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2021-124
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2021-124
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Last modified
11/29/2021 3:43:30 PM
Creation date
9/7/2021 2:22:10 PM
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Template:
Official Documents
Official Document Type
Agreement
Approved Date
08/17/2021
Control Number
2021-124
Agenda Item Number
12.E.1.
Entity Name
TIGR Acquisitions III, LLC
(with consulting from SteepSteel LLC)
Subject
Purchase and Sale Agreement for 810 Bailey Road Tower
supporting doscuments added 11_29_21; signed by county admin
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Applicable Laws and Governmental Authorizations and no consents are required to be obtained by Seller <br />from any Governmental Authority or any third party in order to consummate the Purchase. To the best of <br />Seller's knowledge, all improvements of Seller on the Site are in compliance with applicable zoning, NEPA, <br />FCC, FAA, the National Historic Preservation Act and any related or similar state laws and land use laws. <br />No consent, approval or authorization of, or registration or filing with any Person (each, a "Third Party <br />Consent") is required to be obtained in connection with the execution and delivery of this Agreement or the <br />consummation of the transactions contemplated hereby. <br />f. Tower. Purchaser has the rights to inspect and investigate as set forth in Section 3 <br />above. SELLER DOES NOT WARRANT OR MAKE ANY REPRESENTATION REGARDING THE <br />STRUCTURAL INTEGRITY OF THE TOWER. <br />g. Tower Cash Flow, Tower Revenue. The Tower Cash Flow with respect to the <br />Tower is equal .to or greater than the TCF Threshold as of the Closing Date. <br />h. Broker or Finder. Except for SteepSteel, the fees and commission of which shall be <br />paid at Seller's sole cost and expense, no agent, broker, investment banker or other entity engaged by or on <br />behalf of Seller or any of its Affiliates is or will be entitled to a fee or commission in connection with the <br />Purchase. <br />i. Environmental Matters. Seller has not entered into or received any consent decree, <br />compliance order or administrative order issued pursuant to any Environmental Health and Safety <br />Requirements and Seller is not a party in interest with respect to any judgment, order, writ, injunction or <br />decree issued pursuant to any Environmental Health and Safety Requirements. To the best of Seller's <br />knowledge, Seller is in compliance with, and has all permits required by, all Environmental Health and <br />Safety Requirements. Seller is not the subject of or, to its knowledge, threatened with any legal action <br />involving a demand for damages or other potential liability with respect to violations or breaches of any <br />Environmental Health and Safety Requirements or Environmental Permits relating to its ownership or <br />operation of the Tower Assets. <br />j. No Third Party Rights. No Person other than Purchaser by reason of this Agreement <br />has any contractual or other right of first refusal or any other right or option to acquire the Tower Assets or <br />any portion thereof, including through any merger, consolidation, liquidation, dissolution or other <br />reorganization. <br />k. Accounts Receivable. A third party is collecting accounts receivable and as such, <br />Seller is unaware of the status of accounts receivable relating to any Tenant Lease (the "Accounts <br />Receivable"). <br />The representations and warranties above shall survive the Closing and shall remain operative and in full <br />force and effect for a period of thirty-six (36) months after the Closing Date other than Section 7(a) that shall <br />survive indefinitely. <br />9. Conduct of Business by Seller Pending the Closing. After the Effective Date and prior to the <br />Closing Date, Seller shall own and operate the Tower Assets in the ordinary course of business which shall <br />include, without limitation, (i) keeping each of the Tower Assets free of debris and excessive vegetation, and <br />in good commercial working order; (ii) not selling, disposing of or otherwise transferring the Site; and (iii) <br />maintaining with insurance on the Tower Assets in such amounts as are consistent with past practice. In <br />addition, Seller shall not enter into, cancel, modify, alter, amend, consent to the assignment of or terminate <br />any contracts, leases, arrangements, understandings or agreements that will affect any of the Tower Assets. <br />-6- <br />
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