PURCHASE AND SALE AGREEMENT
THIS PURCHASE AND SALE AGREEMENT
(this “
Agreement
”) is hereby made and entered into
as of the Effective Date (as defined below) by and between
HOME DEPOT U.S.A., INC.
, a Delaware
corporation
(“
Seller
”), and
BLUE ROSE INVESTMENTS, LLC
, a Louisiana limited liability company
(“
Purchaser
”).
RECITALS:
A.
Seller desires to sell and Purchaser desires to purchase, upon the terms and conditions
set forth in this Agreement, those certain tracts or parcels of land containing in the aggregate approximately
2.579 acres, located in the City of Kenner, Parish of Jefferson, State of Louisiana, as more particularly
described on
Exhibit A-1
attached hereto and made a part hereof and depicted as Lot
“B"
on
Exhibit A-
2
attached hereto and made a part hereof (the “
Land
”), together with (i) the real property improvements
and fixtures, if any, located thereon (the “
Improvements
”; the Land and Improvements are sometimes
referred to herein collectively as the “
Real Property
”) and (ii) all rights, easements, servitudes, mineral
rights (to the extent owned by Seller) and appurtenances pertaining thereto (collectively, the “
Property
”),
and subject only to the Permitted Exceptions (as defined below). The land adjoining the Real Property and
retained by Seller is referred to herein as “
Seller’s Adjacent Property
”.
B.
Seller desires to sell the Property to Purchaser and Purchaser desires to purchase the
Property from Seller pursuant to the terms, provisions and conditions of this Agreement.
NOW, THEREFORE
, in consideration of the mutual promises and covenants contained herein and
other good and valuable consideration, the receipt and sufficiency of which are all hereby acknowledged
by each of the parties hereto, the parties hereto agree as follows:
1.
Purchase Price
. Subject to the terms and provisions of this Agreement, Seller shall sell
and transfer the Property to Purchaser, and Purchaser shall purchase the Property from Seller and pay to
Seller, by federal wire transfer or other immediately available funds, the sum of
$2,166,481.19
(the
“
Purchase Price
”). No adjustment to the Purchase Price shall be made if the Survey (as defined below)
reflects acreage that differs from the acreage described above or the acreage reflected on
Exhibit A-2
.
2.
Deposit
.
(a)
Within five (5) business days after the Effective Date, Purchaser shall deposit in
escrow with First American Title
Insurance Company ("
Escrow Agent
"), at its office located at 3455
Peachtree Road NE, Suite 1700, Atlanta, GA 30326, Attn.: Lori Adams, a deposit in the amount of
$20,000.00
(the “
Deposit
”).
(b)
Escrow Agent shall invest the Deposit in a federally insured interest-bearing
account. The Deposit paid by Purchaser shall be applied for Purchaser’s benefit against the Purchase
Price at Closing (as defined below) or disbursed to Seller or Purchaser as otherwise set forth herein. All
interest which has accrued on the Deposit shall, under all circumstances, belong to the party which is
ultimately entitled to receive the Deposit pursuant to this Agreement (with portions of the interest being
allocated to the portions of the Deposit). Seller and Purchaser each agree to execute and deliver all
documents which are reasonably requested by Escrow Agent to effectuate the escrow of the Deposit,
provided and so long as such documents are consistent with the terms of this Agreement.
(c)
In performing its duties as escrow agent holding the Deposit as provided in this
Agreement, Escrow Agent shall not incur any liability to anyone for any damages, losses or expenses,
except for gross negligence, willful default or breach of trust, and it shall accordingly not incur any such
liability with respect to (i) any action taken or omitted in good faith upon advice of its counsel, or (ii) any
action taken or omitted in reliance upon any instrument, including written notice or instruction provided for
in this Agreement, not only as to its due execution and the validity and effectiveness of its provisions, but
also as to the truth and accuracy of any information contained therein, which Escrow Agent shall in good
2
faith believe to be genuine, to have been signed or presented by a proper person or persons, and to conform
with the provisions of this Agreement. In the event of a dispute between any of the parties hereto sufficient
in the discretion of Escrow Agent to justify its doing so, Escrow Agent shall be entitled to tender into the
registry or custody of any court of competent jurisdiction in the parish where the Property is located, the
entire Deposit held under this Agreement, together with such legal pleadings as it deems appropriate, and
thereupon be discharged from all further duties and liabilities under this Agreement.
(d)
In the event Purchaser fails to timely deposit the Deposit as required in this
Agreement, Seller shall have the right to terminate this Agreement immediately upon the occurrence of
such breach hereunder by providing written notice to Purchaser.
3.
Closing Costs
.
(a)
Seller shall pay Seller’s attorneys’ fees and a commission to Seller's Brokers
pursuant to Section 20 of this Agreement.
(b)
On or before Closing, Purchaser shall pay: (i) the cost of the preparation of the
survey if Purchaser elects to obtain a survey; (ii) the cost of obtaining all approvals, permits and entitlements
for the Property; (iii) Purchaser’s attorneys’ fees; (iv) all transfer taxes, recording taxes, documentary stamp
taxes and similar taxes payable to the State of Louisiana, Parish of Jefferson, the City of Kenner or any
other applicable governmental authority; (v) all recording fees on recordable documents related to the sale
of the Property to Purchaser (including, without limitation the recording costs for the Deed and the RCA (as
each are defined below); (vi) all title insurance fees and premiums, including, without limitation, any costs,
fees and premiums related to the issuance of the Title Commitment (as defined below) and any owner’s
title insurance policy obtained by Purchaser at Closing, including, any endorsements thereto; (vii) any and
all title costs in the event this Agreement terminates; and (viii) all escrow fees charged by Escrow Agent.
(c)
All other costs and fees shall be paid by the party incurring such costs and fees.
(d)
The Land is subject to that certain Restrictive Covenants and Reciprocal Servitude
Agreement dated July 19, 2016 and recorded on July 19, 2016, in Book 3373, Page 148 of the official
records of Jefferson Parish (the "
Carmax RCRSA
"). The Purchase Price includes amounts for
reimbursement to Seller of the prorated amounts allocated to the Property paid by Seller to CarMax (i) for
the construction of the Access Drive (as defined in the Carmax RCRSA) under Section 2.01(a) of the
Carmax RCRSA in the amount of $65,012.63 plus (ii) for the construction of the Pylons (as defined in the
Carmax RCRSA) under Section 2.03 of the Carmax RCRSA in the amount of $21,649.56.
4.
Prorations
.
(a)
All real property ad valorem taxes, personal property taxes, special taxes and
assessments shall be prorated (employing a 365-day year) between Purchaser and Seller as of the Closing
Date (as defined below) based upon the current property assessment. If such assessment is not available
for the year in question, such taxes and assessments shall be prorated at Closing based on the previous
year’s tax bill and promptly reprorated when the amount thereof can be ascertained.
(b)
All expenses, including without limitation, utility fees and deposits and all
maintenance charges and payments under existing recorded reciprocal easements/servitudes agreements
and/or similar agreements, with respect to the Property shall be allocated between Seller and Purchaser
as of the Closing Date. Seller shall be responsible for all such expenses for the period of time up to but not
including the Closing Date, except for any such expenses incurred by or at the direction of Purchaser in
connection with Purchaser’s inspection of the Property, all of which expenses incurred by or at the direction
of Purchaser shall be paid by Purchaser. Purchaser shall be responsible for all such expenses for the
period of time from, after, and including the Closing Date. If accurate allocations cannot be made at Closing
because current bills are not then available (for example, as in the case of utility bills), the parties shall
allocate such expenses at Closing on the best available information, subject to prompt adjustment upon
receipt of the final bill or other evidence of the applicable income or expense.
3
(c)
All prorations and allocations made pursuant to this Section 4 shall be determined
by allocating the tax, assessment or other expense on a per acre basis.
(d)
If any errors or omissions are made regarding adjustments and prorations pursuant
to this Section 4, the parties shall make the appropriate corrections promptly upon the discovery thereof. If
any estimates are made at the Closing regarding adjustments or prorations, the parties shall make the
appropriate correction promptly when accurate information becomes available. Any corrected adjustment
or proration shall be paid in cash to the party entitled thereto.
(e)
All obligations to adjust prorations set forth in this Section 4 shall survive the
Closing of the transaction for a period of nine (9) months.
5.
Closing
. The consummation of the purchase and sale of the Property (the “
Closing
”)
shall be held on the date that is thirty (30) days following the expiration of the Inspection Period (the
“
Closing Date
”) at the offices of the Escrow Agent. Seller agrees to deliver possession of the Property to
Purchaser at Closing. Notwithstanding the foregoing, the parties agree that the Closing shall occur through
the mail pursuant to a mutually acceptable escrow arrangement among Seller, Purchaser and Escrow
Agent so that it will not be necessary for Seller or Purchaser to physically attend the Closing. At Closing,
all of the terms and conditions of this Agreement shall be deemed to have been satisfied and merged into
the Act of Sale (as defined below) and shall not survive the Closing, except as specifically set forth in this
Agreement.
6.
Conveyance of Property “As Is” Except as Otherwise Provided
. PURCHASER
ACKNOWLEDGES THAT THE PROPERTY IS BEING SOLD “AS IS, WHERE IS” AND “WITH ALL
FAULTS” WITHOUT ANY OBLIGATION OF SELLER TO PERFORM ANY REPAIRS, IMPROVEMENTS,
MAINTENANCE OR OTHER WORK TO THE PROPERTY OR ANY PART THEREOF, AND WITHOUT,
ANY WARRANTIES OF ANY KIND OR CHARACTER, EXPRESS OR IMPLIED, STATUTORY, ORAL OR
WRITTEN, PAST, PRESENT OR FUTURE, WITH RESPECT TO THE PROPERTY, INCLUDING, BUT
NOT LIMITED TO, WARRANTIES OF FITNESS, MERCHANTABILITY, FITNESS FOR A PARTICULAR
PURPOSE, HABITABILITY, TENANTABILITY OR ENVIRONMENTAL CONDITION. SELLER
EXPRESSLY DISCLAIMS ANY REPRESENTATIONS AND WARRANTIES OF ANY KIND OR
CHARACTER, EXPRESS OR IMPLIED, STATUTORY, ORAL OR WRITTEN, PAST, PRESENT OR
FUTURE, WITH RESPECT TO THE PROPERTY, INCLUDING ANY REPRESENTATIONS BY ANY
BROKERS OR SALESMEN WITH RESPECT TO THE PROPERTY, INCLUDING BUT NOT LIMITED TO
REPRESENTATIONS AND WARRANTIES AS TO ANY OF THE FOLLOWING MATTERS: (I)
ENVIRONMENTAL MATTERS RELATING TO THE PROPERTY OR ANY PORTION THEREOF; (II)
GEOLOGICAL CONDITIONS, INCLUDING, WITHOUT LIMITATION, SUBSIDENCE, SUBSURFACE
CONDITIONS, WATER TABLE, UNDERGROUND WATER RESERVOIRS, LIMITATIONS REGARDING
THE WITHDRAWAL OF WATER AND EARTHQUAKE FAULTS AND THE RESULTING DAMAGE OF
PAST AND/OR FUTURE EARTHQUAKES; (III) WHETHER, AND TO THE EXTENT TO WHICH, THE
PROPERTY OR ANY PORTION THEREOF IS AFFECTED BY ANY STREAM (SURFACE OR
UNDERGROUND), BODY OF WATER, FLOOD-PRONE AREA, FLOOD PLAIN, FLOODWAY OR
SPECIAL FLOOD HAZARD; (IV) DRAINAGE; (V) SOIL CONDITIONS, INCLUDING THE EXISTENCE OF
INSTABILITY, PAST SOIL REPAIRS, SOIL ADDITIONS OR CONDITIONS OF SOIL FILL, OR
SUSCEPTIBILITY TO LANDSLIDES, OR THE SUFFICIENCY OF ANY UNDERSHORING; (VI) ZONING
TO WHICH THE PROPERTY OR ANY PORTION THEREOF MAY BE SUBJECT; (VII) THE AVAILABILITY
OF ANY UTILITIES TO THE PROPERTY OR ANY PORTION THEREOF INCLUDING, WITHOUT
LIMITATION,
WATER,
SEWAGE/WASTEWATER
DISPOSAL,
STORMWATER
CONVEYANCE
SYSTEMS, GAS AND ELECTRIC; (VIII) USAGES OF ADJOINING PROPERTY; (IX) ACCESS TO THE
PROPERTY OR ANY PORTION THEREOF; (X) THE PRESENCE OF “HAZARDOUS SUBSTANCES” (AS
DEFINED BELOW) IN OR ON, UNDER OR IN THE VICINITY OF THE PROPERTY; (XI) THE CONDITION
OR USE OF THE PROPERTY OR COMPLIANCE OF THE PROPERTY WITH ANY OR ALL PAST,
PRESENT OR FUTURE FEDERAL, STATE OR LOCAL ORDINANCES, RULES, REGULATIONS OR
LAWS, BUILDING, FIRE OR ZONING ORDINANCES, CODES OR OTHER SIMILAR LAWS; (XII) THE
EXISTENCE OR NON-EXISTENCE OF UNDERGROUND STORAGE TANKS AND ANY CONTENTS
4
THEREOF; (XIII) ANY OTHER MATTER AFFECTING THE STABILITY OR INTEGRITY OF THE
PROPERTY; (XIV) THE POTENTIAL FOR FURTHER DEVELOPMENT OF THE PROPERTY; (XV) THE
EXISTENCE OF LAND USE, ZONING OR BUILDING ENTITLEMENTS AFFECTING THE PROPERTY;
OR (XVI) THE HABITABILITY, MERCHANTABILITY, OR SUITABILITY OF THE PROPERTY OR FITNESS
OF THE PROPERTY FOR ANY PARTICULAR PURPOSE. FURTHER, IN THE EVENT PURCHASER
PURCHASES THE PROPERTY, PURCHASER HEREBY WAIVES ANY CLAIM IT MAY HAVE AGAINST
SELLER AS TO MATTERS RELATED TO THE PROPERTY OR SELLER WITH RESPECT TO ACTS,
OMISSIONS AND CONDITIONS ARISING, ACCRUING OR EXISTING ON OR BEFORE THE CLOSING
DATE, EXCEPT AS OTHERWISE SPECIFICALLY SET FORTH IN THIS AGREEMENT OR THE
AGREEMENTS EXECUTED BY SELLER AT CLOSING. UPON CLOSING, EXCEPT AS OTHERWISE
SPECIFICALLY SET FORTH IN THIS AGREEMENT OR THE AGREEMENTS EXECUTED BY SELLER
AT CLOSING, PURCHASER SHALL ASSUME THE RISK THAT ADVERSE MATTERS, INCLUDING BUT
NOT LIMITED TO, ADVERSE PHYSICAL AND ENVIRONMENTAL CONDITIONS, INCLUDING,
WITHOUT
LIMITATION,
THE
PRESENCE
OF
HAZARDOUS
SUBSTANCES
OR
OTHER
CONTAMINANTS, MAY NOT HAVE BEEN REVEALED BY PURCHASER’S INVESTIGATIONS, AND,
EXCEPT AS OTHERWISE SPECIFICALLY PROVIDED IN THIS AGREEMENT AND THE AGREEMENTS
TO BE EXECUTED BY SELLER AT CLOSING, PURCHASER, UPON CLOSING, SHALL BE DEEMED
TO HAVE WAIVED, RELINQUISHED AND RELEASED SELLER (AND SELLER’S OFFICERS,
DIRECTORS, SHAREHOLDERS, EMPLOYEES AND AGENTS) FROM AND AGAINST ANY AND ALL
CLAIMS, DEMANDS, CAUSES OF ACTION (INCLUDING CAUSES OF ACTION IN TORT), LOSSES,
DAMAGES, LIABILITIES, COSTS AND EXPENSES (INCLUDING REASONABLE ATTORNEYS’ FEES)
OF ANY AND EVERY KIND OR CHARACTER, KNOWN OR UNKNOWN, WHICH PURCHASER MIGHT
HAVE ASSERTED AGAINST SELLER (AND SELLER’S OFFICERS, DIRECTORS, SHAREHOLDERS,
EMPLOYEES AND AGENTS) AT ANY TIME BY REASON OF OR ARISING OUT OF ANY LATENT OR
PATENT PHYSICAL CONDITIONS, INCLUDING, WITHOUT LIMITATION, THE PRESENCE IN THE SOIL,
AIR, STRUCTURES AND SURFACE AND SUBSURFACE WATERS, OF HAZARDOUS SUBSTANCES
OR OTHER SUBSTANCES THAT HAVE BEEN OR MAY IN THE FUTURE BE DETERMINED TO BE
TOXIC, HAZARDOUS, UNDESIRABLE OR SUBJECT TO REGULATION AND THAT MAY NEED TO BE
SPECIALLY TREATED, HANDLED AND/OR REMOVED FROM THE PROPERTY UNDER CURRENT OR
FUTURE FEDERAL, STATE AND LOCAL LAWS, REGULATIONS OR GUIDELINES, VIOLATIONS OF
ANY APPLICABLE LAWS, INCLUDING, WITHOUT LIMITATION, ANY APPLICABLE “HAZARDOUS
SUBSTANCES LAWS” (AS DEFINED BELOW), AND ANY AND ALL OTHER ACTS, OMISSIONS,
EVENTS, CIRCUMSTANCES OR MATTERS REGARDING THE PROPERTY. PURCHASER FURTHER
ACKNOWLEDGES AND AGREES THAT PURCHASER IS A SOPHISTICATED AND EXPERIENCED
PURCHASER OF PROPERTIES SUCH AS THE PROPERTY AND HAS BEEN DULY REPRESENTED
BY COUNSEL IN CONNECTION WITH THE NEGOTIATION OF THIS AGREEMENT.
(b)
For purposes of this Agreement, “
Hazardous Substances
” means any hazardous,
toxic or dangerous waste, substance or material, pollutant or contaminant, as defined for purposes of the
Comprehensive Environmental Response, Compensation and Liability Act Of 1980 (42 U.S.C. §§ 9601 et
seq.), as amended (“
CERCLA
”), or the Resource Conservation and Recovery Act (42 U.S.C. §§ 6901 et
seq.), as amended (“
RCRA
”), or any other federal, state or local law, ordinance, rule or regulation applicable
to the Property, or any substance which is toxic, explosive, corrosive, flammable, infectious, radioactive,
carcinogenic, mutagenic or otherwise hazardous, or any substance which contains gasoline, diesel fuel or
other petroleum hydrocarbons, polychlorinated biphenyls, radon gas, urea formaldehyde, asbestos, lead or
electromagnetic waves. Without limitation of the other provisions of this Section 6, Purchaser
acknowledges to and agrees with Seller that Seller has not, does not and will not make any representation
or warranty with regard to compliance with any environmental protection, pollution or land use laws, rules,
regulations, orders or requirements, including, but not limited to, those pertaining to the handling, generating,
treating, storing or disposing of any Hazardous Substances, including CERCLA and RCRA. Without limiting
the foregoing, Seller does not make and has not made and specifically disclaims any representation or
warranty regarding the presence or absence of any Hazardous Substances at, on, under or about the
Property or the compliance or non-compliance of the Property with CERCLA or RCRA, the Federal Water
Pollution Control Act, the Federal Environmental Pesticides Act, the Clean Water Act, the Clean Air Act,
any federal, state or local so-called “Superfund” or “Superlien” statute, or any other statute, law, ordinance,
code, rule, regulation, order or decree regulating, relating to or imposing liability or standards of conduct
5
concerning any Hazardous Substances (collectively, the “
Hazardous Substance Laws
”).
(c)
The provisions of this Section 6 shall survive Closing and shall not merge with any
of the closing deliveries to be provided pursuant to Section 13 of this Agreement.
7.
Inspections Prior to Closing
.
(a)
Subject to the terms and conditions hereof and to any rights or restrictions under
any of the Permitted Exceptions, Purchaser, its agents and representatives, shall at all times during the
Inspection Period (but upon forty-eight (48) hours’ prior email notice to Seller’s representative, who is
Cameron Bagley, with an email address of
cameron_bagley@homedepot.com
) have the privilege,
opportunity and right of entering upon the Property in order to conduct such examinations, tests, studies
and investigations of the Property, including, but not limited to, the physical and environmental conditions
thereof, as Purchaser deems reasonably necessary or reasonably desirable to satisfy itself as to the
condition of the Property, and Purchaser will rely solely upon same and not upon any information (including
without limitation environmental studies or reports of any kind or any Seller Information (as defined below))
provided by or on behalf of Seller or its agents, consultants or employees with respect thereto; provided,
however, any such access on the Property shall not interfere with Seller’s business or other activities at the
Property and Seller’s Adjacent Property. At Seller’s election, a representative of Seller may be present
during any entry by Purchaser or its representatives upon the Property for conducting its studies and
investigations. Purchaser shall not cause or permit any mechanics' liens, materialmen’s liens or other liens
to be filed against the Property or Seller’s Adjacent Property as a result of its activities at the Property, and
if any such liens are filed Purchaser shall cause same to be dismissed, by payment, bonding or otherwise,
not later than thirty (30) days following Purchaser obtaining actual knowledge of the filing thereof.
Purchaser agrees to indemnify, defend and hold harmless Seller and its partners, affiliates, officers,
employees, trustees, beneficiaries, shareholders, directors, members, managers, attorneys, advisors, and
other agents (“
Seller Parties
”) harmless from and against (i) any and all damages to person or property,
and (ii) any and all liabilities, damages, costs and expenses (including without limitation reasonable
attorneys’ fees and court costs); which arise as a result of or in connection with Purchaser’s exercise of its
rights pursuant to this Section, excluding any damages, liabilities, costs or expenses caused by primarily
by the negligence or willful misconduct of any of the Seller Parties.
(b)
Notwithstanding anything contained in this Agreement to the contrary, Purchaser
shall not perform a so-called "Phase II" environmental site assessment of the Property or any other
sampling, boring, drilling or other physically intrusive testing on the Property without the prior written
consent of Seller, which consent may be granted or withheld in Seller's sole and absolute discretion.
(c)
Purchaser covenants and agrees with Seller not to disclose to any third party (other
than to Purchaser’s lenders, accountants, attorneys and other professionals and consultants in connection
with the transaction contemplated herein provided that such parties are advised of and agree to be bound
by the confidentiality provisions of this Agreement) without Seller’s prior written consent, which consent
Seller shall not unreasonably withhold, unless Purchaser is obligated by law to make such disclosure or
unless such information is already a matter of public record, any of the reports or any other documentation
or information obtained by Purchaser which relates to the Property or Seller in any way (including, without
limitation, any Seller Information received by Purchaser) (collectively, the “
Confidential Information
”), all
of which shall be used by Purchaser and its lenders, accountants, attorneys and other professionals and
consultants solely in connection with the transaction contemplated hereby. In the event that this Agreement
is terminated, Purchaser agrees that all the Confidential Information will continue to be held by Purchaser
and its lenders, accountants, attorneys and other professionals and consultants in strict confidence. If
Purchaser believes such disclosure is required to be made, Purchaser will so inform Seller and provide
Seller (upon request) a copy of the Confidential Information to be disclosed; Seller, at its sole discretion,
shall have the option (but not the obligation) to attempt to obtain a protective order or to otherwise prevent
such disclosure, and Purchaser shall take no action to prevent or interfere, and shall cooperate, at Seller’s
expense, with any efforts Seller may elect to undertake to intervene in any proceedings or to otherwise
prevent disclosure. If any disclosure is required, Seller shall have the option (but not the obligation) to
make such disclosure. Purchaser shall and hereby agrees to indemnify, defend and hold harmless Seller
6
from and against any and all claims, losses, liabilities, costs, damages or expenses that Seller may suffer
or incur (including, without limitation, reasonable attorneys’ fees) as a result of any unpermitted disclosure
or use of the Confidential Information by Purchaser or Purchaser’s lenders, accountants, attorneys and
other professionals and consultants. Purchaser acknowledges and agrees that the injury that Seller will
suffer in the event of any breach of any covenant or agreement contained in this Section 7(c) by Purchaser
or Purchaser’s lenders, accountants, attorneys and other professionals and consultants cannot be
compensated by monetary damages alone, and Purchaser therefore agrees that Seller, in addition to and
without limiting any other remedies or rights which it may have either under this Agreement or otherwise,
shall be entitled to injunctive relief enjoining any such breach or alleged breach, or other equitable relief,
from any court of competent jurisdiction, without a requirement of posting bond as a condition thereof.
(d)
In the event the Property is disturbed or altered in any way as a result of
Purchaser’s activities (including, without limitation, in connection with any intrusive testing approved by
Seller that is performed by Purchaser pursuant to the provisions hereof), Purchaser shall promptly restore
the Property to substantially its condition existing prior to the commencement of such activities which disturb
or alter the Property (subject to minor clearing of vegetation reasonably necessary for the performance of
Purchaser’s investigations on the Property). Prior to any entry upon the Property by Purchaser or
Purchaser’s agents, contractors, subcontractors or employees, Purchaser shall deliver to Seller a certificate
that evidences that Purchaser or the party performing such entry is carrying a commercial general liability
insurance policy with a financially responsible insurance company, covering the activities of Purchaser, its
agents, contractors, subcontractors and employees on or about the Property. Such certificate shall
evidence that such insurance policy shall have a per occurrence limit of at least $1,000,000 and an
aggregate limit of at least $2,000,000, and shall name Seller as an additional insured. The insurance
evidenced by such certificate shall be maintained in full force and effect at all times during which any such
inspections or investigations are taking place on the Property.
(e)
Within five (5) days after the Effective Date, Seller shall deliver to Purchaser copies
of the following materials, to the extent such materials are in Seller’s possession or control: (i) the most
current survey of the Property and (ii) the most recent title commitment or title policy with respect to the
Property (the foregoing materials and any other materials or information provided by Seller in connection
with this transaction is hereinafter collectively referred to as the “
Seller Information
”). Purchaser
acknowledges that Seller does not make any representation or warranty of any nature whatsoever
regarding the truth, accuracy, validity, completeness, usefulness, suitability or any other aspect of any Seller
Information provided to Purchaser, whether prior to or after the Effective Date, and Seller expressly
disclaims any such representation and warranty. Purchaser further acknowledges that the Seller
Information is specific to Seller’s use and development of the Property and may not be consistent with the
interests of Purchaser in the Property. Purchaser relies on any Seller Information at Purchaser’s sole risk.
Purchaser hereby agrees that, to the extent any Seller Information constitutes Confidential Information, it
shall not permit the further dissemination of any Seller Information provided to Purchaser and shall hold all
such Seller Information as Confidential Information pursuant to the terms and conditions of Section 7(c) of
this Agreement, above, and in the event this Agreement is terminated prior to Closing, regardless of the
reason for such termination, Purchaser shall deliver all Seller Information promptly to Seller.
(f)
The provisions of this Section 7 shall survive Closing or any earlier termination of
this Agreement, regardless of the reason for such termination, and upon Closing, if applicable, shall not
merge with any of the closing deliveries to be provided pursuant to Section 13 of this Agreement.
Notwithstanding the foregoing, upon Closing, information regarding the Property, whether Seller
Information or otherwise, shall no longer be deemed Confidential Information, except to the extent such
information also relates to Seller’s Adjacent Property.
8.
Conditions Precedent
.
(a)
Inspection Period.
(i)
It is agreed that Purchaser’s obligations hereunder are conditioned upon
Purchaser being satisfied, at Purchaser’s sole cost and expense, within the period commencing on the
7
Effective Date and expiring at 5:00 p.m. Central Time on the date that is
120 days after the Effective Date
(the “
Inspection Period
”), that the Property meets Purchaser’s requirements in its sole and absolute
discretion.
(ii)
If Purchaser fails to obtain the corporate approval for a Hampton Inn
franchise, Purchaser shall have the right, at Purchaser’s election, to extend the end of the Inspection Period
for one period of thirty (30) days (an “
Extension Period
”). If Purchaser elects to extend the Inspection
Period as provided herein, Purchaser shall notify Seller in writing of such election prior to the end of the
Inspection Period. If Purchaser fails to extend the end of the Inspection Period for any Extension Period
as provided herein, Purchaser shall be deemed to have waived its right to extend the end of the Inspection
Period.
(iii)
Should Purchaser fail to be satisfied with the Property for any reason or
for no reason, Purchaser may elect, by delivery of written notice to Seller on or before the expiration of the
Inspection Period (as may be extended), to terminate this Agreement, whereupon this Agreement shall be
null and void and of no further force or effect with Purchaser and Seller having no further rights, obligations
or liabilities hereunder except as otherwise set forth herein and the Deposit (less $100, which shall be paid
to Seller) shall be refunded to Purchaser if Purchaser elects to terminate this Agreement prior to the end of
the Inspection Period. If Purchaser elects to terminate this Agreement pursuant to this Section 8(a),
Purchaser shall promptly deliver to Seller all Confidential Information along with all Property-related
information, materials, reports and other due diligence obtained by Purchaser (collectively, the “
Property
Materials
”) (such obligation to survive the termination of this Agreement). If Purchaser does not terminate
this Agreement pursuant to this Section 8(a) prior to the end of the Inspection Period, the Deposit shall be
nonrefundable to Purchaser, except in the event of a default by Seller under this Agreement following any
applicable notice and cure periods, but shall be applicable as a credit against the Purchase Price.
(b)
Title.
Purchaser shall have sixty (60) days after the Effective Date to examine
the title commitment (the "
Title Commitment
") provided by Escrow Agent, and to give written notice to
Seller (the “
Title Objection Notice
”) of any matter or defect shown or listed therein to which Purchaser
objects (the “
Title Objections
”). The Title Objection Notice shall be accompanied by a copy of the Title
Commitment and a copy of each of the exceptions to which Purchaser makes a Title Objection. If Purchaser
fails to deliver the Title Objection Notice within sixty (60) days after the Effective Date, Purchaser shall be
deemed to have waived such right to object to the Title Objections. If Purchaser does give Seller timely
notice of any Title Objections pursuant to a Title Objection Notice, Seller may, by written notice to Purchaser
(“
Seller’s Notice
”) given within ten (10) days after Seller’s receipt of the Title Objection Notice, either elect
in writing to cause one or more Title Objections to be removed or insured against by the Closing Date (if
Seller removes or insures against any Title Objection, such action will “
Cure
” the Title Objection), or inform
Purchaser that Seller is unable or unwilling to Cure one or more of such Title Objections. Seller shall have
no obligation whatsoever to cure, remedy or cause the removal of or insurance over any Title Objection
(except for monetary liens and encumbrances caused by Seller) unless Seller specifically elects in writing
to Cure such Title Objection. If Seller does not notify Purchaser within ten (10) days following Seller’s
receipt of the Title Objection Notice as to whether Seller will elect to Cure, or Seller notifies Purchaser within
said ten (10) day period that Seller is unable or unwilling to Cure one or more of such Title Objections, then
at Purchaser’s option, Purchaser may as its sole and exclusive remedies, either (i) waive the Title
Objections that Seller has declined to Cure or is deemed to have declined to Cure and take title to the
Property subject to such Title Objections and pursuant to the remaining terms of this Agreement or (ii)
terminate this Agreement by giving written notice to Seller prior to the date that is fifteen (15) days following
Purchaser’s receipt of Seller’s Notice (or the expiration of Seller’s ten (10) day response period, if Seller
fails to respond as to one or more Title Objections). Upon any termination of this Agreement pursuant to
this Section 8(b), this Agreement shall be null and void and of no further force or effect with Purchaser and
Seller having no further rights, obligations or liabilities hereunder except as otherwise specifically set forth
herein and (A) the Deposit (less $100, which shall be paid to Seller) shall be refunded to Purchaser if
Purchaser elects to terminate this Agreement prior to the end of the Inspection Period; and (B) the Deposit
shall be delivered to Seller if Purchaser elects to terminate this Agreement after the end of the Inspection
Period.
8
(c)
Restrictive Covenants Agreement. At Closing, Seller and Purchaser shall enter
into a Restrictive Covenants and Easement Agreement (the "
RCA
"). The RCA shall be in form acceptable
to Seller, in Seller's reasonable discretion; provided, however, that if Seller and Purchaser fail to agree on
the form of the RCA on or before the expiration of the Inspection Period, either party shall have the right to
terminate this Agreement by giving written notice to the other party prior to the date Seller and Purchaser
agree to the form of RCA, whereupon (i) Deposit paid by Purchaser shall be refunded by Escrow Agent to
Purchaser (less $100, which shall be paid to Seller shall be paid to Seller) if this Agreement terminates as
provided in this subsection (e) prior to the end of the Inspection Period and (ii) the Deposit shall be paid to
Seller if this Agreement terminates as provided in this subsection (e) after the end of the Inspection Period.
Additionally, if this Agreement terminates provided in this subsection (e), Purchaser shall immediately
deliver to Seller all Property Materials and this Agreement shall be deemed null and void and of no further
force or effect with Purchaser and Seller having no further rights, obligations or liabilities hereunder except
as otherwise set forth herein. The RCA shall include, among other things, the following restrictions and
other matters, which will run with the title to the Property and Seller's Adjacent Property and be binding
upon the owner and all tenants and occupants of the Property and Seller's Adjacent Property and all
successive owners, tenants and occupants of the Property and Seller's Adjacent Property:
(i)
No more than one (1) business shall be permitted to operate on the
Property at any time. Purchaser intends that the Property will initially be used for the operation of a hotel.
(ii)
There shall be no cross-parking between the Property and Seller's
Adjacent Property and the parking on the Property shall include the no fewer than the minimum number of
parking spaces required by applicable laws.
(iii)
No portion of the Property or Seller’s Adjacent Property shall be used for
any of the Objectional Uses (as defined in the Carmax RCRSA).
(v)
No portion of the Property shall be used as a home improvement or
hardware store or for the sale, display, lease or distribution of lumber, hardware items, plumbing supplies,
electrical supplies, paint, wallpaper and wallcoverings, hard and soft flooring (including, without limitation,
tile, wood flooring, rugs and carpeting), interior design services, kitchens or bathrooms or components
thereof (including, without limitation, tubs, sinks, faucets, mirrors, cabinets, showers, vanities, countertops
and related hardware), indoor and outdoor lighting, window treatments (including, without limitation,
draperies, curtains and blinds), cabinets, siding, ceiling fans, gardening supplies, nursery products, pool
supplies, patio furniture and patio accessories, non-patio furniture, kitchen appliances, closet organizing
systems, pictures or picture framing, automobile parts or supplies or Christmas trees (both live and artificial),
holiday décor and accessories, home automation systems and smart home devices, indoor and outdoor
lighting systems and light fixtures.
(vi)
Purchaser will maintain and repair the Property at Purchaser's sole cost
and expense.
(vii)
Purchaser may place a panel in the location of the Pylons (as defined in
the "Carmax RCRSA") in the panel location #2 identified on Exhibit C attached hereto and incorporated
herein. The foregoing shall not restrict Purchaser from installing signage on the Property provided such
signage complies with all applicable laws.
(viii)
Purchaser acknowledges and agrees that Section 2.03 of the CarMax
RCRSA requires Seller to pay for fifty percent (50%) of the costs to maintain and repair the Pylons (the
“
Pylon Costs Allocated to Home Depot
”). Purchaser shall be responsible for twenty-five percent (25%)
of the Pylon Costs Allocated to Home Depot, and shall reimburse Seller within twenty (20) days after Seller
provides an invoice for such reimbursement to Purchaser. If CarMax provides an invoice directly to
Purchaser for Purchaser’s share of the Pylon Costs Allocated to Home Depot, Purchaser shall pay CarMax
directly such amount requested by CarMax.
9
(ix)
Purchaser shall be responsible for complying with Section 2.01(b) of the
Carmax RCRSA to the extent Section 2.01(b) affects the Property.
(x)
Purchaser acknowledges and agrees that Section 2.01(a) of the CarMax
RCRSA requires Seller to pay for a portion of the costs to maintain and repair the Access Road, which is
defined as the “
Home Depot’s Access Servitude Maintenance Contribution
” in the CarMax RCRSA.
Purchaser shall be responsible for fifty percent (50%) of the Home Depot’s Access Servitude Maintenance
Contribution (the “
Purchaser Access Servitude Contribution Percentage
”), and shall reimburse Seller
within twenty (20) days after Seller provides an invoice for such reimbursement to Purchaser. If CarMax
provides an invoice directly to Purchaser for Purchaser’s share of the Home Depot’s Access Servitude
Maintenance Contribution, Purchaser shall pay CarMax directly such amount requested by CarMax.
(xi)
An access easement will be granted over the Property in favor of Lot A
over a portion of the southern boundary of the Property to permit access to Lot A from the existing entry
drive.
9.
Seller’s Approval Rights.
(a)
Site Plan and Elevations. Purchaser covenants and agrees that it shall deliver to
Seller, on or before the date that is sixty (60) days after the Effective Date, a site plan for the Property
showing in detail all of Purchaser's intended improvements, ingress and egress plans, parking configuration,
proposed landscaping, locations of all utilities and building footprint of each structure Purchaser intends to
construct on the Property (the "
Site Plan
"), together with the proposed exterior elevations indicating colors
and materials of each structure Purchaser intends to construct on the Property (the "
Elevations
"). The
Site Plan must in all events conform to the Survey approved by Seller and Purchaser shall provide Seller
with such certifications from Purchaser’s engineer and other confirmatory documentation as Seller shall
reasonably require confirming that the Site Plan conforms to the approved Survey. Seller shall use
commercially reasonable efforts to respond to Purchaser’s requests for approval of the Site Plan and
Elevations (or revisions thereto) within twenty (20) days after submittal by Purchaser to Seller of the
proposed Site Plan and Elevations, or such revisions. In the event that Seller does not approve the Site
Plan and Elevations, Purchaser and Seller shall use commercially reasonable efforts to attempt to agree
upon any matters objected to by Seller. In the event Seller fails to approve the Site Plan and Elevations
prior to the end of the Inspection Period, including, without limitation, any subsequent revisions thereto,
either party shall have the right to terminate this Agreement by written notice to the other party hereto,
which termination shall be governed by the provisions of subsection (d) below. Any material changes to
the Site Plan and Elevations previously approved by Seller shall require Seller's prior approval, which
approval will not be unreasonably withheld, conditioned or delayed.
(b)
Plans. If Purchaser submits any plans and specifications to any applicable
governmental agencies prior to Closing for Purchaser’s intended improvements, including, without limitation,
civil drawings (including landscaping, utilities and signage plans) and architectural plans and specifications
(collectively, the "
Plans
"), Purchaser shall submit the Plans to Seller for Seller’s approval, which approval
will not be unreasonably withheld, conditioned or delayed. Seller shall use commercially reasonable efforts
to respond to Purchaser’s request for approval of the Plans (or revisions thereto) within fifteen (15) business
days after submittal by Purchaser to Seller of such proposed Plans, or such revisions. If Seller fails to
provide approval of disapproval to the Plans within such fifteen (15) business day period, Seller shall be
deemed to have disapproved the Plans.
(c)
Termination. If this Agreement is terminated pursuant to the provisions of this
Section 9, Purchaser shall promptly deliver the Property Materials to Seller and (i) if such termination occurs
prior to the end of the Inspection Period, the Deposit shall be refunded by Escrow Agent to Purchaser (less
$100, which shall be paid to Seller) and (ii) if such termination occurs after the end of the Inspection Period,
the Deposit shall be paid to Seller Period. Upon a termination pursuant to the provisions of this Section 9,
this Agreement shall be null and void and of no further force or effect with Purchaser and Seller having no
further rights, obligations or liabilities hereunder except as otherwise set forth herein.
10
(d)
Method of Plan Delivery. With respect to any plans, drawings or like submissions
required to be made by Purchaser to Seller for Seller’s approval in accordance with the provisions of this
Agreement, Purchaser agrees that it will, absent Seller’s consent to the contrary, cause such plans,
drawings and submissions to be delivered to Seller by virtue of electronic transmittal of a .pdf file containing
the plans, drawings and/or submissions at issue or, if reasonably requested by Seller, by electronic
transmittal of CAD files containing such materials.
10.
Purchaser’s Conditions to Closing
.
Notwithstanding
anything
to
the
contrary
contained herein, for the benefit of Purchaser, the Closing shall be expressly conditioned upon Seller's
timely performance of all the obligations required by Seller under the terms of this Agreement (or
Purchaser’s written waiver thereof, it being agreed that Purchaser may waive any, all or none of such
conditions, at its sole discretion) (the "
Purchaser Condition
"). In the event the Purchaser Condition shall
have failed as of Closing Date, Purchaser shall be entitled to proceed in accordance with the provisions of
Section 21(a) below. Upon a termination pursuant to the provisions of this Section 10, this Agreement shall
be null and void and of no further force or effect, with Purchaser and Seller having no further rights,
obligations or liabilities hereunder except as otherwise set forth herein.
11.
Seller’s Conditions to Closing
.
Notwithstanding
anything
to
the
contrary
contained herein, for the benefit of Seller, the Closing shall be expressly conditioned upon the occurrence
and/or satisfaction of each of the following conditions (or Seller’s written waiver thereof, it being agreed that
Seller may waive any, all or none of such conditions, at its sole discretion):
(a)
Purchaser’s Obligations. Purchaser shall have timely performed all of the
obligations required by the terms of this Agreement to be performed by Purchaser;
and
(b)
Purchaser’s Representations. All covenants, representations and warranties
made by Purchaser in this Agreement shall be true and correct as of the Closing
Date.
In the event either of the conditions in clauses (a) or (b) above shall have failed as of Closing, Seller
shall be entitled to proceed in accordance with the provisions of Section 21(b) below. Upon a termination
pursuant to the provisions of this Section 11, this Agreement shall be null and void and of no further force
or effect, with Purchaser and Seller having no further rights, obligations or liabilities hereunder except as
otherwise set forth herein.
12.
Conveyance of Title
.
(a)
At Closing, Seller shall convey fee simple title to the Property to Purchaser pursuant to
a recordable Act of Cash Sale (the
“
Act of Sale
”), in the form attached hereto as
Exhibit B
and incorporated
herein by this reference, subject to all of the following (collectively, the “
Permitted Exceptions
”): (i) all
matters caused by the actions of Purchaser, its agents, representatives or employees, (ii) all matters of
record or which would be ascertainable by an inspection or survey of the Property (including, without
limitation, matters shown on the Survey or listed in the Title Commitment as either exceptions or exclusions)
to which Purchaser does not raise a Title Objection pursuant to Section 8(b) of this Agreement, above, or
having raised a Title Objection, Purchaser waives or is deemed to have waived in accordance with Section
8(b) of this Agreement, above, (iii) all restrictions outlined in the RCA; (iv) all applicable zoning, building
and land use laws, ordinances and regulations, and (v) the lien of taxes and assessments not yet due.
Provided, however, the foregoing shall not be deemed to limit Purchaser’s rights pursuant to Section 8(b)
of this Agreement, above. Seller shall deliver possession of the Property at Closing; free and clear of any
rights of possession of any party claiming by, through or under Seller, other than rights under the Permitted
Exceptions.
(b)
At Closing, Seller and Purchaser shall enter into the RCA, which shall be a Permitted
Exception.
11
13.
Closing Documents
.
(a)
Seller shall deliver at the Closing the following documents (which shall be duly
executed and witnessed by Seller as appropriate):
(i)
one (1) original of the Act of Sale, to be recorded by Escrow Agent in the
local real estate records;
(ii)
one (1) original of a Non-Foreign Certificate, in form acceptable to Seller;
(iii)
one (1) original of an Affidavit of Title, in form acceptable to Seller and the
Escrow Agent;
(iv)
such evidence as the Escrow Agent shall reasonably require as to the
authority of the parties acting on behalf of Seller to enter into this
Agreement and to discharge the obligations of Seller pursuant hereto;
(v)
one (1) original of the RCA, in form acceptable to Seller, to be recorded by
Escrow Agent in the local real estate records;
(vi)
one (1) original closing statement which sets forth the distribution of the
Purchase Price and other funds, in form acceptable to Seller and the
Escrow Agent (the “
Closing Statement
”); and
(vii)
one (1) original of an Affidavit of Seller Regarding Broker, in form
acceptable to Seller.
(b)
Purchaser shall deliver at the Closing the following documents (all of which shall
be duly executed and witnessed by Purchaser as appropriate):
(i)
such evidence as the Escrow Agent shall reasonably require as to the
authority of the parties acting on behalf of Purchaser to enter into this
Agreement and to discharge the obligations of Purchaser pursuant hereto;
(ii)
one (1) counterpart original of the RCA;
(iii)
such evidence as may be required by Escrow Agent and Seller to confirm
that the Property constitutes a separate, legal lot;
(iv)
one (1) counterpart original of the Closing Statement; and
(v)
one (1) original of an Affidavit of Purchaser Regarding Broker, in form
reasonably acceptable to Seller.
14.
Condemnation
. In the event that at any time between the making of this Agreement
and Closing, all or a “material portion” (as defined in this Section 14) of the Property is condemned by any
legally constituted authority for any public use or purpose, then Seller shall notify Purchaser of such fact
promptly after obtaining written notice thereof and Purchaser may elect to terminate this Agreement by
giving written notice to Seller not later than the earlier of five (5) business days after the giving of Seller’s
notice of such condemnation, or the Closing Date, in which event the Deposit shall be immediately refunded
by Escrow Agent to Purchaser, and neither Purchaser nor Seller shall have any further liabilities, obligations
or rights hereunder except as otherwise set forth herein. For purposes of this Section 14, “
material portion
”
shall mean any one of the following: (i) the amount of any condemnation award is reasonably expected to
exceed $50,000, or (ii) the condemnation reduces the area of, or would result in encumbrances on, the
area of the Property as Purchaser’s proposed building; or (iii) access to or parking on the Property is
materially adversely affected. Failure of Purchaser to deliver written notice of termination prior to the
12
expiration of such five (5) business day period or the Closing Date, as applicable shall be conclusively
deemed to be an election not to terminate this Agreement. In the event of a condemnation in which
Purchaser does not elect to terminate this Agreement pursuant to the foregoing terms, or if an “insignificant
portion” (i.e., anything other than a material portion) of the Property is taken by eminent domain or
condemnation, then (a) the terms of this Agreement shall remain in full force and effect and binding on the
parties hereto, (b) the term “Property” as used herein shall thereafter refer to the Property less and except
any portion thereof taken by such condemnation, (c) there shall be no abatement of the Purchase Price
and Seller shall assign to Purchaser (without recourse) at the Closing the rights of Seller to the future
awards, if any, for such taking of a portion of the Property, and shall give Purchaser a credit at Closing for
any awards received by Seller before Closing with respect to such taking of a portion of the Property, and
(d) Purchaser shall be entitled to receive and keep all awards for the taking of the Property or such portion
thereof.
15.
Purchaser's Assumption
. As of the Closing, Purchaser agrees to assume and perform
all of the covenants and obligations of Seller and Seller’s predecessors in title with respect to the Property
pursuant to the Permitted Exceptions that accrue on and after the Closing. Purchaser indemnifies and
holds Seller harmless from and against any and all claims, costs and expenses (including reasonable
attorneys’ fees) asserted against or incurred by Seller and arising out of the failure of Purchaser to perform
its obligations from and after Closing pursuant to the terms of this Section 15. The provisions of this Section
15 shall survive Closing.
16.
Agreement Not Assignable by Purchaser
. This Agreement may not be directly or
indirectly assigned or transferred by Purchaser at any time without Seller's prior written consent, which
consent may be granted or withheld in Seller's sole and absolute discretion (it being acknowledged and
agreed that a transfer or assignment of more than 51% of the direct or indirect interests in Purchaser shall
constitute a transfer or assignment of this Agreement by Purchaser). Any attempted assignment made in
violation of this provision shall be null and void. The provisions of this Section 16 shall survive Closing.
Notwithstanding the foregoing, Purchaser may assign in whole or in part Purchaser’s rights under this
Agreement without the consent of Seller only upon the following conditions: (a) the assignee of Purchaser
must be an Affiliate of Purchaser (each a “
Permitted Assignee
”); (b) the Permitted Assignee must
expressly assume in writing in an assignment and assumption agreement in a form approved by Seller
(which approval shall not be unreasonably withheld), all of Purchaser’s obligations under this Agreement
with respect to the part of the Agreement assigned as provided in this Section 16, (c) a copy of such
assignment and assumption agreement is delivered to Seller and (d) Purchaser shall give prior written
notice of such assignment to Seller. As used in this Section 16, the term “
Affiliate
” means, with respect to
any person or entity, any other person or entity that, directly or indirectly, controls, is controlled by or is
under common control with Purchaser. For purposes of this definition, “control” means possessing the
power to direct or cause the direction of the management of the entity, whether through the ownership of
voting securities of the entity, by contract or otherwise.
17.
Notices
. All notices, requests, demands or other communications hereunder shall be in
writing and shall be delivered by personal delivery, overnight mail or delivery service, or United States
registered or certified mail, return receipt requested, postage prepaid or by e-mail, addressed as follows:
If to Seller:
Home Depot U.S.A., Inc.
2455 Paces Ferry Road, C-20
Atlanta, Georgia 30339
Attention: John Chescavage
Email:
john_chescavage@homedepot.com
With copies to:
Home Depot U.S.A., Inc.
2455 Paces Ferry Road
Atlanta, GA 30339
Attn.: Cameron Bagley
Email:
cameron_bagley@homedepot.com
13
and:
Troutman Pepper
11682 El Camino Real, Suite 400
San Diego, California 92130
Attention: Randal Lejuwaan
Email:
Randal.lejuwaan@troutman.com
If to Purchaser:
Blue Rose Investments, LLC
200 Westin Oaks Drive
Hammond, LA 70403
Attention: Pathik R. Patel
Email:
Pathik.Patel@Hilton.com
If to Escrow Agent:
First American Title Insurance Company
3455 Peachtree Road NE, Suite 1700
Atlanta, GA 30326
Attention: Lori Adams
E-mail:
lladams@firstam.com
or to such other address as any party may from time to time designate by notice in writing to the other
parties. Notice deposited in the mail in the manner hereinabove described shall be effective on the third
(3rd) business day after such deposit. Notice delivered by overnight delivery service shall be deemed
effective the day after said deposit with such service as evidenced by a receipt for such delivery. Notice
given in any other manner shall be effective only if and when received by the party to be notified between
the hours of 8:00 A.M. and 5:00 P.M. of any business day with delivery made after such hours to be deemed
received the following business day. Rejection, refusal to accept delivery or inability to deliver due to
changed address of which no notice has been given shall be deemed receipt by the addressee. Attorneys
for either party may give notices as provided herein for the party such attorney represents.
18.
Amendment
. Neither this Agreement nor any provision hereof may be changed,
amended, modified, waived or discharged orally or by any course of dealing, but only by an instrument in
writing signed by the party against which enforcement of the change, amendment, modification, waiver or
discharge is sought.
19.
Legal Fees
. In the event legal action is instituted by any of the parties to enforce the
terms of this Agreement or arising out of the execution of this Agreement, the prevailing party will be entitled
to receive from the other party its reasonable attorneys’ fees and court costs actually incurred (without
regard to statutory interpretation).
20.
Brokers
. Purchaser hereby represents that it has not discussed this Agreement or the
subject matter hereof with, and has not engaged in any fashion or any connection with this transaction the
services of, any real estate broker, agent, or salesman, so as to create any legal right in any such broker,
agent, or salesman to claim a real estate commission or similar fee with respect to the conveyance of the
Property or the other transactions contemplated by this Agreement. Seller hereby represents that, except
for Corporate Property Dispositions ("
CPD
"), Kirschman Realty and Beau Box Commercial Real Estate
(collectively, “
Seller’s Brokers
”), it has not discussed this Agreement or the subject matter hereof with, and
has not engaged in any fashion or any connection with this transaction the services of, any real estate
broker, agent, or salesman, so as to create any legal right in any such broker, agent, or salesman to claim
a real estate commission or similar fee with respect to the conveyance of the Property or the other
transactions contemplated by this Agreement. At Closing, Seller shall pay Seller's Brokers a total
commission as set forth in a master agreement between Seller and CPD. Seller and Purchaser hereby
agree to indemnify and hold the other harmless from and against any and all claims (including, without
limitation, court costs and reasonable attorneys’ fees actually incurred in connection with any such claims)
for any real estate commissions or similar fees arising out of or in any way connected with any breach of
the foregoing representation.
14
21.
Default
.
(a)
In the event Seller shall default in the performance of any of its obligations
hereunder and such default remains uncured for a period of ten (10) days following written notice thereof
from Purchaser to Seller (provided, however, there shall be no notice and cure period with respect to Seller
delivering the closing documents to Escrow Agent prior to the Closing), Purchaser, as its sole and exclusive
remedy, shall be entitled to either (i) terminate this Agreement by giving written notice to Seller, in which
event Purchaser shall receive a full refund of the Deposit, Purchaser shall immediately deliver to Seller the
Property Materials and the parties shall have no further rights or obligations hereunder, except for those
which expressly survive any such termination, or (ii) seek specific performance of Seller's obligations
hereunder to deliver the Act of Sale and other closing documents at Closing, as specified in Section 13(a)
above, or otherwise comply with the terms and provisions of this Agreement. Purchaser’s remedies shall
be limited to those specifically provided for in this Agreement and Purchaser hereby expressly waives and
relinquishes any and all rights to pursue any other remedy at law or in equity. The provisions of this Section
21(a) shall survive Closing.
(b)
In the event Purchaser shall default in the performance of any of its obligations
hereunder and such default remains uncured for a period of ten (10) days following written notice thereof
from Seller to Purchaser (provided, however, there shall be no notice and cure period with respect to
Purchaser delivering the closing documents and Purchase Price proceeds to Escrow Agent prior to the
Closing), Escrow Agent shall deliver the Deposit to Seller, and Seller shall be entitled, as its sole and
exclusive remedy (other than with respect to (i) Purchaser’s indemnification obligations hereunder, and (ii)
the performance of the obligations of Purchaser under this Agreement which expressly survive termination
or Closing, which shall not be paid from or limited to the Deposit), to retain the Deposit as full liquidated
damages for such default of Purchaser. Purchaser shall promptly deliver to Seller the Property Materials
and this Agreement shall terminate and the parties shall have no further rights or obligations hereunder,
except for those which expressly survive any such termination. Seller and Purchaser acknowledge and
agree that Seller’s damages in the event of a default by Purchaser hereunder would be difficult to ascertain
and that the Deposit represents a fair estimate of such damages, and is not intended as a penalty.
22.
Applicable Law
. This Agreement shall be governed by and construed and enforced in
accordance with the laws of the State of Louisiana.
23.
Waiver
. Failure of either Purchaser or Seller to exercise any right given hereunder or to
insist upon strict compliance with regard to any term, condition or covenant specified herein, shall not
constitute a waiver of Purchaser’s or Seller’s right to exercise such right or to demand strict compliance
with any term, condition or covenant under this Agreement.
24.
Counterparts and Execution and Delivery by Electronic Transmission
. This
Agreement may be executed in separate counterparts, each of which shall be deemed an original and all
of which, collectively, shall comprise one and the same instrument. Furthermore, this Agreement may be
executed and delivered by electronic transmission. The parties intend that electronic (e.g. pdf. format)
signatures constitute originals signatures and that an electronic copy or counterparts of this Agreement
containing signatures (original or electronic) of a party is binding upon that party.
25.
Captions; Construction
. All captions, headings, paragraph and subparagraph
numbers and letters are solely for reference purposes and shall not be deemed to be supplementing,
limiting, or otherwise varying the text of this Agreement. The parties hereto hereby acknowledge and agree
that (i) each party hereto is of equal bargaining strength, (ii) each such party has actively participated in the
drafting, preparation and negotiation of this Agreement, (iii) each such party has consulted with its own
independent counsel, and such other professional advisors as it has deemed appropriate, relating to any
and all matters contemplated under this Agreement, (iv) each such party and its counsel and advisors have
reviewed this Agreement, (v) each such party has agreed to enter into this Agreement following such review
and the rendering of such advice and (vi) any rule of construction to the effect that ambiguities are to be
resolved against the drafting parties shall not apply in the interpretation of this Agreement, or any portions
hereof, or any amendments hereto.
15
26.
Severability
. The invalidity or unenforceability of a particular provision of this Agreement
shall not affect the other provisions hereof, and this Agreement shall be construed in all respects as if such
invalid or unenforceable provision were omitted.
27.
Time is of Essence;
Entire Agreement
. Time is of the essence in all things pertaining
to the performance of this Agreement. This Agreement constitutes the sole and entire agreement of the
parties and is binding upon Seller and Purchaser, their heirs, successors, legal representatives and
permitted assigns. Without limitation, this Agreement supersedes in its entirety any letter of intent between
Seller and Purchaser with respect to the Property.
28.
Date for Performance
. If the time period by which any right, option or election provided
under this Agreement must be exercised, or by which any act required hereunder must be performed, or
by which the Closing must be held, expires on a Saturday, Sunday or legal or bank holiday, then such time
period shall be automatically extended through the close of business on the next regularly scheduled
business day.
29.
Date of Agreement
. The submission of this Agreement to Purchaser for examination or
consideration does not constitute an offer to sell the Property, and the return of this Agreement to Seller
does not constitute an offer to purchase the Property. This Agreement shall become effective, if at all, only
upon the full execution and delivery thereof by Purchaser and Seller. The “
Effective Date
” of this
Agreement shall be the date upon which this Agreement is executed
and delivered by the later of Seller or
Purchaser, whichever last executed and delivered this Agreement.
30.
No Recordation
. Without the prior written consent of Seller, there shall be no
recordation of either this Agreement or any memorandum thereof, or any affidavit pertaining hereto, and
any such recordation of this Agreement or memorandum thereto, by Purchaser without the prior written
consent of Seller shall constitute a default hereunder by the party filing or recording this Agreement or any
such memorandum thereof.
31.
Obligations
. Except as expressly set forth in this Agreement or in any document
executed and delivered at Closing, the terms, conditions, obligations and rights set forth herein shall be
deemed terminated at the time of Closing, and will merge into the various documents executed and
delivered at the time of Closing.
32.
Lot A
.
a.
Seller will not enter a into a purchase agreement for the portion of Seller’s Adjacent
Property, which portion is depicted as Lot
“A”
on
Exhibit A-2
(“
Lot A
”) during the Inspection Period if the
proposed buyer plans to construct a hotel on Lot A.
b.
Upon the Closing (only if the Closing occurs), Seller hereby grants to Purchaser a
right to purchase Lot A from Seller on the following terms and conditions (the “
First Right
”). If at any time
during the period commencing upon the Closing and ending on the date that is 730 days after the end of
the Inspection Period (the “
First Right Expiration Date
”), Seller intends to enter into a purchase agreement
for sale of Lot A to a buyer who intends to construct a hotel on Lot A, Seller shall invite Purchaser to make
an offer to purchase Lot A from Seller by sending to Purchaser a written notice of the invite (the “
Offer
Invite
”). If Purchaser desires to make an offer to purchase Lot A, Purchaser shall provide a written letter of
intent of the specific terms of the offer to purchase, including price, payment terms, conditions of title, costs
of escrow and all other material terms (a “
Proposal
”) within five (5) days after receiving the Offer Invite. If
Purchaser fails to make a Proposal within five (5) days after receipt of the Offer Invite, Purchaser shall be
deemed to have waived its First Right. If Purchaser delivers a Proposal within five (5) days after receipt of
the Offer Invite, Seller may elect to negotiate with Purchaser for the sale of Lot A to Purchaser or not
negotiate any further with Purchaser, which decision shall be made in Seller’s sole and absolute discretion.
Purchaser acknowledges and agrees that Seller shall have no duty or obligation to negotiate with Purchaser
for the sale of Lot A to Purchaser if Purchaser delivers Seller a Proposal and the First Right is simply the
16
right to receive an Offer Invite (if the conditions above for delivery of an Offer Invite are satisfied) and to
make a Proposal to Seller. The First Offer Right shall expire on the First Offer Expiration Date.
[SIGNATURES APPEAR ON THE FOLLOWING TWO (2) PAGES]

17
IN WITNESS WHEREOF
, each of Purchaser and Seller has caused this Agreement to be executed
by its duly authorized signatory as of the dates referenced below.
SELLER:
HOME DEPOT U.S.A., INC.,
a Delaware corporation
By: _______________________________
Name: ____________________________
Title: ______________________________
Date of Execution by Seller:
, 2023
John Chescavage
Sr. Corporate Counsel
November 8

EXHIBIT A-1
LEGAL DESCRIPTION OF THE LAND
ALL THOSE CERTAIN LOTS, PIECES OR PARCEL OF LAND SHOWN AS LOTS 230-A3 ON THE
RESUBDIVISION PLAT DATED DECEMBER 11, 2015 BY LINFIELD, HUNTER & JUNIUS, INC.,
ENTITLED "RESUBDIVISION OF LOT 230-A, LOT W, LOT R, LOT X-1-0C, LOT X-1-B, AND LOTS 3-A
INTO LOTS 230-A1, 230-A2, 230-A3, 230-A4, AND LOT X-1-B-1, HIGHWAY PARK SUBDIVISION, CITY
OF
KENNAR,
JEFFERSON
PARISH,
LOUISANA"
(THE
"RESUBDIVISION
PLAT"),
THE
RESUBDIVISION PLAT HAVING BEEN APPROVED AND RECORDED BY ORDINANCE IN THE LAND
RECORDS OF JEFFERSON PARISH AT RECEPTION 11625350, AND BEING MORE PARTICULARY
DESCRIBED IN ACCORDANCE WITH THE RESUBDIVISION PLAT AS FOLLOWS:

EXHIBIT A-2
DEPICTION OF THE LAND
EXHIBIT B
FORM OF ACT OF CASH SALE
ACT OF CASH SALE
*
*
UNITED STATES OF AMERICA
by:
*
*
HOME DEPOT U.S.A., INC., a Delaware
corporation
*
*
*
*
STATE OF GEORGIA
COUNTY OF COBB
to:
*
*
_______________, a _________________
*
*
*
STATE OF LOUISIANA
PARISH OF JEFFERSON
* * * * * * * * * * * * * * * *
*
BE IT KNOWN,
that on this ___ day of ___________, 2023, to be effective _________, 2023 (the
“Effective Date”), before the first undersigned Notary Public, duly commissioned and qualified in
and for the state and county/parish first above written, in the presence of the first two undersigned
competent witnesses, personally came and appeared:
HOME DEPOT U.S.A., INC.
, a Delaware corporation (“Seller”), whose mailing address is
2455 Paces Ferry Road, Building C-20, Atlanta, Georgia 30339, represented herein by
Suzanne Russo, its duly authorized Assistant General Counsel, pursuant to a Unanimous
Written Consent of the Board of Directors in lieu of a Special Meeting, effective
__________________, a certified copy of which is attached hereto and made a part hereof
as Annex 1;
AND BE IT KNOWN
, that on this ___ day of _______________, 2023, to be effective on the
Effective Date, before the second undersigned Notary Public, duly commissioned and qualified,
and in the presence of the second two undersigned competent witnesses, in the state and
county/parish second above written, personally came and appeared:
___________________________, a ____________________ authorized to do business
in
Louisiana
(“Buyer”),
whose
mailing
address
is
______________________________________,
represented
herein
by
________________________, its duly authorized _____________________, pursuant to
a resolution attached hereto and made a part hereof as Annex 2;
who declared and agreed as follows:
I.
SALE
Section 1.1
Property Sale.
For the consideration and upon the terms set forth below, Seller does hereby
sell and deliver to Buyer, without any warranty of title except for acts arising by, through or under Seller,
but with full substitution and subrogation of all rights and acts of warranty that Seller may have against
previous owners, the following described property the possession and delivery of which Buyer
acknowledges (the “Property”):
A CERTAIN LOT OF GROUND located in the City of Kenner, Jefferson
Parish, Louisiana and being more particularly described on Exhibit A
attached hereto, together with all real property improvements and fixtures,
if any located thereon, and all the rights, easements, servitudes and
appurtenances pertaining thereto.
Section 1.2
Waiver of Warranties; Property Conveyed “AS-IS”.
BUYER ACKNOWLEDGES THAT THE PROPERTY IS BEING SOLD “AS IS, WHERE IS”
AND “WITH ALL FAULTS” WITHOUT ANY OBLIGATION OF SELLER TO PERFORM ANY REPAIRS,
IMPROVEMENTS, MAINTENANCE OR OTHER WORK TO THE PROPERTY OR ANY PART THEREOF,
AND WITHOUT, ANY WARRANTIES OF ANY KIND OR CHARACTER, EXPRESS OR IMPLIED,
STATUTORY, ORAL OR WRITTEN, PAST, PRESENT OR FUTURE, WITH RESPECT TO THE
PROPERTY, INCLUDING, BUT NOT LIMITED TO, WARRANTIES OF FITNESS, MERCHANTABILITY,
FITNESS FOR A PARTICULAR PURPOSE, HABITABILITY, TENANTABILITY OR ENVIRONMENTAL
CONDITION. SELLER EXPRESSLY DISCLAIMS ANY REPRESENTATIONS AND WARRANTIES OF
ANY KIND OR CHARACTER, EXPRESS OR IMPLIED, STATUTORY, ORAL OR WRITTEN, PAST,
PRESENT OR FUTURE, WITH RESPECT TO THE PROPERTY, INCLUDING ANY REPRESENTATIONS
BY ANY BROKERS OR SALESMEN WITH RESPECT TO THE PROPERTY, INCLUDING BUT NOT
LIMITED TO REPRESENTATIONS AND WARRANTIES AS TO ANY OF THE FOLLOWING MATTERS:
(I) ENVIRONMENTAL MATTERS RELATING TO THE PROPERTY OR ANY PORTION THEREOF; (II)
GEOLOGICAL CONDITIONS, INCLUDING, WITHOUT LIMITATION, SUBSIDENCE, SUBSURFACE
CONDITIONS, WATER TABLE, UNDERGROUND WATER RESERVOIRS, LIMITATIONS REGARDING
THE WITHDRAWAL OF WATER AND EARTHQUAKE FAULTS AND THE RESULTING DAMAGE OF
PAST AND/OR FUTURE EARTHQUAKES; (III) WHETHER, AND TO THE EXTENT TO WHICH, THE
PROPERTY OR ANY PORTION THEREOF IS AFFECTED BY ANY STREAM (SURFACE OR
UNDERGROUND), BODY OF WATER, FLOOD-PRONE AREA, FLOOD PLAIN, FLOODWAY OR
SPECIAL FLOOD HAZARD; (IV) DRAINAGE; (V) SOIL CONDITIONS, INCLUDING THE EXISTENCE OF
INSTABILITY, PAST SOIL REPAIRS, SOIL ADDITIONS OR CONDITIONS OF SOIL FILL, OR
SUSCEPTIBILITY TO LANDSLIDES, OR THE SUFFICIENCY OF ANY UNDERSHORING; (VI) ZONING
TO WHICH THE PROPERTY OR ANY PORTION THEREOF MAY BE SUBJECT; (VII) THE AVAILABILITY
OF ANY UTILITIES TO THE PROPERTY OR ANY PORTION THEREOF INCLUDING, WITHOUT
LIMITATION,
WATER,
SEWAGE/WASTEWATER
DISPOSAL,
STORMWATER
CONVEYANCE
SYSTEMS, GAS AND ELECTRIC; (VIII) USAGES OF ADJOINING PROPERTY; (IX) ACCESS TO THE
PROPERTY OR ANY PORTION THEREOF; (X) THE PRESENCE OF “HAZARDOUS SUBSTANCES” (AS
DEFINED BELOW) IN OR ON, UNDER OR IN THE VICINITY OF THE PROPERTY; (XI) THE CONDITION
OR USE OF THE PROPERTY OR COMPLIANCE OF THE PROPERTY WITH ANY OR ALL PAST,
PRESENT OR FUTURE FEDERAL, STATE OR LOCAL ORDINANCES, RULES, REGULATIONS OR
LAWS, BUILDING, FIRE OR ZONING ORDINANCES, CODES OR OTHER SIMILAR LAWS; (XII) THE
EXISTENCE OR NON-EXISTENCE OF UNDERGROUND STORAGE TANKS AND ANY CONTENTS
THEREOF; (XIII) ANY OTHER MATTER AFFECTING THE STABILITY OR INTEGRITY OF THE
PROPERTY; (XIV) THE POTENTIAL FOR FURTHER DEVELOPMENT OF THE PROPERTY; (XV) THE
EXISTENCE OF LAND USE, ZONING OR BUILDING ENTITLEMENTS AFFECTING THE PROPERTY;
OR (XVI) THE HABITABILITY, MERCHANTABILITY, OR SUITABILITY OF THE PROPERTY OR FITNESS
OF THE PROPERTY FOR ANY PARTICULAR PURPOSE. BUYER HEREBY WAIVES ANY CLAIM IT
MAY HAVE AGAINST SELLER AS TO MATTERS RELATED TO THE PROPERTY OR SELLER WITH
RESPECT TO ACTS, OMISSIONS AND CONDITIONS ARISING, ACCRUING OR EXISTING ON OR
BEFORE THE DATE HEREOF. BUYER ASSUMES THE RISK THAT ADVERSE MATTERS, INCLUDING
BUT NOT LIMITED TO, ADVERSE PHYSICAL AND ENVIRONMENTAL CONDITIONS, INCLUDING,
WITHOUT
LIMITATION,
THE
PRESENCE
OF
HAZARDOUS
SUBSTANCES
OR
OTHER
CONTAMINANTS, MAY NOT HAVE BEEN REVEALED BY BUYER’S INVESTIGATIONS, AND BUYER,
SHALL BE DEEMED TO HAVE WAIVED, RELINQUISHED AND RELEASED SELLER (AND SELLER’S
OFFICERS, DIRECTORS, SHAREHOLDERS, EMPLOYEES AND AGENTS) FROM AND AGAINST ANY
AND ALL CLAIMS, DEMANDS, CAUSES OF ACTION (INCLUDING CAUSES OF ACTION IN TORT),
LOSSES,
DAMAGES,
LIABILITIES,
COSTS
AND
EXPENSES
(INCLUDING
REASONABLE
ATTORNEYS’ FEES) OF ANY AND EVERY KIND OR CHARACTER, KNOWN OR UNKNOWN, WHICH
BUYER MIGHT HAVE ASSERTED AGAINST SELLER (AND SELLER’S OFFICERS, DIRECTORS,
SHAREHOLDERS, EMPLOYEES AND AGENTS) AT ANY TIME BY REASON OF OR ARISING OUT OF
ANY LATENT OR PATENT PHYSICAL CONDITIONS, INCLUDING, WITHOUT LIMITATION, THE
PRESENCE IN THE SOIL, AIR, STRUCTURES AND SURFACE AND SUBSURFACE WATERS, OF
HAZARDOUS SUBSTANCES OR OTHER SUBSTANCES THAT HAVE BEEN OR MAY IN THE FUTURE
BE DETERMINED TO BE TOXIC, HAZARDOUS, UNDESIRABLE OR SUBJECT TO REGULATION AND
THAT MAY NEED TO BE SPECIALLY TREATED, HANDLED AND/OR REMOVED FROM THE
PROPERTY UNDER CURRENT OR FUTURE FEDERAL, STATE AND LOCAL LAWS, REGULATIONS
OR GUIDELINES, VIOLATIONS OF ANY APPLICABLE LAWS, INCLUDING, WITHOUT LIMITATION,
ANY APPLICABLE “HAZARDOUS SUBSTANCES LAWS” (AS DEFINED BELOW), AND ANY AND ALL
OTHER ACTS, OMISSIONS, EVENTS, CIRCUMSTANCES OR MATTERS REGARDING THE
PROPERTY. BUYER FURTHER ACKNOWLEDGES AND AGREES THAT BUYER IS A
SOPHISTICATED AND EXPERIENCED BUYER OF PROPERTIES SUCH AS THE PROPERTY AND HAS
BEEN DULY REPRESENTED BY COUNSEL IN CONNECTION WITH THE NEGOTIATION OF THIS ACT
OF CASH SALE.
Buyer expressly waives and releases Seller from any claims or causes of action
under the warranty of fitness and the warranty against redhibitory vices and defects, whether
apparent or latent, imposed by Louisiana Civil Code Articles 2475 and 2520 through 2548, inclusive,
and the jurisprudence thereunder.
Buyer also waives any rights Buyer may have in redhibition to a return of the
purchase price or to a reduction of the purchase price paid pursuant to Louisiana Civil Code Articles
2475 and 2520 to 2548, inclusive, in connection with the property hereby conveyed to Buyer by
Seller. By Buyer’s signature, Buyer expressly acknowledges all such waivers and Buyer’s exercise
of Buyer’s right to waive warranty pursuant to Louisiana Civil Code Article 2475 and 2520 and 2548,
inclusive.
Buyer acknowledges that these waivers and releases have been called to the
attention of Buyer and are granted by Buyer knowingly and voluntarily.
Section 1.3
(b)
For purposes of this Act of Cash Sale, “
Hazardous Substances
” means any hazardous,
toxic or dangerous waste, substance or material, pollutant or contaminant, as defined for purposes of the
Comprehensive Environmental Response, Compensation and Liability Act of 1980 (42 U.S.C. §§ 9601 et
seq.), as amended (“
CERCLA
”), or the Resource Conservation and Recovery Act (42 U.S.C. §§ 6901 et
seq.), as amended (“
RCRA
”), or any other federal, state or local law, ordinance, rule or regulation applicable
to the Property, or any substance which is toxic, explosive, corrosive, flammable, infectious, radioactive,
carcinogenic, mutagenic or otherwise hazardous, or any substance which contains gasoline, diesel fuel or
other petroleum hydrocarbons, polychlorinated biphenyls, radon gas, urea formaldehyde, asbestos, lead or
electromagnetic waves. Buyer acknowledges to and agrees with Seller that Seller has not, does not and
will not make any representation or warranty with regard to compliance with any environmental protection,
pollution or land use laws, rules, regulations, orders or requirements, including, but not limited to, those
pertaining to the handling, generating, treating, storing or disposing of any Hazardous Substances,
including CERCLA and RCRA. Without limiting the foregoing, Seller does not make and has not made and
specifically disclaims any representation or warranty regarding the presence or absence of any Hazardous
Substances at, on, under or about the Property or the compliance or non-compliance of the Property with
CERCLA or RCRA, the Federal Water Pollution Control Act, the Federal Environmental Pesticides Act, the
Clean Water Act, the Clean Air Act, any federal, state or local so-called “Superfund” or “Superlien” statute,
or any other statute, law, ordinance, code, rule, regulation, order or decree regulating, relating to or
imposing liability or standards of conduct concerning any Hazardous Substances (collectively, the
“
Hazardous Substance Laws
”).
Section 1.4
Subject To. The Property is sold subject to the matters set forth on Exhibit B attached hereto
as a part hereof, to the extent such matters affect the Property; provided, however, that the listing of any
such matters in Exhibit B shall not be deemed to subject the Property to such matters if and to the extent
such matters do not or no longer affect the Property.
II.
CASH CONSIDERATION
Section 2.1
Purchase Price. The sale of the Property is made for the purchase price of
______________________ NO/100 DOLLARS ($________________.00), receipt and sufficiency of which
is hereby acknowledged by Seller.
III.
MISCELLANEOUS PROVISIONS
Section 3.1
Capacity and Authorization. All parties signing the within instrument have declared themselves
to be of full legal capacity and each person executing this Act of Cash Sale in a representative capacity has
full and complete authority to act for and on behalf of the party represented.
Section 3.2
Name and Address for Taxes and Assessments. In accordance with La.-R.S. 9:2721(B), from
and after the date of this Act of Cash Sale, (a) the name of the person responsible for all property taxes
and assessments is Buyer, and (b) all property taxes and assessment notices should be mailed to the
following address: _____________________________________.
Section 3.3
Tax Proration. All taxes assessed against the Property for prior tax years have been paid.
Taxes for the current year will be prorated between Buyer and Seller and paid when due.
Section 3.4
Notary Limitations. Buyer and Seller dispense with the production of any mortgage certificate,
tax receipts or other certificates that may be required by law and the undersigned Notaries are released
from any responsibility or liability for not producing and/or attaching same. The undersigned Notaries have
not rendered, nor have they been requested to render, an opinion on the title to the Property transferred
pursuant to this instrument; nor have the undersigned Notary made any warranty or representation as to
the zoning of the Property.
Section 3.5
Binding Effect. All of the agreements and stipulations herein contained, and all of the
obligations herein assumed, shall inure to the benefit of and be binding upon the heirs, successors, and
assigns of the respective parties hereto. Buyer, and the heirs and assigns of Buyer shall have and hold the
Property in full ownership forever.
[SIGNATURES ON FOLLOWING PAGES]
DONE AND SIGNED
by Seller in Cobb County, Georgia, on _____________ ____, 2020, but effective as
of the Effective Date, in the presence of the undersigned competent witnesses and me, Notary, after a due
reading of the whole.
WITNESSES:
P
RINT
N
AME
:
P
RINT
N
AME
:
HOME DEPOT U.S.A., INC.,
a Delaware
corporation
TIN:
XX
-
XXX
-3319
By:
Name and Title: _________________________
_______________________________________________
NOTARY PUBLIC
Print Name: __________________________________
ID No. __________
My Commission Expires: _________________
DONE AND SIGNED
by Buyer in _______________, Louisiana, on __________ ____, 2020, but effective
as of the Effective Date, in the presence of the undersigned competent witnesses and me, Notary, after a
due reading of the whole.
WITNESSES:
P
RINT
N
AME
:
P
RINT
N
AME
:
________________________________,
A ______________________________
(TIN: xx-xxx-______)
By:
Name:____________________________________
Title:______________________________________
(SEAL)
_______________________________________________
NOTARY PUBLIC
Print Name: __________________________________
ID No. __________
My Commission Expires: _________________
Annex 1
[Attach Seller Resolutions]
Annex 2
[Attach Buyer Resolutions]
Exhibit A
Legal Description
[To be Attached]
Exhibit B
Permitted Encumbrances
[To be listed]

EXHIBIT C
PYLON SIGN PANEL LOCATION