First Amendment to Purchase and Sale Contract between Technology Square Finance, LLC and ARE-MA Region No. 31, LLC
This amendment updates a previous agreement between Technology Square Finance, LLC (Seller) and ARE-MA Region No. 31, LLC (Buyer) regarding the sale of property at Technology Square, Cambridge, Massachusetts. The main change is an extension of the due diligence period from July 11, 2006, to July 14, 2006. All other terms of the original contract remain unchanged. The amendment is acknowledged by the escrow agent, Chicago Title Insurance Company.
EXHIBIT 10.2
FIRST AMENDMENT TO PURCHASE AND SALE CONTRACT
THIS FIRST AMENDMENT TO PURCHASE AND SALE CONTRACT ("Amendment") is entered into as of July 10, 2006, by and between TECHNOLOGY SQUARE FINANCE, LLC, a Massachusetts limited liability company ("Seller") and ARE-MA REGION NO. 31, LLC, a Delaware limited liability company ("Buyer").
R E C I T A L S
WHEREAS, Seller and Buyer entered into that certain Purchase and Sale Contract dated as of July 3, 2006 (the "Agreement") with respect to certain real and personal property (the "Property") located at Technology Square, Cambridge, Massachusetts, which Property is more particularly described in the Agreement; and
WHEREAS, Seller and Buyer have agreed to amend the Agreement as more particularly set forth below.
NOW, THEREFORE, for mutual consideration, the receipt and sufficiency of which are hereby acknowledged by the parties, Seller and Buyer hereby amend the Agreement as follows:
1.Capitalized Terms. Capitalized terms not defined herein shall have the meaning ascribed to them in the Agreement.
2.Extension of Due Diligence Expiration Date. Effective as of the date hereof, Seller and Buyer hereby amend Section 7.3 of the Agreement to provide that the Due Diligence Expiration Date shall be and hereby is extended from 5:00 p.m. on July 11, 2006 to 5:00 p.m. on July 14, 2006.
3. Counterparts. This Amendment may be executed in one or more counterpart copies, all of which counterparts shall have the same force and effect as if all parties hereto had executed a single copy of this Amendment.
4.Ratification. Except as amended hereby, the Agreement shall remain in full force and effect.
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IN WITNESS WHEREOF, the parties have executed this Amendment as of the day and year first above written.
SELLER
:TECHNOLOGY SQUARE FINANCE, LLC, a Massachusetts limited liability company
By: Massachusetts Institute of Technology,
a Massachusetts charitable corporation,
its Manager
By: /s/ Steven C. Marsh
Name: Steven C. Marsh
Its: Managing Director, Real Estate
BUYER
: ARE-MA REGION NO. 31, LLC, a Delaware limited
liability company
By: Alexandria Real Estate Equities, L.P.,
a Delaware limited partnership,
its Managing Member
By: ARE-QRS Corp.,
a Maryland corporation,
its General Partner
By: /s/ Jennifer Pappas
Name: Jennifer Pappas
Its:V.P. & Assistant Secreatary
Acknowledgement by Escrow Agent
Escrow Agent acknowledges the terms of the foregoing Amendment, and agrees to continue to be bound by those terms of the Agreement applicable to the Escrow Agent.
ESCROW AGENT:
Chicago Title Insurance Company
By: /s/ Gus Aguilar
Name: Gus Aguilar
Its: Senior Escrow Officer
