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a. <br /> AMENDMENT NO. 3 <br /> AGREEMENT OF PURCHASE AND SALE OF REAL PROPERTY • <br /> This Amendment No. 3 to the Agreement of Purchase and Sale of Real Property <br /> (this "Amendment")is dated for reference purposes December 16, 2016,by and <br /> between the CITY OF EVERETT, a municipal corporation("Buyer"or"City"), and <br /> SSLM PROPERTIES, LLC, a Washington limited liability company("Seller"). <br /> RECITALS <br /> A. Buyer and Seller are parties to the Agreement of Purchase and Sale of <br /> Real Property dated on or about July 26, 2016, as amended by Amendment No. 1 dated <br /> October 10, 2016, and by Amendment No. 2 dated November 30, 2016 (as amended, <br /> the"Agreement"). <br /> B. As set forth in this Amendment,the Buyer agrees that the Inspection <br /> Period contingency is satisfied. <br /> The Seller and Buyer agree as follows: <br /> 1. Inspection Period. The Tnspection Period contingency is satisfied. <br /> 2. Purchase Price. Section 2.2 is replaced with the following: <br /> 2.2 Purchase Price. The total purchase price for the property <br /> (the "Purchase Price") shall be three million two hundred seventy eight <br /> thousand five hundred dollars ($3,278,500.00), subject to the <br /> adjustments, if any, as provided for under this Agreement. For closing <br /> purposes, Seller and Buyer agree that no portion of the purchase price is <br /> allocated to personal property. <br /> 3. Environmental Escrow. <br /> (a) Environmental Escrow. At Closing, $200,000 of the Purchase <br /> Price shall remain in an escrow with the Title Company ("Environmental Escrow"). <br /> Any Title Company costs for the administration of the Environmental Escrow will be <br /> paid from the Environmental Escrow. <br /> (b) Definition of Eligible Remediation Work. "Eligible <br /> Remediation Work"refers to(i)the environmental remediation work to be done on the <br /> 1 <br /> 2 <br />