HomeMy WebLinkAboutContracts & Agreements_174-2007_CCv0001.pdf SECOND AMENDMENT TO PURCHASE AND
SALE AGREEMENT AND JOINT ESCROW INSTRUCTIONS
THIS SECOND AMENDMENT TO PURCHASE AND SALE AGREEMENT AND
JOINT ESCROW INSTRUCTIONS ("Amendment"), dated September 18, 2007 (the
"Amendment Date"), is entered into between Standard Pacific Corp., a Delaware corporation
("Buyer"), and the City of Redlands, a municipal corporation
Clsgikf
RECITALS
A. Buyer and Seller are parties to that certain Purchase and Sale Agreement and Joint
Escrow Instructions, dated as of June 7, 2005, as amended by that certain First Amendment to
Purchase and Sale Agreement and Joint Escrow Instructions, dated as of June 7, 2007
(collectively, the "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
I. Extension of the Closing Date. Section 2(c) of the Purchase Agreement is hereby
amended to extend the Closing Date an additional four (4) months from September 18, 2007 to
January 15, 2008. In consideration for such extension, Buyer shall deliver to Escrow Holder Six
Thousand and no/100 Dollars ($6,000) on September 18, 2007, October 16, 2007,November 15,
2007 and December 18, 2007 (each, a "Further Extension Payment"). Escrow Holder shall
immediately release each Further Extension Payment to Seller upon receipt. Except in the event
of a Seller Default, each Further Extension Payment shall be non-refundable to Buyer when made
and shall not be credited against the Purchase Price at the Close of Escrow.
2. 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]
Standard/Redlands./A&R Restate PSA/2Amend/Forrn of 2Amend.I Am
IN WITNESS WHEREOF, the parties have caused this Amendment to be executed by
their duly authorized representatives as of the Amendment Date.
"Seller" "Buyer"
Standard Pacific Corp.,
a Delaware corporation.
By: " .. By.
Name:r/ on Harrison Name: Mart' Lan a
Title/ Mayor gp p
Title: Authorized Represe tative
Attest: By:
Lor.. ie Poyz r c ty Clerk Name: August Belmont
ti
Title: Authorized Representative
ACCEPTANCE BY ESCROW HOLDER:
First American Title Insurance Company hereby acknowledges that it has received a fully
executed copy of this Second 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,/Redlands A&R Restate PSA12Amend/Form of 2Amend.Ldoc