FIRST AMENDMENT TO ASSET AND REAL ESTATE PURCHASE AGREEMENTAsset Purchase Agreement |
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ASSET AND REAL ESTATE | Baldwin/Green Acres Limited Partnership | Buchanan Ingersoll Professional Corporation | Green Acres Nursing Home, Inc | RE2 Kenton, Inc. RealDealDocs™ contains millions of easily searchable legal documents and clauses from top law firms. Search for free - click here. |
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Exhibit 10.34
FIRST AMENDMENT TO
ASSET AND REAL ESTATE PURCHASE AGREEMENT
THIS FIRST AMENDMENT TO ASSET AND REAL ESTATE PURCHASE AGREEMENT (this Amendment), dated as
of April 26, 2004, is entered into by and between Baldwin/Green Acres Limited Partnership, an Ohio
limited partnership (Seller), and RE2 Kenton, Inc., an Ohio corporation (Buyer);
WHEREAS, Seller and Buyer have entered into that certain Asset and Real Estate Purchase
Agreement, dated March 31, 2004 (the Agreement), pursuant to which the Seller has agreed to sell,
and the Buyer has agreed to purchase the Premises (the Transaction);
WHEREAS, pursuant to the Agreement, the closing for the Transaction is scheduled for April 30,
2004;
WHEREAS, Seller and Buyer acknowledge that certain conditions to closing cannot be completed
by April 30, 2004;
WHEREAS, Seller and Buyer still desire to affect the Transaction;
NOW, THEREFORE, in consideration of the premises, agreements, covenants, representations and
warranties set forth herein and other good and valuable consideration, the receipt and adequacy of
all of which are forever acknowledged and confessed, the parties hereto, intending to be legally
bound hereby, agree as follows:
1. Section 3.1 of the Agreement shall be amended and restated in its entirety as follows:
3.1 Closing.
Subject to the satisfaction or waiver by the appropriate party of all the conditions
precedent to Closing specified in Articles 8 and 9 hereof, the consummation of the
transactions (the Closing) shall take place at the offices of Buchanan Ingersoll
Professional Corporation, One Oxford Centre, 301 Grant Street, 20th Floor, Pittsburgh,
Pennsylvania, 15219, at 8:30 a.m. on or before May 21, 2004 or at such later or earlier date
and/or such other location as the parties hereto may mutually agree in writing or as
otherwise in this Agreement (the Closing Date). The Closing shall be effective as of
12:01 a.m. then prevailing Eastern time on May 22, 2004 (the Effective Time).
2. Section 10.1 of the Agreement shall be amended and restated in its entirety as follows:
10.1 Termination Prior to Closing.
Notwithstanding anything herein to the contrary, this Agreement may be terminated at
any time: (i) on or prior to the Closing Date by mutual consent of Buyer
and Seller; (ii) on or prior to the Closing Date by Buyer if there has been a material
adverse change in the financial condition or results of operations of the Assets since the
date hereof; (iii) on or prior to closing by Buyer if any of the conditions specified in
Article 8 of this Agreement have not been substantially satisfied and satisfaction of such
condition shall not have been waived; (iv) on or prior to Closing by Seller if any of the
conditions specified in Article 9 of this Agreement have not been satisfied and satisfaction
of such condition shall not have been waived; (v) by Buyer in accordance with the provisions
of Sections 6.7, 8.9 or 8.16; (vi) by Buyer or Seller if Closing shall not have taken place
on or before 11:59 p.m. (Eastern time) on May 21, 2004 (which date may be extended by mutual
agreement of Buyer and Seller).
Notwithstanding the foregoing, a party shall not be allowed to exercise any right of
termination if the event giving rise to the termination right shall be due to the willful
breach of this Agreement by such party seeking







