HomeMy WebLinkAboutContracts & Agreements_30-2026FIRST AMENDMENT TO PURCHASE AND SALE AGREEMENT AND JOINT ESCROW
INSTRUCTIONS
This first amendment ("First Amendment") to the Purchase and Sale Agreement With
Assignment of Rights and Joint Escrow Instructions ("Agreement"), dated the 3rd day of March,
2026, by and between the City of Redlands, a California municipal corporation (the "Seller"), and
Sartin Properties, LLC., a California limited liability company (the "Buyer"), is made and entered
into this 17dm day of March, 2026. The City, Seller, and Buyer may be collectively referred to as
the "Parties" or individually as a "Party".
RECITALS
WHEREAS, it is the desire of the City, Seller and Buyer to amend their existing
Agreement, specifically the Purchase Price and Closing Costs.
NOW, THEREFORE, for good and valuable consideration in the receipt of which is hereby
acknowledged Seller and Buyer agree as follows:
AGREEMENT
Section 1. Section 2, subsections 2.1 and 2.1.1 of the Agreement, entitled "Purchase
Price," is hereby amended to read as follows:
"The purchase price of the Property (the "Purchase Price") shall be Three Hundred
Thousand Dollars ($300,000.00). The Purchase Price shall be payable as follows:
2.1 Deposits. Within one (1) day following the "Opening of Escrow" (as hereinafter
defined), Buyer shall deposit into "Escrow" (as hereinafter defined) the sum of One Thousand
Dollars ($1,000.00) (which amount, together with any and all interest earned thereon, shall
hereinafter be referred to as the "Deposit"). The Deposit shall be fully refundable through the Due
Diligence Termination Date, as defined in Section 4.1.3. From and after the Due Diligence
Termination Date, provided Buyer does not elect to terminate this Agreement pursuant to the terms
of Section 4.1.3, the Deposit shall become non-refundable, except as specifically provided
otherwise herein, and shall be credited against the Purchase Price at Closing."
2.1.1 Refund of Deposit. In the event that Buyer delivers its Feasibility Notice, but
subsequently elects to terminate this Agreement due to (a) a Seller Default, as defined in Section
12.1 hereunder, (b) a failure of a Buyer's Condition to Closing, or (c) the occurrence of any other
event which by the terms of this Agreement gives rise to Buyer's right to terminate this Agreement
and receive a refund of the Deposit, then, subject to the terms of Section 12.1, (i) the Deposit shall
be returned by Escrow Agent to Buyer, or to the extent previously released to Seller, and refimded
to Buyer by Seller, (ii) this Agreement and the Escrow shall terminate, and (iii) the Parties shall
have no farther obligation to one another with respect to this Agreement, except with respect to
such provisions which by their terms survive the termination of this Agreement.
Section 2. Section 7.6 of the Agreement, entitled "Closing Costs," is hereby amended
to read as follows:
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' 7.6 Closing Costs. Each Party shall pay its own costs and expenses arising in
connection with the Closing (including, without limitation, its own attorneys' and advisors'
fees, charges, and disbursements), except the following costs (tile "Closing Costs"), which
shall be allocated as follows:
7.6.1 Escrow Agent's escrow fees and costs shall be paid by Seller;
7.6.2 The cost of the Owner's Title Policy attributable to the standard coverage
portion shall be paid by Seller;
7.6.3 The cost of the Owner's Title Policy attributable to the extended coverage
portion shall be paid by Seller;
7.6.4 The cost of any items required to be provided by Seller pursuant to Section
4.2.2, shall be paid by Seller, and the costs of any other endorsements to the Owner's Title Policy
shall be paid by Seller;
7.6.5 Seller shall pay the cost of any documentary transfer taxes in connection
with the recording of the Grant Deed;
7.6.6 Seller shall pay all recording costs for recording the Grant Deed; and
7.6.7 All other closing fees and costs shall be charged to and paid by Seller."
Section 3. All other provisions of the Agreement shall remain unchanged by this First
Amendment and in effect.
IN WITNESS WHEREOF, the parties have executed this First Amendment, to be effective
as of March 17, 2026.
CITY OF REDLANDS, a municipal
corporation
Mario Saucedo ayor
ATTEST:
J6dne Donaldson, City Clerk
SARTIN PROPERTIES, LLC., a California
Limited iability Company
By:
Kevin a n, O er
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