TENANT IN COMMON INTEREST PURCHASE AGREEMENT
THIS TENANT IN COMMON INTEREST PURCHASE AGREEMENT (this “Agreement”), effective as of the 7th day of September, 2023 (“Effective Date”), is made by and between Sunny Ridge MHP, LLC, a Florida limited liability company (“Seller”), and GIPIL 525 S Perryville RD LLC, a Delaware limited liability company (“Buyer”). Buyer and Seller are sometimes referred to collectively as the “Tenants in Common”).
WHEREAS, as Tenants in Common, Buyer and Seller each own a 50% undivided tenant in common interest in certain real property and improvements described in Exhibit A attached hereto (the “Property”);
WHEREAS, the Buyer and Seller are parties to that certain Tenants in Common Agreement, dated as of August 2, 2021 (as amended by Amendment No. 1 to Tenants in Common Agreement, dated as of July 25, 2022 but effective for all purposes as of April 1, 2022, the “TIC Agreement”), under which Buyer was granted a call option to purchase Seller’s 50% undivided tenant in common interest in the Property (the “TIC Interest”) for $1,200,000;
WHEREAS, the Buyer and Seller agreed that the call option purchase price would increase at a rate of 4.9% per annum, although such call option purchase price adjustment was never memorialized in a written amendment to the TIC Agreement;
WHEREAS, the Property is subject to a loan (the “Loan”) secured by a Mortgage encumbering the Property (the “Mortgage”) in favor of Valley National Bank, a national banking association (together with its successor and assigns, “Lender”) (the Mortgage and other documents, agreements, and instruments evidencing, securing, or delivered to the Lender in connection with the Loan are collectively referred to herein as the “Loan Documents”); and
WHEREAS, Buyer desires to exercise its call option under the TIC Agreement and purchase, and Seller desires to sell, all of Seller’s 50% undivided tenant in common interest in the Property (the “TIC Interest”), upon the terms and subject to the conditions hereinafter set forth.
NOW THEREFORE, in consideration of the mutual covenants and conditions contained in this Agreement and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as set forth below.
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[Signature Page Follows]
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IN WITNESS WHEREOF, the parties have caused this Agreement to be executed as of the date first written above.
“SELLER”
Sunny Ridge MHP, LLC, a Florida limited liability company
By: /s/ Richard Hornstrom
Name: Richard Hornstrom
Title: Manager
“BUYER”
GIPIL 525 S Perryville RD LLC, a Delaware limited liability company
By: /s/ David Sobelman
Name: David Sobelman
Title: President
[Signature Page to Tenant in Common Interest Purchase Agreement]
Exhibit A
PROPERTY description
PARCEL A:
LOT 2 AS DESIGNATED UPON THE PLAT OF WILLIAMS MANNY SUBDIVISION OF PART OF THE EAST HALF OF THE NORTHEAST QUARTER OF SECTION 27, TOWNSHIP 44 NORTH, RANGE 2 EAST OF THE THIRD PRINCIPAL MERIDIAN, THE PLAT OF WHICH SUBDIVISION IS RECORDED IN BOOK 40 OF PLATS ON PAGE 27A IN THE RECORDER’S OFFICE OF WINNEBAGO COUNTY, ILLINOIS.
PARCEL B:
A NON-EXCLUSIVE EASEMENT FOR INGRESS AND EGRESS AS SET FORTH IN EASEMENT AGREEMENT DATED DECEMBER 5, 2012 BY AND BETWEEN FIRST ROCKFORD GROUP, INC., 555 REAL ESTATE, L.L.C. AND LABRADOR GROUP, L.L.C., RECORDED MARCH 20, 2013 AS DOCUMENT NO. 20131011893.
Address: 525 South Perryville Road, Rockford, Illinois
Permanent Index Number 12-27-226-009