RDA Agmt 2001 Lavery California Dealership Properties No. 1 LLC (2)

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+a , ~~~.~~~~Q~~ 0.N ~ ~'--`.~ ~~ C_ C. l~ ~.sa ADDENDUM N0. 1 TO DISPOSITION AND DEVELOPMENT AGREEMENT ~a~- ~,~'~ BY AND BETWEEN THE REDEVELOPMENT AGENCY OF THE CITY OF zb_~f_~~ SAN LEANDRO AND LAVERY CALIFORNIA DEALERSHIP PROPERTIES N0.1 LLC ~~, ~,~. FOR THE PROPERTIES LOCATED AT 467, 505 AND 517 MARINA BOULEVARD ~, This Addendum No. 1 to the Disposition and Development Agreement by and between the Redevelopment Agency of the City of San Leandro and Lavery California Dealership Properties No. 1 LLC for the Properties Located at 467, 505 and 517 Marina Boulevard (the "Addendum") is dated for reference purposes the 9th day of October, 2001 and entered into by and between Lavery California Dealership Properties No. 1 LLC (hereinafter "Developer") and the Redevelopment Agency of the City of San Leandro (hereinafter "Agency") (collectively "Parties"). Recitals A. The parties are parties to that Disposition and Development Agreement by and between the Redevelopment Agency of the City of San Leandro and Lavery California Dealership Properties No. 1 LLC for the Properties Located at 467, 505 and 517 Marina Boulevard (hereinafter "Disposition and Development Agreement") dated October 1, 2001, whereby Agency agreed to sell and Developer agreed to develop real property located at 467, 505 and 517 Marina Boulevard, San Leandro, California. All terms capitalized herein without separate definition shall have those definitions given in the Purchase Agreement. Addendum Notwithstanding any provision of the Disposition and Development Agreement to the contrary, the parties agree as follows: 1. Basis for Termination. Section 6.02(e) shall read as follows: (e) Agency fails to deliver exclusive possession of the Property to Developer free of any occupancy rights or claims of any tenants on or before March 1, 2002. 2. Specific RemedX. New Section 7.04 is added as follows: If Agency fails to deliver exclusive possession of the Property to Developer on or before February 1, 2002, Agency shall compensate Developer for the additional carry costs of obtaining possession of the Property on March 1, 2002, rather than February 1, 2002, in an amount equal to $40,000. 3. Ratification of Purchase Agreement. Except as otherwise provided in this Addendum, all the terms and conditions of the Disposition and Development Agreement are hereby ratified and affirmed. In the event of any ambiguity or conflict between terms of the Disposition and Development Agreement and terms of this Amendment, the terms of this Amendment shall control. Addendum No.1 to Disposition and Development Agreement Page 1 of 2