HomeMy WebLinkAboutContracts & Agreements_22-2016 MRST AMENDMENT TO PURCHASE AND SALE
AGREEMENT AND JOINT ESCROW INSTRUCTIONS
THIS FIRST AMENDMENT TO PURCHASE AND SALE AGREEMENT AND
ESCROW INSTRUCTIONS ("Amendmeat") is made as of this 25*� day of February, 2016,
by and between CITY OF REDLANDS, a municipal corporation ("Seller"), and REDLANDS
PENNSYLVANIA, LLC, a Delaware limited liability company ('Buyer"), with regard to the
following:
RECITALS
A. Seller is the owner of an individual fee simple interest in certain real property
located in the City of Redlands ("City"), San Bernaridno County (the "County"), State of
California,known as APN 0168-121-03.
B. Seller and Buyer have previously entered into that certain Purchase and Sale
Agreement and Joint Escrow Instructions dated as of September 1,2015 (the "Agreement").
C. 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
ackxrowledged,the parties hereto agree as follows:
1. Due Diligence Termination Date. The Due Diligence Termination Date, as
defined in Section 4.1.3 of the Agreement, is hereby extended to April 30, 2016,
2. Ratification/No Defaults. Buyer hereby rescinds Buyer's Feasibility Notice dated
as of November 12, 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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M WITNESS WHEREOF, the parties have entered into this Aniendnient as of the date
first above written,
SEI,LER:
CITY OF REDLANDS, a IT11111iCipal
corporation
d:&,
By:
Paul W. Foster, Mayor
ATTEST:
Sam Ir Ci y Clerk
BUYER:
REDLANDS ISI-NNSYLVANIA, LLC,
a Delaware limited liability company
By: Diversified Pacific Development Group
LLC, a California limited liability
company, Its Manager
Mar'fiew A�Jordan,
It :" r 'ging Member
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