Agmt 2018 Amendment No. 1 Town Hall Square #3290

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FIRST AMENDMENT TO PURCHASE AND SALE AGREEMENT Town Hall Square THIS FIRST AMENDMENT to Purchase and Sale Agreement (this "Amendment"), is entered into as of December 4, 2018 (the "Amendment Date"), by and among the Successor Agency to the Redevelopment Agency of the City of San Leandro, a public agency (the "Agency"), the City of San Leandro, a California charter city (the "City") and Beam Development LLC, a California limited liability company ("Buyer"), and amends that certain Purchase and Sale Agreement dated December 7, 2017 (the "Agreement") by and between City and Buyer. City, Agency and Buyer are collectively referred to herein as the "Parties." Capitalized terms used without definition herein have the meaning ascribed to such terms in the Agreement. RECITALS A. Pursuant to the Agreement, Buyer has agreed to buy the City Property and the Agency Property for development of a mixed use project. B. Pursuant to Section 5.2(a) of the Agreement, Buyer has twelve months from the Opening of Escrow to conduct the Due Diligence Contingency Period. C. Buyer, Agency and the City have determined that it is necessary to continue the Due Diligence Contingency Period for an additional time period. D. Buyer has agreed to provide the Additional Deposit required under Section 5.1 of the Agreement in consideration of the City and Agency extending the Due Diligence Contingency Period. E. City, Agency and Buyer desire to enter into this Amendment in order to extend the Due Diligence Contingency Period. NOW, THEREFORE, for and in consideration of the mutual covenants and agreements contained in this Agreement, 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, 2020 in order to provide additional time for Buyer to complete physical inspections of the Property and to negotiate for the purchase of adjacent property. 3087729.1