Common use of Purchase of the Property Clause in Contracts

Purchase of the Property. For the purchase price and upon the terms and conditions hereinafter set forth, Seller agrees to sell and Buyer agrees to purchase the following (collectively called the “Property”): (a) That certain land described in Exhibit “A” attached to and made a part hereof, all buildings, improvements and structures located on the land, and all rights, benefits, easements, privileges, strips, gores and appurtenances in any way pertaining thereto (“Real Property”); (b) All tangible personal property owned by Seller, located on the Real Property and used in the operation or maintenance of the Property as of the Close of Escrow (as defined in Section 5(b)) (the “Personal Property”); the items of Personal Property as of the date hereof are described in Exhibit “B” attached hereto and made a part hereof; (c) Seller’s interest as of the Close of Escrow in all leases and rental agreements concerning the Property (“Leases”) and all refundable security deposits made pursuant to the Leases; and (d) Seller’s interest, if any, without warranty, in all intangible property directly appurtenant to the Real Property and Personal Property (“Intangible Property”), including “as-built” plans or drawings, cross-use agreements, licenses, permits, telephone numbers, and guarantees and warranties given by the manufacturers and/or suppliers of any product contained in the Property or used in the construction thereof, to the extent such rights are assignable, and including the name “Terra Nova”; provided, however, that Buyer acknowledges that Seller may not have the exclusive right or any right to utilize such name. Seller has no obligation to give any notice or obtain any consent in connection with the rights, if any, assigned pursuant to this Section l(d).