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THIRD AMENDMENT TO
SALE AGREEMENT AND
ESCROW INSTRUCTIONS
This Third
Amendment to Sale Agreement and Escrow Instructions (this “
Amendment ”) is executed as of November 19, 2007
(“ Amendment Date ”), by and between 2001 W.
Orange Grove Road, LLC, an Arizona limited liability company, PVP
Investments, LLC, a Delaware limited liability company, WRM
Investments, LLC, an Arizona limited liability company, and EDI
Baptist, LLC, an Arizona limited liability company (collectively,
“ Desert Life Seller ”), WRM Investments, LLC,
an Arizona limited liability company, and SOD Investments, LLC, an
Arizona limited liability company (collectively “ La
Cholla Seller ”; and together with Desert Life Seller,
the “ Seller ”) and Triple Net Properties, LLC,
a Virginia limited liability company (“ Buyer
”).
RECITALS
A. Seller and Buyer have previously entered into that certain
Sale Agreement and Escrow Instructions dated as of October 19,
2007 (the “ Original Agreement ”), as amended by
that Amendment to Purchase Contract dated October 31, 2007
(the “ First Amendment ”), and as amended by
that Second Amendment to Sale Agreement and Escrow Instructions
executed as of November 2, 2007 (“ Second
Amendment ”; where the Original Agreement as amended by
the First Amendment and Second Amendment are referred to as the
“ Contract ”), which is the subject of Chicago
Title Insurance Company Escrow Nos. 2709994 and 2709997
(collectively, the “ Escrow ”).
B. Seller and Buyer wish to amend the Contract as provided in
this Amendment.
C. Capitalized terms that are used in this Amendment that are
not otherwise defined in this Amendment shall have the meanings
ascribed in the Contract.
AGREEMENTS
For
valuable consideration, the receipt and sufficiency of which are
acknowledged, Seller and Buyer agree as follows.
1.
Amendment to Contract . The last sentence of
Section 13(c)(ii) of the Contract is hereby deleted in its
entirety. The following is added to Section 13(c)(ii):
Notwithstanding
anything to the contrary in this Contract:
(x) At the
Closing, the Purchase Price shall be increased by Fifty Thousand
and No/100 Dollars ($50,000.00), in connection with Seller
obtaining a lease amendment from Genova Clinical Research, Inc.,
extending the lease term for at least twelve (12) additional
months, which Purchase Price increase shall be allocable to the La
Cholla Project; provided that La Cholla Seller shall be responsible
(by either paying prior to Closing or by crediting Buyer at
Closing) for any tenant improvements and any leasing commiss
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