PURCHASE AND SALE AGREEMENT
THIS PURCHASE AND SALE AGREEMENT (this Agreement”), is made as of
, 2020 (the “Effective Date”), by and between Burke Street Nashua, LLC, a
limited liability company with an address at 124 Joliette Street, Manchester,
NH 03102 (“Purchaser”) and the City of Nashua, New Hampshire municipal with an address of
229 Main Street, Nashua, NH 03060 (‘Seiler’).
l. PURCHASE AND SALE.
Seller shall seil and convey to Purchaser, and Purchaser shall purchase from Seller, in
accordance with and subject to the provisions, terms and conditions of this Agreement, the
following:
(a) Premises. That certain parcel of land known as 141 Burke Street, Nashua, NH,
together with all rights, privileges, easements and other rights appurtenant to such land, and as
more particularly described in Exhibit A attached hereto (collectively, the “Premises”);
(b) Improvements. Together with all other structures and improvements located on
the Premises, including, without limitation, all fixtures belonging to the Seller and used in
connection therewith and all construction supplies and materials on site at the Premises, if any
(the “Improvements” and together with the Premises, the “Property”);
2. PURCHASE PRICE.
The “Purchase Price” to be paid by Purchaser to Seller for the Property shall be
$3,650,000.00, payable as follows:
(a) Simultaneously with the execution of this Agreement, Purchaser shall deliver a
deposit of $25,000.00 to the City of Nashua (the “Initial Deposit”) to be applied against the
Purchase Price. The Initial Deposit is nonrefundable;
(b) Within 2 days after the expiration of the Due Diligence Period (as defined below)
an additional deposit of $100,000 to be held by Sheehan, Phinney, Bass and Green (the “Escrow
Agent”), in a non- interest bearing account and applied against the Purchase Price or otherwise
disbursed according to the terms and conditions of this Agreement (the “Second Deposit,”
together with the Initial Deposit, the “Deposit”); and
(c) The balance of the Purchase Price, shall be payable by Purchaser to Seller at
closing of title, subject to the adjustments provided for herein, by wire transfer of immediately
available funds.
