SIXTH AMENDMENT TO EXCLUSIVE NEGOTIATING AGREEMENT
GREENS DEVELOPMENT, INC.
This SIXTH AMENDMENT TO THE EXCLUSIVE NEGOTIATING AGREEMENT ("Sixth Amendment") is dated as of this _ day of _ 2023, by and between the CITY OF RIVERSIDE, a California charter city and municipal corporation ("City"), and GREENS DEVELOPMENT, INC, a California corporation ("Developer").
RECITALS
WHEREAS, the City and Developer entered into an Exclusive Negotiating Agreement, dated September 23, 2019 ("ENA"), for the purpose of establishing a period during which Developer shall have the exclusive right to conduct investigatory analyses on portions of Assessor Parcel Numbers 213-113-001, 213-111-011, -012, -013, -015, -016 and - 017 ("Site") for the purpose of the development of hotels, multi-family housing and commercial/retail. Developer and City agreed to negotiate the acquisition of the private portion of the Site which is intended to culminate in a Purchase, Sale and Development Agreement; and WHEREAS, the City and Developer entered into a First Amendment to Exclusive Negotiating Agreement, dated September 14, 2021 ("First Amendment"), extending the term of the ENA to March 22, 2022; and
WHEREAS, the City and Developer entered into a Second Amendment to Exclusive Negotiating Agreement, dated March 31, 2022 ("Second Amendment"), extending the term of the ENA to September 22, 2022; and
WHEREAS, the City and Developer entered into a Third Amendment to Exclusive Negotiating Agreement, dated September 14, 2022 ("Third Amendment"), extending the term of the Agreement to March 22, 2023; and
Negoliating Agresent, dated March 23, loper eloned in a month, Amending the elusive Agreement to June 22, 2023; and
WHEREAS, the City and Developer entered into a Fifth Amendment to Exclusive Negotiating Agreement, dated June 23, 2023 ("Fifth Amendment"), extending the term of the Agreement to December 22, 2023; and
WHEREAS, the City and Developer desire to extend the term of the ENA an additional eighteen (18) months, to June 22, 2025.
NOW, THEREFORE, the parties hereby agree as follows:
The term of the ENA is hereby extended to June 22, 2025. 1 All other terms and conditions of the ENA between the parties, which are not inconsistent with the terms of this Sixth Amendment, shall remain in full force and effect as if fully set forth herein.
IN WITNESS WHEREOF, the parties have executed this Sixth Amendment on the date and year first above written.
CITY OF RIVERSIDE, GREENS DEVELOPMENT, INC,
a California charter city and municipal a California corporation corporation
Sharadkumar kadakia
By: By: Sharadkumar kadak kia (Sep 20, 2023 13:41 PDT)
City Manager Print Name: Sharad J kadakia
Title: Principal.
ATTESTED TO: (Signature of Board Chair, President, or
Vice President)
By:
City Clerk
and
APPROVED AS TO FORM:
Susan Wilson 1 5020 2023134 01
BV: Susan Wilson (Sep 27, 2023 11:43 PDT By: Ash
Assistant City Attorney Print Name: Ashutosh Kadakia
Title: CFO
(Signature of Secretary, Assistant Secretary,
CFO, Treasurer, or Assistant Treasurer)
1IRc-citylawlcycoml WPDOCS\D01\P036\00736943.DOCX
19-0551.12 SDW 9/20/23
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