SECOND AMENDMENT TO PURCHASE agreement
SECOND AMENDMENT TO PURCHASE agreement
THIS SECOND AMENDMENT TO PURCHASE AGREEMENT (this “Amendment”) is made and entered into as of April __, 2022 (the “Effective Date”) by and between Pineapple Holdings, Inc., f/k/a/ Communications Systems, Inc., a Minnesota corporation (“Seller”) and ▇▇▇▇ Investors, LLC, a Minnesota limited liability company, or its assigns (“Buyer”).
RECITALS
WHEREAS, Seller and Buyer entered into a Purchase Agreement dated November 18, 2021, amended pursuant to a First Amendment to Purchase Agreement dated February 15, 2022 (collectively, the “Purchase Agreement”) wherein Seller agreed to sell to Buyer, and Buyer agreed to buy from Seller, that certain real property located at ▇▇▇▇▇ ▇▇▇ ▇▇▇▇▇▇ Drive, located in the city of Minnetonka, Hennepin County, Minnesota, and as more particularly described in the Purchase Agreement; and
WHEREAS, Buyer and Seller now desire to further amend the Purchase Agreement in the manner set forth below.
AGREEMENT
NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Seller and Buyer agree as follows:
1. Recitals; Defined Terms. The foregoing recitals are true and correct and are incorporated herein by reference. All capitalized terms in this Amendment shall have the same meaning as set forth in the Purchase Agreement, except as otherwise noted herein.
2. Extension of the Contingency Termination Date. The Contingency Termination Date pursuant to the Purchase Agreement is scheduled for 5:00 pm CST on April 11, 2022. The parties hereby acknowledge and agree that the Contingency Termination Date is hereby amended to instead be scheduled for 5:00 pm CST on Tuesday, April 26, 2022.
3. Closing Date. The original Closing Date pursuant to the Purchase Agreement was set to occur fifteen (15) days following the Contingency Termination Date. The parties herby acknowledge and agree that the Closing Date is hereby extended to be on or before May 11, 2022.
4. Conflict Provision. This Amendment is intended to supplement and amend the provisions of the Purchase Agreement. To the extent that any of the provisions contained herein are inconsistent with the provisions of the Purchase Agreement, the provisions of this Amendment shall control. Except as specifically modified herein, the Purchase Agreement shall remain unchanged and in full force and effect.
5. Counterpart Execution. This Amendment may be executed via electronic or facsimile transmission, or via email and in one or more counterparts which, taken together, shall constitute one and the same amendment.
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IN WITNESS WHEREOF, this Amendment has been executed and delivered by Seller and Buyer and shall be deemed to be effective as of the date set forth above.
| SELLER: | ||
| Pineapple Holdings, Inc., | ||
| a Minnesota corporation | ||
| By: | ||
| ▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇ | ||
| Chief Financial Officer | ||
| BUYER: | ||
| ▇▇▇▇ INVESTORS, LLC, | ||
| a Minnesota limited liability company | ||
| By: | ||
| ▇▇▇▇▇ ▇▇▇▇▇▇▇▇ | ||
| Chief Executive Officer | ||
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