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Purchase & Sale Agreement - 3024 W. 103rd Street, Cleveland, OH 44111.pdf

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DocuSign Envelope ID: 6AC6E393-404A-43C7-B6F0-B809D1364F29 PURCHASE AND SALE AGREEMENT This Purchase and Sale Agreement (the "Agreement") is made and entered into by and between Lofty Holding 3024 W 103rd Street LLC ___________(“Seller”) and __________________________________, (“Purchaser” or 11718 Folkstone Lane Los Angeles, CA 90077 “Buyer”), located at _____________________________________________, for the sale and purchase of Real Property from Seller to Purchaser as agreed to in this Agreem

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DocuSign Envelope ID: 6AC6E393-404A-43C7-B6F0-B809D1364F29

PURCHASE AND SALE AGREEMENT
This Purchase and Sale Agreement (the "Agreement") is made and entered into by and between
Lofty Holding 3024 W 103rd Street LLC
___________(“Seller”) and __________________________________,
(“Purchaser” or
11718
Folkstone
Lane
Los
Angeles,
CA
90077
“Buyer”), located at _____________________________________________, for the sale and purchase of Real Property
from Seller to Purchaser as agreed to in this Agreement.
1. PROPERTIES. Purchaser hereby agrees to buy, and Seller hereby agrees to sell the following Property (herein
as “Property”) located and situated in the City of Cleveland, County of Cuyahoga, State of Ohio:
3024 W 103 ST CLEVELAND, OH. 44111
005-15-145
a. _____________________________________________
(Parcel Number _____________)

b. Property will be delivered to Purchaser consisting of the land therein described, together with all
buildings, improvements, and fixtures and all appurtenant rights, privileges and easements and
including the following items if now on the Property: electrical, plumbing, all windows, blinds, awnings,
screens, storm sashes, TV aerial, radiator covers, built-in appliances, all existing wall to wall carpeting,
fireplace grates, screens and doors, as exist or are available at Property at time of Closing.
$81,000
2. PURCHASE PRICE. The purchase price for the Property shall be $_______________
, ("Purchase Price") and
shall be payable as follows:
$2,000
a. Upon mutual execution, Purchaser will deposit $______________
to Emerald Glen Title Agency as an
Earnest Money Deposit (herein “EMD”). The earnest money will become part of the purchase price of
the Property and will be applied to any applicable down payments and closing costs owed by the
Buyer.

b. Purchaser agrees to provide Seller and Emerald Glen Title Agency with a Proof of Funds letter for the
Purchase Price amount or greater within 2 business days of signing of this Agreement.
3. CONTINGENCIES. Seller understands and agrees Buyer reserves the right to conduct a general inspection of
Property within 7 days of the signing of this Agreement as a contingency of this Agreement. Upon conclusion of
inspection of Property within seven days of signing this agreement, Buyer shall provide Seller a release of
inspection contingency or a notification of specific inspection items Buyer requests Seller remedy prior to
Closing. Buyer or Seller may terminate this Agreement in the event Buyer does not complete inspection and
release inspection contingency within seven days of the signing of this Agreement and/or Seller does not agree
to remedy inspection items Buyer specifically requested be remedied from the inspection report.
a. ______ Buyer agrees there is NO finance contingency and Buyer shall provide proof funds letter within
three days of the signing if this Agreement.
X
b. ______
Buyer and Seller agree there is a financing contingency dependent on Buyer securing financing
for Property. Buyer shall apply for financing for Property within three days of the signing of this
Agreement and notify Seller of details of such within such time period. Buyer to obtain loan commitment
for Property financing within 21 days of signing of this Agreement and provide Seller with such within
this time frame. In any case, Buyer shall provide Seller proof of funds letter within 3 days of the signing
of this Agreement.

4. CONDITION OF THE PROPERTY. Upon removal of Buyer Inspection Contingency, Buyer and Seller agree that
the Property is being purchased and sold in its present condition, "AS IS," without any warranties or
representations and Buyer has been given opportunity to conduct inspection of Property. Seller asserts they are
aware of NO known hazards of any type or any city violations for the Property at the signing of this Agreement.
5. DAMAGE. Seller shall bear the risk of any further loss and shall maintain adequate insurance until title transfer.
Purchaser understands property is in as is condition and accepts all future repairs and future violations and
future Point-of-Sale violations as of the signing of this Agreement.

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6. TITLE. The Seller shall deliver or cause to be delivered to the Purchaser Quit Claim Deed ("Deed") or Deed type
of Purchaser choosing in accordance with standard industry practices, conveying to Purchaser a Deed to the
Properties with dower rights, if any, released free and clear of all liens and encumbrances whatsoever, except
taxes and assessments, both general and special, which are currently a lien but not yet due and payable, zoning
ordinances, and restrictions, conditions, reservations and easements of record which do not materially affect the
use or value of the Property ("Permitted Exceptions")
7. PRORATIONS. Real estate taxes and assessments, both general and special, shall be paid by Seller prorated
to the date of closing. Seller and Purchaser agree that all rent received by Landlord shall be prorated for the
remainder of the month of Closing and paid to Purchaser at Closing. Purchaser agrees any unpaid rent due
from Tenant to Landlord up to the date of Closing shall paid to Landlord by Purchaser as of the date of Closing.
Seller shall transfer all existing Tenant security deposit(s) to Purchaser at Closing. Purchaser shall be
responsible for honoring Seller Existing Lease Agreement(s) for Properties with Tenant and Purchaser shall be
nancially responsible for return of Security Deposit to Tenant(s) of all Properties at conclusion of lease with
current Tenant(s) in place at Closing. Buyer agrees and understands that water and sewer is the responsibility
of the Tenant, pursuant to lease Agreement that transfers with Property, and as such Escrow/Closing Agent is
hereby instructed to NOT withhold any monies from Seller for any water or sewer related bills for Property at
closing
8. CLOSING. The parties agree that the recording of the Deed of Record (the "Closing") with the County Recorder
shall be as soon as possible but not later than 30 days from the execution of this agreement. Seller shall
deliver possession and occupancy to Purchaser on or before 5:00 p.m. on the date of the Closing (the "Closing
Date") or whenever escrow/title agency can act upon the fully signed and executed agreement by the
Purchaser and Seller. Purchaser and Seller agree to the rst available closing date, if Escrow Agent needs
additional time to le and obtain necessary city disclosure, and any other required paperwork Escrow Agent
needs to close. Purchaser agrees to transfer utilities on or prior the date of Closing and provide proof of such at
Closing as a condition of Closing. The parties further agree that title to the Property shall not pass until such
Closing, and that time is of the essence. Purchaser understands and agrees that Seller reserves the right for
this transaction to be categorized and handled as an Internal Revenue Code Section 1031 exchange and as
such, Purchaser shall cooperate and agree to Seller’s needs and agents required to complete this transaction
as a 1031 exchange
9. ESCROW PROCEDURE. Seller and Purchaser agree All documents and funds pertaining to this conveyance
are to be placed in escrow with Emerald Glen Title Agency, Ltd., 2786 SOM Center Road, Willoughby Hills,
Ohio 44094 (telephone: 440-347-0336), as speci ed herein and all monies from the Seller or Purchaser shall
be deposited in escrow with Emerald Glen Title Agency, Ltd., with the initial amount being received from
Purchaser as earnest money and deposited within 5 business days of the signing of this Agreement with
Emerald Glen Title Agency as payment towards the purchase price and the remainder for all Properties due at
time of Closing in a manner acceptable to Seller and Emerald Glen Title Agency and Investment Property
Exchange Services, Inc. (if Seller elects to perform a 1031 exchange) or other agents deemed appropriate by
Seller. This Agreement shall be used as Escrow Instructions, subject to the usual form of Acceptance of the
Escrow Agent, to the extent not inconsistent herewith. In the event of any such inconsistency, this Agreement
shall control.
10. CHARGES AND CREDITS. The Escrow Agent shall make the required proration’s and charge the expenses of
this transaction as follows:
a. To the Seller: All Sellers costs are to be paid at closing, (i) ZERO % of the cost of ling the Deed, (ii)
50% of any transfer tax or conveyance fee, (iii) any outstanding Cleveland Water Department water
bills up to closing date, and (iv) any unpaid or delinquent property taxes from last property tax period or
outstanding nes or assessments, up to date of closing, and (v) 100% of Title Exam, and (vi) 100% of
any Section 1031 exchange costs, if elected by Seller
b. To The Purchaser: (i) Any nance or mortgage points or mortgage or nance closing costs attributable
to loans or credit facilities Purchaser needs to acquire Property, (ii) 50% of any possible cost of the
escrow fee, if such is required, (iii) 100% of the cost of ling the Deed, (iv) 50% of any transfer tax or
conveyance fee, and (v) 100% of Title Commitment costs

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DocuSign Envelope ID: 6AC6E393-404A-43C7-B6F0-B809D1364F29