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| ISSI > SEC Filings for ISSI > Form 8-K on 6-Dec-2012 | All Recent SEC Filings |
6-Dec-2012
Entry into a Material Definitive Agreement, Financial Statements
On December 4, 2012, Integrated Silicon Solution, Inc., a Delaware corporation (the "Company"), completed the purchase of approximately 2.85 acres of land and an approximately 55,612 square foot building located at 1623 Buckeye Drive, Milpitas, California (collectively, the "Property") from Scott M. Cooley (the "Seller"), as described in the Purchase and Sale Agreement dated July 30, 2012 between the Company and the Seller with addendum (the "Purchase Agreement"). The Company plans to relocate its headquarters to this location prior to the expiration of its current lease in June 2013. The purchase price was approximately $6,500,000, which was financed through a combination of cash and a bank loan in the amount of $4,875,000 (the "Loan"). The Loan has a maturity date of November 30, 2017 and is secured by the Property and an assignment of all leases and rents relating to the Property. The Loan is subject to customary events of default, including defaults in the payment of principal and interest.
The foregoing summary of the Purchase Agreement does not purport to be complete and is qualified in its entirety by reference to the Purchase Agreement, a copy of which is filed as Exhibit 10.1 to this Current Report on Form 8-K and incorporated herein by reference.
(d) Exhibits.
Exhibit No. Description
10.1 Purchase and Sale Agreement, dated July 30, 2012, between Scott
M. Cooley and Integrated Silicon Solution, Inc. with addendum.
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