SEC Contract Filing

Filing Date: 2019-08-07

Document Content:
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<TYPE>EX-10.3
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<FILENAME>gladstonelandwestcitrusb.htm
<DESCRIPTION>EXHIBIT 10.3
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<DIV><FONT size="1" style="font-size:1pt;color:white"> AGREEMENT OF PURCHASE AND SALE (West Citrus Boulevard Stuart FL) THIS AGREEMENT (the &#8220;Agreement&#8221;) is made as of the 10th day of May, 2019 (the &#8220;Effective Date&#8221;), between Caulkins Citrus Company, Ltd., a Florida limited partnership (&#8220;Seller&#8221;), and West Citrus Boulevard Stuart FL, LLC, a Delaware limited liability company (the &#8220;Purchaser&#8221;). WHEREAS, Seller has agreed to sell and Purchaser has agreed to purchase the Property (as hereinafter defined); NOW, THEREFORE, in consideration of the agreements contained herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows: 1. Certain Definitions. For purposes of this Agreement, the following terms shall have the following definitions: &#8220;Broker&#8221; shall mean: Indiantown Realty Attn: Kevin Powers 15328 Warfield Boulevard Indiantown, FL 34956 (772) 597-3355 Kevin@IndianTownRealty.com &#8220;Buyout Agreement&#8221; shall mean that certain buyout agreement executed by and between Purchaser, or its permitted assignee, as landlord, and Seller, as tenant, in conjunction with the Lease, in substantially the form attached hereto as Exhibit H and incorporated by reference herein. &#8220;Closing Date&#8221; shall mean the last day of the Inspection Period, or such earlier time as the parties may agree. &#8220;Contracts&#8221; shall mean, collectively, any and all service, maintenance, management or other contracts or agreements with third parties relating to or affecting the Property. &#8220;Due Diligence Materials&#8221; shall mean those materials and information more particularly described on Exhibit D attached hereto and incorporated by reference herein. &#8220;Earnest Money&#8221; shall mean the sum of Four Hundred Thousand and NO/100 Dollars ($400,000.00), together with all interest accrued thereon. &#8220;ESC&#8221; shall mean that certain Environmental Services Contract with an effective date of November 17, 2016 by and between Seller and the SFWMD, a copy of which is attached hereto as Exhibit F and incorporated by reference herein. </FONT></DIV>
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<DIV><FONT size="1" style="font-size:1pt;color:white"> &#8220;Government Payments&#8221; shall mean all federal, state and local government payments, benefits and entitlements associated with or applicable to the Property or any crops grown thereon, including without limitation any applicable direct payments or counter-cyclical payments under the Farm Security and Rural Investment Act of 2002, as amended. &#8220;Inspection Period&#8221; shall mean the period beginning on the Effective Date and ending at 5:00 p.m. local time at the Property on the date that is ninety (90) days after the Effective Date; provided however that Purchaser may extend the Inspection Period by fifteen (15) additional days by written notice to Seller prior to expiration of the initial Inspection Period. &#8220;Improvements&#8221; shall mean all buildings, structures, gates, fences, roads, levees, ditches, grain bins, silos, other storage bins, together with all other appurtenances or other facilities currently existing on the Property, including without limitation all Irrigation Equipment. &#8220;Irrigation Equipment&#8221; shall mean all below ground, surface and above ground irrigation equipment at the Property, including without limitation water wells, structuring pumps (including without limitation submersible pumps), motors, casings, risers, above and below ground pipes and pipelines, culverts, drip irrigation equipment and pivot irrigation equipment, accessories and all related power and control units and systems, as applicable. All the Irrigation Equipment shall be deemed to be part of the Improvements to be conveyed to Purchaser. &#8220;Land&#8221; shall mean that certain real property located in Martin County, State of Florida, comprised of approximately 3,330 gross acres, all as more particularly described on Exhibit A attached hereto and incorporated herein by reference, together all other rights (including without limitation timber rights, mineral rights (if any) and development rights), easements, hereditaments and appurtenances thereunto belonging. &#8220;Lease&#8221; shall mean that certain lease to have a term commencing as of the Closing Date by and between Purchaser, or its permitted assignee, as landlord, and Tenant in substantially the form attached hereto as Exhibit B attached hereto and incorporated by reference herein. &#8220;Personal Property&#8221; shall mean certain personal property used by Seller in conducting its operations at the Property that will be conveyed to Purchaser as part of this transaction, if any, as particularly described on Exhibit C attached hereto and incorporated by reference herein. &#8220;Property&#8221; shall mean the Land, Improvements, and any Personal Property, specifically including without limitation all Water Rights, excepting such property (intellectual and personal property), material, improvements, and equipment that are or will become the property of the SFWMD pursuant to the ESC. &#8220;Purchase Price&#8221; shall mean the total amount of Fifty Four Million Five Hundred Thousand and NO/100 dollars ($54,5