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Section 3. Deposit into Escrow. Upon execution of this Amendment, Buyer <br />will deposit Twenty -Five Thousand Dollars ($25,000) into Escrow as an Additional <br />Deposit. The Additional Deposit is non-refundable in the event that the Agreement is <br />terminated by Buyer through no fault of City or Agency, as set forth in Section 3.3 of the <br />Agreement. <br />Section 4. Closing. Section 5.1 of the Agreement is hereby amended as <br />follows (underline and italics is addition, strike -through is delete): <br />Closing. The closing (the "Closing" or "Close of Escrow") will occur no <br />later than ninety (90) days after the end of the Due Diligence Contingency Period <br />("Closing Date"). Buyer shall have the right to extend the Closing Date for We <br />¢a} four 4 twelve (12) month Extension Periods (each such Extension is herein <br />referred to as an "Extension Period"). In the event the Closing has not occurred <br />within ninety (90) days after the end of the last Extension Period due to a delay in <br />Buyer's receipt of entitlements for construction of the Project, then Close of <br />Escrow may be extended up to an additional ninety (90) days (the "Final <br />Extension Period") at the discretion of the Executive Director/City Manager of <br />the Seller. Closing must occur by the earlier of (i) ten (10) days after the receipt <br />of entitlements for construction of the Project, or (ii) the end of the Final <br />Extension Period. Pursuant to Section 3.3 of this Agreement, Buyer must provide <br />an Additional Deposit of Twenty -Five Thousand Dollars ($25,000) for each 12 - <br />month Extension Period. <br />Section 5. Ratification. Except as otherwise expressly set forth herein, all <br />other terms and conditions of the Agreement remain unchanged and in full force and <br />effect. <br />SIGNATURES ON FOLLOWING PAGE <br />3087729.1 <br />