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Exhibit 10.2
PURCHASE AND SALE AGREEMENT
DATED AS OF
December 5, 2000
BETWEEN
N'TANDEM TRUST
AND
WINDSOR PARK PROPERTIES 7,
A CALIFORNIA LIMITED PARTNERSHIP
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PURCHASE AND SALE AGREEMENT
PURCHASE AND SALE AGREEMENT, dated December 5, 2000, between N'Tandem
Properties L.P., a Delaware limited Partnership (the "Buyer"), N'Tandem Trust,
an unincorporated California business trust and the sole general partner of the
Partnership ("N'Tandem"), and Windsor Park Properties 7, A California Limited
Partnership (the "Seller"), relating to the purchase by the Buyer from the
Seller of certain real property and ownership interests in real property, as
more particularly described herein. The Buyer and the Seller hereby agree as
follows:
ARTICLE VIII
PURCHASE OF PROPERTY AND OWNERSHIP INTERESTS
8.1 Purchase of Property and Ownership Interests. At the Closing described
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in Paragraph 2.1, the Buyer will purchase the real properties owned in
fee simple (the "Properties") and the ownership interests in real
properties (the "Ownership Interests") described in Exhibit A hereto,
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and the Seller shall transfer the Properties and Ownership Interests
to the Buyer free and clear of all liens (the "Sales").
8.2 Purchase Price. The aggregate purchase price for the Properties and
the Ownership Interests is $32,265,000, which represents the aggregate
appraised value of the Properties and the Ownership Interests less the
aggregate discount applicable to the Ownership Interests, and is
subject to the adjustments set forth in this Paragraph 1.2. (as so
adjusted, the "Purchase Price"). To the extent that any Property, or
any real property underlying any Ownership Interest (each, an
"Underlying Property"), fails to be free and clear of all mortgage
indebtedness and/or other liens, the Buyer shall receive at the
Closing a credit against the Purchase Price (i) in the case of
mortgage indebtedness and/or other liens encumbering any Property as
of the closing date, in an amount equal to such mortgage indebtedness
and/or other liens (or in the case of mortgage indebtedness and/or
other liens relating to any Property encumbering more than one real
property, in an amount equal to the product of the amount of such
mortgage indebtedness and/or other liens times the ratio that the
appraised value of such Property bears to the aggregate appraised
values of all real properties encumbered by such mortgage indebtedness
and/or other liens), and (ii) in the case of mortgage indebtedness
and/or other liens encumbering any Underlying Property as of the
closing date, in an amount equal to such mortgage indebtedness and/or
other liens (or
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in the case of mortgage indebtedness and/or other liens relating to an
Underlying Property encumbering more than one real property, in an
amount equal to the product of the amount of such mortgage
indebtedness and/or other liens times the ratio that the appraised
value of such Underlying Property bears to the aggregate appraised
values of all real properties encumbered by such mortgage indebtedness
and/or other liens) times the percentage ownership of such Underlying
Property allocable or attributable to the Ownership Interest.
ARTICLE IX
THE CLOSING
9.1 Time and Place of Closing. The closing (the "Closing") of the purchase
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of the Properties and the Ownership Interests will take place at the
offices of LandAmerica National Commercial Services, 3636 North
Central Avenue, Suite 350, Phoenix, Arizona, at 2:00 P.M. Phoenix
time, on December 5, 2000 or such other date as may be agreed to by
the Buyer and the Seller (the "Closing Date").
9.2 Seller's Actions at Closing. At the Closing, the Seller shall deliver
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to the Buyer (i) deeds of conveyance in proper form for recording
relating to the Properties and the Garden Walk, Long Lake and Carefree
Village Ownership Interests, (ii) an Assignment Agreement, in form and
substance satisfactory to the Buyer, assigning to the Buyer all of the
Seller's right, title and interest in and to the Apache East and
Denali Park Estates Ownership Interests, and (iii) such other
documents and instruments, and take such other action, as may be
necessary or desirable to effect the transfer of the Properties and
the Ownership Interests to the Buyer, in accordance with this
Agreement.
9.3 Buyer's Actions at Closing. At the Closing, the Buyer will deliver to
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the Seller a certified or bank cashier's check, or evidence of a wire
transfer of immediately available funds to an account specified by the
Seller at least 24 hours before the Closing, in an amount equal to the
Purchase Price.
9.4 Closing Costs. With respect to the Properties and the Ownership
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Interests the Seller shall pay at the Closing such closing costs as
are customarily paid by sellers of real property in Colorado. The
Buyer shall be responsible for all other closing costs relating to the
transfer of the Properties and the Ownership Interests payable at the
Closing.
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ARTICLE X
REPRESENTATIONS AND WARRANTIES
10.1 Buyer's Representations and Warranties. The Buyer represents and
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warrants to the Seller as follows:
(a) The Buyer is a limited partnership duly formed and validly existing
under the laws of the State of Delaware.
(b) The Buyer has all trust power and authority necessary to enable it to
enter into this Agreement and carry out the transactions contemplated
by this Agreement. All partnership actions necessary to authorize the
Buyer to enter into this Agreement and carry out the transactions
contemplated by it have been taken. This Agreement has been duly
executed by the Buyer and is a valid and binding agreement of the
Buyer, enforceable against the Buyer in accordance with its terms.
ARTICLE XI
ACTIONS PRIOR TO THE CLOSING
11.1 Activities Until Closing Date. From the date of this Agreement to
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the Closing Date, the Seller will, except with the written consent of
N'Tandem or the Buyer, operate its businesses in the ordinary course
and in a manner consistent with the manner in which they are being
operated at the date of this Agreement.
11.2 Seller's Efforts to Fulfill Conditions. The Seller will use its
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best efforts to cause all the conditions set forth in Paragraph 5.1 to
be fulfilled prior to or at the Closing.
11.3 Buyer's Efforts to Fulfill Conditions. The Buyer will use its
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best efforts to cause all the conditions contained in Paragraph 5.1 to
be fulfilled prior to or at the Closing.
ARTICLE XII
CONDITIONS PRECEDENT TO CLOSING
12.1 Conditions to Buyer's Obligations. The obligations of the Buyer
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at the Closing are subject to the approval of the Sales by the holders
of not less than a majority of the issued and outstanding units of
limited partner interest of the Seller.
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ARTICLE XIII
TERMINATION
13.1 Right to Terminate. This Agreement may be terminated at any time
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prior to the Closing:
(a) By mutual consent of N'Tandem, the Buyer and the Sellers;
(b) By either the Buyer or the Seller if, without fault of the terminating
party, the Closing does not occur on or before March 31, 2001; or
(c) By the Buyer or the Seller if the condition in Paragraph 5.1 is not
satisfied on or before the Closing Date.
13.2 Effect of Termination. If this Agreement is terminated pursuant
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to Paragraph 6.1, after this Agreement is terminated, no party hereto
will have any further rights or obligations under this Agreement.
Nothing contained in this Paragraph will, however, relieve any party of
liability for any breach of this Agreement which occurs before this
Agreement is terminated.
ARTICLE XIV
GENERAL
14.1 Expenses. Except as otherwise provided herein, the Buyer and the
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Seller will each pay its own expenses in connection with the
transactions which are the subject of this Agreement, including legal
fees.
14.2 Entire Agreement. This Agreement and the documents to be
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delivered in accordance with this Agreement contain the entire
agreement between the Buyer and the Seller relating to the transactions
which are the subject of this Agreement. There are no representations,
warranties, understandings or agreements concerning the transactions
which are the subject of this Agreement other than those expressly set
forth herein and therein.
14.3 Captions. The captions of the articles and paragraphs of this
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Agreement are for reference only and do not affect the meaning or
interpretation of this Agreement.
14.4 Assignments. Neither this Agreement nor any right of any party
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under it may be assigned.
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14.5 Notices and Other Communications. Any notice or other
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communication under this Agreement must be in writing and will be
deemed given when delivered in person or sent by facsimile (with proof
of receipt at the number to which it is required to be sent), or on the
third business day after the day on which mailed by first class mail
from within the United States of America, to the following addresses
(or such other address as may be specified after the date of this
Agreement by the party to which the notice or communication is sent):
If to the Seller:
Windsor Park Properties 7, A California
Limited Partnership
6160 South Syracuse Way
Greenwood Village, Colorado 8011
If to the Buyer:
N'Tandem Trust
N'Tandem Properties L.P.
6160 South Syracuse Way
Greenwood Village, Colorado 8011
with a copy to:
Clifford Chance Rogers & Wells LLP
200 Park Avenue
New York, New York 10166
Facsimile: (212) 878-8375
Attention: Jay L. Bernstein, Esq.
14.6 Governing Law. This Agreement will be governed by, and construed
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under, the substantive laws of the State of Colorado.
14.7 Amendments. This Agreement may be amended only by a document in
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writing signed by both the Buyer and the Seller.
14.8 Counterparts. This Agreement may be executed in two or more
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counterparts, some of which may be signed by fewer than all the parties
or may contain facsimile copies of pages signed by some of the parties.
Each of those counterparts may contain the signatures of fewer than all
the parties or may contain facsimile copies of pages signed by some of
the
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parties. Each of those counterparts will be deemed to be an original,
but all of them together will constitute one and the same agreement.
IN WITNESS WHEREOF, the Buyer and the Seller have executed this Agreement,
intending to be legally bound by it, on the day shown on the first page of this
Agreement.
SELLER:
WINDSOR PARK PROPERTIES 7,
A California Limited Partnership
By: The Windsor Corporation,
General Partner
By: /s/ Steven G. Waite
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Steven G. Waite
President
BUYER:
N'TANDEM PROPERTIES, L.P.
By: N'Tandem Trust,
its general partner
By: /s/ Gary P. McDaniel
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Gary P. McDaniel
Trustee
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EXHIBIT A
<TABLE>
<CAPTION>
Net Purchase
Debt Attributable Price of
Gross Purchase Price of Discount on to Property or Property or
Ownership Nature of Property or Ownership Ownership Ownership Interest Ownership
Name of Property Percentage Ownership Interest Interest Interest as of 6/30/00 Interest
---------------- ---------- ------------------ -------- -------- ------------------ ------------
<S> <C> <C> <C> <C> <C> <C>
Kings & Queens
Lakeland, FL 100% Fee Simple $ 1,900,000 -- $ 489,600 $ 1,410,400
Lucerne Lakeside
Winter Haven, FL 100% Fee Simple 2,600,000 -- 1,100,000 1,500,000
North Glen
Westfield, IN 100% Fee Simple 6,100,000 -- 2,470,100 3,629,900
The Hills
Richland, WA 100% Fee Simple 4,100,000 -- 1,660,300 2,439,700
Village Glen
Melbourne, FL 100% Fee Simple 3,000,000 -- 1,500,000 1,500,000
Garden Walk Tenancy In
Palm Beach Common/Joint
Gardens, FL 69% Venture Interest 8,073,000 $ 270,400 3,933,000 3,869,600
Tenancy In
Long Lake Common/Joint
West Palm Beach, FL 60% Venture Interest 2,100,000 70,400 960,000 1,069,600
Tenancy In
Carefree Village Common/Joint
Tampa, FL 56% Venture Interest 3,416,000 114,400 1,948,700 1,352,900
Apache East
Apache Junction, AZ 26% Partnership Interest 559,900 37,500 280,300 242,100
Denali Park Estates
Apache Junction, AZ 26% Partnership Interest 974,100 65,300 487,700 421,100
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Total $32,823,000 $558,000 $14,829,700 $17,435,300
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</TABLE>
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