HomeMy WebLinkAboutC2010-435 - 10/19/2010 - NAFIRST AMENDMENT TO AGREEMENT TO PURCHASE
UNIMPROVED REAL ESTATE
THIS FIRST AMENDMENT TO AGREEMENT TO PURCHASE UNIMPROVED
REAL ESTATE (this "Amendment") is effective as of October 19, 2010, by and between Corpus
Christi Housing Finance Corporation, a Texas housing finance corporation ("Purchaser") and
NRP Properties LLC, an Ohio limited liability company ("Seller").
RECITALS:
A. Purchaser and Seller entered into an Agreement to Purchase Unimproved Real
Estate dated effective as of January ~}, 2008 (the "Agreement") for the purchase and sale of an
approximately 7 acres of the 12 acre parcel of real property on located in the 2200 block of North
Padre Island Drive, in the City of Corpus Christi, Nueces County, State of Texas.
B. Purchaser and Seller desire to amend the Agreement upon the terms and
conditions set forth herein.
NOW, THEREFORE, for valuable consideration, the receipt and sufficiency of which is
hereby acknowledged, it is agreed as follows:
1. Capitalized terms not defined herein shall have the meanings ascribed to them in
the Agreement
2. Article 2 of the Agreement is amended by .deleting the Purchase Price of "Three
Hundred Six Thousand and Hundred Twenty-Five Dollars {$306,125.00)" and inserting the
Purchaser Price of "Two Hundred Eighty Thousand Five Hundred Eighty-Six Dollars
($280,586.00)" in its place.
3. The date of Closing is hereby extended to June 30, 2011.
4. Purchaser agrees that upon Closing of the purchase of the Property it shall enter
into a Ground Lease with Costa Tarragona II, Ltd. for the purpose of constructing a 96-unit
apartment project. Said lessee shall exercise all due diligence rights under the Agreement, and
the title policies to be fiarnished Purchaser shall be modified to insure the ground leasehold estate
held by said lessee. Costa Tarragona II, Ltd, joins herein to evidence its acceptance of such
terms.
5. The parties agree that the title policies required under the Agreement shall be
issued by and the Escrow Agent services required in connection with the Agreement shall be
provided by San Jacinto Title Services of Texas, LLC, whose address is 802 N. Cai°ancahua
Street, Suite 1500, Coypus Christi, Texas.
6. This Amendment may be executed in multiple- counterparts, including facsimile
counterparts, which counterparts, when appended to counterparts (including facsimile
2010-435
10/19/10
NRP Properties #~~~~
counterparts) containing the signatures of Seller and Purchaser shall constitute a fully executed
First Amendment.
7. Except as amended hereby, the terms, provisions, conditions and agreements of
t11e Agreement are hereby ratified and confirmed and shall remain in full force and effect.
IN WITNESS WHEREOF, the parties have duly executed this Amendment as of the date
first above written.
COSTA TARRAGONA II, LTD.
By: CCHFC Costa Tarragona II, LLC
Its General Partner
By: Corpus Christi Housing Finance Corp.
Its Sole Member
By: ~~~ ~•
`An .Escobar, General Manager
SELLER:
NRP PROPERTIES LLC,
an Ohio limited liability company
By:
Name: Q,a- ~cr
Title: i ~ ~
PURCHASER:
CORPUS CHRISTI HOUSING FINANCE
CORPORATION,
a Texas housing finance corporation.
r
`A,~f~el'R. Escobar, General Manager
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P:1270~134 Costa I11Purcftase Agreement-First Amend ] 014.doc 2