- Last Updated on Wednesday, 01 July 2009 20:00
- Published on Wednesday, 01 July 2009 20:00
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O’Gara Group has a new contract with Westmoreland County. The new sales agreement was unanimously approved by the Westmoreland Industrial Development Authority this Monday night. A predecessor contract would have expired on June 30 at midnight.
According to the June 29 sales agreement, the county will convey its 50,000 industrial shell building and surrounding 25.61 acres to O’Gara by special warranty deed.
The document notes that the referenced property is “located in Westmoreland County Industrial Park, described as Lot 2, Section 2 and is adjacent and continuous to approximately 325 acres of land owned by S. Bryan Chandler. The Property is further described as tax parcel number 35-1 00H.”
The June 29 agreement between Westmoreland County and O’Gara is the third in a series of sales contracts. The initial January 12 contract would have expired on April 1 if it had not been extended until June 30.
The referenced adjacent 325-acre tract belonging to Bryan Chandler has been the subject of a separate series of sales agreements that have been contingent on O’Gara’s ability to purchase the contiguous 25 acres of publicly owned land.
“This Agreement shall constitute a legally binding Contract, on the terms and conditions set forth herein, for the sale and purchase of the Property,” the contract states. “Purchaser may use this purchase to consummate a 1031 tax deferred exchange, (IRC Section 1031).
“The purchase price is $679,178.00 payable at Settlement in cash or certified funds.
“Purchaser hereby pays down 5 percent of the total Purchase price, the sum of $33,959.00 payable to Westmoreland County Industrial Authority, which sum shall be non-refundable (except as provided in Section 4) and applied to the Purchase Price at Settlement.
“Settlement shall be made at the office of Purchaser’s attorney on or before November 1, 2009, or at such time as all outstanding applicable appeals periods have expired relating to the land use or proposed use of the property, whichever is later, but not later than December 31, 2009.
“Possession shall be given at Settlement, unless otherwise agreed in writing by the parties. At Settlement, the Purchaser shall deliver to Seller, the Purchase Price. The Seller shall deliver to Purchaser the Deed, Affidavit as to the absence of mechanic’s liens and a Certificate of Non-Foreign Status as required by Section 1445 of the Internal Revenue Code.
“The Seller shall pay the costs of preparing the Deed and Grantor’s tax. The Purchaser shall pay all costs and expenses incurred in connection with its examination of title to the Property, and the survey, if any, and all premiums charged by Purchaser’s title insurance company. Purchaser shall pay all other customary and normal costs and expenses associated with Settlement.
All risk of loss or damage to the Property by fire, windstorm, casualty or any other cause is assumed by the Seller until Settlement. In the event of substantial loss or damage to the Property before Settlement, Purchaser shall have the option of either terminating this Contract and recovering the Deposit or, upon mutual agreement with the Seller, affirming this contract, in which event Seller shall assign to Purchaser all of Seller’s rights under any policy or policies of insurance applicable to the Property.
“At Settlement, Seller shall convey the Property to Purchaser by Special Warranty Deed, free of all encumbrances, tenancies and liens (for taxes or otherwise), but subject to such restrictive covenants and utility easements of record which do not materially and adversely affect the use of the Property or render the title unmarketable.
“Within 20 days of the execution or date of this Contract by Seller and Purchaser, Seller shall deliver to Purchaser copies of the following documents pertaining to the Property to the extent same are in Seller’s possession:
“Assessed values for the current and previous two years; any boundary survey and title documentation in seller’s possession; any plans and specifications for the Property and/or improvements thereon; any soil reports, engineering and physical inspection reports; any environmental studies; copies of any leases and vendor contracts; any existing transferable warranties.
“Purchaser and his agents shall have the right to enter onto the Property for purposes of engineering, estimating, surveying and such other work, so long as such studies do not result in a change in the character or topography of the Property. Purchaser shall hold Seller harmless against any loss or liability to person on property resulting from such entry on the Property and conduct of such entry.
“Any notice, request or demand required or permitted to be given pursuant to this Agreement shall be in writing and shall be deemed sufficiently given if delivered by hand by messenger at the address of the intended recipient, sent prepaid by Federal Express (or a comparable guaranteed overnight delivery service), or deposited in the United States first class mail (registered or certified, postage prepaid, with return receipt requested). Any such notice, request or demand so given shall be deemed given on the date of deposit in the United States Mail or any guaranteed overnight delivery service as the case may be.”
The June 29 purchase agreement carries the signatures of County Attorney Thomas O. Bondurant, Jr., Industrial Development Authority President James Latane and O’Gara Group President James W. Noe.