Purchase Contract
Category: 270 Legal Recent Posts, Hotel, Purchase Agreement
PURCHASE CONTRACT
This PURCHASE CONTRACT (this “Contract”) is made and entered into as of December 27, 2007, by and between COUNTRY CLUB EXTENDED STAY SUITES, L.L.C., a Missouri limited liability company, RILEY EXTENDED STAY SUITES, L.L.C., a Kansas limited liability company, WESTFORD INN, L.L.C., a Delaware limited liability company, WESTFORD HOTELS, LLC, a Massachusetts limited liability company, and RILEY HOTEL SUITES, L.L.C., a Kansas limited liability company (individually, a “Seller”, and collectively, the “Sellers”), with a principal office at c/o True North Hotel Group, Inc. (“TNHG”), 500 Commerce Plaza I, 7300 West 110th Street, Suite 990, Overland Park, Kansas 66210, and APPLE EIGHT HOSPITALITY OWNERSHIP, INC., a Virginia corporation, with its principal office at 814 East Main Street, Richmond, Virginia 23219, or its affiliates or assigns (“Buyer”).
RECITALS
A. Sellers are the fee simple owners of those certain five (5) hotel properties (each, a “Hotel”, and collectively, the “Hotels”) identified on Exhibit A attached hereto and incorporated herein by reference.
B. Buyer is desirous of purchasing the Hotels from Sellers, and Sellers are desirous of selling the Hotels to Buyer, for the purchase price and upon terms and conditions hereinafter set forth.
AGREEMENT:
NOW, THEREFORE, in consideration of the foregoing Recitals, the mutual covenants contained herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows:
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