SEC Contract Filing

Filing Date: 2022-02-11

Document Content:
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<TYPE>EX-10.26
<SEQUENCE>3
<FILENAME>soho-ex1026_6.htm
<DESCRIPTION>EX-10.26
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<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">EXHIBIT 10.22</p>
<p style="margin-bottom:24pt;text-align:center;margin-top:0pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><a name="_Hlk523477252"></a><a name="_AEIOULastRenderedPageBreakAEIOU1"></a><font style="text-decoration:underline;">PURCHASE AND SALE AGREEMENT</font></p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:7.69%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><a name="_Hlk8729061"></a><a name="_Hlk8752349"></a><a name="_Hlk19713553"></a>THIS PURCHASE AND SALE AGREEMENT (this &#8220;<font style="font-weight:bold;font-style:italic;">Agreement</font>&#8221;) is made and entered into as of December 13, 2021 (the &#8220;<font style="font-weight:bold;font-style:italic;">Effective Date</font>&#8221;), by and betwe<a name="_Hlk8729061"></a>en <font style="font-weight:bold;">LOUISVILLE HOTEL ASSOCIATES, LLC</font>, a Delaware limited liability company (the &#8220;<font style="font-weight:bold;font-style:italic;">Seller</font>&#8221;), and<font style="font-weight:bold;"><a name="_Hlk8752349"></a> RIVERSIDE HOTEL, LLC</font>, an Indiana limited liability company, or its permitted assigns<a name="_Hlk19713553"></a> (the &#8220;<font style="font-weight:bold;font-style:italic;">Purchaser</font>&#8221;; Seller and Purchaser are sometimes referred to herein individually as a &#8220;<font style="font-weight:bold;font-style:italic;">Party</font>&#8221;, and collectively as the &#8220;<font style="font-weight:bold;font-style:italic;">Parties</font>&#8221;).</p>
<p style="text-align:center;margin-bottom:12pt;margin-top:0pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="text-decoration:underline;">Recitals</font></p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:7.69%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">WHEREAS, Seller is the owner of the Property (as defined herein) relating to the hotel facility located at 700 West Riverside Drive, Jeffersonville, Indiana 47130, more commonly known as the Sheraton Louisville Riverside (the &#8220;<font style="font-weight:bold;font-style:italic;">Hotel</font>&#8221;).</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:7.69%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">WHEREAS, Seller desires to sell the Property to Purchaser, and Purchaser desires to purchase the Property from Seller, on the terms set forth in this Agreement. </p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:7.69%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">NOW, THEREFORE, in consideration of the mutual covenants set forth in this Agreement and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties hereby agree as follows:</p>
<p style="text-align:center;margin-bottom:12pt;margin-top:0pt;text-indent:0%;font-size:10pt;">&nbsp;</p>
<p style="text-align:center;margin-bottom:12pt;margin-top:0pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><a name="_Toc156909248"></a>DEFINITIONS</p>
<p style="text-align:center;margin-bottom:12pt;margin-top:0pt;text-indent:0%;font-size:10pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:0%;font-size:10pt;"><a name="_Toc156909249"></a><a name="_Ref303867873"></a>&nbsp;</p>
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<p style="text-align:justify;margin-bottom:6pt;margin-top:0pt;text-indent:7.69%;font-weight:normal;font-style:normal;color:#000000;font-size:10pt;font-family:9999999;text-transform:none;font-variant: normal;letter-spacing:0pt;"><a name="_AEIOULastRenderedPageBreakAEIOU2"></a><font style="Background-color:#auto;text-decoration:none;">1.1</font><font style="font-size:12pt;font-family:Times New Roman;margin-left:36pt;color:#000000;"></font><font style="text-decoration:underline;font-family:Times New Roman;color:#000000;">Definitions</font><font style="font-family:Times New Roman;color:#000000;">. In addition to the terms defined above in the introduction and recitals to this Agreement, the following terms when used in this Agreement shall have the meanings set forth in this </font><font style="text-decoration:underline;font-family:Times New Roman;color:#000000;">Section 1.1</font><font style="font-family:Times New Roman;color:#000000;">.</font></p>
<p style="margin-bottom:6pt;text-align:justify;margin-top:0pt;text-indent:7.69%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8220;<font style="text-decoration:underline;">Affiliate</font>&#8221; means, with respect to the Person in question, any other Person that, directly or indirectly, (i) owns or controls fifty percent (50%) or more of the outstanding voting and/or equity interests of such Person, or (ii) controls, is controlled by or is under common control with, the Person in question. For the purposes of this de