...title
ITEM: SIXTH AMENDMENT TO PURCHASE AND SALE AGREEMENT WITH WELLINGTON PROPERTY OWNER LLC AND APPROVAL OF TERMINATION OF PURCHASE AND SALE AGREEMENT WITH EIM
REQUEST: Approval of Sixth Amendment to the Purchase and Sale Agreement with Wellington Property Owner LLC and approval of termination of Purchase and Sale Agreement with EIM.
...body
EXPLANATION: The PSA with Wellington Property Owner, LLC includes an option for Wellington Property Owner to purchase the School Parcel in the event the EIM PSA is terminated. Although EIM, n/k/a Founders Acreage Wellington LLC, continues to make good progress toward its fundraising goal, there are concerns that EIM may not reach its fundraising goals within the time periods required for Closing. To mitigate that concern, Wellington Property Owner has agreed to purchase the school parcel on behalf of EIM.
The Sixth Amendment provides for the following:
1. Increases the Wellington Property Owner purchase price to $46,294,853.61, with $28,342,848.00 being paid for the Mixed Use Parcel and $17,952,005.61 being paid for the School Use Parcel.
2. Assigns the EIM deposit in the amount of $903,000.00 plus accrued interest currently being held by the Escrow Agent to Wellington Property Owner, LLC.
3. Revises the reference and legal descriptions to the parcels in the PSA.
4. Provides for a pre-closing boundary plat in order to establish the various parcels that would comprise the School Use Parcel and the Mixed Use Parcel.
5. Maintains the requirement that the Mixed Use Parcel shall be used only for mixed use and the School Use Parcel shall be used only for a non-sectarian educational use.
6. Provides for the ability for Wellington Property Owner to either purchase both parcels simultaneously or have two (2) phases of closing, with the first closing being the Mixed Use Parcel and the second closing being the School Use Parcel. If Wellington Property Owner chooses to phase the closings, (i) it would acquire the Mix...
Click here for full text