Closing Checklist - DOC by ltedprosser

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Closing Checklist useful tool in tracking the closing process once it is underway. Outlines all the necessary steps to finalize a closing including, critical dates, benchmarks, contact information, list of project responsibilities. Pages: 9

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									                                    CLOSING CHECKLIST
                                                         PURCHASE OF

                                              THE FORUM
                                         400 N.W. LOOP 410, SAN ANTONIO, TEXAS

                                            Purchase Price: $24,000,000

                                     Anticipated Closing Date: August 3, 20__
                                            Outside Closing Date: August 18, 20__

Buyer (“B”):                             Seller (“S”):                              Title Company/Escrow Company (“TC”):

Sequoia Partners, or its assignee        Sequoia Properties LLLP                    Atlanta Title Insurance Company
Vail , Colo 94111                        22 South Park Square, Suite 304            500 N. St. Marys, # 2000
Attn: I.M. Buyer                         Alpharetta, GA 39992                       San Antonio, TX 78200
(T): (000) 591-9915                      Attn.: L. Ted Prosser, Managing Partner
(F): (000) 693-9480                      (T): (000) 252-0000                        Attn: E. Mike Gunn, Commercial Escrow Manager
Email: imb@email.com                          (000) 002-0000 Cell                   (T): (000) 482-3700
                                         (F): (000) 252-5404                        (F): (000) 482-3717
Attorneys for Buyer (“BC”):              Email: emialhere@msn.com                   Email: gram@Actt.com

OUR Law Firm                                                                        Ref: Escrow No. GF#0000000000000000
153 Any Street, Suite 800                Attorneys for Seller (“SC”):               Commitment No.: 44-905-80-000000000000
San Francisco, CA 94107-1957
Attn: M.Y Lawyer                                              Lender (“L”):

(T): (000) 615-6012                                           Seller Life Insurance Company
                                                              c/o Seller Investments, LLC
(F): (000) 659-7312         Van,& Morrison , P.A.
                                                              3075 Sandersville Road, Suite A
e-mail:                     14 South Park Square, Suite 600   Asheville,, IL 90062
        email@myemail.com   Ashville, NC 28801
                            (T): (000) 258-0000               In-House Counsel:
                            (F): (000) 253-0000                Jo. Cruz, Esq.
                            Email: bobscott@vantheman.com     Telephone: 000.402.7819
                                                              Fax: 000.402.9882
                                                              Email: ruz@zSeller.com

                                                              Legal Assistant:
                                                              Sharon L. Look, Sr. Legal Asst.
                                                              Telephone: 000.402.4556
                                                              Fax: 000.402.6639
                                                              Email: sperik@Seller.com

                                                              Analyst:
                                                              David Smith
                                                              SteveSilver
                                                              Telephone: 000.000.0427 (David)
                                                                          000.000.8631 (Steve)
                                                              Fax: 000/402-4346
                                                              Email: dkocoure@Seller.com
                                                                     spulver@Seller.com

                                                              Outside Counsel (“LC”):
                                                              Bob. Green, Esq.
                                                               Bob Yellow, LLP
                                                              2200 Jefferson Avenue, Suite 3200
                                                              Asheville, , TX 00001
                                                              Telephone: 000.721.8030
                                                              Fax: 000.000.8100
                                                              Email: bob@ law.com

                                                              I.M. Wright
                                                              Paralegal
                                                              Direct Dial: 000.000.8038
                                                              Fax:      004.00.8100
                                                              Email: im@legal.com
                                                                       SCHEDULE

                           Date                                                             Item                                          Status
June 12, 2006                                              Execution date of PSA –Effective Date                             Done
June 14, 2006 (w/in 2 days after the Effective Date)       S to deliver or make available to Buyer due diligence
                                                           documentation:
                                                                   (Existing 2005) Title/Survey Documents;                  Received
                                                                   Property Documents;                                      DONE
                                                                   Regulatory Approvals and Notices;                        DONE
                                                                   Contracts;                                               DONE
                                                                   Leases;                                                  DONE
                                                                   Financial Documents; and                                 DONE
                                                                   Additional Due Diligence Items – any reasonably          DONE
                                                                    requested by Buyer.
June 15, 2006 (3 business days after the execution date)   Deposit in the amount of $200,000 to be made by B                 Receipt on 6/15, via wire,
                                                                                                                             acknowledged by TC
July 3, 2006 (10 days prior to end of Due Diligence        B to furnish form of Subordination Agreement (for leases) to S    Furnished to S – 6/27
Period)                                                                                                                      NEED LIST FOR BB/AA


July 7, 2006 (10 business days after Buyer’s receipt of    B to notify S in writing of:                                      B notified – 7/7, no Declarant
Title Report, Title Documents and Survey. “Survey” =               Title objections; and                                    Estoppels necessary.
updated Survey, which was received on 6/22)
                                                                   Request for any certificates or estoppels from
                                                                    declarant(s) under any CC&Rs, or from other parties to   Where are we with Survey and
                                                                    similar arrangements (the “Declarant Estoppels”)         title Objections??
                                                                   (S has 5 days – calendar days- to respond)



July 12, 2006                                              1st Amendment extending Due Diligence Period                      Executed
July 19, 2006 (extended per 1st Amendment)                 Expiration of Due Diligence Period                                2nd Amendment executed –
5pm PDT                                                            B must deliver notice to continue before expiration of   notice of continuance delivered,
                                                                    Due Diligence Period                                     no contracts to be assumed.
                                                                   Schedule of Assumed Contracts
July 20, 2006 (1 business day after Due Diligence       B to deposit additional $200,000
expiration)
August 3, 2006 (15 days after the Expiration of Due    Buyer to use good faith reasonable efforts to cause closing to

								
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