HomeMy WebLinkAboutAD04-065 - Other - Addendum #3 - Yarrow Bay Development, LLC - Reservoir Impoundment Property - 03/01/2004 UJ/U1/(UV4 11:4U rAd LU0 044 1104
ADDENDUM TARES TO THE REAL ESTATE PURCIIASE AND SALE
AGREEMENT BETWEEN YARROW BAY DEVELOPMENT,LLC.
AND THE CITY OF KENT
Yarrow Bay Development, LLC ("Buyer"), with offices located at 825 Fifth
Avenue, Suite 202, Kirkland, Washington, and the City of Kent ("Seller") with offices
located at 220 — 4" Avenue South, Kent, Washington 98032, hereby enter into this
Addendum Three to the Real Estate Purchase and Sale Agreement as signed on October
8, 2003, and as amended by Addendum One as signed on December 18, 2003, and
Addendum Two as signed on February 13,2004(collectively the"Agreement"):
1. Seaion 4.(c)(i)of the Agreement shall be amended as follows:
4.(c) A Feasibility Study as follows:
(i) Buyer shall have until March 8, 2004 to determine,in Buyer's sole
and absolute discretion, if the real property is feasible for investment and/or
development by Buyer. Buyer is granted a right of entry during the tern of the
Feasibility Study. Buyer agrees to assume all liability for and to defend,
indemnify and save Seller harmless from all liability and expense (including
reasonable attorneys' fees) in connection with all claims, suits and actions of
every name, kind and description brought against Seller or its agents or
employees by any person or entity as a result of or on account of injuries jor
damages to persons, entities and/or property received or sustained, arising out of,
in connection with or as a result of the acts or omissions of Buyer or its agents or
employees in exercising its rights under the right of entry granted in this Section,
except for claims caused by Seller's sole negligence. The provision of this
subsection shall survive Closing or the termination of this Agreement.
2. Section 4(c)(iv)of the Agreement shall be amended as follows:
4.(c) A Feasibility Study as follows:
(iv) If Buyer fails to notify Seller in writing of the results of the
Feasibility Study in 4(c), on or before March 8, 2004, then the feasibility
contingency will be deemed satisfied and removed. If Buyer does-not remove the
fe±tsibility contingency and terminates this Agreement before the expirilkn o€1he .
Feasibility Study, neither Buyer nor Seller shall have any further rights, duties or
obligations hereunder, except that Buyer agrees to return the real property to its
original state (i.e., fill all boring holes, etc.) and except as Buyer remains
obligated under the provisions of 4(c)(i).
ADDENDUM THREE TO REAL ESTATE PURCHASE AND SALE AGREEMENT BETWEEN
YARROW BAY DEVELOPMENT,LLC.AND THE CITY OF KENT
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3. Except as modified by this Addendum Three, all the terms and conditions of the
Agreement will remain in full force and effect.
4. Fa4;simile signatures on this Addendum Three shall be considered originals.
This Addendum Three will take effect on the last date entered below.
SELLER: BUYER:
CITY OF KENT YARROW BAY DEVELOPMENT,LLC
By: BY:
J te,Mayor Managing Member
Dated: — Dated: 3/1 1 o'f
APPRONTD AS TO FO :
By: z� (v zf7-f z1v
Kent CI mey
Dated: 3 1 O�(
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ADDENDUM THREE TO REAL ESTATE PURCHASE AND SALE AGREEMENT BETWEEN
YARROW BAY DEVELOPMENT,LLC.AND THE CITY OF KENT
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