HomeMy WebLinkAboutContracts & Agreements_167-2016 FIRST AMENDMENT TO PURCHASE AND SALE AGREEMENT AND JOINT ESCROW
INSTRUCTIONS
This First Amendment (the "First Amendment") to that certain PURCHASE AND SALE
AGREEMENT AND JOINT ESCROW INSTRUCTIONS dated June 7, 2016 (the "PSA") is made
and entered into as of July 23, 2016 by and between CITY OF REDLANDS, a municipal
corporation ("Seller"), and VANTAGE ONE REAL ESTATE INVESTMENTS, LLC, a
California limited liability company or assignee ('Buyer"), as follows:
RECITALS
A. Effective on June 7, 2016, Buyer and Seller entered into the PSA providing for the purchase
and sale of that certain real property located at 212 Brookside Avenue, Redlands, California
("the Property"), and on .lune 14, 2016, opened Escrow Number 23076941-012-JDL at
Fidelity National Title Company ("Escrow") to complete the purchase and sale of the
Property.
B. Buyer and Seller desire to amend the PSA to extend certain contingency approval deadlines
and the Closing Date.
C. Capitalized terms as used in this First Amendment shall have the same meaning set forth in
the PSA.
In consideration of these Recitals and the conditions and covenants below, Buyer and Seller
hereby agree as follows:
TERMS
1. Paragraph 4.1.3 of the PSA shall be and is hereby amended to provide that the Due
Diligence Termination Date shall be September 30, 2016.
2. Paragraph 7.1 of the PSA shall be and is hereby amended to provide that the Closing Date
shall be and the Closing shall occur on October 15, 2016.
3. In case of any conflicts between the PSA and this First Amendment, the terms of this First
Amendment shall prevail. Otherwise, except as expressly amended hereby, the PSA and
First Amendment shall remain in full force and effect.
SIGNATURES ON FOLLOWING PAGE
- 1
BUYER: SELLER:
VANTAGEONE REAL ESTATE CITY OF REDLANDS, a municipal
INVESTMENTS, LLC, a California corporation
limited liability company
By:
By: Paul W. l"oster, Mayor
Thomas N. Robinson
Its: Managing Member
ATTEST:
o
7)
Sarre Irwin, City '%--Jerk
Acknowledged and Accepted:
FIDELITY NATIONAL TITLE COMPANY
.Janette Del.,ap, Vice President
Senior Commercial Escrow Officer
- 2