EFTA02679010.pdf

is".0‘ SELLER: MOF VI LIMITED PARTNERSHIP, a United States Virgin Island limited BUYER: IGY-AYH ST. THOMAS HOLDINGS, LLC, a United States Virgin Island limited liability company SUBJECT PROPERTY: Real and personal property located in St. Thomas, United States Virgin Islands consisting of a marina known as American Yacht Harbor DATE OF CLOSING: January 18, 2007 CLOSING AGENTS: Stryker, Duensing, Casner & Dollison Credit Buyer Due Seller Purchase Price $ 25,500,000.00 Funds from Marina Opportunity Fund I 187,500.00 Revenue Pro-rations (See attached Proration Schedule) 85,957.75 r•""\ Security Deposits 299,502.39 Inventory - Electric 43,736.97 Expense Pro-rations (See attached Proration Schedule) 37,101.04 Electric Deposit 32,662.75 Petty Cash 3,866 61 Inventory (See attached Proration Schedule) 83,170.64 Subtotals $ 616,697.11 $ 25,656,801.04 Less buyer's credit $ 616,697.11 Balance Due to Seller $ 25,040,103.93 EFTA_R1_01980339 EFTA02679010  SELLER'S EXPENSES OF SALE Seller hereby authorizes the deduction of the following-described expenses of sale from the Balance Due from Buyer to Seller as shown on this Closing Statement and hereby requests and directs that the Closing Agent disburse directly to the persons hereinafter named the following amounts to cover Seller's expenses of sale, as follows, to wit: A. To Government of U.S. Virgin Islands a. Deed Stamps $ 108,271.50 b. Release BNS Mortgage $ 2,011.00 c. Release BNS Assignment $ 34.00 d. Release BNS CZM Assignment $ 34.00 e. Record UCC-3 Terminations $ 225.00 f. Trade Name Cancellation Fee $ 25.00 B. Mortgage Payoffs ( See attached Mortgage Payoff Schedule) $ 7,514,303.80 C. Title Insurance to Antilles Title & Trust/Lawyer's Title 44,375.00 D. To Escrow Agent (Lawyer's Title) a. Indemnity Escrow Holdback 1,275,000.00 E. To Stryker, Duensing, Casner & Dollison a. Attorney Fees & Costs (1/2) Estimated 16,500.00 SELLER'S TOTAL EXPENSES OF SALE 8,960,779 30 EFTA_R1_01980340 EFTA02679011  BUYER'S EXPENSES OF SALE Buyer, in addition to the balance Due from Buyer to Seller as shown above, is obligated for the payment of and simultaneously herewith has paid to Closing Agent the funds required to pay the following-described expenses of purchase, and Buyer hereby requests and directs that the Closing Agent disburse directly to the persons hereinafter named the following amounts to cover Buyers expenses of purchase, as follows, to wit: A. To Government of U.S. Virgin Islands a. Deed Stamps $ 108,271.50 b. Record Deed 6,211.00 c. Record Assignment of CZM Permits 86.00 e. Record Assignment of Leases 46.00 f. Trade Name Registration Fee 50.00 B. To Greenberg Traurig P.A. a. Legal Fees 18,000.00 b. Costs 500.00 C. To Stryker, Duensing. Cosner & Dollison a. Attorney Fees & Costs (1/2) Estimated $ 16.500.00 D. To Brian Mosely & Associates a. Surveys 1,200.00 BUYER'S TOTAL EXPENSES OF PURCHASE 150,864.50 EFTA_R1_01980341 EFTA02679012  APPROVAL OF CLOSING STATEMENT. INSTRUCTIONS TO CLOSING AGENT. AND POST-CLOSING AGREEMENT 1. Saw w4 Buyer hereby addin1edgo that they have each reed and approved the longs rig ants Stevront. and agree eel a accurst* reflects the substance of the financial aspects of the tramacricn cortemcrated by the Governing Gairr$11 and area approve and ten the Cloacp Aponte Stburternost of the proceeds and wenn" of the sand transacCon in the manner, amounts and to the wan hear-otos set forth Goad.; Agent swots to dawn all the amounts set forth In the Canna Statemort. 2. In the case of onmated casino costs and ocean directs to be sea as enema. the pane understand and agree that In the event that the actual awns b foss than Ore ante. the patty who pad the Name ww be refunded the cfrfferathe between tho estmato and the actual apese and egret thal11 the enal ethane Is more than the the pony who paid the same cot be too;froo to pay the eatrede, ass name° over end above the estimate. 3. &ow and se4r ackrewledge that the amount of the Toed Can Due from Bwer, as reflected In the Summary of this Cke/rep Statement. Nan be bankara by Bung es l eat forth befow. 4. Wth aspect to the mean of real property tame In On Clang Stolen:rt. Seiler and Buyer acknoMedge and amen such mortis ts $0.00 became Scar Me EDC Benefit waft a 100% exempts for real property laces. 5. Mates etas and wathrtee the aburseinerd of the the Sellers Loan Pawl! Proceeds erectly to Iho SwOr tonwe: JP Moran Chao 270 Ps* An New York NY 10017 Phone 813-432.7718 SWIFT BCC: °MUSS CHIPS ABA: 275422 FEDWIRE AM: 02100=1 Pleas wen JP Morgan Chase N A Account No. 1058501 in to name of The Sank of Nova Scota (Socater.k). St. Thomas (United States Virgth telianda) For Further won to: MOF VI. UmIted Part/wen Trust ACODUrd No 04401388111 The Bank of Nova Scotto (Sconbank) 8107 Red Hack Oran Si. Thaws. U.S. Wahl lands 00302 ta"‘ 340-77543454 $ 7,51450180 8. Al pates agree and authortte the Cialx.nertent of the the USVI Fes and Coats Peseta natty to sbyges. Deena% Caner 8 =son as Wows: JP Moran Clan 270 Park Ake Nom York, NY 10317 Ft= 811432-7718 SWIFT BIC: CRAMS CHIPS ABA: 278472 FEOW1RE ABA: 021=021 Please area JP Meow Chase Account No. 1058501 - BN3, St Woman USVI For Farther sten le Style, Math& Caner 6 Dolleon MO Arabs las 8 That Inn Accourd No. 04401335111 The Bank of Now Scoria (Scents* Eine Mom St Wawa us. *gin lands 3034140 03 $ 7. Marla agree and &Own the detc/Seenent of the the Seam Proceeds Sadly to to Seger as fdlows: JP Morgan Chao Bark NA ABA: 021000021 MOF VI, Ltd Partnere:a Accost No. 1587192814 $ 18,079,324 83 8. Maras agree arid snorts the disbursement of the the Seder Indemnity Escrow Premeds and Greenburg. Transk] Stoma Ices and osta (Dreary to the Green:cm Trarld a Slows: To: Ganef Bank, F.9.8. Matt FL 33131 ABA: 287090455 Cron to. Greenberg, Traerld, Et Al Trot Aoavant No. 20344687 Reference: Cant Name: hdard Capita GinP, LLC FDe Number 083188.0120= Anima Name: Joseph M. Hernandez $ ,393500.00 S 25100988.43 EFTA_R1_01980342 EFTA02679013 Peg\ SUMMARY Balance Due from Balance due from Buyer Buyer to Seller $ 25,040,103.93 to Seller $ 25,040,103.93 Plus: Plus: Earnest Money Buyers Expenses of Deposit $ Purchase $ 150,864.50 Less: Sellers Expenses of Funds Due from Buyer to Sale $ 8,960,779.30 Close: $ 25,190,968.43 Net Cash Due to Net Cash from Buyer to Seller $ 16,079,324.63 Close $ 25,190,968.43 rat\ EFTA_R1_01980343 EFTA02679014 This Closing Statement may be executed in counterparts. in which event the signature pages thereof shall be combined in order to constitute a single original document. Facsimile signatures shall have the same force and effect as original signatures. SELLER: CLOSING Afi NT: MOF VI LIMITED PARTNERSHIP. Stryke , Dueinsing, Casner & Dollison a United States Virgin Islands limited partnership By: '14/. ----1:7' — - - By: America Yacht Harbor Corporation, ".. Name: ArJ1,4-4-1 (mu./ its General Partner j Title: 40.4.„-- By: Ronald Rhoades, President BUYER: IGY-AYH ST. THOMAS HOLDINGS LLC, a United States Virgin Islands limited liability company By: Island Global Yachting Facilities Ltd.. its Sole_Member By: Marc Le rector EFTA_R1_01980344 EFTA02679015