First Amendment to the Newark Purchase Agreement, dated January 11, 2019

Contract Categories: Business Finance - Purchase Agreements
EX-10.14 2 ck0001680232-ex1014_261.htm EX-10.14 - FIRST AMENDMENT PSA (FLATRATE) ck0001680232-ex1014_261.htm


Exhibit 10.14








THIS FIRST AMENDMENT TO PURCHASE AND SALE AGREEMENT (herein called this “Amendment”) is made and entered into to be effective as of the 11th day of January, 2019, by and between 99 Evergreen, LLC, a New Jersey limited liability company (“Seller”), and SST IV Acquisitions, LLC, a Delaware limited liability company (“Purchaser”).


W I T N E S S E T H:


WHEREAS, Seller and Purchaser heretofore entered into that certain Purchase and Sale Agreement dated effective as of December 17, 2018 (herein, the “Contract”), respecting certain property located at 856-882 Frelinghuysen Avenue, Newark, New Jersey 07114; and


WHEREAS, Seller and Purchaser desire to modify the Contract in certain respects, all as more particularly set forth below.


NOW, THEREFORE, for and in consideration of the foregoing premises, and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto do hereby agree as follows:


1.Due Diligence Receipt Date.  Seller and Purchaser hereby agree that the “Due Diligence Receipt Date”, as referenced in Section 4.1 of the Contract, shall be January 10, 2019.  Furthermore, based upon the foregoing establishment of the Due Diligence Receipt Date, the parties further agree that (i) the Approval Period shall expire at 5:00 p.m. Central Time on February 19, 2019, (ii) in the event that Purchaser delivers the Closing Notice, the Additional Deposit shall be due not later than February 22, 2019, and (iii) the Closing Date shall occur on March 6, 2019.


2.Commercial Lease.  The last sentence of Section 9.23 of the Contract is hereby modified by deleting the phrase “and an additional monthly payment of $4,500 for electric and gas usage which shall be the Tenant’s responsibility”.




(a)Seller and Purchaser hereby ratify the Contract in accordance with its terms, as modified hereby.


(b)To the extent not otherwise defined herein, all capitalized terms used in this Amendment shall have the meanings ascribed to them in the Contract.


(c)This Amendment shall be binding upon the parties hereto and their respective successors and permitted assigns.


(d)This Amendment may be executed in a number of identical counterparts.  If so executed, each of such counterparts shall be deemed an original for all purposes, and such counterparts shall, collectively, constitute one agreement.


(e)For purposes of this Amendment, signatures delivered by facsimile or electronic mail shall be as binding as originals upon the parties so signing and delivering.




(f)In the event of a conflict between the terms of this Amendment and the terms of the Contract, the terms of this Amendment shall control.


(g)The captions and headings used in this Amendment are for convenience only and do not in any way restrict, modify or amplify the terms of this Amendment or the Contract.


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IN WITNESS WHEREOF, the parties hereto have executed this Amendment as of the day and year first above written.






99 Evergreen, LLC, a New Jersey limited liability company









/s/ Sharone Ben-Harosh



Sharone Ben-Harosh











SST IV Acquisitions, LLC, a Delaware limited liability company









/s/ H. Michael Schwartz



H. Michael Schwartz



Chief Executive Officer