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6 AMENDMENT NO. 3 <br /> PROPERTY PURCHASE AGREEMENT <br /> (Colby Avenue &Wall Street, Everett, Washington) <br /> THIS AMENDMENT NO. 3 TO PROPERTY PURCHASE AGREEMENT <br /> ("Amendment") is made and entered this 10th day of February, 2010, by and between the <br /> CITY OF EVERETT, a Washington municipal corporation, ("Seller") and TOUCHSTONE <br /> CORPORATION, a Washington corporation, AND/OR ASSIGNS ("Purchaser"). <br /> RECITALS <br /> A. Purchaser and Seller are parties to the Property Purchase Agreement dated <br /> October 16th, 2008 ("Agreement"), and Amendment No. 1 dated April 14, 2009, and <br /> Amendment No. 2 dated October 7, 2009, which concerns the real property legally <br /> described on Exhibit A to the Agreement and shown on the sketch on Exhibit B to the <br /> Agreement ("Property"). <br /> B. As a part of Purchaser's due diligence, Purchaser completed studies of the <br /> Property including; a site Survey; a Phase I and Phase II Environmental Site Assessment; <br /> and Geotechnical Evaluations of the Property for the proposed hotel project to be <br /> constructed on the site. An Amendment No. 1 to the Property Purchase Agreement dated <br /> April 14, 2009, and Amendment No. 2 dated October 7, 2009, was provided in order for <br /> Purchaser and City to address and negotiate concerns relating to; environmental issues; <br /> geotechnical issues; and Project Design concerns regarding parking for the project relating <br /> to access, location, and costs of parking for the Project. <br /> C. Purchaser and City have made significant progress related to the specific <br /> environmental issues; geotechnical issues; and Project Design concerns for the hotel <br /> project including parking access, location, and costs of parking. <br /> D. For the purposes of permitting sufficient time to complete discussions and <br /> further negotiations regarding these remaining issues, Purchaser and Seller have agreed <br /> to extend the Feasibility Period under the Agreement for an additional period of 120 days <br /> so that it expires on June 16, 2010.. <br /> AGREEMENT <br /> For good and valuable consideration, the receipt and sufficiency of which are <br /> hereby acknowledged, Purchaser and Seller agree as follows: <br /> 1. Section 4(a) of the Agreement, as amended, is hereby deleted and <br /> replaced with the following: <br /> a. Studies. On or before June 16, 2010 ("Feasibility Period"), <br /> Purchaser shall have approved, in Purchaser's sole and absolute <br /> 20 <br /> -1- <br />