12-12-2022 EDA Packet - Laserfiche WebLink

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SECOND AMENDMENT TO PURCHASE AND DEVELOPMENT AGREEMENT THIS SECOND AMENDMENT TO PURCHASE AND DEVELOPMENT AGREEMENT (the “Second Amendment to Agreement”) is made this ____ day of December, 2022, between the LINO LAKES ECONOMIC DEVELOPMENT AUTHORITY, a public body corporate and politic of the State of Minnesota (the “Seller”), and SILVER CREEK EQUITY LLC, a Delaware limited liability company, or an affiliate or its assigns (the “Buyer”), and amends the Purchase and Development Agreement, dated July 25, 2022 (the “Original Agreement”), between the Seller and the Buyer, as amended by the First Amendment to Purchase and Development Agreement, dated November 14, 2022 (the “First Amendment to Agreement,” and together with the Original Agreement, the “Amended Agreement”), between the Seller and the Buyer. All capitalized terms used herein that are otherwise not defined shall have the meanings provided in the Amended Agreement. WHEREAS, the Seller and the Buyer entered into the Original Agreement pursuant to which the Seller agreed to sell to the Buyer, and the Buyer agreed to purchase, the property located in the City of Lino Lakes, Minnesota and legally described in EXHIBIT A attached hereto (the “Property”); and WHEREAS, the Seller and the Buyer entered into the First Amendment to Agreement in order to extend the Due Diligence Period to a period ending one hundred sixty-five days (165) days from the Effective Date of the Original Agreement (i.e., January 6, 2023); and WHEREAS, the Seller and the Buyer desire to make additional amendments to the Original Agreement; and NOW, THEREFORE, IT IS HEREBY AGREED by and between the Seller and the Buyer as follows: ARTICLE 1 AMENDMENTS Section 1.01. Section 4(B) of the Amended Agreement is hereby amended as follows (new language is underlined, and deleted language is stricken): B. Earnest Money. Earnest money will be paid in two payments several installments. Ten Thousand and 00/100 dollars ($10,000) will be paid to the Seller on the Effective Date of this Agreement. The Buyer shall have the ability to extend the Due Diligence Period up to eight (8) times, subject to the terms of the following paragraph, for three (3) month periods, if the Seller deposits a payment of Five Thousand and 00/100 dollars ($5,000) for each extension. The original $10,000 in earnest money and all deposits related to an extension of the Due Diligence Period will be considered “Earnest Money.” An additional Forty Thousand and 00/100 dollars ($40,000) is payable to the Seller within on the last day of the Due Diligence Period. The Earnest Money shall be deposited with Servion Commercial Title, New Brighton, Minnesota (the “Title Company”). The Earnest Money shall be applied towards payment of the Purchase Price on the Closing Date (as defined below). If the Buyer determines to not proceed with the project proposed in this Agreement, half of the Earnest Money will not be refundable to the Buyer. The Seller shall have the right to refuse any extension of the Due Diligence Period set forth in the preceding paragraph. In the event that a separate entity is interested in