HomeMy WebLinkAboutContracts & Agreements_114-2016 SECOND AMENDMENT TO PURCHASE AND SALE
AGREEMENT AND JOINT ESCROW INSTRUCTIONS
THIS SECOND AMENDMENT TO PURCHASE AND SALE AGREEMENT AND
ESCROW INSTRUCTIONS ("Amendment") is made as of this 7th day of June, 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 Bernardino 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, as amended by that
certain First Amendment to Purchase and Sale Agreement and Joint Escrow Instructions dated as
of February 25, 2016 (collectively, the "Agreement").
C. The parties desire to amend the Agreement to acknowledge the delivery by Buyer
of Buyer's Feasibility Notice, 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:
I. Feasibility Notice. This Amendment shall be deemed Buyer's Feasibility Notice,
as defined in Section 4.1.3 of the Agreement, whereby Buyer approves its satisfaction of the Due
Diligence condition.
2. Ratification/No Defaults. 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
By:
Paul W. Foster, Mayor
ATTEST:
Sam 6vin, bty Clerk
BUYER:
REDLANDS PENNSYLVANIA, LLC,
a Delaware limited liability company
By: Diversified Pacific Development Group
LLC, a California limited liability
company, Its Manag
B
Mahew A ordan,
I& Man ring Member
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