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INITIALS INITIALS
© 2020 AIR CRE. All Rights Reserved. Last Edited: 2/8/2023 3:48 PM ATPA-1.00, Revised 10-22-2020 Page 1 of 2
THIS AMENDMENT TO PURCHASE AND SALE AGREEMENT AND ESCROW INSTRUCTIONS ("Amendment") is made and entered into as of March 15, 2023 , by and between City of San Leandro ("Buyer") and Parshotam Inc. (an S corporation) dba Nimitz Motel ("Seller") (collecƟvely, the "ParƟes" or individually, a "Party").
WHEREAS, Buyer and Seller are parƟes to that certain Standard Offer, Agreement and Escrow InstrucƟonsfor Purchase of Real Estate dated March 23, 2022 ("Agreement") with respect to the property commonly known as (street address, city, state,zip): 555 Lewelling Blvd., San Leandro, CA 94579 ("Property");
WHEREAS, the Agreement has not been previously amended except (if there are no excepƟons write "NONE"): First, Second, Third and Fourth Amendments .
WHEREAS, the ParƟes have opened an escrow with First Fidelity Escrow Inc. ("Escrow Holder"); WHEREAS, the ParƟes now desire to amend the Agreement and their instrucƟons to Escrow Holder ("Escrow InstrucƟons"); NOW, THEREFORE, for Buyer's payment of ten dollars($10) to Seller and other good and valuable consideraƟon, the receipt and sufficiency of which is hereby acknowledged, the ParƟes hereby amend the Agreement and the Escrow InstrucƟons as follows(list changes below):
The Due Diligence Period of the PSA is hereby extended from March 15, 2023 to July 1, 2023. All of the March 15, 2023 deadlines for Buyer’s approval or disapproval of Buyer Contingencies set forth in Sections 5.2, 5.3 and 9.1 of the PSA are extended to July 1, 2023. In so doing, the Buyer authorizes Escrow to release Seventy-Five Thousand Dollars ($75,000) to the Seller from the Deposit, which shall be applied to the purchase price and non-refundable.
In addition, it is also hereby agreed that the Buyer is granted two (2) Options to extend the Due Diligence Period of the PSA by 30 days. The first 30-Day Extension Option shall be exercised on or before July 1, 2023. If this first 30-Day Extension Option is exercised, then Buyer shall deposit into Escrow an additional Fifty-Thousand Dollars ($50,000) to be applied to the Purchase Price and non-refundable. The second 30 – Day Extension Option shall be exercised by July 31,2023, and no additional Deposit shall be required therefor.
The defined terms of the Agreement shall have the same meaning in this Amendment. Signatures to this Amendment accomplished by means of electronic signature or similar technology shall be legal and binding. This Amendment may be executed in counterparts, each of which shall be deemed an original, and all of which together shall consƟtute one and the same instrument. This Amendment shall not be construed asif prepared by one of the ParƟes, but according to its fair meaning as a whole, asif both ParƟes had prepared it. Except as specifically amended by this Amendment, the Agreement and the Escrow InstrucƟonsshall remain unchanged and conƟnue in full force and effect.
ATTENTION: NO REPRESENTATION OR RECOMMENDATION IS MADE BY AIR CRE OR BY ANY BROKERS AS TO THE LEGAL SUFFICIENCY, LEGAL EFFECT, OR TAX CONSEQUENCES OF THIS AMENDMENT. THE PARTIES ARE URGED TO SEEK ADVICE OF COUNSEL AS TO THE LEGAL AND TAX CONSEQUENCES OF THIS AMENDMENT.
EXECUTED as of the date first wriƩen above.
By Seller:
Parshotam Inc. (an S corporation) dba
Nimitz Motel
By:
Name Printed: Pratap P. Solanki
Title:
Phone:
Fax:
Email:
By:
Fifth AMENDMENT TO
PURCHASE AND SALE AGREEMENT
By Buyer:
City of San Leandro
By:
Name Printed: Thomas Liao
Title: Community Development Director
Phone:
Fax:
Email:
By:
Name Printed: Frances M. Robustelli
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INITIALS INITIALS
© 2020 AIR CRE. All Rights Reserved. Last Edited: 2/8/2023 3:48 PM ATPA-1.00, Revised 10-22-2020 Page 2 of 2
Name Printed: Pravin P. Solanki
Title: Secretary
Phone:
Fax:
Email:
By: __________________________
Name Printed: Jitendra P. Chhiboo
Title: Treasurer
Phone: _________________
Email: __________________
Address: 555 Lewelling Blvd. San Leandro, CA
Federal ID No.:
Title: City Manager
Phone:
Fax:
Email:
Address:
Federal ID No.:
AIR CRE * hƩps://www.aircre.com * 213-687-8777 * [email protected] NOTICE: No part of these works may be reproduced in any form without permission in wriƟng.