SECOND AMENDMENT TO EXCLUSIVE NEGOTIATING AGREEMENT
GREENS DEVELOPMENT, INC
This SECOND AMENDMENT TO THE EXCLUSIVE NEGOTIATING AGREEMENT ("Second Amendment") is dated as of this day of March, 2022 by and between the CITY OF RIVERSIDE, a California charter city and municipal corporation ("City"), and GREENS DEVELOPMENT, INC, a California corporation ("Developer").
RECITALS
The City and Developer entered into an Exclusive Negotiating Agreement, dated September 23, 2019 ("ENA"), whereby the City and Developer would exclusively negotiate the terms and conditions for the purposes of the development of hotels, multi-family housing and commercial/retail.
B. The City and Developer entered into a First Amendment to the Exclusive Negotiating Agreement, dated September 14, 2021.
C. The Agreement expires March 22, 2022.
The City and Developer desire to extend the agreement by six months, with no lapse in term, to September 22, 2022, with additional six-month extensions thereafter, to be exercised unilaterally only by the City, with the last extension to expire on December 31, 2024.
NOW, THEREFORE, the parties hereby agree as follows:
1. Section 1.2 is hereby amended in its entirety as follows:
"1.2 Term. The term of this ENA began on September 23, 2019 and shall expire on September 22, 2022, with no lapse in term. The term may be unilaterally extended, in six month increments, by the City, with the last extension to expire on December 24, 2024.
The City may exercise such extension by providing written notice to Developer within 30 days of expiration of the then-current term. At or prior to the termination or expiration of the ENA, the City and Developer may enter the Agreements that would include the planning, design, related entitlements and financing of the Project, as well as City Council approval of the Agreements. Approval to enter into Agreements is not guaranteed. This ENA may be earlier terminated pursuant to Section 8 herein."
2. All other terms and conditions of the ENA between the parties, which are not inconsistent with the terms of this Second Amendment, shall remain in full force and effect as if fully set forth herein.
IN WITNESS WHEREOF, the parties have executed this Second Amendment on the date and year first above written.
CITY OF RIVERSIDE DEVELOPER
Greens Development, Inc., a California
corporation
By: By:_
City Manager
Printed Name: Ashutosh Kadakri
Its:_ Cfo
Attest to: By:_
Printed Name:
By:_
City Clerk Its:
Approved as to form:
By:_ susam Wbson
Assistant City Attorney