Amendment No. 5 to Stock Purchase Agreement among Olympic Property Group LLC, Olympic Water and Sewer, Inc., and Port Ludlow Associates LLC
This amendment, dated July 24, 2001, updates a previous stock purchase agreement between Olympic Property Group LLC, Olympic Water and Sewer, Inc., and Port Ludlow Associates LLC. The amendment revives the agreement and extends a key deadline from July 13, 2001, to August 1, 2001. All other terms of the original agreement remain unchanged and in effect. The amendment is signed by authorized representatives of all parties involved.
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Exhibit 10.20
AMENDMENT NO. 5
TO
STOCK PURCHASE AGREEMENT
THIS AMENDMENT NO. 5 TO STOCK PURCHASE AGREEMENT (this "Amendment") dated as of July 24, 2001, is made by and among Olympic Property Group LLC, a Washington limited liability company ("OPG"), Olympic Water and Sewer, Inc., a Washington corporation (the "Company"), and Port Ludlow Associates LLC, a Washington limited liability company ("Purchaser"), regarding that certain Stock Purchase Agreement dated May 29, 2001, as amended by Amendment No. 1 dated June 1, 2001, Amendment No. 2 dated June 13, 2001, Amendment No. 3 dated June 22, 2001, and Amendment No. 4 dated June 29, 2001 (as amended, the "Agreement"), among OPG, the Company, and Purchaser, for the purchase and sale of the shares of capital stock of the Company (the "Shares").
I. EFFECT OF AMENDMENT. This Amendment amends and modifies the Agreement. In the event of any conflict between the Agreement and this Amendment, this Amendment shall control. Except as contained within the Agreement and this Amendment, there are no other agreements or understandings among OPG, the Company, and Purchase relating to the Shares. Capitalized terms not otherwise defined herein shall have the meanings given them under the Agreement.
II. REVIVAL. The Agreement is hereby revived.
III. EXTENSION OF TIME. In Section 9.17 of the Agreement, the date "July 13, 2001," is hereby replaced by the date "August 1, 2001."
Except as expressly amended by this Amendment, the Agreement is hereby ratified and confirmed and shall remain in full force and effect.
| PURCHASER: | PORT LUDLOW ASSOCIATES LLC, a Washington limited liability company | |||
By West Coast Northwest Pacific Partners LLC, a Washington limited liability company, its manager | ||||
By: | /s/ TROY D. CROSBY | |||
| Print Name: | Troy D. Crosby | |||
| Its: | Authorized Representative | |||
Date: | 8/1/01 | |||
OPG: | OLYMPIC PROPERTY GROUP LLC, a Washington limited liability company | |||
By: | /s/ GREGORY M. MCCARRY | |||
| Print Name: | Gregory M. McCarry | |||
| Its: | C.O.O. | |||
Date: | 8/1/01 | |||
COMPANY: | OLYMPIC WATER AND SEWER, INC., a Washington corporation | |||
By: | /s/ TOM GRIFFIN | |||
| Print Name: | Tom Griffin | |||
| Its: | President | |||
Date: | 8/1/01 | |||
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