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EDA PACKET 02.21.23
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EDA PACKET 02.21.23
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3/26/2024 2:14:41 PM
Creation date
3/26/2024 2:11:36 PM
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Commissions
Meeting Date
2/21/2023
Document Type
Agenda/Packets
Commission Name
EDA
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1 <br /> <br /> <br /> <br /> <br /> <br />THIRD AMENDMENT TO PURCHASE AGREEMENT <br />This Third Amendment to Purchase Agreement is made effective August 1, 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 and Second Amendment to Purchase Agreement (collectively the <br />“Purchase Agreement”); <br />WHEREAS, Seller and Buyer desire to enter into this Third Amendment to the Purchase Agreement as <br />more fully set forth below; <br />NOW, THEREFORE, Seller and Buyer hereby agree to this Third 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 July 31, 2023, (the “First Phase Closing Date”); <br />provided, however, that Buyer may by written notice to Seller extend the First Phase Closing Date to <br />December 31, 2023, in which case $10,000 of the Earnest Money may become nonrefundable as set <br />forth in section 2.b.(iii) above. The portion of the Property to be acquired at the First Phase shall consist <br />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 confirmed to be 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 May 1, 2024. <br />4. The date in the first sentence of Exhibit B, section 1 is hereby changed to May 1, 2024. <br />5. In Exhibit B, section 2, the date of December 31, 2023 is changed to May 1, 2024, and the date of <br />March 1, 2024 is changed to July 1, 2024. <br /> <br />
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