Document:

Exhibit
10.2

 

ASSIGNMENT
AND ASSUMPTION OF PURCHASE AGREEMENT

 

Brad Foote Gear Works, Inc.,
an Illinois corporation (“Assignor”) for
good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged by Assignor, hereby assigns, transfers, sets over and
delivers to 1309 South Cicero Avenue, LLC, a Delaware limited liability company
(“Assignee”), all of Assignor’s right,
title and interest in, to and under that certain Purchase Agreement Addendum
between Assignor as Purchaser and BFG Cicero LLC, an Illinois limited liability
company, as Seller, dated February 11, 2008 (“Purchase
Agreement”), regarding the real estate commonly known as 1309 South
Cicero Avenue, Cicero, Illinois, as more fully described therein (the “Property”).  Assignee
hereby assumes all of Assignor’s responsibilities and obligations under the
Purchase Agreement, and Assignor is hereby released from any responsibilities
and obligations thereunder.

 

IN WITNESS, the parties have
caused this Assignment and Assumption of Purchase Agreement to be executed as
of February 11, 2008.

 

	
  ASSIGNOR:

  	
  BRAD FOOTE GEAR WORKS, INC.,

  
	
   

  	
  an Illinois corporation

  
	
   

  	
   

  
	
   

  	
  /s/ Steve Huntington

  
	
   

  	
  By Steve Huntington

  
	
   

  	
  Its Chief Financial Officer

  
	
   

  	
   

  
	
  ASSIGNEE:

  	
  1309 SOUTH CICERO AVENUE, LLC,

  
	
   

  	
  a Delaware limited liability company

  
	
   

  	
   

  
	
   

  	
  By: 

  	
  BRAD FOOTE GEAR WORKS, INC.,

  
	
   

  	
   

  	
  an Illinois corporation

  
	
   

  	
   

  
	
   

  	
   

  	
  /s/ Steve Huntington

  
	
   

  	
   

  	
  By Steve Huntington

  
	
   

  	
   

  	
  Its Chief Financial Officer

  

 

CONSENT TO ASSIGNMENT AND
ASSUMPTION OF PURCHASE AGREEMENT

 

The undersigned Seller hereby
consents to the assignment of all of Assignor’s right, title and interest in,
to and under the Purchase Agreement to Assignee, and the undersigned further
consents to the assumption of Assignor’s responsibilities and obligations under
the Purchase Agreement by Assignee and release of Assignor from any
responsibilities and obligations thereunder, all as set forth above.

 

	
  SELLER:

  	
  BFG CICERO LLC,

  
	
   

  	
  an Illinois limited liability company

  
	
   

  	
   

  
	
   

  	
  By: 

  	
  BFG ACQUISITION LLC,

  
	
   

  	
   

  	
  an Illinois limited liability company

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  /s/ Joan Drecoll

  
	
   

  	
   

  	
  By Joan Drecoll

  
	
   

  	
   

  	
  Its ManagerExhibit 10.3

 

PURCHASE AGREEMENT ADDENDUM

5100
NEVILLE ROAD, PITTSBURGH, PENNSYLVANIA

 

THIS AGREEMENT is dated as of February 11, 2008, between BFG
PITTSBURGH LLC, a Pennsylvania limited liability company (“Seller”),
and BRAD FOOTE GEAR
WORKS, INC., an Illinois corporation (“Buyer”)
is entered into pursuant to the exercise by Buyer of its option to purchase
granted in that certain Lease dated August 22, 2007 (the “Lease”) between Seller as landlord and Buyer as Tenant, the
terms of which are incorporated herein by reference.

 

In consideration of this Agreement, Seller and Buyer agree as follows:

 

1.             Sale
of Property.  Seller agrees to sell
to Buyer, and Buyer agrees to buy from Seller, the following (collectively “Property”) the real property located at 5100 Neville Road,
Pittsburgh, Pennsylvania, which real property is described on attached Exhibit A
(the “Land”) together with (1) all
buildings and improvements located on the Land (the “Buildings”),
(2) all plumbing, lighting, heating, air conditioning, ventilating, water
conditioning and other fixtures (the “Fixtures”)
located in the Buildings or on Land and (3) all easements and rights
benefiting or appurtenant to the Land or the Buildings (collectively the “Real Property”), subject to certain encumbrances identified
on attached Exhibit B (the “Permitted Encumbrances”).

 

2.             Purchase
Price and Manner of Payment.  The
total purchase price (“Purchase Price”)
to be paid by Buyer to Seller for the Property shall be One Million Dollars
(U.S. $1,000,000.00).  The Purchase Price
shall be payable by wire transfer of immediately available funds on or before
the Closing Date.

 

3.             Representations
and Warranties by Seller.  Seller
represents and warrants to Buyer as follows:

 

(a)                                  Title to Real
Property.  Seller will
own as of the Closing Date the Real Property, free and clear of all
encumbrances except the Permitted Encumbrances.

 

(b)                                 Lease.  There are no leases or possessory rights of
others regarding the Real Property, except the Lease.

 

(c)                                  Utilities.  Seller has received no notice of actual or
threatened reduction or curtailment of any utility service now supplied to the
Real Property.

 

(d)                                 Certificates of
Occupancy.  Seller has
received no notice of actual or threatened cancellation or suspension of any
certificates of occupancy (if any) for any portion of the Real Property.

 

(e)                                  Environmental
Laws.  No toxic or hazardous
substances or wastes, pollutants or contaminants (including, without
limitation, asbestos, urea formaldehyde, the group of organic compounds known
as polychlorinated biphenyls, petroleum products including gasoline, fuel oil,
crude oil and various constituents of such 

 

1

 

products, and any hazardous substance as defined in the Comprehensive
Environmental Response, Compensation and Liability Act of 1980 (“CERCLA”), 42 U.S.C. § 9601-9657, as amended) have been
generated, treated, stored, released or disposed of, or otherwise placed,
deposited in or located on the Property, except in strict compliance with applicable
laws, nor has any activity been undertaken on the Property that would cause or
contribute to (i) the Property to become a treatment, storage or disposal
facility within the meaning of, or otherwise bring the Property within the
ambit of the Resource Conservation and Recovery Act of 1976 (“RCRA”), 42 U.S.C. § 6901 et seq., or any similar
state law or local ordinance, (ii) an unpermitted release or threatened
release of toxic or hazardous wastes or substances, pollutants or contaminants,
from the Property within the meaning of, or otherwise bring the Property within
the ambit of, CERCLA, or any similar state law or local ordinance, or (iii) the
discharge of pollutants or effluents into any water source or system, the
dredging or filling of any waters or the discharge into the air of any
emissions, that would require a permit under the Federal Water Pollution
Control Act, 33 U.S.C. § 1251 et  seq., or the Clean Air Act, 42
U.S.C. § 7401 et  seq., or any similar state law or local
ordinance.  There are no substances or
conditions in or on the Property that may support a claim or cause of action
under RCRA, CERCLA or any other federal, state or local environmental statutes,
regulations, ordinances or other environmental regulatory requirements.  Seller has disclosed to Buyer all
environmental reports and studies with respect to the Property which are in
Seller’s possession.

 

(f)                                    Rights of
Others to Purchase Property.  Seller has not entered into any other
contracts for the sale of the Property, nor are there any rights of first
refusal or options to purchase the Property or any other rights of others that
might prevent the consummation of this Agreement.

 

(g)                                 Seller’s
Defaults.  To Seller’s
knowledge, Seller is not in default concerning any of its obligations or
liabilities regarding the Property.

 

(h)                                 FIRPTA.  Seller is not a “foreign person”, “foreign
partnership”, “foreign trust” or “foreign estate” as those terms are defined in
Section 1445 of the Internal Revenue Code.

 

(i)                                     Proceedings.  There is no action, litigation,
investigation, condemnation or proceeding of any kind pending or, to Seller’s
knowledge, threatened against Seller or any portion of the Property.

 

(j)                                     Storage Tanks.  Except as disclosed in the reports provided
to Buyer and referenced in 3(e) above, no above ground or underground
tanks, are located in or about the Property, or have been located under, in or
about the Property and have subsequently been removed or filled.  To the extent storage tanks exist on or under
the Real Property such storage tanks have been duly registered with all
appropriate regulatory and governmental bodies and otherwise are in compliance 

 

2

 

with applicable Federal,
state and local statutes, regulations, ordinances and other regulatory
requirements.

 

Seller
will indemnify Buyer, its successors and assigns, against, and will hold Buyer,
its successors and assigns, harmless from, any expenses or damages, including
reasonable attorneys’ fees, that Buyer suffers or incurs because of the breach
of any of the above representations and warranties, provided that such breach
was not discoverable before Closing. 
Each of the representations and warranties herein contained shall
survive the Closing and shall not merge with the deed.

 

5.             Closing.  The closing of the purchase and sale
contemplated by this Agreement (the “Closing”) shall
occur on that date which is fifteen (15) days after the date hereof (the “Closing Date”).  The
Closing shall take place at 9:00 a.m. local time at the office of Chicago
Title (“Title”) at its office at 171 North
Clark Street, Chicago, Illinois, or at such other place as may be agreed to.

 

(a)           Seller’s Closing
Documents.  On the Closing Date,
Seller shall execute and/or deliver to Buyer the following (collectively, “Seller’s Closing Documents”):

 

(i)                                     Deed.  A Special Warranty Deed, sufficient for Title
to insure as required herein, conveying the Real Property to Buyer, free and
clear of all encumbrances, except the Permitted Encumbrances hereafter defined.

 

(ii)                                  Assignment of
Contracts and Permits.  An
Assignment of Contracts and Permits, in form reasonably satisfactory to Buyer,
conveying the Contracts and Permits to Buyer, together with the consent of all
parties having a right to consent to such Assignment, however failure to obtain
consent is not a default.

 

(iii)                               Bring-down
Certificate.  The Bring-down
Certificate.

 

(iv)                              Seller’s
Affidavit.  An
Affidavit by Seller required by Title to issue an Owner’s Policy of Title
Insurance with the standard exceptions waived.

 

(v)                                 FIRPTA
Affidavit.  A non-foreign
affidavit, properly executed and in recordable form, containing such
information as is required by IRC Section 1445(b)(2) and its
regulations.

 

(vi)                              Storage Tanks.  If the Property contains or contained any
storage tanks, an affidavit with respect thereto, as required by law.

 

(vii)                           Other Documents.  All other documents reasonably determined by
Title to be necessary to transfer the Property to Buyer free and clear of all
encumbrances except the Permitted Encumbrances.

 

3

 

(b)           Buyer’s Closing
Documents.  On the Closing Date,
Buyer will execute and/or deliver to Seller the following (collectively, “Buyer’s Closing Documents”);

 

(i)                                     Purchase Price.  The Purchase Price, by wire transfer of U.S.
Federal Funds, to be received in Title’s trust account on or before 10 a.m.
local time on the Closing Date.

 

(ii)                                  Other Documents.  All other documents reasonably determined by
Title to be necessary to accomplish the transfer of the Property.

 

(c)           Prorations and
Closing Costs.  Seller and Buyer
agree to the following prorations and allocation of costs regarding this
Agreement:

 

(i)                                     Title Insurance
and Closing Fee.  Seller will
pay the premium required for the issuance of the Title Policy and extended
coverage.  Buyer will pay all additional
premiums, if any. Seller and Buyer will each pay one-half of any reasonable and
customary closing fee or charge imposed by any closing agent designated by the
Title Company.

 

(ii)                                  Conveyance
Taxes.  Seller shall pay the required
state and county transfer or stamp tax due as a result of the transfer and
conveyance of the Real Property to Buyer. 
Buyer shall pay all costs, expenses, and taxes due as a result of any
mortgage or deed of trust it grants against the Real Property.  Buyer shall pay the cost of the transfer
taxes or stamps imposed by the municipality as a result of this transaction.

 

(iii)                               Basic Rents.  All accrued Rent or Additional Rent and other
charges under the Lease will be prorated as of the Closing Date based on a
calendar year.

 

(iv)                              Security
Deposits.  Seller
shall transfer to Buyer at the Closing, without additional charge, any security
deposits or damage deposits and prepaid rents (not previously described
hereunder) paid to Seller under the Lease, including valid transfers of any
noncash securities or documents held for such purposes by Seller under the
Lease.

 

(v)                                 Recording Costs.  Seller will pay the cost of recording all
documents necessary to place record title in the condition warranted and
required of Seller in this Agreement. 
Buyer will pay the cost of recording the Special Warranty Deed and any
mortgages and related documents which Buyer grants on the Real Property in
connection with the transaction contemplated by this Agreement.

 

(vi)                              Attorney’s Fees.  Each of the parties will pay its own
attorneys fees, except that a party defaulting under this Agreement or any
Closing 

 

4

 

Document will pay the reasonable attorneys’ fees and court costs
incurred by the nondefaulting party in enforcing its rights under this
Agreement.

 

6.             Remedies.  If Buyer defaults under this Agreement,
Seller shall have the right to terminate this Agreement by giving written
notice to Buyer.  If Buyer fails to cure
such default within fifteen (15) days of the date of such notice, this
Agreement will terminate.  The
termination of this Agreement will be the sole remedy available to Seller for
such default by Buyer, and Buyer will not be liable for damages or specific
performance.  If Seller defaults under
this Agreement, this provision does not preclude Buyer from seeking specific
performance of this Agreement.

 

7.             Mutual
Indemnification.  Seller and Buyer
agree to indemnify each other against, and hold each other harmless from, all
liabilities (including reasonable attorneys’ fees in defending against claims)
arising out of the ownership, operation or maintenance of the Property for
their respective periods of ownership. 
Such rights to indemnification will not arise to the extent that (a) the
party seeking indemnification actually receives insurance proceeds or other
cash payments directly attributable to the liability in question (net of the
cost of collection, including reasonable attorneys’ fees) or (b) the claim
for indemnification arises out of the act or neglect of the party seeking
indemnification.  If and to the extent
that the indemnified party has insurance coverage, or the right to make claim
against any third party for any amount to be indemnified against as set forth
above, the indemnified party will, upon full performance by the indemnifying
party of its indemnification obligations, assign such rights to the
indemnifying party or, if such rights are not assignable, the indemnified party
will diligently pursue such rights by appropriate legal action or proceeding
and assign the recovery and/or right of recovery to the indemnifying party to
the extent of the indemnification payment made by such party.

 

8.             Notices.  Any notice required or permitted to be given
by any party upon the other is given in accordance with this Agreement if it is
directed to Seller by delivering it personally to an officer of Seller; or if
it is directed to Buyer, by delivering it personally to an officer of Buyer; or
if mailed in a sealed wrapper by United States registered or certified mail,
return receipt requested, postage prepaid; or if transmitted by facsimile, copy
followed by mailed notice as above required; or if deposited cost paid with a
nationally recognized, reputable overnight courier, properly addressed as
follows:

 

	
  If to Seller:

  	
   

  	
  BFG Pittsburgh LLC

  
	
   

  	
   

  	
  741 Chesterfield Avenue

  
	
   

  	
   

  	
  Naperville, Illinois, 60640

  
	
   

  	
   

  	
  Facsimile: 630-717-9810

  
	
   

  	
   

  	
  Attn:
  Joan Drecoll

  
	
   

  	
   

  	
   

  
	
  With
  a copy to:

  	
   

  	
  DLA
  Piper US LLP

  
	
   

  	
   

  	
  203
  N. LaSalle Street, Suite 1900

  
	
   

  	
   

  	
  Chicago,
  IL 60601

  
	
   

  	
   

  	
  Attention:
  Stephen A. Landsman, Esq.

  
	
   

  	
   

  	
  Facsimile
  No.: 312.630.6330

  

 

5

 

	
  If to Buyer:

  	
   

  	
  Tower Tech Holdings Inc.

  
	
   

  	
   

  	
  980 Maritime Drive,
  Suite 6

  
	
   

  	
   

  	
  Manitowoc, WI 54220

  
	
   

  	
   

  	
  Attention:

  
	
   

  	
   

  	
  Facsimile No.:
  920-684-5579

  
	
   

  	
   

  	
   

  
	
  With
  a copy to:

  	
   

  	
  Fredrikson &
  Byron, P.A.

  
	
   

  	
   

  	
  200
  South Sixth Street, Suite 4000

  
	
   

  	
   

  	
  Minneapolis,
  MN 55402

  
	
   

  	
   

  	
  Attention:
  Mr. John Wurm, Esq.

  
	
   

  	
   

  	
  Facsimile
  No.: 612-492-7077

  

 

Notices
shall be deemed effective on the earlier of the date of receipt or the date of
deposit as aforesaid; provided, however, that if notice is given by deposit,
that the time for response to any notice by the other party shall commence to
run one business day after any such deposit. 
Any party may change its address for the service of notice by giving
written notice of such change to the other party, in any manner above
specified, 10 days prior to the effective date of such change.

 

9.             General.  The paragraph headings or captions appearing
in this Agreement are for convenience only, are not a part of this Agreement
and are not to be considered in interpreting this Agreement.  This written Agreement constitutes the
complete agreement between the Parties and supersedes any prior oral or written
agreements between the parties regarding the Property.  There are no verbal agreements that change
this Agreement and no waiver of any of its terms will be effective unless in a
writing executed by the parties.  All of
the terms of this Agreement will survive and be enforceable after the
Closing.  This Agreement binds and
benefits the parties and their successors and assigns.  This Agreement has been made under the laws
of the state in which the Property is located, and such laws will control its
interpretation.

 

The remainder of this page is
intentionally blank.

 

6

 

IN
WITNESS WHEREOF, the parties have caused this Purchase Agreement to be executed
as of the day and year first above written.

 

 

	
   

  	
  SELLER:  BFG PITTSBURGH LLC

  
	
   

  	
   

  
	
   

  	
  By: BFG ACQUISITION LLC,

  
	
   

  	
  an Illinois limited liability company

  
	
   

  	
   

  
	
   

  	
  By: 

  	
  /s/ Joan Drecoll

  
	
   

  	
  Its: 

  	
  Manager

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  BUYER:
  BRAD FOOTE GEAR WORKS, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Steven A. Huntington

  
	
   

  	
  Its:

  	
  Chief
  Financial Officer

  

 

7

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