HomeMy WebLinkAboutPurchase & Sale Agreement - Adden 5 SUR-108,Adden #5-20
AMENDMENT NO. 5
TO
REAL ESTATE DISPOSITION AND DEVELOPMENT AGREEMENT
[200 Mill Avenue]
THIS AMENDMENT NO. 5 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
October 18, 2021 to accommodate the effects of Covid, the issuance of a new Library LBA, and
required modifications to the definition of LBA Approval as intended in Milestone 4 under Section
6.3.
The term "Library LBA" means a lot boundary adjustment, lot line adjustment, or other similar procedure
for segregation causing the portion of the Site comprising the Library Area to constitute a separate legal
lot for subdivision purposes and that does not impose any conditions or restrictions on the remainder of
the Site that are unacceptable to Buyer. The term "Library Area" means the portion of the Site identified
in yellow highlighting on Exhibit A attached to this Amendment 5.
3. Milestones. Section 6.3 of the Agreement is modified to provide that the Milestone Deadline for
each of Project Milestones 3-9 is extended by a number of days equal to (i) the total number of days
comprising the Feasibility Period (as extended by this Amendment 5) less (ii) ninety (90) days.
4. 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 5) less (ii) ninety (90) days.
5. Ratification. Except as modified and amended by this Amendment, the Agreement remains in full
force and effect and as originally executed.
6. 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
By: �_Its: T✓ec,-SuYet/
Date: October f'1 , 2020
SELLER:
CITY OF RENTON,
a municipal -irporation under the laws of the State of Washington
By: .14.,1
Its: ,Ti Armondo Pavone
Date: October 2-4, 2020
, k P;
°'Attest ,�
/ l
Jasfn A. Sep
Ci. Clerk
Approved as to Legal Form
By: _, 4lonC .4e-0-
Shane Moloney
City Attorney
2
EXHIBIT A
Depiction of Library Area
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"Library Area"is area highlighted in yellow.
3