Business
Real Estate Contract For Sale Of Commerce Tower Building.
Real Estate Contract For Sale Of Commerce Tower Building..
About this update from Tower Properties Company
[{"type":"text","content":"On February 27, 2006, Tower Properties Company (\"Tower\") entered into a Real Estate Contract with The Hertz Investment Group, Inc. (\"Buyer\"), providing for the sale by Tower to Buyer of the real estate and improvements thereon consisting of a 30-story office building located in downtown Kansas City, Missouri, with a common address of 911 Main Street, Kansas City, Missouri and commonly known as the Commerce Tower Building. There is no material relationship between Tower and Buyer. The purchase price is $20,750,000 in cash, with an earnest deposit of $900,000 and the balance, subject to certain prorations and credits, to be paid to Tower on its delivery to Buyer of a special warranty deed, free and clear of all liens and encumbrances except for certain permitted exceptions, which delivery shall take place at closing on April 7, 2006, unless extended. Buyer's obligations in the Contract are conditioned upon the concurrent closing of Buyer's purchase of 921 Main Street, Kansas City, Missouri pursuant to a Building Agreement between Buyer and Commerce Bank, N.A., unless waived by Buyer. The obligations of both parties to close the transaction are subject to certain other terms and conditions.","length":1210,"tagName":"div"}]