- 12 - 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:Page: Previous 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 Next
Last modified: May 25, 2011