UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15 (d)
of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): June 25, 2013
Hudson Pacific Properties, Inc.
(Exact name of registrant as specified in its charter)
Maryland | 001-34789 | 27-1430478 | ||
(State or other jurisdiction of incorporation) |
(Commission File Number) |
(IRS Employer Identification No.) |
11601 Wilshire Blvd., Suite 1600 Los Angeles, California |
90025 | |
(Address of Principal Executive Offices) | (Zip Code) |
(310) 445-5700
Registrants Telephone Number, Including Area Code
Not Applicable
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
This Current Report on Form 8-K is filed by Hudson Pacific Properties, Inc., a Maryland corporation (referred to herein as the Company, we, our and us), in connection with the matters described herein.
Item 1.01 | Entry into a Material Definitive Agreement. |
On June 25, 2013, Hudson Pacific Properties, L.P., our operating partnership, became obligated under a definitive purchase agreement to acquire a four-building, 836,419 square-foot office portfolio located in Seattle, Washington, which we refer to as the Seattle Portfolio, for approximately $367.5 million (net of certain credits and before closing costs and prorations). The Seattle Portfolio consists of the following:
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a two-building, 472,881 square-foot waterfront property located in Pioneer Square, which we refer to as the First & King property. This property is 90% leased to tenants such as Capital One/ING Direct, EMC Corporation and Nuance Communications. |
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a 189,762 square-foot Class-A office building located in downtown Seattle, which we refer to as the Met Park North property. This building is 99% leased, with 74% of the building to be occupied by Amazon.com, Inc. under a ten-year lease expected to commence in November 2013 and expire in 2023. |
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a 173,776 square-foot building located in the Edmonds/Lynnwood submarket of Seattles Northend, which we refer to as the Northview property. This building is 89% leased to tenants such as Automatic Data Processing, Inc. and the Federal Emergency Management Agency. |
We expect to finance the acquisition of the Seattle Portfolio using a combination of property-level indebtedness, borrowings under our unsecured revolving credit facility, and cash-on-hand, including from the anticipated disposition of our City Plaza property. The purchase of the Seattle Portfolio is subject to various closing conditions. If certain conditions are not satisfied by July 29, 2013, we may terminate the purchase agreement without liability, provided that certain provisions of the agreement will survive. The transaction is expected to close on or before July 29, 2013, provided, however, that we may elect to extend such closing by up to an additional 14 days. We cannot assure you that the acquisition will be consummated on the anticipated schedule or at all.
Lease Expirations
The following table sets forth a summary schedule of the lease expirations as of July 1, 2013, including for uncommenced leases, for the ten calendar years beginning January 1, 2013 at the properties in Seattle Portfolio. The information set forth in the table assumes that tenants exercise no renewal options and all early termination rights.
Year of Lease Expiring |
Number
of Leases Expiring |
Square
Footage of Expiring Leases |
Percent
of
Seattle Portfolio Square Feet |
Annualized
Rent (1) |
Percent
of
Seattle Portfolio Annualized Rent |
Annualized
Rent Per Leased Square Foot (2) |
Annualized
Rent Per Leased Square Foot at Expiration (3) |
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First & King |
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2013 |
1 | 1,344 | 0.2 | % | $ | 6,000 | 0.0 | % | $ | 4.46 | $ | 4.46 | ||||||||||||||||
2015 |
1 | 7,524 | 1.0 | % | 203,148 | 1.2 | % | 27.00 | 28.00 | |||||||||||||||||||
2016 |
1 | 11,442 | 1.5 | % | 226,209 | 1.3 | % | 19.77 | 20.57 | |||||||||||||||||||
2019 |
1 | 133,148 | 17.5 | % | 3,269,711 | 19.4 | % | 24.56 | 28.34 | |||||||||||||||||||
2021 |
2 | 230,860 | 30.3 | % | 4,201,298 | 24.9 | % | 18.20 | 24.45 | |||||||||||||||||||
2023 |
1 | 42,954 | 5.6 | % | 1,073,850 | 6.4 | % | 25.00 | 34.00 | |||||||||||||||||||
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Sub-Total (4) |
7 | 427,272 | 56.1 | % | $ | 8,980,215 | 53.3 | % | $ | 21.02 | $ | 26.52 | ||||||||||||||||
Met Park North |
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2016 |
1 | 600 | 0.1 | % | $ | 26,220 | 0.2 | % | $ | 43.70 | $ | 43.70 | ||||||||||||||||
2021 |
1 | 37,782 | 5.0 | % | 944,550 | 5.6 | % | 25.00 | 30.75 | |||||||||||||||||||
2023 |
1 | 2,486 | 0.3 | % | 62,344 | 0.4 | % | 25.08 | 32.72 | |||||||||||||||||||
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2023 (Uncommenced lease) |
1 | 139,824 | 18.3 | % | 3,669,637 | 21.8 | % | 26.24 | 32.91 | |||||||||||||||||||
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Sub-Total (4) |
4 | 180,692 | 23.7 | % | $ | 4,702,751 | 27.9 | % | $ | 26.03 | $ | 32.51 | ||||||||||||||||
Northview |
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2013 |
1 | 2,296 | 0.3 | % | $ | 43,624 | 0.3 | % | $ | 19.00 | $ | 19.00 | ||||||||||||||||
2014 |
2 | 4,015 | 0.5 | % | 72,270 | 0.4 | % | 18.00 | 18.64 | |||||||||||||||||||
2016 |
3 | 62,118 | 8.1 | % | 1,097,218 | 6.5 | % | 17.66 | 18.80 | |||||||||||||||||||
2017 |
1 | 6,049 | 0.8 | % | 111,906 | 0.7 | % | 18.50 | 20.50 | |||||||||||||||||||
2018 |
2 | 21,155 | 2.8 | % | 531,743 | 3.2 | % | 25.14 | 28.27 | |||||||||||||||||||
2020 |
2 | 58,946 | 7.7 | % | 1,304,421 | 7.7 | % | 22.13 | 24.11 | |||||||||||||||||||
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Sub-Total (4) |
11 | 154,579 | 20.3 | % | $ | 3,161,183 | 18.8 | % | $ | 20.45 | $ | 22.20 | ||||||||||||||||
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Total (4) |
22 | 762,543 | 100.0 | % | $ | 16,844,149 | 100.0 | % | $ | 22.09 | $ | 27.06 | ||||||||||||||||
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(1) | Represents the annualized monthly contractual base rent (before abatements) under existing leases as of July 1, 2013. For commenced leases, annualized monthly contractual base rent is calculated by multiplying (i) base rental payments (defined as cash base rent (before abatements)) for the month ending July 31, 2013, by (ii) 12. For the uncommenced lease, annualized monthly contractual base rent is calculated by multiplying (i) base rental payments (defined as cash base rent (before abatements)) for the month ending on the anticipated commencement date, by (ii) 12. |
(2) | For commenced leases, calculated as (i) annualized base rent divided by (ii) square footage under lease as of July 1, 2013. For the uncommenced lease, calculated as (i) annualized base rent divided by (ii) square footage under lease as of the anticipated commencement date. |
(3) | For commenced leases, calculated as (i) annualized base rent at expiration divided by (ii) square footage under leases as of July 1, 2013. For the uncommenced lease, calculated as (i) annualized base rent divided by (ii) square footage under lease as of the anticipated commencement date. |
(4) | Percentages may not sum due to rounding. |
Other than normally recurring capital expenditures and tenants improvements, we have no present plans with respect to renovation, improvement or redevelopment of Seattle Portfolio. The buildings in the Seattle Portfolio will be insured, along with our other properties, under a blanket property, liability, fire, extended coverage, terrorism and rental loss insurance policy that is renewed on an annual basis.
We will determine the federal tax basis of the Seattle Portfolio as of the closing of the acquisition and expect it to be based on the final purchase price. The depreciation method and life claimed will be determined by reference to the Internal Revenue Service-mandated method for depreciating assets placed into service after 1986, known as the Modified Accelerated Cost Recovery System.
The foregoing summary of the purchase agreement and the acquisition of the Seattle Portfolio does not purport to be complete and is subject to, and qualified in its entirety by, the full text of the purchase agreement, a copy of which is filed as Exhibit 10.1 to this report.
Item 7.01 | Regulation FD Disclosure. |
On July 1, 2013, we issued a press release. A copy of the press release is furnished (and not filed) as Exhibit 99.1 to this report.
The information being furnished pursuant to Item 7.01 shall not be deemed filed for any purpose, including for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the Exchange Act), or otherwise subject to the liabilities of that section. The information in this Current Report on Form 8-K shall not be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act regardless of any general incorporation language in such filing.
Item 9.01 | Financial Statements and Exhibits. |
(d) | Exhibits. |
Exhibit No. |
Description | |
10.1 | Purchase Agreement between 1220 Howell LLC, a Delaware limited liability company, King & Dearborn LLC, a Delaware limited liability company, and Northview Corporate Center LLC, a Delaware limited liability company, as Sellers, and Hudson Pacific Properties, L.P., a Maryland limited partnership, as Buyer. | |
99.1** | Press release dated July 1, 2013. |
** | Furnished herewith. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
HUDSON PACIFIC PROPERTIES, INC. |
Date: July 1, 2013 |
By: | /s/ Mark T. Lammas | ||
Mark T. Lammas | ||||
Chief Financial Officer |
EXHBIT INDEX
Exhibit No. |
Description | |
10.1 | Purchase Agreement between 1220 Howell LLC, a Delaware limited liability company, King & Dearborn LLC, a Delaware limited liability company, and Northview Corporate Center LLC, a Delaware limited liability company, as Sellers, and Hudson Pacific Properties, L.P., a Maryland limited partnership, as Buyer. | |
99.1** | Press release dated July 1, 2013. |
** | Furnished herewith. |
Exhibit 10.1
PURCHASE AGREEMENT
Between
1220 HOWELL LLC, a Delaware limited liability company,
KING & DEARBORN LLC, a Delaware limited liability company, and
NORTHVIEW CORPORATE CENTER LLC, a Delaware limited liability company,
as Sellers,
and
HUDSON PACIFIC PROPERTIES, L.P.,
a Maryland limited partnership,
as Buyer
June 11, 2013
Metropolitan Park North Tower, Seattle, Washington,
83 South King Street and 505 First Street, Seattle, Washington,
Northview Corporate Center, 20700 44 th Avenue West, Lynnwood, Washington
TABLE OF CONTENTS
Page | ||||||
ARTICLE 1 Purchase and Sale | 1 | |||||
1.1 | The Property | 1 | ||||
1.2 | Property Approval Period | 2 | ||||
ARTICLE 2 Purchase Price | 7 | |||||
2.1 | Amount and Payment | 7 | ||||
2.2 | Deposit | 7 | ||||
2.3 | Liquidated Damages | 8 | ||||
ARTICLE 3 Completion of Sale | 10 | |||||
3.1 | Place and Date | 10 | ||||
ARTICLE 4 Title and Condition | 10 | |||||
4.1 | Title to the Property | 10 | ||||
4.2 | Leases | 10 | ||||
4.3 | Personal Property | 10 | ||||
4.4 | Contracts | 10 | ||||
4.5 | Permits | 11 | ||||
4.6 | Conveyance | 11 | ||||
4.7 | AS IS Sale. | 11 | ||||
4.8 | Buyers Release | 15 | ||||
ARTICLE 5 Representations and Warranties | 16 | |||||
5.1 | Seller | 16 | ||||
5.2 | Buyer | 19 | ||||
ARTICLE 6 Covenants | 21 | |||||
6.1 | Seller | 21 | ||||
6.2 | Buyer | 25 | ||||
6.3 | Casualty Damage | 26 | ||||
6.4 | Eminent Domain | 27 | ||||
ARTICLE 7 Conditions Precedent | 28 | |||||
7.1 | Seller | 28 | ||||
7.2 | Buyer | 28 | ||||
ARTICLE 8 Closing | 31 | |||||
8.1 | Procedure | 31 | ||||
8.2 | Possession | 32 | ||||
8.3 | Closing Costs | 32 | ||||
8.4 | Prorations | 32 | ||||
8.5 | Tenant Reconciliations and Post-Closing Adjustments | 34 | ||||
8.6 | Post-Closing Access | 34 | ||||
8.7 | Cooperation with Buyers Auditors and SEC Filing Requirements | 34 | ||||
ARTICLE 9 General | 36 | |||||
9.1 | Notices | 36 | ||||
9.2 | Attorneys Fees | 37 |
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9.3 | Governing Law | 37 | ||||
9.4 | Seller Default | 37 | ||||
9.5 | Construction | 37 | ||||
9.6 | Terms Generally | 37 | ||||
9.7 | Further Assurances | 38 | ||||
9.8 | Partial Invalidity | 38 | ||||
9.9 | Waivers | 38 | ||||
9.10 | Miscellaneous | 38 | ||||
9.11 | Confidentiality | 38 | ||||
9.12 | Escrow Agent; Deposit | 40 | ||||
9.13 | 1031 Exchange | 42 |
Exhibit A | List of Real Property by Owner | |
Exhibit B | Lease Lists | |
Exhibit C | Excluded Personal Property Lists | |
Exhibit D | List of Contracts | |
Exhibit E | Form of Deed | |
Exhibit F | Assignment of Leases | |
Exhibit G | Bill of Sale | |
Exhibit H | Assignment of Contracts | |
Exhibit I | Assignment of Permits | |
Exhibit J | List of Security Deposits | |
Exhibit K | Sellers Closing Certificate | |
Exhibit L | Estoppel Certificate | |
Exhibit L-1 | Association Estoppel Certificate | |
Exhibit L-2 | Parking Estoppel Certificate | |
Exhibit M | Buyers Closing Certificate | |
Exhibit N | Certificate of Nonforeign Status | |
Exhibit O | Form of Tenant Notice | |
Exhibit P | Environmental Disclosure Statement |
Schedules 1.1(a)-(c) | Preliminary Reports | |
Schedule 1.2(a) | List of Documents Produced as Part of the Seller Diligence Documents | |
Schedule 2.1 | Allocated Value for Each Property (including Personal Property Value) | |
Schedule 5.1 | Litigation | |
Schedule 5.1(b) | List of any Tenant Audits of Operating Expenses | |
Schedule 5.1(f) | List of Tax Appeals | |
Schedule 5.1(g)(1) | Description of Current Ongoing Tenant Improvement Work and Improvement Allowance for Such Work, Free Rent, Current and Future Brokerage Commissions, and Other Unexpired or Outstanding Tenant Inducements of Monetary Concessions | |
Schedule 6.1(d) | Estoppel Certificates - List of Tenants | |
Schedule 7.2(e) | List of Required Tenant Estoppels | |
Schedule 7.2(f) | Lobby Work Budget | |
Schedule 8.7 | Buyer Audit Information |
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PURCHASE AGREEMENT
THIS PURCHASE AGREEMENT (this Agreement), is made as of June 11, 2013, by and between 1220 HOWELL LLC, a Delaware limited liability company, KING & DEARBORN LLC, a Delaware limited liability company, and NORTHVIEW CORPORATE CENTER LLC, a Delaware limited liability company, (each a Seller and collectively Sellers), and HUDSON PACIFIC PROPERTIES, L.P., a Maryland limited partnership.
WITNESSETH:
In consideration of the covenants in this Agreement, Seller and Buyer agree as follows:
ARTICLE 1
Purchase and Sale
1.1 The Property . Each Seller agrees to sell to Buyer, and Buyer agrees to purchase from each Seller, in accordance with this Agreement, all of such Sellers right, title and interest in and to the following property (for each Seller, such Sellers Property, and collectively, the Property):
(a) Each Sellers interest in the real property owned by such Seller as identified in Exhibit A (the Land) and as more particularly described in the Preliminary Reports attached as Schedules 1.1 (a) (c) (each a Preliminary Report and collectively the Preliminary Reports), prepared by the Title Company (as defined in section 2.2 below) together with all buildings, structures, improvements, machinery, fixtures and equipment affixed or attached to such real property and all easements and rights appurtenant to such real property (all such real property, buildings, structures, improvements, machinery, fixtures, equipment, easements and rights are collectively the Real Property);
(b) Each Sellers interest in all leases, lease amendments, lease guaranties, work letter agreements, improvement agreements, other occupancy agreements, subleases, assignments, licenses, concessions and other agreements (the Leases) with all persons leasing, using or occupying such Sellers Real Property or any part thereof (Tenants) described in the list of leases (the Lease List) attached hereto as Exhibit B , together with all security deposits held, and all guarantees, letters of credit and other similar credit enhancements, in connection with the Leases (the Security Deposits), as described on Exhibit J hereto;
(c) All tangible and intangible personal property located at or directly associated with such Sellers Real Property (including, without limitation, any and all plans, specifications, drawings, books and building records, together with all domain names and other intellectual property) (the Personal Property), except for such Sellers or other partys personal property described in Exhibit C attached hereto;
(d) Each Sellers interest in all contracts, agreements, warranties and guaranties (the Contracts) described in Exhibit D attached hereto; and
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(e) Each Sellers interest in all building permits, certificates of occupancy, development rights, entitlements and other certificates, permits, licenses and approvals (the Permits) relating to such Real Property.
1.2 Property Approval Period . If the parties to this Agreement have previously executed an access agreement or other similar agreement in connection with the transaction contemplated by this Agreement, then the terms and provisions of such other access agreement shall apply to the parties actions prior to the date of this Agreement and, effective upon the date of this Agreement, the terms and provisions of this Agreement regarding access and due diligence investigations shall control with respect to the parties actions from and after the date of this Agreement.
(a) During the period commencing on the date of this Agreement to 5:00 p.m. Pacific time on June 17, 2013 (the Property Approval Period), Buyer shall, at Buyers expense, have the right to review and investigate the physical and environmental condition of the Property, the character, quality and general utility of the Property, the zoning, land use, environmental and building requirements and restrictions applicable to the Property, the state of title to the Property, the Personal Property, the Contracts, the Permits, and the Leases. As a result of such review and investigation, Buyer shall determine, in its sole and absolute discretion, whether the Property is acceptable to Buyer. If Buyer fails, prior to 5:00 P.M. Pacific time on the last day of the Property Approval Period, to (i) deliver written notice (Buyers Approval Notice) to Seller and Title Company (as defined in Section 2.2 below) of Buyers unconditional approval of the Property, and (ii) the Second Deposit (as that term is defined in Section 2.2 below) to Title Company, then Buyer shall be deemed to have disapproved the Property and this Agreement shall automatically terminate, the Deposit (as defined in section 2.2 below) shall be returned to Buyer, and thereafter neither Sellers nor Buyer shall have any further obligations hereunder. If Buyer delivers Buyers Approval Notice prior to the expiration of the Property Approval Period, Buyer shall no longer have any right to terminate this Agreement under this section 1.2(a), and (subject to the provisions of section 1.2(h) hereof) Buyer shall be obligated to proceed to Closing (as hereinafter defined) and consummate the transaction contemplated hereby pursuant to this Agreement. Despite the rights provided to Buyer below in this section 1.2 to continue to conduct due diligence, nothing in this section 1.2 gives Buyer the right to terminate this Agreement, except as expressly set forth in this section 1.2(a) and in section 1.2(h) below (with respect to new title matters appearing on any title updates).
During the Property Approval Period and thereafter through Closing or the earlier termination of this Agreement, each Seller shall permit Buyer and Buyers representatives to inspect and copy the documents listed on Schedule 1.2(a) to this Agreement and each Sellers Lease files (collectively, and together with the Preliminary Report (defined below) and the underlying exception documents, the Seller Diligence Documents), and each Seller shall provide Buyer and Buyers representatives with reasonable access to such Sellers Property at reasonable times, with at least twenty-four (24) hours prior notice to such Seller, during normal business hours on business days for the purposes of exercising the rights of Buyer pursuant to this section 1.2. As used in this Agreement, the term business day shall mean any day, except Saturdays, Sundays, New Years Day, Martin Luther King, Jr. Day, Presidents Day, Memorial Day, Independence Day, Labor Day, Thanksgiving Day and Christmas Day or any
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other day that banks in the State of Washington are authorized or required to close for the normal conduct of business. Buyers notice shall identify Buyer and/or Buyers representatives entering the Property, as applicable, and shall provide the general scope of the due diligence such party intends to conduct during its access to the Property. Sellers have previously provided Buyer with a current rent roll for the Property. Buyer acknowledges that the materials relating to the Property that Sellers have furnished or will furnish to Buyer contain confidential and proprietary information. Buyer agrees to keep confidential, and not disseminate to any third party other than Buyers Agents (as defined below), or Buyers prospective lenders or investors, any non-public information, studies or reports that Buyer and/or Buyers employees, agents, consultants, attorneys, accountants, directors, advisors, lenders, contractors and representatives (collectively, Buyers Agents) obtain, from Sellers or otherwise, or develop during or as a result of Buyers due diligence inspections (the Due Diligence Information). Buyer shall not use the Due Diligence Information in a way that is detrimental to Sellers or for any purpose other than Buyers evaluating the proposed acquisition of the Property and enforcing Buyers rights and remedies hereunder. If Buyer does not purchase the Property for any reason other than a default by Seller hereunder, the Seller Diligence Documents and any third-party inspection reports, studies, surveys, and other third-party reports and/or test results relating to the physical condition of the Property which were prepared by consultants retained by Buyer in contemplation of this Agreement and which are not subject to the attorney-client privilege shall be delivered or returned to Sellers within five (5) business days following Sellers written request therefor (and Buyers obligation to deliver or return the foregoing shall survive the expiration or termination of this Agreement for a period of nine (9) months), and, except as required by law or regulatory requirements, to demonstrate compliance with fiduciary duties or for purposes of defending or maintaining any legal action related to this Agreement (provided that any such retained copies continue to be held confidential pursuant to the terms of this Agreement so long as such copies are retained), neither Buyer nor Buyers Agents shall retain any copies, extracts or other reproductions of the Seller Diligence Documents, except that neither Recipient nor Buyers Agents will be obligated to erase Seller Diligence Documents that is automatically saved in an archived computer backup system in accordance with existing security and/or disaster recovery procedures. If Buyer or Buyers Agents are requested or required by subpoena or similar court order to disclose any Due Diligence Information (to the extent the same remains confidential pursuant to the express terms of this Agreement), Buyer (unless prohibited by law) shall promptly notify Sellers of such request or requirement so that Sellers may, at their cost and expense, seek to avoid or minimize the required disclosure and/or to obtain an appropriate protective order.
(b) Buyer agrees that each Seller shall have the right to have a representative present to observe all due diligence inspections conducted at such Sellers Property. Buyer acknowledges and agrees that any and all due diligence inspections shall be conducted in a manner not unreasonably disruptive to tenants or to the operation of the Property. In addition, Buyer shall have the right to obtain from the local zoning or planning department such departments standard zoning letter or report in which the department confirms the zoning applicable to the Real Property, but Buyer shall not otherwise discuss or inquire about matters related to the Property with governmental entities and utilities or other similar third parties.
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(c) In conducting its due diligence, Buyer agrees to carry, or to require its agents, consultants and contractors who conduct the due diligence inspections at or on the Property to carry, not less than one million dollars ($1,000,000) comprehensive general liability insurance with a contractual liability endorsement that insures Buyers indemnity obligations under section 1.2(g) hereof, and Buyer shall provide Sellers with written evidence of same. Buyer agrees to keep the Property free and clear of any liens that may arise as a result of Buyers activities and those of its agents, consultants and contractors at or on the Property. All activities undertaken in connection with Buyers due diligence activities shall fully comply with applicable laws and regulations, including laws and regulations relating to worker safety.
(d) Buyer shall not allow or conduct any intrusive physical or environmental testing, inspection or investigation of the Property, and nothing contained in this Agreement shall be deemed to grant Buyer any right of access to conduct intrusive physical or environmental testing, inspection or investigation of the Property, without first obtaining the applicable Sellers prior written consent (which may be withheld in such Sellers reasonable discretion) and, upon request of such Seller, entering into an additional agreement with respect thereto in a form reasonably acceptable to such Seller. Prior to performing any environmental tests or studies on the Property beyond the scope of work generally performed in a Phase I environmental property assessment study, Buyer shall notify each Seller of the scope of work intended to be performed at such Sellers Property and shall provide such Seller an opportunity to confer, either directly or through such Sellers consultants, with Buyers environmental consultants in order to determine whether to consent to any sampling or testing of surface or subsurface soils, surface water or ground water. Each Seller may elect to deny Buyer permission to conduct intrusive testing or other inspections of the soils, surface water or ground water based at such Sellers Property on such Sellers determination, in its reasonable discretion, that such inspections are inadvisable.
(e) Buyer, at its sole cost, shall restore promptly any and all physical damage or injury caused by its due diligence inspections and shall return the Property to substantially the condition existing prior to such entry; it being understood, however, that Buyer shall not be responsible for damage due to the mere discovery of a pre-existing condition, but Buyer shall be responsible for any exacerbation of a pre-existing condition resulting from Buyers activities, and Buyer shall not be responsible to the extent of any damage caused by a Seller or any of its tenants or occupants (or any of their respective employees, agents or invitees) negligence or intentional misconduct.
(f) Buyer hereby indemnifies and agrees to protect, defend and hold harmless Sellers and each Sellers members, employees, licensees, contractors, agents and invitees from and against any and all obligations, losses, injuries, damages, claims, liens, costs, expenses, demands, liabilities, penalties and investigation costs, including reasonable attorneys fees and costs (Claims), incurred in connection with or arising directly or indirectly out of Buyers and Buyers Agents activities at or with respect to the Property in connection with such due diligence inspections; provided, however, that Buyer shall not be liable to Sellers under the foregoing indemnity for any Claims arising as a result of the mere discovery by Buyer of a pre-existing condition in or on the Property (but Buyer shall be responsible for any exacerbation of a pre-existing condition resulting from Buyers activities) or for Claims to the extent resulting from the negligence or intentional misconduct of a Seller. This indemnity shall survive the termination or expiration of this Agreement for a period of one (1) year.
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(g) [Omitted].
(h)(1) Each Seller has obtained and delivered to Buyer (i) a Preliminary Report, (ii) copies of the underlying recorded documents shown as exceptions in the Preliminary Report and (iii) a copy of the existing survey of each Property as follows: (x) in the case of Metropolitan Park North Tower, the survey prepared by Bush, Roed & Hitchings, Inc., dated March 14, 2012, as Job No. 2005160.05, consisting of one sheet, (y) in the case of 83 South King and 505 First Street, the survey prepared by Bush, Roed & Hitchings, Inc., dated May 29, 2013, as Job No. 2000027.10, consisting of two sheets, and (z) in the case of Northview Corporate Center, the survey prepared by Bush, Roed & Hitchings, Inc., dated March 14, 2013, as Job No. 2004073.05, consisting of one sheet (each an Existing Survey and collectively, the Existing Surveys).
(2) Buyer shall have until June 7, 2013 (such date, the Title Exam Deadline) to notify Sellers, in writing, of such objections as Buyer may have to anything affecting the Land and the Real Property contained in the applicable Preliminary Report or Existing Survey. Other than any Monetary Obligations (as defined in section 1.2 (h)(3) below), any item contained in a Preliminary Report or any matter shown on an Existing Survey to which Buyer does not object prior to the Title Exam Deadline shall be deemed a permitted exception (collectively, the Permitted Exceptions). In the event Buyer shall notify Sellers of objections to title or to matters shown on the Existing Survey prior to the Title Exam Deadline, the applicable Seller shall have the right, but not the obligation, to cure such objections. Within three (3) business days after receipt of Buyers notice of objections, Sellers shall notify Buyer in writing whether such Seller elects to attempt to cure such objections. If such Seller elects to attempt to cure, and provided that Buyer shall not have terminated this Agreement in accordance with section 1.2 hereof, such Seller shall have until the date of Closing to attempt to remove, satisfy or cure the same, and for this purpose such Seller shall be entitled to a reasonable adjournment of the Closing if additional time is reasonably required, but in no event shall the adjournment exceed twenty (20) days after the date for Closing set forth in section 3.1 hereof. If such Seller elects not to cure any objections specified in Buyers notice, or if such Seller is unable to effect a cure prior to the Closing (or any date to which the Closing has been adjourned), Buyer shall have the following options (which must be exercised within the time set forth in the next sentence): (a) to accept a conveyance of the Property subject to the Permitted Exceptions, specifically including any matter objected to by Buyer but which such Seller is unwilling or unable to cure, and without reduction of the Purchase Price; or (b) to terminate this Agreement by giving written notice thereof to Sellers, and upon delivery of such notice of termination, this Agreement shall terminate, the Deposit shall be returned to Buyer, and thereafter neither Sellers nor Buyer shall have any further obligations hereunder. Buyers delivery of the Buyers Approval Notice described in section 1.2(a) above shall mean that, with respect to title and survey matters described in this section 1.2(h)(2), Buyer has elected the option described in clause (a) of the immediately preceding sentence. If Sellers notify Buyer that the applicable Seller does not intend to attempt to cure any title objection or if, having commenced attempts to cure any objection, Sellers later notify Buyer that such Seller will be unable to effect a cure thereof,
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then Buyer shall, within five (5) days after such notice has been given, notify Sellers in writing whether Buyer shall elect to accept the conveyance under clause (a) of this section 1.2(h) or to terminate this Agreement under clause (b) of this section 1.2(h).
(3) Buyer may, at or prior to Closing, notify Sellers in writing of any objections to title first raised by the Title Company or revealed after the date of this Agreement, or of any other Monetary Obligations (as defined below). If Buyer makes any such objection, Sellers may, by giving notice to Buyer within five (5) days after Sellers receipt of Buyers objection notice, elect either to cure such objection or not to cure such objection (provided, however, that Sellers shall be obligated to cure, at their sole cost and expense, either by removing such item from record or, subject to Buyers reasonable approval, otherwise causing the Title Company to remove such item from the list of so-called Schedule B exceptions (pursuant to escrow or other arrangements reasonably satisfactory to Buyer), all (x) deeds of trusts, mortgages, financing statements, other security instrument or interests, tax (including with respect to any assessments and governmental charges) liens with respect to delinquent tax payments (or payments that will be delinquent on the Closing Date if not paid on or prior to the Closing Date), mechanics liens, materialmens liens or similar liens, or other similar encumbrances on the Property for work performed on the applicable Sellers behalf, or (y) all encumbrances or restrictions that have been voluntarily placed against the Property by the applicable Seller after the date of this Agreement (collectively, Monetary Obligations)). Sellers shall be deemed to have elected not to remove or cure any such objection unless Sellers elect or are obligated to cure any such objection in accordance with this section 1.2(h)(3). If Sellers elect or are obligated to cure any such objection, Sellers shall remove the title exception in question on or before the Closing Date in a manner reasonably acceptable to Buyer; provided, however, that if Sellers elect to cure any such objection, such objection is capable of cure and Sellers need time beyond the Closing Date to do so, then Sellers shall have the right to adjourn the Closing, upon written notice to Buyer, for such amount of time as Sellers reasonably require to effect such cure (provided, further, however, such adjournment shall not exceed 20 days). If Sellers elect (or are deemed to have elected) not to remove any such objection (excluding any objection which Sellers are obligated to remove in accordance with this section 1.2(h)(3)), Buyer shall have the right, by giving notice to Sellers within three (3) business days after Buyers receipt of Sellers election notice (or the expiration of Sellers five-day response period if Sellers do not respond), either to terminate this Agreement, and have the Deposit returned, or to withdraw such objection and accept title to the Property subject to the title or survey matter in question. If Buyer does not exercise the right to terminate this Agreement in accordance with this section 1.2(h)(3), Buyer shall be deemed to have approved title to the Property subject to the title matter in question and withdrawn such objection.
(i) Buyer and Sellers acknowledge that each Real Property constitutes Commercial Real Estate as defined in RCW 64.06.005. Buyer waives receipt of the seller disclosure statement required under RCW 64.06 for transactions involving the sale of commercial real estate, except for the section entitled Environmental. A completed Environmental section of the seller disclosure statement is attached to this Agreement as Exhibit P (the Disclosure Statement). Buyer waives its right to rescind this Agreement under Section 64.06.030. Buyer further acknowledges and agrees that the Disclosure Statement (a) is for the purpose of disclosure only, (b) will not be considered part of this Agreement, and (c) will not be construed as a representation or warranty of any kind by Sellers.
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ARTICLE 2
Purchase Price
2.1 Amount and Payment .
(a) The aggregate purchase price for the Property (the Purchase Price) shall be Three Hundred Eighty Million and No/100 Dollars ($380,000,000.00).
(b) Intentionally Omitted.
(c) At the Closing on the Closing Date, Buyer shall pay the aggregate Purchase Price for the Property to Sellers in cash in immediately available funds, subject to adjustments as provided in sections 6.3, 8.3 through 8.5. Buyer shall deposit the Purchase Price, less the Deposit and subject to adjustments as provided in sections 8.3 through 8.5, into escrow with the Title Company on or before 11 A.M. Pacific time on the Closing Date. The Sellers and the Buyer hereby agree that the aggregate Purchase Price shall be allocated among the Property (the Allocated Asset Value) for all purposes under this Agreement, including for federal, state, local and foreign tax purposes in accordance with applicable U.S. federal Tax Law and analogous provisions of foreign, state or local laws, and for the purposes of title insurance. The Sellers and the Buyer shall file all tax returns and related tax documents consistent with such agreed upon Allocated Asset Values. Specifically, Sellers and Buyer shall agree on the allocated value for the each Property hereunder no later than the expiration of the Property Approval Period and upon such agreement, Sellers shall update Schedule 2.1 hereto to reflect such agreed-upon allocated value.
2.2 Deposit . Buyer has previously deposited Two Million and No/100 Dollars ($2,000,000.00) with Chicago Title Insurance Company (the Title Company). Not later than 5:00 p.m. (Pacific time) on the second (2 nd ) business day following the expiration of the Property Approval Period (or on the second (2 nd ) business day following such earlier date as Buyer may deliver Buyers Approval Notice, if applicable), Buyer shall deposit with the Title Company the sum of Eighteen Million and No/100 Dollars ($18,000,000.00) (the Second Deposit) in cash in immediately available funds as a deposit under this Agreement. The (i) First Deposit, (ii) when made, the Second Deposit and (iii) if and when made, the Extension Deposit are referred to in this Agreement as the Deposit. The Deposit shall be held by the Title Company (in such capacity, the Escrow Agent) in accordance with the terms and conditions of section 9.12 and in an interest-bearing account designated in writing by Buyer and approved in writing by Sellers. If Sellers and Buyer complete the purchase and sale of the Property in accordance with this Agreement, the Deposit shall be applied to payment of the total purchase price for the Property in accordance with section 2.1 hereof. If the purchase and sale of the Property is not completed and this Agreement terminates for any reason other than a default by Buyer under or a breach by Buyer of this Agreement, then the Deposit shall be returned to Buyer upon such termination of this Agreement. If Buyer fails to deliver the Second Deposit to the Escrow Agent within the
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time periods specified above, then this Agreement shall terminate automatically effective as of the date of such failure, the First Deposit shall be deemed earned by Seller and shall be retained by Seller, and thereafter neither Seller nor Buyer shall have any further obligations hereunder, except for those provisions that expressly survive the termination or expiration of this Agreement.
2.3 Liquidated Damages . SELLERS AND BUYER AGREE THAT, IF THE PURCHASE AND SALE OF THE PROPERTY IS NOT COMPLETED IN ACCORDANCE WITH THIS AGREEMENT AND THIS AGREEMENT TERMINATES BECAUSE BUYER DEFAULTS UNDER OR BREACHES THIS AGREEMENT, THEN THE DEPOSIT SHALL BE PAID TO SELLERS UPON TERMINATION OF THIS AGREEMENT, AND SUCH DEPOSIT SHALL BE RETAINED BY SELLERS AS LIQUIDATED DAMAGES AND AS SELLERS SOLE AND EXCLUSIVE REMEDY AT LAW OR IN EQUITY, OTHER THAN SELLERS RIGHTS UNDER SECTION 9.2 HEREOF AND UNDER ANY INDEMNIFICATION PROVISIONS THAT SURVIVE TERMINATION OF THIS AGREEMENT BY REASON OF BUYERS DEFAULT. SELLERS AND BUYER AGREE THAT, UNDER THE CIRCUMSTANCES EXISTING AS OF THE DATE OF THIS AGREEMENT, ACTUAL DAMAGES MAY BE DIFFICULT TO ASCERTAIN AND THE DEPOSIT IS A REASONABLE ESTIMATE OF THE DAMAGES THAT WILL BE INCURRED BY SELLERS IF BUYER DEFAULTS UNDER OR BREACHES THIS AGREEMENT AND FAILS TO PURCHASE THE PROPERTY IN ACCORDANCE WITH THIS AGREEMENT. THE PAYMENT OF THE DEPOSIT TO SELLERS AS LIQUIDATED DAMAGES UNDER THE CIRCUMSTANCES PROVIDED FOR HEREIN IS NOT INTENDED AS A FORFEITURE OR PENALTY, BUT IS INTENDED TO CONSTITUTE LIQUIDATED DAMAGES TO SELLERS.
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BY SIGNING BELOW, EACH PARTY SPECIFICALLY CONFIRMS THE ACCURACY OF THE STATEMENTS MADE ABOVE, THE REASONABLENESS OF THE AMOUNT OF LIQUIDATED DAMAGES AGREED UPON, AND THE FACT THAT EACH PARTY WAS REPRESENTED BY COUNSEL WHO EXPLAINED, AT THE TIME THIS AGREEMENT WAS MADE, THE CONSEQUENCES OF THIS LIQUIDATED DAMAGES PROVISION.
SELLERS INITIALS: | BUYERS INITIALS: |
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ARTICLE 3
Completion of Sale
3.1 Place and Date . The purchase and sale of the Property shall be completed in accordance with Article 8 hereof (the Closing). The Closing shall occur through escrow No. NCS-160330432 with the Title Company at 455 Market Street, Suite 2100, San Francisco, California 94105, Attn: Terina J. Kung, Tel: 415-3-291- 5128, Fax: 415.896.9423, Email: kungt@ctt.com (or at such other place as Seller and Buyer agree) on July 12, 2013 (the Closing Date). Notwithstanding the foregoing, Buyer shall have the one-time right to extend the Closing Date to July 26, 2013 by giving irrevocable, written notice of such extension to Sellers not later than 5:00 p.m. San Francisco time on July 8, 2013, and simultaneously delivering to Escrow Agent the sum of Five Million and No/100 Dollars ($5,000,000.00) as an additional deposit (the Extension Deposit). If Buyer fails to deliver the Extension Deposit to the Escrow Agent within the time period specified above, then, Buyers exercise of the foregoing extension right shall be ineffective, and the Closing Date shall not be extended and shall remain July 12, 2013 subject to any other rights the parties may have to extend the Closing Date under this Agreement. Prior to the Closing Date, Seller and Buyer each shall give appropriate written escrow instructions, consistent with this Agreement, to the Title Company for the Closing in accordance with this Agreement.
ARTICLE 4
Title and Condition
4.1 Title to the Property . Each Seller shall convey to Buyer fee title to such Sellers Real Property, by a duly executed and acknowledged Bargain and Sale Deed (the Deed) in the form of Exhibit E attached hereto.
4.2 Leases . Each Seller shall assign good title to such Sellers interest in the Leases and the Security Deposits to Buyer, and Buyer shall assume said Leases and Security Deposits, by a duly executed Assignment of Leases (the Assignment of Leases) in the form of Exhibit F attached hereto.
4.3 Personal Property . Each Seller shall transfer all of such Sellers interests in the Personal Property to Buyer, by a duly executed Bill of Sale (the Bill of Sale) in the form of Exhibit G attached hereto, without any warranty or covenant except as herein or therein stated.
4.4 Contracts . Subject to Buyers right to direct each Seller to deliver notice of cancellation of any Contract in accordance with section 6.1(f), each Seller shall assign all of such Sellers interests in the Contracts to Buyer, and Buyer shall assume said Contracts, by a duly executed Assignment of Contracts (the Assignment of Contracts) in the form of Exhibit H attached hereto.
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4.5 Permits . Each Seller shall assign all of such Sellers interests in the Permits to Buyer, by a duly executed Assignment of Permits (the Assignment of Permits) in the form of Exhibit I attached hereto without any warranty or covenant.
4.6 Conveyance . Buyers acceptance of the Deed from each Seller for such Sellers Real Property at the Closing on the Closing Date and the issuance of the Title Policy (defined below) to Buyer by the Title Company on the Closing Date shall conclusively establish that each Seller conveyed such Sellers Property to Buyer as required by this Agreement and shall discharge in full such Sellers obligations under section 4.1 hereof with respect to title to the Real Property.
4.7 AS IS Sale.
(a) Prior to the date hereof or during the Property Approval Period:
(i) Buyer has or will have conducted all such inspections, investigations, tests, analyses, appraisals and evaluations of the Property (including for Hazardous Materials, as defined below) as Buyer considers necessary or appropriate (all of such inspections, investigations and reports being herein collectively called the Investigations); and
(ii) Sellers have or will have made available to Buyer, and otherwise allowed Buyer access to, copies of the Seller Diligence Documents.
(b) Prior to the date hereof or during the Property Approval Period, Buyer has or will have reviewed, examined, evaluated and verified all Seller Diligence Documents and the results of the Investigations to the extent it deems necessary or appropriate with the assistance of such experts as Buyer deemed appropriate. Prior to the date hereof or during the Property Approval Period, Buyer:
(i) is or will be familiar with the physical condition of the Property;
(ii) has or will have completed its due diligence with respect to the Property and the Seller Diligence Documents to its satisfaction;
(iii) is or will be acquiring the Property based exclusively upon its own investigations and inspections of the Property and the Seller Diligence Documents except for the representations and warranties of Sellers expressly provided herein;
(iv) is experienced in the acquisition of real property similar to the Real Property;
(v) has been and will continue to be represented by advisors and consultants (including counsel) of its choice in the transaction contemplated by this Agreement; and
(vi) recognizes the risks of acquiring and owning the Property and that an allocation of risk is intended by this Agreement.
(c) THE PROPERTY IS BEING SOLD, AND BUYER IS ACCEPTING POSSESSION OF THE PROPERTY ON THE CLOSING DATE, AS IS, WHERE IS, WITH ALL FAULTS, WITH NO RIGHT OF SETOFF OR REDUCTION IN THE
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PURCHASE PRICE EXCEPT FOR SELLERS EXPRESS REPRESENTATIONS AND WARRANTIES SET FORTH IN THIS AGREEMENT AND OTHER OBLIGATIONS OF SELLERS IN THIS AGREEMENT OR ANY OF THE CLOSING DOCUMENTS THAT SURVIVE THE CLOSING (HEREIN COLLECTIVELY CALLED THE SELLERS WARRANTIES). NONE OF THE SELLERS, THEIR COUNSEL OR BROKERS, NOR ANY PARTNER, MEMBER, OFFICER, DIRECTOR, EMPLOYEE, AGENT OR ATTORNEY OF ANY SELLER, ITS COUNSEL OR BROKER NOR ANY OTHER PARTY RELATED IN ANY WAY TO ANY OF THE FOREGOING (ALL OF WHICH PARTIES ARE HEREIN COLLECTIVELY CALLED THE SELLER PARTIES) HAVE OR SHALL BE DEEMED TO HAVE MADE ANY VERBAL OR WRITTEN REPRESENTATIONS, WARRANTIES, PROMISES OR GUARANTEES (WHETHER EXPRESS, IMPLIED, STATUTORY OR OTHERWISE) TO BUYER WITH RESPECT TO THE PROPERTY, ANY MATTER SET FORTH, CONTAINED OR ADDRESSED IN THE DOCUMENTS RELATING TO THE PROPERTY (INCLUDING, BUT NOT LIMITED TO, THE ACCURACY AND COMPLETENESS THEREOF) OR THE RESULTS OF BUYERS INVESTIGATIONS OF THE PROPERTY, EXCEPT FOR THE SELLERS WARRANTIES.
(d) BUYER HAS OR WILL HAVE HAD THE OPPORTUNITY TO CONDUCT TESTS AND INSPECTIONS TO CONFIRM INDEPENDENTLY ALL INFORMATION THAT BUYER CONSIDERS MATERIAL TO ITS PURCHASE OF THE PROPERTY OR THE TRANSACTION CONTEMPLATED BY THIS AGREEMENT. EXCEPT FOR SELLERS WARRANTIES, BUYER IS NOT RELYING ON (AND SELLERS AND EACH OF THE OTHER SELLER PARTIES DOES HEREBY DISCLAIM AND RENOUNCE) ANY REPRESENTATIONS OR WARRANTIES OF ANY KIND OR NATURE WHATSOEVER, WHETHER ORAL OR WRITTEN, EXPRESS, IMPLIED, STATUTORY OR OTHERWISE, FROM SELLERS OR ANY OTHER SELLER PARTY, AS TO: (i) THE OPERATION OF THE PROPERTY OR THE INCOME POTENTIAL, USES, OR MERCHANTABILITY OR FITNESS OR ANY PORTION OF THE PROPERTY FOR A PARTICULAR PURPOSE; (ii) THE PHYSICAL CONDITION WHETHER VISIBLE OR NOT, OF THE PROPERTY OR THE CONDITION OR SAFETY OF THE PROPERTY OR ANY IMPROVEMENTS THEREON, INCLUDING, BUT NOT LIMITED TO, PLUMBING, SEWER, HEATING, VENTILATING AND AIR CONDITIONING, LIFE SAFETY, BUILDING MANAGEMENT, VERTICAL TRANSPORTATION, AND ELECTRICAL SYSTEMS, ROOFING, AIR CONDITIONING, FOUNDATIONS, SOILS AND GEOLOGY, INCLUDING HAZARDOUS MATERIALS, LOT SIZE, OR SUITABILITY OF THE PROPERTY OR ANY IMPROVEMENTS THEREON FOR A PARTICULAR PURPOSE; (iii) THE PRESENCE OR ABSENCE, LOCATION OR SCOPE OF ANY HAZARDOUS MATERIALS IN, AT, OR UNDER THE PROPERTY; (iv) WHETHER THE APPLIANCES, IF ANY, PLUMBING OR UTILITIES ARE IN WORKING ORDER; (v) THE HABITABILITY OR SUITABILITY FOR OCCUPANCY OF ANY STRUCTURE AND THE QUALITY OF ITS CONSTRUCTION; (vi) WHETHER THE IMPROVEMENTS ARE STRUCTURALLY SOUND, IN GOOD CONDITION, OR IN COMPLIANCE WITH APPLICABLE MUNICIPAL, COUNTY, STATE OR FEDERAL STATUTES, CODES OR ORDINANCES, INCLUDING ZONING LAWS; (vii) THE ACCURACY OF ANY STATEMENTS, CALCULATIONS OR CONDITIONS STATED OR SET FORTH IN THE SELLERS BOOKS AND RECORDS CONCERNING THE
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PROPERTY OR SET FORTH IN ANY OF SELLERS OFFERING MATERIALS WITH RESPECT TO THE PROPERTY; (viii) THE DIMENSIONS OF THE PROPERTY OR THE ACCURACY OF ANY FLOOR PLANS, SQUARE FOOTAGE, LEASE ABSTRACTS, SKETCHES, REVENUE OR EXPENSE PROJECTIONS RELATED TO THE PROPERTY; (ix) THE OPERATING PERFORMANCE, THE INCOME AND EXPENSES OF THE PROPERTY OR THE ECONOMIC STATUS OF THE PROPERTY; (x) THE ABILITY OF BUYER TO OBTAIN ANY AND ALL NECESSARY GOVERNMENTAL APPROVALS OR PERMITS FOR BUYERS INTENDED USE AND DEVELOPMENT OF THE PROPERTY; (xi) THE LEASING STATUS OF THE PROPERTY OR THE INTENTIONS OF ANY PARTIES WITH RESPECT TO THE NEGOTIATION AND/OR EXECUTION OF ANY LEASE FOR ANY PORTION OF THE PROPERTY; AND (xii) SELLERS OWNERSHIP OF ANY PORTION OF THE PROPERTY.
(e) EXCEPT FOR THE SELLERS WARRANTIES, BUYER, FOR BUYER AND BUYERS SUCCESSORS AND ASSIGNS, HEREBY RELEASES SELLERS AND SELLER PARTIES, AND THEIR SUCCESSORS AND ASSIGNS FROM, AND WAIVES ALL CLAIMS AND LIABILITY, INCLUDING ENVIRONMENTAL LIABILITY (DEFINED BELOW), AGAINST SELLERS AND SELLER PARTIES, AND THEIR SUCCESSORS AND ASSIGNS FOR OR ATTRIBUTABLE TO THE FOLLOWING:
(i) ANY AND ALL STATEMENTS OR OPINIONS HERETOFORE OR HEREAFTER MADE, OR INFORMATION FURNISHED, BY THEM TO BUYER OR ITS AGENTS OR REPRESENTATIVES, AND
(ii) ANY STRUCTURAL, PHYSICAL OR ENVIRONMENTAL CONDITION AT THE PROPERTY, INCLUDING, WITHOUT LIMITATION, CLAIMS OR LIABILITIES RELATING TO THE PRESENCE, DISCOVERY OR REMOVAL OF ANY HAZARDOUS MATERIALS IN, AT, ABOUT OR UNDER THE PROPERTY, OR FOR, CONNECTED WITH OR ARISING OUT OF ANY AND ALL CLAIMS OR CAUSES OF ACTION BASED UPON ENVIRONMENTAL LAW.
(f) EXCEPT FOR THE SELLERS WARRANTIES, AFTER CLOSING, AS BETWEEN BUYER AND SELLERS, THE RISK OF LIABILITY OR EXPENSE FOR ENVIRONMENTAL LIABILITIES, EVEN IF ARISING FROM EVENTS BEFORE CLOSING, WILL BE THE SOLE RESPONSIBILITY OF BUYER (AS BETWEEN BUYER AND SELLER, PROVIDED BUYER DOES NOT INDEMNIFY SELLER AGAINST THE SAME AS SET FORTH BELOW), REGARDLESS OF WHETHER THE ENVIRONMENTAL LIABILITIES WERE KNOWN OR UNKNOWN AT CLOSING. ONCE CLOSING HAS OCCURRED, EXCEPT FOR THE SELLERS WARRANTIES, BUYER RELEASES (BUT DOES NOT INDEMNIFY) SELLERS FROM LIABILITY FOR ANY LATENT DEFECTS AND FROM ANY LIABILITY FOR ENVIRONMENTAL LIABILITIES AFFECTING THE PROPERTY, INCLUDING LIABILITY UNDER THE COMPREHENSIVE ENVIRONMENTAL RESPONSE, COMPENSATION, AND LIABILITY ACT, THE RESOURCE CONSERVATION AND RECOVERY ACT, AND ANY OTHER ENVIRONMENTAL LAWS. EXCEPT FOR THE SELLERS WARRANTIES, BUYER RELEASES (BUT DOES NOT INDEMNIFY) SELLERS FROM ANY LIABILITY FOR ENVIRONMENTAL LIABILITIES AFFECTING THE PROPERTY ARISING AS THE RESULT OF ANY SELLERS OWN NEGLIGENCE OR THE
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NEGLIGENCE OF ANY SELLERS REPRESENTATIVES. EXCEPT FOR THE SELLERS WARRANTIES, BUYER RELEASES SELLERS FROM ANY LIABILITY FOR ENVIRONMENTAL LIABILITIES AFFECTING THE PROPERTY ARISING AS THE RESULT OF THEORIES OF PRODUCTS LIABILITY AND STRICT LIABILITY, OR UNDER NEW LAWS OR CHANGES TO EXISTING LAWS ENACTED AFTER THE DATE OF THIS AGREEMENT THAT WOULD OTHERWISE IMPOSE ON SELLERS IN THIS TYPE OF TRANSACTION NEW LIABILITIES FOR ENVIRONMENTAL LIABILITIES AFFECTING THE PROPERTY.
(g) As used herein Environmental Law means any international, federal, state, local or foreign statute, law, ordinance, regulation, rule, code, order, consent decree or judgment, and any permits, approvals, licenses, registrations, filings and authorizations, in each case in existence as of the Closing Date, relating to pollution or protection of the environment, the impact of Hazardous Materials on property, health or safety or the use or release of Hazardous Materials, including, in each case, those listed in section 4.7(f) above. As used herein Environmental Liability means any claim, demand, order, suit, obligation, liability, cost (including, without limitation, the cost of any investigation, testing, compliance or remedial action), consequential damages, loss or expense (including attorneys and consultants fees and expenses) arising out of, relating to or resulting from any Environmental Law, the presence, use or release of any Hazardous Materials or environmental, health or safety matter or condition, including natural resources, and related in any way to the Property or to this Agreement or its subject matter, in each case, whether arising or incurred before, on or after the Closing Date. As used herein Hazardous Materials means (i) any petroleum, petroleum products, by-products or breakdown products, radioactive materials, urea formaldehyde foam insulation, lead-based paint, asbestos-containing materials or polychlorinated biphenyls or (ii) any chemical, material or substance defined or regulated as toxic or hazardous or as a pollutant, contaminant or waste, or words of similar import, under any Environmental Law.
(h) This section 4.7 shall survive the Closing.
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4.8 Buyers Release . Except as otherwise expressly set forth in this Agreement, Buyer hereby releases Sellers and their employees, officers, directors, representatives, contractors and agents from all claims, demands, causes of action, losses, damages, liabilities, costs and expenses (including, but not limited to, reasonable attorneys fees and disbursements, whether suit is instituted or not) which Buyer has or may have arising from or related to any matter or thing in connection with the Property, including, without limitation, any documents provided by Sellers, any construction defects, errors or omissions in the design or construction of the Property and any environmental conditions affecting the Property (including the presence or suspected presence of Hazardous Materials on, in, under or about the Property), and Buyer shall not look to Sellers in connection with the foregoing for any redress or relief. Buyer further acknowledges and agrees that this release will be given full force and effect according to each of its expressed terms and provisions, including, but not limited to, those relating to unknown and suspected claims, damages and causes of action.
Buyers Initials
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ARTICLE 5
Representations and Warranties
5.1 Seller . The representations and warranties of Sellers in this section 5.1, in the closing documents to be delivered by it hereunder and in each Sellers Closing Certificate (as hereinafter defined) are a material inducement for Buyer to enter into this Agreement. Buyer would not purchase the Property from any Seller such Sellers Property without such representations and warranties of such Seller. The representations and warranties in this section 5.1 and in each Sellers Closing Certificate shall survive the Closing for only nine (9) months after the Closing Date (as applicable, the Survival Period), at which time such representations and warranties shall terminate, except as to claims of breach of such representations and warranties delivered to such Seller prior thereto. Each Seller represents and warrants to Buyer as of the date of this Agreement with respect only to itself and its Property as follows:
(a) Seller is a limited liability company duly formed, validly existing and in good standing under the laws of the State of Delaware. Seller is qualified to do business and is in good standing in the State of Washington. Seller has full power and authority to enter into this Agreement and to perform this Agreement and each closing document to be delivered by it hereunder. The execution, delivery and performance of this Agreement and each closing document by Seller have been duly and validly authorized by all necessary action on the part of Seller, and all required consents or approvals have been duly obtained. Each of this Agreement and the closing documents is a legal, valid and binding obligation of Seller, enforceable against Seller in accordance with its terms, subject to the effect of applicable bankruptcy, insolvency, reorganization, arrangement, moratorium or other similar laws affecting the rights of creditors generally. The execution, delivery and performance by Seller of this Agreement and each closing document will not conflict with or result in any violation of Sellers organizational documents, conflict with or result in any violation of any provision of any contract to which Seller is a party, or by which Sellers Property is bound, or violate any existing term or provision of any order, writ, judgment, injunction, decree, statute, law, rule, or regulation applicable to Seller or its assets.
(b) The Leases applicable to Sellers Real Property are accurately described in the Lease List for Sellers Property. The Leases applicable to Sellers Real Property are in full force and effect and have not been amended, modified or waived except as shown in the Lease List. Other than the Leases, Seller is not currently a party to any other leases, licenses or other similar occupancy agreements with respect to the leasing or occupancy of the Property. The security deposits held by (or other security or credit enhancements benefitting) Seller under the Leases applicable to Sellers Real Property are correctly set forth in Exhibit J attached hereto (including the designation of the type of enhancement of each, e.g., cash security deposit, letter of credit) and Seller is holding the amount required to be held by it under the applicable Lease, and except as set forth in Exhibit J , has not withdrawn or taken any amount of the security deposit or drawn against any other security or credit enhancements. Seller has not received written notice that it is in default in the performance of any material covenant to be performed by the landlord under the Leases applicable to Sellers Real Property or that any tenant has any material claims or offsets against Seller pursuant to the Leases applicable to Sellers Real Property. Seller has not given written notice of a default on the part of any
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tenant under its Lease applicable to Sellers Real Property that has not been cured. To Sellers knowledge, there are no events that have occurred which, with the passage of time or the giving of notice or both, would cause an event of default by landlord or any tenant under the Leases. Seller has provided Buyer with true, accurate and complete copies of the Leases in Sellers possession applicable to Sellers Real Property as the same are currently in effect. Except as set forth on Schedule 5.1(b) , Seller has not received written notice from a tenant (i) exercising its audit right under its Lease, which audit has not been completed, or (ii) making a claim pursuant to any such audit that has not been fully resolved and settled with the applicable tenant.
(c) The Contracts applicable to Sellers Real Property are accurately described on Exhibit D attached hereto. The list of Contracts applicable to Sellers Real Property on Exhibit D is a complete and accurate list of all the contracts, agreements, warranties and guaranties affecting the Sellers Real Property or any portion thereof. Other than the Contracts, there are no contracts or agreements to which Seller is a party or by which it is bound relating to construction, architectural services, parking, maintenance or other supplies or services, management, leasing or brokerage services, or any equipment leases, that are currently in effect and will be in effect after Closing. The Contracts applicable to Sellers Real Property have not been amended, modified or waived except as shown on Exhibit D . To Sellers knowledge, Seller has not received written notice that it is in default in the performance of any material covenant to be performed by Seller under the Contracts applicable to Sellers Real Property. To Sellers knowledge, there is no material default on the part of any counterparty under its Contract applicable to Sellers Real Property. To Sellers knowledge, Seller has provided Buyer with true, accurate and complete copies of the Contracts in Sellers possession applicable to Sellers Real Property as the same are currently in effect.
(d) To Sellers knowledge, no underground storage tanks of any kind are located in, on or under Sellers Real Property. Except as set forth in any other environmental reports provided to Buyer or as otherwise disclosed in the Seller Diligence Documents, to Sellers knowledge, Seller has not received written notice that Seller or Sellers Property currently is in violation of any Environmental Laws.
(e) Except as set forth on Schedule 5.1, Seller has received no written notice, and has no knowledge, that there is any litigation, arbitration or other legal or administrative suit, action or proceeding pending or threatened against Seller or relating to Sellers Real Property or any part thereof. Seller has received no written notice, and otherwise has no knowledge, that there is any general plan, land use or zoning action or proceeding, or general or special assessment action or proceeding, or condemnation or eminent domain action or proceeding pending or threatened with respect to Sellers Real Property or any part thereof. Seller has not filed or been the subject of any filing of a petition under any federal or state bankruptcy or insolvency laws or for the reorganization of debtors.
(f) Seller has received no written notice that Sellers Property or the current use and operation thereof violate any applicable federal, state or municipal law, statute, code, ordinance, rule or regulation, except with respect to such violations as have been fully cured,
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prior to the date hereof, and otherwise Seller has no knowledge, that Sellers Property or the current use and operation thereof violate any applicable federal, state or municipal law, statute, code, ordinance, rule or regulation in any material respect, except with respect to such violations as have been fully cured, prior to the date hereof. Except as set forth on Schedule 5.1(f), there are no tax appeals currently pending with respect to any of the Sellers Real Property
(g) Other than as set forth on Exhibit 5.1(g)(1) hereto, there are no tenant improvement, free rent or other unexpired and/or outstanding obligations in the nature of tenant inducements or monetary concessions under any of the Leases applicable to Sellers Real Property. Other than as set forth on Exhibit 5.1(g)(1) , all brokerage and similar fees which are currently due with respect to any Lease applicable to Sellers Real Property, or which otherwise are to be paid in connection with respect to the current terms of the Leases, have been paid in full.
(h) Seller is not a foreign person as defined in Section 1445 of the Internal Revenue Code of 1986, as amended, and the Income Tax Regulations thereunder.
(i) Except for Eastdil Secured (Broker), no Seller or any of its officers, directors or employees, to the extent applicable, has employed or made any agreement with any broker, finder or similar agent or any person or firm which will result in the obligation of Buyer or any of its affiliates to pay any finders fee, brokerage fees or commissions or similar payment in connection with transactions contemplated by this Agreement. Notwithstanding anything to the contrary contained herein, the foregoing representation shall survive the Closing for a period of twelve (12) months.
(j) Seller and, to Sellers actual knowledge, each person or entity owning an interest in Seller is (i) not currently identified on the Specially Designated Nationals and Blocked Persons List maintained by the Office of Foreign Assets Control, Department of the Treasury (OFAC) and/or on any other similar list maintained by OFAC pursuant to any authorizing statute, executive order or regulation, and (ii) not a person or entity with whom a citizen of the United States is prohibited to engage in transactions by any trade embargo, economic sanction, or other prohibition of United States law, regulation, or Executive Order of the President of the United States, and (iii) not an Embargoed Person. To Sellers actual knowledge, none of the funds or other assets of Seller constitute property of, or are beneficially owned, directly or indirectly, by any Embargoed Person (as hereinafter defined), and no Embargoed Person has any interest of any nature whatsoever in Seller (whether directly or indirectly). The term Embargoed Person means any person, entity or government subject to trade restrictions under U.S. law, including but not limited to, the International Emergency Economic Powers Act, 50 U.S.C. §1701 et seq., The Trading with the Enemy Act, 50 U.S.C. App. 1 et seq., and any Executive Orders or regulations promulgated thereunder.
(k) Seller has no knowledge of, and neither Seller nor its affiliates has granted to any party, any purchase rights with respect to the Property (except for Buyer as set forth in this Agreement).
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(l) The Seller Diligence Documents are the documents that Seller uses in the day-to-day operation and management of the Property.
(m) Seller has not received written notice that it is in default in the performance of any material covenant to be performed by the Seller under that certain Declaration of Protective Covenants, Conditions, Easements and restrictions for Quadrant I-5 Center dated February 22, 1991, recorded on February 25, 1991 in the official records of Snohomish County, Washington as document number 9102250309, as amended by that certain Clarification of Recorded Document dated April 20, 1992, recorded on April 24, 1992 in the official records of Snohomish County, Washington as document number 9204230640 and that certain Agreement of Merger and Surrender of Declarant Authority dated June 18, 1992, recorded on June 25, 1992 in the official records of Snohomish County, Washington as document number 9206250231 (collectively, the Declaration) applicable to Sellers Real Property. The applicable Seller has not given written notice of a default on the part of the Association under the Declaration that has not been cured. To Sellers knowledge, there are no events that have occurred which, with the passage of time or the giving of notice or both, would cause an event of default by Seller or the Association under the Declaration. Seller has not received written notice that it is in default in the performance of any material covenant to be performed by the Seller under the Parking Agreements, as that term is defined in Section 6.1(d) below, applicable to Sellers Real Property. The applicable Seller has not given written notice of a default on the part of the Met East and Met West, as each of those terms is defined in Section 6.1(d) below, under the Parking Agreements that has not been cured. To Sellers knowledge, there are no events that have occurred which, with the passage of time or the giving of notice or both, would cause an event of default by Seller, Met East or Met West under the Parking Agreements. The representations and warranties in this sub-clause (n) shall be of no further force or effect to the extent statements in the Association Estoppel Certificate and/or the Parking Estoppel Certificate, as each of those terms is defined in Section 6.1(d) below, as applicable, independently confirms or otherwise verifies without qualification any factual component of the representations and warranties set forth in this sub-clause (n).
As used in this Agreement, to Sellers knowledge, to the knowledge of Seller and similar phrases shall mean to the current actual knowledge of Peter Kahn only, without investigation.
5.2 Buyer . The representations and warranties of Buyer in this section 5.2, in the closing documents to be delivered by it hereunder and in Buyers Closing Certificate (as hereinafter defined) are a material inducement for Seller to enter into this Agreement. Seller would not sell the Property to Buyer without such representations and warranties of Buyer. Buyer represents and warrants to Seller as of the date of this Agreement (except where another date is specified below) as follows:
(a) Buyer is a limited partnership duly formed and validly existing under the laws of the State of Maryland. Buyer as of the date of Closing will be duly qualified to do business and be in good standing in the State of Washington. Buyer has full power and authority to
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enter into this Agreement and each closing document to be delivered by it hereunder and to perform this Agreement and each closing document. The execution, delivery and performance of this Agreement and each closing document by Buyer have been duly and validly authorized by all necessary action on the part of Buyer and all required consents or approvals have been duly obtained. Each of this Agreement and the closing documents is a legal, valid and binding obligation of Buyer, enforceable against Buyer in accordance with its terms, subject to the effect of applicable bankruptcy, insolvency, reorganization, arrangement, moratorium or other similar laws affecting the rights of creditors generally. The execution, delivery and performance of this Agreement and each closing document will not conflict with or result in any violation of Buyers organizational documents, conflict with or result in any violation of any provision of any material contract to which Buyer is a party or violate any existing term or provision of any order, writ, judgment, injunction, decree, statute, law, rule or regulation applicable to Buyer or its assets.
(b) Except for Broker, neither Buyer nor any of its officers, directors or employees, to the extent applicable, has employed or made any agreement with any broker, finder or similar agent or any person or firm which will result in the obligation of any Seller or any of its respective affiliates to pay any finders fee, brokerage fees or commissions or similar payment in connection with transactions contemplated by this Agreement.
(c) Buyer and, to Buyers actual knowledge, each person or entity owning an interest in Buyer is (i) not currently identified on the Specially Designated Nationals and Blocked Persons List maintained by OFAC and/or on any other similar list maintained by OFAC pursuant to any authorizing statute, executive order or regulation, and (ii) not a person or entity with whom a citizen of the United States is prohibited to engage in transactions by any trade embargo, economic sanction, or other prohibition of United States law, regulation, or Executive Order of the President of the United States, and (iii) not an Embargoed Person. To Buyers actual knowledge, none of the funds or other assets of Buyer constitute property of, or are beneficially owned, directly or indirectly, by any Embargoed Person, and no Embargoed Person has any interest of any nature whatsoever in Buyer (whether directly or indirectly). Notwithstanding anything contained herein to the contrary, the term person or entity owning an interest in Buyer shall not include (x) any shareholder of Hudson Pacific Properties, Inc., (y) any holder of a direct or indirect interest in a publicly traded company whose shares are listed and traded on a United States national stock exchange or (z) any limited partner, unit holder or shareholder owning any interest in Hudson Pacific Properties, L.P. or the holder of any direct or indirect interest in Hudson Pacific Properties, L.P.
(d) intentionally omitted.
As used in this Agreement, to Buyers knowledge, to the knowledge of Buyer and similar phrases shall mean to the current actual knowledge of Alex Vouvalides only, without investigation.
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ARTICLE 6
Covenants
6.1 Seller . Sellers covenant and agree with Buyer as follows:
(a) In connection with section 7.2(b), at the Closing on the Closing Date, each Seller shall execute and deliver to Buyer a Sellers Closing Certificate (Sellers Closing Certificate) in the form of Exhibit K attached hereto, certifying to Buyer that all representations and warranties made by such Seller set forth in section 5.1 are true and correct on and as of the Closing Date, with only such exceptions therein as are necessary to reflect facts or circumstances arising between the date of this Agreement and the Closing Date that would make any such representation or warranty untrue or incorrect on and as of the Closing Date.
(b) During the period from and after the expiration of the Property Approval Period to the Closing Date, no Seller shall execute any additional lease or contracts affecting such Sellers Real Property or amend, modify, renew, extend or terminate any of the Leases applicable to such Sellers Real Property, the Contracts or the Permits applicable to such Sellers Real Property in any material respect without the prior approval of Buyer, which approval may be withheld in Buyers sole and absolute discretion, unless such Seller is contractually obligated as of the date hereof (or pursuant to an amendment approved in accordance with the terms hereof) to take such action under the terms of any such Lease, Contract or Permit applicable to such Sellers Real Property (in which case Buyers consent shall not be required) and except for Contracts with third parties on market and otherwise commercially reasonable terms that can be terminated without penalty on no more than thirty (30) days prior notice (in which case Buyers consent shall not be required); provided, however, that Buyers consent to any of the foregoing shall be deemed given if such Seller does not receive from Buyer its written approval or disapproval, as the case may be, of any such lease, contract, amendment, modification, renewal, extension or termination, as applicable, within five (5) business days after Buyer has received from such Seller a request for written approval of the same, together with all material terms thereof and, without limitation, with respect to a proposed lease, a schedule listing the tenant improvement costs, leasing commissions and other costs, if any, associated therewith. If Buyer timely disapproves, then such Seller shall not enter into the applicable document. Buyer shall be responsible for all tenant improvement costs, leasing commissions and other costs associated with any new leases entered into between the expiration of the Property Approval Period and the Closing Date in accordance with this section 6.1(b); provided, however, that Seller shall be responsible for the re-leasing costs for tenant improvements and leasing commissions with respect to the Lion New Media premises (Lion New Media Leasing Costs) in the amount set forth on Schedule 5.1(g)(1) attached hereto or, if such Lion New Media Costs are agreed to in writing between Seller and Lion New Media prior to the Closing, then the actual amount of such agreed upon Lion New Media Costs (and shall provide Buyer with a credit against the Purchase Price at Closing in the amount of such Lion New Media Costs). Copies of any documents entered into in accordance with this subsection shall be delivered to Buyer promptly upon execution. In addition, Seller shall use commercially reasonable efforts to obtain, on or before the Closing Date, the signatures of existing tenants EMC and 24-Hour
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Fitness as follows (i) with respect to EMC, its signature to the form of lease amendment that Seller previously provided to Buyer without material modification thereto and (ii) with respect to 24-Hour Fitness, its signature to the lease amendment, in such form as Seller provides to Buyer prior to the expiration of the Property Approval Period (the 24-Hour Fitness Amendment), without material modification thereto, and Seller shall be responsible for all re-leasing costs for tenant improvements costs, leasing commissions and free rent under each such lease amendment (collectively, the EMC and 24-Hour Leasing Costs) in the amount set forth on Schedule 5.1(g)(1) attached hereto (or the actual EMC and 24-Hour Leasing Costs as determined by the parties prior to Closing). Between the date of this Agreement and the Closing Date, each Seller shall manage, operate, maintain and repair such Sellers Real Property and Personal Property in the ordinary course of business in accordance with sound property management practice, keep such Sellers Real Property and Personal Property in good repair and working order and sound condition, promptly give Buyer copies of written notices received by such Seller asserting any breach or default under the Leases or the Contracts or any violation of the Permits or any covenants, conditions, restrictions, laws, statutes, rules, regulations or ordinances applicable to such Sellers Real Property or Personal Property, and perform when due such Sellers obligations under the Leases, the Contracts and the Permits applicable to such Sellers Real Property in accordance with such Leases, the Contracts and the Permits and all applicable laws. Between the date of this Agreement and the Closing Date, no Seller shall willfully violate in any material respect any laws applicable to such Sellers Property or the use or operation thereof. Between the date of this Agreement and the Closing Date, no Seller shall make, authorize or agree to make any capital improvements or other capital expenditures, other than (i) emergency capital improvements or expenditures (provided that the applicable Seller shall have given Buyer reasonable advance notice of the same to the extent possible and, in any event, prompt notice of the same if advance notice is not possible), (ii) tenant improvements committed to prior to the expiration of the Property Approval Period or in connection with a new Lease approved in accordance with this Agreement and, in each case, performed in accordance with the terms of this Agreement and the Leases applicable to such Sellers Real Property, and (iii) the ongoing lobby renovations at Metropolitan Park North Tower. Between the date of this Agreement and the Closing Date, each Seller shall keep or cause to be kept in force property insurance covering all buildings, structures, improvements, machinery, fixtures and equipment included in such Sellers Real Property insuring against risks of physical loss or damage, subject to standard exclusions, with such policy limits as Seller determines is prudent in the exercise of sound property management practices.
(c) Each Seller shall indemnify and defend Buyer, its affiliates, and their respective officers, employees, directors, trustees, partners, direct or indirect members and agents, and the permitted successors and assigns of any of the foregoing (collectively, the Buyer Indemnitees) against and hold the Buyer Indemnitees harmless from all claims, actions, proceedings, demands, liabilities, losses, damages, costs and expenses, including reasonable attorneys fees and disbursements, that may be suffered or incurred by any Buyer Indemnitee if any representation or warranty made by such Seller in section 5.1 hereof, in any closing document executed by such Seller or in such Sellers Closing Certificate was untrue or incorrect in any respect when made or that may be caused by, result from or relate to any breach by such Seller of any such representation or warranty. If a Seller learns that any representation or warranty made by such Seller hereunder has become untrue or was untrue
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when made, then such Seller shall give prompt notice of the same to Buyer. Such notice shall include whether such Seller is electing to take any action available to such Seller that such Seller deems appropriate to allow such Seller to make true the representation or warranty or otherwise cure the problem with the representation or warranty, in which case, if the same is capable of being made true or cured, such Seller shall have the right to postpone the Closing Date for up to fifteen (15) days, including, without limitation, in order to allow additional time for such Seller to take any action available to such Seller that such Seller deems appropriate to allow such Seller to deliver Sellers Closing Certificate in accordance with the requirements of section 7.2(b) below. If requested, Buyer shall cooperate in good faith with such Seller in connection therewith (provided that Buyer shall not be required to accept any exception to such Sellers Closing Certificate not required by section 7.2(b)). If such Seller does not include in its notice such Sellers intent to take action or if such Seller is unable to make the representation or warranty true or otherwise cure the problem therewith within the allowed time period, then Buyer shall thereafter have the option, by providing notice to such Seller (within five (5) business days after the date of (x) such Sellers notice to Buyer if such Seller does not, in such notice, elect to take action or (y) the expiration of the allowed time period if, in such notice, such Seller elects to take action but cannot cure) of Buyers election either (i) to terminate this Agreement effective upon the date of Buyers notice, in which case the Deposit shall be returned to Buyer, and, if such termination is effective after the expiration of the Property Approval Period, then Buyer shall receive reimbursement from Seller for Buyers actual out-of-pocket due diligence and legal and consultant costs and expenses incurred in connection herewith in an amount not to exceed two hundred fifty thousand dollars ($250,000), as documented by copies of invoices, which Buyer shall include in its notice to Seller, or (ii) to proceed with its purchase of the Property notwithstanding such untrue representation or warranty, in which case Buyer shall have irrevocably waived any of rights with respect to the untruthfulness of the representation or warranty in question. For the purposes of the foregoing, material shall mean any matter or matters that relates to any of the representations or warranties made in paragraphs (a), (h), (j), and (m) of section 5.1 or that otherwise, individually or in the aggregate, could reasonably be expected to result in damages of and/or decrease the value of such Sellers Property by four million dollars ($4,000,000) or more. Notwithstanding the foregoing, Buyer shall not have the right to enforce any claim, nor shall any Seller be liable in any way to Buyer, for a breach of a representation or warranty of any Seller if the breach in question results from or is based on a condition, state of facts or other matter of which Buyer had actual knowledge. Furthermore, no Seller shall have liability to Buyer for a breach of any representation or warranty made by such Seller under section 5.1 hereof or in such Sellers Closing Certificate unless written notice containing a description of the specific nature of such breach has been given by Buyer to such Seller prior to the expiration of the Survival Period and Buyer shall have commenced an action against such Seller with respect to such breach no later than thirty (30) days following the expiration of the Survival Period and the amount of damage suffered by Buyer as a result of such breach, when aggregated with any other breach by Seller, is at least two hundred thousand dollars ($200,000) with respect to a breach of representation and warranty of any individual Seller, and four hundred thousand dollars ($400,000) in the aggregate for all Sellers; provided, however, that: (i) in no event shall any individual Sellers liability with respect to the breach of such Sellers representations or warranties hereunder exceed three million dollars ($3,000,000), subject to the aggregate cap in the immediately following clause (clause (ii)) and (ii) in no event shall the aggregate liability of all of the Sellers hereunder with respect to
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the breach of Sellers representations or warranties hereunder exceed six million dollars ($6,000,000) in the aggregate. No Seller shall be liable for any breaches of representations or warranties of any other Seller or for any default by any other Seller under this Agreement. At all times during the Survival Period, each Seller shall maintain net assets in the amount of three million dollars ($3,000,000). If Buyer makes a claim against a Seller pursuant to this section 6.1(c), then during the pendency of any such claim against such Seller, such Seller shall maintain net assets in the amount of three million dollars ($3,000,000).
(d) Each Seller shall use reasonable efforts to obtain an Estoppel Certificate (the Estoppel Certificate) substantially in the form of Exhibit L attached hereto, or in the form attached to or required under the applicable Lease for those Tenants listed on Schedule 6.1(d)(1) attached hereto, executed by each Tenant under the Leases listed on Schedule 6.1(d) hereto and to deliver all such Estoppel Certificates to Buyer before the Closing Date in accordance with section 7.2(e) below. With respect to the Tenants under the Leases listed on Schedule 6.1(d)(1) hereto, with the exception of Amazon Corporate LLC, Seller agrees to request such Tenants in their respective Estoppel Certificates to certify the current monthly amounts of base rent and additional rent payable under each such Tenants Lease even though such certification is not contained in the form of estoppel certificate attached to the Tenants Leases; provided that Buyer hereby agrees that the lack of such foregoing certification in any such foregoing Estoppel Certificate shall not be a basis for Buyers disapproval of the same. Seller shall use commercially reasonable efforts (but shall not be obligated to compensate the Association in connection therewith) to obtain an estoppel certificate (the Association Estoppel Certificate) from the Quadrant I-5 Center Owners Association (the Association), executed by an authorized signatory of the Association, on behalf of the Quadrant I-5 Center Owners Association that is substantially in the form of Exhibit L-1 attached hereto; provided, however, that Buyer acknowledges that the Association is not obligated to provide an estoppel. With respect to that certain (i) Parking Easement Agreement between Met Park North IV, L.L.C., a Delaware limited liability company (Met North), Met Park East IV, L.L.C., a Delaware limited liability company (Met East), and Met Park West IV, L.L.C., a Delaware limited liability company (Met West) dated as of October 20, 2005, as recorded in the official records of King County, Washington on October 20, 2005 as document number 20051020001631; as amended by that certain First Amendment to Parking Easement Agreement between Met North, Met East and Met West dated as of March 28, 2006, as recorded in the official records of King County, Washington on April 21, 2008 as document number 20080421002126, and (ii) Covenant Regarding Parking executed by Met North dated as of March 28, 2006, as recorded in the official records of King County, Washington on March 28, 2006 as document number 20060328002381 (collectively, the Parking Agreements), Seller shall use commercially reasonable efforts (but shall not be obligated to compensate the Parking Grantees in connection therewith) to obtain an estoppel certificate (the Parking Estoppel Certificate) from Met East and Met West (together, the Parking Grantees) with respect to the Parking Agreements, executed by the respective authorized signatories of the Parking Grantees, on behalf of the respective Parking Grantee, that is substantially in the form of Exhibit L-2 attached hereto. Each Seller shall prepare the applicable Estoppel Certificates, the Association Estoppel Certificate and the Parking Estoppel Certificate and deliver the completed forms for Buyers review prior to distribution of the same to the applicable recipients. Thereafter, each Seller shall deliver to Buyer drafts of any Estoppel Certificate, the Association Estoppel Certificate and the Parking Estoppel
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Certificate received by such Seller promptly after such Sellers receipt thereof. Buyer shall (A) review and provide comments to the initial drafts of the Estoppel Certificates, the Association Estoppel Certificate and the Parking Estoppel Certificate, and (B) review and approve or disapprove any Tenant changes to the Estoppel Certificates, any Association changes to the Association Estoppel Certificate, or any Parking Grantee changes to the Parking Estoppel Certificate, each within three (3) Business Days following receipt of same, and Buyer shall be deemed to have received an estoppel certificate for such review, comment and/or approval as of the date on which the applicable estoppel certificate is emailed to Alex Vouvalides (at the following email address: alex@hudsonppi.com ) and Crystal Lofing (at the following email address: clofing@allenmatkins.com) if the applicable estoppel certificate is sent by email no later than 3:00 pm Pacific time.
(e) Sellers shall pay the commission due Broker in accordance with the separate written agreement between Sellers and Broker. Sellers agrees that they will protect, indemnify, defend and hold the Buyer free and harmless from and against any and all loss, liability, cost, damage and expense (including reasonable attorneys fees) in connection with any claim for brokerage commissions or other fees by the Broker related to the transactions contemplated hereby, whether or not such transactions are consummated in accordance with this agreements. Sellers obligations in this section 6.1(e) shall survive the termination of this Agreement and the Closing indefinitely.
(f) On or prior to the Closing, each Seller shall give notices to cancel each of the Contracts applicable to such Sellers Real Property listed in a written notice delivered to such Seller by Buyer no later than the expiration of the Property Approval Period. Buyer acknowledges that Contracts require not less than thirty (30) days advance notice of cancellation, and therefore, some or all of the requested contracts may remain effective following the Closing Date, in which case such Seller shall assign such contracts to Buyer at Closing.
6.2 Buyer . Buyer covenants and agrees with Seller as follows:
(a) At the Closing on the Closing Date, Buyer shall execute and deliver to Sellers a Buyers Closing Certificate (Buyers Closing Certificate) in the form of Exhibit M attached hereto, certifying to Sellers that all such representations and warranties are true and correct on and as of the Closing Date, with only such exceptions therein as are necessary to reflect facts or circumstances arising between the date of this Agreement and the Closing Date that would make any such representation or warranty untrue or incorrect on and as of the Closing Date.
(b) Buyer shall indemnify and defend Sellers, their affiliates, and their respective officers, employees, directors, trustees, partners, direct or indirect members and agents, and the permitted successors and assigns of any of the foregoing (collectively, the Seller Indemnitees) against and hold the Seller Indemnities harmless from all claims, actions, proceedings, demands, liabilities, losses, damages, costs and expenses, including reasonable attorneys fees and disbursements, that may be suffered or incurred by the Seller Indemnitees if any representation or warranty made by Buyer in section 5.2 hereof or in Buyers Closing Certificate was untrue or incorrect in any material respect when made. If Buyer learns that any representation or warranty made by Buyer hereunder has become untrue in any material respect or was untrue when made in any material respect, Buyer shall give prompt notice of
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the same to Sellers. Such notice shall include whether Buyer is electing to take any action available to Buyer that Buyer deems appropriate to allow Buyer to make true the representation or warranty or otherwise cure the problem with the representation or warranty, in which case, if the same is capable of being made true or cured, Buyer shall have the right to postpone the Closing Date for up to five (5) business days. If Buyer does not include in its notice Buyers intent to take action or if Buyer is unable to make the representation or warranty true or otherwise cure the problem therewith within the allowed time period, then Sellers shall thereafter have the option, by providing notice to Buyer (within five (5) business days after the date of (x) Buyers notice to Sellers if Buyer does not, in such notice, elect to take action or (y) the expiration of the allowed time period if, in such notice, Buyer elects to take action but cannot cure) of Sellers election either to (i) terminate this Agreement, in which case Sellers shall receive the Deposit (and in such event, the indemnity set forth above in this section 6.2(b) shall not survive the termination of this Agreement), or (ii) proceed with its sale of the Property despite such untrue representation or warranty in which case Sellers shall have irrevocably waived any of rights with respect to the untruthfulness of the representation or warranty. Notwithstanding the foregoing, Sellers shall not have the right to enforce any claim, nor shall Buyer be liable in any way to Sellers, for a breach of a representation or warranty of Buyer if the breach in question results from or is based on a condition, state of facts or other matter of which Sellers had actual knowledge.
6.3 Casualty Damage . If, before the Closing, the improvements on any of the Real Property are damaged by any insured casualty, then Sellers shall give Buyer prompt written notice of such casualty. If the cost to restore such improvements, as reasonably determined by Seller, is more than $2,000,000.00 for the Northview Corporate Center Real Property, $3,000,000.00 for the Metropolitan Park North Tower Real Property or $5,000,000.00 for the 83 South King Street and 505 First Street Real Property, then Buyer shall have the right, by giving notice to Sellers within seven (7) days after Sellers give notice to Buyer of the applicable Sellers reasonable estimate (which shall be prepared by an independent, reputable, licensed contractor selected by Seller) of the cost to restore such improvements, to terminate this Agreement, in which event this Agreement shall terminate, and Buyer shall receive a return of the Deposit. If, before the Closing, the improvements on any of the Real Property are damaged by any casualty not covered by insurance and the cost to restore such improvements, as reasonably determined by Seller, is more than $750,000.00 for the Northview Corporate Center Real Property, $1,250,000.00 for the Metropolitan Park North Tower Real Property or $2,000,000.00 for the 83 South King Street and 505 First Street Real Property, Sellers and Buyer each shall have the right, by giving notice to the other within seven (7) days after Sellers give notice to Buyer of the applicable Sellers reasonable estimate (which shall be prepared by an independent, reputable, licensed contractor selected by Seller) of the cost to restore such improvements, to terminate this Agreement, in which event this Agreement shall terminate and the Deposit shall be returned to Buyer; provided, however, that if Sellers elect to terminate this Agreement, Buyer may nullify such termination by agreeing to pay for the cost of such restoration work upon written notice to Sellers given no later than five (5) days after Buyer has received Sellers termination notice hereunder. If, before the Closing, the improvements on any of the Real Property are damaged by any insured casualty and the cost to restore such improvements, as reasonably determined by Seller (based on an estimate prepared by an independent, reputable, licensed contractor selected by Seller), is $2,000,000.00 or less for the Northview Corporate Center Real Property, $3,000,000.00 or less for the Metropolitan Park North Tower Real Property or $5,000,000.00 or less for the 83 South King Street and 505 First Street Real Property , or the improvements on any of the Real Property are damaged by any casualty not covered by insurance and the cost to restore such improvements, as reasonably determined by the applicable Seller (based on an estimate prepared by an independent, reputable, licensed contractor selected by Seller), is $750,000.00 or less for the Northview Corporate Center Real Property, $1,250,000.00 or less for the Metropolitan Park
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North Tower Real Property or $2,000,000.00 or less for the 83 South King Street and 505 First Street Real Property, or Sellers or Buyer have/has the right to terminate this Agreement pursuant to either of the preceding sentences but neither Sellers nor Buyer exercises such right or Buyer nullifies Sellers termination, then this Agreement shall remain in full force and effect and, on the Closing Date, any insurance proceeds (or, if not theretofore received, the right to receive such proceeds) payable on account of the damage shall be transferred to Buyer and the amount of any deductible under the insurance policy to the extent of the restoration cost, as reasonably determined by the applicable Seller (which shall be based on the estimate prepared by the independent, reputable, licensed contractor selected by Seller) (or, in the case of an uninsured casualty, the restoration cost, as reasonably determined by the applicable Seller (which shall be based on the estimate prepared by the independent, reputable, licensed contractor selected by Seller)) shall be a credit to Buyer against the total purchase price for the Property. Notwithstanding the foregoing, if the casualty is not covered by insurance because the applicable Seller failed to obtain or maintain the required insurance, then such casualty shall be treated as insured and Buyer shall be entitled to a credit in the amount that would have been payable in respect of such casualty under the insurance policy required to be obtained or maintained by such Seller. Sellers shall give notice to Buyer reasonably promptly after the occurrence of any damage to the improvements on the Property by any casualty. Buyer and Sellers acknowledge and agree that Sellers do not carry earthquake insurance, and, therefore, damage caused by an earthquake shall be deemed damage caused by a casualty not covered by insurance. If necessary, the Closing Date shall be postponed until Sellers have given any notice to Buyer required by this section 6.3 and the period of seven (7) days described in this section 6.3 has expired, and the restoration cost has been determined by the applicable Seller as provided hereunder. Sellers agree that they shall not settle any casualty insurance claims without Buyers prior written approval of such settlement, which approval Buyer shall not unreasonably withhold.
6.4 Eminent Domain . If, before the Closing Date, proceedings are commenced for the taking by exercise of the power of eminent domain of all or a material part of any of the Real Property that, as reasonably determined by Buyer, would render such Real Property unsuitable for Buyers intended use, Buyer shall have the right, by giving notice to Sellers within seven (7) days after Sellers give notice of the commencement of such proceedings to Buyer, to terminate this Agreement, in which event this Agreement shall terminate and the Deposit shall be returned to Buyer. If, before the Closing Date, proceedings are commenced for the taking by exercise of the power of eminent domain of less than a material part of the Real Property (i.e., which part would not render such Real Property unsuitable for Buyers intended use, as reasonably determined by Buyer), or if Buyer has the right to terminate this Agreement pursuant to the preceding sentence but Buyer does not exercise such right, then this Agreement shall remain in full force and effect and, on the Closing Date, the condemnation award (or, if not theretofore received, the right to receive such award) payable on account of the taking shall be transferred to Buyer. Sellers shall give notice to Buyer reasonably promptly after Sellers receipt of notice of the commencement of any proceedings for the taking by exercise of the power of eminent
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domain of all or any part of the Property. If necessary, the Closing Date shall be postponed until Sellers have given any notice to Buyer required by this section 6.4 and the period of seven (7) days described in this section 6.4 has expired. Sellers agree that they shall not settle or agree upon any condemnation award without Buyers prior written approval of such settlement, which approval Buyer shall not unreasonably withhold.
ARTICLE 7
Conditions Precedent
7.1 Seller . The obligations of each Seller to close under this Agreement are subject to satisfaction of all of the conditions set forth in this section 7.1. Each Seller may waive any or all of such conditions in whole or in part in its sole discretion but any such waiver shall be effective only if made in writing. After the Closing, any such condition that has not been satisfied shall be treated as having been waived in writing. No such waiver shall constitute a waiver by any Seller of any of its rights or remedies if Buyer defaults in the performance of any covenant or agreement to be performed by Buyer under this Agreement or if Buyer breaches any representation or warranty made by Buyer in section 5.2 hereof or in Buyers Closing Certificate. If any condition set forth in this section 7.1 is not fully satisfied or waived in writing by each Seller, then, subject to the Buyers right to cure the same in accordance with the other terms and conditions hereof, this Agreement shall terminate, but without releasing Buyer from liability in accordance with the terms hereof if Buyer defaults in the performance of any such covenant or agreement to be performed by Buyer or if Buyer breaches any such representation or warranty made by Buyer before such termination.
(a) On the Closing Date, Buyer shall not be materially in default in the performance of any covenant to be performed by Buyer under this Agreement, including, without limitation, Buyers obligation to deliver all of the closing documents it is required to deliver as set forth in section 8.1 and the remainder of the Purchase Price in an amount sufficient to close the transaction hereunder.
(b) On the Closing Date, all representations and warranties made by Buyer in section 5.2 hereof shall be true and correct in all material respects as if made on and as of the Closing Date and Sellers shall have received Buyers Closing Certificate, executed by Buyer, in which Buyer certifies to Sellers that all representations and warranties made by Buyer in section 5.2 hereof are true and correct on and as of the Closing Date without material adverse exceptions, subject to Buyers right to cure the same in accordance with the other terms and conditions hereof.
(c) On the Closing Date, there shall be no judicial or administrative effective order against any Sellers or Buyers consummation of the transactions contemplated herein to be consummated as of the Closing Date as a result of any suit or action instituted by any person unaffiliated with, and not acting on behalf of, Sellers.
7.2 Buyer . The obligations of Buyer to close under this Agreement are subject to satisfaction of all of the conditions set forth in this section 7.2. Buyer may waive any or all of such conditions in whole or in part in its sole discretion but any such waiver shall be effective only if made in writing. After the Closing, any such condition that has not been satisfied shall be
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treated as having been waived in writing. No such waiver shall constitute a waiver by Buyer of any of its rights or remedies if any Seller defaults in the performance of any covenant or agreement to be performed by such Seller under this Agreement or if such Seller breaches any representation or warranty made by such Seller in section 5.1 hereof, in any closing document or in such Sellers Closing Certificate.
(a) On the Closing Date, no Seller shall be materially in default in the performance of any covenant to be performed by such Seller under this Agreement, including, without limitation, such Sellers obligation to deliver all of the closing documents it is required to deliver as set forth in section 8.1.
(b) On the Closing Date, all representations and warranties made by the Sellers in section 5.1 hereof and in the closing documents shall be true and correct in all material respects as if made on and as of the Closing Date and Buyer shall have received each Sellers Closing Certificate, executed by such Seller, in which such Seller certifies to Buyer that all representations and warranties made by such Seller in section 5.1 hereof are true and correct on and as of the Closing Date, without material adverse exceptions.
(c) On the Closing Date, the Title Company shall be prepared to issue to Buyer an American Land Title Association 2006 Extended Coverage Owners Policy or Policies of title insurance, with liability equal to the total purchase price for the Property, insuring Buyer that fee title to the Property is vested in Buyer subject only to: (a) the matters shown as exceptions in the Preliminary Report and approved (or deemed to be approved) by Buyer pursuant to section 1.2 hereof, (b) the rights of Tenants under the Leases (provided that each Seller has delivered a certified rent roll to Title Company with respect to the Leases applicable to such Sellers Real Property, (c) specific matters shown on the Existing Survey, subject to Buyers right to object to the same pursuant to section 1.2(h), (d) taxes and assessments that are not past due as of the Closing Date, and (e) any other matters created or expressly approved in writing by Buyer (the Title Policy).
(d) On the Closing Date, there shall be no judicial or administrative effective order against Sellers or Buyers consummating the transactions contemplated herein to be consummated as of the Closing Date as a result of any suit or action instituted by any person unaffiliated with, and not acting on behalf of, Buyer.
(e) Buyer shall have received and approved Estoppel Certificates from all Tenants listed on Schedule 7.2(e) no later than three (3) business days prior to the Closing Date. Any such Estoppel Certificate that (i) alleges any material default or breach under the Lease by Tenant or the landlord under such Lease, (ii) alleges any material disputes or claims or offset rights by, or defenses of, such Tenant against the landlord thereunder, (iii) is inconsistent with the applicable Lease or Sellers representations and warranties in any material adverse respect, or (iv) discloses material adverse economic terms of the applicable Lease that were not disclosed to Buyer (whether in the applicable Lease, this Agreement or any other document delivered to Buyer) prior to the expiration of the Property Approval Period, shall be deemed disapproved by Buyer.
If any Seller has not obtained any of the Estoppel Certificates required to be obtained by it pursuant to section 7.2(e) on or before the deadlines for obtaining such estoppels, then, upon
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written notice to Buyer, such Seller shall have the right to adjourn the Closing for a period of up to fifteen (15) days in order to provide such Seller with additional time to obtain any such Estoppel Certificates. Buyer agrees that an Estoppel Certificate shall not be deemed to contain a material exception merely because (a) the applicable tenant qualified any statement in such Estoppel Certificate regarding the existence or absence of any default or claim under such tenants Lease to the actual knowledge of such party or any similar phrase, (b) such modification is permitted by the applicable Lease applicable to such Sellers Real Property or (c) form of Estoppel Certificate delivered is substantially in the form attached to such tenants lease. For the avoidance of doubt, Seller and Buyer agree that the only estoppel certificates that must be obtained in order to satisfy the Buyers conditions precedent with respect to estoppel certificates are the Estoppel Certificates from the Tenants listed on Schedule 7.2(e) of this Agreement and that in no event must the Association Estoppel Certificate, the Parking Estoppel Certificate, the GSA estoppel or any other estoppel certificates be obtained in order to satisfy the Buyers conditions precedent with respect to estoppel certificates; provided that Sellers shall use commercially reasonable efforts to obtain such non-required estoppel certificates. In addition, the applicable Seller shall, immediately following the date of this Agreement, submit a request for an estoppel certificate to the Government Services Administration (GSA) in the form customarily provided by the GSA.
(f) Seller shall have delivered to Buyer written notice of the Substantial Completion, at Sellers sole cost and expense, of the lobby and food court renovation work at the Metropolitan Park North Tower property (the Lobby Work). Substantial Completion and any derivations thereof shall mean the substantial completion of the Lobby Work substantially in accordance with the plans and specifications therefor in effect as of the date of this Agreement (Lobby Work Plans) as reasonably determined by Landlords architect who shall provide a certificate to Seller confirming substantial completion. Seller and Buyer agree that Substantial Completion shall have occurred even though minor details of construction, decoration, and mechanical adjustments remain to be completed. In any event, the Seller shall be responsible for the full completion of the Lobby Work, including, without limitation, the foregoing punch list items and installation of furniture, fixtures and equipments that are currently intended by Seller to be installed as part of the Lobby Work and the Lobby Work Plans (as shall be described on Schedule 7.2(f), including the budget therefor), including all costs relating thereto (whether payable before, at or after Closing), and the parties shall reasonably cooperate to enter into an access agreement at Closing which provides the applicable Seller and its contractors with access to the subject property as necessary to complete the Lobby Work as contemplated hereunder, and addresses Sellers completion and post-completion obligations to Buyer with respect to the Lobby Work, including, without limitation, an assignment of all warranties and guaranties under the Lobby Work architectural and construction contract(s) to Buyer and delivery of an industry standard close-out package (including applicable lien waivers) to Buyer.
(g) Seller shall have received the 24-Hour Fitness Amendment, signed by the tenant thereunder, without material modification thereto, and shall have provided Buyer with a copy of such signed amendment.
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ARTICLE 8
Closing
8.1 Procedure . Sellers and Buyer shall cause the actions set forth in this Section 8.1 to occur simultaneously at the Closing on the Closing Date. Sellers shall deposit the duly executed and acknowledged Deeds and Buyer shall deposit the Purchase Price in the escrow with the Title Company at least one (1) business day before the Closing Date. Sellers and Buyer shall, at least one (1) business day before the Closing Date, deliver the additional documents described in this Section 8.1 either (i) directly to each other with respect to such documents that are to be delivered to each other pursuant to this Section 8.1, which shall be held by Sellers and Buyer until the Closing, or (ii) to the Title Company with respect to such documents that are to be delivered to the Title Company pursuant to this Section 8.1, and in case such documents shall be effective as of the Closing Date. The Closing shall occur on the Closing Date provided that the following conditions have been satisfied:
(a) The Deed for each Real Property, duly executed and acknowledged by the Seller of such Real Property, shall be recorded in the Official Records of the county in which the Property is located.
(b) Each Seller shall date as of the Closing Date, execute and deliver to Title Company (with a copy to Buyer) (i) an Assignment of Leases, (ii) a Bill of Sale, (iii) an Assignment of Contracts, (iv) an Assignment of Permits, (v) such Sellers Closing Certificate, (vi) a Certificate of Non-Foreign Status in accordance with Section 1445 of the Internal Revenue Code of 1986, as amended, and the Income Tax Regulations thereunder in the form of Exhibit O attached hereto, (vii) the Washington State Department of Revenue real estate excise tax affidavit to accompany such Sellers Deed, (viii) a notice to each of the tenants under the Leases applicable to such Sellers Real Property in the form of Exhibit P attached hereto, as the same may be supplemented at Buyers request in accordance with section 9.7, (ix) the Estoppel Certificates (if said estoppel certificates have not previously been delivered to Buyer directly) required to be delivered by such Seller, (x) intentionally omitted, (xi) intentionally omitted, (xii) a novation agreement in the agreed upon form pursuant to section 8.8 below (Novation Agreement), and (xii) such other documents as the Title Company may reasonably require. With respect to such foregoing documents that are to be executed by Sellers, on the one hand, and Buyer, Seller shall deliver two (2) counterpart originals of each (and three (3) counterpart originals of the Novation Agreement).
(c) Buyer shall date as of the Closing Date, execute and deliver to Title Company (with a copy to Sellers) (i) each of the Assignment of Leases, (ii) each of the Assignment of Contracts, (iii) Buyers Closing Certificate, (iv) the Washington State Department of Revenue consumer use tax return, (v) the Washington State Department of Revenue real estate excise tax affidavit, (vi) the Novation Agreement, and (vii) such other documents as the Title Company may reasonably require. With respect to such foregoing documents that are to be executed by Sellers, on the one hand, and Buyer, Buyer shall deliver two (2) counterpart originals of each (and three (3) counterpart originals of the Novation Agreement).
(d) Buyer shall pay to Sellers the Purchase Price for the Property in cash in immediately available funds in accordance with section 2.1 hereof.
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(e) The Title Company shall issue to Buyer the Title Policy.
8.2 Possession . Subject to the Leases, each Seller shall transfer possession of the such Sellers Property to Buyer on the Closing Date. Each Seller, as to such Sellers Property, shall, on the Closing Date, deliver to Buyer the original (if available; otherwise, copies of) executed counterparts of the Leases and Contracts, the Permits, the Lease files, the Security Deposits (which shall, in the case of cash Security Deposits, be effected by means of a credit to Buyer at Closing), such Sellers Personal Property not located at such Sellers Property, the books and records relating to such Sellers Property and the Leases and any other plans and specifications, certificates, licenses and approvals relating to such Sellers Property in the possession or control of such Seller, which shall become the property of Buyer on the Closing Date. On the Closing Date, Buyer shall send a letter in the form attached as Exhibit P , as the same may be supplemented at Buyers request in accordance with section 9.7, to each Tenant notifying it that the Property has been sold to Buyer and directing such Tenant to pay future rent and other charges to Buyer at the address to be furnished by Buyer. Buyer shall provide Seller with reasonable proof of Buyers transmittal of such letters promptly following such transmittal.
8.3 Closing Costs . Sellers shall pay: (a) the premium for the standard coverage portion of the Title Policy, including applicable sales tax, (b) the real estate excise tax applicable to the sale of the Property and the conveyance of the title to the Property to Buyer (c) one-half ( 1 / 2 ) of all escrow fees and closing costs, (d) Sellers share of prorations, if any, (e) recording fees for the Deeds, and (f) Sellers costs of obtaining the Existing Surveys (including the costs to cause the Existing Surveys to be certified to Buyer) and of obtaining any new, or updating any existing, environmental, property condition, and zoning reports that Seller has requested to be prepared. Buyer shall pay: (i) one-half ( 1 / 2 ) of all escrow fees and closing costs, (ii) recording fees for transaction documents other than the Deeds, (iii) Buyers share of prorations, if any, (iv) any additional premium for the extended coverage portion of the Title Policy and any endorsements, if Buyer elects to obtain extended coverage and any endorsements, including applicable sales tax thereon, and (v) sales tax applicable to the sale of any personal property constituting part of the Property to Buyer. All other costs and expenses shall be allocated between Buyer and Sellers in accordance with the customary practice of the county in which the applicable Real Property is located. Each party shall pay its own attorneys fees that are not related to any dispute between Buyer and any Seller (which shall be governed by the provisions of section 9.2 below).
8.4 Prorations . At least five (5) business days prior to Closing, Sellers shall provide to Buyer a draft proration schedule and information and verification reasonably necessary to support such prorations schedule. Buyer and Sellers shall use best efforts to finalize as many items on such proration schedule as possible before Closing. The items in subparagraphs (a) through (f) of this section 8.4 shall be prorated between Sellers and Buyer based on the actual number of days in the applicable period, as of the end of the day immediately preceding the Closing Date, with Sellers being entitled to income and obligated for expenses attributable to the period prior to the Closing Date, and Buyer being entitled to the income and obligated for expenses attributable to the Closing Date and thereafter.
(a) The current installment of real property taxes, assessments and other governmental impositions levied against the Property shall be prorated between Sellers and Buyer as of the Closing Date and Buyer shall be responsible for real estate taxes and assessments applicable
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to Buyers period of ownership, and Sellers shall be responsible for real estate taxes and assessment applicable to each Sellers period of ownership, respectively, even if such taxes and assessment installment payments are not yet due and payable or have not yet been actually assessed. Buyer shall not be responsible for any supplemental taxes relating to the period prior to the Closing Date, regardless of when such supplemental taxes are actually assessed. If Closing occurs before the tax rate for the current tax year is fixed, the apportionment of taxes shall be based on the tax rate for the preceding period applied to the latest assessed valuation and, after Closing, when the actual real property taxes are finally fixed, Sellers and Buyer shall promptly make a recalculation of such proration, and the appropriate party shall make the applicable payment reflecting the recalculation to the other party.
(b) Buyer shall receive a credit for any rent and other income (and any applicable state or local tax on rent) under the Leases collected by any Seller before Closing that applies to any period after Closing. Uncollected rent and other uncollected income (including, without limitation, amounts payable for pass-through expenses) shall not be prorated at Closing. After Closing, all rent and other income collected by either Buyer or Sellers from any Tenant shall be applied, first to such Tenants then current monthly rental and then to arrearages, if any, owed by such Tenant in the reverse order in which they were due, after deducting any actual, reasonable out-of-pocket collection costs. Buyer shall bill and attempt to collect such rent arrearages and other uncollected income in the ordinary course of business, but shall not be obligated to engage a collection agency or take legal action to collect any rent arrearages or other uncollected income. Any rent or other income received by Buyer from a Tenant under its Lease after Closing that is owed to any Seller pursuant to the terms hereof shall be remitted to such Seller promptly after receipt. Any rent or other income received by any Seller from a Tenant under its Lease applicable to such Sellers Real Property after Closing that is owed to Buyer pursuant to the terms hereof shall be remitted to Buyer promptly after receipt. Buyer and Sellers shall promptly notify each other of the receipt of any such rent or other income.
(c) Where the Leases contain Tenant obligations for taxes, common area expenses, operating expenses or additional charges of any other nature, and where any Seller shall have collected any portion thereof in excess of amounts owed by such Seller for such items for the period prior to the Closing Date, then there shall be an adjustment and credit given to Buyer on the Closing Date for such excess amounts collected. Buyer shall apply all such excess amounts to the charges owed by Buyer for such items for the period after the Closing Date and, if required by the Leases, shall rebate or credit Tenants with any remainder. If it is determined under section 8.5 below that the amount collected during such Sellers ownership period exceeded expenses incurred during the same period by more than the amount previously credited to Buyer at Closing, then such Seller shall promptly pay to Buyer the deficiency.
(d) Sellers or Buyer, as the case may be, shall receive a credit for regular charges under the Contracts (to the extent, in the Sellers case, the same are not required to be terminated in accordance with section 6.1(f)) paid and applicable to Buyers period of ownership or payable and applicable to any Sellers period of ownership, respectively.
(e) Buyer shall receive a credit for all Leasing costs (i) set forth on Schedule 5.1(g)(1) and (ii) set forth in any Lease documents not disclosed to Buyer as of the date of this
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Agreement, in each case whether due and payable as of or after the Closing. Buyer shall assume at Closing and thereafter be responsible for, and shall pay, disburse or, as applicable, credit when due, (a) all tenant improvement allowances described on Schedule 5.1(g)(1) owing to the applicable tenants under their respective Leases, (b) all abated rent or other rent credits described on Schedule 5.1(g)(1) to which the applicable tenants are entitled under the terms of their Leases, and (c) all leasing commissions to the applicable brokers as described on Schedule 5.1(g)(1) .
(f) Buyer shall receive a credit for any Security Deposits under the Leases, if and to the extent such deposits have not been otherwise applied by any Seller to any obligations of Tenants under any Leases for such Sellers Real Property, and Buyer shall assume full responsibility for all Security Deposits so delivered to Buyer. In the event that any Security Deposits are in the form of letters of credit or other financial instruments, Sellers will cooperate with Buyer to have Buyer named as beneficiary under the same. Buyer will not receive a credit for any such financial instruments.
(g) The adjustment for utility charges shall be made on the basis of the most recently issued bills therefor, which are based on meter readings no earlier than forty-five (45) days before the Closing Date. Such adjustment shall be reprorated when the next utility bills are received. Sellers shall receive a credit for the amount of deposits, if any, with utility companies that are transferable and that are assigned to Buyer at the Closing.
All of the obligations of Sellers and Buyer as set forth in this section 8.4 shall survive Closing.
8.5 Tenant Reconciliations and Post-Closing Adjustments . The prorations to be made in accordance with this Section 8.4 shall be adjusted, if necessary, and completed after the Closing Date as soon as final information becomes available as the basis for such prorations, but in no event later than one hundred twenty (120) days after the Closing Date after which time the parties shall have no further obligation to make adjustments; provided, however, within ninety (90) days after the end of the calendar year in which the Closing occurs, Buyer shall prepare and present to Sellers for their review and approval, which approval or disapproval must be given within ten (10) business days after Sellers receipt or Sellers will be deemed to have approved the calculation, a calculation of the proration of operating expense pass-throughs and other items, payable under the Leases based upon the actual amount of such items charged to or received by the parties for the preceding calendar year. The parties shall make the appropriate adjusting payment between them within thirty (30) days after presentment to Sellers of Buyers calculation. Sellers may inspect Buyers books and records related to the Property to confirm the calculation. Either party shall be entitled to a post-Closing adjustment for any incorrect proration or adjustment. The obligations of Buyer and Sellers under this section 8.5 shall survive Closing.
8.6 Post-Closing Access . For one (1) year after the Closing, upon reasonable prior notice and during normal business hours, Buyer shall provide Sellers and Sellers designated accountants and auditors with reasonable access to the books and records of the Property and all similar information relating to the period prior to the Closing Date.
8.7 Cooperation with Buyers Auditors and SEC Filing Requirements . Seller shall, at no material cost to Seller, cooperate with Buyer to provide Buyer access to such factual
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information concerning the operation of the Property as may be reasonably requested by Buyer, and in the possession or control of Seller, or its property manager or accountants, to enable Buyer or its affiliates to prepare audited financial statements as may be required by the Securities and Exchange Commission (SEC). At Buyers sole cost and expense, Seller shall allow Buyers auditor (Ernst & Young LLP or any successor auditor selected by Buyer) to conduct an audit of the statement of revenue and expenses of the Property and shall cooperate (at no material cost to Seller) with Buyers auditor in the conduct of such audit and review. Specifically, Buyers auditor must perform a 3-14 Audit for December 31, 2012 and June 30, 2013 (the Audit), which will require Buyers auditor to (i) obtain the information from Seller as set forth in the categories listed on Schedule 8.7 hereto (to the extent not previously provided in full to Buyer as part of the Seller Diligence Documents), and (ii) obtain copies of checks, invoices and payment receipts in connection with selections from such information made by Buyers auditor, in each case, to the extent such documentation is in the possession of, or reasonably obtainable by, Seller, its property manager or accountants, at no material cost to Seller, and in the format that Seller (or its property manager or accountants) have maintained such information. In connection with such foregoing Audit, Seller shall deliver to Buyers auditor a representation letter in a form agreed to the parties. Seller and Buyer shall reasonably cooperate to agree upon a form of representation letter prior to the expiration of the Property Approval Period. Without limiting the foregoing, Buyer, or its designated independent or other auditor, may audit Sellers operating statements of the Property, at Buyers expense; provided, however, that the foregoing obligations of Seller under this subsection shall be limited to providing such information or documentation as may be in the possession of, or reasonably obtainable by, Seller, its property manager or accountants, at no material cost to Seller, and in the format that Seller (or its property manager or accountants) have maintained such information. The obligations of Seller under this section 8.7 shall survive the Closing for a period of one (1) year.
8.8 Novation Agreement . After the Closing, Seller and Buyer shall promptly enter into the Novation Agreement with the United States of America in respect of the GSA lease and Seller and Buyer will cooperate with each other and the GSA to obtain the execution by the United States of America to the Novation Agreement. If, prior to its execution by all parties thereto, GSA requires changes to the Novation Agreement, then such changes shall be reasonably accommodated by Buyer and Seller. In connection with the Novation Agreement, Buyer and Seller shall provide such additional information to GSA as is reasonably requested by GSA pursuant to the GSA lease. Prior to Closing, Seller shall have the right to negotiate with the GSA changes to the form of Novation Agreement customarily utilized by the GSA (and the changes to such form shall also be subject to Buyers reasonable approval); provided that, if such requested changes are not agreed to prior to Closing, then Seller and Buyer shall execute the form of Novation Agreement customarily utilized by the GSA and otherwise cooperate with each other to obtain the signature of the United States of America to the Novation Agreement as provided above. Further, if the GSA refuses to consent to the removal of the applicable sections of the Novation Agreement prior to Closing which (i) obligate Seller to be a guarantor of payment and performance of all obligations of Buyer under the GSA lease, including those undertaken pursuant to a future amendment of the GSA lease, and (ii) obligate Buyer to assume all obligations and liabilities of, and all claims against, Seller under the GSA lease, then the parties shall indemnify each other as follows: (A) Buyer agrees to indemnify, defend and hold Seller harmless from all claims made by GSA and the United States of America against Seller pursuant to such above-referenced section of the Novation Agreement arising as a result of or
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with respect to the obligations of landlord under the GSA lease that are attributable to the period of time from and after the Closing, and all related costs and expenses, including reasonable attorneys fees, incurred by Seller in connection with such claim, and (B) Seller agrees to indemnify, defend and hold Buyer harmless from all claims made by GSA and the United States of America against Buyer pursuant to the above-referenced section of the Novation Agreement arising as a result of or with respect to the obligations of landlord under the GSA lease that are attributable to the period of time prior to the Closing, and all related costs and expenses, including reasonable attorneys fees, incurred by Buyer in connection with such claim. The terms of this Section 8.8 shall survive the Closing.
ARTICLE 9
General
9.1 Notices . All notices and other communications under this Agreement shall be properly given only if made in writing and mailed by certified mail, return receipt requested, postage prepaid, or delivered by hand (including messenger or recognized delivery, courier or air express service), or by email or facsimile (if a copy of such notice also is sent the same day by hand delivery or by mail, it being understood that if a copy is sent by mail, notice will only be deemed given on the date the copy is received in accordance with the balance of this section 9.1), to the party at the address set forth in this section 9.1 or such other address as such party may designate by notice to the other party. Such notices and other communications shall be effective on the date of receipt provided it is received by 5:00 p.m. (San Francisco time) (and, after such times, on the next business day). If any such notice or other communication is not received or cannot be delivered due to a change in the address of the receiving party of which notice was not previously given to the sending party or due to a refusal to accept by the receiving party, such notice or other communication shall be effective on the date delivery is attempted. Any notice or other communication under this Agreement may be given on behalf of a party by the attorney for such party.
(a) The address of Sellers and each Seller is c/o Spear Street Capital, LLC, One Market Plaza, Spear Tower, Suite 4125, San Francisco, California 94105, Attention: Mr. Peter Kahn, email address: pkahn@spearstreetcapital.com, telephone number: (415) 222-7423, facsimile number: (415) 856-0348, with a copy to Spear Street Capital, LLC, One Market Plaza, Spear Tower, Suite 4125, San Francisco, California 94105, Attention: Mr. John S. Grassi, email address: jgrassi@spearstreetcapital.com, telephone number: (415) 222-7421, facsimile number: (415) 856-0348, and with a copy to Pillsbury Winthrop Shaw Pittman LLP, Four Embarcadero Center, San Francisco, California, Attention: J. Gregg Miller, Esq., email address: gregg.miller@pillsburylaw.com, telephone number: (415) 983-1557, facsimile number (415) 983-1200. The phone numbers provided above are for informational purposes only and are not effective means of providing notice under this Agreement.
(b) The address of Buyer is c/o Hudson Pacific Properties, L.P., 11601 Wilshire Boulevard, Suite 1600, Los Angeles, California 90025, Attention: Mr. Alex Vouvalides, email address: alex@hudsonppi.com , telephone number: (310) 445-5706, facsimile number: 310-445-5710, with a copy to Allen Matkins Leck Gamble Mallory & Natsis LLP, 1901 Avenue of the Stars, Suite 1800, Los Angeles, California 90067, Attention: Tony Natsis,
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Esq., telephone number: (310) 788-2430, facsimile number: (310) 788-2410. The phone numbers provided above are for informational purposes only and are not effective means of providing notice under this Agreement.
9.2 Attorneys Fees . If there is any legal action or proceeding between Sellers (or any Seller) and Buyer arising from or based on this Agreement, the unsuccessful party to such action or proceeding shall pay to the prevailing party all costs and expenses, including reasonable attorneys fees and disbursements, incurred by such prevailing party in such action or proceeding and in any appeal in connection therewith. If such prevailing party recovers a judgment in any such action, proceeding or appeal, such costs, expenses and attorneys fees and disbursements shall be included in and as a part of such judgment.
9.3 Governing Law . This Agreement shall be governed by and construed in accordance with the laws of the State of Washington.
9.4 Seller Default . If the Closing does not occur solely by reason of any Sellers default in the performance of its duties and obligations under this Agreement, Buyer shall have the right, as its sole and exclusive remedy, in lieu of all other remedies which Buyer might otherwise have hereunder at law or in equity, to either: (a) terminate this Agreement by written notice to Sellers, in which event the Deposit shall be immediately returned to Buyer by the Escrow Agent and Buyer shall receive reimbursement from Sellers for Buyers actual out-of-pocket due diligence and legal and consultant costs incurred in connection herewith in an amount not to exceed two hundred fifty thousand dollars ($250,000), as documented by copies of invoices, which Buyer shall provide to Sellers with Buyers demand for payment; or (b) require specific performance of this Agreement, with no offset or reduction in the Purchase Price. Notwithstanding anything herein to the contrary, if the Closing does not occur by reason of any Sellers default in the performance of its duties and obligations under this Agreement, Buyer shall be deemed to have elected to terminate this Agreement in accordance with (a) above if Buyer fails to deliver to Sellers written notice of Buyers intent to file a claim or assert a cause of action for specific performance against Sellers or the applicable Seller on or before fifteen (15) days following the scheduled Closing Date or, having given such notice, fails to file a lawsuit asserting such claim or cause of action in the county in which the applicable Property is located within thirty (30) days following the scheduled Closing Date. Except as otherwise expressly provided in this section 9.4, if the Closing does not occur solely by reason of any Sellers default in the performance of its duties and obligations under this Agreement, Buyer shall have no further claims, rights or entitlements in the event of a default by Sellers hereunder.
9.5 Construction . Sellers and Buyer acknowledge that each party and its counsel have reviewed and revised this Agreement and that the rule of construction to the effect that ambiguities are to be resolved against the drafting party shall not be employed in the interpretation of this Agreement or any document executed and delivered by either party in connection with the transactions contemplated by this Agreement. The captions in this Agreement are for convenience of reference only and shall not be used to interpret this Agreement.
9.6 Terms Generally . The defined terms in this Agreement shall apply equally to both the singular and the plural forms of the terms defined. Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The term
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person includes individuals, corporations, partnerships, trusts, other legal entities, organizations and associations, and any government or governmental agency or authority. The words include, includes and including shall be deemed to be followed by the phrase without limitation. The words approval, consent and notice shall be deemed to be preceded by the word written.
9.7 Further Assurances . From and after the date of this Agreement, Sellers and Buyer agree to do such things, perform such acts, and make, execute, acknowledge and deliver such documents as may be reasonably necessary or proper and usual to complete the transactions contemplated by this Agreement and to carry out the purpose of this Agreement in accordance with this Agreement.
9.8 Partial Invalidity . If any provision of this Agreement is determined by a proper court to be invalid, illegal or unenforceable, such invalidity, illegality or unenforceability shall not affect the other provisions of this Agreement and this Agreement shall remain in full force and effect without such invalid, illegal or unenforceable provision.
9.9 Waivers . No waiver of any provision of this Agreement or any breach of this Agreement shall be effective unless such waiver is in writing and signed by the waiving party and any such waiver shall not be deemed a waiver of any other provision of this Agreement or any other or subsequent breach of this Agreement.
9.10 Miscellaneous . The Exhibits attached to this Agreement are made a part of this Agreement. Buyer shall not assign or transfer this Agreement, or any interest in or part of this Agreement, without the prior consent of Sellers, which consent may be withheld in Sellers sole and absolute discretion. Buyer may designate one of more Affiliates (defined as an entity that controls, is controlled by or is under common control with Buyer) to which each Property will be assigned at Closing or an exchange accommodation titleholder in connection with Buyers exchange of like-kind property, provided that Buyer shall continue to remain primarily liable under this Agreement notwithstanding such designation without Sellers prior consent. No assignment, transfer or designation shall release Buyer from any obligation or liability under this Agreement. Subject to the foregoing, this Agreement shall benefit and bind Sellers and Buyer and their respective personal representatives, heirs, successors and assigns. This Agreement may be executed in counterparts, each of which shall be an original, but all of which shall constitute one and the same Agreement. This Agreement may not be amended or modified except by a written agreement signed by Sellers and Buyer. This Agreement and the attachments hereto constitute the entire and integrated agreement between Sellers and Buyer relating to the purchase and sale of the Property and supersedes all prior agreements, understandings, offers and negotiations, oral or written, with respect to the sale of the Property.
9.11 Confidentiality; Permitted Disclosures . (a) In the event that the parties to this Agreement have previously executed a confidentiality or non-disclosure agreement or other similar agreement in connection with the transaction contemplated by this Agreement, the terms and provisions of such other confidentiality or non-disclosure agreement shall apply to the parties actions prior to the date of this Agreement and, effective upon the date of this Agreement, the terms and provisions of this Agreement regarding confidentiality and non-disclosure shall control with respect to the parties actions from and after the date of this Agreement. Prior to the Closing, neither Sellers nor Buyer shall make any public announcement
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of this Agreement or the transactions contemplated by this Agreement without the prior consent of the other, and Buyer shall not disseminate to any third party, other than Buyers Agents or Buyers affiliates, prospective lenders or investors (and as to each such party, Buyer agrees it will inform such party of the confidentiality provisions of this Agreement and the confidential nature of such information and use commercially reasonable efforts to have such parties adhere to such provisions), any of the Seller Diligence Documents or Due Diligence Information without the prior consent of Sellers, unless, and only to the extent that, any such announcement or dissemination is (i) reasonably necessary to comply with applicable law, regulation or stock-exchange requirement, in which case Buyer shall provide Sellers with advance written notice (if such advance notice is not prohibited by applicable law or regulation) of any such announcement or dissemination, (ii) necessary or appropriate for the enforcement of this Agreement, (iii) as permitted in sub-clause (b), below, or (iv) required by interrogatories, requests for information or documents in legal proceedings, a subpoena, a civil or administrative demand or investigation, regulatory investigation, or other similar process; provided, however, that prior to making any such announcement or dissemination pursuant to clause (iii), if and to the extent permitted by applicable law, Buyer shall give Sellers written notice of such requirement and, to the extent permitted, Sellers shall have the opportunity to object to and contest any such requirement before Buyer makes any announcement or dissemination. In permitting Buyer and Buyers Agents to review the Seller Diligence Documents and the Due Diligence Information and any other information to assist Buyer, Sellers have not waived any privilege or claim of confidentiality with respect thereto, and no third party benefits or relationships of any kind, either express or implied, have been offered, intended or created by Sellers, and any such claims are expressly rejected by Sellers and waived by Buyer and the Buyers Agents, for whom, by its execution of this Agreement, Buyer is acting as an agent with regard to such waiver. Buyer shall indemnify Sellers and Sellers members, employees, licensees, contractors, agents and invitees from and against any and all Claims resulting from, arising out of or in connection with Buyers breach of its obligations under this section 9.11.
(b) Notwithstanding the foregoing and anything to the contrary in this Agreement, nothing contained herein shall impair Sellers (or any of Sellers affiliates) or Buyer (or any of Buyers affiliates) right to disclose information relating to this Agreement or the Property (a) to any due diligence representatives and/or consultants that are engaged by, work for or are acting on behalf of, any securities dealers and/or broker dealers evaluating Sellers, Buyer or their respective affiliates, (b) in connection with any filings (including any amendment or supplement to any S-11 filing) with governmental agencies (including the SEC) by any REIT holding an interest (direct or indirect) in Seller or Buyer, and (c) to any brokers/dealers in Sellers or any REITs broker/dealer network and any of the REITs or Sellers (including the disclosure of the general economic terms of this transaction in connection with Sellers or Buyers (or their respective affiliates) respective earnings call (which shall expressly include the right to provide written supplemental materials in connection with such earnings call and to provide information and/or answer questions raised during such earnings call). Further, notwithstanding the foregoing, Buyer shall have the right to issue press releases in connection with this transaction and this Agreement containing information relating to the Property as set forth in Buyers or Hudson Pacific Properties, Inc.s 8K filings without Sellers consent, provided that Buyer shall provide Sellers with an advance courtesy copy of such press releases.
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The provisions of this section 9.11 shall not survive the Closing but shall survive any termination of this Agreement for a period of twelve (12) months.
9.12 Escrow Agent; Deposit . Escrow Agent shall hold the Deposit subject to the following terms and conditions:
(a) The Deposit shall be held in an FDIC insured interest-bearing deposit account or US-Treasury money market fund at an institution designated in writing by Buyer, Seller and Escrow Agent.
(b) Escrow Agent shall not be liable or responsible for and shall have no liability in the event of failure, insolvency, or inability of the depositary to pay said funds for any failure, refusal or inability of the depository into which the Deposit is deposited to pay the Deposit at Escrow Agents direction, or for levies by taxing authorities based upon the taxpayer identification number used to establish this interest bearing account. Escrow Agent shall not be responsible for any interest except for such interest as is actually received (which interest received shall be added to and considered part of the Deposit), nor shall Escrow Agent be responsible for the loss of any interest arising from the closing of any account or the sale of any certificate of deposit or other instrument prior to maturity.
(c) Any notice to Escrow Agent shall be sufficient only if received by Escrow Agent within the applicable time period set forth herein. All mailings and notices from Escrow Agent to Seller or Buyer, or from Seller or Buyer to Escrow Agent, provided for herein shall be addressed to the party to receive such notice at the address set forth in or pursuant to this Agreement or, if to Escrow Agent, to: 455 Market Street, Suite 2100, San Francisco, California 94105, Attn: Terina J. Kung, Tel: 415-3-291- 5128, Fax: 415.896.9423, Email: kungt@ctt.com.
(d) In the event that Escrow Agent shall have received conflicting demands or instructions with respect to the Deposit, whether or not litigation has been instituted, then, in any such event, at Escrow Agents option, (i) Escrow Agent may refuse to comply with any claims or demands on it and continue to hold the Deposit until Escrow Agent receives written notice signed by Sellers and Buyer directing the disbursement of the Deposit, in which case Escrow Agent shall promptly disburse the Deposit in accordance with said direction, and Escrow Agent shall not be or become liable in any way or to any person for its refusal to comply with such claims or demand; or (ii) in the event Escrow Agent shall receive a written notice advising that a litigation over entitlement to the Deposit has been commenced, Escrow Agent may deposit the Deposit with the clerk of the court in which said litigation is pending, or (iii) Escrow Agent may (but shall not be required to) take such affirmative steps as it may, at its option, elect in order to deposit the Deposit in a court of competent jurisdiction and commence an action for interpleader or to substitute another impartial party to hold the Deposit, the reasonable costs thereof to be borne by whichever of Sellers and Buyer is the losing party and thereupon Escrow Agent shall be released of any and all liability hereunder. Sellers and Buyer jointly and severally agree, if a dispute arises as to the entitlement of the Deposit, to reimburse Escrow Agent for any and all reasonable expenses incurred in the discharge of its duties hereunder, including, but not limited to, reasonable outside attorneys fees and disbursements, and court costs; provided, however, that any payment or reimbursement made by Sellers or Buyer shall be without prejudice to any right which either Sellers or Buyer may have to recover from the other party for any amounts so paid or reimbursed to Escrow Agent hereunder.
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(e) It is expressly understood that Escrow Agent acts hereunder as an accommodation to Sellers and Buyer and as a depository only and is not responsible or liable in any manner whatever for the sufficiency, correctness, genuineness or validity of any instrument deposited with it, or for the form of execution of such instruments or for the identity, authority or right of any person executing or depositing the same or for the terms and conditions of any instrument pursuant to which Escrow Agent or the parties may act.
(f) Escrow Agent shall not have any duties or responsibilities except those set forth in this section 9.12 and shall not incur any liability in acting upon any signature, notice, request, waiver, consent, receipt or other paper or document believed by Escrow Agent in good faith without gross negligence or willful misconduct to be genuine, and Escrow Agent may assume that any person purporting to give it any notice on behalf of any party in accordance with the provisions hereof has been duly authorized to do so.
(g) Escrow Agent may act or refrain from acting in respect of any matter referred to herein in full reliance upon and by and with the advice of counsel which may be selected by it (including any member of its firm) and shall be fully protected in so acting or refraining from acting upon the advice of such counsel.
(h) Sellers and Buyer hereby jointly and severally agree to indemnify and save harmless Escrow Agent from and against any and all losses, damages, claims, liabilities, judgments, and other costs and expenses of every kind and nature which may be incurred by Escrow Agent by reason of its acceptance of, and its performance under, this section 9.12 (including, without limitation, reasonable outside attorneys fees and disbursements), unless and to the extent the same arises from the gross negligence or willful misconduct of Escrow Agent; provided, however, that the performance of the indemnity obligations hereunder by Sellers or Buyer shall be without prejudice to any right which Sellers or Buyer may have to recover from the other party for any amounts paid or reimbursed to Escrow Agent hereunder or otherwise incurred by Sellers or Buyer in connection with the performance of such indemnity obligation.
(i) Escrow Agent shall not be responsible for any act or failure to act on its part except in the case of its own willful default or gross negligence. Escrow Agent shall be automatically released from all responsibility and liability under this Agreement upon Escrow Agents delivery or deposit of the Deposit in accordance with the provisions of this section 9.12.
(j) Sellers and Buyer agree that if either shall deliver to Escrow Agent a written demand for the Deposit, the party making such demand shall, promptly after delivering such demand to Escrow Agent, deliver a copy of such demand to the other party, together with a statement of the facts and circumstances underlying the demand.
(k) The Escrow Agent shall not be bound by any modification of this Agreement, unless the same is in writing and signed by Buyer and Sellers, and delivered to the Escrow Agent and, if the Escrow Agents duties hereunder are affected, unless Escrow Agent shall have given prior written consent thereto.
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(l) In the event that the Escrow Agent shall be uncertain as to its duties or rights hereunder or shall receive instructions, claims or demands from any person with respect to the Deposit which, in its opinion, conflict with any of the provisions of this Agreement, it shall be entitled to refrain from taking any action and its sole obligation shall be to keep the Deposit until it shall be directed otherwise in writing by Sellers and Buyer or by a final order or judgment of a court of competent jurisdiction.
(m) Buyer and Sellers each agree to make demands for payment of any portion of the Deposit and to give instructions to the Escrow Agent regarding the disbursement of any portion of the Deposit promptly and in a manner effectuating the applicable provisions of this Agreement relating thereto.
(n) Except as may be otherwise required by applicable law, Escrow Agent shall maintain the existence, terms and nature of the transactions contemplated by this Agreement and the identifies of the parties hereto in strictest confidence and shall not disclose any thereof to any third party without the prior written consent of each of the parties hereto.
(o) The terms and conditions of this section 9.12 shall survive the Closing and/or termination of this Agreement.
9.13 1031 Exchange . Upon the request of a party hereto (the Requesting Party), the other party (the Cooperating Party) shall cooperate with the Requesting Party in Closing the sale of the Property in accordance with this Agreement so as to qualify such transaction as an exchange of like-kind property; provided, however, the Cooperating Party shall not be required to take title to any exchange property and the Cooperating Party will not be required to agree to or assume any covenant, obligation or liability in connection therewith, the Closing hereunder shall not be delayed as a result of, or conditioned upon, such exchange, the Requesting Party shall pay all costs associated with such exchange, and the Requesting Party shall remain primarily liable under this Agreement and indemnify the Cooperating Party from any liability in connection with such exchange.
[Signature Page Follows Immediately]
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IN WITNESS WHEREOF, Buyer and Seller have executed this Agreement as of the date first set forth above.
SELLERS: | ||
1220 HOWELL LLC, a Delaware limited liability company |
||
By: |
/s/ John S. Grassi |
Name: | John S. Grassi |
Its: | President | |
KING & DEARBORN, LLC, a Delaware limited liability company |
||
By: |
/s/ John S. Grassi |
Name: | John S. Grassi |
Its: | President | |
NORTHVIEW CORPORATE CENTER LLC, a Delaware limited liability company |
||
By: |
/s/ John S. Grassi |
Name: | John S. Grassi |
Its: | President |
[Signatures Continue on Following Pages.]
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BUYER:
HUDSON PACIFIC PROPERTIES, L.P. a Maryland limited partnership |
||
By: Hudson Pacific Properties, Inc., a Maryland corporation, its general partner |
||
By: |
/s/ Mark T. Lammas |
Name: |
Mark T. Lammas |
Its: |
Chief Financial Officer
|
[Signatures Continue on Following Page.]
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Solely with respect to its obligations as Escrow Agent: | ||
CHICAGO TITLE INSURANCE COMPANY, | ||
By: |
/s/ Terina Kung |
Name: Terina Kung | ||
Its: Senior Commercial Escrow Officer |
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STATE OF )
) ss.
COUNTY OF )
On this day of , 2013, before me, the undersigned, a Notary Public in and for the State of , duly commissioned and sworn, personally appeared , to me known as, or providing satisfactory evidence that he/she is the of , a the that executed the foregoing instrument and acknowledged the said instrument to be the free and voluntary act and deed of said for the uses and purposes therein mentioned and on oath stated that he/she is authorized to execute said instrument.
WITNESS my hand and official seal hereto affixed the day and year in this certificate above written.
|
||
NOTARY PUBLIC, in and for the State | ||
of , residing at | ||
Commission expires: | ||
Print Name: |
STATE OF )
) ss.
COUNTY OF )
On this day of , 2013, before me, the undersigned, a Notary Public in and for the State of , duly commissioned and sworn, personally appeared , to me known as, or providing satisfactory evidence that he/she is the of , a the that executed the foregoing instrument and acknowledged the said instrument to be the free and voluntary act and deed of said for the uses and purposes therein mentioned and on oath stated that he/she is authorized to execute said instrument.
WITNESS my hand and official seal hereto affixed the day and year in this certificate above written.
|
NOTARY PUBLIC, in and for the State |
of , residing at |
Commission expires: |
Print Name: |
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EXHIBIT A
LIST OF REAL PROPERTY BY OWNER
Name of Seller |
Name of Property owned by Seller |
|
1220 Howell LLC |
Metropolitan Park North Tower, Seattle, Washington | |
King & Dearborn, LLC |
83 South King Street and 505 First Street, Seattle, Washington | |
Northview Corporate Center LLC |
Northview Corporate Center, 20700 44 th Avenue West, Lynnwood, Washington |
Exhibit A
EXHIBIT B
LEASE LISTS
Northview Corporate Center
1. | THE LEASE dated as of January 29, 2008 between NORTHVIEW CORPORATE CENTER, LLC , a Delaware limited liability company (Landlord) and IEPLEXUS INC. , a Washington corporation (Tenant). |
a. | COMMENCEMENT DATE CONFIRMATION [UNDATED] between NORTHVIEW CORPORATE CENTER, LLC , a Delaware limited liability company (Landlord) and IEPLEXUS INC. , a Washington corporation (Tenant). |
2. | THE LEASE dated as of January 21, 2008 between NORTHVIEW CORPORATE CENTER, LLC , a Delaware limited liability company (Landlord) and THE COBALT GROUP, INC. , a Delaware corporation (Tenant). |
a. | AMENDMENT TO LEASE made as of April 2, 2008 by and between NORTHVIEW CORPORATE CENTER, LLC , a Delaware limited liability company (Landlord) and THE COBOLT GROUP, INC. , a Delaware corporation (Tenant). |
b. | SECOND AMENDMENT TO LEASE made as of August 25, 2008 by and between NORTHVIEW CORPORATE CENTER, LLC , a Delaware limited liability company (Landlord) and THE COBOLT GROUP, INC. , a Delaware corporation (Tenant). |
c. | LETTER AGREEMENT dated July 19, 2010 between THE COBALT GROUP, INC. , and NORTHVIEW CORPORATE CENTER, LLC , regarding consent in connection with proposed transaction |
d. | THIRD AMENDMENT TO LEASE made as of February 25, 2011 by and between NORTHVIEW CORPORATE CENTER, LLC , a Delaware limited liability company (Landlord) and THE COBALT GROUP, INC. , a Delaware corporation (Tenant). |
e. | FOURTH AMENDMENT TO LEASE made as of May 17, 2011 by and between NORTHVIEW CORPORATE CENTER, LLC , a Delaware limited liability company (Landlord) and ADP, INC. , a Delaware corporation (Tenant). |
f. | ASSIGNMENT AND ASSUMPTION OF LEASE AGREEMENT made as of May 13, 2011 by and among THE COBALT GROUP, INC. (Assignor) and ADP, INC. , a Delaware corporation (Assignee). |
g. | GUARANTY AGREEMENT made as of February 25, 2011 by AUTOMATIC DATA PROCESSING, INC. (Guarantor). |
h. | STORAGE AGREEMENT made as of May 1, 2008 by and between NORTHVIEW CORPORATE CENTER, LLC , a Delaware limited liability company (Landlord) and THE COBALT GROUP, INC. , a Delaware corporation (Tenant). |
Exhibit B
3. | THE LEASE dated as of April 3, 2009 between NORTHVIEW CORPORATE CENTER, LLC , a Delaware limited liability company (Landlord) and ALL FOR KIDZ, INC. , a Washington corporation (Tenant). |
a. | THE FIRST AMENDMENT TO LEASE made as of October 18, 2010 by and between NORTHVIEW CORPORATE CENTER, LLC , a Delaware limited liability company (Landlord) and ALL FOR KIDZ, INC. , a Washington corporation (Tenant). |
4. | THE LEASE dated as of July 6, 2007 between NORTHVIEW CORPORATE CENTER, LLC , a Delaware limited liability company (Landlord) and AUDIT & ADJUSTMENT COMPANY, INC. , a Washington corporation (Tenant). |
a. | AMENDMENT TO LEASE made as of November 22, 2011 by and between NORTHVIEW CORPORATE CENTER, LLC , a Delaware limited liability company (Landlord) and AUDIT & ADJUSTMENT COMPANY, INC. , a Washington corporation (Tenant). |
b. | COMMENCEMENT DATE CONFIRMATION (UNDATED) BY AND BETWEEN NORTHVIEW CORPORATE CENTER, LLC , a Delaware limited liability company (Landlord) and AUDIT & ADJUSTMENT COMPANY, INC. , a Washington corporation (Tenant). |
5. | THE LEASE dated as of April 1, 2013 between NORTHVIEW CORPORATE CENTER, LLC , a Delaware limited liability company (Landlord) and CEMEX CONSTRUCTION MATERIALS PACIFIC, LLC , a Delaware limited liability company (Tenant). |
a. | AMENDMENT TO LEASE dated as of May 30, 2013 between NORTHVIEW CORPORATE CENTER, LLC , a Delaware limited liability company (Landlord) and CEMEX CONSTRUCTION MATERIALS PACIFIC, LLC , a Delaware limited liability company (Tenant) |
6. | THE LEASE dated as of December 1, 2004 between CRS FINANCIAL II LLC , a Washington limited liability company (Landlord) and DAVIS SCHUELLER, INC. , a Washington corporation (Tenant). |
a. | FIRST AMENDMENT TO LEASE made as of August 24, 2009 by and between NORTHVIEW CORPORATE CENTER, LLC , a Delaware limited liability company (Landlord) and DAVIS SCHUELLER, INC. , a Washington corporation (Tenant). |
b. | SECOND AMENDMENT TO LEASE made as of October __, 2012 by and between NORTHVIEW CORPORATE CENTER, LLC , a Delaware limited liability company (Landlord) and DAVIS SCHUELLER, INC. , a Washington corporation (Tenant). |
Exhibit B
c. | PARKING AGREEMENT made as of September 29, 2011 by and between NORTHVIEW CORPORATE CENTER, LLC , a Delaware limited liability company (Landlord) and DAVIS SCHUELLER, INC. , a Washington corporation (Lessee). |
d. | PARKING AGREEMENT made as of March 1, 2012 by and between NORTHVIEW CORPORATE CENTER, LLC , a Delaware limited liability company (Landlord) and DAVIS SCHUELLER, INC. , a Washington corporation (Lessee). |
e. | STORAGE AGREEMENT made as of September 22, 2006 by and between NORTHVIEW CORPORATE CENTER, LLC , a Delaware limited liability company (Landlord) and DAVIS SCHUELLER, INC. , a Washington corporation (Tenant). |
7. | THE LEASE dated as of August 20, 2009 between NORTHVIEW CORPORATE CENTER, LLC , a Delaware limited liability company (Landlord) and UNITED STATES OF AMERICA (Tenant). |
a. | SUPPLEMENTAL LEASE AGREEMENT #1 made as of February 4, 2010 by and between NORTHVIEW CORPORATE CENTER, LLC , a Delaware limited liability company (Landlord) and UNITED STATES OF AMERICA (Tenant). |
b. | SUPPLEMENTAL LEASE AGREEMENT #2 made as of April 7, 2010 by and between NORTHVIEW CORPORATE CENTER, LLC , a Delaware limited liability company (Landlord) and UNITED STATES OF AMERICA (Tenant). |
c. | SUPPLEMENTAL LEASE AGREEMENT #3 made as of September 13, 2010 by and between NORTHVIEW CORPORATE CENTER, LLC , a Delaware limited liability company (Landlord) and UNITED STATES OF AMERICA (Tenant). |
d. | SUPPLEMENTAL LEASE AGREEMENT #4 made as of August 26, 2010 by and between NORTHVIEW CORPORATE CENTER, LLC , a Delaware limited liability company (Landlord) and UNITED STATES OF AMERICA (Tenant). |
e. | SUPPLEMENTAL LEASE AGREEMENT #5 made as of March 4, 2011 by and between NORTHVIEW CORPORATE CENTER, LLC , a Delaware limited liability company (Landlord) and UNITED STATES OF AMERICA (Tenant). |
f. | SUPPLEMENTAL LEASE AGREEMENT #6 made as of June 15, 2011 by and between NORTHVIEW CORPORATE CENTER, LLC , a Delaware limited liability company (Landlord) and UNITED STATES OF AMERICA (Tenant). |
Exhibit B
g. | SUPPLEMENTAL LEASE AGREEMENT #7 made as of June 16, 2011 by and between NORTHVIEW CORPORATE CENTER, LLC , a Delaware limited liability company (Landlord) and UNITED STATES OF AMERICA (Tenant). |
h. | SUPPLEMENTAL LEASE AGREEMENT #8 made as of September 1, 2011 by and between NORTHVIEW CORPORATE CENTER, LLC , a Delaware limited liability company (Landlord) and UNITED STATES OF AMERICA (Tenant). |
i. | SUPPLEMENTAL LEASE AGREEMENT #9 made as of August 22, 2011 by and between NORTHVIEW CORPORATE CENTER, LLC , a Delaware limited liability company (Landlord) and UNITED STATES OF AMERICA (Tenant). |
j. | SUPPLEMENTAL LEASE AGREEMENT #10 made as of November 2, 2011 by and between NORTHVIEW CORPORATE CENTER, LLC , a Delaware limited liability company (Landlord) and UNITED STATES OF AMERICA (Tenant). |
k. | SUPPLEMENTAL LEASE AGREEMENT #11 made as of March 19, 2012 by and between NORTHVIEW CORPORATE CENTER, LLC , a Delaware limited liability company (Landlord) and UNITED STATES OF AMERICA (Tenant). |
l. | STORAGE AGREEMENT made as of August 15, 2011 by and between NORTHVIEW CORPORATE CENTER, LLC , a Delaware limited liability company (Landlord) and FEMA REGION 10 (Tenant). |
m. | CONFIRMATION OF COMMENCEMENT DATE dated April 28, 2010, by NORTHVIEW CORPORATE CENTER, LLC (Landlord). |
8. | THE LEASE dated as of June 1, 2007 between NORTHVIEW CORPORATE CENTER, LLC , a Delaware limited liability company (Landlord) and FINE BUSINESS SOLUTIONS, LLC , a Washington limited liability company (Tenant). |
a. | FIRST AMENDMENT TO LEASE made as of April __, 2010 by and between NORTHVIEW CORPORATE CENTER, LLC , a Delaware limited liability company (Landlord) and FINE BUSINESS SOLUTIONS, LLC , a Washington limited liability company (Tenant). |
b. | STORAGE SPACE LEASE AGREEMENT made as of August 1, 2011 by and between NORTHVIEW CORPORATE CENTER, LLC , a Delaware limited liability company (Landlord) and FINE BUSINESS SOLUTIONS, LLC , a Washington limited liability company (Tenant). |
9. | THE LEASE dated as of April 16, 2012 between NORTHVIEW CORPORATE CENTER, LLC , a Delaware limited liability company (Landlord) and HOMESTREET BANK , a Washington state chartered savings bank (Tenant). |
Exhibit B
a. | FIRST AMENDMENT TO LEASE made as of January 30, 2013 by and between NORTHVIEW CORPORATE CENTER, LLC , a Delaware limited liability company (Landlord) and HOMESTREET BANK , a Washington state chartered savings bank (Tenant). |
b. | COMMENCEMENT DATE CONFIRMATION dated [UNDATED], by and between NORTHVIEW CORPORATE CENTER, LLC , a Delaware limited liability company (Landlord) and HOMESTREET BANK , a Washington state chartered savings bank (Tenant). |
10. | THE LEASE dated as of June 21, 2010 between NORTHVIEW CORPORATE CENTER, LLC , a Delaware limited liability company (Landlord) and LION NEW MEDIA LLC , a Washington limited liability company (Tenant). |
a. | FIRST AMENDMENT TO LEASE made as of August 31, 2012 by and between NORTHVIEW CORPORATE CENTER, LLC , a Delaware limited liability company (Landlord) and LION NEW MEDIA LLC , a Washington limited liability company (Tenant). |
b. | PARKING AGREEMENT made as of May 17, 2012 by and between NORTHVIEW CORPORATE CENTER, LLC , a Delaware limited liability company (Landlord) and LION NEW MEDIA LLC , a Washington limited liability company (Tenant) (with Tenant erroneously referred to as Lion New Media, Inc. in the Parking Agreement). |
c. | COMMENCEMENT DATE CONFIRMATION (UNDATED) by and between NORTHVIEW CORPORATE CENTER, LLC , a Delaware limited liability company and LION NEW MEDIA LLC , a Washington limited liability company. |
11. | THE LEASE dated as of December 6, 2010 between NORTHVIEW CORPORATE CENTER, LLC , a Delaware limited liability company (Landlord) and POST, BUCKLEY, SCHUH & JERNIGAN, INC. , a Florida corporation (Tenant). |
a. | COMMENCEMENT DATE CONFIRMATION (UNDATED) by and between NORTHVIEW CORPORATE CENTER, LLC , a Delaware limited liability company (Landlord) and POST, BUCKLEY, SCHUH & JERNIGAN, INC. , a Florida corporation (Tenant). |
12. | THE LEASE dated as of May 25, 2010 between NORTHVIEW CORPORATE CENTER, LLC , a Delaware limited liability company (Landlord) and THE UNIVERSITY OF PHOENIX, INC , an Arizona corporation (Tenant). |
a. | GUARANTY OF LEASE dated May 25, 2010 ( Guaranty ), by APOLLO GROUP, INC. , an Arizona corporation, for the benefit of Landlord. |
b. | COMMENCEMENT DATE CONFIRMATION dated January 19, 2011 by and between Landlord and Tenant. |
13. | THE LICENSE AGREEMENT dated as of August 20, 2012, between NORTHVIEW CORPORATE CENTER, LLC , a Delaware limited liability company (Owner) and COMCAST CABLE COMMUNICATIONS MANAGEMENT, LLC , a Delaware limited liability company. |
Exhibit B
14. | THE UTILITY ACCESS AGREEMENT dated as of November 23, 2009 between NORTHVIEW CORPORATE CENTER, LLC , a Delaware limited liability company (Licensor) and TW TELECOM OF WASHINGTON, LLC , a Delaware limited liability company (Licensee). |
83 King
1. | OFFICE LEASE dated November , 2008, between STARBUCKS CORPORATION , as- Washington corporation, (Landlord), and ING BANK , fsb, a federally chartered savings bank, dba ING DIRECT,- (Tenant). |
a. | FIRST AMENDMENT TO LEASE dated February 23, 2009 by and between STARBUCKS CORPORATION , a Washington corporation, (Landlord), and ING BANK , fsb, a federally chartered savings bank, dba ING DIRECT (Tenant). |
2. | OFFICE LEASE dated April , 2012, between KING & DEARBORN, LLC , a Delaware limited liability company, (Landlord), and SOCRATA, INC. , a Delaware corporation, (Tenant). |
3. | OFFICE LEASE dated December 15, 2010, between STARBUCKS CORPORATION , a Washington corporation (Landlord), and SUMMIT POWER GROUP, INC. , a Delaware corporation (Tenant). |
a. | LETTER, dated August 24, 2011, from SUMMIT POWER GROUP, LLC (Tenant) to KING & DEARBORN, LLC (Landlord). |
b. | LETTER, dated September 28, 2011 from URBAN RENAISSANCE GROUP (Urban) to SUMMIT POWER GROUP, LLC (Tenant). |
c. | LETTER, dated April 5, 2012, from URBAN RENAISSANCE GROUP (Urban) to SUMMIT POWER GROUP, LLC (Tenant). |
4. | RETAIL LEASE dated August 31, 2000, between MSI 83 KING L.L.C. , a Washington limited liability company (Landlord), and KUH JOON YANG and YOUNG HWA YANG , husband and wife (Tenant). |
a. | ASSIGNMENT OF LEASE BY TENANT AND CONSENT OF LANDLORD dated January 31, 2001 by and between MSI 83 KING L.L.C. , a Washington limited liability company (Landlord), KUH JOON YANG and YOUNG HWA YANG , husband and wife (Assignor), and SUN A. CHOO AND JUN I. CHOO, husband and wife and YOUNG S. CHO AND JAYNE S. CHO, husband and wife (Assignee). |
b. | LEASE AMENDMENT NO. 1 dated January 31, 2001 by and between MSI 83 KING L.L.C. , a Washington limited liability company, (Landlord), and SUN A. CHOO AND JUN I. CHOO, husband and wife and YOUNG S. CHO AND JAYNE S. CHO, husband and wife (Tenant). |
Exhibit B
c. | ASSIGNMENT OF LEASE BY TENANT AND CONSENT OF LANDLORD dated May 8, 2002 by and between MSI 83 KING L.L.C. , a Washington limited liability company (Landlord), SUN A. CHOO AND JUN I. CHOO, husband and wife and YOUNG S. CHO AND JAYNE S. CHO, husband and wife (Assignor) and CHONG KU KIM AND YOUNG AE KIM, husband and wife (Assignee). |
d. | LEASE AMENDMENT NO. 2 dated May 9, 2002 by and between MSI 83 KING L.L.C. , a Washington limited liability company (Landlord), and CHONG KU KIM AND YOUNG AE KIM, husband and wife (Tenant) |
e. | LEASE AMENDMENT NO. 3 dated May 23, 2007 by and between STARBUCKS CORPORATION , a Washington corporation (Landlord) and CHONG KU KIM AND YOUNG AE KIM, husband and wife (Tenant) |
f. | LEASE AMENDMENT NO. 4 dated November 20, 2008 by and between STARBUCKS CORPORATION , a Washington corporation (Landlord) and CHONG KU KIM AND YOUNG AE KIM, husband and wife (Tenant) |
g. | LETTER AGREEMENT dated July 27, 2012 by and between KING & DEARBORN, LLC (Landlord) and CHONG KU KIM AND YOUNG AE KIM, husband and wife (Tenant) |
5. | UPS LETTER CENTER AGREEMENT dated August 3, 1987, between UNITED PARCEL SERVICE, INC. (UPS) and MARTIN SMITH, INC . . |
a. | Amended by an additional letter also dated August 3, 1987 between UNITED PARCEL SERVICE, INC. (UPS) and MARTIN SMITH, INC . . |
6. | COMMUNICATIONS SITE LEASE AGREEMENT dated November 29, 2004, between MSI 83 KING L.L.C. , a Washington limited liability company, (Lessor), and PACIFIC BELL WIRELESS NORTHWEST, LLC , a Delaware limited liability company, doing business as Cingular Wireless (Lessee). |
7. | COMMUNICATION LICENSE AGREEMENT dated March 16, 2011, between STARBUCKS CORPORATION (Owner), and ATLAS NETWORKS, LLC (User). |
8. | LICENSE AGREEMENT dated May , 2012, between KING & DEARBORN, LLC , a Delaware limited liability company, (Owner), and COMCAST CABLE COMMUNICATIONS MANAGEMENT, LLC , a Delaware limited liability company, (Comcast). |
505 First
1. | OFFICE LEASE dated April 29, 2010, between STARBUCKS CORPORATION , as Washington corporation, (Landlord), and NUANCE COMMUNICATIONS, INC. , a Delaware corporation (Tenant). |
a. | FIRST AMENDMENT TO LEASE dated July 20, 2011 by and between STARBUCKS CORPORATION , as Washington corporation, (Landlord), and NUANCE COMMUNICATIONS, INC. , a Delaware corporation, (Tenant). |
Exhibit B
2. | OFFICE LEASE dated May 15, 2012, between KING & DEARBORN, LLC , a Delaware limited liability company, (Landlord), and EMC CORPORATION , a Massachusetts corporation (Tenant). |
a. | FIRST AMENDMENT TO LEASE dated , 2013 by and between KING & DEARBORN, LLC , a Delaware limited liability company, (Landlord), and EMC CORPORATION , a Massachusetts corporation (Tenant). [UNEXECUTED AS OF THE DATE OF THIS AGREEMENT] |
b. | COMMENCEMENT DATE CONFIRMATION, between KING & DEARBORN, LLC , a Delaware limited liability company (Landlord), and EMC CORPORATION , a Massachusetts corporation (Tenant). |
3. | RIGHT OF ENTRY dated September 22, 2011, between KING & DEARBORN, LLC, a Delaware limited liability company, and STATE OF WASHINGTON DEPARTMENT OF TRANSPORTATION . |
Met Park North
1. | OFFICE LEASE dated March 18, 2013, between 1220 HOWELL LLC , a Delaware limited liability company (Landlord), and AMAZON CORPORATE LLC , a Delaware limited liability company (Tenant). |
2. | Office Lease dated March 15, 2001, between BENAROYA CAPITAL COMPANY, LLC , a Washington limited liability company (Landlord), and NORDSTROM, INC., a Washington corporation (Tenant). |
a. | FIRST LEASE AMENDMENT dated August 22, 2001 by and between BENAROYA CAPITAL COMPANY, LLC , a Washington limited liability company (Landlord), and NORDSTROM, INC., a Washington corporation (Tenant). |
b. | SECOND LEASE AMENDMENT dated April 30, 2002 by and between BENAROYA CAPITAL COMPANY, LLC , a Washington limited liability company (Landlord), and NORDSTROM, INC., a Washington corporation (Tenant). |
c. | THIRD LEASE AMENDMENT dated October 12, 2010 by and between ELPF MET PARK NORTH, LLC , a Delaware limited liability company (Landlord), and NORDSTROM, INC., a Washington corporation (Tenant). |
d. | FOURTH LEASE AMENDMENT dated December 5, 2011 by and between ELPF MET PARK NORTH, LLC , a Delaware limited liability company (Landlord), and NORDSTROM, INC., a Washington corporation (Tenant). |
e. | TERMINATION OPTION EXERCISE NOTICE LETTER dated April 30, 2012 by NORDSTROM, INC., a Washington corporation (Tenant). |
f. | FIFTH LEASE AMENDMENT dated December 6, 2012 by and between 1220 HOWELL LLC , a Delaware limited liability company (Landlord) and NORDSTROM, INC., a Washington corporation (Tenant). |
Exhibit B
g. | SIXTH LEASE AMENDMENT dated January 25, 2013 by and between 1220 HOWELL LLC , a Delaware limited liability company (Landlord) and NORDSTROM, INC., a Washington corporation (Tenant). |
h. | SEVENTH LEASE AMENDMENT dated February 25, 2013 by and between 1220 HOWELL LLC , a Delaware limited liability company (Landlord) and NORDSTROM, INC., a Washington corporation (Tenant). |
i. | LANDLORDS NOTICE OF EARLY TERMINATION dated March 13, 2013 by 1220 HOWELL LLC , a Delaware limited liability company (Landlord). |
3. | RETAIL LEASE dated April 21, 1999, between BENAROYA CAPITAL COMPANY, LLC , a Washington limited liability company, (Lessor), and 24 HOUR FITNESS, INC ., a California corporation, (Lessee) |
a. | AMENDED AND RESTATED FIRST LEASE AMENDMENT dated April 2, 2002 by and between BENAROYA CAPITAL COMPANY, LLC , a Washington limited liability company, (Lessor), and 24 HOUR FITNESS USA, INC ., a California corporation, (Lessee). |
b. | SECOND LEASE AMENDMENT dated September 18, 2002 by and between BENAROYA CAPITAL COMPANY, LLC , a Washington limited liability company, (Lessor), and 24 HOUR FITNESS USA, INC ., a California corporation, (Lessee). |
c. | THIRD AMENDMENT TO LEASE dated January 31, 2013 by and between 1220 HOWELL LLC , a Delaware limited liability company (Landlord) and 24 HOUR FITNESS USA, INC ., a California corporation, (Tenant). |
d. | LETTER AGREEMENT dated December 7, 2012 by and between 1220 HOWELL LLC , a Delaware limited liability company (Landlord) and 24 HOUR FITNESS USA, INC ., a California corporation, (Tenant). |
e. | FOURTH AMENDMENT TO LEASE dated June __, 2013 by and between 1220 HOWELL LLC , a Delaware limited liability company (Landlord) and 24 HOUR FITNESS USA, INC ., a California corporation (Tenant) [UNEXECUTED AS OF THE DATE OF THIS AGREEMENT]. |
4. | OFFICE LEASE dated October 3, 2002, between BENAROYA CAPITAL COMPANY, LLC , a Washington limited liability company, (Landlord), and JURGA MARTINIA D.M.D., P.S ., a Washington corporation, dba Advanced Metropolitan Dentistry (Tenant) |
a. | AMENDMENT TO LEASE dated January 3, 2013 by and between 1220 HOWELL LLC , a Delaware limited liability company (Landlord) and JURGA MARTINIA D.M.D., P.S . , a Washington professional service corporation, dba Advanced Metropolitan Dentistry, (Tenant). |
b. | AMENDMENT TO LEASE dated March 25, 2013 by and between 1220 HOWELL LLC , a Delaware limited liability company (Landlord) and JURGA MARTINIA D.M.D . , P.S . , a Washington professional service corporation, dba Advanced Metropolitan Dentistry, (Tenant). |
Exhibit B
5. | RETAIL LEASE dated October 24, 2001, between BENAROYA CAPITAL COMPANY, LLC , a Washington limited liability company (Lessor), and SUBWAY REAL ESTATE CORP ., a Delaware corporation (Lessee). |
a. | FIRST AMENDMENT dated September 7, 2006 by and between ELPF MET PARK NORTH, L.L.C. , a Delaware limited liability company, (Landlord) and SUBWAY REAL ESTATE CORP ., a Delaware corporation (Tenant). |
b. | The ASSIGNMENT OF LEASE dated September 12, 2011 by SUBWAY REAL ESTATE CORP ., a Delaware corporation (Assignor) to SUBWAY REAL ESTATE, LLC , a Delaware limited liability company (Assignee). |
c. | SECOND AMENDMENT dated January 17, 2012 by and between ELPF MET PARK NORTH, L.L.C. , a Delaware limited liability company (Landlord) and SUBWAY REAL ESTATE LLC , a Delaware limited liability company (Tenant). |
6. | COMMERCIAL RIGHT OF ENTRY AGREEMENT dated August 31, 2001 by and between TCI CABLEVISION OF WASHINGTON, INC. , and BENAROYA CAPITAL COMPANY, LLC . |
7. | TELECOMMUNICATIONS LICENSE AGREEMENT dated August 1, 2002, between BENAROYA CAPITAL COMPANY, LLC , a Washington limited liability company, (Licensor), and COGENT COMMUNICATIONS, INC ., a Delaware corporation, (Licensee). |
a. | RENEWAL LETTER dated April 27, 2007 by COGENT COMMUNICATIONS, INC ., a Delaware corporation (Licensee). |
b. | RENEWAL LETTER dated May 23, 2012 by COGENT COMMUNICATIONS, INC ., a Delaware corporation (Licensee). |
c. | RENEWAL RESPONSE LETTER dated May 24, 2012 by and between 1220 HOWELL LLC , a Delaware limited liability company and COGENT COMMUNICATIONS, INC ., a Delaware corporation (Licensee). |
8. | TELECOMMUNICATIONS LICENSE AGREEMENT dated November 1, 2008, between ELPF MET PARK NORTH, LLC , a Delaware limited liability company(Owner), and LEVEL 3 COMMUNICATIONS, LLC , a Delaware limited liability company, (Licensee). |
a. | FIRST AMENDMENT OF TELECOMMUNICATIONS LICENSE AGREEMENT dated , 2012 by and between ELPF MET PARK NORTH, LLC , a Delaware limited liability company (Licensor), and LEVEL 3 COMMUNICATIONS, LLC , a Delaware limited liability company (Licensee). |
Exhibit B
EXHIBIT C
EXCLUDED PERSONAL PROPERTY LISTS
1. | All personal property, including without limitation, any computers and the software thereon, located in the property management office located at the Real Property. |
2. | All personal property of the building engineer located at the Real Property. |
Exhibit C
EXHIBIT D
LISTS OF CONTRACTS
First and King
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Parking Agreement between King & Dearborn, LLC and Standard Parking Corporation dated October 7, 2011 |
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Property Management Agreement between King & Dearborn, LLC and CBRE dated August 15, 2012 |
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Exclusive Listing Agreement between King & Dearborn, LLC and Urbis Partners, LLC dated January _, 2012 |
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Cleaning - Janitorial Services Agreement between King and Dearborn LLC and Alliance Building Services LLC dated January 2, 2013 |
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On-line Services Agreement between King & Dearborn LLC and CBRE, Inc. dated December 5, 2012 |
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Video Service Agreement between King & Dearborn LLC and Avidex dated October 23, 2012 |
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Landscaping Service Agreement between King & Dearborn LLC and Botanical Designs dated October 19, 2012 |
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Recycling Agreement between King & Dearborn LLC and CleanScapes dated November 27, 2012 |
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Alarm Testing Agreement between King & Dearborn LLC and Convergint Technologies dated November 21, 2012 |
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Isilon Cooling Tower HVAC Service Agreement between King & Dearborn LLC and MacDonald Miller Facility Solutions dated September 14, 2012 |
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HVAC Service Agreement (Mac Miller A) between King & Dearborn LLC and MacDonald Miller Facility Solutions dated September 14, 2012 |
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HVAC Service Agreement (Mac Miller B) between King & Dearborn LLC and MacDonald Miller Facility Solutions dated September 14, 2012 |
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Security Service Agreement between King & Dearborn LLC and Northwest Security Services, Inc. dated September 13, 2012 |
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Elevator Service Contract (505 First) between King & Dearborn LLC and Otis Elevator Company dated October 2, 2012 |
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Window Maintenance Service Contract between King & Dearborn LLC and Puget Sound Window Maintenance dated September 28, 2012 |
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Pest Control Service Contract between King & Dearborn LLC and Sprague Pest Solutions dated October 2, 2012 |
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License Agreement between King & Dearborn LLC and Comcast Cable Communications Management, LLC dated May _, 2012 |
Exhibit D
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Facilities Easement Agreement between King & Dearborn LLC and Comcast Cable Communications Management, LLC dated May _, 2012 |
Met Park North
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Property Management Agreement between 1220 Howell LLC and Kidder Mathews dated June 30, 2012 |
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Parking Management Agreement between 1220 Howell LLC and Standard Parking Corporation dated April 16, 2012 |
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Tax Consultant Agreement between 1220 Howell LLC and Northwest Property Tax Consultants dated March 8, 2013 |
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Exclusive Listing Agreement between 1220 Howell LLC and Colliers International WA, LLC dated October 29, 2012 |
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Consulting Agreement between 1220 Howell LLC and Bloom Projects, LLC dated June 8, 2012 |
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Security Service Contract between Kidder Mathews and AlliedBarton dated August 1, 2012 |
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HVAC Automation Service Contract between 1220 Howell LLC and ATS Automation dated October 1, 2012 |
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Landscaping Service Contract between 1220 Howell LLC and Camden Gardens dated July 27, 2012 |
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Recycling Service Contract between 1220 Howell LLC and Cleanscapes dated July 18, 2012 |
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Pest Control Service Contract between 1220 Howell LLC and Eden Advanced Pest Technologies dated July 26, 2012 |
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Elevator Service Contract between 1220 Howell LLC and Eltec Elevator Services dated July 19, 2012 |
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Generator Testing Service Contract between 1220 Howell LLC and Generator Services NW, LLC dated July 26, 2012 |
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Fire Monitoring Contract between 1220 Howell LLC and Honeywell Building Services dated December 17, 2012 |
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HVAC Maintenance Contract between 1220 Howell LLC and MacDonald Miller Facility Solutions, Inc. dated July 26, 2012 |
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Fire System Testing Service Contract between 1220 Howell LLC and Northwest Fire Systems dated December 17, 2012 |
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Janitorial Service Contract between 1220 Howell LLC and Pacific Building Services, Inc. dated August 22, 2012 |
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Window Washing Service Contract between 1220 Howell LLC and Puget Sound Window Maintenance dated January 31, 2013 |
Exhibit D
Northview
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Property Management Agreement between Northview Corporate Center, LLC and CBRE, Inc. dated September 25, 2006 as amended on January 1, 2009 and January 30, 2013 |
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Exclusive Listing Agreement between Northview Corporate Center, LLC and CMN, Inc. d/b/a Colliers International dated October 19, 2006 |
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Consulting Agreement between Northview Corporate Center, LLC and Bloom Projects, LLC dated September 24, 2006 |
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Tax Consultant Agreement between Northview Corporate Center, LLC and Northwest Property Tax Consultants dated August 7, 2012 |
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Interior Plants Service Contract between Northview Corporate Center, LLC and Botanical Designs, Inc. dated July 1, 2012 |
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Exterior Plants Service Contract between Northview Corporate Center, LLC and Botanical Designs, Inc. dated April 1, 2012 |
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Security Service Contract between Northview Corporate Center, LLC and Horizon Security Services, Inc. dated April 1, 2012 |
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Inclement Weather Service Contract between Northview Corporate Center, LLC and McDonough & Sons, Inc. dated April 15, 2011 |
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Window Washing Service Contract between Northview Corporate Center, LLC and Morris Hansen Enterprises, Inc. dated April 15, 2011 |
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Cooling Tower Service Contract between Northview Corporate Center, LLC and Nalco Company dated August 1, 2012 |
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HVAC Maintenance Service Contract between Northview Corporate Center, LLC and Pacific Air Control, Inc. dated August 1, 2012 |
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Landscaping Service Contract between Northview Corporate Center, LLC and Par Four Landscape Services dated April 28, 2011 |
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Fire and Life Safety Service Contract between Northview Corporate Center, LLC and Smith Fire Systems Management dated July 15, 2011 |
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Roof Maintenance Service Contract between Northview Corporate Center, LLC and Snyder Roofing of Washington LLC dated April 4, 2013 |
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Cardkey Access Service Contract between Northview Corporate Center, LLC and JSH Maintenance Services LLC dated January 18, 2013 |
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Janitorial Service Contract between Northview Corporate Center, LLC and Top Quality Building Maintenance dated January 18, 2012 |
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Elevator Service Contract between Northview Corporate Center, LLC and ThyssenKrupp Elevator Corporation dated November 5, 2006 |
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FTTP Premises Access License Agreement between James Fogarty, Asset Manger, and Verizon Northwest Inc. dated April 21, 2009 |
Exhibit D
EXHIBIT E
FORM OF DEED
After Recording Return To:
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Attention:
[Note: Location of the full legal description needs to be noted in the cover page information]
[Note: the deed will need to be reformatted to comply with WA margin requirements. On the first page, the top 3 needs to be bare except for the return to: box may be within the top 3. On the first and every page thereafter, the 1 margin on each side of the paper must be complete bare of all writing, e.g. footer information, page numbers, etc.]
BARGAIN AND SALE DEED
GRANTOR: , a
GRANTEE: , a
Abbreviated Legal Description: |
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Assessors Tax Parcel ID#: |
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THE GRANTOR, , a , for and in consideration of Ten Dollars ($10.00) in hand paid, bargains, sells and conveys to , a , the following described real estate, situated in the City of , County of , State of Washington:
See Exhibit A attached hereto and incorporated herein by this reference.
Subject to and excepting:
1. | All matters of record set forth on Exhibit B attached hereto; |
2. | All matters which an accurate survey of the above property would show; |
Exhibit E
3. | Real estate taxes and assessments not yet delinquent; and |
4. | All leases affecting the real property described above. |
Dated , 2013.
[SIGNATURE BLOCK OF GRANTOR]
STATE OF )
) ss.
COUNTY OF )
On this day of , 2013, before me, the undersigned, a Notary Public in and for the State of , duly commissioned and sworn, personally appeared , to me known as, or providing satisfactory evidence that he/she is the of , a the that executed the foregoing instrument and acknowledged the said instrument to be the free and voluntary act and deed of said for the uses and purposes therein mentioned and on oath stated that he/she is authorized to execute said instrument.
WITNESS my hand and official seal hereto affixed the day and year in this certificate above written.
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NOTARY PUBLIC, in and for the State | ||
of , residing at | ||
Commission expires: | ||
Print Name: |
Exhibit E
EXHIBIT A
Legal Description
Exhibit E
EXHIBIT B
Matters of Record
Exhibit E
EXHIBIT F
ASSIGNMENT OF LEASES
THIS ASSIGNMENT, made as of , 2013, by and between , a (Seller), and , a (Buyer),
W I T N E S S E T H:
WHEREAS, Seller and Buyer have entered into that certain Purchase Agreement, dated , 2013 (the Purchase Agreement), pursuant to which Seller has agreed to sell and Buyer has agreed to buy that certain office project commonly known as [ ], Washington (the Property); and
WHEREAS, Seller and buyer desire to enter into this Assignment of Leases in conjunction with the sale of the Property pursuant to the Purchase Agreement;
NOW THEREFORE, for valuable consideration, receipt of which is acknowledged, Seller and Buyer agree as follows:
1. Assignment and Assumption .
(a) Seller hereby assigns and transfers to Buyer all right, title and interest of Seller in, to and under the leases (the Leases) described in Exhibit A attached hereto and made a part hereof and all Security Deposits described in Exhibit A .
(b) Buyer hereby accepts the foregoing assignment, and assumes and agrees to perform all of the covenants and agreements in the Leases to be performed by the landlord thereunder that arise or accrue from and after the date of this Assignment.
2. Indemnification .
(a) Seller shall indemnify and defend Buyer against and hold Buyer harmless from all claims, demands, liabilities, losses, damages, costs and expenses, including, without limitation, reasonable attorneys fees and disbursements, that are caused by any failure by Seller to perform the obligations of the landlord under the Leases before the date of this Assignment, subject to the provisions of section 6.1(c) of the Purchase Agreement.
(b) Buyer shall indemnify and defend Seller against and hold Seller harmless from all claims, demands, liabilities, losses, damages, costs and expenses, including, without limitation, reasonable attorneys fees and disbursements, that are caused by any failure by Buyer to perform the obligations of the landlord first arising or accruing under the Leases on or after the date of this Assignment.
3. Further Assurances . Seller and Buyer agree to execute such other documents and perform such other acts as may be reasonably necessary or proper and usual to effect this Assignment.
Exhibit F
4. Governing Law . This Assignment shall be governed by and construed in accordance with the laws of the State of Washington.
5. Successors and Assigns . This Assignment shall be binding upon and shall inure to the benefit of Seller and Buyer and their respective personal representatives, heirs, successors and assigns.
6. Severability . If one or more provisions of this Assignment are held by a proper court to be unenforceable under applicable law, portions of such provisions, or such provisions in their entirety, to the extent necessary and permitted by law, shall be severed herefrom, and the balance of this Assignment shall be enforceable in accordance with its terms.
7. Attorneys Fees . If there is any legal action or proceeding between Seller and Buyer arising from or based on this Assignment, the unsuccessful party to such action or proceeding shall pay to the prevailing party all costs and expenses, including reasonable attorneys fees, incurred by such prevailing party in such action or proceeding and in any appeal in connection therewith. If such prevailing party recovers a judgment in any such action, proceeding or appeal, such costs, expenses and attorneys fees shall be included in and as a part of such judgment.
IN WITNESS WHEREOF, Seller and Buyer have executed this Assignment as of the date first hereinabove written.
SELLER: | ||
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BUYER: |
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Exhibit F
EXHIBIT G
BILL OF SALE
FOR GOOD AND VALUABLE CONSIDERATION, receipt of which is hereby acknowledged, , a (Seller), does hereby grant, bargain, sell, convey, assign, transfer, and deliver to , a (Buyer), all of Sellers right, title and interest in and to all appliances, fixtures, equipment, machinery, furniture, furnishings, decorations and other personal property, if any, located on or about that certain real property described in Exhibit A, attached hereto and incorporated by reference (the Property), excluding, however, word processing and computer equipment, software and computer accessories, any fixtures, furnishings or equipment leased by Seller (as the lessee), and any of the personal property listed on Exhibit B attached hereto.
Seller covenants that it will, at any time and from time to time upon written request therefor, at Buyers sole expense and without the assumption of any additional liability thereby, execute and deliver to Buyer, its nominees, successors and/or assigns, any new or confirmatory instruments and do and perform any other acts which Buyer, its nominees, successors and/or assigns, may reasonably request in order to fully assign and transfer to and vest in Buyer, its nominees, successors and/or assigns, and protect its or their rights, title and interest in and enjoyment of, all of the assets of Seller intended to be transferred and assigned hereby, or to enable Buyer, its nominees, successors and/or assigns, to realize upon or otherwise enjoy any such assets.
This Agreement may be executed in any number of identical counterparts, and each counterpart hereof shall be deemed to be an original instrument, but all counterparts hereof taken together shall constitute but a single instrument.
(Signature page follows)
Exhibit G
IN WITNESS WHEREOF, the parties have signed and delivered this Bill of Sale as of the day of , 2013.
SELLER:
BUYER:
Exhibit G
STATE OF )
) ss.
COUNTY OF )
On this day of , 2013, before me, the undersigned, a Notary Public in and for the State of , duly commissioned and sworn, personally appeared , to me known as, or providing satisfactory evidence that he/she is the of , a the that executed the foregoing instrument and acknowledged the said instrument to be the free and voluntary act and deed of said for the uses and purposes therein mentioned and on oath stated that he/she is authorized to execute said instrument.
WITNESS my hand and official seal hereto affixed the day and year in this certificate above written.
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NOTARY PUBLIC, in and for the State | ||
of , residing at | ||
Commission expires: | ||
Print Name: |
STATE OF )
) ss.
COUNTY OF )
On this day of , 2013, before me, the undersigned, a Notary Public in and for the State of , duly commissioned and sworn, personally appeared , to me known as, or providing satisfactory evidence that he/she is the of , a the that executed the foregoing instrument and acknowledged the said instrument to be the free and voluntary act and deed of said for the uses and purposes therein mentioned and on oath stated that he/she is authorized to execute said instrument.
WITNESS my hand and official seal hereto affixed the day and year in this certificate above written.
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NOTARY PUBLIC, in and for the State | ||
of , residing at | ||
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Exhibit G
Exhibit A to Bill of Sale
Property Description
Exhibit G
Exhibit B to Bill of Sale
Excluded Personal Property
[List any]
Exhibit G
EXHIBIT H
ASSIGNMENT OF CONTRACTS
THIS ASSIGNMENT, made as of , 2013, by and between , a (Seller), and , a (Buyer),
W I T N E S S E T H:
WHEREAS, Seller and Buyer have entered into that certain Purchase Agreement, dated , 2013 (the Purchase Agreement), pursuant to which Seller has agreed to sell and Buyer has agreed to buy that certain office project commonly known as [ ] Washington (the Property); and
WHEREAS, Seller and buyer desire to enter into this Assignment of Contracts in conjunction with the sale of the Property pursuant to the Purchase Agreement;
NOW THEREFORE, for valuable consideration, receipt of which is acknowledged, Seller and Buyer agree as follows:
1. Assignment and Assumption .
(a) Seller hereby assigns and transfers to Buyer all right, title and interest of Seller in, to and under the contracts (the Contracts) described in Exhibit A attached hereto and made a part hereof.
(b) Buyer hereby accepts the foregoing assignment, and assumes and agrees to perform all of the covenants and agreements in the Contracts to be performed by Seller thereunder that arise or accrue from and after the date of this Assignment.
2. Indemnification .
(a) Seller shall indemnify and defend Buyer against and hold Buyer harmless from all claims, demands, liabilities, losses, damages, costs and expenses, including, without limitation, reasonable attorneys fees and disbursements, that are caused by any failure by Seller to perform the obligations of Seller under the Contracts before the date of this Assignment, subject to the provisions of section 6.1(c) of the Purchase Agreement.
(b) Buyer shall indemnify and defend Seller against and hold Seller harmless from all claims, demands, liabilities, losses, damages, costs and expenses, including, without limitation, reasonable attorneys fees and disbursements, that are caused by any failure by Buyer to perform the obligations of Seller first arising or accruing under the Contracts on or after the date of this Assignment.
Exhibit H
3. Further Assurances . Seller and Buyer agree to execute such other documents and perform such other acts as may be reasonably necessary or proper and usual to effect this Assignment.
4. Governing Law . This Assignment shall be governed by and construed in accordance with the laws of the State of Washington.
5. Successors and Assigns . This Assignment shall be binding upon and shall inure to the benefit of Seller and Buyer and their respective personal representatives, heirs, successors and assigns.
6. Severability . If one or more provisions of this Assignment are held by a proper court to be unenforceable under applicable law, portions of such provisions, or such provisions in their entirety, to the extent necessary and permitted by law, shall be severed herefrom, and the balance of this Assignment shall be enforceable in accordance with its terms.
7. Attorneys Fees . If there is any legal action or proceeding between Seller and Buyer arising from or based on this Assignment, the unsuccessful party to such action or proceeding shall pay to the prevailing party all costs and expenses, including reasonable attorneys fees, incurred by such prevailing party in such action or proceeding and in any appeal in connection therewith. If such prevailing party recovers a judgment in any such action, proceeding or appeal, such costs, expenses and attorneys fees shall be included in and as a part of such judgment.
IN WITNESS WHEREOF, Seller and Buyer have executed this Assignment as of the date first hereinabove written.
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Exhibit H
EXHIBIT I
ASSIGNMENT OF PERMITS
For valuable consideration, receipt of which is acknowledged, , a (Seller), hereby assigns and transfers to , a , all of Sellers right, title and interest in, to and under the Permits relating to the real property located at [ ], Washington.
Dated: , 2013.
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Exhibit I
EXHIBIT J
LISTS OF SECURITY DEPOSITS
Met Park North |
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Tenant | Security Deposit | Form of Security | ||||||
24 Hour Fitness USA, Inc. |
$ | 12,000.00 | Cash | |||||
Subway Real Estate LLC |
$ | 2,185.00 | Cash | |||||
Jurga Martini D.M.D., P.S. |
$ | 8,358.00 | Cash | |||||
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Subtotal |
$ | 22,543.00 | ||||||
Northview Corporate Center |
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Tenant | Security Deposit | Form of Security | ||||||
Davis Schueller, Inc. |
$ | 4,100.00 | Cash | |||||
Fine Business Solutions, LLC |
$ | 7,245.19 | Cash | |||||
Audit & Adjustment Company, Inc. |
$ | 14,200.71 | Cash | |||||
All for Kidz, Inc. |
$ | 48,787.42 | Cash | |||||
Lion New Media, Inc. |
$ | 5,000.00 | Cash | |||||
Cemex Construction Materials |
$ | 52,000.00 | Cash | |||||
iePlexus |
$ | 12,122.00 | Cash | |||||
Atkins, Inc. (PBSJ) |
$ | 3,827.15 | Cash | |||||
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Subtotal |
$ | 147,282.47 | ||||||
First and King |
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Tenant | Security Deposit | Form of Security | ||||||
Socrata Inc. |
$ | 17,556.00 | Cash | |||||
Summit Power Group |
$ | 33,728.92 | Cash | |||||
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Subtotal |
$ | 51,284.92 | ||||||
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Total |
$ | 221,110.39 | ||||||
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Exhibit J
EXHIBIT K
SELLERS CLOSING CERTIFICATE
For valuable consideration, receipt of which is acknowledged, , a (Seller), hereby certifies to , a (Buyer), that all representations and warranties made by Seller in section 5.1 of the Purchase Agreement (the Purchase Agreement) dated , 2013, between Seller and Buyer, are true and correct on and as of the date of this Certificate. This Certificate is executed by Seller and delivered to Buyer pursuant to the Purchase Agreement.
Dated: , 2013.
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Exhibit K
EXHIBIT L
ESTOPPEL CERTIFICATE
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Re: | Lease dated , between , a (Landlord), and , a (Tenant) |
The | undersigned hereby certifies to (Buyer), as follows: |
l. The undersigned is the Tenant under the above-referenced lease (Lease) covering the above-referenced Premises (Premises). The following is a true and correct list of all amendments, modifications and supplements to the Lease (collectively, the Lease Modifications):
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For purposes hereof, all references to the Lease shall include the original lease agreement and all of the Lease Modifications thereto.
2. The Lease constitutes the entire agreement between Landlord and Tenant with respect to the Property and the Lease has not been modified, changed, altered or amended in any respect except as set forth above. The Lease is in full force and effect.
3. The term of the Lease commenced on , , and, taking into account any previously exercised options and all exercised renewal terms, will expire on , . Tenant has accepted possession of the Premises and is the actual
Exhibit L
occupant in possession and has not sublet, assigned or hypothecated Tenants leasehold interest. All improvements to be constructed on the Premises by Landlord have been completed and accepted by Tenant and Landlord has paid in full all construction allowances and any allowances and inducements payable to Tenant, regardless whether the same are currently due and payable.
4. As of the date of this Estoppel Certificate, there exists no breach or default, nor state of facts which, with notice, the passage of time, or both, would result in a breach or default on the part of either Tenant or to the knowledge of Tenant, Landlord.
5. Tenant is currently obligated to pay rent in monthly installments of $ per month as base rent and $ per month as operating costs, common area expenses, taxes and other pass-throughs (collectively, Operating Expenses and Taxes) (taking into account all Consumer Price Index adjustments and other adjustments pursuant to the terms of the Lease), and monthly installments of base rent and Operating Expenses and Taxes have been paid through , 2013.
6. No base rent or Operating Expenses and Taxes have been paid more than one (1) month in advance. Tenant has no claim or defense against Landlord under the Lease and is asserting no offsets or credits against either the rent or Landlord. Tenant has no claim against Landlord for any security or other deposits except $ which was paid pursuant to the Lease.
7. Tenant has no option or preferential right to purchase all or any part of the Premises (or the real property of which the Premises are a part) nor, except as expressly provided in the Lease, any right or interest with respect to the Premises other than as Tenant under the Lease.
8. Tenant has no option, right of first offer or right of first refusal to lease or occupy any other space within the property of which the Premises are a part, except as set forth in the Lease. Tenant has no right to renew or extend the terms of the Lease, except as set forth in the Lease.
9. There has not been filed by or against Tenant a petition in bankruptcy, voluntary or otherwise, any assignment for the benefit of creditors, any petition seeking reorganization or arrangement under the bankruptcy laws of the United States, or any state thereof, or any other action brought under said bankruptcy laws with respect to Tenant.
Exhibit L
This Estoppel Certificate is made to Buyer and Buyers lender(s) in connection with the prospective purchase by Buyer or Buyers assignee, of the property of which the Premises is a part. This Estoppel Certificate may be relied on by Buyer, Buyers lender(s), and their respective successors and assigns, and any other party who acquires an interest in the Premises in connection with such purchase and their respective lenders.
Dated this day of , 2013
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Exhibit L
EXHIBIT L-1
ASSOCIATION ESTOPPEL CERTIFICATE
The following terms as used in this Association Estoppel Certificate have the meanings defined below:
Association shall mean the Quadrant I-5 Center Owners Association
Declaration shall mean the Declaration of Protective Covenants, Conditions, Easements and Restrictions for Quadrant I-5 Center, dated February 22, 1991, recorded on February 25, 1991 in the Official Records of Snohomish County, Washington as Document No. 9102250309, as amended by that certain Clarification of Recorded Document dated April 20, 1992, recorded on April 24, 1992 in the Official Records of Snohomish County, Washington as Document No. 9204230640 and that certain Agreement of Merger and Surrender of Declarant Authority dated June 18, 1992, recorded on June 25, 1992 in the Official Records of Snohomish County, Washington as Document No. 9206250231.
Seller shall mean Northview Corporate Center LLC, a Delaware limited liability company.
The Association hereby certifies to Hudson Pacific Properties, L.P. (Buyer) as follows:
1. The terms and conditions of the Declaration are unmodified and in full force and effect and have not been further amended or modified and have not been extended, supplemented or terminated.
2. There are no defaults under the Declaration by the Association or by Seller, nor are there any conditions that, with the giving of notice or the passage of time or both, would become a default under the Declaration by the Association or Seller.
3. The Association is not performing any work for the Seller for which the Association expects reimbursement under the terms and provisions of the Declaration, except for the following: [if none, please state none].
4. There are no existing set-offs, claims or defenses asserted or otherwise known by the Association against the enforcement by Seller of any obligation to be performed or observed by the Association under the Declaration.
5. The Association has no lien against any portion of any Lot which is owned by Seller.
Exhibit L-1
6. No amounts are owed by Association to Seller or by Seller to Association except as follows: .
This Association Estoppel Certificate is made to Buyer and Buyers lender(s) in connection with the prospective purchase by Buyer or Buyers assignee, of the property of which the Premises is a part. This Association Estoppel Certificate may be relied on by Buyer, Buyers lender(s) and their respective successors and assigns, and any other party who acquires an interest in the Premises in connection with such purchase and their respective lenders.
Dated this day of , 2013
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Exhibit L-1
EXHIBIT L-2
Parking Estoppel Certificate
[ ], and its successors and assigns ( Buyer )
[ ]
[ ]
Attn: [ ]
[ , 2013]
Re: | Parking Easement Agreement, recorded in the Official Records of King County, Washington as document number 20051020001631, dated October 20, 2005 (the PEA ), by and among Met Park North IV, L.L.C. ( Grantor ), Met Park West IV, L.L.C. ( Met West ) and Met Park East IV, L.L.C. ( Met East , and together with Met West, collectively, the Grantees ), as amended by that certain Covenant Regarding Parking, recorded in the Official Records of King County, Washington as document number 20060328002381, dated March 28, 2006 (the Covenant ), by Grantor for the benefit of Grantees, as amended by that certain First Amendment to Parking Easement Agreement, recorded in the Official Records of King County, Washington as document number 20080421002126, dated March 28, 2006, by and between Grantor and Grantees (the First Amendment , and with the PEA and Covenant, collectively, the Agreement ) |
Ladies and Gentlemen:
Reference is hereby made to the Agreement. Words and terms not otherwise defined herein shall have the same meaning ascribed such words and terms as in the Agreement. The Grantees do hereby certify to Buyer and its Lender that:
(i) the Agreement is in full force and effect;
(ii) the Agreement has not been assigned, modified or amended in any way other than as set forth above;
(iii) all sums due by both Grantees under the Agreement have been paid through [ ], 2013;
(iv) to the best of the undersigneds knowledge, there is no default in the performance of any covenant, agreement or condition by any party under the Agreement; and
(v) to the best of the undersigneds knowledge, no event has occurred which, with the passage of time, or the giving of notice, or both, would constitute a default by any party under the Agreement.
The undersigned understands and acknowledges that Buyer, its successors and assigns, and any lender making a loan or acting as agent for a group of lenders ( Lender ) making a loan secured by an interest in the real property legally described on Exhibit A attached hereto and made a part hereof (the Property ), are relying upon the representations contained herein in the purchase and sale, and financing, of the Property.
Exhibit L-2
[Signature Block for Met West]
[Signature Block for Met East]
Exhibit L-2
Exhibit A
LOTS 7, 8, 9, 10, 11 AND 12, BLOCK 55, SECOND ADDITION TO THE TOWN OF SEATTLE AS LAID OFF BY THE HEIRS OF SARAH A. BELL (DECEASED), (COMMONLY KNOWN AS HEIRS OF SARAH A. BELLS SECOND ADDITION TO THE CITY OF SEATTLE), ACCORDING TO THE PLAT THEREOF, RECORDED IN VOLUME 1 OF PLATS, PAGE(S) 121, IN KING COUNTY, WASHINGTON;
EXCEPT THE NORTHWESTERLY 7 FEET OF SAID LOT 7 CONDEMNED FOR STEWART STREET BY THE CITY OF SEATTLE ON JULY 29, 1908 UNDER KING COUNTY SUPERIOR COURT CAUSE NUMBER 58229 AS PROVIDED FOR IN CITY OF SEATTLE ORDINANCE NUMBER 14881.
Exhibit L-2
EXHIBIT M
BUYERS CLOSING CERTIFICATE
For valuable consideration, receipt of which is acknowledged, , a (Buyer), hereby certifies to , a (Seller), that all representations and warranties made by Buyer in section 5.2 of the Purchase Agreement (the Purchase Agreement) dated , 2013, between Seller and Buyer, are true and correct on and as of the date of this Certificate. This Certificate is executed by Buyer and delivered to Seller pursuant to the Purchase Agreement.
Dated: , 2013. |
BUYER: | ||
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Exhibit M
EXHIBIT N
CERTIFICATE OF NONFOREIGN STATUS
Section 1445 of the Internal Revenue Code provides that a transferee of a U.S. real property interest must withhold tax if the transferor is a foreign person. To inform the transferee that withholding of tax is not required upon the disposition of a U.S. real property interest by [ ], a Delaware limited liability company (Seller), the undersigned (SSC), who is the sole member of Seller, hereby certifies the following on behalf of SSC:
1. Seller is a disregarded entity as defined under the Internal Revenue Code and Income Tax Regulations.
2. SSC is not a foreign corporation, foreign partnership, foreign trust or foreign estate (as those terms are defined in the Internal Revenue Code and Income Tax Regulations);
3. SSCs U.S. employer identification number is ;
4. SSCs office address is c/o Spear Street Capital, LLC, One Market Plaza, Spear Tower, Suite 4125, San Francisco, California 94105, Attention: Mr. John S. Grassi; and
5. SSC is not a disregarded entity as defined under the Internal Revenue Code and Income Tax Regulations.
SSC understands that this certification may be disclosed to the Internal Revenue Service by the transferee and that any false statement contained herein could be punished by fine, imprisonment, or both.
Under penalties of perjury I declare that I have examined this certificate and to the best of my knowledge and belief it is true, correct and complete, and I further declare that I have authority to sign this document on behalf of SSC.
[Signature Page Follows Immediately]
Exhibit N
Dated: , 2013.
SSC III, L.P., a Delaware limited partnership | ||||||
By | SPEAR STREET CAPITAL, LLC, a | |||||
Delaware limited liability company, its general partner | ||||||
By | GRASSI HOLDINGS, LLC, a | |||||
Delaware limited liability company, its manager | ||||||
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John S. Grassi | ||||||
Sole Member |
Exhibit N
EXHIBIT O
FORM OF TENANT NOTICE
, 2013
Attention:
Re: | Lease dated as of (the Lease) by and between , a (Landlord) and , a and relating to the leased premises (the Premises) in the building located at [ ], Washington (the Building) |
Ladies and Gentlemen:
Please be advised that Landlord has sold the Building, including the Premises, to , a (Buyer), as of the date set forth above, and in connection with such sale Landlord has assigned and transferred its interest in the Lease, including your security deposit (if any), to Buyer. Accordingly, all of your obligations under the Lease from and after the date of this notice (including your obligations to pay rent and fulfill your insurance requirements) shall be performable to and for the benefit of Buyer.
The address of Buyer for all purposes under the Lease is:
If you have any questions about the sale, please contact , at ( ) - . Thank you.
Very truly yours,
[ ]
By
Its
Exhibit O
EXHIBIT P
ENVIRONMENTAL DISCLOSURE STATEMENT
INSTRUCTIONS TO THE SELLER
Please complete the following form. Do not leave any spaces blank. If the question clearly does not apply to the property write NA. If the answer is yes to any * items, please explain on attached sheets. Please refer to the line number(s) of the question(s) when you provide your explanation(s). For your protection you must date and sign each page of this disclosure statement and each attachment. Delivery of the disclosure statement must occur not later than five business days, unless otherwise agreed, after mutual acceptance of a written contract to purchase between a buyer and a seller.
NOTICE TO THE BUYER
THE FOLLOWING DISCLOSURES ARE MADE BY SELLER ABOUT THE CONDITION OF THE PROPERTY LOCATED AT [ ], WASHINGTON ( THE PROPERTY ).
SELLER MAKES THE FOLLOWING DISCLOSURES OF EXISTING MATERIAL FACTS OR MATERIAL DEFECTS TO BUYER BASED ON SELLERS ACTUAL KNOWLEDGE OF THE PROPERTY AT THE TIME SELLER COMPLETES THIS DISCLOSURE STATEMENT. UNLESS YOU AND SELLER OTHERWISE AGREE IN WRITING, YOU HAVE THREE BUSINESS DAYS FROM THE DAY SELLER OR SELLERS AGENT DELIVERS THIS DISCLOSURE STATEMENT TO YOU TO RESCIND THE AGREEMENT BY DELIVERING A SEPARATELY SIGNED WRITTEN STATEMENT OF RESCISSION TO SELLER OR SELLERS AGENT. IF THE SELLER DOES NOT GIVE YOU A COMPLETED DISCLOSURE STATEMENT, THEN YOU MAY WAIVE THE RIGHT TO RESCIND PRIOR TO OR AFTER THE TIME YOU ENTER INTO A SALE AGREEMENT.
THE FOLLOWING ARE DISCLOSURES MADE BY SELLER AND ARE NOT THE REPRESENTATIONS OF ANY REAL ESTATE LICENSEE OR OTHER PARTY. THIS INFORMATION IS FOR DISCLOSURE ONLY AND IS NOT INTENDED TO BE A PART OF ANY WRITTEN AGREEMENT BETWEEN BUYER AND SELLER.
FOR A MORE COMPREHENSIVE EXAMINATION OF THE SPECIFIC CONDITION OF THIS PROPERTY YOU ARE ADVISED TO OBTAIN AND PAY FOR THE SERVICES OF QUALIFIED EXPERTS TO INSPECT THE PROPERTY, WHICH MAY INCLUDE, WITHOUT LIMITATION, ARCHITECTS, ENGINEERS, LAND SURVEYORS, PLUMBERS, ELECTRICIANS, ROOFERS, BUILDING INSPECTORS, ON-SITE WASTEWATER TREATMENT INSPECTORS, OR STRUCTURAL PEST INSPECTORS. THE PROSPECTIVE BUYER AND SELLER MAY WISH TO OBTAIN PROFESSIONAL ADVICE OR INSPECTIONS OF THE PROPERTY OR TO PROVIDE APPROPRIATE PROVISIONS IN A CONTRACT BETWEEN THEM WITH RESPECT TO ANY ADVICE, INSPECTION, DEFECTS OR WARRANTIES.
Exhibit P
Seller is / is not occupying the Property.
I. SELLERS DISCLOSURES:
If you answer Yes to a question with an asterisk (*), please explain your answer and attach documents, if available and not otherwise publicly recorded. If necessary, use an attached sheet.
ENVIRONMENTAL
[ ] Yes | [ ] No | [ ] Dont know | *A. Has there been any flooding, standing water, or drainage problems on the property that affect the Property or access to the Property? There has been water penetration in the parking garage beneath the building located at 505 First Avenue South. | |||
[ ] Yes | [ ] No | [ ] Dont know | *B. Is there any material damage to the property from fire, wind, floods, beach movements, earthquake, expansive soils, or landslides? | |||
[ ] Yes | [ ] No | [ ] Dont know | *C. Are there any shorelines, wetlands, floodplains, or critical areas on the Property? | |||
[ ] Yes | [ ] No | [ ] Dont know | *D. Are there any substances, materials, or products in or on the Property that may be environmental concerns, such as asbestos, formaldehyde, radon gas, lead-based paint, fuel or chemical storage tanks, or contaminated soil or water? | |||
[ ] Yes | [ ] No | [ ] Dont know | *E. Is there any soil or groundwater contamination? | |||
[ ] Yes | [ ] No | [ ] Dont know | *F. Has the Property been used as a legal or illegal dumping site? | |||
[ ] Yes | [ ] No | [ ] Dont know | *G. Has the Property been used as an illegal drug manufacturing site? |
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SELLER |
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Exhibit P
NOTICE TO BUYER
INFORMATION REGARDING REGISTERED SEX OFFENDERS MAY BE OBTAINED FROM LOCAL LAW ENFORCEMENT AGENCIES. THIS NOTICE IS INTENDED ONLY TO INFORM YOU OF WHERE TO OBTAIN THIS INFORMATION AND IS NOT AN INDICATION OF THE PRESENCE OF REGISTERED SEX OFFENDERS.
II. BUYERS ACKNOWLEDGMENT AND WAIVER
A. Buyer hereby acknowledges that: Buyer has a duty to pay diligent attention to any material defects that are known to Buyer or can be known to Buyer by utilizing diligent attention and observation.
B. The disclosures set forth in this statement and in any amendments to this Statement are made only by the Seller and not by any real estate licensee or other party.
C. Buyer acknowledges that, pursuant to RCW 64.06.050(2), real estate licensees are not liable for inaccurate information provided by Seller, except to the extent that real estate licensees know of such inaccurate information.
D. This information is for disclosure only and is not intended to be a part of the written agreement between the Buyer and Seller.
E. Buyer (which term includes all persons signing the Buyers acceptance portion of this disclosure statement below) has received a copy or this Disclosure Statement (including attachments, if any) bearing Sellers signature.
F. By its signature below, Buyer waives its right to rescind its purchase and sale agreement with Seller based on Sellers delivery of this document to Buyer.
G. Buyer waives its right to receive Sections 1-5 and 7 of the Real Property Transfer Disclosure Statement.
DISCLOSURES CONTAINED IN THIS DISCLOSURE STATEMENT ARE PROVIDED BY SELLER BASED ON SELLERS ACTUAL KNOWLEDGE OF THE PROPERTY AT THE TIME SELLER COMPLETES THIS DISCLOSURE STATEMENT. UNLESS BUYER AND SELLER OTHERWISE AGREE IN WRITING, BUYER SHALL HAVE THREE BUSINESS DAYS FROM THE DAY SELLER OR SELLERS AGENT DELIVERS THIS DISCLOSURE STATEMENT TO RESCIND THE AGREEMENT BY DELIVERING A SEPARATELY SIGNED WRITTEN STATEMENT OF RESCISSION TO SELLER OR SELLERS AGENT. YOU MAY WAIVE THE RIGHT TO RESCIND PRIOR TO OR AFTER THE TIME YOU ENTER INTO A SALE AGREEMENT.
Exhibit P
BUYER HEREBY ACKNOWLEDGES RECEIPT OF A COPY OF THIS DISCLOSURE STATEMENT AND ACKNOWLEDGES THAT THE DISCLOSURES MADE HEREIN ARE THOSE OF THE SELLER ONLY, AND NOT OF ANY REAL ESTATE LICENSEE OR OTHER PARTY.
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The seller disclosure statement shall be for disclosure only, and shall not be considered part of any written agreement between the buyer and seller of residential property. The seller disclosure statement shall be only a disclosure made by the seller, and not any real estate licensee involved in the transaction, and shall not be construed as a warranty of any kind by the seller or any real estate licensee involved in the transaction.
BUYER:
Exhibit P
Schedules 1.1(a)-(c)
Preliminary Reports
Schedules 1(a)-(c)
COMMITMENT FOR TITLE INSURANCE
BY
Chicago Title Insurance Company
Chicago Title Insurance Company, a Nebraska corporation (Company), for a valuable consideration, commits to issue its policy or policies of title insurance, as identified in Schedule A, in favor of the Proposed Insured named in Schedule A, as owner or mortgagee of the estate or interest in the land described or referred to in Schedule A, upon payment of the premiums and charges and compliance with the Requirements; all subject to the provisions of Schedule A and B and to the Conditions of this Commitment.
This Commitment shall be effective only when the identity of the Proposed Insured and the amount of the policy or policies committed for have been inserted in Schedule A by the Company.
All liability and obligation under this Commitment shall cease and terminate 6 months after the Effective Date or when the policy or policies committed for shall issue, whichever first occurs, provided that the failure to issue the policy or policies is not the fault of the Company.
The Company will provide a sample of the policy form upon request.
IN WITNESS WHEREOF, Chicago Title Insurance Company has caused its corporate name and seal to be affixed by its duly authorized officers on the date shown in Schedule A.
Chicago Title Insurance Company |
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Chicago Title of Washington | ||||||||||
701 5th Avenue, Suite 2300 | President | |||||||||
Seattle, WA 98104 | ATTEST: | |||||||||
Secretary |
FORM 72-83-06 (6/08) | ALTA Commitment - 2006 |
CONDITIONS
1. | The term mortgage, when used herein, shall include deed of trust, trust deed, or other security instrument. |
2. | If the proposed Insured has or acquired actual knowledge of any defect, lien, encumbrance, adverse claim or other matter affecting the estate or interest or mortgage thereon covered by this Commitment other than those shown in Schedule B hereof, and shall fail to disclose such knowledge to the Company in writing, the Company shall be relieved from liability for any loss or damage resulting from any act of reliance hereon to the extent the Company is prejudiced by failure to so disclose such knowledge. If the proposed Insured shall disclose such knowledge to the Company, or if the Company otherwise acquires actual knowledge of any such defect, lien, encumbrance, adverse claim or other matter, the Company at its option may amend Schedule B of this Commitment accordingly, but such amendment shall not relieve the Company from liability previously incurred pursuant to paragraph 3 of these Conditions. |
3. | Liability of the Company under this Commitment shall be only to the named proposed Insured and such parties included under the definition of Insured in the form of policy or policies committed for and only for actual loss incurred in reliance hereon in undertaking in good faith (a) to comply with the requirements hereof, or (b) to eliminate exceptions shown in Schedule B, or (c) to acquire or create the estate or interest or mortgage thereon covered by this Commitment. In no event shall such liability exceed the amount stated in Schedule A for the policy or policies committed for and such liability is subject to the insuring provisions and Conditions and the Exclusions from Coverage of the form of policy or policies committed for in favor of the proposed Insured which are hereby incorporated by reference and are made a part of this Commitment except as expressly modified herein. |
4. | This Commitment is a contract to issue one or more title insurance policies and is not an abstract of title or a report of the condition of title. Any action or actions or rights of action that the proposed Insured may have or may bring against the Company arising out of the status of the title to the estate or interest or the status of the mortgage thereon covered by this Commitment must be based on and are subject to the provisions of this Commitment. |
5. | The policy to be issued contains an arbitration clause. All arbitrable matters when the Amounts of Insurance is $2,000,000 or less shall be arbitrated at the option of either the Company or the Insured as the exclusive remedy of the parties. You may review a copy of the arbitration rules at <http://www.alta.org/>. |
FORM 72-83-06 (6/08) | ALTA Commitment - 2006 |
CHICAGO TITLE COMPANY
3002 COLBY AVENUE, EVERETT, WA 98201
A.L.T.A. COMMITMENT SCHEDULE A |
Order No.: 5306300 |
Title Unit: | E4679 | Customer Number: | NORTHVIEW CORPORATE CENTER LLC | |||
Phone: | (425)259-8205 | Buyer(s): | ||||
Fax: | (425)259-8239 | |||||
Officer: | COMMERCIAL UNIT |
Commitment Effective Date: MAY 8, 2013 at 8:00 A.M. | ||||||
1. | Policy or Policies to be issued: | |||||
ALTA Owners Policy |
Amount: | $0.00 | ||||
STANDARD POLICY (6/17/2006) |
Premium: | |||||
Tax: | ||||||
Proposed Insured: |
||||||
TO BE DETERMINED |
||||||
Policy or Policies to be issued: | ||||||
ALTA Loan Policy |
Amount: | $0.00 | ||||
Premium: | ||||||
Tax: | ||||||
Proposed Insured: |
||||||
Policy or Policies to be issued: | ||||||
ALTA Loan Policy |
Amount: | $0.00 | ||||
Premium: | ||||||
Proposed Insured: |
Tax: | |||||
2 . | The estate or interest in the land which is covered by this Commitment is: | |||||
FEE SIMPLE, AS TO PROPERTY A; AND AN EASEMENT, AS TO PROPERTY B, C, D, E AND F |
||||||
3 . | Title to the estate or interest in the land is at the effective date hereof vested in: | |||||
NORTHVIEW CORPORATE CENTER, LLC, A DELAWARE LIMITED LIABILITY COMPANY |
||||||
4 . | The land referred to in this Commitment is described as follows: | |||||
SEE ATTACHED LEGAL DESCRIPTION EXHIBIT |
COMMA805/KLC/11.1.05
CHICAGO TITLE COMPANY
A.L.T.A. COMMITMENT
SCHEDULE A
(Continued)
Order No.: | 5306300 | |||
Your No.: |
LEGAL DESCRIPTION EXHIBIT
(Paragraph 4 of Schedule A continuation)
PROPERTY A:
PARCEL 2 OF BINDING SITE PLAN RECORDED IN VOLUME 1 OF BINDING SITE PLANS, PAGES 222 THROUGH 225, UNDER RECORDING NUMBER 9102215001, RECORDS OF SNOHOMISH COUNTY, WASHINGTON;
(BEING A PORTION OF THE SOUTHEAST QUARTER OF SECTION 21, TOWNSHIP 27 NORTH, RANGE 4 EAST, W.M.).
PROPERTY B:
AN EASEMENT FOR INGRESS, EGRESS AND UTILITIES IN, THROUGH, ON, OVER AND UNDER TRACT B OF BINDING SITE PLAN RECORDED IN VOLUME 1 OF BINDING SITE PLANS, PAGES 222 THROUGH 225 UNDER RECORDING NUMBER 9102215001 RECORDS OF SNOHOMISH COUNTY, WASHINGTON AND AS CONTAINED IN INSTRUMENT RECORDED UNDER SNOHOMISH COUNTY RECORDING NUMBER 9101150181;
(BEING A PORTION OF THE SOUTHEAST QUARTER OF SECTION 21, TOWNSHIP 27 NORTH, RANGE 4 EAST, W.M.).
PROPERTY C:
AN EASEMENT FOR INGRESS, EGRESS, UTILITIES AND PARKING AS DESCRIBED IN DECLARATION OF EASEMENT DATED JUNE 10, 1992, RECORDED UNDER SNOHOMISH COUNTY RECORDING NUMBER 9206160122.
PROPERTY D:
AN EASEMENT FOR STORM DRAINAGE PURPOSES ON, OVER, UNDER AND WITHIN THE EASEMENT PARCEL AS DEFINED AND DESCRIBED IN DECLARATION OF EASEMENT FOR STORM DRAINAGE DATED FEBRUARY 25, 1991, RECORDED UNDER SNOHOMISH COUNTY RECORDING NUMBER 9102250312 AND AMENDED UNDER RECORDING NUMBER 9205280310.
PROPERTY E:
AN EASEMENT BENEFICIAL ONLY TO PARCEL 2 FOR PARKING PURPOSES OVER, UPON, ACROSS AND THROUGH THE LYNNWOOD ASSOCIATES PARKING EASEMENT AS DEFINED AND DESCRIBED IN RECIPROCAL PARKING AND EASEMENT AGREEMENT DATED FEBRUARY 22, 1991, RECORDED UNDER SNOHOMISH COUNTY RECORDING NUMBER 9102250317.
CLTACMA6/RDA/0999
CHICAGO TITLE COMPANY
A.L.T.A. COMMITMENT
SCHEDULE A
(Continued)
Order No.: | 5306300 | |||
Your No.: |
LEGAL DESCRIPTION EXHIBIT
(Paragraph 4 of Schedule A continuation)
PROPERTY F:
AN EASEMENT FOR THE USE, MAINTENANCE AND REPLACEMENT OF THOSE CERTAIN METAL STAIRS CROSSING THE COMMON PROPERTY LINE BETWEEN PARCEL 1B AND PARCEL 5 OF BINDING SITE PLAN RECORDED IN VOLUME 1 OF BINDING SITE PLANS, PAGES 251 AND 252, UNDER RECORDING NUMBER 9205015002, AND A RECIPROCAL EASEMENT FOR UTILITY PURPOSES, ALL AS DEFINED AND DESCRIBED IN INSTRUMENT RECORDED UNDER RECORDING NO. 9206170393.
SITUATE IN THE COUNTY OF SNOHOMISH, STATE OF WASHINGTON.
CLTACMA6/RDA/0999
CHICAGO TITLE COMPANY
A.L.T.A. COMMITMENT
SCHEDULE B | Order No.: | 5306300 | ||||||
Your No.: |
Schedule B of the policy or policies to be issued will contain exceptions to the following matters unless the same are disposed of to the satisfaction of the Company.
GENERAL EXCEPTIONS
A. | Rights or claims of parties in possession, or claiming possession, not shown by the Public Records. |
B. | Any encroachment, encumbrance, violation, variation, or adverse circumstance affecting the Title that would be disclosed by an accurate and complete land survey of the Land. |
C. | Easements, prescriptive rights, rights-of-way, liens or encumbrances, or claims thereof, not shown by the Public Records. |
D. | Any lien, or right to a lien, for contributions to employee benefit funds, or for state workers compensation, or for services, labor, or material heretofore or hereafter furnished, all as imposed by law, and not shown by the Public Records. |
E. | Taxes or special assessments which are not yet payable or which are not shown as existing liens by the Public Records. |
F. | Any lien for service, installation, connection, maintenance, tap, capacity, or construction or similar charges for sewer, water, electricity, natural gas or other utilities, or for garbage collection and disposal not shown by the Public Records. |
G. | Unpatented mining claims, and all rights relating thereto; reservations and exceptions in United States Patents or in Acts authorizing the issuance thereof; Indian tribal codes or regulations, Indian treaty or aboriginal rights, including easements or equitable servitudes. |
H. | Water rights, claims or title to water, |
I. | Defects, liens, encumbrances, adverse claims or other matters, if any, created, first appearing in the Public Records, or attaching subsequent to the effective date hereof but prior to the date the proposed Insured acquires of record for value the estate or interest or mortgage thereon covered by this Commitment. |
SPECIAL EXCEPTIONS FOLLOW
WLTACOMB bk 05/17/07
CHICAGO TITLE COMPANY
A.L.T.A. COMMITMENT
SCHEDULE B
(Continued)
Order No.: | 005306300 | |||
Your No.: |
SPECIAL EXCEPTIONS
A | 1. | RELINQUISHMENT OF ACCESS TO STATE HIGHWAY NUMBER 1 AND OF LIGHT, VIEW AND AIR BY DEED TO THE STATE OF WASHINGTON: | ||||
RECORDED: | AUGUST 28, 1961 AND SEPTEMBER 26, 1961 | |||||
RECORDING NUMBER: | 1480107 AND 1485727 | |||||
B | 2. | AGREEMENT AND THE TERMS AND CONDITIONS THEREOF: | ||||
BETWEEN: | 44TH AVENUE ASSOCIATES, A LIMITED PARTNERSHIP, TRADE CENTER ASSOCIATES, A LIMITED PARTNERSHIP, SPRAGUE & ASSOCIATES, A LIMITED PARTNERSHIP | |||||
AND: | CITY OF LYNNWOOD | |||||
RECORDED: | APRIL 9, 1982 | |||||
RECORDING NUMBER: | 8204090172 | |||||
REGARDING: | CONCOMITANT ZONING AND DEVELOPMENT OF PROPERTY | |||||
C | SAID INSTRUMENT IS A RE-RECORDING OF AUDITORS FILE NO. 8203030050. | |||||
D | SAID INSTRUMENT WAS AMENDED UNDER AUDITORS FILE NUMBER 9001260380. | |||||
E | 3. | SPECIAL POWER OF ATTORNEY: | ||||
GRANTOR: | JERRY E. KEPPLER, MANAGING JOINT | |||||
VENTURER I-5 INVESTOR | ||||||
GRANTEE: | CITY OF LYNNWOOD | |||||
PURPOSE: | VOTE PROXY TO APPROVE ANY L.I.D. | |||||
HEREAFTER FORMED BY SAID CITY | ||||||
RECORDING NUMBER: | 8906130405 | |||||
F | AFFECTS: PORTION AND INCLUDES OTHER PROPERTY. |
CLTACMB1/RDA/0999
CHICAGO TITLE COMPANY
A.L.T.A. COMMITMENT
SCHEDULE B
(Continued)
Order No.: | 5306300 | |||
Your No.: |
SPECIAL EXCEPTIONS
G | 4. | EASEMENT AND THE TERMS AND CONDITIONS THEREOF: | ||||
GRANTEE: | CITY OF LYNNWOOD | |||||
PURPOSE: | MUNICIPAL UTILITIES | |||||
AREA AFFECTED: | PARCEL 2 OF PROPERTY A, AND PROPERTY B | |||||
RECORDED: | DECEMBER 26, 1990 | |||||
RECORDING NUMBER: | 9012260319 | |||||
H | 5. | EASEMENT AND THE TERMS AND CONDITIONS THEREOF: | ||||
PURPOSE: | INGRESS, EGRESS AND UTILITIES AND | |||||
LANDSCAPING AND SIGNAGE | ||||||
AREA AFFECTED: | PROPERTY B | |||||
RECORDED: | JANUARY 15, 1991 | |||||
RECORDING NUMBER: | 9101150181 | |||||
I | SAID INSTRUMENT CONTAINS PROVISIONS FOR BEARING THE COST OF MAINTENANCE, REPAIR OR RECONSTRUCTION OF THE EASEMENT BY THE USERS. | |||||
J | SAID INSTRUMENT IS A RE-RECORDING OF AUDITORS FILE NO. 9011200049. | |||||
K | 6. | TERMS, COVENANTS, CONDITIONS, RESTRICTIONS AND MAINTENANCE OBLIGATIONS AS CONTAINED IN BINDING SITE PLAN: | ||||
RECORDED: | FEBRUARY 21, 1991 | |||||
RECORDING NUMBER: | 9102215001 | |||||
AS FOLLOWS: | ||||||
ALL LOTS DESCRIBED AND ESTABLISHED IN THIS BINDING SITE PLAN ARE SUBJECT TO THE FOLLOWING COVENANTS, WHICH COVENANTS SHALL BE BINDING UPON AND INURE TO THE BENEFIT OF EACH AND EVERY ONE OF SAID LOTS AND WHICH COVENANTS SHALL RUN WITH THE LAND:
1. ALL FUTURE DEVELOPMENT ON ANY LOT SHALL COORDINATE LANDSCAPING DESIGN TO THAT LANDSCAPING ALREADY EXISTING ON THE REMAINING LOTS WITHIN THIS BINDING SITE PLAN IN ACCORDANCE WITH CITY OF LYNNWOOD REQUIREMENTS.
2. EXCEPT AS PROVIDED BELOW, ANY POST INDICATOR VALVES FOR FIRE PROTECTION WITHIN THIS BINDING SITE PLAN WHICH ARE CONSTRUCTED ON A LOT WITHIN THIS BINDING SITE PLAN ARE THE RESPONSIBILITY OF THE OWNER OF THE LOT ON WHICH THEY ARE CONSTRUCTED AND SHALL BE MAINTAINED BY SUCH OWNER IN ACCORDANCE WITH CITY OF LYNNWOOD FIRE DEPARTMENT |
CLTACMB2/RDA/0999
CHICAGO TITLE COMPANY
A.L.T.A. COMMITMENT
SCHEDULE B
(Continued)
Order No.: | 5306300 | |||
Your No.: |
SPECIAL EXCEPTIONS
REQUIREMENTS. ALL POST INDICATOR VALVES WITHIN THIS BINDING SITE PLAN CONSTRUCTED WITHIN 5 0 FEET OF THE CITY OF LYNNWOOD WATERLINE AS SUCH WATERLINE IS CONSTRUCTED WITHIN THE UTILITY EASEMENT SHOWN ON THE BINDING SITE PLAN SHALL BE MAINTAINED BY THE CITY OF LYNNWOOD. | ||||
3. MAINTENANCE AND REPAIR OF THE UTILITY INSTALLATIONS WHICH SERVE THE LOTS WITHIN THIS BINDING SITE PLAN INDIVIDUALLY AND WHICH ARE NOT PART OF A PUBLICLY MAINTAINED SYSTEM, TOGETHER WITH LANDSCAPING, PARKING AND OTHER LOT IMPROVEMENTS LOCATED ON ANY LOT SHALL BE THE RESPONSIBILITY OF THE LOT OWNER UPON WHOSE LAND SUCH UTILITIES, LANDSCAPING, PARKING AND IMPROVEMENTS ARE CONSTRUCTED, UNLESS, UNDER A RECORDED EASEMENT AGREEMENT SUCH RESPONSIBILITY IS SHARED WITH OR TRANSFERRED TO ANOTHER LOT OWNER WHOSE LOT IS SERVED BY SUCH INSTALLATIONS OR IMPROVEMENTS. | ||||
4. ALL BUILDINGS TO BE CONSTRUCTED ON ANY LOT WITHIN THIS BINDING SITE PLAN SHALL HAVE A MINIMUM SEPARATION OF 4 0 FEET BETWEEN BUILDINGS SUBJECT TO APPROVAL OR MODIFICATION OF THE BUILDING OFFICIAL OF THE CITY OF LYNNWOOD. | ||||
5. EACH LOT OWNER SHALL PERMIT STORM WATER DRAINAGE FROM UPLAND LOTS AND FROM OFF-SITE TO PASS THROUGH THEIR RESPECTIVE LOTS IN ACCORDANCE WITH THE REQUIREMENTS OF LAW AND WITH CITY OF LYNNWOOD APPROVED STORM WATER DRAINAGE PLANS FOR THE LOT. | ||||
6. THE PROPERTY OWNERS THROUGH THE BOARD OF DIRECTORS OF THE OWNERS ASSOCIATION SHALL FILE WITH THE CITY OF LYNNWOOD THE NAME, ADDRESS AND TELEPHONE NUMBER OF A DESIGNATED REPRESENTATIVE FOR THE ASSOCIATION WHO SHALL SERVE AS THE CONTACT FOR THE ASSOCIATION IN ANY MATTER OF MUNICIPAL INTEREST. THE CITY SHALL BE NOTIFIED BY THE BOARD OF ANY CHANGE IN DESIGNATED REPRESENTATIVE, AND THE BOARD SHALL ANNUALLY ADVISE THE CITY FIRE MARSHAL OF THE DESIGNATED REPRESENTATIVE FOR MATTERS ASSOCIATED WITH FIRE SYSTEM MONITORING. | ||||
L | SAID SITE PLAN WAS AMENDED UNDER AUDITORS FILE NUMBER 92 05015002. | |||
M | 7. | NOTES AS CONTAINED ON THE FACE OF BINDING SITE PLAN RECORDED UNDER AUDITORS FILE NUMBER 9102215001, AS FOLLOWS: | ||
TRACT A SHALL BE CONVEYED TO THE QUADRANT I-5 CENTER OWNERS ASSOCIATION FOR STORM WATER DETENTION AND OPEN SPACE PURPOSES. |
CLTACMB2/RDA/0999
CHICAGO TITLE COMPANY
A.L.T.A. COMMITMENT
SCHEDULE B
(Continued)
Order No.: | 5306300 | |||
Your No.: |
SPECIAL EXCEPTIONS
TRACT B SHALL BE CONVEYED TO THE QUADRANT I-5 CENTER OWNERS ASSOCIATION FOR ROADWAY AND PEDESTRIAN ACCESS, UTILITY AND LANDSCAPING PURPOSES. | ||||||
N | 8. | COVENANTS, CONDITIONS, RESTRICTIONS, EASEMENTS AND LIABILITY FOR ASSESSMENTS CONTAINED IN INSTRUMENT, BUT OMITTING ANY COVENANTS OR RESTRICTIONS, IF ANY, BASED UPON RACE, COLOR, RELIGION, SEX, SEXUAL ORIENTATION, FAMILIAL STATUS, MARITAL STATUS, DISABILITY, HANDICAP, NATIONAL ORIGIN, ANCESTRY, OR SOURCE OF INCOME, AS SET FORTH IN APPLICABLE STATE OR FEDERAL LAWS, EXCEPT TO THE EXTENT THAT SAID COVENANT OR RESTRICTION IS PERMITTED BY APPLICABLE LAW: | ||||
RECORDED: | FEBRUARY 25, 1991 | |||||
RECORDING NUMBER: | 9102250309 | |||||
O | AMENDMENT AND/OR MODIFICATION OF SAID RESTRICTIONS: | |||||
RECORDED: | APRIL 23, 1992 | |||||
RECORDING NUMBER: | 9204230640 | |||||
P | AMENDMENT AND/OR MODIFICATION OF SAID RESTRICTIONS: | |||||
RECORDED: | JUNE 25, 1992 | |||||
RECORDING NUMBER: | 9206250231 | |||||
Q | 9. | COVENANT TO BEAR PART OR ALL OF THE COST OF CONSTRUCTION OR REPAIR OF EASEMENT GRANTED OVER ADJACENT PROPERTY: | ||||
PURPOSE OF EASEMENT: | STORM DRAINAGE | |||||
RECORDING NUMBER: | 9102250312 | |||||
R | SAID INSTRUMENT WAS AMENDED UNDER AUDITORS FILE NUMBER 9205280310. | |||||
S | 10. | EASEMENT AND THE TERMS AND CONDITIONS THEREOF: | ||||
GRANTEE: | PARCELS 2 AND 3 OF BINDING SITE PLAN UNDER AUDITORS FILE NUMBER 9102215001 | |||||
CLTACMB2/RDA/0999
CHICAGO TITLE COMPANY
A.L.T.A. COMMITMENT
SCHEDULE B
(Continued)
Order No.: | 5306300 | |||
Your No.: |
SPECIAL EXCEPTIONS
CLTACMB2/RDA/0999
CHICAGO TITLE COMPANY
A.L.T.A. COMMITMENT
SCHEDULE B
(Continued)
Order No.: | 5306300 | |||
Your No.: |
SPECIAL EXCEPTIONS
CLTACMB2/RDA/0999
CHICAGO TITLE COMPANY
A.L.T.A. COMMITMENT
SCHEDULE B
(Continued)
Order No.: | 5306300 | |||
Your No.: |
SPECIAL EXCEPTIONS
(NOTE: A DEED EXEMPT FROM EXCISE TAX IS STILL SUBJECT TO THE $5.00 TECHNOLOGY FEE AND AN ADDITIONAL $5.00 AFFIDAVIT PROCESSING FEE). | ||||||
ANY CONVEYANCE DOCUMENT MUST BE ACCOMPANIED BY THE OFFICIAL WASHINGTON STATE EXCISE TAX AFFIDAVIT. THE APPLICABLE EXCISE TAX MUST BE PAID AND THE AFFIDAVIT APPROVED AT THE TIME OF THE RECORDING OF THE CONVEYANCE DOCUMENTS. | ||||||
AC | 16. | GENERAL AND SPECIAL TAXES AND CHARGES, PAYABLE FEBRUARY 15, DELINQUENT IF FIRST HALF UNPAID ON MAY 1, SECOND HALF DELINQUENT IF UNPAID ON NOVEMBER 1 OF THE TAX YEAR (AMOUNTS DO NOT INCLUDE INTEREST AND PENALTIES): | ||||
YEAR: | 2013 | |||||
TAX ACCOUNT NUMBER: | 270421-004-053-00 | |||||
LEVY CODE: | 00452 | |||||
ASSESSED VALUE-LAND: | $ 1,944,600.00 | |||||
ASSESSED VALUE-IMPROVEMENTS: | $ 27,205,400.00 | |||||
GENERAL & SPECIAL TAXES: | BILLED: $ 345,016.19 | |||||
PAID: $ 172,508.09 | ||||||
UNPAID: $ 172,508.10 | ||||||
AFFECTS: PROPERTY A | ||||||
AD | 17. | LIABILITY, IF ANY, FOR PERSONAL PROPERTY TAXES PURSUANT TO RCW 84.56.070 WHEREIN NO SALE CAN BE MADE WITHOUT PREPAYMENT OF SAID TAX, INCLUDING ADVANCE TAX. FOR FURTHER INFORMATION, PLEASE CALL THE SNOHOMISH COUNTY TREASURERS OFFICE AT (425)388-3307. | ||||
AE | ACCOUNT NUMBERS: | |||||
2845237, 2845313, 2832512, 2804210, 2804286, 2771993, 2772869, 2772721, 2804187, 0244285, AND 0261024 | ||||||
AF | 18. | DEED OF TRUST AND THE TERMS AND CONDITIONS THEREOF: | ||||
GRANTOR: | NORTHVIEW CORPORATE CENTER, LLC, A DELAWARE LIMITED LIABILITY COMPANY | |||||
TRUSTEE: | STEWART TITLE COMPANY | |||||
BENEFICIARY: | PFP HOLDING COMPANY II, LLC, A |
CLTACMB2/RDA/0999
CHICAGO TITLE COMPANY
A.L.T.A. COMMITMENT
SCHEDULE B
(Continued)
Order No.: | 5306300 | |||
Your No.: |
SPECIAL EXCEPTIONS
DELAWARE LIMITED LIABILITY COMPANY | ||||||
AMOUNT: | $ 21,000,000.00 | |||||
DATED: | MARCH 8, 2011 | |||||
RECORDED: | MARCH 8, 2011 | |||||
RECORDING NUMBER: | 201103080667 | |||||
LOAN NUMBER: | NOT DISCLOSED | |||||
THE AMOUNT NOW SECURED BY SAID DEED OF TRUST AND THE TERMS UPON WHICH THE SAME CAN BE DISCHARGED OR ASSUMED SHOULD BE ASCERTAINED FROM THE HOLDER OF THE INDEBTEDNESS SECURED. | ||||||
AG | AFFECTS: INCLUDES OTHER PROPERTY | |||||
AH | ASSIGNMENT OF SAID DEED OF TRUST: | |||||
DATED: | MARCH 8, 2011 | |||||
RECORDED: | MARCH 8, 2011 | |||||
RECORDING NUMBER: | 201103080670 | |||||
ASSIGNEE: | PFP II SUB I, LLC, A DELAWARE LIMITED LIABILITY COMPANY | |||||
AI | 19. | ASSIGNMENT OF RENTS AND/OR LEASES AND THE TERMS AND CONDITIONS THEREOF: | ||||
ASSIGNOR: | NORTHVIEW CORPORATE CENTER, LLC, A DELAWARE LIMITED LIABILITY COMPANY | |||||
ASSIGNEE: | PFP HOLDING COMPANY II, LLC, A DELAWARE LIMITED LIABILITY COMPANY | |||||
DATED: | MARCH 8, 2011 | |||||
RECORDED: | MARCH 8, 2011 | |||||
RECORDING NUMBER: | 201103080668 | |||||
AJ | AFFECTS: INCLUDES OTHER PROPERTY | |||||
AK | ASSIGNMENT OF SAID ASSIGNMENT OF LEASES AND RENTS: | |||||
DATED: | MARCH 8, 2011 | |||||
RECORDED: | MARCH 8, 2011 | |||||
RECORDING NUMBER: | 201103080671 | |||||
ASSIGNEE: | PFP II SUB I, LLC, A DELAWARE LIMITED LIABILITY COMPANY |
CLTACMB2/RDA/0999
CHICAGO TITLE COMPANY
A.L.T.A. COMMITMENT
SCHEDULE B
(Continued)
Order No.: | 5306300 | |||
Your No.: |
SPECIAL EXCEPTIONS
CLTACMB2/RDA/0999
CHICAGO TITLE COMPANY
A.L.T.A. COMMITMENT
SCHEDULE B
(Continued)
Order No.: | 5306300 | |||
Your No.: |
SPECIAL EXCEPTIONS
CLTACMB2/RDA/0999
CHICAGO TITLE COMPANY
A.L.T.A. COMMITMENT
SCHEDULE B
(Continued)
Order No.: | 5306300 | |||
Your No.: |
SPECIAL EXCEPTIONS
AT | 25. | RIGHT, TITLE AND INTEREST OF LION NEW MEDIA, PRESUMED FROM EXECUTION OF FINANCING STATEMENT RECORDED UNDER AUDITORS FILE NUMBER 201101040547. | ||||
AU | AFFECTS: SUITE 290 | |||||
AV | 26. | UNRECORDED LEASEHOLDS, IF ANY, RIGHTS OF VENDORS AND HOLDERS OF SECURITY INTERESTS ON PERSONAL PROPERTY INSTALLED UPON SAID PROPERTY AND RIGHTS OF TENANTS TO REMOVE TRADE FIXTURES AT THE EXPIRATION OF THE TERM. | ||||
AW | 27. |
UNRECORDED LEASES AS DISCLOSED BY THE FOLLOWING PERSONAL PROPERTY ACCOUNTS, INCLUDING THE TERMS AND CONDITIONS THEREOF:
LESSEE (S):
2845237 ATKINS NORTH AMERICA INC. (SUITE 110) 2845313 SODEXO AMERICA LLC 2804210 FINE SOLUTIONS LLC (SUITE 260) 2804286 IEPLEXUS INC. (SUITE 120) 27719 93 ACCRUWEALTH LLC (SUITE 240) 2772721 SPEAR STREET CAPITAL, SSC II LP 2804187 AUDIT & ADJUSTMENT COMPANY (SUITE 100) 0261024 ALL FOR KIDZ INC. (SUITE 220) |
||||
AX | 28. | TERMS AND CONDITIONS OF THE LIMITED LIABILITY COMPANY AGREEMENT FOR NORTHVIEW CORPORATE CENTER, LLC, A DELAWARE LIMITED LIABILITY COMPANY. | ||||
AY | NOTE: A COPY OF THE LIMITED LIABILITY COMPANY AGREEMENT, AND AMENDMENTS THERETO, IF ANY, MUST BE SUBMITTED. | |||||
AZ | 29. | ANY CONVEYANCE OR MORTGAGE BY NORTHVIEW CORPORATE CENTER, LLC, MUST BE EXECUTED IN ACCORDANCE WITH THE LIMITED LIABILITY COMPANY AGREEMENT AND BY ALL THE MEMBERS, OR EVIDENCE MUST BE SUBMITTED THAT CERTAIN DESIGNATED MANAGERS/MEMBERS HAVE BEEN AUTHORIZED TO ACT FOR THE LIMITED LIABILITY COMPANY. |
CLTACMB2/RDA/0999
CHICAGO TITLE COMPANY
A.L.T.A. COMMITMENT
SCHEDULE B
(Continued)
Order No.: | 5306300 | |||
Your No.: |
SPECIAL EXCEPTIONS
BA | 30. |
TO PROVIDE AN EXTENDED COVERAGE LENDERS POLICY GENERAL EXCEPTIONS B AND C ARE HEREBY DELETED. GENERAL EXCEPTIONS A AND D HAVE NOT BEEN CLEARED.
IN CONSIDERATION OF CLEARING PARAGRAPHS A AND D OF SCHEDULE B, PLEASE HAVE THE BORROWER/OWNER COMPLETE THE OWNERS AFFIDAVIT AND RETURN TO OUR OFFICE FOR REVIEW. |
||||
BE | 31. | TITLE IS TO BE VESTED IN PERSONS NOT YET REVEALED AND WHEN SO VESTED WILL BE SUBJECT TO MATTERS DISCLOSED BY A SEARCH OF THE RECORDS AGAINST THEIR NAMES. | ||||
END OF SCHEDULE B | ||||||
BC |
NOTE A: COUNTY RECORDS INDICATE THAT THE ADDRESS OF THE IMPROVEMENT LOCATED ON SAID LAND IS: |
|||||
20700 44TH AVENUE WEST LYNNWOOD, WASHINGTON 98036 |
||||||
BD |
NOTE B: PART OF THE RESPA RULE TO SIMPLIFY AND IMPROVE THE PROCESS OF OBTAINING MORTGAGES AND REDUCE CONSUMER SETTLEMENT COSTS REQUIRES THE SETTLEMENT AGENT TO DISCLOSE THE AGENT AND UNDERWRITER SPLIT OF TITLE PREMIUMS, INCLUDING ENDORSEMENTS AS FOLLOWS:
LINE 1107 IS USED TO RECORD THE AMOUNT OF THE TOTAL TITLE INSURANCE PREMIUM, INCLUDING ENDORSEMENTS, THAT IS RETAINED BY THE TITLE AGENT. CHICAGO TITLE COMPANY RETAINS 88% OF THE TOTAL PREMIUM AND ENDORSEMENTS.
LINE 1108 USED TO RECORD THE AMOUNT OF THE TOTAL TITLE INSURANCE PREMIUM, INCLUDING ENDORSEMENTS, THAT IS RETAINED BY THE TITLE UNDERWRITER. CHICAGO TITLE INSURANCE COMPANY RETAINS 12% OF THE TOTAL PREMIUM AND ENDORSEMENTS. |
CLTACMB2/RDA/0999
CHICAGO TITLE COMPANY
A.L.T.A. COMMITMENT
SCHEDULE B
(Continued)
Order No.: | 5306300 | |||
Your No.: |
SPECIAL EXCEPTIONS
BF |
NOTE C: THE FOLLOWING MAY BE USED AS AN ABBREVIATED LEGAL DESCRIPTION ON THE DOCUMENTS TO BE RECORDED TO COMPLY WITH THE REQUIREMENTS OF RCW 65.04. SAID ABBREVIATED LEGAL DESCRIPTION IS NOT A SUBSTITUTE FOR A COMPLETE LEGAL DESCRIPTION WHICH MUST ALSO APPEAR IN THE BODY OF THE DOCUMENT: |
|||||
E1/2 OF SE1/4 21-27-4 | ||||||
BG | mw |
CLTACMB2/RDA/0999
CHICAGO TITLE COMPANY
A.L.T.A. COMMITMENT
SCHEDULE B
(Continued)
Order No.: | 5306300 | |||
Your No.: |
SPECIAL EXCEPTIONS
BH | THE FOLLOWING PARTIES HAVE BEEN SENT A COPY OF THIS COMMITMENT: | |||||
CHICAGO TITLE COMPANY NBU | ||||||
TERINA KUNG |
CLTACMB2/RDA/0999
COMMITMENT FOR TITLE INSURANCE
BY
Chicago Title Insurance Company
Chicago Title Insurance Company, a Nebraska corporation (Company), for a valuable consideration, commits to issue its policy or policies of title insurance, as identified in Schedule A, in favor of the Proposed Insured named in Schedule A, as owner or mortgagee of the estate or interest in the land described or referred to in Schedule A, upon payment of the premiums and charges and compliance with the Requirements; all subject to the provisions of Schedule A and B and to the Conditions of this Commitment,
This Commitment shall be effective only when the identity of the Proposed Insured and the amount of the policy or policies committed for have been inserted in Schedule A by the Company,
All liability and obligation under this Commitment shall cease and terminate 6 months after the Effective Date or when the policy or policies committed for shall issue, whichever first occurs, provided that the failure to issue the policy or policies is not the fault of the Company,
The Company will provide a sample of the policy form upon request.
IN WITNESS WHEREOF, Chicago Title Insurance Company has caused its corporate name and seal to be affixed by its duly authorized officers on the date shown in Schedule A.
Chicago Title Insurance Company |
||||||||||
|
By: | |||||||||
Chicago Title of Washington | ||||||||||
701 5th Avenue, Suite 2300 | President | |||||||||
Seattle, WA 98104 | ATTEST: | |||||||||
Secretary |
FORM 72-83-06 (6/08) | ALTA Commitment - 2006 |
CONDITIONS
1. | The term mortgage, when used herein, shall include deed of trust, trust deed, or other security instrument. |
2. | If the proposed Insured has or acquired actual knowledge of any defect, lien, encumbrance, adverse claim or other matter affecting the estate or interest or mortgage thereon covered by this Commitment other than those shown in Schedule B hereof, and shall fail to disclose such knowledge to the Company in writing, the Company shall be relieved from liability for any loss or damage resulting from any act of reliance hereon to the extent the Company is prejudiced by failure to so disclose such knowledge, If the proposed Insured shall disclose such knowledge to the Company, or if the Company otherwise acquires actual knowledge of any such defect, lien, encumbrance, adverse claim, or other matter, the Company at its option may amend Schedule B of this Commitment accordingly, but such amendment shall not relieve the Company from liability previously incurred pursuant to paragraph 3 of these Conditions. |
3. | Liability of the Company under this Commitment shall be only to the named proposed Insured and such parties included under the definition of Insured in the form of policy or policies committed for and only for actual loss incurred in reliance hereon in undertaking in good faith (a) to comply with the requirements hereof, or (b) to eliminate exceptions shown in Schedule B, or (c) to acquire or create the estate or interest or mortgage thereon covered by this Commitment. In no event shall such liability exceed the amount stated in Schedule A for the policy or policies committed for and such liability is subject to the insuring provisions and Conditions and the Exclusions from Coverage of the form of policy or policies committed for in favor of the proposed Insured which are hereby incorporated by reference and are made a part of this Commitment except as expressly modified herein, |
4. | This Commitment is a contract to issue one or more title insurance policies and is not an abstract of title or a report of the condition of title. Any action or actions or rights of action that the proposed Insured may have or may bring against the Company arising out of the status of the title to the estate or interest or the status of the mortgage thereon covered by this Commitment must be based on and are subject to the provisions of this Commitment. |
5. | The policy to be issued contains an arbitration clause. All arbitrable matters when the Amounts of Insurance is $2,000,000 or less shall be arbitrated at the option of either the Company or the Insured as the exclusive remedy of the parties. You may review a copy of the arbitration rules at <http://www.alta.org/>. |
FORM 72-83-06 (6/08) | ALTA Commitment - 2006 |
CHICAGO TITLE COMPANY
701 FIFTH AVENUE, #2300, SEATTLE, WA 98104
A.L.T.A. COMMITMENT | ||||
SCHEDULE A | Order No.: | 1363962 |
Title Unit: | U-06 | Customer Number: | KING & DEARBORN/NBU 160330434 | |||
Phone: | (206)628-5610 | Buyer(s): | ||||
Fax: | (206)628-9717 | |||||
Officer: | SAVIDIS/CAMPBELL/EISENBREY/HARRIS |
Commitment Effective Date: MAY 10, 2013 at 8:00 A.M. | ||||||
1. | Policy or Policies to be issued: | |||||
ALTA Owners Policy |
Amount: | $0.00 | ||||
EXTENDED POLICY (6/17/2006) |
Premium: | |||||
COMMERCIAL SHORT TERM/PRIOR POLICY |
Tax: | |||||
RATE |
||||||
Proposed Insured: |
||||||
Policy or Policies to be issued: | ||||||
ALTA Loan Policy |
Amount: | $0.00 | ||||
Premium: | ||||||
Tax: | ||||||
Proposed Insured: |
||||||
Policy or Policies to be issued: | ||||||
ALTA Loan Policy |
Amount: | $0.00 | ||||
Premium: | ||||||
Proposed Insured: |
Tax: | |||||
2. | The estate or interest in the land which is covered by this Commitment is: | |||||
FEE SIMPLE |
||||||
3. | Title to the estate or interest in the land is at the effective date hereof vested in: | |||||
KING & DEARBORN, LLC, A DELAWARE LIMITED LIABILITY COMPANY |
||||||
4. | The land referred to in this Commitment is described as follows: | |||||
SEE ATTACHED LEGAL DESCRIPTION EXHIBIT |
COMMA805/KLC/11.1.05
CHICAGO TITLE COMPANY
A.L.T.A. COMMITMENT
SCHEDULE A
(Continued)
Order No.: | 1363962 | |||
Your No.: |
LEGAL DESCRIPTION EXHIBIT
(Paragraph 4 of Schedule A continuation)
PARCEL A:
LOTS 1, 2 AND 3, BLOCK 327, SEATTLE TIDELANDS, IN KING COUNTY, WASHINGTON, AS SHOWN ON THE OFFICIAL MAPS ON FILE IN THE OFFICE OF THE COMMISSIONER OF PUBLIC LANDS AT OLYMPIA, WASHINGTON.
PARCEL B:
LOTS 4, 5, 6 AND THE NORTHERLY 3 0 FEET OF LOT 7, BLOCK 327, SEATTLE TIDELANDS, IN KING COUNTY, WASHINGTON, AS SHOWN ON THE OFFICIAL MAPS ON FILE IN THE OFFICE OF THE COMMISSIONER OF PUBLIC LANDS AT OLYMPIA, WASHINGTON.
PARCEL C:
THE SOUTH 30 FEET OF LOT 7, AND ALL OF LOT 8, EXCEPT THE SOUTH 48.74 FEET THEREOF, BLOCK 327, SEATTLE TIDELANDS, IN KING COUNTY, WASHINGTON, AS SHOWN ON THE OFFICIAL MAPS ON FILE IN THE OFFICE OF THE COMMISSIONER OF PUBLIC LANDS AT OLYMPIA, WASHINGTON.
CLTACMA6/RDA/0999
CHICAGO TITLE COMPANY
A.L.T.A. COMMITMENT
SCHEDULE B | Order No.: | 1363962 | ||||||
Your No.: |
Schedule B of the policy or policies to be issued will contain exceptions to the following matters unless the same are disposed of to the satisfaction of the Company.
GENERAL EXCEPTIONS
A. | Rights or claims of parties in possession, or claiming possession, not shown by the Public Records. |
B. | Any encroachment, encumbrance, violation, variation, or adverse circumstance affecting the Title that would be disclosed by an accurate and complete land survey of the Land, |
C. | Easements, prescriptive rights, rights-of-way, liens or encumbrances, or claims thereof, not shown by the Public Records. |
D. | Any lien, or right to a lien, for contributions to employee benefit funds, or for state workers compensation, or for services, labor, or material heretofore or hereafter furnished, all as imposed by law, and not shown by the Public Records. |
E. | Taxes or special assessments which are not yet payable or which are not shown as existing liens by the Public Records. |
F. | Any lien for service, installation, connection, maintenance, tap, capacity, or construction or similar charges for sewer, water, electricity, natural gas or other utilities, or for garbage collection and disposal not shown by the Public Records. |
G. | Unpatented mining claims, and all rights relating thereto; reservations and exceptions in United States Patents or in Acts authorizing the issuance thereof; Indian tribal codes or regulations, Indian treaty or aboriginal rights, including easements or equitable servitudes. |
H. | Water rights, claims or title to water. |
I. | Defects, liens, encumbrances, adverse claims or other matters, if any, created, first appearing in the Public Records, or attaching subsequent to the effective date hereof but prior to the date the proposed Insured acquires of record for value the estate or interest or mortgage thereon covered by this Commitment. |
SPECIAL EXCEPTIONS FOLLOW
WLTACOMB bk 05/17/07
CHICAGO TITLE COMPANY
A.L.T.A. COMMITMENT
SCHEDULE B
(Continued)
Order No.: | 001363962 | |||
Your No.: |
SPECIAL EXCEPTIONS
A | 1. | EASEMENT AND THE TERMS AND CONDITIONS THEREOF: | ||||
GRANTEE: | STATE OF WASHINGTON, DEPARTMENT OF | |||||
COMMUNITY, TRADE AND ECONOMIC DEVELOPMENT, OFFICE OF ARCHAEOLOGY AND HISTORIC PRESERVATION | ||||||
PURPOSE: | PRESERVATION OF THE HISTORIC, OPEN SPACE AND SCENIC VALUES OF THE PREMISES IN PERPETUITY | |||||
AREA AFFECTED: | LOTS 1 AND 2 OF PARCEL A | |||||
RECORDED: | DECEMBER 29, 2000 | |||||
RECORDING NUMBER: | 20001229000558 | |||||
B | 2. | EXCEPTIONS AND RESERVATIONS CONTAINED IN DEED: | ||||
FROM: | UNION PACIFIC RAILROAD COMPANY | |||||
RECORDED: | JULY 2, 1952 | |||||
RECORDING NUMBER: | 4250469 | |||||
AS FOLLOWS: EXCEPTING FROM THIS CONVEYANCE AND RESERVING UNTO THE GRANTOR, ITS SUCCESSORS AND ASSIGNS FOREVER, ALL MINERALS AND ALL MINERAL RIGHTS OF EVERY KIND AND CHARACTER NOW KNOWN TO EXIST OR HEREAFTER DISCOVERED, INCLUDING, WITHOUT LIMITING THE GENERALITY OF THE FOREGOING, OIL AND GAS AND RIGHTS THERETO TOGETHER WITH THE SOLE, EXCLUSIVE AND PERPETUAL RIGHT TO EXPLORE FOR, REMOVE AND DISPOSE OF SAID MINERALS BY ANY MEANS OR METHODS SUITABLE TO THE GRANTOR ITS SUCCESSORS AND ASSIGNS BUT WITHOUT ENTERING UPON OR USING THE SURFACE OF THE LANDS HEREBY CONVEYED, AND IN SUCH MANNER AS NOT TO DAMAGE THE SURFACE OF SAID LANDS OR TO INTERFERE WITH THE USE THEREOF BY THE GRANTEE ITS SUCCESSORS OR ASSIGNS. | ||||||
C | AFFECTS: PARCEL B | |||||
D | 3. | COVENANTS, CONDITIONS, RESTRICTIONS, REQUIREMENTS AND PROVISIONS CONTAINED IN CITY OF SEATTLE ORDINANCE NUMBER 112134, ESTABLISHING A PIONEER SQUARE PRESERVATION DISTRICT AND AN INTERNATIONAL SPECIAL REVIEW DISTRICT: | ||||
RECORDED: | MARCH 14, 1985 | |||||
RECORDING NUMBER: | 8503140774 |
CLTACMB1/RDA/0999
CHICAGO TITLE COMPANY
A.L.T.A. COMMITMENT
SCHEDULE B
(Continued)
Order No.: | 1363962 | |||
Your No.: |
SPECIAL EXCEPTIONS
E | 4. | COVENANTS, CONDITIONS AND RESTRICTIONS CONTAINED IN INSTRUMENT, BUT OMITTING ANY COVENANTS OR RESTRICTIONS, IF ANY, BASED UPON RACE, COLOR, RELIGION, SEX, SEXUAL ORIENTATION, FAMILIAL STATUS, MARITAL STATUS, DISABILITY, HANDICAP, NATIONAL ORIGIN, ANCESTRY, OR SOURCE OF INCOME, AS SET FORTH IN APPLICABLE STATE OR FEDERAL LAWS, EXCEPT TO THE EXTENT THAT SAID COVENANT OR RESTRICTION IS. PERMITTED BY APPLICABLE LAW: | ||||
RECORDED: | JUNE 11, 2007 | |||||
RECORDING NUMBER: | 20070611000125 | |||||
F | 5. | RELEASE OF DAMAGE AGREEMENT AND THE TERMS AND CONDITIONS THEREOF: | ||||
BETWEEN: | SEATTLE HARDWARE CO. | |||||
AND: | CITY OF SEATTLE | |||||
RECORDED: | JANUARY 26, 1921 | |||||
RECORDING NUMBER: | 1487541 | |||||
RELEASING CITY OF SEATTLE FROM ALL FUTURE CLAIMS FOR DAMAGES RESULTING FROM: | ||||||
PERMISSION TO OCCUPY SIDEWALK SPACE BY ERECTING AND MAINTAINING THEREIN AN AREAWAY WITH NECESSARY BULKHEAD AND SIDEWALK TOGETHER WITH SIDEWALK LIGHTS AND ELEVATOR DOORS. | ||||||
G | AFFECTS: LOTS 1 AND 2 OF PARCEL A | |||||
H | 6. | RELEASE OF DAMAGE AGREEMENT AND THE TERMS AND CONDITIONS THEREOF: | ||||
BETWEEN: | SEATTLE HARDWARE COMPANY | |||||
AND: | CITY OF SEATTLE | |||||
RECORDED: RECORDING NUMBER: |
MAY 7, 1940 3100080 |
CLTACMB2/RDA/0999
CHICAGO TITLE COMPANY
A.L.T.A. COMMITMENT
SCHEDULE B
(Continued)
Order No.: | 1363962 | |||
Your No.: |
SPECIAL EXCEPTIONS
CLTACMB2/RDA/0999
CHICAGO TITLE COMPANY
A.L.T.A. COMMITMENT
SCHEDULE B
(Continued)
Order No.: | 1363962 | |||
Your No.: |
SPECIAL EXCEPTIONS
N | 9. | AGREEMENT AND THE TERMS AND CONDITIONS THEREOF: | ||||
BETWEEN: | MSI 83 KING LLC AND 83 KING PARTNERS LLC | |||||
AND: | CITY OF SEATTLE | |||||
RECORDED: | OCTOBER 29, 2003 | |||||
RECORDING NUMBER: | 20031029001273 | |||||
REGARDING: | TRANSPORTATION MANAGEMENT PROGRAM | |||||
O | 10. | RELEASE OF DAMAGE AGREEMENT AND THE TERMS AND CONDITIONS THEREOF: | ||||
BETWEEN: | STARBUCKS CORPORATION | |||||
AND: | CITY OF SEATTLE | |||||
RECORDED: | SEPTEMBER 20, 2007 | |||||
RECORDING NUMBER: | 20070920002241 | |||||
RELEASING CITY OF SEATTLE FROM ALL FUTURE CLAIMS FOR DAMAGES RESULTING FROM: | ||||||
PERMISSION TO OCCUPY PUBLIC RIGHTS-OF-WAY ADJACENT TO 5 05 1ST AVENUE SOUTH FOR 3 65 FEET ALONG 1ST AVENUE SOUTH AND FOR 4 24 FEET ALONG RAILROAD WAY SOUTH BY ERECTING AND MAINTAINING THEREIN A SHORING SYSTEM DESIGNED TO SUPPORT THE PUBLIC RIGHTS-OF-WAY DURING THE CONSTRUCTION OF THE DEVELOPMENT WITH TIEBACKS AND SOLDIER PILES EXTENDING INTO THE PUBLIC RIGHTS-OF-WAY. | ||||||
P | 11. | RELEASE OF DAMAGE AGREEMENT AND THE TERMS AND CONDITIONS THEREOF: | ||||
BETWEEN: | STARBUCKS CORPORATION | |||||
AND: | CITY OF SEATTLE | |||||
RECORDED: | OCTOBER 3, 2007 | |||||
RECORDING NUMBER: | 20071003001264 | |||||
RELEASING CITY OF SEATTLE FROM ALL FUTURE CLAIMS FOR DAMAGES RESULTING FROM: | ||||||
SOIL MOVEMENT, ETC. IN LIQUEFACTION-PRONE AREA |
CLTACMB2/RDA/0999
CHICAGO TITLE COMPANY
A.L.T.A. COMMITMENT
SCHEDULE B
(Continued)
Order No.: | 1363962 | |||
Your No.: |
SPECIAL EXCEPTIONS
Q | 12. | MEMORANDUM OF DRAINAGE CONTROL PLAN, INCLUDING THE TERMS AND CONDITIONS OF THE AGREEMENT DISCLOSED THEREIN: | ||||
BETWEEN: | STARBUCKS CORPORATION | |||||
AND: | CITY OF SEATTLE | |||||
RECORDED: | FEBRUARY 17, 2009 | |||||
RECORDING NUMBER: | 20090217001336 | |||||
REGARDING: | MAINTENANCE OF DRAINAGE CONTROL | |||||
FACILITIES | ||||||
R | 13. | AGREEMENT AND THE TERMS AND CONDITIONS THEREOF: | ||||
BETWEEN: | STARBUCKS CORPORATION | |||||
AND: | CITY OF SEATTLE, CITY LIGHT DEPARTMENT | |||||
RECORDED: | SEPTEMBER 24, 2009 | |||||
RECORDING NUMBER: | 20090924000936 | |||||
REGARDING: | EQUIPMENT TRANSPORTATION | |||||
S | 14. | RIGHT TO DAMAGE SAID PREMISES FOR ELEVATED ROADWAYS AND APPROACHES THERETO, AS PROVIDED IN KING COUNTY SUPERIOR COURT CAUSE NUMBER 397727, AS PROVIDED IN CITY OF SEATTLE ORDINANCE NUMBER 77088 AND 77749. | ||||
T | 15. | ALTA SURVEY DATED JUNE 28, 2011, AND REVISED AS OF AUGUST 5, 2011, PREPARED BY BUSH, ROED & HITCHINGS, INC. UNDER JOB NO. 2000027.08 DISCLOSED THE FOLLOWING: | ||||
A. LOT 1: NORTHWEST BUILDING CORNER IS 0.3 FEET WEST OF WEST PROPERTY LINE AND 0.4 FEET SOUTH OF NORTH PROPERTY LINE; AND SOUTHWEST BUILDING CORNER IS 0.2 FEET WEST OF WEST PROPERTY LINE; LOT 2: SOUTHWEST BUILDING CORNER IS 1.0 FEET WEST OF PROPERTY LINE; LOT 3: SOUTHEAST BUILDING CORNER IS 0.1 EAST OF PROPERTY LINE; |
||||||
B. FENCE MEANDERS OFF WESTERLY PROPERTY LINE ONTO LOTS 6 AND 7. | ||||||
C. AWNINGS ATTACHED TO IMPROVEMENTS ON SAID PREMISES EXTEND INTO RIGHTS OF WAY FOR 1ST AVENUE SOUTH, RAILROAD WAY SOUTH AND SOUTH KING STREET. |
CLTACMB2/RDA/0999
CHICAGO TITLE COMPANY
A.L.T.A. COMMITMENT
SCHEDULE B
(Continued)
Order No.: | 1363962 | |||
Your No.: |
SPECIAL EXCEPTIONS
CLTACMB2/RDA/0999
CHICAGO TITLE COMPANY
A.L.T.A. COMMITMENT
SCHEDULE B
(Continued)
Order No.: | 1363962 | |||
Your No.: |
SPECIAL EXCEPTIONS
X | 19. | MEMORANDUM OF LEASE AGREEMENT, INCLUDING THE TERMS AND CONDITIONS OF THE LEASE DISCLOSED THEREIN: | ||||||
LESSOR: | MSI 83 KING LLC, A WASHINGTON LIMITED LIABILITY COMPANY | |||||||
LESSEE: | PACIFIC BELL WIRELESS NORTHWEST, LLC, A DELAWARE LIMITED LIABILITY COMPANY, D/B/A CINGULAR WIRELESS | |||||||
RECORDED: | DECEMBER 3, 2004 | |||||||
RECORDING NUMBER: | 20041203000191 | |||||||
Y | AFFECTS: PORTION OF PARCEL A | |||||||
Z | 20. | LEASE AND THE TERMS AND CONDITIONS THEREOF: | ||||||
LESSOR: | MSI 83 KING, LLC, A LIMITED LIABILITY COMPANY | |||||||
LESSEE: | STATE OF WASHINGTON, BOARD OF INDUSTRIAL INSURANCE APPEALS | |||||||
FOR A TERM OF: | 5 YEARS, WITH AN OPTION TO RENEW FOR AN ADDITIONAL 5 YEAR TERM | |||||||
RECORDED: | AUGUST 11, 2005 | |||||||
RECORDING NUMBER: | 20050811000091 | |||||||
AA | AFFECTS: PORTION OF PARCEL A | |||||||
AB | AMENDMENT AND/OR MODIFICATION OF LEASE: | |||||||
RECORDED: | JULY 12, 2006 | |||||||
RECORDING NUMBER: | 20060712000012 |
CLTACMB2/RDA/0999
CHICAGO TITLE COMPANY
A.L.T.A. COMMITMENT
SCHEDULE B
(Continued)
Order No.: | 1363962 | |||
Your No.: |
SPECIAL EXCEPTIONS
AC | AMENDMENT AND/OR MODIFICATION OF LEASE: | |||||
RECORDED: | FEBRUARY 5, 2010 | |||||
RECORDING NUMBER: | 20100205000762 | |||||
AD | 21. | MEMORANDUM OF LEASE, INCLUDING THE TERMS AND CONDITIONS OF THE LEASE DISCLOSED THEREIN: | ||||
LESSOR: | STARBUCKS CORPORATION, A WASHINGTON CORPORATION | |||||
LESSEE: | ING BANK, FSB, A FEDERALLY CHARTERED SAVINGS BANK | |||||
RECORDED: | NOVEMBER 25, 2008 | |||||
RECORDING NUMBER: | 20081125000818 | |||||
AE | 22. | SUBORDINATION AGREEMENT, ACKNOWLEDGMENT OF LEASE ASSIGNMENT, ESTOPPEL, ATTORNMENT AND NON-DISTURBANCE AGREEMENT, AND THE TERMS AND CONDITIONS THEREOF: | ||||
LENDER: | WELLS FARGO BANK, NATIONAL ASSOCIATION | |||||
TENANT: | ING BANK, FSB | |||||
LANDLORD: | KING & DEARBORN, LLC | |||||
RECORDED: | OCTOBER 31, 2011 | |||||
RECORDING NUMBER: | 20111031001043 | |||||
AF | 23. | DEED OF TRUST WITH ABSOLUTE ASSIGNMENT OF LEASES AND RENTS, SECURITY AGREEMENT AND FIXTURE FILIN, AND THE TERMS AND CONDITIONS THEREOF: | ||||
GRANTOR: | KING & DEARBORN, LLC, A DELAWARE LIMITED LIABILITY COMPANY | |||||
TRUSTEE: | CHICAGO TITLE INSURANCE COMPANY | |||||
BENEFICIARY: | WELLS FARGO BANK, NATIONAL ASSOCIATION | |||||
AMOUNT: | $ 76,500,000.00 | |||||
DATED: | OCTOBER 27, 2011 | |||||
RECORDED: | OCTOBER 31, 2011 | |||||
RECORDING NUMBER: | 20111031001042 |
CLTACMB2/RDA/0999
CHICAGO TITLE COMPANY
A.L.T.A. COMMITMENT
SCHEDULE B
(Continued)
Order No.: | 1363962 | |||
Your No.: |
SPECIAL EXCEPTIONS
THE AMOUNT NOW SECURED BY SAID DEED OF TRUST AND THE TERMS UPON WHICH THE SAME CAN BE DISCHARGED OR ASSUMED SHOULD BE ASCERTAINED FROM THE HOLDER OF THE INDEBTEDNESS SECURED. | ||||||
AG | MODIFICATION OF DEED OF TRUST AND THE TERMS AND CONDITIONS THEREOF: | |||||
DATED: | OCTOBER 31, 2011 | |||||
RECORDED: | DECEMBER 22, 2011 | |||||
RECORDING NUMBER: | 20111222000818 | |||||
AH | 24. | UNRECORDED LEASE, INCLUDING THE TERMS AND CONDITIONS THEREOF: | ||||
LESSOR: | KING & DEARBORN, LLC, A DELAWARE LIMITED LIABILITY COMPANY | |||||
LESSEE(S): | NUANCE COMMUNICATIONS, INC., A DELAWARE CORPORATION | |||||
DISCLOSED BY: | INSTRUMENT RECORDED UNDER RECORDING NUMBER 20111107000682 | |||||
AI | 25. | SUBORDINATION AGREEMENT, ACKNOWLEDGMENT OF LEASE ASSIGNMENT, ESTOPPEL, ATTORNMENT AND NON-DISTURBANCE AGREEMENT, AND THE TERMS AND CONDITIONS THEREOF: | ||||
LENDER: | WELLS FARGO BANK, NATIONAL ASSOCIATION | |||||
TENANT: | NUANCE COMMUNICATIONS, INC., A DELAWARE CORPORATION | |||||
LANDLORD: | KING & DEARBORN, LLC, A DELAWARE LIMITED LIABILITY COMPANY | |||||
RECORDED: | NOVEMBER 7, 2011 | |||||
RECORDING NUMBER: | 20111107000682 |
CLTACMB2/RDA/0999
CHICAGO TITLE COMPANY
A.L.T.A. COMMITMENT
SCHEDULE B
(Continued)
Order No.: | 1363962 | |||
Your No.: |
SPECIAL EXCEPTIONS
AJ | 26. | UNRECORDED LEASE, INCLUDING THE TERMS AND CONDITIONS THEREOF: | ||||
LESSOR: | KING & DEARBORN, LLC, A DELAWARE LIMITED LIABILITY COMPANY | |||||
LESSEE(S): | ISILON SYSTEMS LLC, A DELAWARE LIMITED LIABILITY COMPANY, FORMERLY KNOWN AS ISILON SYSTEMS, INC., A DELAWARE CORPORATION | |||||
DISCLOSED BY: | INSTRUMENT RECORDED UNDER RECORDING NUMBER 20111220001611 | |||||
AK | 27. | SUBORDINATION AGREEMENT, ACKNOWLEDGMENT OF LEASE ASSIGNMENT, ESTOPPEL, ATTORNMENT AND NON-DISTURBANCE AGREEMENT, AND THE TERMS AND CONDITIONS THEREOF: | ||||
LENDER: | WELLS FARGO BANK, NATIONAL ASSOCIATION | |||||
TENANT: | ISILON SYSTEMS LLC, A DELAWARE LIMITED LIABILITY COMPANY, FORMERLY KNOWN AS ISILON SYSTEMS, INC., A DELAWARE CORPORATION | |||||
LANDLORD: | KING & DEARBORN, LLC, A DELAWARE LIMITED LIABILITY COMPANY | |||||
RECORDED: | DECEMBER 20, 2011 | |||||
RECORDING NUMBER: | 20111220001611 | |||||
AL | 28. | UNRECORDED LEASE, INCLUDING THE TERMS AND CONDITIONS THEREOF: | ||||
LESSOR: | KING & DEARBORN, LLC, A DELAWARE LIMITED LIABILITY COMPANY | |||||
LESSEE(S): | EMC CORPORATION, A MASSACHUSETTS CORPORATION | |||||
DISCLOSED BY: | INSTRUMENT RECORDED UNDER RECORDING NUMBER 20120906001320 | |||||
AM | 29. | SUBORDINATION AGREEMENT, ACKNOWLEDGMENT OF LEASE ASSIGNMENT, ESTOPPEL, ATTORNMENT AND NON-DISTURBANCE AGREEMENT, AND THE TERMS AND CONDITIONS THEREOF: | ||||
LENDER: | WELLS FARGO BANK, NATIONAL ASSOCIATION | |||||
TENANT: | EMC CORPORATION, A MASSACHUSETTS CORPORATION | |||||
LANDLORD: | KING & DEARBORN, LLC, A DELAWARE LIMITED LIABILITY COMPANY | |||||
RECORDED: | SEPTEMBER 6, 2012 | |||||
RECORDING NUMBER: | 20120906001320 |
CLTACMB2/RDA/0999
CHICAGO TITLE COMPANY
A.L.T.A. COMMITMENT
SCHEDULE B
(Continued)
Order No.: | 1363962 | |||
Your No.: |
SPECIAL EXCEPTIONS
AN | 30. | UNRECORDED LEASEHOLDS, IF ANY, RIGHTS OF VENDORS AND HOLDERS OF SECURITY INTERESTS ON PERSONAL PROPERTY INSTALLED UPON SAID PROPERTY AND RIGHTS OF TENANTS TO REMOVE TRADE FIXTURES AT THE EXPIRATION OF THE TERM. | ||||
AO | 31. | TERMS AND CONDITIONS OF THE LIMITED LIABILITY COMPANY AGREEMENT FOR KING & DEARBORN, LLC. | ||||
AP | NOTE: A COPY OF THE LIMITED LIABILITY COMPANY AGREEMENT, AND AMENDMENTS THERETO, IF ANY, MUST BE SUBMITTED. | |||||
AQ | 32. | ANY CONVEYANCE OR MORTGAGE BY KING & DEARBORN, LLC, MUST BE EXECUTED IN ACCORDANCE WITH THE LIMITED LIABILITY COMPANY AGREEMENT AND BY ALL THE MEMBERS, OR EVIDENCE MUST BE SUBMITTED THAT CERTAIN DESIGNATED MANAGERS/MEMBERS HAVE BEEN AUTHORIZED TO ACT FOR THE LIMITED LIABILITY COMPANY. | ||||
AR | 33. | TITLE IS TO BE VESTED IN PERSONS NOT YET REVEALED AND WHEN SO VESTED WILL BE SUBJECT TO MATTERS DISCLOSED BY A SEARCH OF THE RECORDS AGAINST THEIR NAMES. | ||||
AS | 34. | THE LEGAL DESCRIPTION IN THIS COMMITMENT IS BASED ON INFORMATION PROVIDED WITH THE APPLICATION AND THE PUBLIC RECORDS AS DEFINED IN THE POLICY TO ISSUE. THE PARTIES TO THE FORTHCOMING TRANSACTION MUST NOTIFY THE TITLE INSURANCE COMPANY PRIOR TO CLOSING IF THE DESCRIPTION DOES NOT CONFORM TO THEIR EXPECTATIONS. | ||||
AT | 35. | IMPORTANT!! THIS TRANSACTION HAS NOT BEEN APPROVED FOR INSURANCE AGAINST UNRECORDED LABOR AND MATERIAL LIEN RIGHTS NOR FOR MATTERS THAT COULD BE DISCLOSED BY AN ACCURATE AND COMPLETE SURVEY OF THE LAND. YOU MAY NOT CLOSE UNTIL YOU HAVE RECEIVED A SUPPLEMENTAL FROM THE TITLE UNIT ADDRESSING THIS PARAGRAPH! |
CLTACMB2/RDA/0999
CHICAGO TITLE COMPANY
A.L.T.A. COMMITMENT
SCHEDULE B
(Continued)
Order No.: | 1363962 | |||
Your No.: |
SPECIAL EXCEPTIONS
TO PROVIDE AN EXTENDED COVERAGE OWNERS POLICY GENERAL EXCEPTIONS A THROUGH D WILL BE CONSIDERED WHEN OUR INSPECTION AND/OR REVIEW OF SURVEY, IF REQUIRED, IS COMPLETED. GENERAL EXCEPTIONS E THROUGH H WILL REMAIN IN THE OWNERS POLICY TO ISSUE. A SUPPLEMENTAL COMMITMENT WILL FOLLOW. | ||||
IF THE ANTICIPATED CLOSING DATE IS LESS THAN 4 WEEKS FROM THE DATE OF THIS COMMITMENT, PLEASE CONTACT YOUR TITLE OFFICER IMMEDIATELY. | ||||
AU | 36. | PRIOR TO ISSUING AN EXTENDED FORM OWNERS POLICY THIS COMPANY REQUIRES THAT THE PARTIES TO THE TRANSACTION PROVIDE AN ALTA/ACSM CERTIFIED, AS-BUILT SURVEY. | ||
AV |
NOTE 1: IN THE EVENT THE OWNERS POLICY COVERAGE IS CHANGED FROM EXTENDED TO STANDARD COVERAGE A CHARGE OF $230.00, PLUS $21.85 SALES TAX, WILL BE ADDED TO COVER THE COSTS RELATING TO THE EXTENDED COVERAGE INSPECTION. |
|||
AW |
NOTE 2: ANY MAP FURNISHED WITH THIS COMMITMENT IS FOR CONVENIENCE IN LOCATING THE LAND INDICATED HEREIN WITH REFERENCE TO STREETS AND OTHER LAND. NO LIABILITY IS ASSUMED BY REASON OF RELIANCE THEREON. |
|||
AX |
NOTE 3: EFFECTIVE JANUARY 1, 1997, DOCUMENT FORMAT AND CONTENT REQUIREMENTS HAVE BEEN IMPOSED BY WASHINGTON LAW. FAILURE TO COMPLY WITH THE FOLLOWING REQUIREMENTS MAY RESULT IN REJECTION OF THE DOCUMENT BY THE COUNTY RECORDER OR IMPOSITION OF A $50.00 SURCHARGE. |
|||
FOR DETAILS OF THESE STATEWIDE REQUIREMENTS PLEASE VISIT THE KING COUNTY RECORDERS OFFICE WEBSITE AT WWW.KINGCOUNTY.GOV/BUSINESS/RECORDERS.ASPX AND SELECT ONLINE FORMS AND DOCUMENT STANDARDS. | ||||
THE FOLLOWING MAY BE USED AS AN ABBREVIATED LEGAL DESCRIPTION ON THE DOCUMENTS TO BE RECORDED TO COMPLY WITH THE REQUIREMENTS OF RCW 65.04. SAID ABBREVIATED LEGAL DESCRIPTION IS NOT A SUBSTITUTE FOR A COMPLETE LEGAL DESCRIPTION WHICH MUST ALSO APPEAR IN THE BODY OF THE DOCUMENT: | ||||
ALL OF LOTS 1-7 & A PORTION OF LOT 8, BLOCK 327, SEATTLE TIDELANDS, IN THE NORTHEAST QUARTER OF SECTION 6-24-4. |
CLTACMB2/RDA/0999
CHICAGO TITLE COMPANY
A.L.T.A. COMMITMENT
SCHEDULE B
(Continued)
Order No.: | 1363962 | |||
Your No.: |
SPECIAL EXCEPTIONS
END OF SCHEDULE B
CLTACMB2/RDA/0999
COMMITMENT FOR TITLE INSURANCE
BY
Chicago Title Insurance Company
Chicago Title Insurance Company, a Nebraska corporation (Company), for a valuable consideration, commits to issue its policy or policies of title insurance, as identified in Schedule A, in favor of the Proposed Insured named in Schedule A, as owner or mortgagee of the estate or interest in the land described or referred to in Schedule A, upon payment of the premiums and charges and compliance with the Requirements; all subject to the provisions of Schedule A and B and to the Conditions of this Commitment.
This Commitment shall be effective only when the identity of the Proposed Insured and the amount of the policy or policies committed for have been inserted in Schedule A by the Company.
All liability and obligation under this Commitment shall cease and terminate 6 months after the Effective Date or when the policy or policies committed for shall issue, whichever first occurs, provided that the failure to issue the policy or policies is not the fault of the Company.
The Company will provide a sample of the policy form upon request.
IN WITNESS WHEREOF, Chicago Title Insurance Company has caused its corporate name and seal to be affixed by its duly authorized officers on the date shown in Schedule A.
Chicago Title Insurance Company |
||||||||||
|
By: |
|
||||||||
Chicago Title of Washington 701 5th Avenue, Suite 2300 Seattle, WA 98104 |
||||||||||
President | ||||||||||
ATTEST: | ||||||||||
Secretary |
FORM 72-83-06 (6/08) | ALTA Commitment - 2006 |
CONDITIONS
1. | The term mortgage, when used herein, shall include deed of trust, trust deed, or other security instrument. |
2. | If the proposed Insured has or acquired actual knowledge of any defect, lien, encumbrance, adverse claim or other matter affecting the estate or interest or mortgage thereon covered by this Commitment other than those shown in Schedule B hereof, and shall fail to disclose such knowledge to the Company in writing, the Company shall be relieved from liability for any loss or damage resulting from any act of reliance hereon to the extent the Company is prejudiced by failure to so disclose such knowledge. If the proposed Insured shall disclose such knowledge to the Company, or if the Company otherwise acquires actual knowledge of any such defect, lien, encumbrance, adverse claim or other matter, the Company at its option may amend Schedule B of this Commitment accordingly, but such amendment shall not relieve the Company from liability previously incurred pursuant to paragraph 3 of these Conditions. |
3. | Liability of the Company under this Commitment shall be only to the named proposed Insured and such parties included under the definition of Insured in the form of policy or policies committed for and only for actual loss incurred in reliance hereon in undertaking in good faith (a) to comply with the requirements hereof, or (b) to eliminate exceptions shown in Schedule B, or (c) to acquire or create the estate or interest or mortgage thereon covered by this Commitment. In no event shall such liability exceed the amount stated in Schedule A for the policy or policies committed for and such liability is subject to the insuring provisions and Conditions and the Exclusions from Coverage of the form of policy or policies committed for in favor of the proposed Insured which are hereby incorporated by reference and are made a part of this Commitment except as expressly modified herein. |
4. | This Commitment is a contract to issue one or more title insurance policies and is not an abstract of title or a report of the condition of title. Any action or actions or rights of action that the proposed Insured may have or may bring against the Company arising out of the status of the title to the estate or interest or the status of the mortgage thereon covered by this Commitment must be based on and are subject to the provisions of this Commitment. |
5. | The policy to be issued contains an arbitration clause. All arbitrable matters when the Amounts of Insurance is $2,000,000 or less shall be arbitrated at the option of either the Company or the Insured as the exclusive remedy of the parties. You may review a copy of the arbitration rules at <http://www.alta.org/>. |
FORM 72-83-06 (6/08) | ALTA Commitment - 2006 |
CHICAGO TITLE COMPANY
701 FIFTH AVENUE, #2300, SEATTLE, WA 98104
A.L.T.A. COMMITMENT | ||||
SCHEDULE A | Order No.: | 1363961 |
Title Unit: | U-06 | Customer Number: | MET PARK NORTH /NBU 160330433 | |||
Phone: | (206)628-5610 | Buyer(s): | ||||
Fax: | (206)628-9717 | |||||
Officer: | SAVIDIS/CAMPBELL/EISENBREY/HARRIS |
Commitment Effective Date: MAY 9, 2013 at 8:00 A.M. | ||||||
1. | Policy or Policies to be issued: | |||||
ALTA Owners Policy |
Amount: | $0.00 | ||||
EXTENDED POLICY (6/17/2006) |
Premium: | |||||
COMMERCIAL SHORT TERM/PRIOR POLICY |
Tax: | |||||
RATE |
||||||
Proposed Insured: |
||||||
Policy or Policies to be issued: | ||||||
ALTA Loan Policy |
Amount: | $0.00 | ||||
Premium: | ||||||
Tax: | ||||||
Proposed Insured: |
||||||
Policy or Policies to be issued: | ||||||
ALTA Loan Policy |
Amount: | $0.00 | ||||
Premium: | ||||||
Proposed Insured: |
Tax: | |||||
2. | The estate or interest in the land which is covered by this Commitment is: | |||||
FEE SIMPLE |
||||||
3. | Title to the estate or interest in the land is at the effective date hereof vested in: | |||||
1220 HOWELL LLC, A DELAWARE LIMITED LIABILITY COMPANY |
||||||
4. | The land referred to in this Commitment is described as follows: | |||||
SEE ATTACHED LEGAL DESCRIPTION EXHIBIT |
COMMA805/KLC/11.1.05
CHICAGO TITLE COMPANY
A.L.T.A. COMMITMENT
SCHEDULE A
(Continued)
Order No.: | 1363961 | |||
Your No.: |
LEGAL DESCRIPTION EXHIBIT
(Paragraph 4 of Schedule A continuation)
LOTS 7, 8, 9, 10, 11 AND 12, BLOCK 55, SECOND ADDITION TO THE TOWN OF SEATTLE AS LAID OFF BY THE HEIRS OF SARAH A. BELL (DECEASED), (COMMONLY KNOWN AS HEIRS OF SARAH A. BELLS SECOND ADDITION TO THE CITY OF SEATTLE), ACCORDING TO THE PLAT THEREOF, RECORDED IN VOLUME 1 OF PLATS, PAGE(S) 121, IN KING COUNTY, WASHINGTON;
EXCEPT THE NORTHWESTERLY 7 FEET OF SAID LOT 7 CONDEMNED FOR STEWART STREET BY THE CITY OF SEATTLE ON JULY 29, 1908 UNDER KING COUNTY SUPERIOR COURT CAUSE NUMBER 58229 AS PROVIDED FOR IN CITY OF SEATTLE ORDINANCE NUMBER 14881.
CLTACMA6/RDA/0999
CHICAGO TITLE COMPANY
A.L.T.A. COMMITMENT | ||||||
SCHEDULE B | Order No.: 1363961 | |||||
Your No.: |
Schedule B of the policy or policies to be issued will contain exceptions to the following matters unless the same are disposed of to the satisfaction of the Company.
GENERAL EXCEPTIONS
A. | Rights or claims of parties in possession, or claiming possession, not shown by the Public Records. |
B. | Any encroachment, encumbrance, violation, variation, or adverse circumstance affecting the Title that would be disclosed by an accurate and complete land survey of the Land. |
C. | Easements, prescriptive rights, rights-of-way, liens or encumbrances, or claims thereof, not shown by the Public Records. |
D. | Any lien, or right to a lien, for contributions to employee benefit funds, or for state workers compensation, or for services, labor, or material heretofore or hereafter furnished, all as imposed by law, and not shown by the Public Records. |
E. | Taxes or special assessments which are not yet payable or which are not shown as existing liens by the Public Records. |
F. | Any lien for service, installation, connection, maintenance, tap, capacity, or construction or similar charges for sewer, water, electricity, natural gas or other utilities, or for garbage collection and disposal not shown by the Public Records. |
G. | Unpatented mining claims, and all rights relating thereto; reservations and exceptions in United States Patents or in Acts authorizing the issuance thereof; Indian tribal codes or regulations, Indian treaty or aboriginal rights, including easements or equitable servitudes. |
H. | Water rights, claims or title to water. |
I. | Defects, liens, encumbrances, adverse claims or other matters, if any, created, first appearing in the Public Records, or attaching subsequent to the effective date hereof but prior to the date the proposed Insured acquires of record for value the estate or interest or mortgage thereon covered by this Commitment. |
SPECIAL EXCEPTIONS FOLLOW
WLTACOMB bk 05/17/07
CHICAGO TITLE COMPANY
A.L.T.A. COMMITMENT
SCHEDULE B
(Continued)
Order No.: | 001363961 | |||
Your No.: |
SPECIAL EXCEPTIONS
CLTACMB1/RDA/0999
CHICAGO TITLE COMPANY
A.L.T.A. COMMITMENT
SCHEDULE B
(Continued)
Order No.: | 1363961 | |||
Your No.: |
SPECIAL EXCEPTIONS
CLTACMB2/RDA/0999
CHICAGO TITLE COMPANY
A.L.T.A. COMMITMENT
SCHEDULE B
(Continued)
Order No.: | 1363961 | |||
Your No.: |
SPECIAL EXCEPTIONS
J | 7. | AGREEMENT AND THE TERMS AND CONDITIONS THEREOF: | ||||
BETWEEN: | BENAROYA CAPITAL COMPANY, LLC | |||||
AND: | CITY OF SEATTLE | |||||
RECORDED: | OCTOBER 6, 2000 | |||||
RECORDING NUMBER: | 20001006000278 | |||||
REGARDING: | OFF-SITE ACCESSORY PARKING | |||||
K | 8. | AGREEMENT AND THE TERMS AND CONDITIONS THEREOF: | ||||
BETWEEN: | BENAROYA CAPITAL COMPANY, L.L.C. | |||||
AND: | CITY OF SEATTLE, CITY LIGHT DEPARTMENT | |||||
RECORDED: | NOVEMBER 1, 2000 | |||||
RECORDING NUMBER: | 20001101000067 | |||||
REGARDING: | EQUIPMENT TRANSPORTATION | |||||
L | 9. | AGREEMENT AND THE TERMS AND CONDITIONS THEREOF: | ||||
BETWEEN: | MET PARK NORTH IV, L.L.C. | |||||
AND: | MET PARK EAST IV, L.L.C., AND MET PARK WEST, L.L.C. | |||||
RECORDED: | MARCH 28, 2006 | |||||
RECORDING NUMBER: | 20060328002381 | |||||
REGARDING: | COVENANT REGARDING PARKING | |||||
M | 10. |
MATTERS DISCLOSED IN ALTA SURVEY BY BUSH, ROED & HITCHINGS, INC., DATED JANUARY 26, 2006, REVISED FEBRUARY 21, 2012, AND DESIGNATED JOB NO. 2005160.05 AS FOLLOWS: |
||||
A) ENCROACHMENT OF THE UPPER LEVEL BUILDING FACE INTO THE ADJOINING ALLEY A DISTANCE OF 0.4 FEET; | ||||||
B) ENCROACHMENT OF THE UPPER LEVEL BUILDING FACE INTO THE RIGHT OF WAY FOR HOWELL STREET A DISTANCE OF 1.1 FEET; AND | ||||||
C) AWNINGS EXTEND INTO THE ADJOINING RIGHTS OF WAY FOR STEWART STREET AND YALE AVENUE. |
CLTACMB2/RDA/0999
CHICAGO TITLE COMPANY
A.L.T.A. COMMITMENT
SCHEDULE B
(Continued)
Order No.: | 1363961 | |||
Your No.: |
SPECIAL EXCEPTIONS
CLTACMB2/RDA/0999
CHICAGO TITLE COMPANY
A.L.T.A. COMMITMENT
SCHEDULE B
(Continued)
Order No.: | 1363961 | |||
Your No.: |
SPECIAL EXCEPTIONS
R | 14. | DEED OF TRUST AND ASSIGNMENT OF RENTS AND/OR LEASES, AND THE TERMS AND CONDITIONS THEREOF: | ||||
GRANTOR: | 1220 HOWELL LLC, A DELAWARE LIMITED LIABILITY COMPANY | |||||
TRUSTEE: | CHICAGO TITLE INSURANCE COMPANY | |||||
BENEFICIARY: | AXA EQUITABLE LIFE INSURANCE COMPANY, A NEW YORK CORPORATION | |||||
AMOUNT: | $ 38,610,000.00 | |||||
DATED: | MARCH 23, 2012 | |||||
RECORDED: | MARCH 23, 2012 | |||||
RECORDING NUMBER: | 20120323001129 | |||||
THE AMOUNT NOW SECURED BY SAID DEED OF TRUST AND THE TERMS UPON WHICH THE SAME CAN BE DISCHARGED OR ASSUMED SHOULD BE ASCERTAINED FROM THE HOLDER OF THE INDEBTEDNESS SECURED. | ||||||
S | 15. | ASSIGNMENT OF LEASES AND RENTS GIVEN FOR SECURITY AND THE TERMS AND CONDITIONS THEREOF: | ||||
ASSIGNOR: | 1220 HOWELL LLC, A DELAWARE LIMITED LIABILITY COMPANY | |||||
ASSIGNEE: | AXA EQUITABLE LIFE INSURANCE COMPANY, A NEW YORK CORPORATION | |||||
DATED: | MARCH 23, 2012 | |||||
RECORDED: | MARCH 23, 2012 | |||||
RECORDING NUMBER: | 20120323001130 | |||||
T | 16. | MEMORANDUM OF LEASE, INCLUDING THE TERMS AND CONDITIONS OF THE LEASE DISCLOSED THEREIN: | ||||
LESSOR: | 1220 HOWELL LLC, A DELAWARE LIMITED LIABILITY COMPANY | |||||
LESSEE: | AMAZON CORPORATE LLC, A DELAWARE LIMITED LIABILITY COMPANY | |||||
RECORDED: | MARCH 22, 2013 | |||||
RECORDING NUMBER: | 20130322000901 |
CLTACMB2/RDA/0999
CHICAGO TITLE COMPANY
A.L.T.A. COMMITMENT
SCHEDULE B
(Continued)
Order No.: | 1363961 | |||
Your No.: |
SPECIAL EXCEPTIONS
U | 17. | SUBORDINATION, NONDISTURBANCE AND ATTORNMENT AGREEMENT, AND THE TERMS AND CONDITIONS THEREOF: | ||||
LENDER: | AXA EQUITABLE LIFE INSURANCE COMPANY, A NEW YORK CORPORATION | |||||
TENANT: | AMAZON CORPORATE LLC, A DELAWARE LIMITED LIABILITY COMPANY | |||||
LANDLORD: | 1220 HOWELL LLC, A DELAWARE LIMITED LIABILITY COMPANY | |||||
RECORDED: | MARCH 26, 2013 | |||||
RECORDING NUMBER: | 20130326001164 | |||||
V | 18. |
UNRECORDED LEASEHOLDS, IF ANY, RIGHTS OF VENDORS AND HOLDERS OF SECURITY INTERESTS ON PERSONAL PROPERTY INSTALLED UPON SAID PROPERTY AND RIGHTS OF TENANTS TO REMOVE TRADE FIXTURES AT THE EXPIRATION OF THE TERM. |
||||
W | 19. | TERMS AND CONDITIONS OF THE LIMITED LIABILITY COMPANY AGREEMENT FOR 122 0 HOWELL LLC. | ||||
X | NOTE: A COPY OF THE LIMITED LIABILITY COMPANY AGREEMENT, AND AMENDMENTS THERETO, IF ANY, MUST BE SUBMITTED. | |||||
Y | 20. |
ANY CONVEYANCE OR MORTGAGE BY 122 0 HOWELL LLC, MUST BE EXECUTED IN ACCORDANCE WITH THE LIMITED LIABILITY COMPANY AGREEMENT AND BY ALL THE MEMBERS, OR EVIDENCE MUST BE SUBMITTED THAT CERTAIN DESIGNATED MANAGERS/MEMBERS HAVE BEEN AUTHORIZED TO ACT FOR THE LIMITED LIABILITY COMPANY. |
||||
Z | 21. | TITLE IS TO BE VESTED IN PERSONS NOT YET REVEALED AND WHEN SO VESTED WILL BE SUBJECT TO MATTERS DISCLOSED BY A SEARCH OF THE RECORDS AGAINST THEIR NAMES. | ||||
AA | 22. |
THE LEGAL DESCRIPTION IN THIS COMMITMENT IS BASED ON INFORMATION PROVIDED WITH THE APPLICATION AND THE PUBLIC RECORDS AS DEFINED IN THE POLICY TO ISSUE. THE PARTIES TO THE FORTHCOMING TRANSACTION MUST NOTIFY THE TITLE INSURANCE COMPANY PRIOR TO CLOSING IP THE DESCRIPTION DOES NOT CONFORM TO THEIR EXPECTATIONS. |
CLTACMB2/RDA/0999
CHICAGO TITLE COMPANY
A.L.T.A. COMMITMENT
SCHEDULE B
(Continued)
Order No.: | 1363961 | |||
Your No.: |
SPECIAL EXCEPTIONS
AB | 23. | IMPORTANT!! THIS TRANSACTION HAS NOT BEEN APPROVED FOR INSURANCE AGAINST UNRECORDED LABOR AND MATERIAL LIEN RIGHTS NOR FOR MATTERS THAT COULD BE DISCLOSED BY AN ACCURATE AND COMPLETE SURVEY OP THE LAND. YOU MAY NOT CLOSE UNTIL YOU HAVE RECEIVED A SUPPLEMENTAL PROM THE TITLE UNIT ADDRESSING THIS PARAGRAPH! | ||
TO PROVIDE AN EXTENDED COVERAGE OWNERS POLICY GENERAL EXCEPTIONS A THROUGH D WILL BE CONSIDERED WHEN OUR INSPECTION AND/OR REVIEW OF SURVEY, IF REQUIRED, IS COMPLETED, GENERAL EXCEPTIONS E THROUGH H WILL REMAIN IN THE OWNERS POLICY TO ISSUE, A SUPPLEMENTAL COMMITMENT WILL FOLLOW. | ||||
IF THE ANTICIPATED CLOSING DATE IS LESS THAN 4 WEEKS FROM THE DATE OF THIS COMMITMENT, PLEASE CONTACT YOUR TITLE OFFICER IMMEDIATELY. | ||||
AC | 24. |
PRIOR TO ISSUING AN EXTENDED FORM OWNERS POLICY THIS COMPANY REQUIRES THAT THE PARTIES TO THE TRANSACTION PROVIDE AN ALTA/ACSM CERTIFIED, AS-BUILT SURVEY. |
||
AD |
NOTE 1: IN THE EVENT THE OWNERS POLICY COVERAGE IS CHANGED FROM EXTENDED TO STANDARD COVERAGE A CHARGE OF $230.00, PLUS $21.85 SALES TAX, WILL BE ADDED TO COVER THE COSTS RELATING TO THE EXTENDED COVERAGE INSPECTION. |
|||
AE |
NOTE 2: ANY MAP FURNISHED WITH THIS COMMITMENT IS FOR CONVENIENCE IN LOCATING THE LAND INDICATED HEREIN WITH REFERENCE TO STREETS AND OTHER LAND. NO LIABILITY IS ASSUMED BY REASON OF RELIANCE THEREON. |
|||
AF |
NOTE 3: EFFECTIVE JANUARY 1, 1997, DOCUMENT FORMAT AND CONTENT REQUIREMENTS HAVE BEEN IMPOSED BY WASHINGTON LAW. FAILURE TO COMPLY WITH THE FOLLOWING REQUIREMENTS MAY RESULT IN REJECTION OF THE DOCUMENT BY THE COUNTY RECORDER OR IMPOSITION OF A $50.00 SURCHARGE. |
|||
FOR DETAILS OF THESE STATEWIDE REQUIREMENTS PLEASE VISIT THE KING COUNTY RECORDERS OFFICE WEBSITE AT WWW.KINGCOUNTY.GOV/BUSINESS/RECORDERS.ASPX AND SELECT ONLINE FORMS AND DOCUMENT STANDARDS. |
CLTACMB2/RDA/0999
CHICAGO TITLE COMPANY
A.L.T.A. COMMITMENT
SCHEDULE B
(Continued)
Order No.: | 1363961 | |||
Your No.: |
SPECIAL EXCEPTIONS
THE FOLLOWING MAY BE USED AS AN ABBREVIATED LEGAL DESCRIPTION ON THE DOCUMENTS TO BE RECORDED TO COMPLY WITH THE REQUIREMENTS OF RCW 65.04. SAID ABBREVIATED LEGAL DESCRIPTION IS NOT A SUBSTITUTE FOR A COMPLETE LEGAL DESCRIPTION WHICH MUST ALSO APPEAR IN THE BODY OF THE DOCUMENT: | ||||
PORTION OF LOT 7 AND ALL OF LOTS 8-12, BLOCK 55, VOLUME 1 OF PLATS, PAGE 121. |
END OF SCHEDULE B
CLTACMB2/RDA/0999
Schedule 1.2(a)
List of Documents Produced as Part of the Seller Diligence Documents
Finance - Expenses
First and King
2013 Budget
First & King - 2013 Budget
First & King - Parking Revenue
Historical Capital Work
First & King - Historical Capital Projects
Operating Statements
First & King 2011 Income Statement
First & King 2012 Income Statement
First & King March-2013 YTD Income Statement
Parking Agreement
Standard Parking Agreement October 2011
Property Management Agreement
CBRE Agreement - Executed
Schedule of Planned Capital Work
First & King - Schedule of Planned Capital Projects
Tax Bills
Tax Bill - 2011 Taxes - Paid in 2012
Tax Bill - 2012 Taxes - To Pay in 2013
Tax Notice - 2012 Taxes - To Pay in 2013
Met Park North
2013 Budget
2013 Met Park North Budget
Met Park North 2013 parking Budget-10-13-12 -82090
Met Park North Parking Revenue Reforecast - Monthly parkers (Aug 13 - Dec 13)
MPN - Parking Model
Historical Capital Work
MPN Historical Capital Work
Operating Statements
MPN_2012 Operating Statement
MPN_March 2013 YTD Operating Statement
Parking Agreement
Fully Executed Parking Management Agreement.(4.16.2012).Standard Parking
Property Management Agreement
Fully Executed Property Management Agreement.(6.30.2012)
Schedule of Planned Capital Work
MPN Schedule of Planned Capital Work
Tax Bills
MPN 2011 Tax Bill
MPN 2012 Tax Bill (website)
MPN 2013 Tax Bill
Schedule 1.2(a)
Tax Consultant Agreement
NWPTC_MPN Authorization_executed
Tax Consultant Agreement_3.8.13
Northview
2013 Budget
Northview_2013 Budget
Historical Capital Work
NCC Historical Capital Work
Operating Statements
NCC 2011 Income Statement
NCC 2012 Income Statement
NCC Mar-2013 YTD Income Statement
Property Management Agreement
Property Management Agreement
NCC-Amendment to Property Management Agreement
Second Amendment to Property Management Agreement (dated)
Tax Bills
2011 Tax Bills
2012 Tax Bills
2013 Tax Bills
Tax Consultant Agreement
Signed Proposal August 2012
Finance - Income
First and King
Expense Reimbursements
CAMs 2011 and Estimates for 2012
Cap One CAM 2012
EMC CAM 2012
First & King - 1Q13 Budget - Reimbursements
ING_Letter
Nuance CAM 2012
Nuance_Letter
Summary of ING Base Year Final
Summit Power CAM 2012
Lease Documents
Licenses and Agreements
atlas_20110718172656
Cingular Memorandum of Agreement Dated 11.29.04
Cingular Subordination Agreement Dated 11.29.04
Commencement of Cingular Lease Letter Dated 12 10 04 (2)
Communications Site Lease Agreement Dated 11 29 04
Schedule 1.2(a)
Drop Box Agreement Dated 06 24 05
UPS-Additional Letter Agreement Dated 08 03 87
UPS-Letter Agreement Dated 08 03 87_#2
Comcast agreement and easement
Capital One
Deli
EMC
Nuance
Socrata
Summit Power
Misc Income
Arpil 2013
First King - Parking Budget_2013
FK_Event Parking Revenue - Thru Sep 12
FK_Parking 2012 Operating Statement
March 2013
Parking Summary - Tenant Spaces and Allowances
Rent Roll
First & King - RR
First and King Rent Roll_3.2013
Met Park North
Expense Reimbursements
Historical
24 Hour Fitness CAMs
Martini CAMs
Nordstrom CAMs
Reza CAMs
Starbucks CAMs
Subway CAMs
2011 Escalation True-Up - Evidence of Refund Payment to Tenants 3.21.12
2012 CAM Estimates 2012 Escalations
2012 FINAL CAM Rec Calculation
2013 Estimates_MPN
MPN 2012 Est Escalation-All Tenants
MPN 2012 Est Escalation-Nordstrom(Feb-Dec)
Tenant Pools_MPN 2012 Finals
Lease Documents
24 Hour Fitness
24 Hour Fitness Estoppel dated 2006
Amazon.com
Dr. Jurga Martini
Nordstrom
Subway
Telecommunications Agreements
Schedule 1.2(a)
Misc Income
Parking
Rent Roll
Met Park North - RR
MPN Rent Roll_3.2013
Northview
Expense Reimbursements
2012_CAM Recs_NCC
2013 OPX Estimates Worksheets
NCC_ 2011 CAM Rec TT Worksheets FINAL 5-17-12
License Agreements
Verizon
Lease Documents
ADP
All for Kidz
Audit and Adjustment
Cemex
Comcast
Davis Schueller
lEPlexus
FEMA
Fine Business Solutions
Homestreet Bank
Lion New Media
PBSJ
University of Phoenix
Misc Income
_Summary
Parking Agreement_LION
Storage Agreement_FBS
Storage Agreement_FEMA
NCC DS Parking 2011
NCC DS Parking 2012
NCC DS Storage
NCC MTM Storage_Cobalt
Rent Roll
Northview 03.2013 Rent Roll
Northview Corporate Center - RR
Schedule 1.2(a)
Legal
First and King
Certificate of Occupancy
Easements
Legal Description and ALTA Survey
Title
Zoning
Met Park North
Certificate of Occupancy
Easements
Legal Description and ALTA Survey
Permits
Title
Warranties
Zoning
Northview
CC&Rs
Tl Final -
Permits
Easements
Legal Description and ALTA Survey
Signs
Title
Zoning
Physical
First and King
BOMA and Floor Plans
CAD Files
Phase I Environmental
Phase II Environmental
Property Condition Report
Warranties
Summary of Starbucks Improvements
Met Park North
BOMA and Floor Plans
CAD Files
Flood
Phase I documents
Property Condition Reports
Seismic
Northview
ADA Survey
BOMA and Floor Plans
CAD Files
Phase I Environmental
Property Condition Reports
Structural
Schedule 1.2(a)
SSC Capital & Free Rent Obligations
Schedule of LL schedule of improvements in progress
Schedule of free/reduced rent obligations
Schedule of contingent/remaining leasing commissions
Schedule of LL Tl obligations outstanding
Accounting/Financing Reporting Docs/Reports
First and King
Tenant Histories/Monthly billings/collections
Aged Delinquencies
General Ledger
Security Deposit Master list
Historical Utility Bills
Tenant CM Report
Met Park North
Tenant Histories/Monthly billings/collections
Aged Delinquencies
General Ledger
Security Deposit Master list
Historical Utility Bills
Tenant CM Report
Northview
Tenant Histories/Monthly billings/collections
Aged Delinquencies
General Ledger
Security Deposit Master list
Historical Utility Bills
Tenant CM Report
Property Documents
First and King
Copies of all service contracts to be transferred
Right of Entry agreement with the State of Washington (9/22/11)
Viaduct and Railroad Way Documents
120627 Viaduct Coordination Meeting Notes
120710 Viaduct Coordination Meeting Notes
City Plan
Executed - Noise Monitor.Right of Entry Agreement
Noise Report - 3.14.13
Railroad Way - Spear Street Capital
Transpo Agreement - Executed
Tunnel Contact List
WashDOT Letter about Surveys - 12.5.12
WashDOT ROE
Railroad Way - SSC Specific Slides
Schedule 1.2(a)
Bloom Consulting Contract
List of personal property
Schedule of Building Service contracts/agreements
Inspection Reports and Licenses
Tenants certificates of insurance
Listing Agreements
Met Park North
Copies of all service contracts to be transferred
Bloom Consulting Contract
HVAC Equipment maintenance reports
List of personal property
Schedule of Building Service contracts/agreements
Inspection Reports and Licenses
Tenants certificates of insurance
Listing Agreements
Northview
Building Standards
Bloom Consulting Contract
Copies of all service contracts to be transferred
HVAC Equipment maintenance reports
List of personal property
Schedule of Building Service contracts/agreements
Inspection Reports and Licenses
Tenants certificates of insurance
Listing Agreements
Schedule 1.2(a)
Schedule 2.1
Allocated Value for Each Property (including Personal Property Value)
Name of Seller |
Name of Property owned by Seller |
Allocated Value to Real Property and Personal Property |
||
1220 Howell LLC | Metropolitan Park North Tower, Seattle, Washington |
Real Property: $
Personal Property: $ |
||
King & Dearborn, LLC | 83 South King Street and 505 First Street, Seattle, Washington |
Real Property: $
Personal Property: $ |
||
Northview Corporate Center LLC | Northview Corporate Center, 20700 44 th Avenue West, Lynnwood, Washington |
Real Property: $
Personal Property: $ |
Schedule 2.1
Schedule 5.1
Litigation
None.
Schedule 5.1
Schedule 5.1(b)
List of any Tenant Audits of Operating Expenses
None.
Schedule 5.1(b)
Schedule 5.1(f)
List of Tax Appeals
Met Park North :
|
Pending 2011 value for 2012 taxes pending at the Board of Tax Appeals. A hearing is not yet scheduled. |
|
Pending 2012 value for 2013 taxes pending with the Board of Tax Appeals. A hearing is not yet scheduled. |
Northview :
|
Pending 2011 value for 2012 taxes pending at the Board of Tax Appeals. A hearing is not yet scheduled. |
|
Pending 2012 value of 2013 taxes pending with the County Board of Equalization. A hearing is not yet scheduled. |
Schedule 5.1(f)
Schedule 5.1(g)(1)
Description of Current Ongoing Tenant Improvement Work and
Improvement Allowance for Such Work, Free Rent, Current and Future Brokerage
Commissions, and Other Unexpired or Outstanding Tenant Inducements of Monetary Concessions
Schedule of Remaining Capital Obligations |
|
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As of |
6/5/2013 | |||||||||||||||||||
Schedule of Contigent/Remaining Leasing Commissions |
|
|||||||||||||||||||
Tenant |
Anticipated
Payment Date |
Total Obligation | Amount Paid |
Estimated
Remaining Obligation |
||||||||||||||||
First & King |
||||||||||||||||||||
EMC (2nd floor expansion) |
6/1/13 and 1/1/14 | $ | 622,833 | | $ | 622,833 | ||||||||||||||
Met Park North |
||||||||||||||||||||
24 Hour Fitness |
6/1/2013 | $ | 113,346 | | $ | 113,346 | ||||||||||||||
Northview Corporate Center |
||||||||||||||||||||
Lion New Media |
10/1/2013 | $ | 10,074 | | $ | 10,074 | ||||||||||||||
Schedule of LL Tl Outstanding Obligations |
|
|||||||||||||||||||
Tenant |
Estimated Start Date | Total Obligation | Amount Paid |
Estimated
Remaining Obligation |
||||||||||||||||
First & King |
||||||||||||||||||||
EMC (2nd floor expansion) |
6/1/2013 | $ | 3,006,780 | | $ | 3,006,780 | ||||||||||||||
Met Park North |
||||||||||||||||||||
Amazon |
7/3/2013 | $ | 4,807,670 | | $ | 4,807,670 | ||||||||||||||
24 Hour Fitness |
TBD | $ | 377,820 | | $ | 377,820 | ||||||||||||||
Jurga Martini |
5/12/2013 | $ | 124,300 | $ | 105,430 | $ | 18,870 | |||||||||||||
Northview Corporate Center |
||||||||||||||||||||
Cemex |
In progress | $ | 141,855 | | $ | 141,855 | ||||||||||||||
Davis Schueller |
N/A | $ | 6,000 | | $ | 6,000 | ||||||||||||||
HomeStreet |
N/A | $ | 65,870 | | $ | 65,870 | ||||||||||||||
HomeStreet |
N/A | $ | 96,248 | | $ | 96,248 | ||||||||||||||
Lion New Media |
10/1/2013 | $ | 34,440 | | $ | 34,440 | ||||||||||||||
Schedule of Free Rent |
|
|||||||||||||||||||
Tenant |
Total Free Rent |
Estimated
Transaction
Close Date |
Amount Past |
Estimated
Remaining Obligation |
Per diem Free Rent | |||||||||||||||
Northview Corporate Center |
||||||||||||||||||||
Cemex |
$ | 58,028 | 7/12/2013 | 15,550 | $ | 42,478 | $ | 379.26 | ||||||||||||
Schedule of Rent Obligations for Leases Yet to Commence |
|
|||||||||||||||||||
Tenant |
Original Seller Argus
Credit |
Estimated
Transaction
Close Date |
Estimated
Credit to Buyer |
Note | ||||||||||||||||
First & King |
||||||||||||||||||||
EMC (2nd floor expansion) Modified Gross Rent |
$ | 720,000 | 7/12/2013 | $ | 676,957 | Adjusted for Closing Date | ||||||||||||||
Met Park North |
||||||||||||||||||||
Amazon Modified Gross Rent |
$ | 1,600,000 | 7/12/2013 | $ | 1,600,000 | |||||||||||||||
Amazon Parking Payment |
$ | 400,000 | 7/12/2013 | $ | 376,087 | Adjusted for Closing Date | ||||||||||||||
|
|
|||||||||||||||||||
TOTAL |
$ | 11,997,328 | ||||||||||||||||||
|
|
Schedule 5.1(g)(1)
Schedule 6.1(d)
List of Tenants
List of Tenants:
First and King
1. | Capital One Financial Corporation |
2. | Chong Ku and Young Ae Kim (Deli) |
3. | EMC Corporation |
4. | Nuance Communications, Inc. |
5. | Socrata, Inc. |
6. | Summit Power Group Inc. |
Met Park North
1. | 24 Hour Fitness USA, Inc. |
2. | Amazon Corporate LLC |
3. | Jurga Martini D.M.D., P.S. d/b/a Advanced Metropolitan Dentistry |
4. | Nordstrom, Inc. |
5. | Subway Real Estate LLC |
Northview
1. | ADP, Inc. |
2. | All For Kidz, Inc. |
3. | Audit & Adjustment Company, Inc. |
4. | Cemex Construction Materials Pacific, LLC |
5. | Davis Schueller, Inc. |
6. | iePlexus |
7. | United States of America |
8. | Fine Business Solutions, LLC |
9. | HomeStreet Bank |
10. | Lion New Media LLC |
11. | Post, Buckley, Schuh & Jernigan, Inc. |
12. | University of Phoenix, Inc. |
Schedule 6.1(d)
Schedule 6.1(d)(1)
Estoppel Certificates - List of Tenants With Form Estoppels Attached to Lease
First and King
1. | EMC Corporation |
2. | Socrata, Inc. |
Met Park North
1. | Amazon Corporate LLC |
Northview
1. | ADP, Inc. |
2. | All For Kidz, Inc. |
3. | Audit & Adjustment Company, Inc. |
4. | Cemex Construction Materials Pacific, LLC |
5. | Fine Business Solutions, LLC |
6. | HomeStreet Bank |
7. | Lion New Media LLC |
8. | Post, Buckley, Schuh & Jernigan, Inc. |
9. | University of Phoenix, Inc. |
Schedule 6.1(d)(1)
Schedule 7.2(e)
List of Required Tenant Estoppels
83 South King Street and 505 First Street :
1. | Nuance; |
2. | EMC; and |
3. | Capital One. |
Metropolitan Park - North Tower :
1. | Amazon; and |
2. | 24 Hour Fitness. |
Northview Corporate Center :
1. | ADP; |
2. | HomeStreet Bank; |
3. | University of Phoenix; and |
4. | All for Kidz. |
Schedule 7.2(e)
Schedule 7.2(f)
Lobby Work Budget
Schedule 7.2(f)
Lobby Renovation |
MetPark North |
Summary |
Location |
1st Floor |
Start Date | 1/18/2013 | |||||||
Report Date |
6/8/2013 |
Subst Compl Date | 6/15/2013 Phase 2 (west) | |||||||
Approx RSF |
3,000 |
Closed Date | TBD | |||||||
Plan Date |
11/5/2012 |
[ILLEGIBLE] | ||||||||||||||||||||||||||||||||
Architect/Engineering |
45,500.00 | 15.17 | 49,872.50 | 16.62 | 48,122.50 | 16.04 | 45,441.55 | 2,680.95 | ||||||||||||||||||||||||
Permit |
8,975.00 | 2.99 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | ||||||||||||||||||||||||
Construction |
548,534.37 | 182.84 | 612,069.72 | 204.02 | 612,069.72 | 204.02 | 316,734.49 | 295,335.23 | ||||||||||||||||||||||||
Signage and Building Support |
24,637.50 | 8.21 | 14,481.96 | 4.83 | 3,531.96 | 1.18 | 3,531.96 | 0.00 | ||||||||||||||||||||||||
Haz/Mat and Consulting |
2,000.00 | 0.67 | 762.50 | 0.25 | 762.50 | 0.25 | 762.50 | 0.00 | ||||||||||||||||||||||||
Furniture, Fixtures & Equipment |
58,177.35 | 19.39 | 70,839.55 | 23.61 | 70,839.55 | 23.61 | 43,874.05 | 26,965.50 | ||||||||||||||||||||||||
Technology |
7,336.50 | 2.45 | 7,336.50 | 2.45 | 0.00 | 0.00 | 0.00 | 0.00 | ||||||||||||||||||||||||
Contingency |
60,000.00 | 20.00 | 5,000.00 | 1.67 | 0.00 | 0.00 | 0.00 | 0.00 | ||||||||||||||||||||||||
Project Management |
35,349.04 | 11.78 | 38,018.14 | 12.67 | 36,766.31 | 12.26 | 18,117.82 | 18,648.49 | ||||||||||||||||||||||||
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|||||||||||||||||
Total Cost of Work |
790,509.76 | 263.50 | 798,380.86 | 266.13 | 772,092.53 | 257.36 | 428,462.37 | 343,630.16 |
Page 1 of 5 |
Lobby Renovation |
MetPark North |
Details |
Location |
1st Floor | Parent Permit | 6323974, 6335585, 6346901 | |||||||||||
Report Date |
6/8/2013 | Child Permit | NA | |||||||||||
Approx RSF |
3,000 | Start Date | 1/18/2013 | |||||||||||
Plan Date |
11/5/2012 | Weaver Design | Subst Compl Date | 6/15/2013 Phase 2 (west) | ||||||||||
Closed Date | TBD |
Architect/Engineering |
Budget | $/SF | Forecast | $/SF | Contract | $/SF |
Invoice |
Inv # | Inv Date |
PO
No. |
Description |
Aprv |
Notes |
|||||||||||||||||||||||||
Weaver Architects #1206300 |
0.00 | 0.00 | 0.00 | |||||||||||||||||||||||||||||||||||
SD/DD NTE |
8,000.00 | 2.67 | 8,000.00 | 2.67 | 8,000.00 | 2.67 | Not to exceed | June 15, 2012 proposal | ||||||||||||||||||||||||||||||
Permit/CDs NTE |
14,000.00 | 4.67 | 14,000.00 | 4.67 | 14,000.00 | 4.67 | Not to exceed | |||||||||||||||||||||||||||||||
Reimbursables- Allowance |
1,000.00 | 0.33 | 1,000.00 | 0.33 | 1,000.00 | 0.33 | Estimated | |||||||||||||||||||||||||||||||
10% on subconsultants and reimbs |
0.00 | 0.00 | 0.00 | |||||||||||||||||||||||||||||||||||
Additional Services |
0.00 | 0.00 | 0.00 | |||||||||||||||||||||||||||||||||||
Structural Engineer |
5,000.00 | 1.67 | 5,000.00 | 1.67 | 0.00 | |||||||||||||||||||||||||||||||||
Retail Concepts #1206302 |
500.00 | 0.17 | 500.00 | 0.17 | 500.00 | 0.17 | ||||||||||||||||||||||||||||||||
Retail Rendering |
1,000.00 | 0.33 | 1,000.00 | 0.33 | 1,000.00 | 0.33 | ||||||||||||||||||||||||||||||||
Permit - combine to one set |
3,000.00 | 1.00 | 3,000.00 | 1.00 | 3,000.00 | 1.00 | ||||||||||||||||||||||||||||||||
Plan coordination and completion |
5,000.00 | 1.67 | 5,000.00 | 1.67 | 5,000.00 | 1.67 | ||||||||||||||||||||||||||||||||
Construction Administration |
8,000.00 | 2.67 | 8,000.00 | 2.67 | 8,000.00 | 2.67 | ||||||||||||||||||||||||||||||||
Furniture Selection |
0.00 | 0.00 | 3.000.00 | 1.00 | Proposal 1/16/13 | |||||||||||||||||||||||||||||||||
Reimbursables- Allowance |
0.00 | 0.00 | 250.00 | 0.08 | ||||||||||||||||||||||||||||||||||
0.00 | 0.00 | 0.00 | ||||||||||||||||||||||||||||||||||||
Building Permit |
0.00 | 4,372.50 | 1.46 | 4,372.50 | 1.46 | $3975 plus 10% markup | ||||||||||||||||||||||||||||||||
0.00 | 0.00 | 0.00 | ||||||||||||||||||||||||||||||||||||
Weaver Architects |
0.00 | 0.00 | 0.00 | 3,693.72 | 1206300-01 | 5/31/2012 | Initial marketing and Conceptual Design | |||||||||||||||||||||||||||||||
Weaver Architects |
0.00 | 0.00 | 0.00 | 5,008.70 | 1206300-02 | 6/30/2012 | ||||||||||||||||||||||||||||||||
Weaver Architects |
0.00 | 0.00 | 0.00 | 15,681.29 | 1206300-03 | 7/31/2012 | Includes permit for $3975 | |||||||||||||||||||||||||||||||
Weaver Architects |
0.00 | 0.00 | 0.00 | 2,816.25 | 1206300-04 | 8/31/2012 | ||||||||||||||||||||||||||||||||
Weaver Architects |
0.00 | 0.00 | 0.00 | 5,369.51 | 1206300-05 | 9/30/2012 | ||||||||||||||||||||||||||||||||
Weaver Architects |
0.00 | 0.00 | 0.00 | 7,276.22 | 1206300-06 | 10/31/2012 | ||||||||||||||||||||||||||||||||
Weaver Architects |
0.00 | 0.00 | 0.00 | 4,235.50 | 1206300-07 | 12/31/2012 | ||||||||||||||||||||||||||||||||
Weaver Architects |
0.00 | 0.00 | 0.00 | 1,360.36 | 1206300-08 | 1/31/2013 | ||||||||||||||||||||||||||||||||
0.00 | 0.00 | 0.00 | ||||||||||||||||||||||||||||||||||||
0.00 | 0.00 | 0.00 | ||||||||||||||||||||||||||||||||||||
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|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
Pre-Tax Subtotal |
45,500.00 | 15.17 | 49,872.50 | 16.62 | 48,122.50 | 16.04 | ||||||||||||||||||||||||||||||||
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|
|||||||||||||||||||||||||||
WSST |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | ||||||||||||||||||||||||||||||||
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|
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|
||||||||||||||||||||||||||
Subtotals |
45,500.00 | 15.17 | 49,872.50 | 16.62 | 48,122.50 | 16.04 | 45,441.55 | |||||||||||||||||||||||||||||||
Permit |
Budget | $/SF | Forecast | $/SF | Contract | $/SF |
Invoice |
Inv # | Inv Date |
PO
No. |
Description |
Aprv |
Notes |
|||||||||||||||||||||||||
Permit and Plan Review |
3,975.00 | 1.33 | 0.00 | 0.00 | 0.00 | 0.00 | See architecture section for invoicing | |||||||||||||||||||||||||||||||
Permit Inspections |
5,000.00 | 1.67 | 0.00 | 0.00 | 0.00 | |||||||||||||||||||||||||||||||||
0.00 | 0.00 | 0.00 | ||||||||||||||||||||||||||||||||||||
0.00 | 0.00 | 0.00 | ||||||||||||||||||||||||||||||||||||
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|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
Pre-Tax Subtotal |
8,975.00 | 2.99 | 0.00 | 0.00 | 0.00 | 0.00 | ||||||||||||||||||||||||||||||||
|
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|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
WSST |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | ||||||||||||||||||||||||||||||||
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|
||||||||||||||||||||||||||
Subtotals |
8,975.00 | 2.99 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Page 2 of 5 |
Lobby Renovation |
MetPark North |
Details |
Location |
1st Floor | Parent Permit | 6323974, 6335585, 6346901 | |||||||||||
Report Date |
6/8/2013 | Child Permit | NA | |||||||||||
Approx RSF |
3,000 | Start Date | 1/16/2013 | |||||||||||
Plan Date |
11/5/2012 | Weaver Design | Subst. Compl Date | 6/15/2013 Phase 2 (west) | ||||||||||
Closed Date | TBD |
Construction |
Budget | $/SF | Forecast | $/SF | Contract | $/SF |
Invoice |
Inv # | Inv Date |
PO
No. |
Description |
Aprv |
Notes |
|||||||||||||||||||||||||||||
Davis Schueller |
456,944.63 | 152.31 | 456,944.63 | 152.31 | 456,944.63 | 152.31 | ||||||||||||||||||||||||||||||||||||
Alt 1 changes to CDs |
0.00 | 22,718.00 | 7.57 | 22,718.00 | 7.57 | |||||||||||||||||||||||||||||||||||||
Yale Entry Door In-Fill |
16,000.00 | 5.33 | 15,581.64 | 5.19 | 15,581.64 | 5.19 | Newscope 2/4/13 | |||||||||||||||||||||||||||||||||||
0.00 | 0.00 | 0.00 | ||||||||||||||||||||||||||||||||||||||||
Change Order Log |
28,000.00 | 9.33 | 63,723.51 | 21.24 | 63,723.51 | 21.24 | Budget increase approved per C. Hines 2/12/13 | |||||||||||||||||||||||||||||||||||
0.00 | 0.00 | 0.00 | ||||||||||||||||||||||||||||||||||||||||
Davis Schueller |
0.00 | 0.00 | 0.00 | 132,737.77 | 22244 | 2/27/2013 | ||||||||||||||||||||||||||||||||||||
Davis Schueller |
0.00 | 0.00 | 0.00 | 183,996.72 | 22279 | 3/22/2013 | ||||||||||||||||||||||||||||||||||||
0.00 | 0.00 | 0.00 | ||||||||||||||||||||||||||||||||||||||||
0.00 | 0.00 | 0.00 | ||||||||||||||||||||||||||||||||||||||||
0.00 | 0.00 | 0.00 | ||||||||||||||||||||||||||||||||||||||||
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|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||
Pre-Tax Subtotal |
500,944.63 | 166.98 | 558,967.78 | 186.32 | 558,967.78 | 186.32 | ||||||||||||||||||||||||||||||||||||
|
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|
|
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|
|
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|
|
|||||||||||||||||||||||||||||||
WSST |
9.50% | 47,589.74 | 15.86 | 53,101.94 | 17.70 | 53,101.94 | 17.70 | |||||||||||||||||||||||||||||||||||
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|
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|
|
|
||||||||||||||||||||||||||||||
Subtotals |
548,534.37 | 182.84 | 612,069.72 | 204.02 | 612,069.72 | 204.02 | 316,734.49 | |||||||||||||||||||||||||||||||||||
Signage and
|
Budget | $/SF | Forecast | $/SF | Contract | $/SF |
Invoice |
Inv # | Inv Date |
PO
No. |
Description |
Aprv |
Notes |
|||||||||||||||||||||||||||||
Directory |
20,000.00 | 6.67 | 10,000.00 | 3.33 | 0.00 | |||||||||||||||||||||||||||||||||||||
Food Court Signage |
2,000.00 | 0.67 | 0.00 | 0.00 | 0.00 | |||||||||||||||||||||||||||||||||||||
Temp Signage during const |
500.00 | 0.17 | 0.00 | 0.00 | 0.00 | |||||||||||||||||||||||||||||||||||||
0.00 | 0.00 | 0.00 | ||||||||||||||||||||||||||||||||||||||||
American Reprographics |
0.00 | 164.70 | 0.05 | 164.70 | 0.05 | 180.35 | 20-492092 | 8/30/2012 | Structural plans to digital | |||||||||||||||||||||||||||||||||
MacDonald Miller |
0.00 | 3,060.83 | 1.02 | 3,060.83 | 1.02 | 3,351.61 | SVC038737 | 2/21/2013 | Filter replacements due to demo dust | |||||||||||||||||||||||||||||||||
0.00 | 0.00 | 0.00 | ||||||||||||||||||||||||||||||||||||||||
0.00 | 0.00 | 0.00 | ||||||||||||||||||||||||||||||||||||||||
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|
|
|||||||||||||||||||||||||||||||
Pre-Tax Subtotal |
22,500.00 | 7.50 | 13,225.53 | 4.41 | 3,225.53 | 1.08 | ||||||||||||||||||||||||||||||||||||
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|
|||||||||||||||||||||||||||||||
WSST |
9.50% | 2,137.50 | 0.71 | 1,256.43 | 0.42 | 306.43 | 0.10 | |||||||||||||||||||||||||||||||||||
|
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|
|
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|
|
|
|
|
|
|
||||||||||||||||||||||||||||||
Subtotals |
24,637.50 | 8.21 | 14,481.96 | 4.83 | 3,531.96 | 1.18 | 3,531.96 | |||||||||||||||||||||||||||||||||||
Haz/Mat and
|
Budget | $/SF | Forecast | $/SF | Contract | $/SF |
Invoice |
Inv # | Inv Date |
PO
No. |
Description |
Aprv |
Notes |
|||||||||||||||||||||||||||||
TBD-survey and tests |
2,000.00 | 0.67 | 762.50 | 025 | 0.00 | |||||||||||||||||||||||||||||||||||||
PBS Environmental |
0.00 | 0.00 | 762.50 | 0.25 | ACM testing | |||||||||||||||||||||||||||||||||||||
PBS Environmental |
0.00 | 0.00 | 0.00 | 762.50 | 40976.014 | 5/1/2013 | Phase 1 Asbestos Survey | |||||||||||||||||||||||||||||||||||
0.00 | 0.00 | 0.00 | ||||||||||||||||||||||||||||||||||||||||
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|
|
|
|||||||||||||||||||||||||||||||
Pre-Tax Subtotal |
2,000.00 | 0.67 | 76250 | 025 | 762.50 | 0.25 | ||||||||||||||||||||||||||||||||||||
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|||||||||||||||||||||||||||||||
WSST |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | ||||||||||||||||||||||||||||||||||||
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|
||||||||||||||||||||||||||||||
Subtotals |
2,000.00 | 0.67 | 762.50 | 0.25 | 76250 | 0.25 | 762.50 | |||||||||||||||||||||||||||||||||||
Furniture,
|
Budget | $/SF | Forecast | $/SF | Contract | $/SF |
Invoice |
Inv # | Inv Date |
PO
No. |
Description |
Aprv |
Notes |
|||||||||||||||||||||||||||||
See Fum Choices tab |
53,130.00 | 17.71 | 64,693.65 | 21.56 | 0.00 | |||||||||||||||||||||||||||||||||||||
Legacy Group |
0.00 | 0.00 | 64,693.65 | 21.56 | 894.00 | 8062 | 4/10/2013 | deposit for ottoman fabric | Total $1,632.95 + tax | |||||||||||||||||||||||||||||||||
Legacy Group |
0.00 | 0.00 | 0.00 | 34,526.00 | 7943 | 4/17/2013 | Deposit for lobby furniture | |||||||||||||||||||||||||||||||||||
Legacy Group |
0.00 | 0.00 | 0.00 | 8,454.05 | 7785 | 5/16/2013 | balance of Hightower order | |||||||||||||||||||||||||||||||||||
0.00 | 0.00 | 0.00 | ||||||||||||||||||||||||||||||||||||||||
0.00 | 0.00 | 0.00 | ||||||||||||||||||||||||||||||||||||||||
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|
|
|||||||||||||||||||||||||||||||
Pre-Tax Subtotal |
53,130.00 | 17.71 | 64,693.65 | 21.56 | 64,693.65 | 21.56 | ||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||
WSST |
9.50% | 5,047.35 | 1.68 | 6,145.90 | 2.05 | 6,145.90 | 2.05 | |||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||
Subtotals |
58,177.35 | 19.39 | 70,839.55 | 23.61 | 70,839.55 | 23.61 | 43,874.05 |
Page 3 of 5 |
Lobby Renovation |
MetPark North |
Details |
Location |
1st Floor | Parent Permit | 6323974, 6335585, 6346901 | |||||||||||
Report Date |
6/8/2013 | Child Permit | NA | |||||||||||
Approx RSF |
3,000 | Start Date | 1/18/2013 | |||||||||||
Plan Date |
11/5/2012 | Weaver Design | Subst. Compl Date | 6/15/2013 Phase 2 (west) | ||||||||||
Closed Date | TBD |
Technology |
Budget | $/SF | Forecast | $/SF | Contract | $/SF |
Invoice |
Inv # | Inv Date |
PO
No. |
Description |
Aprv |
Notes |
|||||||||||||||||||||||||||||||||
See Technology Tab |
6,700.00 | 2.23 | 6,700.00 | 2.23 | 0.00 | |||||||||||||||||||||||||||||||||||||||||
0.00 | 0.00 | 0.00 | ||||||||||||||||||||||||||||||||||||||||||||
0.00 | 0.00 | 0.00 | ||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||
Pre-Tax Subtotal |
6,700.00 | 2.23 | 6,700.00 | 2.23 | 0.00 | 0.00 | ||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||
WSST |
9.50 | % | 636.50 | 0.21 | 636.50 | 0.21 | 0.00 | 0.00 | ||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||
Subtotals |
7,336.50 | 2.45 | 7,336.50 | 2.45 | 0.00 | 0.00 | 0.00 | |||||||||||||||||||||||||||||||||||||||
Contingency |
Budget | $/SF | Forecast | $/SF | Contract | $/SF |
Invoice |
Inv # | Inv Date |
PO
No. |
Description |
Aprv |
Notes |
|||||||||||||||||||||||||||||||||
Contingency |
60,000.00 | 20.00 | 5,000.00 | 1.67 | 0.00 | 0.00 | ||||||||||||||||||||||||||||||||||||||||
0.00 | 0.00 | 0.00 | ||||||||||||||||||||||||||||||||||||||||||||
0.00 | 0.00 | 0.00 | ||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||
Pre-Tax Subtotal |
60,000.00 | 20.00 | 5,000.00 | 1.67 | 0.00 | 0.00 | ||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||
WSST |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | ||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||
Subtotals |
60,000.00 | 20.00 | 5,000.00 | 1.67 | 0.00 | 0.00 | 0.00 | |||||||||||||||||||||||||||||||||||||||
Project Management |
Budget | $/SF | Forecast | $/SF | Contract | $/SF |
Invoice |
Inv # | Inv Date |
PO
No. |
Description |
Aprv |
Notes |
|||||||||||||||||||||||||||||||||
Bloom Projects, LLC |
35,349.04 | 11.78 | 38,018.14 | 12.67 | 36,766.31 | 12.26 | 20,517.23 | |||||||||||||||||||||||||||||||||||||||
Bloom Projects, LLC |
0.00 | 0.00 | 0.00 | 1,219.19 | 698 | 9/16/2012 | ||||||||||||||||||||||||||||||||||||||||
Bloom Projects, LLC |
0.00 | 0.00 | 0.00 | 149.83 | 711 | 10/7/2012 | Includes Am Repro reimbursable expenses | |||||||||||||||||||||||||||||||||||||||
Bloom Projects, LLC |
0.00 | 0.00 | 0.00 | 632.29 | 732 | 12/2/2012 | ||||||||||||||||||||||||||||||||||||||||
Bloom Projects, LLC |
0.00 | 0.00 | 0.00 | 16,116.52 | 793 | 3/24/2013 | ||||||||||||||||||||||||||||||||||||||||
0.00 | 0.00 | 0.00 | ||||||||||||||||||||||||||||||||||||||||||||
0.00 | 0.00 | 0.00 | ||||||||||||||||||||||||||||||||||||||||||||
0.00 | 0.00 | 0.00 | ||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||
Pre-Tax Subtotal |
35,349.04 | 11.78 | 38,018.14 | 12.67 | 36,766.31 | 12.26 | ||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||
WSST |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | ||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||
Subtotals |
35,349.04 | 11.78 | 38,018.14 | 12.67 | 36,766.31 | 1226 | 18,117.82 | |||||||||||||||||||||||||||||||||||||||
Total Cost of the Work |
790,509.76 | 263.50 | 798,380.86 | 266.13 | 772,092.53 | 257.36 | 428,462.37 |
Page 4 of 5 |
Met Park North Lobby
Furniture Choices
4/16/2013
Item |
Manufacturer |
Details |
Qty | Price | Total | |||||||||||
North Lobby U Sectional Sofa - large |
Jeffrey Braun | Corner loveseat, Armless loveseat (2), Armless chair, Ottomans (3) | 1 | 8,534.00 | 8,534.00 | |||||||||||
South Lobby L Sectional Sofa |
Jeffrey Braun | Corner loveseat, Loveseat, Ottomans (2) | 1 | 5,067.00 | 5,067.00 | |||||||||||
Sofa Fabric |
Knoll | Venue KT Color: Riverbank K15587 58 wide | 57 | 29.41 | 1,676.37 | |||||||||||
Freight | Knoll | 1 | 92.75 | 92.75 | ||||||||||||
Ottoman Fabric |
Knoll | Rivington color: Saphire K10802 | 15 | 103.53 | 1,552.95 | |||||||||||
Freight | Knoll | 1 | 80.00 | 80.00 | ||||||||||||
North Lobby Coffee Table |
Jeffrey Braun | Custom 60x60 Table Top - sandblasted stainless steel w/ clear powdercoat | 1 | 7,333.33 | 7,333.33 | |||||||||||
Freight | Jeffrey Braun | 1 | 2,366.67 | 2,366.67 | ||||||||||||
South Lobby Coffee Tables |
Hightower | Insula EJ 1910 Large Powder Coated Steel (Black) | 1 | 1,500.00 | 1,500.00 | |||||||||||
South Lobby Coffee Tables |
Hightower | Insula EJ 1900 Small Powder Coated Steel (Black) | 2 | 1,196.67 | 2,393.34 | |||||||||||
Lounge Chairs |
Hightower | Happy Highback Lounge Chair - Knoll Noble K1556-4 Bermuda fabric | 2 | 2,262.67 | 4,525.34 | |||||||||||
Lounge Chairs |
Hightower | Happy Highback Lounge Chair - Knoll Hourglass K1523/20 Almond fabric | 2 | 2,140.67 | 4,281.34 | |||||||||||
Freight | Hightower | 1 | 1,508.24 | 1,508.24 | ||||||||||||
Connectivity Tables |
Andreu World | Closed Table ME-3581 27.5 x 71 Finish 370 on Ash wood | 4 | 2,462.67 | 9,850.68 | |||||||||||
Connectivity Barstools |
Andreu World | Moody BQ 1261 barstool | 16 | 643.33 | 10,293.28 | |||||||||||
Barstool fabric |
cfstinson | Avant vinyl - Space Blue - av105 | 6 | 26.41 | 158.46 | |||||||||||
Freight | cfstinson | 1 | 20.00 | 20.00 | ||||||||||||
Freight | Andreu World | 1 | 1,875.90 | 1,875.90 | ||||||||||||
Delivery & Installation | Legacy | 1 | 1,296.00 | 1,296.00 | ||||||||||||
Design | Legacy | 1 | 288.00 | 288.00 | ||||||||||||
|
|
|||||||||||||||
Total Lobby Furniture |
64,693.65 | |||||||||||||||
Tax added in budget |
Food Court |
MetPark North |
Summary |
Location | 1st Floor | Start Date | 10/30/2013 | |||
Report Date | 6/8/2013 | Subst. Compl Date | TBD | |||
Approx RSF | 1,800 | Closed Date | TBD | |||
Plan Date | 9/28/2012 |
[ILLEGIBLE] | ||||||||||||||||||||||||||||||||
Architect / Engineering |
5,000.00 | 2.78 | 7,000.00 | 3.89 | 7,000.00 | 3.89 | 1,673.75 | 5,326.25 | ||||||||||||||||||||||||
Construction |
58,217.90 | 32.34 | 79,940.37 | 44.41 | 78,877.16 | 43.82 | 59,161.79 | 19,715.37 | ||||||||||||||||||||||||
Signage |
547.50 | 0.30 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | ||||||||||||||||||||||||
Furniture, Fixtures & Equipment |
3,832.50 | 1.94 | 32,356.32 | 17.98 | 32,356.32 | 17.98 | 23,259.44 | 9,096.88 | ||||||||||||||||||||||||
Contingency |
10,000.00 | 5.56 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | ||||||||||||||||||||||||
Project Management |
3,879.89 | 2.16 | 5,964.83 | 3.31 | 5,911.67 | 3.28 | 3,117.61 | 2,794.06 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total Cost of Work |
81,477.79 | 45.08 | 125,261.53 | 69.59 | 124,145.15 | 68.97 | 87,212.59 | 36,932.56 |
Page 1 of 4 |
Food Court |
MetPark North |
Details |
Location | 1st Floor | Parent Permit: | NA | |||
Report Date | 6/8/2013 | Child Permit: | NA | |||
Approx RSF | 1.800 | Start Date | 10/30/2013 | |||
Plan Date | 9/28/2012 | Subst. Compl Date | TBD | |||
Closed Date | TBD |
Architect / Engineering |
Budget | $/SF | Forecast | $/SF | Contract | $/SF | Invoice | Inv # | Inv Date | PO No. | Description | Aprv | Notes | |||||||||||||||||||||||||||||||||||
Weaver Architects #1206306 |
5,000.00 | 2.78 | 5,000.00 | 2.78 | 5,000.00 | 2.78 | ||||||||||||||||||||||||||||||||||||||||||
SD/DD |
0.00 | 0.00 | 0.00 | |||||||||||||||||||||||||||||||||||||||||||||
Coffee Bar Study |
0.00 | 1,750.00 | 0.97 | 1,750.00 | 0.97 | Proposal 1/16/13 | ||||||||||||||||||||||||||||||||||||||||||
Reimbursable Expenses |
0.00 | 250.00 | 0.14 | 250.00 | 0.14 | |||||||||||||||||||||||||||||||||||||||||||
0.00 | 0.00 | 0.00 | ||||||||||||||||||||||||||||||||||||||||||||||
Weaver Architects |
0.00 | 0.00 | 0.00 | 585.00 | 1206302-01 | 7/31/2012 | ||||||||||||||||||||||||||||||||||||||||||
Weaver Architects |
0.00 | 0.00 | 0.00 | 1,088.75 | 1206302-02 | 8/31/2012 | ||||||||||||||||||||||||||||||||||||||||||
0.00 | 0.00 | 0.00 | ||||||||||||||||||||||||||||||||||||||||||||||
0.00 | 0.00 | 0.00 | ||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||
Pre-Tax Subtotal |
5,000.00 | 2.78 | 7,000.00 | 3.89 | 7,000.00 | 3.89 | ||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||
WSST |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | ||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||
Subtotals |
5,000.00 | 2.78 | 7,000.00 | 3.89 | 7,000.00 | 3.89 | 1,673.75 | |||||||||||||||||||||||||||||||||||||||||
Construction |
Budget | $/SF | Forecast | $/SF | Contract | $/SF | Invoice | Inv # | Inv Date | PO No. | Description | Aprv | Notes | |||||||||||||||||||||||||||||||||||
Davis Schueller |
53,167.03 | 29.54 | 54,000.00 | 30.00 | 53,167.03 | 29.54 | ||||||||||||||||||||||||||||||||||||||||||
Change Order Log |
0.00 | 1,000.00 | 0.56 | 862.00 | 0.48 | |||||||||||||||||||||||||||||||||||||||||||
Scope Additions: |
0.00 | 0.00 | 0.00 | |||||||||||||||||||||||||||||||||||||||||||||
Drum lights, recycling |
0.00 | 15,004.91 | 8.34 | 15,004.91 | 8.34 | 3/26/13 proposal | ||||||||||||||||||||||||||||||||||||||||||
Demo bar counters, repair floor |
0.00 | 3,000.00 | 1.67 | 3,000.00 | 1.67 | Allowance | ||||||||||||||||||||||||||||||||||||||||||
0.00 | 0.00 | 0.00 | ||||||||||||||||||||||||||||||||||||||||||||||
Davis Schueller |
0.00 | 0.00 | 0.00 | 59,161.79 | 22212 | 2/15/2013 | ||||||||||||||||||||||||||||||||||||||||||
0.00 | 0.00 | 0.00 | ||||||||||||||||||||||||||||||||||||||||||||||
0.00 | 0.00 | 0.00 | ||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||
Pre-Tax Subtotal |
53,167.03 | 29.54 | 73,004.91 | 40.56 | 72,033.94 | 40.02 | ||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||
WSST |
9.50 | % | 5,050.87 | 2.81 | 6,935.47 | 3.85 | 6,843.22 | 3.80 | ||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||
Subtotals |
58,217.90 | 32.34 | 79,940.37 | 44.41 | 78,877.16 | 43.82 | 59,161.79 | |||||||||||||||||||||||||||||||||||||||||
Signage |
Budget | $/SF | Forecast | $/SF | Contract | $/SF | Invoice | Inv # | Inv Date | PO No. | Description | Aprv | Notes | |||||||||||||||||||||||||||||||||||
Signage Allowance |
500.00 | 0.28 | 0.00 | 0.00 | 0.00 | |||||||||||||||||||||||||||||||||||||||||||
0.00 | 0.00 | 0.00 | ||||||||||||||||||||||||||||||||||||||||||||||
0.00 | 0.00 | 0.00 | ||||||||||||||||||||||||||||||||||||||||||||||
0.00 | 0.00 | 0.00 | ||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||
Pre-Tax Subtotal |
500.00 | 0.28 | 0.00 | 0.00 | 0.00 | 0.00 | ||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||
WSST |
9.50 | % | 47.50 | 0.03 | 0.00 | 0.00 | 0.00 | 0.00 | ||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||
Subtotals |
547.50 | 0.30 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Page 2 of 4 |
Food Court |
MetPark North |
Details |
Location | 1st Floor | Parent Permit: | NA | |||
Report Date | 6/8/2013 | Child Permit | NA | |||
Approx RSF | 1,800 | Start Date | 10/30/2013 | |||
Plan Date | 9/28/2012 | Subst. Compl Date | TBD | |||
Closed Date | TBD |
Furniture, Fixtures & Equipment |
Budget | $/SF | Forecast | $/SF | Contract | $/SF | Invoice | Inv # | Inv Date | PO No. |
Description |
Aprv | Notes | |||||||||||||||||||||||||||||||||||||
Seating Allowance |
3,500.00 | 1.94 | 0.00 | 0.00 | ||||||||||||||||||||||||||||||||||||||||||||||
Kasala Chairs |
0.00 | 1,603.80 | 0.89 | 1,603.80 | 0.89 |
6 leather chairs |
NG | |||||||||||||||||||||||||||||||||||||||||||
CB2 Furniture |
0.00 | 1,385.00 | 0.77 | 1,385.00 | 0.77 |
3 chairs, 2 coffee tbls |
NG | |||||||||||||||||||||||||||||||||||||||||||
CB2 |
0.00 | 0.00 | 0.00 | 1,516.58 |
Paid by M. Grainger |
|||||||||||||||||||||||||||||||||||||||||||||
0.00 | 0.00 | 0.00 | ||||||||||||||||||||||||||||||||||||||||||||||||
See Food Ct Furn tab |
0.00 | 26,560.35 | 14.76 | 26,560.35 | 14.76 | |||||||||||||||||||||||||||||||||||||||||||||
Legacy Group |
0.00 | 0.00 | 0.00 | 14,542.00 | 8064 | 4/17/2013 |
Deposit for Food Court furniture |
|||||||||||||||||||||||||||||||||||||||||||
Legacy Group |
0.00 | 0.00 | 0.00 | 7,200.86 | 7810 | 5/23/2013 |
[Balance of Emeco order (chairs) |
|||||||||||||||||||||||||||||||||||||||||||
0.00 | 0.00 | 0.00 | ||||||||||||||||||||||||||||||||||||||||||||||||
0.00 | 0.00 | 0.00 | ||||||||||||||||||||||||||||||||||||||||||||||||
0.00 | 0.00 | 0.00 | ||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||||
Pre-Tax Subtotal |
3,500.00 | 1.94 | 29,549.15 | 16.42 | 29,549.15 | 16.42 | ||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||||
WSST |
9.50 | % | 332.50 | 0.00 | 2,807.17 | 1.56 | 2,807.17 | 1.56 | ||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||
Subtotals |
3,832.50 | 1.94 | 32,356.32 | 17.98 | 32,356.32 | 17.98 | 23,259.44 | |||||||||||||||||||||||||||||||||||||||||||
Contingency |
Budget | $/SF | Forecast | $/SF | Contract | $/SF | Invoice | Inv # | Inv Date | PO No. |
Description |
Aprv | Notes | |||||||||||||||||||||||||||||||||||||
Contingency |
10,000.00 | 5.56 | 0.00 | 0.00 | 0.00 | |||||||||||||||||||||||||||||||||||||||||||||
0.00 | 0.00 | 0.00 | ||||||||||||||||||||||||||||||||||||||||||||||||
0.00 | 0.00 | 0.00 | ||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||||
Pre-Tax Subtotal |
10,000.00 | 5.56 | 0.00 | 0.00 | 0.00 | 0.00 | ||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||||
WSST |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | ||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||
Subtotals |
10,000.00 | 5.56 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |||||||||||||||||||||||||||||||||||||||||||
Project Management |
Budget | $/SF | Forecast | $/SF | Contract | $/SF | Invoice | Inv # | Inv Date | PO No. |
Description |
Aprv | Notes | |||||||||||||||||||||||||||||||||||||
Bloom Projects, LLC |
3,879.89 | 2.16 | 5,964.83 | 3.31 | 5,911.67 | 328 | 4,204.75 | |||||||||||||||||||||||||||||||||||||||||||
Bloom Projects, LLC |
0.00 | 0.00 | 0.00 | 3,117.61 | 785 | 3/10/2013 | ||||||||||||||||||||||||||||||||||||||||||||
0.00 | 0.00 | 0.00 | ||||||||||||||||||||||||||||||||||||||||||||||||
0.00 | 0.00 | 0.00 | ||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||||
Pre-Tax Subtotal |
3,879.89 | 2.16 | 5,964.83 | 3.31 | 5,911.67 | 328 | ||||||||||||||||||||||||||||||||||||||||||||
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|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||||
WSST |
0.00 | 0.00 | 0.00 | 0.00 | ||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||
Subtotals |
3,879.89 | 2.16 | 5,964.83 | 3.31 | 5,911.67 | 328 | 3,117.61 | |||||||||||||||||||||||||||||||||||||||||||
Total Cost of the Work |
81,477.79 | 45.08 | 125,261.53 | 69.59 | 124,145.15 | 68.97 | 87,212.59 |
Page 3 of 4 |
Met Park North Food Court
Furniture Options
4/3/2013
Item |
Manufacturer |
Details |
Qty | Price | Total | |||||||||
Café Chairs |
Emeco |
Navy 1111N - Red |
26 | 180.00 | 4,680.00 | |||||||||
Café Tables |
Mayline |
Bistro Base & Custom Top - 30×30 |
5 | 325.00 | 1,625.00 | |||||||||
Mobile Banquet Seating |
Kimball |
Villa Lounge 2 seat w/o arm K602 |
3 | 1,235.00 | 3,705.00 | |||||||||
Banquet Tables |
Mayline |
Bistro Base & Custom Top - 30×60 |
3 | 500.00 | 1,500.00 | |||||||||
Bar Tables |
Andreu World |
Closed Table ME-3581 27.5 × 71 Finish 370 on Ash wood |
2 | 2,462.67 | 4,925.34 | |||||||||
Freight |
Andreu World | 1 | 487.94 | 487.94 | ||||||||||
Bar Stools |
Emeco |
Navy Bar 1006-30 - Brushed Aluminum |
12 | 486.00 | 5,832.00 | |||||||||
Freight |
Emeco | 1 | 1,591.07 | 1,591.07 | ||||||||||
Delivery & Installation |
Legacy | 1 | 2,142.00 | 2,142.00 | ||||||||||
Design |
Legacy | 1 | 72.00 | 72.00 | ||||||||||
|
|
|||||||||||||
Total Food Court Furniture |
26,560.35 | |||||||||||||
Tax added in budget |
||||||||||||||
|
|
Schedule 8.7
Buyer Audit Information
Property: | ||
EY Audit Requests | ||
Audit Period: | 12/31/2012 | |
Initial Request Date: |
Title |
Ref |
Description of Request |
||
GENERAL | ||||
A1 | General Ledger detail report showing all journal entry activity for the year (Excel format if available) | |||
A2 | Comparative trial balance comparing 12/31/2012 to 12/31/2011 (Excel format if available) | |||
A2.1 | Comparative trial balance comparing 3/31/2012 to 3/31/2013 (Excel format if available) | |||
A3 | Detail of checks / wire transfers from 1/1/2013 through the end of fieldwork. (Excel format if available) | |||
A4 | Organization/Structure chart for legal entities | |||
A5 | LLC/Partnership agreements for all legal entities listed in the organization/structure chart in item A4 above | |||
A6 | Provide a listing of any related parties. | |||
A7 | Is management aware of any material litigation, claims or assessments at December 31, 2012, or which arose subsequently related to pre-December 31, 2012? | |||
A8 | Provide process narratives regarding the following: | |||
A9 |
Cash receipts/revenues/AR |
|||
A10 |
Cash disbursements/expenses/AP |
|||
REVENUES | ||||
Rental Revenues |
||||
B1 | Listing of Lease Agreements and Amendments for the property | |||
B2 | Signed and final copies of Lease Agreements or Amendments | |||
B3 | Straight-line (SL) rent calculation schedules for all leases | |||
B4 | Listing of 5-year minimum rental payments for disclosure purposes | |||
Tenant Reimbursements |
||||
C1 | CAM reconciliations for current fiscal year |
Schedule 8.7
EXPENSES | ||||
R&M |
D1 | Provide detail by GL account. Selections to be made by EY. | ||
D2 | Provide invoices, service contracts, and evidence of payment (check copy or other) for significant repairs and maintenance expenses | |||
Utilities |
E1 | Provide detail by GL account. Selections to be made by EY. | ||
E2 | Provide invoices, service contract, and evidence of payment (check copy or other) for significant utilities expenses | |||
Insurance |
F1 | Provide invoices, service contract, and evidence of payment (check copy or other) for 2012 insurance premiums | ||
Real Estate Tax |
G1 | Provide invoices, service contract, and evidence of payment (check copy or other) for 2012 real estate taxes | ||
G&A |
H1 | Provide detail by GL account. Selections to be made by EY. | ||
H2 | Provide invoices, service contract, and evidence of payment (check copy or other) for significant G&A expenses | |||
Professional Fees |
I1 | Provide detail by GL account. Selections to be made by EY. | ||
I2 | Provide invoices, property management contract, and evidence of payment (check copy or other) for property management fees | |||
Cutoff testing |
J1 | Selections below | ||
Selection # |
Check # | Vendor |
Schedule 8.7
Exhibit 99.1
Hudson Pacific Properties Announces Agreement to Acquire Office Portfolio in Seattle
Transaction Expands Hudsons Office Portfolio to a Vibrant New Market For the Company; Also Announces Acquisition of 3401 Exposition in Santa Monica and Disposition of the City Plaza Property in Orange County
Los Angeles, CA, July 1, 2013 Hudson Pacific Properties, Inc. (the Company) (NYSE: HPP) today announced it has entered into a purchase agreement to acquire a four-building, 836,419 square-foot office portfolio in Seattle, Washington. The acquisition is subject to customary closing conditions. In separate transactions, the Company also announced today the acquisition of 3401 Exposition Boulevard in Santa Monica and the disposition of its City Plaza property in Orange County.
Seattle Portfolio Acquisition
The Company has agreed to purchase the Seattle office portfolio from Spear Street Capital for approximately $367.5 million (net of certain credits and before closing costs and prorations). The purchase price is expected to be paid from a combination of cash-on-hand, asset-level indebtedness and the Companys corporate credit facility. The Company expects to close the transaction by the end of July 2013. The assets in the portfolio consist of the following:
|
505 First Street & 83 King (First & King): Situated along the waterfront in Pioneer Square and adjacent to the Alaskan Way Viaduct redevelopment project, the two-building, 472,881 square-foot project combines a historic, brick and timber building with a newly constructed creative office building. Originally renovated and developed by Starbucks Coffee Company, the project is 90% leased to such tenants as Capital One/ING Direct, EMC Corporation and Nuance Communications. The assets waterfront location affords views of Elliott Bay, Olympic Mountain Range and Downtown Seattle and access to the burgeoning amenities of Pioneer Square, CenturyLink Field and Safeco Field. |
|
Met Park North: Located in South Lake Union, one of the most competitive submarkets in Downtown Seattle, the property contains 189,762 square feet and is approximately 99% leased, with 74% of the building to be occupied by Amazon.com, Inc. under a lease expected to commence November 2013 through October 2023. |
|
Northview Center: Situated in the Edmonds/Lynnwood submarket of Seattles Northend, the property contains 173,776 square feet and is 89% leased to such tenants as ADP and FEMA. The property has an in-place average remaining lease term of 4.7 years with no significant rollover until 2016. |
We are very pleased to announce Hudson Pacific Properties entry into the Pacific Northwest with these compelling assets, said Victor J. Coleman, Chairman and Chief Executive Officer of Hudson Pacific Properties, Inc. Seattle has long been a target market for us. We believe the regions underlying economic fundamentals are among the best in the nation and rival those of San Francisco and West Los Angeles, two of our other core markets. The purchase of
this sizable portfolio also provides us immediate critical mass in the region, with a beachhead in some of the most vibrant submarkets in Downtown Seattle. Importantly, we expect the strong occupancy and high quality tenancy to offer stable cash-flow over the near-term and will be immediately accretive for Hudson.
The Eastdil Secured group of Wells Fargo Securities, LLC advised the seller, Spear Street Capital, on this transaction.
3401 Exposition Boulevard Acquisition
In a separate transaction completed on May 22, 2013, the Company acquired 3401 Exposition Boulevard in Santa Monica, California for $24.7 million from Watt Investment Partners. Situated at the corner of Exposition Boulevard and Centinela Avenue in the heart of the Olympic Media Corridor, 3401 Exposition is expected to consist of up to approximately 65,000 square feet of state-of-the-art creative office space upon completion of a full base-building renovation and redevelopment scheduled to be completed by the fourth quarter of this year. With exposed brick and timber, operable windows, skylights, a roof deck and boasting easy access to the 10 Freeway and the new Expo Light Rail Line currently under construction along Exposition Boulevard, the remodeled 3401 Exposition is expected to be ideal for users seeking creative office space in the competitive Santa Monica submarket. As part of the acquisition, the Company assumed a loan with an outstanding principal balance of approximately $13.2 million.
City Plaza Disposition
Finally, the Company has entered into an agreement to sell its City Plaza property for approximately $56.0 million (before certain credits, prorations, and closing costs). The transaction is expected to close on or before mid-July. Proceeds from the disposition are expected to be used toward the acquisition of the Seattle portfolio pursuant to a like-kind exchange under Internal Revenue Code Section 1031. City Plaza is a nineteen-story, 333,922 rentable square-foot Class-A office building located in Orange, California, that was acquired by the Companys predecessor in August of 2008 and contributed to the Company in connection with its June 29, 2010 initial public offering.
About Hudson Pacific Properties
Hudson Pacific Properties, Inc. is a full-service, vertically integrated real estate company focused on owning, operating and acquiring high-quality office properties and state-of-the-art media and entertainment properties in select growth markets primarily in Northern and Southern California. The Companys strategic investment program targets high barrier-to-entry, in-fill locations with favorable, long-term supply-demand characteristics in select target markets, including Los Angeles, Orange County, San Diego and San Francisco. The Companys portfolio currently consists of approximately 5.5 million square feet, not including undeveloped land that the Company believes can support an additional 2.0 million square feet. The Company has elected to be taxed as a real estate investment trust, or REIT, for federal income tax purposes. Hudson Pacific Properties is a component of the Russell 2000 ® and the Russell 3000 ® indices. For additional information, please visit www.hudsonpacificproperties.com .
Forward-Looking Statements
This press release may contain forward-looking statements within the meaning of the federal securities laws. Forward-looking statements relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts. In some cases, you can identify forward-looking statements by the use of forward-looking terminology such as may, will, should, expects, intends, plans, anticipates, believes, estimates, predicts, or potential or the negative of these words and phrases or similar words or phrases that are predictions of or indicate future events or trends and that do not relate solely to historical matters. Forward-looking statements involve known and unknown risks, uncertainties, assumptions and contingencies, many of which are beyond the Companys control, that may cause actual results to differ significantly from those expressed in any forward-looking statement. All forward-looking statements reflect the Companys good faith beliefs, assumptions and expectations, but they are not guarantees of future performance. Furthermore, the Company disclaims any obligation to publicly update or revise any forward-looking statement to reflect changes in underlying assumptions or factors, of new information, data or methods, future events or other changes. For a further discussion of these and other factors that could cause the Companys future results to differ materially from any forward-looking statements, see the section entitled Risk Factors in the Companys Annual Report on Form 10-K for the year ended December 31, 2012 filed with the Securities and Exchange Commission on March 14, 2013, and other risks described in documents subsequently filed by the Company from time to time with the Securities and Exchange Commission.
Investor Contact:
Hudson Pacific Properties, Inc.
Mark Lammas
Chief Financial Officer
(310) 445-5700
or
Investor / Media Contact:
Addo Communications, Inc.
Lasse Glassen
(310) 829-5400
lasseg@addocommunications.com