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Purchase Agreement With SW Partnership

This is an actual contract by Littlefield Adams &.

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EXHIBIT 10.12


PURCHASE AGREEMENT


THIS PURCHASE AGREEMENT, made this 5th day of March, 1996, by and between 5 W Partnership, a Virginia General Partnership, hereinafter known as "5 W" or "Purchaser"; Littlefield Adams Inc., hereinafter known as "Littlefield" or "Seller"; Sawyer Properties, Inc.; Waldvogle Poe & Cronk Real Estate Group, Inc., hereinafter collectively known as "Agent".


W I T N E S S E T H


That for and in consideration of the mutual entry into this Agreement by the Parties hereto and for other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged by each party hereto, Owner agrees to sell and Purchase agrees to buy the following described real estate and all improvements thereon located in the jurisdiction of the City of Roanoke, Virginia, herein called "the property":
That Office and Warehouse located at 1302 Rockland Avenue, N.W., Roanoke, Virginia containing approximately 32,000 sf and approximately 8 acres and further identified by Roanoke City Tax Map #213-1301. 1. The purchase price of the property is Seven Hundred Thousand and NO/100 Dollars ($700,000.00) and such price shall be paid by cash or certified funds at final closing. 2. 5 W has made a deposit of Five Thousand and NO/100 Dollars


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($5,000.00) with Sawyer Properties, receipt of which is hereby acknowledged, and such deposit shall be held in escrow until the date of final settlement and then applied to the purchase price, or returned to the 5 W if the title to the property is not clear as described in Paragraph #3 of this Agreement or if the transaction does not close because of conditions of sale contained herein are not able to be met through no fault of 5 W. 3. Seller agrees to convey the property to 5 W by General Warranty Deed with the usual covenants of title and free and clear from all encumbrances, tenancies, liens (for taxes or otherwise), except as may be other wise provided above, but subject to applicable restrictive covenants of record. Seller further agrees to deliver possession of the property to 5 W on the date of final settlement and to pay the expense of Preparation Deed of Conveyance, Seller's Tax and Seller's legal fees. 4. Final settlement shall be made at the offices of such closing attorney as designated by 5 W on or about July 1, 1996, or as soon thereafter as title can be examined and necessary documents prepared, with allowance of a reasonable time for Seller to correct any defects identified by such title examination. 5. All taxes, interest or similar escrow deposits, if any, shall be pro rated as of the date of final settlement. 6. All risk of loss or damage to the property by fire, windstorm, casualty, environmental contamination, or other cause is assumed by Seller until date of final settlement. In the event of substantial loss or damage to the property before final settlement, 5 W shall have the option of (a) terminating the Purchase Agreement and recovering the deposit held in escrow, or (b) affirming the Purchase Agreement, in which event Seller shall assign to 5 W all of Seller's rights under any policy or policies


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if insurance applicable to the property. 7. Littlefield agrees that they shall continue to manage and maintain and operate the property in a manner consistent with good management practices until final settlement, making all repairs to the property when required to maintain the property in good condition. 8. AGENT DISCLOSURE: In accordance with the regulations of the State of Virginia Real Estate Board, REALTORS hereby discloses to Owner and Buyer that REALTOR and REALTOR'S salespeople are the Agent of the Owner in connection with marketing the Property under this agreement. As such, REALTOR and its salespeople o
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