HomeMy WebLinkAboutOlde Towne Associates,L.P.
Augusta Richmond GA
DOCUMENT NAME: O\de..- \Q.;J()~ AS~()'G.:\C~ ,l. P.
DOCUMENT TYPE: ~~~Y\\~
YEAR: q ~
BOX NUMBER: bL\
FILE NUMBER: \ ~L\ \
NUMBER OF PAGES: ~
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P2ABODY & BROWN-BaS
5-04-1998 19:50
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SECOND AMENDMENT TO AGREEMENT
Thi~~nd Amendment to Agreement (this "Amendmenr') is made and entered
into as of ~ 1998 (the "Effective Date") by and between Augusta, Georgia
("Seller"), and de Town Associates, L.P. ("Purchaser").
WHEREAS, the Purchaser and the August-Richmond County Commission (the
"Commission))) previously entered into an Agreement (the "Original Agreement") executed
as of April 20, 1997 pursuant to which the Commission agreed to sell and Purchaser agreed
to purchase those certain parcels of land, and the improvements thereon, consisting of
approximately fifty (50) buildings, located in the Olde Town neighborhood of Augusta,
Richmond County, Georgia (hereinafter described as the "Property))), as more particularly
described in Exhibit A to the Original Agreement.
WHEREAS, the Original Agreement was amended by a First Amendment to
Agreement (the "First Amendment") dated as of January 20, 1998, pursuant to which the
County assigned to Augusta, Georgia ("Augusta") all of its right, title and interest in and to
the Original Agreement and its duties and obligations thereunder, and pursuant to which
certain other provisions of the Original Agreement were amended. White Oak Real Estate
Development Corporation ("General Partner"), a general partner of Purchaser, was also a
party to the First Amendment. The Original Agreement, as amended by the First
Amendment, is hereinafter referred to as the "Agreement." As of March 31, 1998, Augusta
and the Partnership entered into an Agreement to Extend Closing Date (the "Agreement to
Extend))) pursuant to which the parties thereto agreed to extend the closing date as
provided for in the Agreement.
NOW THEREFORE, the Agreement is hereby amended as follows:
1. Purchase Price. Notwithstanding any provision of the Agreement to the contrary,
the total purchase price which Purchaser agrees to pay and Seller agrees to accept for the
property shall be $1,730,000 (the "Total Purchase Price"), payable as follows:
(a) Deposits in an amount equal to $10,000 have been received by Seller on or prior
to the Effective Date in connection with the execution of the Original Agreement and the
First Amendment;
(b) Purchaser shall deliver to Seller an additional sum of $5,000 on or prior to the
Effective Date; and
(c) $1,715,000, subject to adjustments as provided in the Agreement, shall be
payable on the Closing Date.
2. Paragraph 5(c) of the First Amendment is hereby deleted in its entirety and the
following substituted therefor:
6082: 126607_2
4629-322
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PEABODY & BROWN-BaS
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(c) Notwithstanding any provision of the Agreement to the
contrary, the closing of title shall take place on a date (the "Closing Date")
~uallY agreeable to Seller and Purchaser, but in no event later than
,LA.S f '7~, 1998.
7. Effect on AEreement. Any provision of the Agreement that is inconsistent with this
Amendment is hereby superseded. In all other respects, the Agreement is hereby ratified
and confirmed.
8. Miscellaneous. This Amendment may be executed in any number of counterparts
which together shall constitute one instrument, and shall be governed by and construed in
accordance with the laws of the State of Georgia. All notices required or permitted to be
given hereunder shall be in writing and delivered by registered or certified mail or by
telecopier to recipient's last known address or to such other address as may be specified by
the recipient thereof. Amendments to the Agreement as amended by this Amendment may
be made only in writing signed by Seller and Purchaser. The Agreement as amended by
this Amendment shall be binding upon and inure to the benefit of the parties hereto and
their respective successors and assigns.
IN WITNESS WHEREOF, the parties have executed this Amendment as of the date
first above written
PURCHASER:
OLDE TOWN ASSOCIATES L.P.
By:
B052: 126607_1
4629-322
2
PF:ABODY &BROWN-BOS
5-04-1998 19:50
SELLER:
AUGUSTA, GEORGIA
By:
Attest:
COMMISSION:
AUGUSTA-RIC
Attest:
Name: a J.
Title:C1erk of
BOS2: 126607_1
4629-322
3
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