Item
1.01
Entry into a Material Definitive Agreement.
The ARC Investment Trust
Effective August 1, 2019, MHP Pursuits LLC (the
“
Buyer
”),
a wholly-owned subsidiary of Manufactured Housing Properties Inc.,
a Nevada corporation (the “
Company
”),
entered into a purchase and sale agreement (the
“
ARC Purchase
Agreement
”) with The ARC
Investment Trust, a South Carolina trust (the
“
Seller
”)
for the asset purchase of 5 manufactured housing communities,
located in South Carolina, totaling 181 sites for a total purchase
price of $6.5 million.
The ARC Purchase Agreement includes an earnest money deposit of
$15,000, which will be applied to the payment of the purchase price
at closing, and provides for a due diligence period of 30 days
commencing upon the Seller’s delivery of due diligence
materials to the Buyer, plus an additional 45 days solely for the
completion of third-party reports.
The ARC Purchase Agreement contains customary representations and
warranties. The closing of the ARC Purchase Agreement is subject to
customary closing conditions and delivery of customary closing
documents, including a special warranty deed for the ARC Property,
a Bill of Sale and General Assignment transferring the
Seller’s right, title and interest in the personal property,
intangible property, property files, warranties and licenses to the
Buyer, and an Assignment and Assumption Agreement, assigning to the
Buyer the Seller’s right, title and interest in all leases or
other rental or occupancy agreements for the ARC Property, and any
contract that the Buyer elects to assume.
The foregoing summary of the terms and conditions of the ARC
Purchase Agreement does not purport to be complete and is qualified
in its entirety by reference to the full text of the agreement
attached hereto as Exhibit 10.1, which is incorporated herein by
reference.
CSC Warner Robins
On August 5, 2019, MHP Pursuits LLC (the “
Buyer
”),
a wholly-owned subsidiary of Manufactured Housing Properties Inc.,
a Nevada corporation (the “
Company
”),
entered into a purchase agreement (the “
CSC Purchase
Agreement
”) with CSC
Warner Robins, a Georgia limited liability company (the
“
Seller
”)
for the asset purchase of a manufactured housing community known as
Spring Lake Mobile Home Park, located in Georgia, totaling 225
sites for a total purchase price of $5.3
million.
The CSC Purchase Agreement includes a deposit of $15,000, which
will be applied to the payment of the purchase price at closing,
and provides for a due diligence period of 30 days commencing upon
the Seller’s delivery of due diligence materials to the
Buyer, plus an additional 45 days solely for the completion and
approval of third-party reports.
The CSC Purchase Agreement contains customary representations and
warranties. The closing of the CSC Purchase Agreement is subject to
customary closing conditions and delivery of customary closing
documents, including a limited warranty deed for the CSC Real
Property, a Bill of Sale transferring the CSC Personal Property,
intangible property, property files, warranties and licenses to the
Buyer, and an Assignment and Assumption of all leases or other
rental or occupancy agreements for the CSC Real Property, and any
contract that the Buyer elects to assume.
The foregoing summary of the terms and conditions of the CSC
Purchase Agreement does not purport to be complete and is qualified
in its entirety by reference to the full text of the agreement
attached hereto as Exhibit 10.2, which is incorporated herein by
reference.
Item
9.01
Financial
Statements and Exhibits.
(d) Exhibits
Exhibit
No.
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|
Description of Exhibit
|
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Purchase and Sale
Agreement, dated July 26, 2019 and effective August 1, 2019,
between MHP Pursuits LLC and The ARC Investment Trust
|
|
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Purchase and Sale
Agreement, dated August 5, 2019, between MHP Pursuits LLC and CSC
Warner Robins
|