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Another condition under the purchase and leaseback
agreement required Raldon to pay at closing the first full
month's rent for each of the properties plus the pro rata
portion of the monthly rent for the month of closing. The
agreement provides as follows:
Seller, as tenant, shall have * * * (ii)
paid to Purchaser, as Landlord, the first full
month's Adjusted Monthly Rental for each of the
Properties plus the pro rata portion of the
Adjusted Monthly Rental for the month during
which the Closing Date occurs.
We refer to this amount as the rent advance.
Finally, as a condition to closing, the purchase
and leaseback agreement required Raldon to supply to
the purchaser an appraisal that showed the value of the
property and improvements equal to or greater than the
purchase price. The agreement provides as follows:
An appraisal of the Properties and improvements
prepared by a FNMA/FHLMC qualified appraiser
acceptable to Purchaser on a standard FNMA/FHLMC
form which shall reflect a value of the Property
and improvements equal to or greater than the
Purchase Price.
EPIC made the following internal cash-flow analysis
of the transaction with Raldon:
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