HomeMy WebLinkAboutContracts & Agreements_148-2007_CCv0001.pdf FIRST AMENDMENTTOPURCHASE AND
SALE AGREEMENTAND JOINT ESCROW INSTRUCTIONS
THIS FIRST AMENDMENT TO PURCHASE AND SALE AGREEMENT AND JOINT
ESCROW INSTRUCTIONS ("Amendment"), dated Sept. 4,22W7 (the "Amendment Date"), is
entered into between Standard Pacific Corp., a Delaware corporation ("Suver"), and the City of
Redlands, a municipal corporation
RECITALS
A. Buyer and Seller are parties to that certain Purchase and Sale Agreement and Joint
Escrow Instructions, dated as of June 7, 2005 ('"Purchase Agreement"). All capitalized but
undefined terms used herein shall have the same meaning as set forth in the Purchase Agreement,
B. The parties now desire to amend the Purchase Agreement as described below.
Agreement
1. Extension of the Closing Date. Section 2(c) of the Purchase Agreement is hereby
amended to extend the Closing Date an additional three (3) months to September 18, 2007. In
consideration for such extension, Buyer shall deliver to Escrow Holder Ten Thousand and
no/100 Dollars ($10,000) on June 15, 2007, July 16, 2007 and August 15, 2007 (each, an
"Additional Extension Payment"). Escrow Holder shall immediately release each Additional
Extension Payment to Seller upon receipt. Each Additional Extension Payment shall be non-
refundable to Buyer when made but shall be applicable to the Purchase Price at the Close of
Escrow.
2. Cash at Closing. Section 2(d) of the Purchase Agreement is hereby amended to
provide that each Additional Extension Payment shall be credited against the amount of the
Purchase Price required to be deposited under the Purchase Agreement.
3. Close of Escrow. Section 6(a) of the Purchase Agreement is hereby deleted in its
entirety and replaced with the following: "Unless this Agreement is terminated as permitted
below, Escrow shall close and the Escrow Holder is instructed to close Escrow on the Closing
Date (as extended) or upon such other date as Buyer and Seller shall, by written notice to the
Escrow Holder, mutually agree. By closing Escrow, the Escrow Holder shall be deemed to have
irrevocably committed to cause the Title Company to issue the Title Policy. The term "Close of
Escrow" shall mean the time when the Escrow Holder records the Grant Deed (as defined
below)."
4. Integration, Counterparts. The Purchase Agreement, as amended by this
Amendment, is intended by the parties as the final, complete and exclusive statement of their
agreement with respect to the terms and conditions set forth therein and herein, and as such,
supersedes any and all oral negotiations and prior writings with respect to their subject matter.
This Amendment may be executed in counterparts, each of which shall constitute an original, but
all of which together shall constitute one and the same instrument.
[Signatures on Next Page]
C,
Standard/Redlands/A&R Restate PSAIAmend.4,doc
IN WITNESS WfIEREOF, the parties have caused this Amendment to be executed by
their duly authorized representatives as of the Amendment Date.
"Seller" "Buyer"
Standard Pacific Corp.,
By; -' a Delaware corporation
Name,°' Jon Harrison
Title: Mayor By: — --
Attest: a n . P_... ,,,•- Name: {
_ Title: 1urrze e
r en....._ta.__t.ive
_ _ L rrie Poy i, City Clerk
By
Name: Al IGI IST 13SWONT
Title: At.lii68
ACCEPTANCE BY ESCROW HOLDER:
First American Title Insurance Company hereby acknowledges that it has received a fully
executed copy of this First Amendment to Purchase and Sale Agreement and Joint Escrow
Instructions and agrees to act as the Escrow Holder thereunder and to be bound by and perform
the terms thereof as such terms apply to the Escrow Holder.
DATE: , 2007 First American Title Insurance Company
By:
Name:
Title:
Standard/RedlandsJA&R Restate PSA/1Arnend.4.doc