Company: CIO
Filing Date: 2025-07-24
Form Type: 8-K
Source: 0001193125-25-163765
Chunk: 3

Company: City Office REIT, Inc.
Filing Date: 2025-07-24
Form: 8-K
Item: Item 1.01
Chunk 3
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 Seller waived their unilateral termination rights pursuant to the Phoenix Sale Agreement, thus making the Phoenix Sale Agreement a binding contractual obligation on the Buyer and the Seller.

The Phoenix Sale Agreement contains customary representations, warranties, and covenants by the Seller and the Buyer and customary closing conditions in favor of the Seller and the Buyer. The Buyer has made an aggregate earnest money deposit of $20,000,000.00 under the Phoenix Sale Agreement, which is non-refundableexcept in the event of a default by the Seller, the failure of a closing condition in favor of the Buyer, or a material casualty or condemnation of a property.

The Phoenix Portfolio Sale Transaction is scheduled to close on August 14, 2025, provided, that the closing of the sale of the Block 23 Asset may be delayed for up to three hundred sixty-five days, and the closing of the sale of the Pima Center Asset may be delayed for up to two hundred ten days, in the event certain required third-party approvals in connection with the assignment and assumption of the existing ground leases for such assets are not obtained by the originally scheduled closing date. The Phoenix Portfolio Sale Transaction is subject to various closing conditions and is not contingent upon the Merger closing. The Company expects to use the net proceeds received from the Phoenix Portfolio Sale Transaction to repay property level and corporate indebtedness and for general corporate purposes.

The foregoing description of the Merger Agreement, the Phoenix Sale Agreement, and the First Amendment and the transactions contemplated thereby does not purport to be complete and is subject to, and qualified in its entirety by, the full text of the Merger Agreement, the Phoenix Sale Agreement and the First Amendment, attached as Exhibit 2.1, 10.1 and 10.2 to this Current Report on Form8-K, respectively, each of which are incorporated herein by this reference.

The Merger Agreement and the Phoenix Sale Agreement have been included as exhibits to this filing to provide investors with information regarding their terms. They are not intended to provide any other factual information about the Company. In particular, the representations and warranties contained in the Merger Agreement and the Phoenix Sale Agreement were made only for the purposes of the Merger Agreement and the Phoenix Sale Agreement as of the specific dates therein and were solely for the benefit of the parties to the Merger Agreement and the Phoenix Sale Agreement, respectively. The representations and warranties contained in the Merger Agreement and the Phoenix Sale Agreement may be subject to limitations agreed upon by the parties to the Merger Agreement and the Phoenix Sale Agreement,