Purc Sale Agmt Sansome Pacific Amdt 2

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FIRST AMENDMENT TO PURCHASE & SALE AGREEMENT This FlRST AMENDMENT TO PURCHASE & SALE AGREEMENT, dated as of April ~, 20 L 8 (this "First Amendment"), is made and entered into by and between the City of San Leandro , a California charter city (the "City " or "Seller"), and Sansome Pacific Properties , Inc., a California corporation ("Buyer"). Seller and Buyer are collectively referred to herein a s the "Parties ". WHEREAS, Seller and Buyer have entered into that certain Purchase Agreement, dated as of May 17, 2016 (the "Agreement"), with respect to that certain real prope1ty located in the City of San Leandro at 1188 E 14th Street, known as Alameda County Assessor's Parcel No. 077- 0447-007-01 and more particular! y described in Exhibit A attached to and incorporated in the Agreement (the "Property"). WHEREAS, Seller and Buyer wish to amend the Agreement as provided below. Now, THEREFORE , in consideration of the foregoing and the mutual covenants and conditions contained herein , Seller and Buyer hereby agree as follows: 1. Section 5.2 (b). The second paragraph of Section 5.2 (b) of the Agreement is hereby deleted and replaced with the following: In the event that Buyer has not received the Approvals by the Entitlements Contingency Date, Buyer shall have the right to extend the Entitlements Contingency Date for one s ix (6) month extension (the "First Extension"), six subsequent, consecutive three (3) month extensions (the "Second Extension'', "Third Extension", "Fourth Extension", "Fifth Extension", Sixth Extension" and "Seventh Extension" re s pectively), and one s ub se quent two (2) month exten s ion (the "Eighth Extension") to secure the Approval s. Bu ye r must pro vide City with written notice at leas t ten ( 10) days prior to the Entitlements Contingency Date to exercise th e Firs t Extens ion . In order to exercise each subsequent extension after the Firs t Extension, Buyer must increase the Deposit by an additional Ten Thousand Dollars ($10,000.00) for each s uch extension (collectively, the "Extension Deposits"), at least ten (10) days prior to the expiration of each extension, a s applicable, in addition to providing ten ( 10) days prior written notice to the City of Buyer's intent to further extend the Entitlements Contingency Date. If Buyer fails to provide the notice and depos it increases required by thi s S ec tion 5.2 (b), thi s Agreement will terminate as of the Entitlements Contingency Date , o r the expiration date of any exerc ise d ex ten s ion th e reof, a nd neither Seller nor Buyer will have any further obligation or res pons ibilit y to the other to perform under thi s Ag reement. 2. Section 5.2 (b) Extensions. The Partie s acknowledge that as of th e date h e reof, Buyer ha s exercised the First Extens ion , Second Extensi on , and Third Extension of th e Entitlements Contingency Date. p