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9/30/2025 1:57:15 PM
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10/13/2022 1:31:02 PM
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CM City Clerk-City Council
CM City Clerk-City Council - Document Type
Agenda
Document Date (6)
10/17/2022
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Reso 2022-187 Nimitz PSA Amend 4
(Amended)
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\City Clerk\City Council\Resolutions\2022
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________________ <br />________________ <br />INITIALS INITIALS <br />©2020 AIR CRE.All Rights Reserved.Last Edited:10/3/2022 11:32 AM <br />ATPA-1.00,Revised 10-22-2020 Page 1 of 2 <br />THIS AMENDMENT TO PURCHASE AND SALE AGREEMENT AND ESCROW INSTRUCTIONS ("Amendment")is made and entered into as of October 29, <br />2022 ,by and between City of San Leandro ("Buyer")and Parshotam Inc.(an S corporation)dba Nimitz <br />Motel ("Seller")(collecƟvely,the "ParƟes"or individually,a "Party"). <br />WHEREAS,Buyer and Seller are parƟes to that certain Standard Offer,Agreement and Escrow InstrucƟons for Purchase of Real Estate dated March 23, <br />2022 ("Agreement")with respect to the property commonly known as (street address,city,state,zip):555 Lewelling Blvd.,San <br />Leandro,CA 94579 ("Property"); <br />WHEREAS,the Agreement has not been previously amended except (if there are no excepƟons write "NONE"):First and Second and Third <br />Amendments . <br />WHEREAS,the ParƟes have opened an escrow with First Fidelity Escrow Inc.("Escrow Holder"); <br />WHEREAS,the ParƟes now desire to amend the Agreement and their instrucƟons to Escrow Holder ("Escrow InstrucƟons"); <br />NOW,THEREFORE,for Buyer's payment of ten dollars ($10)to Seller and other good and valuable consideraƟon,the receipt and sufficiency of which is hereby <br />acknowledged,the ParƟes hereby amend the Agreement and the Escrow InstrucƟons as follows (list changes below): <br />The Due Diligence Period of the PSA is hereby extended from October 29,2022,to March <br />15,2023.All of the October 28,2022 deadlines for Buyer’s approval or disapproval of <br />Buyer Contingencies set forth in Sections 5.2,5.3 and 9.1 of the PSA are extended to <br />March 15,2023.Buyer is not required to make any additional deposit with respect to such <br />extension. <br />The defined terms of the Agreement shall have the same meaning in this Amendment.Signatures to this Amendment accomplished by means of electronic <br />signature or similar technology shall be legal and binding.This Amendment may be executed in counterparts,each of which shall be deemed an original,and all of <br />which together shall consƟtute one and the same instrument.This Amendment shall not be construed as if prepared by one of the ParƟes,but according to its fair <br />meaning as a whole,as if both ParƟes had prepared it.Except as specifically amended by this Amendment,the Agreement and the Escrow InstrucƟons shall remain <br />unchanged and conƟnue in full force and effect. <br />ATTENTION:NO REPRESENTATION OR RECOMMENDATION IS MADE BY AIR CRE OR BY ANY BROKERS AS TO THE LEGAL SUFFICIENCY,LEGAL EFFECT,OR TAX <br />CONSEQUENCES OF THIS AMENDMENT.THE PARTIES ARE URGED TO SEEK ADVICE OF COUNSEL AS TO THE LEGAL AND TAX CONSEQUENCES OF THIS <br />AMENDMENT. <br />EXECUTED as of the date first wriƩen above. <br />By Seller: <br />Parshotam Inc.(an S corporation)dba <br />Nimitz Motel <br />By: <br />Name Printed:Pratap P.Solanki <br />Title: <br />Phone: <br />Fax: <br />Email: <br />By: <br />Name Printed:Pravin P.Solanki <br />Title:Secretary <br />Phone: <br />Fax: <br />Email: <br />Fourth AMENDMENT TO <br />PURCHASE AND SALE AGREEMENT <br />By Buyer: <br />City of San Leandro <br />By: <br />Name Printed:Thomas Liao <br />Title:Community Development Director <br />Phone: <br />Fax: <br />Email: <br />By: <br />Name Printed:Frances M.Robustelli <br />Title:City Manager <br />Phone: <br />Fax: <br />Email: <br />Address: <br />Federal ID No.:
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