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Document Preview Purchase and Sale Agreement [Amendment No. 2] |
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Title: |
Purchase and Sale Agreement [Amendment No. 2] |
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Entities: |
BRE Properties, Inc.; BRE Property Investors LLC; G&I III Residential One LLC |
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Date: |
2000 |
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Size: |
7KB total |
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Price: |
$33 |
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ID: |
#334246 |
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AMENDMENT NO. 2 TO PURCHASE AND SALE AGREEMENT
This AMENDMENT NO. 2, dated as of October 24, 2000 ("Amendment No. 2"), to
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that certain Purchase and Sale Agreement, dated as of July 10, 2000 (the
"Purchase and Sale Agreement"), as amended by that certain Amendment No. 1 dated
September 6, 2000 (the "Purchase and Sale Agreement") by and among BRE
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Properties, Inc., a Maryland corporation ("BRE"), BRE Property Investors LLC, a
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Delaware limited liability company ("DownREIT", and together with BRE,
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"Sellers") and G&I III Residential One LLC, a Delaware limited liability company
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("Purchaser"). Capitalized terms used but not otherwise defined herein shall
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have the meanings assigned to them in the Purchase and Sale Agreement.
WITNESSETH:
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WHEREAS, Sellers and Purchaser have entered into the Purchase and Sale
Agreement; and
WHEREAS, Sellers and Purchaser now desire to amend the Purchase and Sale
Agreement as provided herein.
NOW, THEREFORE, in consideration of the foregoing and other good and
valuable consideration, the receipt and adequacy of which are hereby
acknowledged, and intending to be legally bound hereby, the parties hereto agree
to amend the Purchase and Sale Agreement as follows:
1. Section 1.1(g) is hereby amended by deleting such Section 1.1(g) in
its entirety and adding, in lieu thereof, a new Section 1.1(g) to read as
follows:
(g) Closing Dates: First Closing Date: September 13, 2000. Second
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Closing Date: As soon as practicable after all required
HUD loan assumption approvals for Hacienda Del Rio
Apartments and Fountain Plaza Apartments are obtained,
but not later than January 31, 2001 unless the parties
hereto mutually agree to extend such date as needed.
2. Section 1.1(h) is hereby amended by deleting such Section 1.1(h) in
its entirety and adding, in lieu thereof, a new Section 1.1(h) to read as
follows:
(h) Termination: Except as may be required in order to enable Purchaser
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to enforce its right to specific performance pursuant
to Section 8.2 of this Agreement, this Agreement will
automatically terminate as to the Second Closing
Properties, if the Second
{PAGE}
Closing shall not have occurred by 5:00 p.m. Eastern
Time on January 31, 2001.
3. Section 4.8 is hereby amended by the insertion of a new Section
4.8(g), such Section 4.8(g) to read as follows:
(g) Additional Financing Costs: BRE shall pay fifty percent (50%) of an
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