HomeMy WebLinkAboutIV.C. First Amendment to Purchase Agreement - 8-2-22FIRST AMENDMENT TO PURCHASE AGREEMENT
THIS FIRST AMENDMENT TO PURCHASE AGREEMENT (this “First Amendment”) is entered into as of , 2022 (the “Effective Date”), by and between the Hastings Economic Development and Redevelopment Authority, a public body corporate and politic organized under the laws of Minnesota (“HEDRA”), and River City
Investments L. L. C., a Minnesota limited liability company (“Buyer”).
RECITALS Recital No. 1. HEDRA and Buyer entered into a Purchase Agreement dated April 27,
2022 (“Purchase Agreement”), for the purchase and sale of real property identified in the
Purchase Agreement. Recital No. 2. Buyer has requested the Purchase Agreement be amended to extend the Closing Date.
Recital No. 3. HEDRA does not object to the extension, so long as Buyer agrees to demolish the structures on the adjacent property prior to December 31, 2022. Recital No. 4. Buyer agrees to demolish the structures on the adjacent property prior
to December 31, 2022.
NOW, THEREFORE, in consideration of the mutual promises and covenants of each to the other contained in this First Amendment and other good and valuable consideration, receipt of which is hereby acknowledged, the parties hereto do covenant and agree as follows:
1. Section 5.1(A)(18) shall be added to the Purchase Agreement as follows: (18) On or before the Contingency Date, Buyer shall have demolished the structures on the adjacent property.
2. Section 5.1(C) of the Purchase Agreement shall be removed and replaced in its entirety as follows: C. As used in this Agreement, the “Contingency Date” shall mean December 31,
2022.
3. Section 5.2(D) shall be added to the Purchase Agreement as follows: D. On or before the Contingency Date, Buyer shall have demolished the structures
on the adjacent property.
4. Section 6 of the Purchase Agreement shall be removed and replaced in its entirety as follows:
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6. Closing. The closing of the purchase and sale contemplated by this Agreement
(the “Closing”) shall occur on or before August 1, 2023, unless otherwise agreed to by
the parties (the “Closing Date”). HEDRA agrees to deliver legal and actual possession of the Property to Buyer on the Closing Date. 5. Except as provided for above, the terms and provisions of the Purchase Agreement shall
remain in full force and effect.
6. This First Amendment and all disputes or controversies arising out of or relating to this First Amendment or the transactions contemplated hereby shall be governed by, and construed in accordance with, the internal laws of the State of Minnesota, without regard
to the laws of any other jurisdiction that might be applied because of the conflicts of laws
principles of the State of Minnesota. 7. Nothing contained herein shall be deemed a waiver by HEDRA of any governmental immunity defenses, statutory or otherwise. Further, any and all claims brought by Buyer
or its successors or assigns, shall be subject to any governmental immunity defenses of
HEDRA and the maximum liability limits provided by Minnesota Statutes, Chapter 466. 8. This First Amendment may be executed in two or more counterparts, all of which shall be considered one and the same instrument and shall become effective when one or more
counterparts have been signed by the parties and delivered to the other parties.
9. This First Amendment shall not be amended, modified or supplemented, except by a written instrument signed by an authorized representative of each party.
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IN AGREEMENT, the parties hereto have hereunto set their hands as of the Effective
Date.
HEDRA: HASTINGS ECONOMIC DEVELOPMENT AND
REDEVELOPMENT AUTHORITY By ________________________________
Bruce Goblirsch
Its President By ________________________________
Eric Maass
Its Secretary
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BUYER: RIVER CITY INVESTMENTS L. L. C.
By Lucas Siewert
Its: Chief Manager