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Thursday, April 18, 2019 1:04:06 PM
Following closing, the Company will have up to 120 days of post-closing rent-free occupancy right to allow a smooth transition out of the Building, subject to withholding of $750K from the sales proceeds which shall be released when the Company completely vacates the Building. During this post closing occupancy period, Purchaser shall also pay for all operating costs including taxes, insurance, CAM, utilities, etc. to the extent those costs would not materially change with Seller’s co-occupancy.
Upon closing, the Company would recognize a one-time gain of approximately $8.7 million. The Company plans to use the sale proceeds, net of brokers’ commissions and other transaction expenses, to pay off (i) the existing mortgage loan on the Building ($5.7 million), (ii) approximately $3.3 million of debt secured by a second lien on the Building, (iii) a portion of the approximately $5.5 million of debt secured by a third lien on the Building.
The foregoing description of the Agreement is a summary and is qualified in its entirety by reference to the document attached hereto as Exhibit 10.1, which document is incorporated herein by reference
https://www.sec.gov/Archives/edgar/data/1350102/000135010219000032/asti8k20190418.htm
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