Sovereign Grace Churches and Covenant Life Church Agreement of Sale
The joint announcement below reminds me of the long history of generosity displayed in the lives of the members and pastors of Sovereign Grace churches and our gospel partners. Your financial support enabled us to construct a portion of a building expansion at Covenant Life Church. This space was used as our offices until 2012. May God continue to use your generous giving as we advance the gospel of Jesus Christ together by planting and strengthening churches throughout the world for the glory of His name!
Covenant Life Church (CLC) and Sovereign Grace Churches (SGC) are pleased to announce the transfer of ownership and all obligations associated with their shared real estate in Gaithersburg, Maryland. The property consists of 17,125 square feet of office and warehouse space occupied by SGC in 2002 under a Shared Use Agreement. CLC has acquired full ownership for a sum of $525,000 payable to SGC as a share of future rental income. CLC is currently seeking a tenant.
The existing Shared Use Agreement made this transaction complex and required both parties to work closely together over the last 12 months. We are grateful for this resolution and pray that it honors our Lord. May He be glorified as we steward these resources for the advancement of the gospel and the good of God’s people.
Mark Prater is the Executive Director for Sovereign Grace and serves as an elder at Covenant Fellowship Church. He and his wife, Jill, have three married daughters and a growing number of grandchildren.