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200403219
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Last modified
10/16/2011 2:22:30 PM
Creation date
10/21/2005 12:24:52 AM
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DEEDS
Inst Number
200403219
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200403219 <br />b. Such release documents as are necessary to fully release the <br />Premises from the lien and effect of all mortgages, <br />financing instruments and other liens and any covenants or <br />restrictions affecting the use of the Premises which are <br />objected to by Lessee; <br />c. A certification of Lessor's nor- foreign status pursuant to <br />Section 1445 of the federal Internal Revenue Code; <br />d. A closing statement prepared by the Title Company and <br />executed by Lessor; <br />e. Such other documents and instruments as the Title <br />Company reasonably requires to evidence the due <br />organization and valid existence of Lessor and its authority <br />to enter into and perform its obligations under this <br />Paragraph 20; and <br />E A mechanic's lien affidavit in the form customarily utilized <br />by Title Company and reasonably satisfactory to Lessor to <br />enable the Title Company to delete the mechanic's lien <br />exception from the Title Policy. <br />2. Lessee will deposit or cause to be deposited: <br />a. By federal wire transfer of funds, an amount equal to the <br />balance of the Purchase Price, as adjusted for proration of <br />taxes and assessments as herein provided; and <br />b. A closing statement prepared by the Title Company and <br />executed by Lessee. <br />21. Setoff of Rental and Purchase Price. Notwithstanding anything else to the <br />contrary contained in this Lease, in consideration of the premises and covenants contained <br />herein, Lessee shall have the right to set off against the rental, the Purchase Price or any other <br />sums due Lessor by Lessee (or its successors or assigns) under the Lease an amount equal to any <br />amounts which become due from the Sellers under that certain Stock Purchase Agreement <br />( "SPA ") between James D. Clark, Janice A. Clark, Amy L. Hunt, G. J. DeYonge and Stuart <br />Kutler, as Sellers, and Saia Motor Freight Line, Inc., a Louisiana corporation, as Buyer, dated on <br />or about the date of this Lease, in connection with any indemnification obligations contained in <br />the SPA or any documents related thereto. Lessee's right of set -off may only be exercised in the <br />event the amount of Adverse Consequences (as defined in the SPA) to which Buyer or Lessee (or <br />any of their successors or assigns) or any other Indemnified Persons (as defined in the SPA) may <br />be entitled under the SPA exceeds the amount then held pursuant to the Escrow Agreement (as <br />defined in the SPA). Lessee's right to exercise set -off rights hereunder shall continue until <br />February , 2007, except Lessee may continue to exercise its set -off rights after such date with <br />respect to any claims of which Lessee provided notice to Lessor prior to that date. The exercise <br />of such right of set -off by Lessee in good faith, whether or not ultimately determined to be <br />KCO 1 DOCS\6692 17.3 <br />
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