Contract Of Sale - Office Commercial And Multi Family Residential Premises (Long Form)

CONTRACT OF SALE ­ OFFICE, COMMERCIAL AND MULTI-FAMILY RESIDENTIAL PREMISES. This form was originally prepared by the Committee on Real Property Law of the Association of the Bar of the City of New York. This form may have been altered by the user and any such alterations may not be apparent. To view or download the original unaltered text of this form and an introduction to this form, visit the Real Estate Forms site at the Reports/Publications/ Forms link at www.nycbar.org. Contract of Sale ­ Office, Commercial and Multi-Family Residential Premises Between ___________________________________________ ("Seller") and ___________________________________________ ("Purchaser") dated _____________ Premises: Street Address: City or Town: County: State: New York American LegalNet, Inc. www.FormsWorkflow.com Table of Contents Section 1. Section 2. Sale of Premises and Acceptable Title.........................................................1 Purchase Price, Acceptable Funds, Existing Mortgages, Purchase Money Mortgage, Escrow of Downpayment and Foreign Persons............................................................................................2 The Closing..................................................................................................7 Representations and Warranties of Seller ....................................................7 "As Is" Condition, No Representations Not Expressly Set Out in Contract, Representations and Warranties of Purchaser....................................................................................................12 Seller's Obligations as to Leases ...............................................................14 Responsibility for Violations .....................................................................16 Destruction, Damage or Condemnation.....................................................17 Covenants of Seller ....................................................................................19 Seller's Closing Obligations ......................................................................19 Purchaser's Closing Obligations................................................................22 Apportionments..........................................................................................23 Objections to Title, Failure of Seller or Purchaser to Perform and Vendee's Lien .....................................................................................25 Broker ........................................................................................................26 Notices .......................................................................................................27 Limitations on Survival of Representations, Warranties, Covenants and other Obligations ...............................................................27 Due Diligence Period.................................................................................27 Miscellaneous Provisions ..........................................................................29 Section 3. Section 4. Section 5. Section 6. Section 7. Section 8. Section 9. Section 10. Section 11. Section 12. Section 13. Section 14. Section 15. Section 16. Section 17. Section 18. SCHEDULES Schedule A. Schedule B. Schedule C. Schedule D. Schedule E. Schedule F. Schedule G. DESCRIPTION OF PREMISES ............................................................ A-1 PERMITTED EXCEPTIONS..................................................................B-1 PURCHASE PRICE ................................................................................C-1 MISCELLANEOUS ............................................................................... D-1 RENT SCHEDULE .................................................................................E-1 FORM OF ESTOPPEL LETTER............................................................ F-1 INSURANCE POLICIES ....................................................................... G-1 -iAmerican LegalNet, Inc. www.FormsWorkflow.com Schedule H. Schedule I. Schedule J. Schedule K. EMPLOYEES ......................................................................................... H-1 SERVICE CONTRACTS .........................................................................I-1 CERTIFICATE OF OCCUPANCY .........................................................J-1 FORMS OF PURCHASE MONEY NOTE AND MORTGAGE .......... K-1 -iiAmerican LegalNet, Inc. www.FormsWorkflow.com Contract of Sale -- Office, Commercial and Multi-Family Residential Premises CONTRACT OF SALE ("Contract") dated _______________ between ___________________________ ("Seller") and _____________________________ ("Purchaser"). Seller and Purchaser hereby covenant and agree as follows: Section 1. Sale of Premises and Acceptable Title §1.01. Seller shall sell to Purchaser, and Purchaser shall purchase from Seller, at the price and upon the terms and conditions set forth in this contract: (a) the parcel of land more particularly described in Schedule A attached hereto ("Land"); (b) all buildings and improvements situated on the Land (collectively, "Building"); (c) all right, title and interest of Seller, if any, in and to the land lying in the bed of any street or highway in front of or adjoining the Land to the center line thereof and to any unpaid award for any taking by condemnation or any damage to the Land by reason of a change of grade of any street or highway; and (d) the appurtenances and all the estate and rights of Seller in and to the Land and Building (collectively, the "Premises"). For purposes of this contract, "appurtenances" shall include all right, title and interest of Seller, if any, in and to (i) streets, easements, rights-of-way and vehicle parking rights used in connection with the Premises; (ii) any strips or gores of land between the Land and abutting or adjacent properties; (iii) the leases, licenses and occupancy agreements for space in the Building, and all guarantees thereof, as shown on Schedule E attached hereto and any leases entered into by Seller between the date of this contract and the Closing (as hereinafter defined); (iv) the Service Contracts (as hereinafter defined); (v) plans, specifications, architectural and engineering drawings, prints, surveys, soil and substrata studies relating to the Premises in Seller's possession, whether or not stored, managed or contained on computer software or hardware; (vi) all operating manuals and books, data and records