SEC Contract Filing

Filing Date: 2020-05-20

Document Content:
<DOCUMENT>
<TYPE>EX-10.2
<SEQUENCE>3
<FILENAME>hvtex102.htm
<DESCRIPTION>EXHIBIT 10.2 PURCHASE AGREEMENT DATED MAY 18, 2020.
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 <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-size: 12pt; font-weight: bold;">PURCHASE AGREEMENT</div>
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 <div style="text-indent: 36pt; font-family: 'Times New Roman',Times,serif; font-size: 12pt;">THIS PURCHASE AGREEMENT, dated as of May 18, 2020 (as amended from time to time, this &#8220;<u>Agreement</u>&#8221;), is between HAVERTY FURNITURE COMPANIES, INC., a
 Maryland corporation (&#8220;<u>Seller</u>&#8221;), and each of the Delaware limited liability companies listed under &#8220;Buyers&#8221; on the signature page hereto (each a &#8220;<u>Buyer</u>&#8221; and collectively, the &#8220;<u>Buyers</u>&#8221;).</div>
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 <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-size: 12pt;"><u>Background</u></div>
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 <div style="text-indent: 36pt; font-family: 'Times New Roman',Times,serif; font-size: 12pt;">Seller owns certain warehouse and distribution center properties listed on <u>Schedule I</u> hereto, and desires to sell and leaseback, and the Buyers
 desire to purchase and lease to Seller, such properties.</div>
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 <div style="text-indent: 36pt; font-family: 'Times New Roman',Times,serif; font-size: 12pt;">NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as
 follows:</div>
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 <div style="margin-bottom: 12pt; text-indent: 36pt;"><font style="font-size: 12pt; font-family: 'Times New Roman',Times,serif;">Section 1.</font>&#160; <font style="font-size: 12pt; font-family: 'Times New Roman',Times,serif;"><u>Definitions</u>.&#160; The
 following terms shall have the following meanings for purposes of this Agreement:</font></div>
 <div style="text-indent: 36pt; margin-bottom: 6pt; font-family: 'Times New Roman',Times,serif; font-size: 12pt;">&#8220;<u>Appraisal</u>&#8221; with respect to any Property means an appraisal of such Property from an appraiser acceptable to STEF and in form and
 substance reasonably acceptable to STEF.</div>
 <div style="text-indent: 36pt; margin-bottom: 6pt; font-family: 'Times New Roman',Times,serif; font-size: 12pt;">&#8220;<u>Business Day</u>&#8221; means any day other than a Saturday or a Sunday or other day on which commercial banks in the State of Georgia are
 required or are authorized to be closed.</div>
 <div style="text-indent: 36pt; margin-bottom: 6pt; font-family: 'Times New Roman',Times,serif; font-size: 12pt;">&#8220;<u>Cap Rate</u>&#8221; means 6.25% with respect to the Properties located in Coppel, Texas and Lakeland, Florida and 6.35% with respect to the
 Property located in Colonial Heights, Virginia.</div>
 <div style="text-indent: 36pt; margin-bottom: 6pt; font-family: 'Times New Roman',Times,serif; font-size: 12pt;">&#8220;<u>Closing Date</u>&#8221; means May 18, 2020.</div>
 <div style="text-indent: 36pt; margin-bottom: 6pt; font-family: 'Times New Roman',Times,serif; font-size: 12pt;">&#8220;<u>Environmental Audit</u>&#8221; with respect to any Property means a Phase I environmental audit performed by a firm reasonably acceptable
 to STEF.</div>
 <div style="text-indent: 36pt; margin-bottom: 6pt; font-family: 'Times New Roman',Times,serif; font-size: 12pt;">&#8220;<u>Land</u>&#8221; with respect to each property listed on <u>Schedule I</u> hereto, the land related thereto.</div>
 <div style="text-indent: 36pt; margin-bottom: 6pt; font-family: 'Times New Roman',Times,serif; font-size: 12pt;">&#8220;<u>Improvements</u>&#8221; means all buildings, structures and other improvements located or to be located on the Land, together with all
 fixtures (including but not limited to all heating, air conditioning, plumbing, lighting, communications and elevator fixtures, but not including any racking or other Personal Property (as defined below)) located or to be located on, or used or to
 be used in connection with, such buildings, structures and other improvements.</div>
 <div style="text-indent: 36pt; margin-bottom: 6pt; font-family: 'Times New Roman',Times,serif; font-size: 12pt;">&#8220;<u>Permitted Encumbrances</u>&#8221; with respect to each Property shall mean the encumbrances listed on Schedule B to the Title Policy for
 such Property.</div>
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 <div style="text-indent: 36pt; margin-bottom: 6pt; font-family: 'Times New Roman',Times,serif; font-size: 12pt;">&#8220;<u>Property</u>&#8221; shall mean each of the properties listed on <u>Schedule I</u>, and shall include the fee simple interest in the
 related Land and all Improvements on such Land at the time of the sal