Subsequent Events

3 Months Ended

Oct. 31, 2015

Subsequent Events

8. Subsequent Events

In accordance with the Purchase Agreement, on December 4, 2015, the Company completed the sale of the Tyngsborough Land to Tyngsborough Commons for a total purchase price of $2.5 million. Certain representations and warranties under the Purchase Agreement will survive the closing until February 29, 2016. Pursuant to the Purchase Agreement, under no circumstances will the Company be liable to Tyngsborough Commons for more than $75,000 in the aggregate for any breaches of such representations and warranties or obligations.

In connection with the closing of the sale of the Tyngsborough Land, the Settlement Agreement relating to the Tyngsborough Litigation was consummated, in connection with which settlement funds were disbursed to the Plaintiffs, a stipulation of dismissal was filed in the Land Court Department of the Trial Court of the Commonwealth of Massachusetts and the termination of the Reciprocal Easement Agreement and the New Easement Agreement were recorded with the Middlesex North Registry of Deeds in Middlesex County, Massachusetts.