The URL can be used to link to this page

Home My WebLink AboutPurchase & Sale Agreement - Adden 4SUR4O8,Adden#4-20AMENDMENTNO.4TOREALESTATEDISPOSITIONANDDEVELOPMENTAGREEMENT[200MiiiAvenue]THISAMENDMENTNO.4TOREALESTATEDISPOSITIONANDDEVELOPMENTAGREEMENT(the“Amendment”)isenteredintobyandbetweenTHECITYOFRENTON,aWashingtonmunicipalcorporation(‘Seller”or“City”),andCOSMOSINTERNATIONALCORP.,aWashingtoncorporation(“Buyer”).RECITALS:A.SellerandBuyerenteredintoacertainRealEstateDispositionandDevelopmentAgreementdatedAugust20,2019(“Agreement”),concerningthepurchase,saleanddevelopmentoftherealpropertydescribedChicagoTitleInsuranceCompanyCommitmentNo.193379-SC.B.SellerandBuyerdesiretoamendtheAgreementtoextendtheFeasibilityPeriod.NOW,THEREFORE,inconsiderationofthemutualcovenantsandagreementscontainedherein,whicheachofthepartiesherebyacknowledgesasadequateandsufficientconsideration,BuyerandSellerherebyagreeasfollows:1.Definitions.CapitalizedtermsusedhereinwithoutfurtherdefinionhavethemeaningssetforthintheAgreement.2.FeasibilityPeriod.Thedefinitionof“FeasibilityPeriod”setforthinSection1oftheAgreementisdeletedandthefollowingsubstitutedinlieuthereof:“FeasibilityPeriod”meanstheperiodcommencingontheEffectiveDateandcontinuingthroughtheearlierofOctober16,2020orten(10)businessdaysaftertheCitypresentstheBuyerwithanexecutedLibraryLeaseAmendment.3.Milestones.Section6.3oftheAgreementismodifiedtoprovidethattheMilestoneDeadlineforeachofProjectMilestones3-9isextendedbyanumberofdaysequalto(i)thetotalnumberofdayscomprisingtheFeasibilityPeriod(asextendedbythisAmendment4)less(ii)ninety(90)days.4,ClosingDate.Thedefinitionof“ClosingDate”setforthinSection1oftheAgreementismodifiedtoextendtheClosingDatebyanumberofdaysequalto(i)thetotalnumberofdayscomprisingtheFeasibilityPeriod(asextendedbythisAmendment4)less(ii)ninety(90)days.5.Ratification.ExceptasmodifiedandamendedbythisAmendment,theAgreementremainsinfullforceandeffectandasoriginallyexecuted.6.Execution.ThisAmendmentmaybeexecutedincounterparts.ThepartiesagreetoacceptadigitalimageofthisAmendment,asexecuted,asatrueandcorrectoriginalandadmissibleasbestevidenceforthepurposesofstatelaw,staterulesofcivilprocedures,FederalRuleofEvidence1002,andlikerules,statutesandregulations.INWITNESSWHEREOF,thepartiesheretohaveexecutedthisAmendmenteffectiveasofthedayandyearsetforthoppositetheirrespectivesignaturesbelow. BUYER:COSMOSINTERNATIONALCORP.,aWashinghoncorporationBy:Its:Date:JulyLL2020SELLER:CITYOFRENTON,amunicipalcorporationunderthelawsoftheStateofWashingtonBy:Its:MyDate:July2020AttestJasonA.SethCityClericApprovedastoLegalFormApprovedbyShaneMoloneyviaemaildated7/7/2020By:__________________________ShaneMoloneyCityAttorney2