ARTICLE 1.01 ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT.
limited liability company not affiliated with the Company (âPMI Parkwayâ and together with the Company, the âBuyersâ), has completed the acquisition of the Parkway Center property (the âParkway Propertyâ), a flexible industrial / office building totaling approximately 64,109 square feet of gross leasable area located in
The buyers purchased the Parkway property as common tenants. The Company acquired an 82% joint tenant and PMI Parkway acquired an 18% joint tenant tenant in the Parkway property. As part of the Acquisition, the Purchasers have entered into a Joint Tenancy Agreement (the âTIC Agreementâ) which governs their co-ownership of the Parkway Property. Among other approvals, under the TIC Agreement, the consent of the two tenants in common is required to approve (i) any lease, sublet, deed restriction or grant of easement of / on all or part of the property Parkway, (ii) any sale or exchange of the Parkway property, or (iii) any debt or loan, and any negotiation or refinancing thereof, secured by a lien on the Parkway property. In the event that the common tenants cannot agree on a decision which requires the consent of the two common tenants, a common tenant may purchase the undivided interest of the other common tenant subject to certain rights contained in the ICT agreement.
The foregoing descriptions of the Agreement and the TIC Note are qualified in their entirety by reference to the Agreement and the TIC Note, copies of which are filed as Exhibits 10.1 and 10.2 of this current report on Form 8 -K and are incorporated by reference in this topic. 1.01.
ITEM 2.01 COMPLETION OF ACQUISITION OR DISPOSAL OF ASSETS.
The information relating to the Parkway Center acquisition in section 1.01 above is hereby incorporated by reference into this section 2.01.
ITEM 2.03 CREATION OF A DIRECT FINANCIAL OBLIGATION OR OF AN OBLIGATION UNDER A
OFF-BALANCE SHEET ARRANGEMENT OF A REGISTRANT.
The information relating to the Parkway Loan in Item 1.01 above is incorporated by reference in this Item 2.03.
ITEM 9.01 FINANCIAL STATEMENTS AND PARTS.
(a) Financial statements of assets acquired
To the extent required by this section, the historical financial statements of the Parkway Center will be filed as an amendment to this current report on Form 8-K at the latest.
(b) Unaudited pro forma financial information
To the extent required by this section, pro forma financial information relating to the Parkway Center acquisition will be filed in an amendment to this current report on Form 8-K at the latest.
(d) Exhibits Exhibit No. Description 10.1 TIC Agreement, dated as of
November 1, 2021. 10.2 Note, made as of November 1, 2021104 Cover Page Interactive Data File (embedded within the Inline XBRL Document)
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