HomeMy WebLinkAboutContracts & Agreements_156-2015_CCv0001.pdf THIRD AMENDMENT TO PURCHASE AND SALE
AGREEMENT AND ,JOINT ESCROW INSTRUCTIONS
THIS THIRD AMENDMENT TO PURCHASE AND SALE AGREEMENT AND
ESCROW INSTRUCTIONS ("Amendment") is made as of this 31 day of July, 2015, by and
between CITY OF REDLANDS, a municipal corporation ("Seller") and DIVERSIFIED
PACIFIC OPPORTUNITY FUND 1, LLC, a Delaware limited liability company ("Buyer") 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"), as
amended by the First Amendment dated as of May 19, 2015 and a Second Amendment dated as
of July 7, 2015.
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:
1. Due Diligence Termination Date. The Due Diligence Termination Date, as
defined in Section 4.1.3, is hereby extended to September 17, 2015.
2. Ratification/No Defaults. Buyer hereby rescinds Buyer's Feasibility Notice dated
as of July 22, 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 in 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
—1�
Paul W. Foster, Mayor
ATTEST:
anne Donaldson,
Deputy City Clerk
BUYER:
DIVERSIFIED PACIFIC OPPORTUNITY FUND
I, LLC, a Delaware limited liability company
By: Diversified Pacific Development Group
LLC, a California lUnite liability
company, is Man er
Matthew A. Jordan,
/ Its: Managing Member
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