Document:

EX-10.98

  EXECUTION COPY

   

  Exhibit 10.98

   

  REAL ESTATE PURCHASE AGREEMENT

   

   

  THIS REAL ESTATE PURCHASE AGREEMENT (this “Agreement”) is made and entered into this 27th day of June, 2022 (the “Effective Date”), by and between PRECISION INDUSTRIES, INC,, a Pennsylvania corporation (“Purchaser”), and PLANT B-6, LLC (“Seller”), a Wisconsin limited liability company.

   

  RECITALS

   

  A.Seller owns the property described in Section 1 below; and

   

  B.Seller desires to sell to Purchaser, and Purchaser desires to purchase from Seller, such property upon the terms and conditions set forth herein.

   

  NOW, THEREFORE, in consideration of the Recitals, the covenants and agreements set forth herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

   

  1.Property to be Sold and Purchased. Upon the terms contained in this Agreement, Seller hereby sells and conveys to Purchaser and Purchaser hereby purchases and acquires from Seller on the Closing Date (as defined in Section 5.1, below) all right, title and interest of Seller in and to the following described property (collectively, the “Property”);

   

  1.1Land. The real property located at 6775 West Loomis Road, Greendale, Wisconsin 53129 as legally described on attached Exhibit A, together with all right, title and interest of Seller in and to all easements, rights of way, privileges and appurtenances belonging or appertaining to such real property, including, without limitation, Seller’s leasehold interest in the lease described on Exhibit B attached hereto (the “Lease”) (collectively, the “Land”).

   

  1.2Improvements. All buildings, permanent fixtures and improvements owned by Seller (and excluding any improvements owned by tenant at the Property) of every kind and nature and description and presently situated on, in or under, or hereinafter erected upon the Land, (collectively, the “Improvements”). The Land and Improvements are hereinafter collectively referred to as the “Real Property.”

   

  1.3Warranties. All unexpired warranties, guaranties, contractors’ and manufacturers’ warranties or guaranties relating to the Real Property, to the extent assignable by Seller (the “Warranties”).

   

  1.4Plans. All site plans, surveys, soil and substance studies, architectural drawings, shop drawing logs, plans and specifications, engineering, electrical and mechanical plans and studies, floor plans, landscape plans, environmental assessment reports, engineering, structural or physical inspection reports, appraisals and other plans and studies of any kind, in Seller’s possession or control, relating to the Real Property (the “Plans”).

   

  1.5Personal Property. The tangible personal property located on and related to the Real Property as of the Effective Date to the extent owned by Seller, including, without

  

   

   

  QB\68651263.4

   

  

  limitation, all equipment, machinery, furnishings and supplies used in connection with the operation, ownership or management of the Real Property (the “Personal Property”).

   

  1.Purchase Price.

   

  1.1Purchase Price. The purchase price (the “Purchase Price”) for the Property shall be Four Million Five Hundred Thousand Dollars ($4,500,000.00). At Closing (as defined in Section 5.1, below), the Purchase Price shall be payable to Seller by wire transfer after application of all credits, and all adjustments and prorations.

   

  2.Title Insurance.

   

  2.1Title Deliveries. Seller shall provide Purchaser, prior to Closing, with a title insurance commitment providing for extended coverage (the “Title Commitment”) issued by Fidelity National Title Insurance Company (the “Title Company”), pursuant to which the Title Company shall agree to issue to Purchaser a standard ALTA 2016 Owner’s Policy of Title Insurance in the full amount of the Purchase Price, insuring good and marketable title to the Real Property, but subject to Permitted Exceptions (as defined in Section 3.2, below), and containing a complete copy of each such easement, restriction, limitation or condition of title which is referred to in the Title Commitment, as well as current special assessment information. The title policy shall be issued at Closing and shall include a gap coverage endorsement and any other endorsements reasonably requested by Purchaser.

   

  2.2Objection to Title. All exceptions to title which are not objected to by Purchaser shall be deemed Permitted Exceptions. “Permitted Exceptions” shall mean the Land and Lease and all exceptions contained in the Title Commitment to which Purchaser does not object in writing prior to Closing, or as to which Purchaser has waived or is deemed to have waived its objection; provided, however, that the term Permitted Exceptions shall not include (i) any mortgages, deeds of trust or similar instruments; (ii) any taxes or assessments other than general real estate taxes for the year of Closing, not yet due and payable; or (iii) any monetary judgments, liens or encumbrances;.

   

  3.Seller’s Representations and Warranties. Seller represents and warrants to Purchaser, as a material inducement to Purchaser to enter into this Agreement and purchase the Property, as of the Effective Date and the Closing Date as follows:

   

  3.1No Possessory Rights. Except pursuant to the Lease, as of the Closing Date there will be no parties in possession of the Real Property or any portion thereof, and there will be no other rights of possession, use or otherwise regarding any part of the Real Property which have been granted to any person or entity.

   

  3.2No Contracts. Except for the Lease, there shall be no contracts or agreements (including, but not limited to, maintenance, repair, operation, use, billboard, advertising, management, license, franchise, service, use, occupancy, provider, equipment, maintenance or other contracts) which shall be binding upon Purchaser or which shall run with the land or bind or affect any part of the Real Property after the Closing, other than contracts and agreements disclosed in writing to Purchaser, which Purchaser shall assume concurrent with Closing.

   

   

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  4.3No Third-Party Interests. Except for the Lease, there is no option, right of first refusal, contract or other agreement of any kind or nature with respect to the purchase, sale or lease of the Real Property, or any portion thereof.

   

  4.4Condition of Improvements. To Seller’s knowledge, there are no material defects in design, workmanship or materials, and no instances of material deferred maintenance, in any of the Improvements, including, but not limited to, the air conditioning, heating, plumbing, electrical, and all other mechanical and operating systems (collectively, the “Building Systems”), and the roof, foundation and load-bearing structure, and sewer and water mains. The Improvements, Building Systems, roof, foundation, structure and sewer and water mains will be, on the Closing Date, (i) serviceable and in good operating condition, reasonable wear and tear excepted, and (ii) adequate for the normal occupancy and operation of the Improvements.

   

  4.5Compliance with Law. To Seller’s knowledge, the Real Property is in compliance in all material respects (both as to condition and use) with all applicable statutes, ordinances, codes (including, without limitation, all zoning, building, water disposal, health, fire and safety engineering codes, rental unit energy efficiency requirements, and the Americans with Disabilities Act), and all rules and regulations of any governmental authority having jurisdiction over the Real Property. Seller has received no notice of any violation of any of the foregoing.

   

  4.6Insurance Requirements. To Seller’s knowledge, Seller has fully complied with all requirements of each insurance carrier having issued a policy covering the Real Property on the date hereof.

   

  4.7FIRPTA. Seller is not a foreign corporation, foreign partnership, foreign trust or foreign estate (as those items are defined in the Internal Revenue Code and Income Tax Regulations).

   

  4.8Bankruptcy. Seller is not the subject of any bankruptcy proceeding, receivership proceeding or other insolvency, dissolution, reorganization or similar proceeding.

   

  4.9No Actions. There are no actions, suits, litigation, proceedings or claims pending or, to the knowledge of Seller, threatened with respect to or in any manner affecting the Real Property or the ability of Seller to consummate the transaction contemplated by this Agreement.

   

  4.10Hazardous Substances. To Seller’s knowledge, except as disclosed in writing to Purchaser by Seller or its owner or with respect to information obtained by Purchaser in connection with its investigation of the Real Property prior to Closing, (i) the Real Property, the use thereof, and any operations now or heretofore conducted at the Real Property, are, and have been, in compliance with all Environmental Laws (as defined in Section 4.10.1, below) in all material respects; (ii) all federal, state and local permits, licenses, registrations and authorizations required for the use of and operations at the Real Property have been obtained; (iii) there are currently no violations of such permits, licenses, registrations or authorizations; (iv) there have been no releases of Hazardous Substances at, on or under the Real Property which would or could reasonably be expected to give rise to a cleanup or remediation obligation under any Environmental Laws; (v) the Real Property has not been used for the treatment, storage or disposal

   

   

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  of any Hazardous Substance except for Hazardous Substances used, generated, treated, stored and/or disposed of in the ordinary course of the business of the tenant conducted at the Property in compliance with Environmental Laws; and (vi) there are no underground or above ground storage tanks for storage of flammable, combustible or hazardous materials including, but not limited to, gasoline and heating oil, which are currently or which were previously located on or in the Real Property.

   

  4.10.1“Environmental Laws” means all federal and state laws, whether common laws, court or administrative decisions, statutes, rules, regulations, ordinances, court orders and decrees, and administrative orders and all administrative policies and guidelines concerning action levels of a governmental authority (federal, state or local) now or hereafter in effect relating to the environment, public health, environmental, occupational safety, industrial hygiene, any Hazardous Substance (including, without limitation, the disposal, generation, manufacture, presence, processing, production, release, storage, transportation, treatment or use thereof), or the environmental conditions on, under or about the Real Property as amended and as in effect from time to time.

   

  4.10.2“Hazardous Substances” means all substances defined or regulated has hazardous under federal or state law.

   

  4.11Title to Property. Seller is the fee simple owner of the Real Property and, except for the tenant under the Lease, as of the Closing there shall be no parties in possession of the Real Property or any portion thereof and there will be no other rights of possession, use or otherwise regarding any part of the Real Property which have been granted to any person or entity. Seller is the owner of the Personal Property.

   

  4.12Tax Reassessments. Seller has received no written notice from any authority having jurisdiction over the Real Property indicating that the property taxes for the Real Property are now currently being reassessed or that any municipal betterments charges not already disclosed in writing to Purchaser or in the Title Commitment for the Real Property have been assessed against the Real Property.

   

  4.13Lease. The Lease (as described in Exhibit B) is (i) valid, in existence and in full force and effect; (ii) to Seller’s knowledge, the tenant is not in default under the Lease; (iii) the tenant is current in the payment of any taxes, utilities, common area maintenance payments and other charges required to be paid under the Lease; (iv) Seller’s obligations, if any, to pay for tenant improvements or other alterations or other credits which are due and payable to the tenant under the Lease will be fully satisfied on or before the Closing Date; (v) Seller is not aware of any set-off under the Lease that the tenant may have against Seller of any rent or other charges due or to become due under the Lease, nor has the tenant provided Seller with written notice of any claim against Seller for any failure of performance of any of the terms of the Lease which remains uncured; (vi) there are no defaults by Seller under the Lease; (vii) Seller has no knowledge that the tenant has entered into any sublease, assignment or any other agreement transferring any of its interest in the Lease and (viii) Seller has not received any notice or correspondence from the tenant indicating its intent to amend, modify or terminate the Lease.

   

   

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  4.13Condemnation. Seller has no notice or knowledge of any planned, pending or contemplated condemnation or similar action or proceeding with respect to the Real Property or any part thereof.

   

  4.14Authority of Seller. Seller is a limited liability company duly organized and existing and in current standing in the State of Wisconsin. Seller has the full right and authority to enter into this Agreement and consummate the transactions contemplated hereby. All requisite action has been taken by Seller in connection with the execution of this Agreement and the documents referenced herein and the consummation of the transactions contemplated hereby. Each of the persons signing this Agreement on behalf of Seller is authorized to do so, and no third party consent is required for Seller to consummate the transaction contemplated hereunder.

   

  PURCHASER HEREBY AGREES THAT, IN CONNECTION WITH PURCHASING THE REAL PROPERTY, OTHER THAN SUCH WARRANTIES, PROMISES, GUARANTEES AND REPRESENTATIONS AS ARE EXPRESSLY SET FORTH HEREIN, PURCHASER IS NOT RELYING UPON ANY WARRANTIES, PROMISES, GUARANTEES OR REPRESENTATIONS REGARDING THE PHYSICAL CONDITION OF THE REAL PROPERTY, ITS SUITABILITY FOR ANY PARTICULAR PURPOSE, OR ITS COMPLIANCE WITH ANY ZONING OR OTHER LAWS OR ORDINANCES REGULATING THE USE OF THE REAL PROPERTY, WHETHER MADE BY SELLER OR ANYONE ACTING OR CLAIMING TO ACT ON BEHALF OF SELLER IN PURCHASING THE REAL PROPERTY, AND THAT PURCHASER IS PURCHASING THE REAL PROPERTY ON AN “AS IS,” “WHERE IS” BASIS WITHOUT ANY EXPRESS OR IMPLIED WARRANTIES OR REPRESENTATIONS WHATSOEVER BEING MADE BY SELLER. IN THE EVENT ANY EXPRESS OR IMPLIED WARRANTIES HAVE BEEN MADE REGARDING THE REAL PROPERTY OR THE TRANSACTION CONTEMPLATED BY THIS AGREEMENT, SELLER HEREBY DISCLAIMS AND DENIES SUCH REPRESENTATIONS OR WARRANTIES.

   

  5.Closing.

   

  5.1Time of Closing. The Closing shall take place in escrow with the Title Company on the Effective Date (the “Closing Date,” or “Closing”).

   

  5.2Seller’s Deliveries at Closing.

   

  5.2.1Deed. Seller shall deliver to Purchaser a duly executed and acknowledged special warranty deed conveying the Real Property to Purchaser, subject to the Permitted Exceptions.

   

  5.2.2Bill of Sale. A bill of sale duly executed by Seller conveying and warranting to Purchaser title to the Personal Property free and clear of all liens, claims and encumbrances.

   

  5.2.3Settlement Statement. Seller shall execute a closing settlement statement to reflect the credits, prorations and adjustments contemplated by or provided for in this Agreement (the “Settlement Statement”).

   

   

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  5.2.4Title Policy. Seller shall, at Seller’s expense, cause the Title Company to issue the title policy pursuant to the Title Commitment as required hereunder or a “marked up” version of the Title Commitment acceptable to Purchaser.

   

  5.2.5Possession. Possession of the Real Property shall be delivered to Purchaser subject only to the rights of the tenant under the Lease.

   

  5.2.6Affidavit. Seller shall execute and deliver to Purchaser and Title Company an affidavit that evidences that Seller is exempt from the withholding requirements of Section 1445 of the Internal Revenue Code.

   

  5.2.7Assignment and Assumption Agreement. Seller shall execute and deliver the Assignment and Assumption Agreement, in the form attached as Exhibit C hereto (the “Assignment and Assumption Agreement”), to Purchaser.

   

  5.2.8Keys. Keys or passcodes if applicable to all entrance doors, equipment and utility rooms and other keys related to the Real Property in Seller’s possession.

   

  5.2.9Title Documents. Seller shall execute and deliver to the Title Company such agreements, affidavits and statements concerning parties in possession of the Real Property or claims for mechanic’s or construction liens or broker’s liens, as may be required by the Title Company in order to issue the title policy.

   

  5.2.10Authority of Seller. Seller shall deliver to Purchaser and the Title Company a copy of any and all documents reasonably required by Purchaser or its lender, or the Title Company authorizing and approving the sale of the Property by Seller and authorizing the person signing all documents for and on behalf of Seller.

   

  5.2.11Additional Documents. Seller shall execute, acknowledge and deliver, or cause to be executed, acknowledged and delivered, any and all conveyances, assignments and all other instruments and documents as may be reasonably necessary in order to complete the transaction herein provided and to carry out the intent and purposes of this Agreement. In addition, to the extent Seller has not previously delivered, or caused to be delivered, to Purchaser copies of the Plans and Warranties, and other agreements and documents in its possession applicable to the Real Property, Seller shall do so within two (2) business days of the Closing.

   

  5.3Purchaser’s Deliveries.

   

  5.3.1Purchase Price. Purchaser shall deliver the Purchase Price as required by Section 2.1.

   

  5.3.2Assignment and Assumption Agreement.	Purchaser shall execute and deliver to Seller the Assignment and Assumption Agreement.

   

  5.3.3Settlement Statement. Purchaser shall execute and deliver the

  Settlement Statement.

   

   

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  5.3.4Additional Documents. Purchaser shall execute, acknowledge and deliver, or cause to be executed, acknowledged and delivered, any and all conveyances, assignments and all other instruments and documents as may be reasonably necessary in order to complete the transaction herein provided and to carry out the intent and purposes of this Agreement.

   

  6.Prorations and Adjustments.

   

  6.1Prorations. Purchaser and Seller will prorate all income and (to the extent not paid directly by the tenant) expenses relating to the Real Property based upon Purchaser’s and Seller’s respective periods of ownership for the calendar year in which the Closing occurs with Purchaser treated as the owner of the Real Property on the Closing Date, including, without limitation:

   

  6.1.1Rents.

   

  (a)Closing. Seller shall pay or credit to Purchaser at the Closing

  (A)all rent and any other amounts payable by or due from the tenant under the Lease for the calendar month in which the Closing occurs, prorated for the number of days during such calendar month from, including and after the Closing Date, regardless of whether the same have actually paid by the tenant; and (B) all prepaid and overpaid rents.

   

  6.1.2Taxes. All general real estate taxes and assessments with respect to the Real Property imposed by any governmental authority (“Taxes”) levied or assessed in any calendar year prior to the calendar year in which Closing occurs shall be paid by Seller on or before Closing. All Taxes levied in the calendar year in which Closing occurs that are not the obligation of the tenant pursuant to the Lease shall be prorated between Seller and Purchaser on a cash basis as of the Closing Date based on the taxes shown on the most recent tax bill.

   

  (a)Tax Refunds. All refunds of Taxes received by Seller or Purchaser after the Closing with respect to the Real Property (a “Tax Refund”) shall be applied

  (A) first, to Seller to the extent of third party expenses incurred by Seller in protesting and obtaining such Tax Refund, (B) second, to Purchaser to the extent that such Tax Refund is required to be paid to (or credited against other amounts payable by) the tenant under the Lease, and (C) third, (x) to Seller if such Tax Refund is for any tax period which ends before the Closing, (y) to Purchaser if such Tax Refund relates to any tax period which commences after the Closing, and

  (z) with respect to any Tax Refund for any tax period in which the Closing occurs, to Seller and Purchaser, prorated on a per diem basis. If Seller or Purchaser receives any Tax Refund, then each shall retain or pay such amounts (or portions thereof) in order that such payments are applied in the manner set forth in this Subsection.

   

  6.1.3Service Contracts. All service contracts, property management agreements, equipment or labor contracts, maintenance or repair contracts (collectively, “Service Contracts”), if any, in the name of Seller, relating to the operation of the Real Property shall be assumed as of the Closing Date by Purchaser unless Purchaser otherwise objects in writing prior to Closing.

   

   

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  6.2.4No Tenant Security Deposits. Purchaser acknowledges that Seller has not been paid any security deposit from any tenant at the Property.

   

  6.2.5Other. All other items customarily apportioned in Wisconsin in connection with the sale of similar properties, including utilities, shall be prorated as of the Closing Date.

   

  6.2.6Closing Costs. At Closing, Purchaser shall pay: (i) the costs for recording the deed, (ii) the cost of any lender title insurance policy, and any title policy endorsements (other than gap or obtained by Seller to cure any Unpermitted Liens or title defects which Seller has agreed to cure hereunder), (iii) one-half (1/2) of all escrow or closing agent charges, including the closing fee charged by the Title Company, if any, and (iv) all costs of Purchaser’s due diligence. At Closing, Seller shall pay: (A) the owner’s title insurance policy premium and those endorsements described in (ii) above, (B) recording costs for the removal of any liens or encumbrances, (C) the costs relating to the cure of any liens or title defects which Seller has agreed to cure hereunder (including any endorsements necessary in connection therewith), (D) all commissions owed to Seller's Broker (as defined in Section 9.1, below) relating to the Real Property and (F) one-half (1/2) of all escrow or closing agent charges charged by the Title Company including the closing fee charged by the Title Company. State and county transfer taxes required to be paid in connection with the conveyance of title to the Real Property shall be paid by Seller. Each party shall pay its own attorneys’ fees.

   

  7.Remedies.

   

  7.1Breach by Seller. Time is of the essence with respect to each and all of Seller’s obligations hereunder. If Seller fails to comply with any of its obligations hereunder, Purchaser, at Purchaser’s option, shall have all rights and remedies available at law or in equity, including, without limitation, the right: (a) to terminate this Agreement in which case Seller shall pay to Purchaser all direct out-of-pocket damages sustained by Purchaser as a result of Seller’s breach; or (b) to treat this Agreement as being in full force and effect, and Purchaser shall be entitled to specific performance of this Agreement and other equitable remedies as a court of law may impose.

   

  7.2Breach by Purchaser. Time is of the essence with respect to each and all of Purchaser’s obligations hereunder. If Purchaser fails to complete the purchase of the Property as herein provided by reason of any default by Purchaser, Seller shall have all rights and remedies available at law or in equity, including, without limitation, the right: (a) to terminate this Agreement in which case Purchaser shall pay to Seller all direct out-of-pocket damages sustained by Seller as a result of Purchaser’s breach; or (b) to treat this Agreement as being in full force and effect, and Seller shall be entitled to specific performance of this Agreement and other equitable remedies as a court of law may impose.

   

  8.Indemnification.

   

  8.1Seller Breach. Seller shall indemnify Purchaser and defend and hold Purchaser harmless from and against any and all claims, demands, liabilities, costs, expenses, penalties, damages and losses, including reasonable attorneys’ fees, resulting from any

   

   

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  misrepresentation or breach of warranty by Seller in this Agreement or in any document, certificate, or exhibit given or delivered by Seller at the Closing.

   

  8.2Purchaser Breach. Purchaser shall indemnify Seller and defend and hold Seller harmless from and against any and all claims, demands, liabilities, costs, expenses, penalties, damages and losses, including reasonable attorneys’ fees, resulting from any misrepresentation or breach of warranty made by Purchaser in this Agreement or in any document, certificate, or exhibit given or delivered by Purchaser at the Closing.

   

  8.3Procedure. In the event either party hereto receives notice of a claim or demand (or becomes aware of facts or circumstances that would be reasonably likely to result in a claim or demand) which results or may result in indemnification pursuant to this Section 8, such party shall promptly give notice thereof to the other party to this Agreement. The party receiving such notice shall promptly take such measures as may be reasonably required to properly and effectively defend such claim, and may defend same with counsel of its own choosing. In the event the party receiving such notice fails to properly and effectively defend such claim, and in the event such party is liable therefor, then the party so giving such notice may defend such claim at the expense of the party receiving such notice. The provisions of this Section 8 shall survive the Closing for a period of twelve (12) months.

   

  9.General Provisions.

   

  9.1Broker. Seller represents, warrants and covenants to Purchaser that, except for Taureau Group, LLC (“Seller’s Broker”), Seller has not dealt with any real estate agent or broker in connection with the transaction contemplated hereby. Seller shall indemnify Purchaser from and against all claims, costs and liabilities (including reasonable attorneys’ fees) arising from or relating to any claims by any broker or other person claiming any commission or similar compensation by, through or under Seller. Purchaser represents, warrants and covenants to Seller that, except for Seller’s Broker, Purchaser has not dealt with any real estate agent or broker in connection with the transaction contemplated hereby. Purchaser shall indemnify Seller from and against all claims, costs and liabilities (including reasonable attorneys’ fees) arising from or relating to any claims resulting from a breach of the foregoing representation

   

  9.2Patriot Act. Each party represents to the other that it is not listed on the specially designated nationals and blocked persons list maintained by the U.S. Treasury Department Office of Foreign Assets Control (“OFAC”) pursuant to Executive Order No. 13224, 66 Fed. Reg. 49079 (September 25, 2001) (the “Order”) and/or any other list of terrorists or terrorist organizations maintained pursuant to any of the rules and regulations of OFAC or pursuant to the Order or any other applicable orders.

   

  9.3Section 1031. Either party may elect to assign this Agreement to a qualified intermediary or third party to complete a like kind exchange of property in accordance with Section 1031 of the Internal Revenue Code of 1987, as amended. Any such election shall be at no cost or liability to the other party. Should this Agreement become part of a Section 1031 transaction, the non-electing party may enforce any and all representations, warranties, covenants and other obligations of the electing party under this Agreement directly against the electing party.

   

   

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  9.4Further Assurances. Each of the parties hereto undertakes and agrees to execute and deliver such documents, writings and further assurances as may be required to carry out the intent and purposes of this Agreement.

   

  9.5Entire Agreement. No change or modification of this Agreement shall be valid unless the same is in writing and signed by the parties hereto. No waiver of any of the provisions of this Agreement shall be valid unless in writing and signed by the party against whom such waiver is sought to be enforced. This Agreement contains the entire agreement between the parties relating to the purchase and sale of the Property. All prior negotiations between the parties are merged into this Agreement; and there are no promises, agreements, conditions, undertakings, warranties or representations, oral or written, express or implied, between the parties other than as herein set forth.

   

  9.6Survival. All of the parties’ representations, warranties, covenants and agreements hereunder, to the extent not fully performed or discharged by or through the Closing, shall not be deemed merged into any instrument delivered at Closing and shall survive Closing for a period of six (6) months.

   

  9.7Dates. If any date set forth in this Agreement for the delivery of any document or the happening of any event (such as, for example, the expiration of the Inspection Period or the Closing Date) should, under the terms hereof, fall on a weekend or holiday, then such date shall be automatically extended to the next succeeding weekday that is not a holiday.

   

  9.8Governing Law. This Agreement shall be construed and enforced in accordance with the internal laws of the State of Wisconsin.

   

  9.9Notices. All notices, demands or other communications required or permitted to be given hereunder shall be in writing, and any and all such items shall be deemed to have been duly delivered upon personal delivery; or as of the immediately following business day after deposit with Federal Express or a similar overnight carrier service, addressed as follows; or as of the day when delivered if by electronic mail to the numbers and addresses set forth below.

   

  If to Purchaser:	Precision Industries, Inc.

  c/o Live Ventures Incorporated

  325 E. Warm Springs Road, Suite #102 Las Vegas, Nevada 89119

  E-mail: tsedlak@pmsteel.com ealthofer@liveventures.com

  Attention: Tom Sedlak, Chief Executive Officer Eric Althofer, Chief Operating Officer and Managing Director (Finance)

   

   

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  With a copy to:	Greenberg Traurig, LLP

  10845 Griffith Peak Drive, Suite 600 Las Vegas, Nevada 89135

  Attn: Mike Shalmy

  E-mail: shalmym@gtlaw.com

   

  If to Seller:	Plant B-6, LLC 6285 Parkview Road

  Greendale, WI 53129 Attn: Cash L. Masters

  E-mail: popeofgrinding@icloud.com

   

  With a copy to:	Davis & Kuelthau, s.c.

  111 East Kilbourn Avenue, Suite 1400

  Milwaukee, WI 53202

  Attn: Scott E. Fiducci, Esq. or Gregory J. Sell, Esq.

  Email: sfiducci@dkattorneys.com gsell@dkattorneys.com

   

  Any address fixed pursuant to the foregoing may be changed by the addressee by notice given pursuant to this Section 9.9.

   

  9.10Headings. All headings used in this Agreement are for purposes of convenience and reference only, and shall not be construed as modifying or affecting the terms hereof.

   

  9.11Assignment. Purchaser may assign this Agreement, in whole or in part, upon written notice to, but without the consent of, Seller, provided that any assignee shall assume all obligations imposed on Purchaser as if the assignee were the original purchaser under this Agreement and provided that Purchaser shall remain liable for all obligations of Purchaser hereunder (notwithstanding such assignment) that arise at any time prior to Closing.

   

  9.12Successors and Assigns. This Agreement shall be binding upon and inure to the benefit of the parties and their respective heirs, representatives, successors and assigns.

   

  9.13Counterparts/Facsimile. This Agreement may be executed in any number of counterparts and by facsimile copy or PDF copy delivered by electronic mail, each of which shall be deemed to be an original instrument and all of which taken together shall constitute a single instrument.

   

  9.14Seller’s Knowledge. For purposes of this Agreement, “Seller’s knowledge” and similar phrases and terms shall mean, and be limited to, the actual knowledge of Cash L. Masters, with no duty of inquiry other than a review of Seller's files and records.

   

   

   

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  DATED as of the day and year first above written.

   

   

   

   

   

   

   

   

  

  PURCHASER:

   

  PRECISION INDUSTRIES, INC.

  

   

  

  SELLER:

   

  PLANT B-6, LLC

   

  By: Cash L. Masters Revocable Trust, dated October 19, 2005, Sole Member

   

   

  

  By:	_ Tom Sedlak, CEO

  

   

  

  By: ---=---  -+	'

  Cash L. Masters, Truste

   

   

  

   

   

   

   

   

   

  Dated: June 27, 2022	Dated: June 27, 2022

   

   

  

  EXHIBIT A

   

  LEGAL DESCRIPTION

   

  All that part of the Northeast 1/4 of Section 3, Township 5 North, Range 21 East, in the Village of Greendale, Milwaukee County, Wisconsin, bounded and described as follows:

   

  Commencing at the Southwest corner of said Northeast 1/4 of Section 3; thence South 86°23'00" East along the South line of said Northeast 1/4 of Section 3, 60.00 feet to the place of beginning of the lands herein described; thence continue South 86°23'00" East along the South line of said Northeast 1/4 of Section 3, 601.00 feet to a point which is 279.00 feet West of the intersection of the South line of the park heretofore granted to Milwaukee County, recorded July 6, 1937, in Milwaukee County Recorder's Office as Document No. 2137727 in Volume 1476 of Deeds, page 305, and the South line of said Northeast 1/4 of Section 3; thence North 3°37'00" East, 588.77 feet to a point which is on the South line of said park; thence Northwesterly along said park line 95.38 feet along the arc of a curve, the center of which is to the Southwest, the radius of which is 997.38 feet, and the chord of which bears North 36°55'18" West, 95.34 feet; thence North 39°39'40" West (recorded North 42° 26'39" West) along said park line 267.20 feet to a point which is on the Southeasterly line of Wisconsin State Trunk Highway 36 (Loomis Road); thence Southwesterly along the Southeasterly line of Highway 36, 509.18 feet along the arc of a curve, the center of which is to the Northeast, the radius of which is 4,074.28 feet and the chord of which bears South 47°39'20'; West, 508.84 feet to a point which is 60.00 feet East of the West line of said Northeast 1/4 of said Section 3; thence South 3°52'00" West along a line which is parallel to and 60.00 feet East of the West line of said Northeast 1/4 of said Section 3, 489.97 feet to the place of beginning.

   

  Parcel No. 710-9996-000

   

  Address per tax roll: 6775 W Loomis Road

   

   

  A-1

  

  EXHIBIT B LEASE

   

  1.Lease Agreement, dated February 1, 2020, between Plant B-6, LLC, as Landlord, and The Kinetic Co., Inc., as Tenant, as amended by the First Amendment to Lease, dated December 1, 2021, between Landlord and Tenant.

   

   

  B-1

  

  EXHIBIT C

   

  ASSIGNMENT AND ASSUMPTION AGREEMENT

   

  THIS ASSIGNMENT AND ASSUMPTION AGREEMENT (this “Assignment”) is

  entered into as of the 27th day of June, 2022, between PLANT B-6, LLC, a Wisconsin limited liability company (“Assignor”), and PRECISION INDUSTRIES, INC., a Pennsylvania corporation (“Assignee”).

   

  RECITALS:

   

  A.Assignor has sold and conveyed to Assignee all that tract or parcel of land more particularly described in that certain Special Warranty Deed executed by Assignor in favor of Assignee, dated as of the date hereof, together with all improvements thereon and all rights, easements and appurtenances thereto (hereinafter collectively referred to as the “Property”) pursuant to that certain Real Estate Purchase Agreement between Assignor and Assignee, dated as of June 27, 2022 (the “Purchase Agreement”). All capitalized terms used herein and not otherwise defined shall have the meanings set forth in the Purchase Agreement.

   

  B.In connection with such conveyance of the Property, Assignor and Assignee wish to enter into this Assignment to evidence the terms of the transfer by Assignor to Assignee of all right, title and interest of Assignor (i) as landlord in and to the Lease in force and effect as of the date hereof, referred to in that certain Rent Roll attached to the Purchase Agreement; (ii) all site plans, construction and development drawings, plans and specifications (collectively, the “Plans”) for the Property; (iii) all sewer and water permits and licenses, building permits, certificates of occupancy, demolition and excavation permits, elevator permits, business licenses, curb cut and right-of-way permits, drainage rights, permits, licenses and similar or equivalent private and governmental documents of every kind and character whatsoever pertaining or applicable to or in any way connected with the development, construction, ownership, or operation of the Property (collectively, the “Permits”), and (iv) all warranties and guaranties pertaining or applicable to or in any way connected with the development, construction, ownership or operation of the Property (collectively, the “Warranties”).

   

  NOW, THEREFORE, for and in consideration of the foregoing recitals, which are incorporated herein, the mutual covenants contained herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged by each party hereto, Assignor and Assignee hereby agree as follows:

   

  1.Transfer and Assignment. Assignor hereby sells, transfers, assigns, delivers and conveys to Assignee all right, title and interest of Assignor in, to and under the Lease (as landlord) free and clear of all encumbrances. To the extent assignable, Assignor hereby sells, transfers, assigns, delivers and conveys to Assignee all right, title and interest of Assignor in, to and under the Plans, Permits and Warranties. To the extent any Plans, Permits and/or Warranties are not assignable, Assignor shall cooperate fully with Assignee, but without cost or expense to Assignor, to enforce such Plans, Permits and/or Warranties for the benefit of Assignee.

   

   

  C-1

  

  2.Assumption of Obligations. Assignee hereby assumes and agrees to observe and perform all of the obligations and duties of Assignor under each of the Lease, Plans, Permits and Warranties to be observed, performed or discharged on, or relating to, or accruing with respect to the period after the date of this Assignment.

   

  3.Binding Effect. This instrument shall be binding upon and shall inure to the benefit of the parties hereto and their respective heirs, executors, administrators, legal representatives, successors and assigns.

   

  4.Counterparts; Signatures. This Assignment may be executed in any number of counterparts, each of which shall be deemed to be an original, but all of which, when taken together, shall constitute but one and the same instrument. Facsimile and other electronic (i.e., “.pdf”) signatures to this Assignment shall be valid and binding for all purposes.

   

  5.Further Assurances, Notices. Provided no additional cost or expense is required to be incurred by Assignor or Assignee, Assignor and Assignee agree that they will do, execute, acknowledge and deliver all acts, assignments, transfers, notices and assurances as may be reasonably required to evidence and perfect the assignments and assumptions set forth herein.

   

   

  [Signature Page Follows]

   

   

  C-2

  

  IN WITNESS WHEREOF, Assignor and Assignee have each caused this Assignment to be executed by its duly authorized signatory as of the day and year first above written.

   

  		
	ASSIGNEE:
 
PRECISION INDUSTRIES, INC.
 
 
 
 
By:		 Tom Sedlak, CEO
 
 
Dated: June 27, 2022
	ASSIGNOR:
 
PLANT B-6, LLC
 
By: Cash L. Masters Revocable Trust, dated October 19, 2005, Sole Member
 
By:		 Cash L. Masters, Trustee
 
 
Dated: June 27, 2022

   

   

  C-3

  N:\DOCS\91661\00003\15048263EX-10.99

   

  DocuSign Envelope ID: 7307CDC8-1724-49C3-8CEF-A897D6A7CF66

  DocuSign Envelope ID: 6062340F-019D-43F5-B371-265B6F6A577E

   

  Exhibit 10.99

   

   

   

   

   

  PURCHASE AGREEMENT

  THIS DOCUMENT IS MORE THAN A RECEIPT FOR MONEY. IT IS INTENDED TO BE A LEGALLY BINDING AGREEMENT. READ IT CAREFULLY.

   

  Marcus & Millichap Real Estate Investment Services (“Agent”), as agent for  SELLING ENTITY  (“Seller”), has received from   Moss Family Trust   (“Buyer”) the sum of   one hundred thousand   dollars ($  100,000) in the form of   wire transfer  . This sum is a deposit (“Deposit”) to be applied to the purchase price of that certain real property (referred to as the “Property”) located in the City of   Greendale  , County of   Milwaukee  , State of   Wisconsin , and more particularly described as follows:

  Site Address  6775 W LOOMIS RD GREENDALE, WI 53129 Parcel No. (APN) 710-9996-000

  TERMS AND CONDITIONS

  Seller agrees to sell the Property, and Buyer agrees to purchase the Property, on the following terms and conditions:

  1)PURCHASE PRICE: The purchase price for the Property is  eight million eight hundred and eighty eight thousand eight hundred and eighty eight dollars ($ 8,888,888 ). Buyer's Deposit shall be delivered to Agent upon Seller's execution of this Purchase Agreement (the “Agreement”). Agent shall deliver and deposit same in escrow as provided in Paragraph 3 below. The balance of the purchase price shall be payable at close of escrow pursuant to the terms stated below.

  2)DOWN PAYMENT: N/A – No Finance Contingency

   

  3)ESCROW: Within   three  ( 3 ) calendar days after the Effective Date (as defined in Paragraph 37 below Seller  shall open escrow with  Fidelity National Title – Samantha Maestas (the “Escrow Holder”) by the simultaneous deposit of a copy of this Agreement and Buyer's Deposit with the Escrow Holder. If alternative (B) above is checked, Agent shall hold the Deposit in Agent’s trust account until escrow is opened. On or before  sixty  ( 60 ) calendar days from Effective Date (as defined in paragraph 36 below) Seller and Buyer agree to prepare and execute such escrow instructions as may be necessary and appropriate to close the transaction. Should said instructions fail to be executed as required, Escrow Holder shall and is hereby directed to close escrow pursuant to the terms and conditions of this Agreement. Close of escrow (or the “Closing Date”, which shall mean the date on which the deed transferring title is recorded) shall occur on or before  60 days from the effective date. Escrow fee shall be paid by  1⁄2 by seller and 1⁄2 by buyer. All other closing costs shall be paid in accordance with the custom in the county in which the Property is located.

  4)PRORATIONS: Real property taxes, premiums on insurance acceptable to Buyer, interest on any debt being assumed or taken subject to by Buyer, and any other expenses of the Property shall be prorated as of the Closing Date. Security deposits, advance rentals, and the amount of any future lease credits shall be credited to Buyer. The amount of any bond or assessment which is a lien and not customarily paid with real property taxes shall be (select one “X”)  X  paid by seller .

  5)TITLE: Within  fifteen  ( 15 ) calendar days after the Effective Date of this Agreement, Seller shall procure and cause to be delivered to Buyer a preliminary title report issued by  Fidelity National Title – Tim Noonan  (the “Title Company”) on the Property. Within   five   ( 5 ) calendar days following receipt thereof, Buyer shall either approve in writing the exceptions contained in said title report or specify in writing any exceptions to which Buyer reasonably objects.  If Buyer objects to any exceptions, Seller shall, within   Ten   ( 10 ) calendar days after receipt of Buyer's objections, deliver to Buyer written notice that either (i) Seller will, at Seller's expense, attempt to remove the exception(s) to which Buyer has objected before the Closing Date or (ii) Seller is unwilling or unable to eliminate said exception(s). If Seller fails to so notify Buyer or is unwilling or unable to remove any such exception by the Closing Date, Buyer may elect to terminate this Agreement and receive back the entire Deposit, in which event Buyer and Seller shall have no further obligations under this Agreement; or, alternatively, Buyer may elect to purchase the Property subject to such exception(s).

   

  Seller shall convey by grant deed to Buyer (or to such other person or entity as Buyer may specify) marketable fee title subject only to the exceptions approved by Buyer in accordance with this Agreement. Title shall be insured by a standard Wisconsin Land Title Association owner's policy of title insurance issued by the Title Company in the amount of the purchase price with premium paid by   Seller  .

   

  							
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  DocuSign Envelope ID: 7307CDC8-1724-49C3-8CEF-A897D6A7CF66

  DocuSign Envelope ID: 6062340F-019D-43F5-B371-265B6F6A577E

  6)FINANCING CONTINGENCIES:

  NO FINANCING CONTINGENCY  ALL CASH. Buyer may encumber the property with debt but it will not be a contingency to closing.

  6.1)NO FINANCING CONTINGENCY  ALL CASH:

   

   

   

   

   

  7)PEST CONTROL CONTINGENCIES:

  7.1)NO PEST CONTROL CONTINGENCY - "AS IS": Buyer has conducted or will conduct Buyer's own investigation with regard to possible infestation and/or infection by wood-destroying pests or organisms and agrees to purchase the Property in its present condition. Buyer acknowledges that Buyer is not relying upon any representations or warranties made by Seller or Agent regarding the presence or absence of such infestation or infection.

  8)INSPECTION CONTINGENCIES:

  .	BOOKS AND RECORDS

  8.1)BOOKS AND RECORDS: Seller agrees to provide Buyer with items A-G listed below within three ( 3 ) calendar days following the Effective Date:

   

  a.All rental agreements, leases, service contracts, insurance policies, latest tax bill(s) and other written agreements or notices which affect the Property.

  b.The operating statements of the Property for the twenty-four ( 24 ) calendar months immediately preceding the Effective Date hereof.

  c.For commercial properties, copies of whatever documents the Seller may have regarding the financial condition, business prospects or prospective continued occupancy of any tenant (including but not limited to financial statements, credit reports, etc.).

  d.All notes and security instruments affecting the Property.

  e.A complete and current rent roll, including a schedule of all tenant deposits and fees.

  f.A written inventory of all items of Personal Property to be conveyed to Buyer at close of escrow.

  g.The following items, if readily available to Seller: all items pertaining to the property readily available to seller. .

   

  Buyer shall acknowledge receipt of these items in writing. Buyer shall have thirty ( 30 ) calendar days following receipt thereof to review and approve in writing each of these items. If Buyer fails to approve these items within the specified time, this Agreement shall be rendered null and void, Buyer's entire deposit shall be returned, and Buyer and Seller shall have no further obligations hereunder.

  .	PHYSICAL INSPECTION

  8.2)PHYSICAL INSPECTION: Buyer shall have thirty ( 30) calendar days following the Effective Date to inspect the physical condition of the Property, including, but not limited to the soil conditions and the presence or absence of lead-based paint and other hazardous materials on or about the Property, and to notify the Seller in writing that Buyer approves same. If Buyer fails to approve the physical condition of the Property within the specified time, this Agreement shall be null and void, Buyer's entire deposit shall be returned, and Buyer and Seller shall have no further obligations hereunder.

   

  STATE AND LOCAL LAWS

  8.3)STATE AND LOCAL LAWS: Buyer shall have thirty ( 30) calendar days following the Effective Date to investigate State and local laws to determine whether the Property must be brought into compliance with minimum energy conservation or safety standards or similar retrofit requirements as a condition of sale or transfer and the cost thereof, and to notify Seller that Buyer approves same. If approved by Buyer, Buyer shall comply with and pay for these requirements. If Buyer fails to approve these requirements, if any, within the specified time, this Agreement shall be rendered null and void, Buyer's entire Deposit shall be returned, and Buyer and Seller shall have no further obligations hereunder.

   

  TENANT FINANCIAL INFORMATION (Leased Properties)

   

  							
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  DocuSign Envelope ID: 6062340F-019D-43F5-B371-265B6F6A577E

  8.4)TENANT FINANCIAL INFORMATION (Leased Properties): Buyer shall have thirty ( 30) calendar days following the Effective Date to investigate the financial condition, business prospects and prospective continued occupancy of any tenant of the Property. Seller shall cooperate with Buyer and shall provide Buyer in writing with all such information in Seller's possession, but shall not be responsible for any tenant's refusal to provide such information. If Buyer fails to approve tenant financial condition within the specified time, this Agreement shall be null and void, Buyer's entire Deposit shall be returned, and Buyer and Seller shall have no further obligations hereunder. At close of escrow, Seller shall (a) confirm to Buyer in writing that it has no information regarding the financial condition, business prospects or prospective continued occupancy of any tenant not previously provided to Buyer, or (b) provide Buyer with a written update of any such information; however, no facts arising or first coming to Seller's attention after Buyer's removal of the above contingency shall relieve Buyer of its obligations under this Agreement.

   

   

   

   

  .    OTHER INSPECTION

  8.5)OTHER INSPECTION: Phase 1 Environmental Inspection: Buyer to have thirty (30) calendar days to complete a Phase 1 environmental inspection.

   

  9)DEPOSIT INCREASE: N/A

  10)DEPOSIT TRANSFER: N/A

   

  11)ESTOPPEL CERTIFICATE CONTINGENCY (Leased Properties):

  11a.  Standard

  11.1)Seller shall obtain and deliver to Buyer, within ten ( 10 ) calendar days after the last contingency set forth in paragraph(s) 5, 8.1-8.6 is removed, estoppel letters or certificates from each lessee or tenant at the Property stating: a) the date of commencement and the scheduled date of termination of the lease, b) the amount of advanced rentals or rent deposits paid to Seller, c) the amount of monthly (or other periodic) rent paid to Seller, d) that the lease is in full force and effect and that there have been no modifications or amendments thereto, or, if there have been any modifications or amendments, an explanation of same, e) square footage (if set forth in the lease), and f) that there is no default under the terms of the lease by lessor or lessee. Buyer shall have Five ( 5 ) calendar days after receipt to disapprove in writing, the estoppel certificates. Buyer may only disapprove said certificates, and cancel the Agreement, if the certificates reflect a discrepancy materially affecting the economics of the transaction, or a previously undisclosed material breach of one of the leases. Upon such disapproval, Buyer's entire Deposit shall be returned, and the parties shall have no further obligations hereunder.

   

  11b.   ESTOPPEL CERTIFICATES NOT APPLICABLE

  12)LEASED PROPERTY PRORATIONS: Rents actually collected (prior to closing) will be prorated as of the Closing Date and rent collected thereafter applied first to rental payments then owed the Buyer and their remainder paid to the Seller. All free rent due any tenant at the close of escrow for rental periods after the closing shall be a credit against the Purchase Price. Other income and expenses shall be prorated as follows:  as is customary in the county the property is closed in .

  13)PERSONAL PROPERTY: Title to any personal property to be conveyed to Buyer in connection with the sale of the Property shall be conveyed to Buyer by Bill of Sale on the Closing Date free and clear of all encumbrances (except those approved by Buyer as provided above). The price of these items shall be included in the Purchase Price for the Property, and Buyer agrees to accept all such personal property in “as is” condition.

   

  14)CONDITION OF PROPERTY: It is understood and agreed that the Property is being sold “as is”; that Buyer has, or will have prior to the Closing Date, inspected the Property; and that neither Seller nor Agent makes any representation or warranty as to the physical condition or value of the Property or its suitability for Buyer's intended use.

   

  				
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  DocuSign Envelope ID: 7307CDC8-1724-49C3-8CEF-A897D6A7CF66

  DocuSign Envelope ID: 6062340F-019D-43F5-B371-265B6F6A577E

  15)RISK OF LOSS: Risk of loss to the Property shall be borne by Seller until title has been conveyed to Buyer. In the event that the improvements on the Property are destroyed or materially damaged between the Effective Date of this Agreement and the date title is conveyed to Buyer, Buyer shall have the option of demanding and receiving back the entire Deposit and being released from all obligations hereunder, or alternatively, taking such improvements as Seller can deliver. Upon Buyer's physical inspection and approval of the Property, Seller shall maintain the Property through close of escrow in the same condition and repair as approved, reasonable wear and tear excepted.

  16)POSSESSION: Possession of the Property shall be delivered to Buyer on Closing Date.

  17)LIQUIDATED DAMAGES: By placing their initials immediately below, Buyer and Seller agree that it would be impracticable or extremely difficult to fix actual damages in the event of a default by Buyer, that the amount of Buyer's Deposit hereunder (as same may be increased by the terms hereof) is the parties' reasonable estimate of Seller's damages in the event of Buyer's default, and that upon Buyer's default in its purchase obligations under this agreement, not caused by any breach by Seller, Seller shall be released from its obligations to sell the Property and shall retain Buyer's Deposit (as same may be increased by the terms hereof) as liquidated damages, which shall be Seller's sole and exclusive remedy in law or at equity for Buyer's default.

   

  				
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  18)SELLER EXCHANGE: Buyer agrees to cooperate should Seller elect to sell the Property as part of a like-kind exchange under IRC Section 1031. Seller's contemplated exchange shall not impose upon Buyer any additional liability or financial obligation, and Seller agrees to hold Buyer harmless from any liability that might arise from such exchange. This Agreement is not subject to or contingent upon Seller's ability to acquire a suitable exchange property or effectuate an exchange. In the event any exchange contemplated by Seller should fail to occur, for whatever reason, the sale of the Property shall nonetheless be consummated as provided herein.

   

  19)BUYER EXCHANGE: Seller agrees to cooperate should Buyer elect to purchase the Property as part of a like-kind exchange under IRC Section 1031. Buyer's contemplated exchange shall not impose upon Seller any additional liability or financial obligation, and Buyer agrees to hold Seller harmless from any liability that might arise from such exchange. This Agreement is not subject to or contingent upon Buyer's ability to dispose of its exchange property or effectuate an exchange. In the event any exchange contemplated by Buyer should fail to occur, for whatever reason, the sale of the Property shall nonetheless be consummated as provided herein.

  20)DISCLOSURE OF REAL ESTATE LICENSURE:

  20a.	License disclosure 20b.  License disclosure

  21)AUTHORIZATION: Buyer and Seller authorize Agent to disseminate sales information regarding this transaction, including the purchase price of the Property.

  22)AGENCY DISCLOSURE:

  22b.	DUAL AGENCY

  22.1)DUAL AGENCY: Seller and Buyer understand that Agent represents both Seller and Buyer in the sale of the subject Property, and acknowledge that they have authorized and consented to such dual representation.

  23)OTHER BROKERS: Buyer and Seller agree that, in the event any broker other than Agent or a broker affiliated with Agent is involved in the disposition of the Property, Agent shall have no liability to Buyer or Seller for the acts or omissions of such other broker, who shall not be deemed to be a subagent of Agent.

   

  24)LIMITATION OF LIABILITY: Except for Agent's gross negligence or willful misconduct, Agent's liability for any breach or negligence in its performance of this Agreement shall be limited to the greater of $50,000 or the amount of compensation actually received by Agent in any transaction hereunder.

   

  25)SCOPE OF AGENT'S AUTHORITY AND RESPONSIBILITY: Agent shall have no authority to bind either Buyer or Seller to any modification or amendment of this Agreement. Agent shall not be responsible for performing any due diligence or other investigation of the Property on behalf of either Buyer or Seller, or for providing either party with professional advice with respect to any legal, tax, engineering, construction or hazardous materials issues. Except 

   

  							
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  DocuSign Envelope ID: 6062340F-019D-43F5-B371-265B6F6A577E

  for maintaining the confidentiality of any information regarding Buyer or Seller's financial condition and any future negotiations regarding the terms of this Purchase Agreement, Buyer and Seller agree that their relationship with Agent is at arm's length and is neither confidential nor fiduciary in nature.

   

  26)BROKER DISCLAIMER: Buyer and Seller acknowledge that, except as otherwise expressly stated herein, Agent has not made any investigation, determination, warranty or representation with respect to any of the following: (a) the financial condition or business prospects of any tenant, or such tenant's intent to continue or renew its tenancy in the Property; (b) the legality of the present or any possible future use of the Property under any federal, state or local law; (c) pending or possible future action by any governmental entity or agency which may affect the Property; (d) the physical condition of the Property, including but not limited to, soil conditions, the structural integrity of the improvements, and the presence or absence of fungi or wood-destroying organisms; (e) the accuracy or completeness of income and expense information and projections, of square footage figures, and of the texts of leases, options, and other agreements affecting the Property; (f) the possibility that lease, options or other documents exist which affect or encumber the Property and which have not been provided or disclosed by Seller; or (g) the presence or location of any hazardous materials on or about the Property, including, but not limited to, asbestos, PCB's, or toxic, hazardous or contaminated substances, and underground storage tanks.

   

  Buyer agrees that investigation and analysis of the foregoing matters is Buyer's sole responsibility and that Buyer shall not hold Agent responsible therefor. Buyer further agrees to reaffirm its acknowledgment of this disclaimer at close of escrow and to confirm that it has relied upon no representations of Agent in connection with its acquisition of the Property.

   

  				
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  27)LEAD-BASED PAINT HAZARDS: Every purchaser of any interest in residential real property on which a residential dwelling was built prior to 1978 is notified that such property may present exposure to lead from lead-based paint that may place young children at risk of developing lead poisoning. Lead poisoning in young children may produce permanent neurological damage, including learning disabilities, reduced intelligence quotient, behavioral problems, and impaired memory. Lead poisoning also poses a particular risk to pregnant women. The seller of any interest in residential real property is required to provide the buyer with any information on lead-based paint hazards. A risk assessment or inspection for possible lead-based paint hazards is recommended prior to purchase. (SELLER TO INITIAL ONE BELOW):

  (    )  1. Seller warrants that the Property was constructed after 1978.

  (  ) 2. Seller is not sure when the Property was constructed and/or has reason to believe that lead-based paint hazards may be present (Attach “LEAD-BASED PAINT DISCLOSURE ADDENDUM TO PURCHASE AGREEMENT”).

   

  28)MOLD/ALLERGEN ADVISORY AND DISCLOSURE: Buyer is advised of the possible presence within properties of toxic (or otherwise illness-causing) molds, fungi, spores, pollens and/or other botanical substances and/or allergens (e.g. dust, pet dander, insect material, etc.). These substances may be either visible or invisible, may adhere to walls and other accessible and inaccessible surfaces, may be embedded in carpets or other fabrics, may become airborne, and may be mistaken for other household substances and conditions. Exposure carries the potential of possible health consequences. Agent strongly recommends that Buyer contact the State Department of Health Services for further information on this topic.

   

  Buyer is advised to consider engaging the services of an environmental or industrial hygienist (or similar, qualified professional) to inspect and test for the presence of harmful mold, fungi, and botanical allergens and substances as part of Buyer’s physical condition inspection of the Property, and Buyer is further advised to obtain from such qualified professionals information regarding the level of health-related risk involved, if any, and the advisability and feasibility of eradication and abatement, if any.

   

  Buyer is expressly cautioned that Agent has no expertise in this area and is, therefore, incapable of conducting any level of inspection of the Property for the possible presence of mold and botanical allergens. Buyer acknowledges that Agent has not made any investigation, determination, warranty or representation with respect to the possible presence of mold or other botanical allergens, and Buyer agrees that the investigation and analysis of the foregoing matters is Buyer’s sole responsibility and that Buyer shall not hold Agent responsible therefore.

   

  29)ARBITRATION OF DISPUTES AND WAIVER OF JURY TRIAL: All disputes arising between the Parties with respect to the subject matter of this Purchase Agreement or the transaction contemplated herein (including but not limited to the parties’ rights to the Deposit or the payment of commissions as provided herein) shall be settled exclusively by final, binding arbitration. The judgment upon the award rendered by the arbitrator may be entered in any court having jurisdiction.

   

  							
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  DocuSign Envelope ID: 6062340F-019D-43F5-B371-265B6F6A577E

   

  The arbitration will proceed in the county where Agent’s office is located and be conducted by the American Arbitration Association (“AAA”), or such other administrator as the parties shall mutually agree upon, in accordance with the AAA’s then-applicable Commercial Arbitration Rules (the “Rules”). Any party who fails or refuses to submit to arbitration following a demand by the other party shall bear all costs and expenses, including attorneys’ fees, incurred by such other party in compelling arbitration.

   

  Any arbitration will be decided by a single arbitrator selected according to the Rules. The arbitrator will decide any pre-hearing motions which are similar to motions to dismiss for failure to state a claim or motions for summary adjudication and may grant any remedy or relief that a court could order or grant on similar motions. The arbitrator shall apply the provisions of this Purchase Agreement without varying therefrom, and shall not have the power to add to, modify, or change any of the provisions hereof.

   

  In any arbitration proceeding discovery will be permitted only in accordance with the terms of this paragraph. Discovery by each party shall be limited to: (i) a maximum number of five (5) depositions limited to four hours each;

  (ii) requests for production of documents; (iii) two interrogatories: one inquiring into the amount of damages sought by the other party and another into the calculation of those damages; and (iv) subpoenas upon third parties for production of documents, depositions, and to appear at a hearing. The scope of discovery may be expanded only upon the mutual consent of the parties. Discovery not set forth in this paragraph shall not be permitted.

  The Parties understand and agree that they are entering into this arbitration agreement voluntarily, and that by doing so they are waiving their rights to a jury trial or to have their claims otherwise litigated in court.

  30)ATTORNEYS' FEES: In any litigation, arbitration or other legal proceeding which may arise between any of the parties hereto, including Agent, the prevailing party shall be entitled to recover its costs, including costs of arbitration, and reasonable attorneys' fees in addition to any other relief to which such party may be entitled.

   

  31)SUCCESSORS & ASSIGNS: This Agreement and any addenda hereto shall be binding upon and inure to the benefit of the heirs, successors, agents, representatives and assigns of the parties hereto.

  32)TIME: Time is of the essence of this Agreement.

   

  33)NOTICES: All notices required or permitted hereunder shall be given to the parties in writing (with a copy to Agent) at their respective addresses as set forth below. Should the date upon which any act required to be performed by this Agreement fall on a Saturday, Sunday or holiday, the time for performance shall be extended to the next business day.

   

  34)MMCC FINANCING EVALUATION: Buyer agrees to review and consider a written loan quote for financing this transaction from Marcus & Millichap Capital Corporation (MMCC) within  ( ) days of the Effective Date. Agent will introduce Buyer to a MMCC capital markets advisor (“Advisor”). Buyer shall act in good faith to provide Advisor with the reasonable and necessary information (e.g., basic personal financial statements and related information, etc.) to provide a loan quote. Buyer expressly authorizes Agent to provide Buyer’s information, including Property, transaction, and Buyer’s financial information, to MMCC for purposes of providing the loan quote. Nothing herein is intended to guarantee or warrant that MMCC can or will secure financing for the Property. Any such financing services will be subject to separate agreement between MMCC and Buyer. Buyer understands and agrees that Agent shall not be responsible for or liable to Buyer in any fashion for, MMCC not obtaining financing for any reason. The obligations in this paragraph are strictly between Buyer and Agent only, and do not create any rights or obligations as between Buyer and Seller, or any other third party.

   

  35)FOREIGN INVESTOR DISCLOSURE: Seller and Buyer agree to execute and deliver any instrument, affidavit or statement, and to perform any act reasonably necessary to carry out the provisions of this Foreign Investment in Real Property Tax Act and regulations promulgated thereunder.

   

  36)ADDENDA: Any addendum attached hereto and either signed or initialed by the parties shall be deemed a part hereof. This Agreement, including addenda, if any, expresses the entire agreement of the parties and supersedes any and all previous agreements between the parties with regard to the Property. There are no other understandings, oral or written, which in any way alter or enlarge its terms, and there are no warranties or representations of any nature whatsoever either express or implied, except as set forth herein. Any future modification of this Agreement will be effective only if it is in writing and signed by the party to be charged.

   

  37)ACCEPTANCE AND EFFECTIVE DATE: Buyer's signature hereon constitutes an offer to Seller to purchase the Property on the terms and conditions set forth herein. Unless acceptance hereof is made by Seller's execution of this Agreement and delivery of a fully executed copy to Buyer, either in person or by mail at the address shown below, on or before 	, 20 , this offer shall be null and void, the Deposit shall be returned to Buyer, and neither Seller nor 

   

  							
	MI Purch
	6 of 9
	Buyer's Initials
	 
	Seller's Initials
	 
	Copyright Marcus & Millichap

   

  

   

  DocuSign Envelope ID: 7307CDC8-1724-49C3-8CEF-A897D6A7CF66

  DocuSign Envelope ID: 6062340F-019D-43F5-B371-265B6F6A577E

  Buyer shall have any further rights or obligations hereunder. Delivery shall be effective upon personal delivery to Buyer or Buyer's agent or, if by mail, on the next business day following the date of postmark. The “Effective Date” of this Agreement shall be the later of (a) the date on which Seller executes this Agreement, or (b) the date of or written acceptance (by either Buyer or Seller) of the final counter-offer submitted by the other party.

   

  38)CLOSING: The Closing Date shall be held on or before 60 days from the effective date at such other time as is reasonably agreeable to Buyer and Seller with at least five (5) days notice prior to the Closing Date. If on the Closing Date insurance underwriting is suspended, Buyer may postpone closing up to 5 days after the insurance suspension is lifted. At the Closing, Seller shall execute and deliver to Buyer a general warranty deed subject to those exceptions permitted by this Agreement, an owner’s affidavit, an I.R.C. Section 1445 non-foreign affidavit, an affidavit of seller’s residence, and a construction lien affidavit, all in form satisfactory to the Title Company to remove from Buyer’s owner’s title policy any exception for claims for labor and materials, unpaid federal and state taxes arising from the sale, and unpaid real estate broker’s commissions, and each party hereto shall execute and deliver such other documents necessary or appropriate to effect and complete the Closing.

   

  39)GOVERNING LAW: This Agreement shall be governed by and construed in accordance with the laws of the State of Wisconsin.

  40)OTHER TERMS AND CONDITIONS:

  A)Leaseback Terms

  a.Form – Buyer to provide lease form and form must be mutually agreed upon by both parties prior to removal of contingencies.

  b.Lease Term – 20 Years from Close of Escrow

  c.Beginning Rent - $600,000 Annually

  d.Lease Type – Absolute Net

  e.Annual Increases – 2% increase annually.

  f.Guarantor to be entity consisting of both Precision Marshall and Kinetic.

  B)Seller Contingency: Buyer acknowledges that seller is currently purchasing the property and does not currently own the property. Sale is contingent on seller purchasing the property on or before    (date). If seller does not conclude sale, buyer to receive their deposit back and both parties to hold each other harmless.

  C)All parties to this agreement or the sale should have no interaction, no communication, or otherwise reach out to any other party except and only through Seller’s representative.

  D)Buyer to have one (1) fifteen (15) day extension to the inspection period.

  E)Seller to have one (1) thirty (30) day extension to closing.	Seller must give notice 15 days before the closing date to exercise option.

   

   

   

  							
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	Seller's Initials
	 
	Copyright Marcus & Millichap

   

  

   

  DocuSign Envelope ID: 7307CDC8-1724-49C3-8CEF-A897D6A7CF66

  DocuSign Envelope ID: 6062340F-019D-43F5-B371-265B6F6A577E

  SELLER UNDERSTANDS AND ACKNOWLEGES THAT BROKER IS NOT QUALIFIED TO PROVIDE, AND HAS NOT BEEN CONTRACTED TO PROVIDE, LEGAL, FINANCIAL OR TAX ADVICE, AND THAT ANY SUCH ADVICE MUST BE OBTAINED FROM SELLER’S ATTORNEY, ACCOUNTANT OR TAX PROFESSIONAL

   

  The undersigned Buyer hereby offers and agrees to purchase the above described Property for the price and upon the terms and conditions herein stated.

   

  This offer is made by Buyer to Seller on this 	day of    , 20  . The undersigned Buyer hereby acknowledges receipt of an executed copy of this Agreement, including the Agency Disclosure contained in Paragraph 22, above.

   

  				
	BUYER:
	 
	ADDRESS:
	  

	DATE:
	3/14/2022 | 09:11:34 PDT
	TELEPHONE:
	 

	 
 
BUYER:
	 
	 
 
 
ADDRESS:
	 
 
  

	DATE:
	 
	TELEPHONE:
	  

   

  SELLER'S ACCEPTANCE AND AGREEMENT TO PAY COMMISSION

  The undersigned Seller accepts the foregoing offer and agrees to sell the Property to Buyer for the price and on the terms and conditions stated herein. Seller acknowledges receipt of an executed copy of this Agreement and authorizes Agent to deliver an executed copy to Buyer.

   

  Seller reaffirms its agreement to pay to Agent a real estate brokerage commission pursuant to the terms of that certain Representation Agreement between Agent and Seller dated 	, 20  , which shall remain in full force and effect. Said commission is payable in full on the Closing Date and shall be paid in cash through escrow. Escrow Holder is directed to make such payment to Agent from Seller's proceeds of sale. The provisions of this paragraph may not be amended or modified without the written consent of Agent.

   

  Seller acknowledges and agrees that payment of said commission is not contingent upon the closing of the transaction contemplated by this Agreement, and that, in the event completion of the sale is prevented by default of Seller, then Seller shall immediately be obligated to pay to Agent the entire commission. Seller agrees that in the event completion of the sale is prevented by default of Buyer, then Seller shall be obligated to pay to Agent an amount equal to one half of any damages or other monetary compensation (including liquidated damages) collected from Buyer by suit or otherwise as a consequence of Buyer's default, if and when such damages or other monetary compensation are collected; provided, however, that the total amount paid to Agent by Seller shall not in any case exceed the brokerage commission hereinabove set forth. Seller acknowledges and agrees that the existence of any direct claim which Agent may have against Buyer in the event of Buyer's default shall not alter or in any way limit the obligations of Seller to Agent as set forth herein.

   

  				
	SELLER:
	 
	ADDRESS:
	  

	DATE:
	3/15/2022
	TELEPHONE:
	 

	 
 
SELLER:
	 
	 
 
 
ADDRESS:
	 
 
  

	DATE:
	 
	TELEPHONE:
	  

   

   

  							
	MI Purch
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	Buyer's Initials
	 
	Seller's Initials
	 
	Copyright Marcus & Millichap

   

  

   

  DocuSign Envelope ID: 7307CDC8-1724-49C3-8CEF-A897D6A7CF66

  DocuSign Envelope ID: 6062340F-019D-43F5-B371-265B6F6A577E

  Agent accepts and agrees to the foregoing.

  AGENT: MARCUS & MILLICHAP REAL ESTATE INVESTMENT SERVICES

   

  				
	BY:
	 
	ADDRESS:
	 

	 
	 
	 
	 

	DATE:
	 
	TELEPHONE:
	 

   

   

  							
	MI Purch
	9 of 9
	Buyer's Initials
	 
	Seller's Initials
	 
	Copyright Marcus & Millichap

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