Nautilus 2000 Annual Report Download - page 72

Download and view the complete annual report

Please find page 72 of the 2000 Nautilus annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 100

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100

(h)
All other personal property, equipment and furniture of Seller not described in Section1.1(b), or not permanently attached to the land
or building, and all inventory associated with Seller's business operations on the Property.
ARTICLE 2.
PURCHASE PRICE
2.1 Purchase Price. The purchase price for the Property (the "Purchase Price") shall be Four Million Four Hundred Twenty-Five Thousand
Dollars ($4,425,000).
2.2 Payment of Purchase Price. Subject to the adjustments required by Sections 7.4 and 7.5, the Purchase Price shall be payable to Seller as
follows:
(a)
All cash at closing (including Earnest Money)
2.3 Earnest Money. Within three (3)business days of the mutual execution of this Agreement by both Purchaser and Seller, Purchaser shall open
an escrow respecting this Agreement with Fidelity National Title Insurance Company, 703 Broadway, Suite 100, Vancouver, Washington
98660 (the "Title Company") and at that time deliver to the Title Company, as escrow, the sum of One Hundred Thousand Dollars ($100,000)
(the "Earnest Money"). The Earnest Money together with any and all other Purchaser deposits required by this Agreement, and any interest
earned thereon, shall be referred to herein as the "Earnest Money." The Earnest Money shall be deposited into an interest-bearing account
maintained by the Title Company (using a state or federal FDIC insured bank) to be invested at the direction of Purchaser and the amount in
that account, including interest thereon, shall be credited against the Purchase Price if and when Closing occurs or shall be released to
Purchaser or Seller as otherwise provided for in this Agreement.
2.3.1 Release of Earnest Money. Upon waiver of the Feasibility Contingency as described in this Agreement below, the Earnest Money
(subject only to Seller's subsequent default hereunder) shall be completely non-refundable to Purchaser. Upon Seller's notice to the
Title Company that Purchaser has waived the Feasibility Contingency, and that Seller has cured any Purchaser objections as described
in Article3 below, the Title Company shall immediately release the Earnest Money to Seller without need for further consent or
instruction from Purchaser; it being agreed by Seller and Purchaser that the terms of this agreement shall constitute irrevocable escrow
instructions (absent further written agreement signed by both Purchaser and Seller) to the Title Company to act as provided herein.
ARTICLE 3.
TITLE, SURVEY, BOOKS AND RECORDS AND OTHER CONTINGENCIES
3.1 Title and Survey. Within ten (10)days following the Execution Date, Seller, at its sole cost and expense, shall furnish or cause to be
furnished to Purchaser:
(a)
A current title commitment (the "Preliminary Title Commitment") for the owner's title policy referred to in Section6.1 (the "Title
Policy"), issued by the Title Company in the amount of the Purchase Price, showing the status of title of the Real Property and all
exceptions, including encumbrances, liens, adverse claims, easements, restrictions, rights-of-way, covenants, reservations and other
conditions, if any, affecting the Real Property which would appear in a Title Policy, if issued, and committing the title Company to
issue such a Title Policy to Purchaser; and
(b)
Complete and legible copies of all instruments referred to in the Preliminary Title Commitment as conditions or exceptions to the title
of the Property.
67
2002. EDGAR Online, Inc.