PURCHASE AND SALE AGREEMENT AND JOINT ESCROW INSTRUCTIONSMemorandum of Purchase Option • May 4th, 2017 • Innovative Industrial Properties Inc • Real estate • Maryland
THIS PURCHASE AND SALE AGREEMENT AND JOINT ESCROW INSTRUCTIONS ("Agreement") is made and entered into and effective as of the 1st day of May, 2017, by and between PGHI LLC, a Maryland limited liability company ("Seller"), and IIP OPERATING PARTNERSHIP, LP, a Delaware limited partnership ("Buyer"), each of whom shall sometimes separately be referred to herein as a "Party" and both of whom shall sometimes collectively be referred to herein as the "Parties." This Agreement constitutes: (a) a binding purchase and sale agreement between Seller and Buyer; and (b) joint escrow instructions to Escrow Agent whose consent appears at the end of this Agreement.
