HomeMy WebLinkAboutFirst Equity Acquisitions, LLC-First Amendment to Purchase and Sale Agreement-12.21.2009 FIRST AMENDMENT TO PURCHASE AND SALE AGREEMENT
This First Amendment to Purchase and Sale Agreement ("Amendment") is entered into
as of February 3 , 2009, by and between The City of Waterloo, Iowa ("Seller") and First
Equity Acquisitions, LLC, an Illinois limited liability company("Purchaser").
RECITALS:
A. Seller and Purchaser entered into a certain Purchase and Sale Agreement dated
September 2, 2008 ("Agreement"), relating to certain real property located at 1812 LaPorte
Road, Waterloo, IA 50702, and defined in the Agreement as the "Property"; and
B. Seller and Purchaser desire to amend the Agreement as provided herein.
NOW, THEREFORE, for and in consideration of the mutual undertakings as set forth
herein, the mutual undertakings set forth in the Agreement, and other good and valuable
consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto
agree as follows:
1. Section 5(a) of the Agreement is modified to provide that the Investigation Period
shall terminate on August 3, 2009.
2. Section 6 of the Agreement, the Approval Contingency Period, is hereby deleted
in its entirety.
3. Section 8 of the Agreement is modified to provide that the Seller Contingency
Period shall commence on August 4, 2009 and terminate on December 1, 2009.
4. In the event that Purchaser terminates the Agreement pursuant to Section 5(c)
thereof, Purchaser shall be reimburse Seller for the architectural fees which Seller has incurred in
planning the New Fire Station, as defined in the Agreement, not to exceed $18,000. In the event
of such termination, Purchaser may direct the Escrow Agent to pay the Earnest Money to Seller
in partial satisfaction of said reimbursement obligation. Purchaser shall pay the balance of said
reimbursement obligation within thirty (30) days after such termination.
5. All initially capitalized terms not defined herein shall have the meanings ascribed
to them in the Agreement.
6. All other terms and provisions of the Agreement which are not modified or
amended by this Amendment shall remain in full force and effect.
7. This Amendment may be executed in counterparts, each of which shall be deemed
an original, but both of which together shall constitute one and the same instrument.
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IN WITNESS WHEREOF, the parties hereto have executed this Amendment effective
as of the date first written above.
SELLER:
THE CITY OF WATERLOO,IOWA
By:
Name: I-Lc,r It
Its: y>-,Q y o r
PURCHASER:
FIRST EQUITY PROPERTY ACQUISITIONS,LLC, an Illinois limited liability company,
By its Member, First
Equity Property Holdings, LLC, an Illinois limited liability company
By: L 4
Name: Tim Gallagher
Its: Manager
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