A. | The Parties entered into that certain Agreement of Sale dated April 2, 2019 (the “Agreement”); and |
B. | The Parties desire to amend certain terms and conditions of the Agreement. |
1. | Capitalized terms used in this First Amendment that are not otherwise defined herein shall have the meanings ascribed to such terms in the Agreement. |
2. | Imminent Domain. Seller covenants and agrees that, during the pendency of the Agreement, it shall neither enter into any agreement with the Virginia Department of Transportation (“VDOT”), with respect to the condemnation matter referenced in that certain offer letter dated March 13, 2019, from VDOT to Carlyle Station Seller. Seller shall promptly (but in any event within two (2) Business Days after receipt or delivery, as applicable) provide Buyer with copies of all correspondence and notices received from or delivered to VDOT after the date hereof in connection with such condemnation matter. Seller agrees to notify VDOT of the pending sale of The Point at Bull Run Property and inform VDOT that Seller is not in a position to take any action with respect to such condemnation matter during the pendency of the closing of such sale. Following such closing, Buyer shall have to sole right to negotiate with VDOT regarding said condemnation matter. |
3. | Deferred Maintenance; Purchase Price Reduction; Allocation among Properties. As a result of certain deferred maintenance identified by Buyer as a part of its due diligence of the Properties, at Closing, certain of the EAT Subsidiaries will be entitled to a credit against the |
4. | Ratification. Except as amended herein, the terms and provisions of the Agreement are hereby ratified and confirmed by the Parties and remain in full force and effect. |
5. | Counterparts. This First Amendment may be executed in counterparts, each of which shall, for all purposes, be deemed an original but which together shall constitute one and the same instrument. The Parties may execute this First Amendment by facsimile or email signature, it being the intent of the Parties that such signatures constitute originals thereof. The Parties shall, as soon as reasonably practicable after the date of this First Amendment, exchange originally signed counterpart signature pages of this First Amendment. |
By: | Barton’s Crossing GP, LLC, |
By: | __/s/ Robert Weiner______ Name: Robert Weiner Authorized Party: |
By: | Carlyle Station GP, LLC, |
By: | __/s/ Robert Weiner______ Name: Robert Weiner Authorized Party: |
By: | Glen GP, LLC, a Delaware limited liability company, its General Partner |
By: | __/s/ Robert Weiner______ Name: Robert Weiner Authorized Party: |
By: | Fox Run GP, LLC, a Delaware limited liability company, its General Partner |
By: | __/s/ Robert Weiner______ Name: Robert Weiner Authorized Party: |
By: | Lionsgate Mag GP, LLC, |
By: | __/s/ Robert Weiner______ Name: Robert Weiner Authorized Party: |
By: | Village at McNair Farms GP, LLC, |
By: | __/s/ Robert Weiner______ Name: Robert Weiner Authorized Party: |
By: | Watkins Station GP, LLC, a Delaware limited liability company, its General Partner |
By: | __/s/ Robert Weiner______ Name: Robert Weiner Authorized Party: |
BUYER: WASHINGTON REAL ESTATE INVESTMENT TRUST, a Maryland real estate investment trust By: __/s/ Taryn D. Fielder________ Name: Taryn D. Fielder Title: Senior Vice President & General Counsel |
SELLER ENTITY | EAT SUBSIDIARIES | PURCHASE PRICE CREDIT ALLOCATION | ||
Barton’s Crossing LP | WashREIT Alexandria LLC | $720,000.00 | ||
Magazine Carlyle Station LP | WashREIT Bull Run LLC | $504,000.00 | ||
Magazine Fox Run LP | WashREIT Germantown LLC | $0.00 | ||
Magazine Glen LP | WashREIT Leesburg LLC | $155,925.00 | ||
Magazine Lionsgate LP | WashREIT Dulles LLC | $486,000.00 | ||
Magazine Village At McNair Farms LP | WashREIT McNair Farms LLC | $384,075.00 | ||
Magazine Watkins Station LP | WashREIT Watkins Mill LLC | $0.00 | ||
TOTAL: | $2,250,000.00 |