Exhibit 10.3
CONTRACT OF SALE
Between
ARC NY1440BWY1, LLC, as Seller
and
CIM GROUP ACQUISITIONS, LLC, as Purchaser
DATED: November 1, 2017
PROPERTY:
1440 Broadway, New York, New York
TABLE OF CONTENTS
Page
SECTION 1. SALE OF PROPERTY AND ACCEPTABLE TITLE
1
SECTION 2. PURCHASE PRICE, ACCEPTABLE FUNDS AND ESCROW OF DOWNPAYMENT
2
SECTION 3. THE CLOSING
3
SECTION 4. REPRESENTATIONS AND WARRANTIES
3
SECTION 5. RIGHT OF INSPECTION
12
SECTION 6. SELLER'S OBLIGATIONS AS TO LEASES
12
SECTION 7. RESPONSIBILITY FOR VIOLATIONS
14
SECTION 8. FIRE DAMAGE OR CONDEMNATION
14
SECTION 9. COVENANTS OF SELLER
15
SECTION 10. SELLER'S CLOSING OBLIGATIONS
17
SECTION 11. PURCHASER'S CLOSING OBLIGATIONS
19
SECTION 12. CLOSING COSTS
20
SECTION 13. APPORTIONMENTS AT CLOSING
20
SECTION 14. OBJECTIONS TO TITLE, FAILURE OF SELLER OR PURCHASER TO PERFORM AND
VENDEES' LIEN
23
SECTION 15. BROKER
27
SECTION 16. NOTICES
28
SECTION 17. LIMITATIONS ON SURVIVAL
29
SECTION 18. GOVERNING LAW
30
SECTION 19. CAPTIONS
30
SECTION 20. SUCCESSORS AND ASSIGNS
30
SECTION 21. TAXPAYER IDENTIFICATION NUMBERS
30
SECTION 22. POSSESSION
30
SECTION 23. MISCELLANEOUS PROVISIONS
30
INDEX OF SCHEDULES AND EXHIBITS
SCHEDULE 1.01
LAND SCHEDULE 1.02
PERMITTED EXCEPTIONS SCHEDULE 2.02
DEPOSIT ESCROW AGENT'S WIRE TRANSFER INSTRUCTIONS SCHEDULE 4.01(n)
LEASES AND
LEASE DOCUMENTS SCHEDULE 4.01(p)
RENT ARREARAGES SCHEDULE 4.01(q)
TENANT
DEFENSES SCHEDULE 4.01(r)(i)
PAYMENT OF RENT IN ADVANCE; TENANT SECURITY
DEPOSITS SCHEDULE 4.01(r)(ii)
TI WORK AND TI ALLOWANCES SCHEDULE 4.01(t)
BROKERAGE AGREEMENTS AND COMMISSIONS SCHEDULE 4.01(u)
SERVICE CONTRACTS
SCHEDULE 4.01(x)
TAX ASSESSMENT REDUCTION PROCEEDINGS SCHEDULE 6.04
MAJOR LEASES
-i-
EXHIBIT 2.03
DEPOSIT ESCROW AGREEMENT EXHIBIT 6.04
TENANT ESTOPPEL EXHIBIT
10.01
BARGAIN AND SALE DEED EXHIBIT 10.05
BILL OF SALE EXHIBIT 10.06
ASSIGNMENT AND ASSUMPTION OF LEASES EXHIBIT 10.08
TENANT NOTICE LETTER
EXHIBIT 10.10
ASSIGNMENT AND ASSUMPTION OF LICENSES AND PERMITS EXHIBIT 10.11
TITLE AFFIDAVIT EXHIBIT 10.12
FIRPTA AFFIDAVIT - NON-FOREIGN AFFIDAVIT
EXHIBIT 10.14
ASSIGNMENT AND ASSUMPTION OF WARRANTIES AND GUARANTIES EXHIBIT
10.18
SELLER'S CERTIFICATE REGARDING REPRESENTATIONS EXHIBIT 10.19
ASSIGNMENT AND ASSUMPTION OF SERVICE CONTRACTS EXHIBIT 11.05
PURCHASER'S
CERTIFICATE REGARDING REPRESENTATIONS EXHIBIT 14.01
PRO FORMA TITLE INSURANCE
POLICY
-ii-
INDEX OF DEFINED TERMS
"Anti-Money Laundering Laws"- Section 4.01(h)
"Assumed Service Contracts" - Section 9.05
"Building"- Section 1.01
"Business Day"- Section 23.04
"Casualty Loss"- Section 8.01
"Closing"- Section 3.01
"Closing Date"- Section 3.01
"Code"- Section 4.01(e)
"Condemnation Loss"- Section 8.01
"Conforming Estoppel" - Section 6.04
"Contract"- Introductory Paragraph
"Deposit Escrow Agent" - Section 2.03
"Deposit Escrow Agreement"- Section 2.03
"Designated Person" - Section 4.03(a)
"Downpayment"- Section 2.01(a)
"ERISA"- Section 4.01(f)
"Excluded Records" - Section 1.01
"Existing Violations" - Section 7.01
"FAR"- Section 4.04(d)
"FCPA" - Section 4.01(i)
"FIRPTA Affidavit"- Section 4.01(e)
"Gap Title Objection"- Section 14.01
"Guaranty" - Section 4.03(b)
"Hazardous Materials" - Section 4.01(y)
"Land"- Section 1.01
"Licenses and Permits"- Section 1.01
"Leases"- Section 4.01(n)
"Major Leases" - Section 6.04
"Major Tenants" - Section 6.04
"New Violations" - Section 7.02
"NYC-RPT" - Section 10.02
"OFAC"- Section 4.01(g)
"Patriot Act"- Section 4.01(h)
"Permitted Exceptions"- Section 1.02
"Personal Property" - Section 1.01
"Property"- Section 1.01
"Purchase Price"-