PA12453 Luxury Golf Course Purchase Agreement As Part Of A Sale Leaseback Financing
This form is a real estate purchase agreement for an all cash acquisition of a luxury golf course including the land and the improvements by an investor. It is essentially a financing transaction. The seller tenant will continue to operate the golf course following the sale by leasing back the golf course from the purchaser investor pursuant to a lease. This companion lease to this purchase agreement is available as LA1625.
The purchaser and its agents, consultants and employees have the right to perform physical inspections on the property, as well as examine permits, operating statements, tax bills, etc. concerning the property. Prior to closing, the seller may not make any material structural alterations or additions to the property except as (a) in the ordinary course of operations, (b) required for maintenance and repair or (c) required by any of the leases or other agreements; (ii) sell, transfer, encumber or change the status of title of all or any portion of the golf course; (iii) change or attempt to change, directly or indirectly, the current zoning of the property in a manner materially adverse to it; or (iv) cancel, amend or modify, in a manner materially adverse to the property, any license or permit held by seller with respect to the property or any part thereof which would be binding upon purchaser after the closing.
The seller makes extensive representations and warranties concerning the property and seller's authority to enter into the transaction in the agreement, and the purchaser makes representations and warranties concerning its power and authority to enter into the sale, its independent investigation of the property, absence of bankruptcy events, etc.
Number of Single Spaced Pages: 53
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