SEC Contract Filing

Filing Date: 2015-12-02

Document Content:
<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>acportfoliopurchaseagreeme.htm
<DESCRIPTION>AC PORTFOLIO PURCHASE AGREEMENT
<TEXT>
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 <title>Exhibit</title>
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<a name="sA074B422935B5F9B83845F4199761157"></a><div><div style="line-height:120%;text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Exhibit 10.1</font></div></div><br><div style="line-height:120%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;text-decoration:underline;">PURCHASE AND SALE AGREEMENT</font></div><div style="line-height:120%;padding-bottom:8px;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;padding-bottom:8px;text-align:justify;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">THIS PURCHASE AND SALE AGREEMENT (&#8220;Contract&#8221;) is made as of this 30</font><font style="font-family:inherit;font-size:12pt;"><sup style="vertical-align:top;line-height:120%;font-size:8pt">th</sup></font><font style="font-family:inherit;font-size:12pt;">&#32;day of November, 2015 (the &#8220;Effective Date&#8221;) by and between A-C DEVELOPMENT CLUB, LLC, a South Carolina limited liability company, A-C FINANCING, LLC, a South Carolina limited liability company, LITCHFIELD SHOPS FINANCING, LLC, a South Carolina limited liability company, LADSON CROSSING FINANCING, LLC, a South Carolina limited liability company, DEVINE CENTER FINANCING, LLC, a South Carolina limited liability company, and SHOPPES AT MYRTLE PARK, LLC, a South Carolina limited liability company (collectively referred to herein as &#8220;Seller&#8221;), and WHLR-ACD ACQUISITION COMPANY, LLC a Delaware limited liability company, (referred to herein as &#8220;Purchaser&#8221;).</font></div><div style="line-height:120%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">WITNESSETH:</font></div><div style="line-height:120%;text-align:justify;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;padding-bottom:8px;text-align:justify;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">For and in consideration of the mutual covenants and agreements herein contained, the parties agree as follows:</font></div><div style="line-height:120%;padding-left:0px;padding-bottom:6px;padding-top:6px;text-align:left;text-indent:48px;"><font style="padding-bottom:6px;padding-top:6px;text-align:left;font-family:inherit;font-size:12pt;padding-right:48px;">1.</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Property.</font><font style="font-family:inherit;font-size:12pt;">&#32;&#32;&#160;&#160;&#160;&#160;Subject to the terms and conditions herein, Seller agrees to sell to Purchaser, and Purchaser agrees to purchase from Seller, the following described property:</font></div><div style="line-height:120%;text-align:justify;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">A.&#160;&#160;&#160;&#160;1.&#160;&#160;&#160;&#160;All those certain tracts or parcels of land located in Charleston, South Carolina, known as Folly Road Crossing Shopping Center, with a street address of 1895 Folly Road, Charleston, South Carolina, consisting of approximately 9.64 acres of land, together with the buildings with a total of approximately 47,974 square feet of improvements, certain driveways, parking areas, stormwater ponds, and vacant parcels, and all other improvements located thereon owned by A-C Development Club, LLC, (the &#8220;Improvements&#8221;), and together with all appurtenances, rights, easements, rights of way, tenements and hereditaments incident thereto and all title and interest, if any, in and to any land lying in the bed of any street, road or avenue, open, closed or proposed, in front of or adjoining said tracts of land; and</font></div><div style="line-height:120%;text-align:justify;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">2.&#160;&#160;&#160;&#160;All those certain tracts or parcels of land located in Georgetown, South Carolina, known as Georgetown Shopping Center, with a street address of 1620 Highmarket Street, Georgetown, South Carolina, consisting of approximately 2.5 acres of land, together with the buildings with approximately 29,572 square feet of improvements, certain driveways, parking areas, stormwater ponds, and vacant parcels, and all other improvements located thereon owned by A-C Development Club, LLC, (the &#8220;Improvements&#8221;), and together with all appurtenances, rights, easements, rights of way, tenements and hereditaments incident thereto and all title and interest, if any, in and to any land lying in the bed of any street, road or avenue, open, closed or propos