Interesting filing after the close today.
On April 27, 2022, the Company executed a Purchase and Sale Agreement (the ?Agreement?) with Sandpiper Resort Properties, Inc. and Holiday Village of Sandpiper, Inc., for the sale of its property in Port Saint Lucie, Florida (the ?Property?) that includes approximately 216 acres and approximately 3,000 feet of waterfront property. The Property being sold in the Agreement is the Property on which the Company?s facilities are currently located and where the Company currently operates.
The purchase price for the Property is $55,000,000, with an initial deposit of $500,000 due within five business days of the execution of the Agreement. This deposit was delivered by the Company on May 2, 2022. The Company has until May 31, 2022 to complete its due diligence on the Property, until which time it can terminate the Agreement or elect to proceed to a closing. If the Company elects to proceed to a closing, an additional nonrefundable deposit of $500,000 is due within five days following the expiration of the due diligence period.
The Closing Date of the purchase of the Property shall occur no later than June 30, 2022, or at such earlier time as the parties agree. The Company may assign the Agreement to an affiliate of the Company no later than five days prior to the Closing Date, as long as the Company is not released of its obligations under the Agreement and the Company is responsible for any associated costs.
