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1 <br /> <br /> <br /> <br /> <br /> <br />SECOND AMENDMENT TO PURCHASE AGREEMENT <br />This Second Amendment to Purchase Agreement is made effective March 21, 2022 by and between the <br />City of Hugo (“Seller”) and DENNIS Properties, LLC (“Buyer’): <br />WHEREAS, Seller and Buyer are parties to that certain Purchase Agreement dated January 20, 2021 <br />relating to approximately 4.5 acres of land located in the City of Hugo, as amended by the First <br />Amendment to Purchase Agreement (collectively the “Purchase Agreement”); <br />WHEREAS, Seller and Buyer desire to enter into this Second Amendment to the Purchase Agreement as <br />more fully set forth below; <br />NOW, THEREFORE, Seller and Buyer hereby agree to this Second Amendment as follows: <br />1. The first and second sentences of section 3(A) are hereby replaced in their entirety by the following: <br />First Phase: The First Phase shall occur no later than September 30, 2022 (the “First Phase Closing <br />Date”); provided, however, that Buyer may by written notice to Seller extend the First Phase Closing <br />Date to January 31, 2023, in which case $10,000 of the Earnest Money may become nonrefundable as <br />set forth in section 2.b.(iii) above. The portion of the Property to be acquired at the First Phase shall <br />consist of not less than 1 acre and not more than 2.3 acres of the real property. <br />2. The first sentence of section 3(B) is hereby replaced in its entirely by the following: <br />Second Phase: The Second Phase shall occur no later than September 30, 2026 (the “Second Phase <br />Closing Date”); provided that Buyer may extend the Second Phase Closing Date to September 30, 2027 if <br />Buyer deposits Twenty Thousand Dollars of additional Earnest Money with Escrow Agent no later than <br />September 30, 2026. <br />3. The date of December 31, 2022 in the first sentence of section 4(A) is changed to December 31, 2023. <br />4. The date in the first sentence of Exhibit B, section 1 is hereby changed from December 31, 2022 to <br />December 31, 2023 <br />5. In Exhibit B, section 2, the date of December 31, 2022 is hereby changed to December 31, 2023, and <br />the date of March 1, 2023 is changed to March 1, 2024. <br />6. In all other respects, the Purchase Agreement remains in full force and effect and is not amended. <br />SELLER: