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HomeMy WebLinkAboutPurchase & Sale Agreement - Adden 7SUR-108, Adden #7-22 AMENDMENT NO. 7 TO REAL ESTATE DISPOSITION AND DEVELOPMENT AGREEMENT [200 Mill Avenue] THIS AMENDMENT NO. 7 TO REAL ESTATE DISPOSITION AND DEVELOPMENT AGREEMENT (the "Amendment") is entered into by and between THE CITY OF RENTON, a Washington municipal corporation ("Seller" or "City"), and COSMOS INTERNATIONAL CORP., a Washington corporation ("Buyer"). RECITALS: A. Seller and Buyer entered into a certain Real Estate Disposition and Development Agreement dated August 20, 2019 ("Agreement'), concerning the purchase, sale and development of the real property described Chicago Title Insurance Company Commitment No. 193379-SC. B. Seller and Buyer desire to amend the Agreement to extend the Feasibility Period. NOW, THEREFORE, in consideration of the mutual covenants and agreements contained herein, which each of the parties hereby acknowledges as adequate and sufficient consideration, Buyer and Seller hereby agree as follows: 1. Definitions. Capitalized terms used herein without further definition have the meanings set forth in the Agreement. 2. Feasibility Period. The definition of "Feasibility Period" set forth in Section 1 of the Agreement is deleted and the following substituted in lieu thereof: "Feasibility Period" means the period commencing on the Effective Date and continuing through the earlier of March 15, 2022. 3. Closing Date. The definition of "Closing Date" set forth in Section 1 of the Agreement is modified to extend the Closing Date by a number of days equal to (i) the total number of days comprising the Feasibility Period (as extended by this Amendment 7) less (ii) ninety (90) days. 4. Ratification. Except as modified and amended by this Amendment, the Agreement remains in full force and effect and as originally executed. 5. Execution. This Amendment may be executed in counterparts. The parties agree to accept a digital image of this Amendment, as executed, as a true and correct original and admissible as best evidence for the purposes of state law, state rules of civil procedures, Federal Rule of Evidence 1002, and like rules, statutes and regulations. IN WITNESS WHEREOF, the parties hereto have executed this Amendment effective as of the day and year set forth opposite their respective signatures below, BUYER: COSMOS INTERNATIONAL CORP., a Washington corporation Its: i r- ,. l e-o Date: January 1 2 , 2022 SELLER : CITY OF RENTON, a municipal corporation under the laws of the State of Washington By: Date: Attest Jason A. Seth City Clerk Approved as to Legal Form By: .. Aame s Shane Moloney City Attorney REN1'p PAR 10