HomeMy WebLinkAboutOption Agmt Modification ChinatownMODIFICATION T O
OPTION TO PURCHASE REAL PROPERT Y
This Modification to Option Agreement is made as of Aprils , 2008, by and between
THE CITY OF SAN LUIS OBISPO, a municipal corporation and charter city ("City"), and SL O
CHINATOWN, LLC, a California limited liability company ("Copelands"), as successor i n
interest to SAN LUIS OBISPO COURT STREET, LLC, a California limited liability company ,
with respect to that certain Option to Purchase Real Property, dated as of November 5, 2003 ,
between the City and Copelands (the "Original Agreement"). All capitalized terms not otherwis e
defined herein shall have the meaning given in the Original Agreement .
RECITAL S
A.The Initial Option term began on November 5, 2003 and ended on May 4, 2005 .
Copelands exercised the first Additional Option Term in a timely manner by submitting a
Development Application to the City on April 28, 2005, and paying the applicable Additiona l
Option Price, and such Additional Option Term ended on May 4, 2006 . Copelands exercised th e
second Additional Option Term in a timely manner by paying the applicable Additional Optio n
Price, and such Additional Option Term ended on May 4, 2007 . Copelands exercised the thir d
Additional Option Term in a timely manner by the paying the applicable Additional Option Pric e
and such Additional Option term (the "Current Option Term") will end by its terms on May 4 ,
2008 . The parties acknowledge that construction of the Retail Complex on the Court Stree t
Project Property was commenced as required under the Real Property Exchange Agreement an d
has been completed .
B.Copelands have entered into a Reimbursement Agreement with the City, and hav e
paid the amount due thereunder, in connection with the fair market and re-use appraisal of th e
Property by C .B . Richard Ellis .
C.In order to preserve the status quo and the rights of all the parties under th e
Original Agreement, the parties desire to modify the expiration date of the Current Option Ter m
to extend through July 3, 2008, on the terms and conditions set forth herein .
AGREEMEN T
NOW, THEREFORE, the City and Copelands, in consideration of the mutua l
representations, warranties and covenants contained herein, and other good and valuabl e
consideration, the receipt and sufficiency of which is hereby acknowledged, subject to the term s
and conditions hereinafter set forth, and intending to be legally bound, do hereby mutually agre e
as follows :
1.Notwithstanding anything to the contrary in the Original Agreement, the term o f
the Option shall extend through 5 p .m ., on July 3, 2008 .
2.Except for the modification set forth above, the Original Agreement shall remai n
in full force and effect .
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OptionModification-032108
3 . This Modification may be executed in one or more counterparts, each of whic h
shall for all purposes be deemed to be an original and all of which shall constitute one and the
same agreement .
IN WITNESS WHEREOF, the parties to this Modification have duly executed it as of th e
day and year first written above .
SLO CHINATOWN, LLC ,
a California limited liability compan y
By :
Tom Cop
Its :
Manager
CITY OF SAN LUIS OBISPO ,
a municipal corporation and Charter Cit y
By :
David F . Romero
Mayor
Attest :
Approved as to Form :
By : ~
Jo
an P . Lowe 1
ity Attorne y
Approved as to Form :
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OptionModification-032108
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