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HomeMy WebLinkAboutTarragon LLC - Purchase & Sale Agreement for S Rd 40 E Second Addendum Second Amendment To Commercial Brokers Association Purchase & Sale Agreement ALL RIGHTS RESERVED CBA Form PSA | Addendum to PSA Rev. 7/2020 Page 1|1 Buyer Date Buyer Date Seller Date Seller Date The following is part of the Purchase and Sale Agreement with Reference Date February 14, 2022 between Tarragon LLC &/or assigns (“Buyer”) and City of Pasco (“Seller”) regarding the sale of the property located at tbd S Road 40 E City of Pasco, Franklin County, Washington (the “Property”). IT IS AGREED BETWEEN THE BUYER AND SELLER AS FOLLOWS: Recital: The Buyer will submit a plan to develop the property (the “Proposed Project”) that requires certain City and agency approvals. The impacts and potential requirements of Proposed Project have yet to be determined. The following amendments will allow the Buyer adequate time to receive feedback and further identify those requirements. 1. Feasibility Contingency Date. The Feasibility Contingency Date shall be amended to be two (2) days following the earlier of (i) a Traffic Impact Analysis reviewed and approved by the City of Pasco for the proposed project or (ii) April 1, 2022. Buyer shall submit a Traffic Impact Analysis for the City’s review no later than March 9, 2022. This Agreement shall automatically terminate and Buyer shall receive a refund of the earnest money unless Buyer gives written notice that the Feasibility Contingency is satisfied to Seller before 5:00pm on the Feasibility Contingency Date 2. State Environmental Policy Act (SEPA) Submittal. Within ten business days of the Feasibility Contingency Date being satisfied the Buyer shall submit a complete SEPA application to The City of Pasco. 3. Closing Date. The closing date shall be amended to be 20 days following the earlier of (i) an acceptable and non-appealable SEPA determination for the proposed project or (ii) June 3, 2022. 4. Title Insurance. Buyer, at Buyer’s expense will upgrade Title Insurance to Extended Coverage. DocuSign Envelope ID: 8630FDF7-2A82-4AAD-ADAE-0062C2EE66C5 2/15/2022 DocuSign Envelope ID: A10F76F1-DB93-4EBA-8725-60DC70DFE0EB 2/22/2022