DS9 Document EFTA00594382

r ,‘ SELLER: BUYER: ( 111"1 MOF VI LIMITED PARTNERSHIP, a United States Virgin Island limited 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 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 EFTA00594382 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/Lawyers 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 EFTA00594383 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 Buyer's 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 48.00 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, Casner & Dollison a. Attorney Fees & Costs (1/2) Estimated 16,500.00 D. To Brian Mosely & Assoaates a. Surveys 1,200 00 BUYER'S TOTAL EXPENSES OF PURCHASE 150,864.50 EFTA00594384 APPROVAL OF ~51NC STATSMENT, INISTRUCT1ON13 TO CLOS/NO AGENT. AND POST-GLOSING AGREEMENT 1. Stier and Brot herety ~age Mot fhay Neve sch nød ane approad the foropcing Cknab2 Siaterrant. n %MB Chat 2 app--alety rullede ta uteark of Me ~el *spetta of the tramx0m cae talad by Ve CaNamk/0 COMmdt rid hoffa/ tanne and Gies/ gle Can Agents tabureemett of the orocanta and expenscs of the suged tronsactIon In the manar, fl ana* end lo the renons lurranabove set fa Casing Apord agnes to ~bunn all the awts set fort n the Casing Stram 2. In Me oase of enrrated don casa and ausemos itedod lo be pakt, of orestd. the prae snanstand and spas thea In the can that the «tusl ~anm b lass tron tho otareste. Mo party who pen the Urne wJ bo roande/1 the difetence bet/anen mo est/ryte a-41 the actual auserse ara, agne tal 2 the skua apane hs moro Man tho *tanne fise party who rudd the urne otal bo robJired to pay the sand ~ne war anal akme the astrale 3 Byar and Synt ocknowtodge the/ to ammast of the Total Cash Due from BuyoraereteMal In the Sunenory of Uta Closog Stattrairt aha: a ans by Snerra set fort tas: /"N 4. Vidt moped to Mo ~Ion of rost proporty tass In fla Can Selmer.. Sere ane Beyer acknefiling• end spas tut sud/ pforatak a W.00 tema» &X has EDC Earsofa se a 100% ~plan for mel property tann. 5. Ni turta agne and tettetse the Maunament of Me Mo Siden Loen Payoff Procesa Matta to an asier es alba JP Morar Chow 270 Pult Ave Ner York, NY 10017 Phon. 5114324716 SVAFT MC' CHASU33 Caf" Mal 275422 FEOW1RE ABA 0210170021 Plena enda JP Morgan Gana HA Account No. 1058501AB» nano of The &nk of Nova Scala (Scobabonl), St Thomas (Ukas Ste laga Islands) Fa Furter soft to'. MOF N. Latet Patnerehy Tnat Accourd No 04401383111 Oie Boa 04 Nova Satte (Scotabank) 6100 Red Ekne Ofl St lbanse U.S. veps le/era 03637 340.77543454 6. AU partei/ *gres art astathe tsbunsernert bf Mo V10 USVI Fem and Costa Roet/Sta dratt to Stalef. Duene&g. Caen« & Dnison aa råben' JP Morgan Chiao 270 Park Avo New York NY 107I7 Plusse 8134324716 SVIMT SIC: C.JIASU33 CHIPS ABA: 27642 FE DVMRE Af3A: 021CC302l Please trod2JP Mores/ Daa Aceoura No. 1093501 - BMS. St "Nyra. USV1 For Fenner oredt to. Sirøser. Dann Casnor a Dollan daa Andas Tae 8 Tnst Tast Accamt No. 01411335111 The Benk of Non Sones (sonen) Ensa ~a St lborrus. U.S. sagn Nasa 7. NI panos ara ard eldnortze the dabufsanent of Ifie the Sean Pianoa <legata to WC Sra)n as founn JP Morgan Chaso Bark NA ABA: 021=021 MOF 1/1.1.14 ~enerett' Acoourl No. 1587192514 8. AD patos agne ark autiofteo the "bana:ergra of tho t Sakn Mamma Escrow Proanda ned G lat-rp, Tran attomey lm art bone direCy to te Grann. Tn7.09 a 5P»rn: To Garsar Batt.F 3 8. Mane, FL 33131 AR& 261090455 Casa to. Gromsarg. Traung, Et bl Tan Acoant No. 20349587 Rolnonas. Caen Nam*. fere Omdal Gray. LLC Fele Namter. 083188.012= Atornoy Nams. Joseph M. Ilsmanösz S 7.514,30380 3635.40 00 16,078,324 63 1,293,Ø00 2519396843 EFTA00594385 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 Buyer's Expenses of Deposit $ Purchase $ 150,864.50 Less: Seller's Expenses of Funds Due from Buyer to Sale $ 8,960,779.30 Close: $ 25,190,968.43 Net Cash Due to Seller $ 16,079,324 63 Net Cash from Buyer to Close $ 25,190,968 43 EFTA00594386 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 MOF VI LIMITED PARTNERSHIP, a United States Virgin Islands limited partnership By: America Yacht Harbor Corporation. its General Partn 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 By: Marc Le Iirector EFTA00594387