HomeMy WebLinkAboutAD04-065 - Other - Addendum #5 - Yarrow Bay Development, LLC - Reservoir Impoundment Property - 04/13/2004 ADDENDUM FIVE TO THE REAL ESTATE PURCHASE 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 — 4a' Avenue South, Kent, Washington 98032, hereby enter into this
Addendum Five to the Real Estate Purchase and Sale Agreement signed on October 8,
2003, as -imended by Addendum One signed on December 18, 2003, Addendum Two
signed on February 13,2004, Addendum Three signed on March 1, 2004, and Addendum
Four signed on March 8, 2004 (collectively the"Agreement"):
1. Section 4.(c)(i)of the Agreement shall be amended as follows:
4.(c) A Feasibility Study as follows:
(i) Buyer shall have until May 7, 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 term 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
re:••ult of or on account of injuries or damages to persons, entities and/or property
rei:eived or sustained, arising out of,in connection with or as a result of the acts or
onussions of Buyer or its agents or employees in exercising its rights under the
rii,ht 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. Except as modified by this Addendum Five, all the terms and conditions of the
Agreement will remain in full force and effect.
3. Facsimile signatures on this Addendum Five shall be considered originals.
ADDENDL M FIVE TO REAL ESTATE PURCHASE AND SALE AGREEMENT BETWEEN
YARROW BAY DEVELOPMENT,LLC. AND THE CITY OF KENT
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This Addendum Five will take effect on the last date entered below.
SELLER;; BUYER:
CITY O KENT YARROW BAY DEVELOPMENT, LLC
By: By:
J' Mayor Managin emb
Dated:_ Dated: 7 IPi
APPROWD AS TO FO M. r
—Ken tt Attorney
Dated:_, ZVOL-1 0A_
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ADDENDUM FIVE TO REAL ESTATE PURCHASE AND SALE AGREEMENT BETWEEN
YARROW BAY DEVELOPMENT,LLC.AND THE CITY OF KENT
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