HomeMy WebLinkAbout12- Story Mansion Addendum to the Agreement to Sell and Purchase Real EstateADDENDUM TO THE AGREEMENT TO SELL AND PURCHASE REAL ESTATE
VERSION 9 2112 WITH CITY COMMISSION 9/24/12 AMENDMENTS
THIS ADDENDUM ( "Addendum ") is made, effective as of the date of parties signatures below by THE
CITY OF BOZEMAN, City Hall, 121 North Rouse Avenue, Bozeman, Montana 59715 ( "Seller"), and
EXERGY FRIENDS OF THE STORY MANSION, a Montana non - profit corporation, PO Box 6767,
Bozeman, Montana 59771 -6767 ( "Buyer ").
In consideration of the mutual promises, the money consideration hereinafter described, and other
valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Seller and Buyer
agree as follows:
1. On May 31, 2012, the Buyer and Seller entered into an Agreement to Sell and Purchase Real
Estate (the "Agreement ") for the purchase and sale of Land and Improvements commonly known
as the Story Mansion property. The parties now desire to extend the Closing Date by amending
Section 7 of the Agreement and to memorialize the satisfaction of certain contingencies,
recognize that other contingencies are still outstanding and must be satisfied prior to closing, and
provide the conditions under which the Seller agrees to extend the Closing Date.
2. On September 13, 2012, Buyer delivered to the Seller a letter requesting "an additional six
months to secure the funding necessary to accomplish the purchase of the Story Mansion
property, with a purchase date absolutely no later than June 30, 2013."
3. Section 7 of the Agreement shall be amended to read as follows:
7. Closing and Possession Dates. Subject to the terms and conditions herein, the
closing of the transaction contemplated by this Agreement shall take place after
advance written notice to Seller from Buyer of no less than ten (10) business days,
but in no event later than June 30, 2012 February 28 2013 ( "Closing Date "). Seller
shall deliver possession and occupancy to the Buyer on the beginning of the day
following the Closing Date.
4. Buyer recognizes and agrees that all contingencies listed in Paragraph 12(a) (Inspection) of the
Agreement have been satisfied or are waived. All other conditions precedent, including but not
limited to those set out in Paragraph 12(c) (Management Agreement), Paragraph 12(d) (Financial
Disclosure), and Paragraph 12(e) (Other Conditions Precedent), remain in full force and effect.
5. Buyer agrees that should it fail to close within the time period listed in Section 7 all
improvements Buyer made to the Story Park regarding landscaping and irrigation, and any of
Buyer's improvements to the Story Mansion shall become the property of the Seller. In such a
case, Buyer hereby agrees to waive all claims for reimbursement from the Seller for any
improvements it made to the Story Mansion or Story Park.
6. Buyer agrees to reimburse Seller the amount of $15,803.79 as described in Section 3 of the
Agreement within thirty (30) days of execution of this Addendum. Failure to provide payment for
the Carriage House expenses within the above time shall be cause for Seller to terminate the
Agreement. Buyer's payment to Seller of the reimbursement amount as set forth in this Section
shall fully discharge Buyer's obligations under Section 3 of the Agreement.
ADDENDUM TO AGREEMENT TO SELL AND PURCHASE REAL ESTATE (CITY OF BOZEMAN / EXERGY FRIENDS OF THE STORY MANSION)
SEPTEMBER 24, 2012
Pagel o1`2
7. All other provisions of the Agreement not in conflict with this Addendum shall remain in full
force and effect.
IN WITNESS WHEREOF, the parties have executed this Agreement to Sell and Purchase Real Estate
effective as of the date of the Seller's signature below.
6)Cb'� rZ -,2012
SCD P-M6,er Zr, 2012
n- 8VAMA,
Exergy F ends of the Story M sion
by: 6A Z2
its: OG�d
SELLER:
City of Bozeman
by: C—" A.
its: C �'� l` (aM 4 r
ADDENDUM TO AGREEMENT TO SELL AND PURCHASE REAL ESTATE (CITY OF BOZEMAN / EXERGY FRIENDS OF THE STORY MANSION)
SEPTEMBER 24,2012
Page 2 of 2