2017/09/06 Council Agenda Packet

AMENDMENT NO. 7 AGREEMENT OF PURCHASE AND SALE OF REAL PROPERTY This Amendment No. 7 to the Agreement of Purchase and Sale of Real Property (this "Amendment") is dated for reference purposes September _,2017, by and between the CITY OF EVERETT,a municipal corporation("Buyer"or"City"),and SSLM PROPERTIES, LLC,a Washington limited liability company("Seller"). RECITALS A. Buyer and Seller are parties to the Agreement of Purchase and Sale of Real Property dated on or about July 26,2016, as amended by Amendment No. 1, by Amendment No.2,Amendment No.3,Amendment No.4,Amendment No.5 and by Amendment No.6(as amended,the"Agreement"). B. As set forth in this Amendment,the Buyer agrees that the Inspection Period contingency is satisfied. The Seller and Buyer agree as follows: 1. Glosinsa. In the second sentence of Section 7.1 of the Agreement, the phrase"before 120 days after the Effective Date" is replaced by "before September 30, 2017". 2. inspections.Period. The Inspection Period contingency is satisfied. 3. Purchase Price.. Section 2.2 is replaced with the following: 2.2 Purchase Price. Subject to Section 9 below, the total purchase price for the property (the "Purchase Price") shall be three million one hundred seventy eight thousand five hundred dollars ($3,178,500.00), subject to the adjustments, if any, as provided for under this Agreement. For closing purposes, Seller and Buyer agree that no portion of the purchase price is allocated to personal property. 4. Transaction Proceeds to Court Registry. All net proceeds from the sale of the Property hereunder shaft be deposited in the registry of the Superior Court under Snohomish County Superior Court case number 17-2-03790-31 (such registry,the"Court Registry"; such lawsuit and all claims and counterclaims therein, the "Lawsuit"). This 1 107880 100 grn064r03gg 004 2