RELATIONSHIP OF THE PARTIES. Nothing contained herein shag be consWed of interpreted as creaiingapannerahip
Of joint venture between the parties. II isurdersknd that the relationship is Claims length and shag at all times be and remain
that of Purchaserand Seller,
- 32. RECORDING. This Agreement$hagnet be rammed by either party orany otllseir represemativ¢s.
33. CONFIDENTIALITY. Subjeciteailofner lemhs of this Agreement,each party agrees to maintain this Agreement and the
information in this Agreement as confidential,and each wiill not disclose$unitinformaemv io am/other parsonwi(houl the snob
wri!mn mnsani Of the other party, However,a party may disclose such confidential lafofmation to Ila legal counsel•to Rich
real estate dmkar,salesperson,or age
legal process, nhio other Professional advisors or agents of the party,and as required by law or
legal process.
34. COUNTERPARTS. This Agreement:maybe executed in counteman daginals,and(aesimge orelectroniI s(gnaturesabag
be considered as atginals,each of which when duly executed and delivered shall be deemed an original and all of which when
taken together shall mmlilute one hun moot.
transaction
OTHER PROVISIONS, in herein.
addition to the provsions manned above,the fa blaing additional provisions shall apply to the
35a OTHER
PROVISIONS
hefeln.
COOR Fwm-Cw.uln1oal Fads se Aamemant .,
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BY signlrrt�6elovr,Furghsser aana1e0915 having read and recanted a sopy of ItdsPurchasa 1lgfaemanP
For Purchaser.
Ntnesges:
. By;
F�—
ey:
�. Sailer acrxPis this Agreement on this day of .._,,.
conditions: �_.at (AMtPM)0 Min,the following
I
j
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rr0 without qua}ifcafion. —'—'
} :Bystgnmg below,Selleracknowtedgas having read and recelved acopy ofthis Agreement. IfthlsAgreement is signed byttaller
vdthout any rrrodlidatirn,the accop(enn date stated herein Mall bgtile Effective Dale of the Agreemenl.
It additional:condigons are Stipulated herein, Seller gives Purchaser un61 the
_ (AYAPM)to gro 'de It ten acceptance retire counterconditionsstatedh of .20 ,at
far 5yg S t. - 1 t° ereln.
Witnesses-
By. J p �+;�
L t ' .
Its:
A �^}
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Gaon Form J
CwamercalFmNongme�nml
Rovuetl 9115R0Ue
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PPRV�'
d s_EG�COUNSFL
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' Parchasar's Aci;nntytedgment of Ballet's oYAccepWnee: � --'" '—'-�
Purchaser aginox7edges rectipl Rf SeOer!5 acceptanca Of Purchasees offer. lithe acceptance eras subject to changer from
Purchasers offer,PgtChaser egrets to accept those changes,with all Other terms and conditions remaining unchongcd. 11 this
Agreement is signed by Purchaser wilhoat any modiftcatlon,(hen the sha
de
itases Receipt of Acceptanshellthen becomes the Effactive Date of(his Agreement lo stated as PutC
Seller has accepted this Agreement on this. day Rf ____,20,tu,at
(PWPW
For Purohaeer:
Wlthessea: -
mew 2�.rr�_
Its:�_ TEPH AA.Irc �T'U ex.tEx:.
l
By.
Its:
i 1
emmne:
3 The following exhibits are attached hereto and shot;become pa
p d of this Agreement by reference
i
Exhibit Providetl. Attached
t Noma Exhibit Description By By
(Purchase orSeLeq (flare)
Exhibit A
Exhibit B
i Exhibit
7. Exhibit D
llil Exhibit
Exhibit E
ExhibifG
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