SIXTH AMENDMENT TO PURCHASE AGREEMENT
EXHIBIT 10.50
SIXTH AMENDMENT TO PURCHASE AGREEMENT
This Sixth Amendment to Purchase Agreement (Amendment) is made by and between the Kirk & Blum Manufacturing Company (Purchaser) and Buckley Properties Co. (Seller) under the following circumstances:
A. Purchase and Seller are parties to that certain Purchase Agreement dated September 6, 2005 (Purchase Agreement) pursuant to which Seller agreed to sell, and Purchaser agreed to purchase, certain real property more particularly described in the Purchase Agreement, all upon the terms and conditions contained therein;
B. Pursuant to Section 8(d) through (h) of the Purchase Agreement, Purchasers obligation to close the transaction contemplated by the Purchase Agreement is subject to certain contingencies, none of which have occurred; and
C. Purchaser and Seller heretofore amended the Purchase Agreement by written amendments dated November 15, 2005, November 30, 2005, December 15, 2005, January 13, 2006 and February 1, 2006; and
D. Purchaser and Seller each desire to enter into this Sixth Amendment to extend the period of time within which Purchaser may satisfy the contingencies contained in Section 8(d) through (h) of the Purchase Agreement on the terms and conditions set forth herein.
NOW, THEREFORE, in consideration of the foregoing premises, and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, Purchase and Seller hereby agree as follows:
1. Purchaser waives the contingencies contained in Sections 8(a), (b), and (c) of the Purchase Agreement, provided Seller cures Purchasers objections contained in Purchasers correspondence dated October 20, 2005 and October 21, 2005 to Purchasers sole satisfaction.
2. Section 4(a) of the Purchase Agreement as previously amended is further amended by deleting the date February 17, 2006 and replacing it with the date March 10, 2006, and any reference to Closing or date of Closing shall mean March 10, 2006.
3. The period of time in which Seller has to notify Purchaser of which matters it will cure and how of those previously objected to by Purchaser following the Inspection Period, as set forth in the subject Agreement, is hereby further extended through March 10, 2006.
4. Except as further amended, modified or altered hereby, the Purchase Agreement as heretofore amended is not otherwise amended, modified or altered, and each of the parties hereto ratifies, affirms and confirms each and every provision of the Purchase Agreement, as amended hereby.
Dated this /15th/ day of February, 2006.
PURCHASER: | ||
The Kirk & Blum Manufacturing Company | ||
By: | /s/ L. John Bertoli, III | |
L. John Bertoli, III, Vice President | ||
SELLER: | ||
Buckley Properties Co. | ||
By: | /s/ Thomas Strotman | |
Tom Strotman, Treasurer |