Second Addendum to Commercial Contract between MagneGas Corporation and Jay Coleman, Inc.

Contract Categories: Business Finance › Modification Agreements
Summary

This Second Addendum modifies the original commercial contract between MagneGas Corporation (Seller) and Jay Coleman, Inc. or its assigns (Buyer) for the purchase of real property at 1500 Rainville Rd., Tarpon Springs, FL. The addendum extends the due diligence period to March 10, 2015, sets the closing date to March 31, 2015, and changes the purchase price to $450,000. All other terms of the original contract remain unchanged unless specifically modified by this addendum.

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EX-10.1 2 v403711_ex10-1.htm EXHIBIT 10.1

 

Exhibit 10.1

 

SECOND ADDENDUM TO CONTRACT

 

This second addendum (“Second Addendum”) to the COMMERCIAL CONTRACT (“Contract”) with an Effective Date of January 12, 2015 between MagneGas Corporation (“Seller”), and Jay Coleman, Inc. or Assigns (“Buyer”), regarding certain real property located at 1500 Rainville Rd., Tarpon Springs, FL 34689 (consisting of parcel #’s 01-27-15-00000 ###-###-#### & 01-27-15-00000 ###-###-####)

 

The clauses below shall be incorporated into the Contract referenced above:

 

1.The Due Diligence Period referenced in section 7B of the Contract expires on March 10th, 2015.
2.The Closing Date referenced in section 4A and Section 22 (Additional Terms) of the Contract is hereby changed to March 31st, 2015.
3.The Purchase Price referenced in section 2 of the Contract is hereby changed to $450,000.

 

SIGNATURES, INITIALS, DOCUMENTS REFERENCED IN THIS SECOND ADDENDUM, COUNTERPARTS AND WRITTEN MODIFICATIONS COMMUNICATED ELECTRONICALLY OR ON PAPER WILL BE ACCEPTABLE FOR ALL PURPOSES, INCLUDING DELIVERY, AND WILL BE BINDING.

 

Unless specifically modified or amended by this Second Addendum, all other terms, conditions and provisions of the Contract between the parties shall remain in full force and effect. To the extent any of the terms, conditions and provisions of this Second Addendum are contrary to any of the terms, conditions and provisions of the Contract or any previous Addendum, the terms, conditions and provisions of this Second Addendum shall prevail.

 

Seller:   Buyer:
     
     
     
     
     
Printed Name   Printed Name
     
     
Title   Title
     
     
Date     Date