Purch Sale Agmt Beam Development Amdt 2

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NOW, THEREFORE, for and in consideration of the mutual covenants and agreements contained in this Amendment, and other good and valuable consideration, the receipt and adequacy of which is hereby acknowledged by the Parties, City and Buyer hereby agree as follows: Section 1. Recitals. The above recitals are true and the recitals, and defined terms set forth therein, are incorporated into this Amendment by this reference. Section 2. Extension of Due Diligence Contingency Period. The Due Diligence Contingency Period is hereby extended to January 31, 2021 in order to provide additional time for Buyer to complete physical inspections of the Property and to negotiate for the purchase of adjacent property. Buyer shall have the right to extend the Due Diligence Contingency Period for one (1) additional twelve (12) month extension. Section 3. Deposit into Escrow. Upon execution of this Amendment, Buyer will deposit Twenty -Five Thousand Dollars ($25,000) into Escrow as an Additional Deposit. Should the Buyer elect to extend the Due Diligence Contingency Period beyond January 31, 2021 pursuant to Section 2 of this Amendment, Buyer will deposit an additional Twenty -Five Thousand Dollars ($25,000) into Escrow as an Additional Deposit. The Additional Deposit is non-refundable in the event that the Agreement is terminated by Buyer through no fault of City or Agency, as set forth in Section 3.3 of the Agreement. Section 4. Closinq. Section 5.1 of the Agreement, as amended by the First Amendment, is hereby amended as follows (underline and italics is addition, strike - through is delete): Closing. The closing (the "Closing" or "Close of Escrow") will occur no later than one hundred eight (y 180) days after the end of the Due Diligence Contingency Period ("Closing Date"). In the event the Closing has not occurred within one hundred eighty (180) days after the Close of Escrow due to a delay in Buyer's receipt of entitlements for construction of the Project, then Close of Escrow may be extended up to an additional ninety (90) days (the "Final Extension Period") at the discretion of the Executive Director/City Manager of the Seller. Closing must occur by the earlier of (i) ten (10) days after the receipt of entitlements for construction of the Project, or (ii) the end of the Final Extension Period. Section 5. Ratification. Except as otherwise expressly set forth herein, all other terms and conditions of the Agreement remain unchanged and in full force and effect. SIGNATURES ON FOLLOWING PAGE 3468366.1