HomeMy WebLinkAboutContracts & Agreements_94-2015_CCv0001.pdf FIRST AMENDMENT TO PURCHASE AND SALE
AGREEMENT AND JOINT ESCROW INSTRUCTIONS
THIS FIRST AMENDMENT TO PURCHASE AND SALE AGREEMENT AND
ESCROW INSTRUCTIONS ("Amendment") is made as of this 19th day of May, 2015, by and
between CITY OF REDLANDS, a municipal corporation("Seller") and DIVERSIFIED PACIFIC
OPPORTUNITY FUND I, LLC, a Delaware limited liability company ("Bayer") with regard to
the following:
RECITALS
A. Seller and Buyer have previously entered into that certain Purchase and Sale
Agreement and Joint Escrow Instructions dated as of January 20, 2015 (the "Agreement").
B. The parties desire to amend the Agreement to extend the Due Diligence
Termination Date, as defined in the Agreement as more particularly set forth herein.
NOW, THEREFORE, for good and valuable consideration, receipt of which is hereby
acknowledged, the parties hereto agree as follows:
I. Due Diligence Termination Date. The Due Diligence Termination Date, as defined
in Section 4.1.3, is hereby extended to June 9, 2015.
2. Ratification/No Defaults. Buyer hereby rescinds Buyer's Feasibility Notice dated
as of May 5, 2015. Accordingly, the Parties hereby ratify the Agreement and acknowledge that
the Agreement is in full force and effect. By its execution hereof, each party hereby represents to
the other that, as of the date of such execution, the other party is not in default under the terms of
the Agreement and that no facts or circumstances exist that, with the giving of notice or passage
of time or both, would constitute a default under the terms of the Agreement.
3. Counterparts. This Amendment may be executed it any number of counterparts
with the same effect as if all parties hereto have signed the same document, all counterparts shall
be construed together and shall constitute one amendment.
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IN WITNESS WHEREOF, the parties have entered into this Amendment as of the date
first above written.
SELLER:
CITY OF REDLANDS, a municipal
corporation
By. W
Paul W. Foster, Mayor
ATTEST:
Sam Irwin, ity Clerk
BUYER:
DIVERSIFIED PACIFIC OPPORTUNITY FUND
I, LLC, a Delaware liinited liability company
By: Diversified Pacific Development Group
LLC, a California limited liability
coiIt
Its Manag
B
hew . Jordan,
: M ging Member
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