HomeMy WebLinkAboutContracts & Agreements_85-2018FIRST AMENDMENT TO OPTION AGREEMENT
THIS FIRST AMENDMENT TO OPTION AGREEMENT dated and effective as of May
15, 2018 (this "Amendment") is entered into by and between NEWLAND HOMES LLC, a
California limited liability company ("Newland"') and CITY OF REDLANDS, a municipal
corporation ("City")
A Reference is made to that certain OPTION AGREEMENT BY AND BETWEEN
THE CITY OF REDLANDS AND NEWLAND HOMES LLC FOR THE PURCHASE OF
CERTAIN REAL PROPERTY OWNED BY THE CITY OF REDLANDS dated December 5,
2017 (the "Option Agreement")
B The parties desire to amend the Option Agreement as provided herein
NOW, THEREFORE, in consideration of the mutual agreements contained herein, and for
other good and valuable consideration, the receipt and sufficiency of which are acknowledged,
Newland and City agree as follows
1 Extension of O tion Term Notwithstanding anything in Section 2 of the Option
Agreement, Newland shall exercise the Option prior to 5 00 P M (Pacific Time) on July 18, 2018
or the Option Agreement shall immediately terminate without any further action by the parties
2 Counterparts This Amendment may be executed in any number of counterparts
each of which shall be deemed an original and ail of which shall constitute one and the same
agreement with the same effect as if all the parties had signed the same signature page 1 he parties
further agree that this Amendment may be executed by facsimile signature or other electronic
means, and that any facsimile or email signature delivered shall be binding upon the party
providing such signature as irit were the party's original signature
IN WITNESS WHEREOF, the parties hereto have executed this Amendment as of the date first
referenced above
NEWLAND CITY
NEWLAND HOMES LLC,
a California limited liability company
By 1
-_Ierrn Harvey, Manager
CITY OF REDLANDS,
a mumci al corporation
s ►
Paul W Foster, Mayor
ATTEST
nne Donaldson, City Clerk
Mcaldjmn AgreementAFirst Amend to Option Agreement Newland Homes- City Parcel (5 8 18).docx