Second Amendment to Real Estate Purchase and Sale Agreement
Contract Categories: Business Finance - Purchase Agreements
EX-10.2 3 exh102realestateagrame.htm EX-10.2 Document
SECOND AMENDMENT TO
REAL ESTATE PURCHASE AND SALE AGREEMENT
This Second Amendment to Real Estate Purchase and Sale Agreement ("Second Amendment") is made and entered into by and between Lex-Gen Woodlands, L.P., a Delaware limited partnership ("Seller") and FFC Equity Holdings, L.P, a Texas limited partnership ("Purchaser"), to be effective March 19, 2020 (the "Second Amendment Effective Date").
For and in consideration of the mutual covenants and agreements set forth below and other good and valuable consideration, the receipt and sufficiency of which are acknowledged, Seller and Purchaser hereby recite and agree as follows:
(A) Purchase Agreement. Seller and Purchaser entered into that certain Real Estate Purchase and Sale Agreement (the "Initial Agreement"), dated effective January I0, 2020, as amended by that certain First Amendment dated effective February 13, 2020 (the "First Amendment" and, together with the Initial Agreement, the "Agreement"), pursuant to which Seller agreed to sell and Purchaser agreed to purchase, pursuant to the terms, provisions and conditions therein, certain real property in Montgomery County, Texas, and being more particularly described therein. All capitalized terms not otherwise defined herein shall have the meaning ascribed to them in the Agreement.
(B) Seller and Purchaser desire to amend the Agreement on the terms and conditions set forth herein.
Now, therefore, in consideration of the mutual agreements set forth below, and for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the undersigned agree as follows:
1. The definition of "Study Period" in Article 1 of the Agreement is hereby deleted in its entirety and replaced with the following:
“Study Period” shall mean the period commencing on the Effective Date and ending at 5:00 p.m., Houston, Texas time, on the date that is one hundred fifty (150) days after the Effective Date."
2. The third sentence in Section 3.1 of the Agreement is hereby deleted in its entirety and replaced with the following:
"In the event that this Agreement is not terminated pursuant to Section 5.2 within one hundred thirty-five (135) days after the Effective Date, One Hundred Thousand and No/100 Dollars ($100,000.00) of the Deposit (the "Non-Refundable Amount") shall become non-refundable and
shall be delivered by Escrow Agent to Seller upon the termination of this Agreement for any reason other than a default by Seller under this Agreement, failure of a condition precedent favoring Purchaser as outlined in Section 6.1 hereof, or a termination of this Agreement pursuant to Section 6.3 (Risk of Loss) or 6.4 (Condemnation)."
3. Other Terms. All other terms, conditions and provisions of the Agreement are hereby ratified and confirmed and shall remain in full force and effect as of the date thereof, except as expressly modified hereby.
4. Counterparts. This Second Amendment may be executed by facsimile or other electronic transmission in two or more counterparts, each of which shall be deemed to be an original, but all of which taken together shall constitute but one and the same instrument.
5. Binding Effect. This Second Amendment shall be binding upon and inure to the benefit of the Seller and Purchaser and their respective successors and permitted assigns.
EXECUTED to be effective as of the Second Amendment Effective Date.
LEX-GEN WOODLANDS, L.P., a Delaware limited partnership
By: Lex-Gen Woodlands GP, LLC, a Delaware limited liability company, its sole general partner
FFC EQUITY HOLDINGS, L.P., a Texas limited partnership
By: FFC Equity Investments, L.L.C., a Texas limited liability company, its sole general partner