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HomeMy WebLinkAboutANDERSON EQUIPMENT RENTAL COMANY FOR EXCHANGE OF REAL PROPERTY ►a . . `! t AGREEMENT FOR THE EXCHANGE OF REAL PROPERTY THIS AGREEMENT FOR THE EXC GE OF REAL PROPERTY is made and entered into as of the day of - r eh�� , 2001, by and between AUGUSTA, GEORGIA, a political subdivision of the State of Georgia, party of the first part ( "City "), and ANDERSON EQUIPMENT RENTAL COMPANY, L.L.C., a limited liability company organized and existing under the Laws of the State of Georgia, party of the second part ( "AEC "). IT IS RECITED: A. City is the Lessor and RBW Logistics Corporation ( "Logistics Corp ") is the Lessee under a lease on Property A, the term of which is to expire on August 31, 2019 (the "Lease "). B. AEC desires to acquire fee simple title to Property A from the City and assume the City's obligations and liabilities under the Lease. C. City desires to acquire fee simple title to Property B and is willing to exchange its estate in Property A for fee simple title to Property B. D. AEC has agreed to use its best efforts to acquire fee simple title to Property B and convey it to City in exchange for City's estate in Property A. WITNESSETH: NOW, THEREFORE, FOR AND IN CONSIDERATION of One Hundred and no/100 ($100.00) Dollars in hand paid by AEC to City and in hand paid by City to AEC (in each case, the "Earnest Money') and in consideration of the covenants and agreements hereinafter set forth, the receipt and sufficiency whereof are hereby mutually acknowledged, the parties hereto covenant and agree as follows: 1. Definitions. In addition to the other terms defined in this Agreement, the following terms shall have the meanings ascribed thereto in this Section 1. 1.01 "Agreement" means this Agreement for the Exchange of Real Properties entered into between City and AEC as of the date first set forth above. Exchange Agreement (6) November 5, 2001 r � 1.02 "Closing" means the act of consummating on the Closing Date the exchange of the Properties as contemplated by this Agreement. 1.03 "Closing Date" means the date whereon the Closing occurs or is scheduled to occur pursuant to the terms of this Agreement. 1.04 "Closing Documents" means the documentation to be executed and delivered, or caused to be executed and delivered, by City, AEC and/or Logistics Corp at the Closing as more particularly provided in Section 10. 1.05 "Exchange Value" means the value of City's estate in Property A as more fully specified in Section 3. 1.06 "Notice" means a written advice, demand, request or notification required or permitted by this Agreement, as more particularly provided in Section 15. 1.07 "Permitted Title Exceptions" means certain matters affecting or encumbering City's title to Property A, as more fully set forth on Exhibit `B" attached hereto and by this reference made a part hereof, subject to all of which matters, AEC has agreed to accept title to Property A at Closing. 1.08 "Property A" means land and improvements located on Prep Phillips Drive in Augusta, Georgia, which is the subject of the Lease and which is more particularly described on Exhibit "A" attached hereto. 1.09 "Property B" means the 4 parcels of property and improvements thereon located at or near the southeasternmost corner of the intersection of Telfair Street and Ninth Street in Augusta, Georgia, which is more particularly described on Exhibit "C" attached hereto. 1.10 "AEC" means Anderson Equipment Rental Company, L.L.C., a limited liability company organized and existing under the Laws of the State of Georgia. 1.11 "City" means Augusta, Georgia, a political subdivision of the State of Georgia. 1.12 "Surveys" means the updated plats of survey of the Property which may be obtained by AEC and City pursuant to Section 8. Exchange Agreement (6) 2 November 5, 2001 1 c r 2. Exchange of Property; As Is. Subject to and in accordance with the terms and conditions of this Agreement, on the Closing Date City will exchange and convey fee simple title to Property A to AEC and AEC will exchange and convey fee simple title to Property B to City. City and AEC agree and understand and each, by its execution hereof, acknowledge that the exchange of Property A and Property B by City and AEC shall be on an "AS IS/WHERE IS" basis without any warranties from City to AEC or AEC to City whatsoever except as may be otherwise expressly provided herein. City and AEC each acknowledge and agree that neither has heretofore made representations or warranties whatsoever regarding either Property and that EACH SHALL EXPRESSLY DISCLAIM IN THE CLOSING DOCUMENTS, WITHOUT LIMITATION, ANY WARRANTY OF MERCHANTABILITY, ANY WARRANTY OF FITNESS FOR A PARTICULAR USE OR PURPOSE OR ANY WARRANTY OF HABITABILITY. 3. Exchange Value and Method of Adjustment. The Exchange Value of the subject properties is and shall be Four Hundred Fifty -Nine Thousand and no /100 ($459,000.00) Dollars. The fair market value of Property A is equal to the Exchange Value. 4. Representations and Warranties of City. City represents and warrants to AEC and agrees with AEC (and as of the Closing Date, City will again represent and warrant to AEC): 4.01 That all necessary municipal action has been taken by City authorizing and approving (i) the execution of and entry into this Agreement, (ii) the execution and delivery by City of the Closing Documents, and (iii) the performance by City of City's duties and obligations under this Agreement and all other acts necessary and appropriate for the consummation of the exchange and conveyance of Property A as contemplated by and provided for in this Agreement. 5. Representations and Warranties of AEC. AEC represents and warrants to City and agrees with City (and as of the Closing Date, AEC will again represent and warrant to City): 5.01 That all necessary corporate action has been taken by AEC authorizing and approving (i) the execution of and entry into this Agreement, (ii) the execution and delivery by AEC of the Closing Documents, and (iii) the performance by AEC of AEC's duties and obligations under this Agreement and all other acts necessary and appropriate to use its best efforts to acquire title to Property B and for Exchange Agreement (6) 3 November 5, 2001 4 a ■ I t the consummation of the exchange and conveyance thereof as contemplated by and provided for in this Agreement. 6. Examination of Title of Property A. AEC shall examine title to Property A and satisfy itself regarding City's title to Property A prior to Closing. City shall convey Property A on the Closing Date subject only to the Permitted Title Exceptions and matters provided by the following sentence. If AEC's title examination should disclose a defect in title to Property A which affects the marketability thereof other than the Permitted Title Exceptions, AEC shall have the option (i) of waiving such defect and proceeding with the Closing with Property A to be conveyed subject to such defect and without any reduction in the Exchange Value, or (ii) of terminating this Agreement by Notice to City, whereupon this Agreement shall become null and void and no party shall have any further liability, right or obligation hereunder (except for Brokerage Indemnities and Inspection Indemnity). City warrants, represents and agrees that City has not entered into, nor to the best knowledge of City is Property A subject to any other enforceable purchase agreement, option or lease, or the claim of any tenant in possession (other than the Lease and as set forth in the Permitted Title Exceptions); and so long as this Agreement remains in effect, City will not lease, market, negotiate for the sale of, or convey or encumber any portion of Property A or any right therein, nor enter into any agreement granting to any person or entity any right with respect to Property A or any portion thereof. 7. ' Acquisition and Value of Property B. AEC shall use its best efforts to acquire Property B and each parcel of which it is constituted as follows: 7.01 AEC shall proceed with reasonable diligence to examine title to each parcel of Property B and deliver a report of title to City setting out all exceptions to marketability and copies of all record documents which affect marketability. Within fifteen (15) days of receipt of such report, City shall give AEC Notice of whether it is willing to accept title to Property B subject to the identified exceptions to marketability. If City is unwilling to accept title subject to such exceptions, it may either (i) terminate this Agreement, or (ii) for a period of sixty (60) days use its efforts to remove or satisfy such objections. If City is willing to accept title to Property B subject to the identified exceptions to marketability, it shall notify AEC of such willingness and AEC shall commence its efforts to negotiate for the purchase of Property B. 7.02 For the purpose of comparison with the Exchange Value, the value of Property B shall be the sum of: Exchange, Agreement (6) 4 November 5, 2001 1 Y (a) the purchase price paid for each parcel of Property B; and (b) the reasonable cost incurred by AEC in its acquisition of Property B. For the purposes of this Section 7.02 and Section 17.03, "reasonable cost" shall include but shall not be limited to: (i) legal expenses incurred and paid by AEC subsequent to August 3, 2001, in connection with the preparation of this Agreement and the acquisition of Property B; and (ii) compensation paid to Sherman & Hemstreet, Inc. for its efforts to obtain purchase contracts on the several parcels of Property B. This compensation shall not exceed ten (10 %) percent of the cumulative Property B purchase prices if purchase contracts are obtained on every parcel of Property B and shall not exceed three (3 %) percent of the cumulative Property B purchase prices if purchase contracts are obtained on every parcel of Property B but closings thereon do not occur because of title defects, environmental conditions or other factors outside the control of Sherman & Hemstreet, Inc. 7.03 AEC shall purchase Property B pursuant to a Real Estate Puchase Contract substantially in the form of Exhibit "J ". 8. Surveys. City and AEC have contemporaneously herewith or previously delivered to each other copies of the most recent surveys and drawings of the subject properties which are available. Each acknowledges that Property A and Property B will be exchanged subject to all matters shown on the surveys and drawings heretofore or contemporaneously delivered and all matters which might be revealed by a survey current at the time of Closing. Either party shall be entitled, at its expense, to obtain any additional surveys or updated surveys (the "Surveys ") at any time prior to Closing. 9. Equalization of Exchange Value and the Cost of Property B. 9.01 If the sum of the costs identified in Section 7.02 is greater than the Exchange Value, City shall pay AEC the difference at the Closing. Exchange Agreement (6) 5 November 5, 2001 + a 9.02 If the sum of the costs identified in Section 7.02 is less than the Exchange Value, AEC shall pay City the difference at the Closing. 10. Closing. The Closing of the purchase and sale contemplated hereby shall be, as appropriate, on the latter to occur of (i) April 1, 2002, or (ii) forty-five (45) days following the acquisition of the last parcel of Property B by AEC, or at such earlier time as may be mutually agreeable to the parties. Closing shall be held at 453 Greene Street, Augusta, Georgia. At the Closing, the parties will execute and deliver, or cause to be executed and delivered, all documents (the "Closing Documents "), duly witnessed and acknowledged where appropriate or required, necessary to consummate the transaction contemplated by this Agreement pursuant to the terms of this Agreement, including, without limitation, the following (with the parties designated in the forms attached hereto modified as may be necessary). 10.01 Closing Statement. 10.02 Limited Warranty Deed from City to AEC in the form attached hereto as Exhibit "D" conveying fee simple title to Property A subject only to the Permitted Title Exceptions and other matters subject to which AEC shall accept title to Property A in accordance with Section 6. 10.03 Limited Warranty Deed from AEC to City in the form attached hereto as Exhibit "E" conveying fee simple title to Property B subject only to exceptions to marketability of title as have been identified and accepted pursuant to Section 7.01. 10.04 Real Estate Transfer Tax Declarations in the customary form with respect to both the Limited Warranty Deeds. 10.05 Mutual Termination and Satisfaction of the Lease executed by City and Logistics Corp in recordable form. 10.06 .Affidavits of Ownership in the form attached hereto as Exhibit 10.07 Evidence of City's authority to consummate the transactions contemplated in this Agreement, as reasonably required by AEC's title insurer. Exchange Agreement (6) 6 November 5, 2001 • e Y 4 r , 10.08 Evidence of AEC's authority to consummate the transactions contemplated in this Agreement, as reasonably required by City's title insurer. - 10.09. Opinion of the attorney for City in the form attached hereto as Exhibit "G ". 10.10 Affidavits regarding IRC § 1445 Withholding Tax in the form attached as Exhibit "H" and all other documentation necessary for compliance with the Internal Revenue Code, including, without limitation, form 1099 and form W -4. 10.11 Affidavit of Seller's Residence or Form G -2 -RP Withholding on Sales or Transfers of Real Property and Associated Tangible Property by Nonresidents in the forms attached hereto as Exhibits "I -A" and "I -B ", whichever is appropriate, as required by O.C.G.A. §48 -7 -128. 10.12 A lease in the form attached hereto as Exhibit "K" from City to AEC on a parcel of land on the north side of Prep Phillips Drive which is designated as Parcel 1.4 on Map 48 -4 in the Office of the Tax Assessor of Augusta, Georgia. 10.13 A bill of sale in the form attached hereto as Exhibit "L." AEC and City shall receive possession of the respective property on the Closing Date. 11. Prorations, Adjustments and Expenses. All matters involving prorations, adjustments or expenses to be made or incurred in connection with the Closing and not specifically provided for in another provision of this Agreement shall be disposed of pursuant to the terms of this Section 11. This Section 11 shall survive Closing or termination of this Agreement. 11.01 Ad Valorem Taxes and Other Prorated Items. Ad valorem taxes on the Property for the year of Closing shall be prorated between City and AEC as of the Closing Date. AEC and City agree that the party receiving title shall be responsible for payment of any ad valorem taxes still owing on the Property but for which bills have not yet been received. 11.02 Closing Costs and Expenses. Each party shall pay its own legal fees and title insurance premiums incurred in connection with the transaction contemplated by this Agreement. All other costs shall be paid as required by law, as provided elsewhere herein, or as is the custom in Augusta, Georgia. Exchange Agreement (6) 7 November 5 , 2001 12. Broker. City represents to AEC that City has not engaged any broker or agent in regard hereto or to the exchange of Property A, and City hereby agrees to hold AEC harmless against all liability, loss, cost, damage and expense (including, without limitation, attorney's fees and cost of litigation) AEC shall ever suffer or incur because of any claim by any broker or agent claiming by, through or under City, whether or not meritorious, for any said fee, commission or other compensation with respect hereto or to the exchange of Property A as provided herein. AEC represents t o City that AEC has not engaged a P y any broker or agent in regard hereto or to the exchange of Property B, and AEC hereby agrees to indemnify City and hold City harmless against all liability, loss, cost, damage and expense (including, without limitation, attorney's fees and cost of litigation) City shall ever suffer or incur because of any claim by any broker or agent claiming by, through or under AEC, whether or not meritorious, for any said fee, commission or other compensation with respect hereto or to the exchange of Property B provided herein (herein, the "Brokerage Indemnities "). The Brokerage Indemnities shall survive Closing or the termination of this Agreement. 13. Condemnation. The respective rights of the parties upon the occurrence of a taking through the power of eminent domain shall be as provided in this Section 13. 13.01 City represents and warrants that City has no knowledge of any action or proceeding, pending or contemplated, which may result in condemnation of all or any part of Property A by statutory proceeding or by conveyance in lieu thereof. City shall give AEC immediate Notice of any action or proceeding which may result in the condemnation of all or any substantial portion of Property A. If prior to the Closing Date all or any part of Property A is taken or threatened by eminent domain, AEC may, by Notice to City within thirty (30) days after AEC shall receive from City Notice of the taking or threatened taking or prior to Closing, whichever first occurs, elect to cancel this Agreement. If AEC shall cancel this Agreement pursuant to the foregoing, all parties shall be relieved and released of and from any further liability hereunder (except for the Brokerage Indemnities and Inspection Indemnity). If a part of Property A is taken by eminent domain but this Agreement is not so cancelled with respect thereto because either the taking is not substantial (in which event AEC is not entitled to cancel this Agreement) or AEC does not elect to cancel (even if the taking is substantial), then AEC shall be entitled to receive all condemnation proceeds. Exchange Agreement (6) 8 November 5, 2001 s 13.02 AEC represents and warrants that AEC has no knowledge of any action or proceeding, pending or contemplated, which may result in condemnation of all or any part of Property B by statutory proceeding or by conveyance in lieu thereof. AEC shall give City immediate Notice of any action or proceeding which may result in the condemnation of all or any substantial portion of Property B. If prior to the Closing Date all or any part of Property B is taken or threatened by eminent domain, City may, by Notice to AEC within thirty (30) days after City shall receive from AEC Notice of the taking or threatened taking or prior to Closing, whichever first occurs, elect to cancel this Agreement. If City shall cancel this Agreement pursuant to the foregoing, all parties shall be relieved and released of and from any further liability hereunder (except for the Brokerage Indemnities and Inspection Indemnity). If a part of Property B is taken by eminent domain but this Agreement is not so cancelled with respect thereto because either the taking is not substantial (in which event City is not entitled to cancel this Agreement) or City does not elect to cancel (even if the taking is substantial), then City shall be entitled to receive all condemnation proceeds. 14. Casualty. Neither party shall be entitled to cancel this Agreement as a result of damage to or destruction of Property A and/or Property B. Property A is presently insured by coverages obtained by AEC and payable solely to AEC. The improvements on Property B are contemplated to be razed by City and, therefore, have no economic value to City. 15. Notices. All Notices must be in writing and shall be deemed to have been properly given or served by being hand delivered to the addresses set forth below or by deposit in the United States Mail, postpaid and registered or certified, return receipt requested, and addressed to the addresses set forth below. All Notices shall be effective upon being hand delivered or deposited in the United States Mail in the manner aforesaid; however, the time period in which a response to any Notice must be given, if any, shall commence to run, with respect to hand - delivered Notices, • from the date of delivery or, with respect to Notices mailed in accordance herewith, from the date of receipt of the Notice by the addressee thereof as shown on the return receipt. Rejection or other refusal to accept or the inability to deliver because of changed address of which no Notice was given shall be deemed to be received on the date the Notice was sent. By giving at least ten (10) days Notice thereof, either party shall have the right from time to time and at any time during the term of this Agreement to change their respective addresses and each shall have the right to specify as its address any other address within the United States of America. The initial addresses of the parties are as follows. Exchange Agreement (6) 9 November 5, 2001 City: 530 Greene Street Augusta, Georgia 30901 Attention: Bob Young, Mayor With a copy to: James B. Wall Burnside, Wall, Daniel, Ellison & Revell P. O. Box 2125 Augusta, Georgia 30903 AEC: P. O. Box 10027 Augusta, Georgia 30903 Attention: Charles J. Anderson, Operating Manager With a copy to: A. Zachry Everitt Tucker, Everitt, Long, Brewton & Lanier, PA. P. O. Box 2426 Augusta, Georgia 30903 16. Defaults. In the event either party fails or refuses to convey title in accordance with the terms and conditions of this Agreement, the non - defaulting party shall be entitled, upon giving Notice to the other party, to terminate this Agreement. Neither party shall be entitled to bring an action for specific performance or be entitled to file a lis pendens, or be entitled to bring an action for damages of any type against the other party, unless the non - defaulting party shall have first unconditionally tendered the Closing Documents required of it pursuant to this Agreement and the defaulting party has refused to tender the Closing Documents required of it in exchange therefor, whereupon the non - defaulting party shall have the right to pursue all remedies at law or equity including, without limitation, an action for damages and/or specific performance. The specific enumeration of remedies herein shall be deemed to exclude all other remedies. 17. Termination of Agreement. In addition to the other rights of termination set out elsewhere herein, City and AEC shall have the rights to cancel and tenninate this Agreement as set out in this Section 17. 17.01 City shall have the right to cancel and terminate if: (a) it elects to do so under the provisions of Section 7.01, Section 13, Section 16 or Section 19; Exchange Agreement (6) 10 November 5, 2001 (b) the cumulative cost of Property B exceeds the Exchange Value by One Hundred Thousand ($100,000.00) Dollars or more; (c) AEC is unable to purchase one or more parcels of Property B prior to April 1, 2002; or (d) environmental conditions of Property B result in the development thereof not being feasible. 17.02 AEC shall have the right to cancel and terminate if: (a) it is unable to purchase one or more of the parcels of Property B prior to April 1, 2002; or (b) if it elects to do so pursuant to the provisions of Section 6. 17.03 Within thirty (30) days of a cancellation, other than a cancellation as a result of AEC's default, or termination of this Agreement, City shall reimburse AEC with all costs and expenses it has reasonably incurred in its efforts to purchase the several parcels which constitute Property B. Upon such cancellation or termination, this Agreement shall become null and void and no party shall have any further liability, right or obligation hereunder (except for Brokerage Indemnities). 18. Miscellaneous. 18.01 Successors and Assigns. This Agreement shall apply to, inure to the benefit of and be binding upon and enforceable against the parties hereto and their respective heirs, legal representatives, successors and permitted assigns, to the same extent as if specified at length throughout this Agreement. 18.02 Counterparts. This Agreement may be executed in several counterparts, each of which shall be deemed an original and all of which counterparts together shall constitute one and the same instrument. 18.03 Time of the Essence. Time is of the essence of this Agreement. Whenever the last day for the exercise of any privilege or the discharge of any duty hereunder shall fall upon a Saturday, Sunday or any public or legal holiday, the party having such privilege or duty shall have until 5:00 P.M. Eastern Standard or Daylight Time, as appropriate, on the next succeeding business day to exercise such privilege or to discharge such duty. Exchange Agreement (6) 11 November 5, 2001 r , 18.04 Governing Law. This Agreement shall be governed by and construed in accordance the laws of the State of Georgia. 18.05 Prior Discussions and Amendments. This Agreement supersedes all prior discussions and agreements between City and AEC with respect to the conveyance of the Property and all other matters contained herein and constitutes the sole and entire agreement between City and AEC with respect hereto. This Agreement may not be modified or amended unless such amendment is set forth in writing and signed by both City and AEC. 18.06 Judicial Interpretation. Should any provision of this Agreement require judicial interpretation, it is agreed that the court interpreting or construing the same shall not apply a presumption that the terms hereof shall be more strictly construed against one party by reason of the rule of construction that a document is to be construed more strictly against the party who itself or through its agent prepared the same, it being agreed that the agents of all parties have participated in the preparation hereof. 18.07 Survival. The only representations, warranties and agreements of City and AEC that shall survive Closing are those representations, warranties and agreements herein which are specifically stated to survive. No other representations, warranties or agreements of City or AEC shall survive Closing. 19. Tests, Borings and Examinations. AEC will cause a provision to be inserted in each contract for its acquisition of the several parcels of Property B, a provision which will permit representatives of City to enter upon such parcels for the purpose of conducting soil tests, borings, percolation tests, an any other tests, inspections, or examinations that City desires in regard to the engineering and planning for development of Property B including (but not by way of limitation) such other tests, inspections or examinations as City may request to determine subsurface or topographic conditions of Property B. City shall hold the sellers of such parcels and AEC harmless for any damages resulting from the failure by City or the representatives of City to exercise reasonable care in the conduct of such tests, inspections or examinations. City shall cause such tests as it wishes to be conducted during the time periods allowed in such contracts. If City shall reasonably conclude from the results of such tests that the development of Property B is not feasible, and shall so notify AEC in writing of its conclusion on or before that date which is the last date for such notice under such acquisition contract, this Agreement may be terminated in accordance with the provisions of Section 17 hereinabove. Exchange Agreement (6) 12 November 5, 2001 IN WITNESS WHEREOF, the parties have executed this Agreement under seal as of the day, month and year first set forth above. CITY: AU,' ST: ,G:•• IA y: Mayor As its ATTEST: By: h J /0/ • s Cler /of Commission (SEAL) AEC: ANDERSON EQUIPMENT RENTAL COMPANY, L.L. / By : /,, .. .S.) As ',1 perating Manager Exchange Agreement (6) 13 November 5, 2001 4 4 LIST OF EXHIBITS Exhibit "A" - Legal Description of Property A Exhibit "B" - Permitted Title Exceptions affecting Property A Exhibit "C" - Legal Description of Property B Exhibit "D" - Limited Warranty Deed from City to AEC Exhibit "E" - Limited Warranty Deed from AEC to City Exhibit "F" - Affidavits of Ownership Exhibit "G" - Opinion of Counsel for City Exhibit "H" IRC § 1445 Withholding Tax Affidavits Exhibit "I -A" - Seller's Residency Affidavit Exhibit "I -B" - Form G -2 -RP Withholding on Sales or Transfers of Real Property and Associated Tangible Property by Nonresidents Exhibit "J" - Real Estate Purchase Contract Exhibit "K" - Lease of Water Pump Facility Exhibit "L" - Bill of Sale on Water Pump Equipment Exchange Agreement (6) 14 November 5, 2001 EXHIBIT "A" LEGAL DESRIPTION OF PROPERTY "A" ALL that tract or parcel of land, with improvements thereon, situate, lying and being in Augusta, Richmond County, Georgia, on the northeastern side of Prep Phillips Drive containing 6.50 acres and being shown on a plat prepared by George L. Godman, R.L.S. dated June 19, 1985, a copy of which is recorded in the Office of the Clerk of the Superior Court of Richmond County, Georgia, in Realty Book 34 -E, at Page 188. Reference is hereby made to said plat and it incorporated herein for a more complete and accurate description of the metes, bounds and location of said property. Exhibits (6) 11/5/01 R > I EXHIBIT `B" PERMITTED TITLE EXCEPTIONS AFFECTING PROPERTY A 1. Lease Agreement between Georgia Ports Authority and Richmond Bonded Warehouse Corporation dated June 30, 1969, as amended on August 15, 1969. Exhibits (6) 11/5/0 l I Y ' EXHIBIT "C" LEGAL DESCRIPTION OF PROPERTY B ALL that lot, tract or parcel of land, situate, lying and being on the east side of Ninth Street in Augusta- Richmond County, Georgia, and being known and designated on the tax records as Map 47 -1, Parcel 283. Said property is known under the present system of street numbering in Augusta - Richmond County, Georgia, as 502 Ninth Street. ALL that lot, tract or parcel of land, situate, lying and being on the east side of Ninth Street in Augusta - Richmond County, Georgia, and being known and designated on the tax records as Map 47 -1, Parcel 284. Said property is known under the present system of street numbering in Augusta - Richmond County, Georgia, as 506 Ninth Street. ALL that lot, tract or parcel of land, situate, lying and being on the east side of Ninth Street in Augusta - Richmond County, Georgia, and being known and designated on the tax records as Map 47 -1, Parcel 285. Said property is known under the present system of street numbering in Augusta- Richmond County, Georgia, as 524 Ninth Street. ALL that lot, tract or parcel of land, situate, lying and being on the east side of Ninth Street in Augusta - Richmond County, Georgia, and being known and designated on the tax records as Map 47 -2, Parcel 286. Said property is known under the present system of street numbering in Augusta - Richmond County, Georgia, as 855 Walker Street. Exhibits (6) 11 /5/01 EXHIBIT "D" Please retum to: A. Zachry Everitt Dye, Tucker, Everitt, Long & Brewton, P.A. P. 0. Box 2426 Augusta, Georgia 30903 * * *: * * * * * * ** * * * * ** * * * * * * * * * * * *** * * ** * * * * * * * * ** * * * * * * * * * * * * *** * * ** STATE OF GEORGIA ) LIMITED WARRANTY DEED COUNTY OF RICHMOND ) THIS INDENTURE, made this the day of , 2001, between AUGUSTA, GEORGIA, a political subdivision of the State of Georgia, of the first part and ANDERSON EQUIPMENT RENTAL COMPANY, L.L.C., a Georgia limited liability company, of the second part. WITNESSETH: That the said party of the first part, for and in consideration of Ten and no /100 ($10.00) Dollars and other good and valuable consideration in hand paid, at and before the sealing of these presents, the receipt of which is hereby acknowledged, has granted, bargained, sold and conveyed, and by these presents does hereby grant, bargain, sell and convey unto the said party of the second part, its successors and assigns, all of its right, title and interest in and to the real property described on Exhibit "A" attached hereto. TO HAVE TO HOLD the said tract or parcel of land, with all and singular the rights, members and appurtenances, thereof, to the same being, belonging, or in anywise appertaining, to the only proper use, benefit and behoof of the party of the second part, its successors and assigns, forever in Fee Simple. And the said party of the first part, for its successors and assigns, will warrant and forever defend the right and title to the above described property unto the said party of the second part, its successors and assigns, against the claims of all Exhibits (6) 11/5/01 J persons claiming under or through the party of the first part, subject only to the Permitted Title Exceptions listed on Exhibit "B" attached hereto. IN WITNESS WHEREOF, the said party of the first part has caused these presents to be executed by its duly authorized officers and its seal to be affixed hereto the day and year first above written. Signed, sealed and delivered AUGUSTA, GEORGIA before us this day of , 2001. By: As its Mayor Witness ATTEST: Notary Public, Richmond County, State of Georgia By: My Commission Expires: As its Clerk of Commission (NOTARY SEAL) (SEAL) Exhibits (6) 11/5/01 Y EXHIBIT "A" ALL that lot, tract or parcel of land, situate, lying and being on the east side of Ninth Street in Augusta - Richmond County, Georgia, and being known and designated on the tax records as Map 47 -1, Parcel 283. Said property is known under the present system of street numbering in Augusta - Richmond County, Georgia, as 502 Ninth Street. ALL that lot, tract or parcel of land, situate, lying and being on the east side of Ninth Street in Augusta- Richmond County, Georgia, and being known and designated on the tax records as Map 47 -1, Parcel 284. Said property is known under the present system of street numbering in Augusta - Richmond County, Georgia, as 506 Ninth Street. ALL that lot, tract or parcel of land, situate, lying and being on the east side of Ninth Street in Augusta- Richmond County, Georgia, and being known and designated on the tax records as Map 47 -1, Parcel 285. Said property is known under the present system of street numbering in Augusta- Richmond County, Georgia, as 524 Ninth Street. ALL that lot, tract or parcel of land, situate, lying and being on the east side of Ninth Street in Augusta - Richmond County, Georgia, and being known and designated on the tax records as Map 47 -2, Parcel 286. Said property is known under the present system of street numbering in Augusta - Richmond County, Georgia, as 855 Walker Street. Exhibits (6) 1 1/5/01 EXCHIBIT "B" PERMITTED TITLE EXCEPTIONS i II I Exhibits (6) 11/5/01 EXHIBIT "E" Please return to: A. Zachry Everitt Dye, Tucker, Everitt, Long & Brewton, P.A. P. 0. Box 2426 Augusta, Georgia 30903 ************************************ * * * * * * * * * * * * * * * * * * * * * * * * * * * * * ** STATE OF GEORGIA ) LIMITED WARRANTY DEED COUNTY OF RICHMOND ) THIS INDENTURE, made this the day of , 2001, between ANDERSON EQUIPMENT RENTAL COMPANY, L.L.C., a Georgia limited liability company, of the first part, and AUGUSTA, GEORGIA, a political subdivision of the State of Georgia, of the second part. WITNESSETH: That the said party of the first part, for and in consideration of Ten and no /100 ($10.00) Dollars and other good and valuable consideration in hand paid, at and before the sealing of these presents, the receipt of which is hereby acknowledged, has granted, bargained, sold and conveyed, and by these presents does hereby grant, bargain, sell and convey unto the said party of the second part, its successors and assigns, the real property described on Exhibit "A" attached hereto. TO HAVE TO HOLD the said tract or parcel of land, with all and singular the rights, members and appurtenances, thereof, to the same being, belonging, or in anywise appertaining, to the only proper use, benefit and behoof of the party of the second part, its successors and assigns, forever in Fee Simple. And the said party of the first part, for its successors and assigns, will warrant and forever defend the right and title to the above described property unto the said party of the second part, its successors and assigns, against the claims of all persons claiming under or through the party of the first part. Exhibits (6) 11/5/01 d IN WITNESS WHEREOF, the said party of the first part has caused these presents to be executed by its duly authorized officers and its seal to be affixed hereto the day and year first above written. Signed, sealed and delivered ANDERSON EQUIPMENT RENTAL before us this day of COMPANY, L.L.C. , 2001. By: (L.S.) As its Operating Manager Witness (COMPANY SEAL) Notary Public, Richmond County, State of Georgia My Commission Expires: (NOTARY SEAL) Exhibits (6) 11 /5/01 EXHIBIT "A" ALL that tract or parcel of land, with improvements thereon, situate, lying and being in Augusta, Richmond County, Georgia, on the northeastern side of Prep Phillips Drive containing 6.50 acres and being shown on a plat prepared by George L. Godman, R.L.S. dated June 19, 1985, a copy of which is recorded in the Office of the Clerk of the Superior Court of Richmond County, Georgia, in Realty Book 34 -E, at Page 188. Reference is hereby made to said plat and it incorporated herein for a more complete and accurate description of the metes, bounds and location of said property. Exhibits (6) 11/5/01 EXHIBIT "B" PERMITTED TITLE EXCEPTIONS 1. Lease Agreement between Georgia Ports Authority and Richmond Bonded Warehouse Corporation dated June 30, 1969, as amended on August 15, 1969. Exhibits (6) 11/5/01 • a r • EXHIBIT "F" STATE OF GEORGIA ) OWNER'S AFFIDAVIT COUNTY OF RICHMOND ) BEFORE ME came in person (hereinafter referred to as "Deponent "), who, having being duly swom and on oath, deposed and said as follows: 1. That Deponent is personally familiar with the matters set forth herein. 2. That AUGUSTA, GEORGIA (hereinafter referred to as "Owner "), is /are the owner(s) of the real property (hereinafter referred to as the "Property ") located in Richmond County, Georgia, more particularly described in Exhibit "A" attached hereto and by this reference made a part hereof. 3. That except asset forth in Exhibit "B" attached hereto and by this reference made a part hereof, .. there are no :unpaid or unsatisfied . security deeds, mortgages, claims of lien, special:: assessments for sewage or streets or ad valorem A<taxes : which constitute or could constitute .a lien against the Property or any part thereof. 4. That there is no outstanding indebtedness for equipment, appliances or other fixtures owned by Owner attached to or located in or on the Property. 5. There are no disputes concerning the location of the lines and corners of the Property. 6. That except as set forth in said Exhibit "B" attached hereto, Owner is the owner of the unencumbered fee simple title to the Property and there are no pending suits, proceedings, judgments, bankruptcies, liens or executions against Owner in either Richmond County or any other county of the State of • Georgia which do or could adversely affect title to the Property. 7. That no work, improvements or repairs have been undertaken by or at the instance of Owner (or any agents or representatives of Owner) on the Property or any part thereof during the ninety -five (95) days immediately preceding Exhibits (6) 11 /5/01 • the date of the making of this Affidavit for which payment has not been made; and there are no outstanding bills for labor or materials used in making improvements or repairs upon the Property at the instance of Owner (or any agents or representatives of Owner) or for the services of architects, surveyors or engineers incurred in connection therewith. 8. That Owner has made no agreements with any real estate broker for the management, sale, lease or other services with respect to the Property. 9. That this Affidavit is made for the purposes of inducing RBW Logistics Corporation to purchase the Property and Lawyers Title Insurance Corporation to insure title to the Property. This day of , 20 Sworn to and subscribed before me, a Notary Public in and for the State of Georgia by known personally to me, who, being first duly sworn and on oath, deposed and said that, to the best of his/her knowledge and belief, the within and foregoing statements are true and correct this day of ,20 Notary Public, Richmond County, State of Georgia My Commission Expires: (NOTARY SEAL) Exhibits (6) 11/5/0 1 EXHIBIT "A" ALL that tract or parcel of land, with improvements thereon, situate, lying and being in Augusta, Richmond County, Georgia, on the northeastern side of Prep Phillips Drive containing 6.50 acres and being shown on a plat prepared by George L. Godman, R.L.S. dated June 19, 1985, a copy of which is recorded in the Office of the Clerk of the Superior Court of Richmond County, Georgia, in Realty Book 34 -E, at Page 188. Reference is hereby made to said plat and it incorporated herein for a more complete and accurate description of the metes, bounds and location of said property. Exhibits (6) 11 /5/01 EXIIIBIT "B" Exhibits (6) 1 1 /5/01 • • • • EXHIBIT "C" Exhibits (6) 1 1 /5/0 1 STATE OF GEORGIA ) OWNER'S AFFIDAVIT COUNTY OF RICHMOND ) BEFORE ME came in person Charles J. Anderson (hereinafter referred to as "Deponent "), who, having being duly sworn and on oath, deposed and said as follows: 1. That Deponent is personally familiar with the matters set forth herein. 2. That ANDERSON EQUIPMENT RENTAL COMPANY, L.L.C. (hereinafter referred to as "Owner "), is /are the owner(s) of the real property (hereinafter referred to as the "Property") located in Richmond County, Georgia, more particularly described in Exhibit "A" attached hereto and by this reference made a part hereof. 3. That except as set forth in Exhibit "B" attached hereto and by this reference made a part hereof, there are no unpaid or unsatisfied security deeds, mortgages, claims of lien,. special assessments; for sewage or streets or ad valorem taxes which constitute or could constitute..:a lien against the Property or any part thereof 4. That there is no outstanding indebtedness for equipment, appliances or other fixtures owned by Owner attached to or located in or on the Property. 5. There are no disputes concerning the location of the lines and comers of the Property. 6. That except as set forth in said Exhibit "B" attached hereto, Owner is the owner of the unencumbered fee simple title to the Property and there are no pending suits, proceedings, judgments, bankruptcies, liens or executions against Owner in either Richmond County or any other county of the State of Georgia which do or could adversely affect title to the Property. 7. That no work, improvements or repairs have been undertaken by or at the instance of Owner (or any agents or representatives of Owner) on the Property or any part thereof during the ninety -five (95) days immediately preceding the date of the making of this Affidavit for which payment has not been made; and Exhibits (6) 1 1/5/01 there are no outstanding bills for labor or materials used in making improvements or repairs upon the Property at the instance of Owner (or any agents or representatives of Owner) or for the services of architects, surveyors or engineers incurred in connection therewith. 8. That Owner is in exclusive possession of the Property and that no other parties have any claim to possession of the Property, except as set forth in said Exhibit "C" attached hereto. 9. That Owner has made no agreements with any real estate broker for the management, sale, lease or other services with respect to the Property. 10. That this Affidavit is made for the purposes of inducing Augusta, Georgia to purchase the Property and Lawyers Title Insurance Corporation to insure title to the Property. This day of , 20 . CHARLES T. ANDERSON Sworn to and subscribed before me, a Notary Public in and for the State of Georgia by CHARLES J. ANDERSON known personally to me, who, being first duly sworn and on oath, deposed and said that, to the best of his/her knowledge and belief, the within and foregoing statements are true and correct this day of , 20 Notary Public, Richmond County, State of Georgia My Commission Expires: (NOTARY SEAL) Exhibits (6) 11 /5/01 EXfIIBIT "A" ALL that lot, tract or parcel of land, situate, lying and being on the east side of Ninth Street in Augusta - Richmond County, Georgia, and being known and designated on the tax records as Map 47 -1, Parcel 283. Said property is known under the present system of street numbering in Augusta - Richmond County, Georgia, as 502 Ninth Street. ALL that lot, tract or parcel of land, situate, lying and being on the east side of Ninth Street in Augusta - Richmond County, Georgia, and being known and designated on the tax records as Map 47 -1, Parcel 284. Said property is known under the present system of street numbering in Augusta - Richmond County, Georgia, as 506 Ninth Street. ALL that lot, tract or parcel of land, situate, lying and being on the east side of Ninth Street in Augusta- Richmond County, Georgia, and being known and designated on the tax records as Map 47 -1, Parcel 285. Said property is known under the present system of street numbering in Augusta - Richmond County, Georgia, as 524 Ninth Street. ALL that lot, tract or parcel of land, situate, lying and being on the east side of Ninth Street in Augusta - Richmond County, Georgia, and being known and designated on the tax records as Map 47 -2, Parcel 286. Said property is known under the present system of street numbering in Augusta - Richmond County, Georgia, as 855 Walker Street. Exhibits (6) 1 1/5/01 EXHIBIT `B" Exhibits (6) 1 1 /5/0 1 4 4 4 EDIT "C" Exhibits (6) 1 I /5/01 • EXHIBIT "G" OPINION OF COUNSEL FOR THE CITY Exhibits (6) 11 /5/0 I • ' GUST AUGUSTA- RICHMOND COUNTY COMMISSION „. v " LEE BEARD JA:IIES B. W ALL ULMER BwucES 1736 G FO R GZ N CITY ATTORNEY HENRY H s 1 HAM ANDY CHEEK P.O. BOX 2125 RICHARD L. COLCLOUGH BOB YOUNG 454 GREENE STREET wituA+t B. KCHLKE, JR. Mayor AUGUSTA, GA 30903 STEPHLN E. S HE P R D Bus. (706) 821 -2488 • WM. "WILLIE" H. MAYS, III FAx No: (706) 722-5984 GEORGE R. KOLB Mayor Pro Tem SWALLt@CO.RlCHMO`1D.GA.US Administrator [Date] Anderson Equipment Rental Company, L.L.C. c/o A. Zachary Everitt P. O. Box 2426 Augusta. Georgia 30903 RE: Exchange of Properties Between Anderson Equipment Rental Company, L.L.C. and Augusta Dear Sirs: As City Attorney for Augusta, Georgia. I have served as counsel in connection with the property exchange pursuant to the Agreement for the Exchange of Real Property entered into between Anderson Equipment Rental Company, L.L.C. and Augusta, Georgia, dated (Exchange Agreement). In such capacity, I have examined such documents, instruments and proceedings of Augusta, Georgia as I have considered necessary or appropriate to render the opinion set forth below, including, but not limited to, the following: (a) The Lease Agreement between the Georgia Ports Authority (assigned to Augusta, Georgia) and Richmond Bonded Warehouse Corporation dated June 10, 1969; (b) Appraisals of the respective properties to be exchanged pursuant to the Exchange Agreement; (c) The advertisement of the proposed exchange as published in the Augusta Chronicle; and (d) The minutes of the Augusta - Richmond County Commission approving the exchange and the value determined by the Augusta - Richmond County Commission. • Based upon my review of the foregoing. it is my opinion that Augusta. Georgia complied with the provisions of O.C.G.A. § 36- 37 -6(c), and therefore has the authority to Page 2 transfer title to Anderson Equipment Rental Company, L.L.C. as provided in the Exchange Agreement. Yours very truly, James B. Wall JBW/sjp • 1 3 EXHIBIT "H" STATE OF GEORGIA NON - FOREIGN AFFIDAVIT COUNTY OF ) Section 1445 of the Internal Revenue code provides that a transferee of a U. S. real property interest must withhold tax if the transferor is a foreign person. To inform the transferee that withholding of tax is not required upon the disposition of a U. S. real property interest, I, , the undersigned hereby certify the following: 1. I am not a nonresident alien for purposes of U. S. Income taxation. 2. My federal identification number (Social Security number) is • 3. My home address is: I understand that this certification may be disclosed to the Internal Revenue Service by the transferee and that any false statement I have made here could be punished by fine, imprisonment, or both. Under penalties of perjury I declare that I have examined this certification and, to the best of my knowledge and belief, it is true, correct and complete. WITNESS my hand and seal this day of , 20_. Sworn to and subscribed before me, this day of , 20_ Notary Public, County, State of Georgia My Commission Expires: (NOTARY SEAL) Exhibits (6) 11 /5/0 I • EXHIBIT "I -A" AFFIDAVIT OF SELLER'S RESIDENCE Seller's Name Seller's SSN or FEI Spouse's SSN or FEI (if owned jointly) Street Address INSTRUCTIONS This form is provided to be executed by the seller and furnished to buyer to establish Georgia residency, such that withholding from the proceeds of the sale of property are not subject to the withholding laws of this State. (See O.C.G.A. §48 -7 -128.) Sellers are not subject to withholding from the proceeds of sale if either they reside in Georgia, or they are deemed to be a Georgia resident by virtue of the fact that they have filed Georgia tax returns in the preceding . two years, do business or own property in Georgia, intend to file a Georgia tax return for the current year, and if a corporation or limited partnership, are registered to do business in this State. Buyer is not required to withhold if this affidavit (or one in substantially the same form) is submitted to the Department in lieu of a withholding tax return. The seller is to execute this affidavit by placing an initial in the blanket preceding statements which apply. Seller is exempt from withholding on the sale of property . because: . Seller is a resident of Georgia. Seller is not a resident of Georgia, but is deemed a resident for purposes of withholding by virtue of the following: Seller is a nonresident who has filed Georgia tax returns for the preceding two years; and Seller is an established business in Georgia and will continue substantially the same business in Georgia after the sale OR the seller has real property in the State at the time of closing of equal or greater value than the withholding tax liability as measured by the 100% property tax assessment of such remaining property; and Seller will report the sale on a Georgia Income Tax Return for the current year and file by its due date; and If seller is a corporation or limited partnership, seller is registered to do business in Georgia. Under penalty or perjury, I swear that the above information is, to the best of my knowledge and belief, true, correct and complete. Seller's Signature (and Title,if applicable) Date Swom to and subscribed before me this day of , 20 Notary Public, County, My Commission Expires: (NOTARY SEAL) Exhibits (6) 11 /5/0 EXHIBIT "I —B" • Form G•2 - RP Withholding on Sales or Transfers of Real Property and (See Instructions on Reverse) Associated Tangible Property by Nonresidents 1. Seller's Name 2. Seder's Social Security or FEI Number Address 5. Year of sale or transfer 6. Total sale price 3 7. Taxable amount or gain $ (optional) 3. Buyer's Name 4. Buyers Social Security or FEI Number 8. Amount withheld or $ i remitted to State Address Remit to: Georgia Department of Revenue P. O. Box 740387 COPY 1 - STATE COPY Atlanta, Georgia 30374 -0387 1. If mailing address is a Post Office Box, also state street address. • 2. Social Security number if an individual; FEI number if a corporation or other organization with an FEI number. 3. If mailing address is a Post Office Box, also state street address. 4. Social Security number if an individual; FEI number if a corporation or other organization with a FEI number. 5. Year in which the sale or transfer of real property and associated tangible property took place. 6. Total arnount paid for the real property and associated tangible property, including the value of any real, personal, tangible or Intangible property giverrin consideration of the sale or transfer. 7. If the taxable sale or gain from the sale or transfer Is known, and the taxable amount or gain is less than the sale price, Seller may execute an affidavit to the Buyer (Form IT- AFF2), swearing to the taxable amount or gain, and the amount to be withheld (Line 8) may be computed using this amount; otherwise, the amount to be withheld and remitted (Line 8) is to be calculated based on the total sale price (Une 6). 8. Amount withheld and remitted to the state is 3% of the total sale price (Une 6), unless the Seller has supplied an affidavit to the Buyer (Form IT- AFF2), swearing to the taxable amount or gain, In which case, the amount withheld and remitted to the state shall be computed as 3% of the taxable arnount or gain (Line 7). 9. Remit by mailing this form with check for amount on Une 8 by the 30th of the month following the closing. EXHIBIT "J" CONTRACT FOR THE SALE AND PURCHASE OF REAL PROPERTY THIS CONTRACT, made as of this day of 20 , by and among (hereinafter referred to as "Seller "), ANDERSON EQUIPMENT RENTAL COMPANY, L.L.C., a Georgia limited liability company (hereinafter referred to as "Purchaser "), and SHERMAN & HEMSTREET, INC., a real estate broker licensed in the State of Georgia (hereinafter referred to as "Broker "), WITNESSETH: WHEREAS, Seller wishes to sell to Purchaser, and Purchaser wishes to purchase from Seller, certain real property more particularly hereinafter described upon the terms and conditions hereinafter set forth. NOW, THEREFORE, for and in consideration of the premises, the sum of ($ ) Dollars (the "Earnest Money ") deposited contemporaneously with Broker and for other valuable considerations, in hand paid by Purchaser to Seller, the receipt and sufficiency of which are hereby acknowledged, Seller and Purchaser hereby covenant and agree as follows: 1. Sale of Property. Seller agrees to sell to Purchaser, and Purchaser agrees to purchase from Seller, upon the terms and conditions hereinafter provided, that certain real property in Augusta, Georgia, commonly known as , Augusta, Georgia, and being more particularly described in Exhibit "A" attached hereto and by reference made a part hereof, together with any improvements located thereon, any fixtures affixed thereto, all right, title and interest of Seller in and to any public rights -of -way or private drives adjacent thereto (all of which property is collectively hereinafter referred to as the "Property "). 2. Purchase Price and Time of Payment. The purchase price to be paid by Purchaser to Seller for the Property shall be ($ ) Dollars (hereinafter referred to as the "Purchase Price "), which Purchase Price shall be payable in cash, certified or cashier's check or the trust account check of Tucker, Everitt, Long, Brewton & Lanier, P.A. at the closing of the transaction contemplated by this Contract (hereinafter referred to as the "Closing "). Exhibits (6) 1 1 1/5/01 • 3. Survey. Purchaser may obtain, at Purchaser's expense prior to Closing, a survey of the Property certified by a Georgia Registered Land Surveyor (herein throughout referred to as the "Survey "). If the metes and bounds legal description prepared from the data reflected on the Survey differs from the legal description contained in the deed conveying title to the Property to Seller, Seller agrees to grant Purchaser a quit -claim deed, in addition to the general warranty deed and general quit -claim deed required by Paragraph 7, which quit -claim deed shall utilize the metes and bounds legal description drawn from the Survey. Seller will permit representatives of Purchaser to enter upon the Property . for the purpose of preparing the Survey and shall otherwise reasonably cooperate with Purchaser in the preparation of the Survey. The Survey shall show and locate all improvements (if any) upon the Property and all easements affecting the Property and shall indicate the number of acres comprising the Property. 4. Completion of Assemblage. Purchaser's obligations hereunder are conditioned upon its ability to execute contracts substantially in the form hereof to purchase the properties identified on Exhibit "B" attached hereto (the "Area Property") which contracts shall provide for the acquisition by Purchaser of such real property and the improvements located thereon. The execution by Purchaser of contracts (the "Assembled. Contracts") substantially in the form hereof, for the acquisition by Purchaser of the Area Property shall for purposes of this Contract be defined as "Completion of Assemblage." The obligations of Purchaser hereunder are expressly conditioned upon. Completion of Assemblage by Purchaser on or before April 1, 2002. However, if Completion of Assemblage has not been accomplished on April 1, 2002, and Purchaser has not, notwithstanding such fact, notified Broker of (a) its willingness to proceed to Closing, or (b) an agreement between Purchaser and Seller to extend the time for Completion of Assemblage to another date certain, this Contract shall become null and void, the Earnest Money shall be returned to Purchaser, and no party hereto shall have any further rights, obligations or remedies hereunder. 5. Tests, Borings and Examinations. Seller will permit representatives of Purchaser to enter upon the Property for the purposes of conducting soil tests, borings, percolation tests, and any other tests, inspections, or examinations that Purchaser desires in regard to the engineering and planning for development of the Property, including (but not by way of limitation) such other tests, inspections, or examinations that Purchaser may desire to determine subsurface or topographic conditions of the Property. Purchaser shall hold Seller harmless for any and all costs, expenses, liabilities and damages resulting from the performance by Purchaser or Purchaser's representatives of such tests, inspections, or Exhibits (6) 2 1 1/5/01 examinations. Purchaser shall use due care not to disrupt Seller's use of and activities on the Property while conducting such tests. Purchaser shall cause such tests as Purchaser desires to be conducted on or before the Closing Date, and, if Purchaser in its sole discretion shall conclude from the results of said tests that the commercial development of the Property is not economically feasible, and Purchaser shall so notify Seller in writing on or before the Closing Date, then this Contract shall be deemed of no further force or effect, and the Earnest Money referred to in Paragraph 24 hereinbelow shall be returned to Purchaser as soon as reasonably possible. 6. Examination of Title and Defects in Title. Purchaser shall have thirty (30) days from Completion of Assemblage in which to examine Seller's title to the Property and in which to furnish Seller with a written statement of defects in such title, which defects, should they exist at the time of Closing, would make Seller unable to convey title to the Property as provided in Paragraph 8 hereinbelow. Seller shall have thirty (30) days after receipt by Seller of such written statement of defects or until the date of Closing, whichever period shall be the greater, in which to cure all defects, whether reported to Seller by Purchaser as provided for in this Paragraph 6 or otherwise known to Seller. Seller agrees to use its best efforts to cure such defects promptly. Purchaser shall also have the right, at Purchaser's sole election and in Purchaser's sole discretion, to waive any defect in title known to Purchaser by giving notice in writing to Seller of the specific defect which Purchaser waives, whereupon Purchaser may close the transaction in accordance with this Contract. 7. Closing. The Closing will be held during the month of March, 2002 (hereinafter referred to as the "Escrow Closing Period "), during which all transactions contemplated by the Assembled Contracts, including the transaction contemplated hereby, shall close in escrow. Purchaser shall provide Seller five (5) days prior written notice of the date of the Closing, which shall be held in the offices of Tucker, Everitt, Long, Brewton & Lanier, P.A. Seller and Purchaser hereby acknowledge and understand that the closing during the Escrow Closing Period of all of the other transactions contemplated by the Assembled Contracts is an express condition precedent of the Final Closing (as defined in the "Escrow Agreement" attached hereto as Exhibit "C" and by this reference made a part hereof) of this Contract. In recognition thereof, Seller and Purchaser hereby irrevocably designate and appoint Sherman & Hemstreet, Inc. as the "Escrow Agent" hereunder and agree that the Escrow Agent shall act without fee to Seller with respect to the escrow arrangement contemplated hereby and in accordance with the terms hereof and of the Escrow Agreement. Seller and Purchaser agree (a) that the Escrow Agent shall be a stakeholder only and not liable for any losses, costs or damages it may incur in performing its responsibilities hereunder unless such losses, costs or damages shall Exhibits (6) 3 1 1/5/01 • • arise out of the willful default or gross negligence of the Escrow Agent or its agents; (b) that no releases or disbursements, except as set forth herein or in the Escrow Agreement, shall be made hereunder except upon written instructions from both Seller and Purchaser or their successors or assigns; and (c) that in the event of a dispute hereunder between Seller and Purchaser (or their successors or assigns), the Escrow Agent shall have the right, exercisable in its sole discretion, to be discharged by tendering unto the registry or custody of any court of competent jurisdiction, the closing documents and funds held by Escrow Agent, together with any such legal pleadings as it deems appropriate. Seller and Purchaser hereby agree that on the date of the Closing they will execute and deliver to the Escrow Agent the warranty deed, transfer tax declaration, affidavit of ownership, memorandum of closing and any and all other documents necessary to effect the transfer of title to the Property from Seller to Purchaser (the "Closing Documents "), together with any and all sums due and payable in connection with said transaction including, but not limited to, the Purchase Price (payable by Purchaser), the real estate transfer taxes (payable by Seller) and the recordation expenses (payable by Seller) (hereinafter referred to as the "Closing Funds "). The parties agree that such delivery shall be irrevocable and that the Escrow Agent shall not release the Closing Documents or the Closing Funds except in strict accordance with the terms of Paragraph 4 of the Escrow Agreement. 8. Conveyance of Property. At the Closing, Seller shall execute and deliver to the Escrow Agent a general warranty deed with full warranties of title, conveying marketable fee simple title to the Property, free and clear of all mortgages, security deeds, other security instruments, liens, encumbrances, tenancies, and restrictions (including condemnation proceedings) of any kind and nature other than then current state and county ad valorem taxes not yet due and payable, and such other items as Purchaser shall have agreed to accept as restrictions or encumbrances upon title in accordance with Paragraph 6 hereinabove. The description by which title to the Property was conveyed to Seller shall form the basis for the description of the Property in such general warranty deed. Additionally, at Purchaser's request, Seller shall execute and deliver to the Escrow Agent a quit -claim deed conveying to Purchaser any right, title or interest Seller may have in and to all of the real property and improvements located thereon. The legal description of the perimeter of the area shall form the basis for the description of the property in such quitclaim deed. 9. Warranties of Seller. Seller warrants to Purchaser as follows. A. Seller presently has good and marketable fee simple title to the Property, Exhibits (6) 4 1 1/5 /01 • B. The Property will be in substantially- the same condition at time of Closing as on the date hereinabove first written. 10. Termination. In addition to all other rights of Purchaser under this Agreement as provided by law (and not in lieu of any such rights), Purchaser, at Purchaser's sole election and in Purchaser's sole discretion, may cancel and terminate this Agreement by written notice to Seller, whereupon Broker shall return to Purchaser the Earnest Money if any one or more of the following conditions or states of fact shall exist at the Final Closing Date (as defined in the Escrow Agreement) (but, in the alternative, Purchaser may, at Purchaser's sole election and in Purchaser's sole discretion, decline to cancel and terminate this Agreement by reason of any such condition or state of fact, and proceed to consummate the transaction contemplated hereby). A. Any notice shall be given of proceeding filed or commenced by any governmental authority or other agency having powers of condemnation concerning the Property or any portion thereof, B. The Property or any portion thereof shall be substantially damaged or destroyed by earthquake, erosion; flooding, or by force of nature or act of God after the date hereinabove first written; C. Seller shall not have cured any valid objections to or defects in title as required by and within the time prescribed in Paragraph 6 hereinabove; D. ' The failure of Seller's warranties set forth in Paragraph 9 hereinabove to be true and correct on the date of Closing in the same manner and with the same effect as if then made, Seller hereby expressly agreeing that Seller will not cause or permit any action to be taken or omitted between the date hereinabove first written and the date of Closing which would cause any of such representations to be untrue on the date of Closing; E. Failure of Seller to deliver to Purchaser at Closing the general warranty deed described in Paragraph 8 hereinabove; F. Purchaser, at Purchaser's expense, shall have applied to Lawyers Title Insurance Corporation for a title insurance binder or commitment agreeing to issue, at standard rates, a title insurance policy to Purchaser insuring fee simple title to the Property in favor of Purchaser without exception except for the then current State and County ad valorem taxes and those items more particularly described in Exhibits (6) 5 1 1/5/01 • Paragraph 8 hereinabove, and said title insurance company shall have refused to issue such binder; G. Failure of Seller to deliver to Purchaser at Closing an affidavit of Seller stating that there are no outstanding indebtedness, security . agreements, financing statements, or title retention contracts concerning any improvements, equipment, appliances, or other fixtures attached to the Property; that there are no unpaid or unsatisfied mortgages, security deeds, liens, or other encumbrances which could constitute a lien against the Property except those matters set forth in Paragraph 8; that there are no disputes concerning the location of the lines and corners of the Property; that there are no pending suits, proceedings, judgments, bankruptcies, liens, or executions against or affecting Seller in either the County in which the Property is located or any other County in the State of Georgia which would affect title to the Property; that there are no outstanding bills incurred for labor and materials used in making improvements or repairs on the Property or for services of architects, surveyors, or engineers incurred in connection therewith which have not been provided for in such a manner as to permit Lawyers Title Insurance Corporation to issue an owner's policy of title insurance to Purchaser without exception for mechanics' or materialmen's liens; and that Seller is not subject to withholding under IRC §1445; or H. Failure of Purchaser to accomplish Completion of Assemblage by April 1, 2002. 11. Possession of Property. Seller shall deliver possession of the Property to Purchaser at the Final Closing (as defined in the Escrow Agreement), unless Seller's period of possession is extended, by a written agreement of the parties. Seller shall be entitled to retain all personalty within the improvements located on the Property, provided that all such personalty shall be removed by Seller not later than the date possession of the Property is to be delivered to Purchaser in accordance herewith. Any personalty remaining after such date shall be the property of Purchaser. 12. Broker's Commission. At the time of, and only in the event of, Final Closing (as defined in the Escrow Agreement) under this Contract, Purchaser shall pay Broker a brokerage commission under the terms of a separate agreement. 13. Proration. At the Closing, all state and county ad valorem taxes with respect to the Property for the year in which the transaction is consummated will be prorated as of the date of the Closing. If the amount of such taxes is not known at Exhibits (6) 1 1/5/01 the time of the Closing, proration of such taxes will be made upon the basis of the most recent ascertainable such billings. Should the actual assessment of such taxes for the year in which the transaction is consummated be more or less than the amount used as a basis for such proration, Purchaser and Seller, promptly upon receipt by either of them of the notice or bill for such taxes, will make the proper adjustment so that such proration will be accurate, based upon the actual amount of such taxes; and payment will be made promptly to Seller or Purchaser, whichever shall be entitled to such payment, by the other party for the purpose of making such adjustment. 14. Liquidated Damages to Seller; Remedies of Purchaser. In the event that Purchaser refuses . to accept title to the Property as required by this Contract, or otherwise defaults in Purchaser's obligations hereunder, through no fault of Seller, the Earnest Money will be delivered to Seller as fixed and full liquidated damages, and in such event neither Purchaser nor Seller shall have any further rights or obligations hereunder or any remedies provided by law or equity. In the event that Seller refuses to convey title to the Property when required by this Contract to do so, or otherwise defaults in Seller's obligations hereunder, the Earnest Money shall be immediately returned to Purchaser, and Purchaser shall be entitled to exercise all rights and remedies available at law or in equity, including, without limitation, specific performance. 15. Prior Discussions and Amendments. This Contract supersedes all prior discussions and agreements between Seller and Purchaser with respect to the conveyance of the Property and all other matters contained herein and constitutes the sole and entire agreement between Seller and Purchaser with respect thereto. This Contract may not be modified or amended unless such amendment is set forth in writing and signed by both Seller and Purchaser. 16. Successors and Assigns. This Contract shall apply to, inure to the benefit of, and be binding upon and enforceable against Seller and Purchaser and their respective successors and assigns to the same extent as if specified at length throughout this Contract. Purchaser may assign this Contract to any individual, corporation, syndicate, or other business entity, which shall agree to assume each of Purchaser's obligations hereunder, and, upon assumption, Purchaser shall be released from all obligations hereunder. Purchaser may direct that title to the Property or any portion thereof be conveyed to Purchaser or its nominee. 17. Counterparts. This Contract may be executed in several counterparts, each of which shall be deemed an original, and all of such counterparts together shall constitute one and the same instrument. Exhibits (6) 7 1 1/5/0 1 18. Time of the Essence. Time is of the essence of this Contract. 19. Governing Law. This Contract shall be governed by and construed according to the Laws of the State of Georgia. 20. Notices. All notices required or permitted by the terms hereof shall be given by postage prepaid registered or certified United States Mail, return receipt requested, at the following addresses or at such other address as either part hereto shall in writing advise the other. A. To Seller: B. To Purchaser: Anderson Equipment Rental Company, L.L.C. P. Q. Box 10027 Augusta, Georgia 30903 Attention: Charles J. Anderson with a copy to: A. Zachry Everitt Tucker, Everitt, Long, Brewton & Lanier, P.A. P. 0. Box 2426 Augusta, Georgia 30903 All notices shall be deemed given as of the time such are deposited with the United States Postal Service for transmittal as aforesaid. 21. Construction. No provision of this Contract shall be construed by any Court or other judicial authority against any party hereto by reason of such party's being deemed to have drafted or structured such provision. 22. Confidentiality. Seller, on behalf of himself, his agents, attorneys and family members, hereby covenants and agrees to keep confidential all information regarding the Purchase Price and the method of payment thereof Exhibits (6) 8 • 1 1 /5/01 (provided, however, that Seller may divulge such information as is required and requested by Purchaser's lender or governmental authorities) regardless of whether the Closing shall occur. All notices to third parties and all publicity or press releases with respect to the transaction contemplated hereby or by any of the Assembled Contracts shall be approved by Purchaser prior to release or dissemination by Seller or by any person retained by Seller. Purchaser hereby covenants and agrees that it will not divulge the Purchase Price hereunder or the method of payment thereof or any other particulars of this Contract to any other owner of Area Property, unless Seller grants express permission to Purchaser therefor. Seller and Purchaser acknowledge and agree that, prior to Completion of Assemblage, Purchaser will record in the Records of Richmond County, Georgia, an affidavit in the form of Exhibit "D" attached hereto and by this reference made a part hereof, so as to provide record notice of Purchaser's rights with respect hereto but to maintain the confidentiality of the terms hereof. IN WITNESS WHEREOF, Seller and Purchaser have hereunto set their hands and affixed their seals as of the day and year first above written. Signed, sealed and delivered in SELLER: the presence of: (L.S.) Witness Notary Public, County State of My Commission Expires: (NOTARY SEAL) Exhibits (6) 9 1 1/5/01 Signed, sealed and delivered in PURCHASER: the presence of: ANDERSON EQUIPMENT RENTAL COMPANY, L.L.C. Witness By: (L.S.) Notary Public, County As its Operating Manager State of My Commission Expires: (NOTARY SEAL) Signed, sealed and delivered in BROKER: the presence of: SHERMAN & HEMSTREET, INC. Witness By: Notary Public, County As its: State of My Commission Expires: (NOTARY SEAL) Exhibits (6) 10 11/5/01 � 4 s EXHIBIT "A" LEGAL DESCRIPTION OF PROPERTY • Exhibits (6) 1 1 11 /5/01 EXHIBIT `B" DESCRIPTION OF AREA PROPERTY ALL that lot, tract or parcel of land, situate, lying and being on the east side of Ninth Street in Augusta - Richmond County, Georgia, and being known and designated on the tax records as Map 47 -1, Parcel 283. Said property is known under the present system of street numbering in Augusta - Richmond County, Georgia, as 502 Ninth Street. ALL that lot, tract or parcel of land, situate, lying and being on the east side of Ninth Street in Augusta - Richmond County, Georgia, and being known and designated on the tax records as Map 47 -1, Parcel 284. Said property is known under the present system of street numbering in Augusta - Richmond County, Georgia, as 506 Ninth Street. ALL that lot, tract or parcel of land, situate, lying and being on the east side of Ninth Street in Augusta - Richmond County, Georgia, and being known and designated on the tax records as. Map 47-1, Parcel 285. Said property is known under the present system of street numbering in Augusta- Richmond. County, Georgia, as 524 Ninth Street. ALL that lot, tract or parcel of land, situate, lying and being on the east side of Ninth Street in Augusta - Richmond County, Georgia, and being known and designated on the tax records as Map 47 -2, Parcel 286. Said property is known under the present system of street numbering in Augusta - Richmond County, Georgia, as 855 Walker Street. Exhibits (6) 12 11 /5/01 EXHIBIT "C" ESCROW AGREEMENT THIS ESCROW AGREEMENT (hereinafter referred to as this "Agreement "), made and entered into this day of , 20 , by and among , having as a mailing address (hereinafter referred to as "Seller "); ANDERSON EQUIPMENT RENTAL COMPANY, L.L.C., a Georgia limited liability company having as a mailing address P. 0. Box 10027, Augusta, Georgia 30903, Attention: Charles J. Anderson (hereinafter referred to as "Purchaser "); and SHERMAN & HEMSTREET, INC. having as a mailing address 123 Eighth Street, Augusta, Georgia 30901, Attention: (hereinafter referred to as "Escrow Agent "); • WITNESSETH: WHEREAS, Seller and Purchaser have entered into that certain Contract for the Sale and Purchase of Real Property dated 20 , as to certain . improved real property (hereinafter referred to as the "Property ") situated in Augusta - Richmond County, Georgia (hereinafter referred to as the "Sales Contract "); and WHEREAS, Seller and Purchaser have agreed and are desirous and willing that the closing of the transaction contemplated by the Sales Contract take place in accordance with the terms and provisions of this Agreement. NOW, THEREFORE, in furtherance of the transaction contemplated hereby and for and in consideration of the premises and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby covenant and agree as follows: 1. Seller and Purchaser hereby designate, constitute and appoint Sherman & Hemstreet, Inc. as the "Escrow Agent" under this Agreement, and Sherman & Hemstreet, Inc. accepts such designation and appointment and agrees to act without fee to Seller with respect to the escrow arrangement contemplated hereby and by the Sales Contract in accordance with the terms of this Agreement and the Sales Contract. It is hereby expressly understood and agreed that in the event a conflict should arise as between the terms of this Agreement and those of Exhibits (6) 13 1 I /5/01 the Sales Contract, the terms of this Agreement shall control. Seller and Purchaser agree (a) that Escrow Agent shall be a stakeholder only and not liable for any losses, costs or damages it may incur in performing its responsibilities hereunder unless such losses, costs or damages shall arise out of the willful default or gross negligence of Escrow Agent or its agents; (b) that no releases or disbursements shall be made hereunder except upon written instructions from both Seller and Purchaser or their successors or assigns; and (c) that in the event of a dispute hereunder between Seller and Purchaser (or their successors or assigns), Escrow Agent shall have the right, exercisable in its sole discretion, to be discharged by tendering unto the registry or custody of any court of competent jurisdiction, the closing documents and funds held by Escrow Agent, together with any such legal pleadings as it deems appropriate. 2. During the month of March, 2002, on a specific date designated by Purchaser by giving five (5) days notice thereof to Seller and Escrow Agent, Seller and Purchaser shall execute and deliver to Escrow Agent the Closing Documents and the Closing Funds, as defined in the Sales Contract. 3. On the final day of the Escrow Closing Period (hereinafter referred to as the "Final Closing Date "), Escrow Agent shall ascertain from Purchaser whether all necessary Closing Documents and Closing Funds have been deposited in escrow pursuant to each of the Assembled Contracts (said event being hereinafter referred to as "Completion of Closing "). In the event that Completion of Closing has occurred on or before the Final Closing Date, Escrow Agent shall (a) release to Purchaser those Closing Documents not being recorded in the Records of Richmond County, Georgia, (b) release to Seller the net sale proceeds, and (c) deliver to the Superior Court of Richmond County (i) all Closing Documents to be recorded including, without limitation, the Warranty Deed, and (ii) amounts due and payable for transfer taxes and recordation expenses (the latter of said events being defined for purposes hereof and of the Sales Contract as the "Final Closing "). In the event that Escrow Agent is notified by Purchaser that Completion of Closing has not occurred on the Final Closing Date, Escrow Agent shall so notify Seller, and shall return to Purchaser the Financing Documents, if any, and the Closing Funds deposited by Purchaser, and shall return to Seller the Conveyancing Documents. 4. The terms and provisions of this Agreement are for the benefit of Seller, Purchaser and Escrow Agent and their respective successors and assigns only. Nothing contained herein shall be deemed or construed to inure to the benefit of any other person or party, it being the express intent of Seller, Purchaser and Exhibits (6) 14 1 1/5/01 Escrow Agent that no such person or party shall be entitled to any of the benefits hereof, except as herein expressly provided. 5. Time is of the essence of this Agreement. 6. This Agreement is intended as a contract under the laws of the State of Georgia and shall be governed thereby and construed in accordance therewith. IN WITNESS WHEREOF, the parties hereto have executed this Escrow Agreement under seal as of the day, month and year first above written. SELLER: By: PURCHASER: ANDERSON EQUIPMENT RENTAL COMPANY, L.L.C. By: (L.S.) As its Operating Manager ESCROW AGENT: SHERMAN & HEMSTREET, INC. By: As its: Exhibits (6) 15 11 /5/01 • EXHIBIT "D" TITLE AFFIDAVIT STATE OF GEORGIA ) TITLE AFFIDAVIT COUNTY OF RICHMOND ) IN RE: PROPERTY OF DEED BOOK , PAGE RICHMOND COUNTY, GEORGIA Before me, the undersigned attesting authority in and for said State and County, came the undersigned Deponent, who being duly sworn deposes and says on oath that this Affidavit relates to the property of the owner designated in the caption hereof as the same is described in the deed book and page herein referred to. Deponent makes the following statement under oath as be ing. and material to the ownership of said property, to -wit: Said property is the subject of a contract of purchase and sale between the above referenced owner and Anderson Equipment Rental Company, L.L.C. This day of , 20 Sworn to and subscribed before me this day of , 20 Notary Public, Richmond County, Deponent State of Georgia My Commission Expires: (NOTARY SEAL) Exhibits (6) 16 1 1 /5/01 4 y EXHIBIT "K" INDENTURE OF LEASE Between AUGUSTA, GEORGIA As Lessor and ANDERSON EQUIPMENT RENTAL COMPANY, L.L.C. As Lessee Exhibits (6) 2 11/5/01 EXHIBIT "K" INDENTURE OF LEASE Between AUGUSTA, GEORGIA As Lessor and ANDERSON EQUIPMENT RENTAL COMPANY, L.L.C. As Lessee Exhibits (6) 2 11 /5/01 INDENTURE OF LEASE THIS INDENTURE, made and entered into as the day of , 20 , by and between AUGUSTA, GEORGIA, a ..municipality of the State of Georgia, as Lessor, and. ANDERSON EQUIPMENT RENTAL COMPANY, L.L.C., a Georgia limited liability company, as Lessee; WITNESSETH: For and in consideration of the mutual covenants and considerations herein set forth, Lessor and Lessee agree as follows. 1. Definitions. For the purposes of this Lease, the following defined terms shall have the meanings ascribed thereto in this Article 1. "Act of Default" means those events, occurrences and circumstances so designated in Section 8.1. "Entity" means any person, corporation, partnership (general or limited), joint venture, association, joint stock company, trust or other business entity or organization. "Existing Improvements" means the water tank, pumps and associated fixtures and equipment located on the Land. "Expire ", "Expired" or "Expiration" mean the expiration of the Term of this Lease by reason of lapse of time, and not by reason of any Act of Default. "Extended Term" means the period of time commencing at midnight, local time in the City of Augusta, County of Richmond, State of Georgia, on , 2052, and ending (that is, scheduled to Expire) at midnight, local time in the City of Augusta, County of Richmond, State of Georgia, on , 2077, for which Lessee shall have the option to renew and extend this Lease, subject to the requirements of Section 2.3 and subject to Termination prior to scheduled Expiration as provided in this Lease. "Improvement" means, collectively, any and all buildings, structures and other permanent improvements to the real estate of every nature, character and description located, as of the date hereof or thereafter, on the Land or (if the Exhibits (6) 3 1 1/5/0 1 context hereof so indicates) portions thereof, and any and all fixtures located therein and owned by Lessee and specifically including duct work and heating, ventilating and air conditioning equipment and machinery. The Improvements include, without limitation, the Existing Improvements and the Expansion Improvements. "Land" means all that tract or parcel of land lying and being in the County of Richmond, State of Georgia, and being more particularly described in Exhibit "A" attached hereto and by reference made a part hereof. "Lease" means this Indenture of Lease. "Lease Year" means the successive periods of twelve (12) months each, beginning the first (1st) day of January of each calendar year and ending on the last day of December of each calendar year during the Primary Term and (if applicable) the Extended Term, except for the initial Lease Year of the Primary Term which shall begin on the date of this Lease and end December 31, 2002. "Leased Property" means, as of the date of this Lease, the Land. "Leasehold Mortgage" means any deed to secure debt, security deed, mortgage, security agreement or other instrument in the nature thereof at any time and from time to time constituting a lien upon the leasehold estate of Lessee created hereby but not upon the reversionary fee estate of Lessor in the Leased Property. "Leasehold Mortgagee" means the holder or, collectively, the holders of a Leasehold Mortgage. "Lessee" means Anderson Equipment Rental Company, L.L.C. as the lessee under this Lease and the successors and permitted assigns thereof. "Lessor" means Augusta, Georgia as the lessor under this Lease and the successors and assigns thereof. "Notice" means a written advice or notification required or perm itted by this Lease, as more particularly provided in Section 9.4. "Parties" means all parties to this Lease; that is, Lessor and Lessee. Exhibits (6) 4 1 1/5/01 • "Party" means any party to this Lease; that is, Lessor or Lessee. "Primary Term" means the period of time constituting the initial term of this Lease, commencing on the date of this Lease and ending (that is, scheduled to Expire) at midnight, local time in the City of Augusta, County of Richmond, State of Georgia, on December 31, 2052, subject to Termination prior to scheduled Expiration as provided in this Lease. "Term" means, as the context may require, the Primary Term and, if Lessee has exercised the option of Lessee described in Section 2.3, the Extended Term. "Terminate ", "Terminated" and "Termination" mean the termination of the Term of this Lease by reason of an Act of Default, and not by reason of lapse of time. "Transfer" means any transfer, sale, conveyance, grant, assignment, encumbrance, pledge, hypothecation or other disposition. 2. Lease of Property -Term of Lease, 2.1 Lease. Lessor, in consideration of the rents, covenants, agreements and conditions herein set forth, which Lessee hereby agrees shall be paid, kept and performed by Lessee, does hereby lease, let, demise and rent to Lessee, and Lessee does hereby rent and lease from Lessor all right, title and interest of Lessor in and to the Leased Property. TO HAVE AND TO HOLD the Leased Property and all rights, privileges and appurtenances thereunto appertaining unto Lessee, for and during the Term, unless sooner Terminated in accordance with any of the provisions of the Lease. 2.2 Relocation. Lessor shall have the right to substitute other property for the Leased Property at any time during the Term or Extended Term with the prior written approval of Lessee, which approval shall not be unreasonable withheld. 2.3 Term. The initial term of this Lease shall be the Primary Term. Provided that Lessee is not then in default hereunder, Lessee shall have the option to renew and extend this Lease for the Extended Term. The option for the Exhibits (6) 5 11/5/01 • Extended Term may be exercised by Lessee giving Notice thereof to Lessor not earlier than two (2) years prior to the scheduled Expiration of the Primary Term, but not prior thereto, and not less than one (1) year prior to the scheduled Expiration of the Primary Term, but not thereafter. Notwithstanding the foregoing, however, the Primary Term or the Extended Term, as the case may be, shall immediately terminate at such time as Lessor shall provide potable water of sufficient volume and pressure to support the fire protection system in Lessee's property and improvements located at 326 Prep Phillips Drive in Augusta, Georgia. 3. Rent. 3.1 Rent. Rent (the "Rent ") for the entire Primary Term of this Lease consist of the conveyance by Lessee to Lessor of four (4) real properties on Walker and Ninth Streets in Augusta, Georgia, in exchange for property on Prep Phillips Drive in Augusta, Georgia, and the leasehold estate established by this ground lease. Lessor and Lessee each acknowledge the receipt of such consideration and its adequacy as rent for the entire Primary Term. 3.1.1 Rent for Extended Term. The Rent for each Lease Year during the Extended Term shall be One Hundred and no /100 ($100.00) dollars per year payable in advance on or before the 10 day of January of each year. 4. Improvements. 4.1 Title to Improvements. Title to all Improvements and all equipment, fixtures and machinery therein or thereon shall be and remain in Lessee during the Term. Lessee hereby Transfers to Lessor all of Lessee's right, title and interest in and to all Improvements and all such property now or hereafter situated on, below or above the Land, provided, however, such conveyance shall not be effective until the Expiration or Termination of this Lease, whichever occurs first. 5. Acceptance, Use and Alteration. 5.1 Acceptance. Lessee has leased the Leased Property after a full and complete physical examination thereof and accepts the same in the physical condition or state in which the Leased Property now is held without any representation or warranty, express or implied in fact or by law, by Lessor and without recourse against Lessor, as to the physical nature, condition or usability thereof. Exhibits (6) 6 1 1/x/01 • • 5.2 Use. Lessee shall not use or occupy, or permit the use or occupancy of, the Land or the Improvements, and not do or permit anything to be done in or to the Land or the Improvements, in whole or in part, in a manner which (i) would in any way make void or voidable any insurance then in force with respect thereto, or (ii) may make it impossible to obtain (at standard rates therefor) fire or other insurance thereon required to be furnished by Lessee hereunder, or (iii) might constitute a public or private nuisance or offensive conduct or circumstances, whether or not constituting a nuisance. 6. Insurance. 6.1 Coverage. During the Term, Lessee, at no cost and expense to Lessor, will keep and maintain general public liability insurance protecting and indemnifying Lessee and Lessor against any and all claims for damages to person or property or for loss of life or of property occurring upon, in or about the Land and the Improvements and the adjoining streets, other than streets dedicated to the public and accepted for maintenance by the public, such insurance to afford immediate protection to the limit of not less than ($ ) Dollars in respect of bodily injury or death to any one person, and to the limit of not less than _ ($ ) Dollars in respect to any one accident, :... and to the limit of not less than ($ ) Dollars for property damage with not more than ($ ) Dollars deductible. 6.2 Insureds. Insurance to be provided by Lessee shall name Lessee and Lessor as insureds as their respective interests may appear. 7. Assignments, Subleases and Mortgages. 7.1 Assignments. Lessee shall be entitled to Transfer all or any part of (i) the leasehold estate created by this Lease, (ii) the rights, powers, privileges, benefits, interests, obligations and options of Lessee under this Lease or (iii) the Improvements or any interest or estate therein without the prior approval of Lessor. 8. Defaults. 8.1 Acts of Default. The occurrence of any of the events, acts or circumstances described in Subsections 8.1.1 through 8.1.5 shall be and constitute an Act of Default under this Lease. Exhibits (6) 7 1 1/5/01 • 8.1.1 Failure in Payment. Failure by Lessee to pay in full any Rent, insurance premium or other charge payable under this Lease on the date upon which such ought to be paid, and the continuance of such failure for thirty (3 0) days after Lessor has given Lessee Notice of such failure. 8.1.2 Failure in Performance. Failure by Lessee to observe, perform or comply with any of the terms, covenants, agreements or conditions contained in this Lease (other than as specified in Subsection 8.1.1), and the continuance of such failure for thirty (30) days after Lessor has given Lessee Notice of such failure, unless Lessee has commenced to cure such failure within such period of thirty (30) days and has been prevented from completing such cure by circumstances contemplated by Section 8.2, and then only if Lessee diligently and continuously prosecutes to completion such cure at the earliest possible date allowed by circumstances contemplated by Section 8.2. 8.1.3 Insolvency. The insolvency of Lessee. 8.1.4 Abandonment. The desertion, vacation or abandonment of the Land or the Improvements by Lessee,:. regardless of whether or not Lessee continues to pay all stipulated Rent-and other charges payable under this Lease. 8.1.5 Levy. The Land or the Improvements or Lessee's interest therein are levied upon or attached under process against Lessee and not satisfied or dissolved within ninety (90) days after Notice from Lessor to Lessee to obtain satisfaction thereof 8.2 Force Majeure. For the purposes of any of the provisions of this Lease, except such provisions as require or concern the payment of monies, neither Lessor nor Lessee, as the case may be, shall be considered in breach of, or default in, the obligations thereof with respect to this Lease in the event of enforced delay in the performance of such obligations due to unforeseeable causes beyond the control and without the fault or negligence thereof, including, but not restricted to, acts of God, acts of the public enemy, acts of the Federal Government, acts of the other Party, fires, floods, epidemics, quarantine restrictions, strikes, freight embargoes and unusually severe weather or delays due to such causes; it being the purpose and intent of this Section 8.2 that in the event of the occurrence of any such enforced delay, the time or times for performance of the obligations of Lessor or Lessee, as the case may be, with respect to this Lease shall be extended for the period of the enforced delay; provided, that the Party Exhibits (6) 8 11 /5/01 seeking the benefit of the provisions of this Section 8.2 shall, within thirty (30) days after the beginning of any such enforced delay, have first advised the other Party thereof by Notice, and of the cause of causes thereof, and requested an extension for the period of the enforced delay. 8.3 Remedies. Whenever any Act of Default shall have happened, Lessor may, to the extent not prohibited by law, take any one or more of the remedial steps described in Subsections 8.3.1 through 8.3.3. 8.3.1 Taking of Possession. Lessor may reenter and take possession of the Land and the Improvements without Terminating this Lease, and sublease in their entirety the same for the account of Lessee. 8.3.2 Termination. Lessor may Terminate the Term and . this Lease, exclude Lessee from possession of the Land and the Improvements. 8.3.3 Enforcement. Lessor may take whatever action at law or in equity may appear necessary or desirable to enforce performance and observance of any obligation, agreement or covenant of Lessee under this Lease, and to recover any or all damages. to Lessor. for Lessee's violation or breach of this Lease. 8.4 Holding Over. Lessee hereby agrees to surrender possession of the Land and the Improvements to Lessor upon the Termination or Expiration of the Term and upon any reentry by Lessor as permitted by this Lease, and Lessor may thereupon enter upon, reenter, possess and repossess the Land and the Improvements, by force, summary proceedings, ejectment or otherwise, and may dispossess and remove Lessee and all other Entities from the Land and the Improvements and may have, hold and enjoy the Land and the Improvements and the right to receive all rental and other income therefrom, free of any right or claim of Lessee; but should Lessee, in breach of such covenant, refuse to surrender possession and instead hold over, Lessee shall be only a tenant at sufferance and ' not a tenant at will. Lessee hereby waives all right to notice, summons and service of process now or hereafter provided by law in connection with dispossessory proceedings against tenants holding over. 9. Miscellaneous Provisions. 9.1 Recording and Filing. This Lease shall be filed for recordation in the Office of the Clerk of the Superior Court of Richmond County, Georgia, and Exhibits (6) 9 1 1 /5/01 in such other location as may from time to time be provided by law as the proper place for recordation of this Lease. 9.2 Notices. Each Notice shall be deemed to have been properly given or served by the deposit of such with the United States Postal Service, or any official successor thereto, designated as registered or certified mail, return receipt requested, bearing adequate postage and addressed as hereinafter provided. Each Notice shall be effective upon being deposited as aforesaid. The time period in which a response to any such Notice must be given or any action taken with respect thereto, however, shall commence to run from the date of receipt on the return receipt of the Notice by the addressee thereof. Rejection or other refusal to accept or the inability to deliver because of changed address of which no Notice was given shall be deemed to be receipt of the Notice sent. In the event that registered or certified mail is not being accepted for prompt delivery, each Notice may then be served by personal service addressed as hereinafter provided. By giving to the other party at least thirty (30) days Notice thereof, any party shall have the right from time to time during the Term to change the addresses thereof and to specify as the address thereof any other address within the United States of America. 9.2..1 Notice to Lessor. Each Notice to Lessor shall be addressed as follows: 530 Greene Street Augusta, Georgia 30901 Attention: Bob Young, Mayor With a copy to: James B. Wall Burnside, Wall, Daniel, Ellison & Revell P. O. Box 2125 Augusta, Georgia 30903 9.2.2 Notice to Lessee. Each Notice to Lessee shall be addressed as follows: P. O. Box 10027 Augusta, Georgia 30903 Attention: Charles J. Anderson, Operating Manager Exhibits (6) 1 0 11/5/01 With a copy to: A. Zachry Everitt Tucker, Everitt, Long, Brewton & Lanier, P.A. P. 0. Box 2426 Augusta, Georgia 30903 9.3 Fees and Commissions. Lessor and Lessee each represent to the other that there are no claims for brokerage or other commissions or finder's or other similar fees in connection with the transactions contemplated by this Lease insofar as such claims shall be based on arrangements or agreements made by or on behalf of the Party so representing. 9.4 Waiver. No consent or waiver, express or implied, by Lessor or Lessee to or of any breach or default by the other Party in the performance by such other Party of the obligations thereof under this Lease shall be deemed or construed to be a consent or waiver to or of any other breach of default in the performance by such other Party of the same or any other obligations of such other Party under this Lease.. Failure on the part of either .Lessor or Lessee to complain of any act or failure to act of the other:. Party or to declare the other Party in default, irrespective of how long such failure continues, shall not constitute a waiver of such Party of the rights thereof under this Lease. 9.5 Severability. If any provision of this Lease or the application thereof to any Entity or circumstance shall be invalid or unenforceable to any extent, the remainder of this Lease and the application of such provisions to any other Entity or circumstance shall not be affected thereby and shall be enforced to the greatest extent permitted by law. 9.6 Amendment. Neither this Lease nor any provision hereof may be changed, waived, discharged or terminated orally, but only by an instrument in writing signed by the Party against whom enforcement of the change, waiver, discharge or termination is sought. 9.7 Terminology. All personal pronouns used in this Lease, whether used in the masculine, feminine or neuter gender, shall include all other genders; the singular shall include the plural; and the plural shall include the singular. Unless otherwise expressly stated, titles of Articles, Sections, Subsections and Paragraphs of this Lease are for convenience only, and neither limit nor amplify Exhibits (6) 11 1 1 /5/01 . . r • • • the provisions of this Lease, and all references in this Lease of Articles, Sections, Subsections or Paragraphs shall refer to the corresponding Article, Section, Subsection or Paragraph of this Lease unless specific reference is made to the articles, sections or subdivisions of another document or instrument. 9.8 Counterparts. This Lease may be executed in any number of counterparts, each of which shall be deemed to be an original and all of which together shall comprise but a single instrument. 9.9 Binding Agreement. Subject to the restrictions on Transfers set forth herein, this Lease shall inure to the benefit of and be binding upon Lessor and Lessee and their respective heirs, executors, legal representatives, successors and assigns. Whenever in this Lease a reference to Lessor, Lessee or any Entity is made, such reference shall be deemed to include a reference to the heirs, executors, legal representatives, successors and assigns of Lessor, Lessee or such Entity. 9.10 Interpretation. No provision of this Lease shall be construed against or interpreted to the disadvantage of either Lessor or Lessee by any court or other governmental or judicial authority by reason of such Party having or being deemed to have structured or dictated such provision. 9.11 Governing Law. This Lease and the obligations of Lessor and Lessee hereunder shall be interpreted, construed and enforced in accordance with the Laws of the State of Georgia. 9.12 Relationship of Parties. No express or implied term, provision or condition of this Lease shall or shall be deemed to constitute Lessor and Lessee as partners or joint venturers. 9.13 Indemnity. Lessee is and shall be in exclusive control of the Land and the Improvements, and Lessor shall not in any event whatsoever be liable for any injury or damage to any person or property happening on, in, about or in connection with the Land and the Improvements or any part thereof. Lessee shall indemnity and hold harmless Lessor and all Entities claiming by, through or under Lessor from all claims, suits, actions and proceedings whatsoever which may be brought or instituted on account of, growing out of, occurring from, incident to or resulting from, directly or indirectly, any and all injuries or damages to persons or property arising out of the use and occupation of the Land or the Improvements or in connection with or growing out of this Lease or the performance by Lessee of the obligations of Lessee under this Lease. Lessee shall assume on behalf of Exhibits (6) 12 1 1/5/0 1 • R EXHIBIT "A" DESCRIPTION OF LEASED PROPERTY ALL that parcel of land situate, lying and being in Augusta, Georgia, fronting a distance of 65.00 feet on the north side of Prep Phillips Drive and extending back therefrom between parallel lines a distance of 90.00 "feet. Said property is designated as Lot 1.4 on Map 048 -4 in the Office of the Tax Assessor of Augusta, Georgia. Exhibits (6) 14 1 1 /5/01 4 r 1 EXHIBIT "L" BILL OF SALE STATE OF GEORGIA ) BILL OF SALE COUNTY OF RICHMOND ) KNOW ALL MEN that the undersigned maker, AUGUSTA, GEORGIA, of this instrument for and in consideration of the sum of Ten and no /100 ($10.00) Dollars to it in hand paid, at and before the delivery of these presents, the receipt whereof is hereby acknowledged; has bargained, sold and delivered, and by these presents does bargain, sell and deliver unto ANDERSON EQUIPMENT RENTAL COMPANY, L.L.C. the following described personal property, to -wit: That certain water pump, water tower and all related pipes, apparatuses; fixtures, parts and .equipment located on a parcel of land on the north side . of Prep. Phillips Drive which is designated as Parcel 1.4 on Map 48 -4 in the Office of the Tax Assessor of Augusta, Georgia. TO HAVE AND TO HOLD the said personal property above described, unto ANDERSON EQUIPMENT RENTAL COMPANY, L.L.C., its successors and assigns, to its only proper use, benefit and behoof forever. The undersigned maker of this instrument fully warrants the right and title to said property unto ANDERSON EQUIPMENT RENTAL COMPANY, L.L.C., its successors and assigns. Exhibits (6) 1 1 /5/01 J 4 IN WITNESS WHEREOF, the undersigned has caused these presents to be executed by its Mayor and attested by its Clerk of Council and its seal to be affixed hereto as of the day of , 20 • Signed, sealed and delivered AUGUSTA, GEORGIA before us this day of • ,20 By: As its Mayor Witness ATTEST: Notary Public, County, State of Georgia B As its Clerk of Council My Commission Expires: (NOTARY SEAL) (SEAL) Exhibits (6) 1 1 /5/01