THIRD AMENDMENT TO PURCHASE AND SALE AGREEMENT
Exhibit 10.2
THIRD AMENDMENT TO PURCHASE AND SALE AGREEMENT
This THIRD AMENDMENT TO PURCHASE AND SALE AGREEMENT (this “Third Amendment”) is executed as of February 5, 2025 (the “Effective Date”), by and between The Dallas Morning News, Inc., a Delaware corporation (“Seller”), and Plano Estates, LLC, a Texas limited liability company (“Purchaser”) as successor by assignment to ▇▇▇▇ ▇▇▇▇ ▇▇▇▇, LLC, a Texas limited liability company (“Original Purchaser”). Capitalized terms used but not defined herein have the meanings assigned to such terms in the Purchase Agreement.
RECITALS:
WHEREAS, Seller and Original Purchaser are parties to that certain Purchase and Sale Agreement dated as of December 16, 2024, by and between Seller and Original Purchaser, as amended by that certain First Amendment to Purchase and Sale Agreement dated as of December 23, 2024, as amended by that certain Second Amendment to Purchase and Sale Agreement dated as of February 3, 2025, and assigned by Original Purchaser to Purchaser (as amended, the “Original Agreement”);
WHEREAS, Seller and Purchaser now desire to amend the Original Agreement in accordance with the terms herein set forth herein (the Original Agreement as amended by this Third Amendment is hereinafter referred to as the “Agreement”).
AGREEMENTS:
NOW THEREFORE, in consideration of the mutual covenants herein contained and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows:
1. Incorporation of Recitals. The recitals set forth above are fully incorporated herein by reference as if same were fully set forth herein. |
2. Phase II. |
lender, and (ii) to Purchaser and Purchaser’s lender, to the extent timely identified to Seller, with respect to the Additional Phase II Assessment Report within three (3) business days after the date the final report is issued to Seller. |
For the purposes of this Section 3 of this Third Amendment, “Remediation Standard” shall mean the restoration of the Property to the standard provided under Applicable Environmental Law for a commercial/ industrial property where the improvements remain in place as a cap, provided further that the restoration shall be limited to that standard applicable to a commercial-industrial property with no use of groundwater and Purchaser agrees to restrict the use of groundwater via a deed restriction or to consent to a Municipal Settings Designation. If remediation is required pursuant to the above, Purchaser shall maintain the improvements as a cap and will, if required, periodically report on such cap to the TCEQ at Purchaser’s sole expense; Purchaser’s obligation shall survive Closing.
Nothing in Section 3 of this Third Amendment shall be construed as a modification of the terms of Section 5.3 of the Original Agreement in any way.
Purchaser and Seller shall each pay one half of the escrow fees charged by Escrow Agent pursuant to the Escrow Agreement.
4. No Other Changes. Except as herein expressly amended or otherwise provided, each and every term, condition, warranty and provision of the Original Agreement shall remain in full force and effect, and such are hereby ratified, confirmed and approved by the parties hereto. |
5. Counterparts. This Third Amendment may be executed in any number of counterparts and by each of the undersigned on separate counterparts, and each such counterpart shall be deemed an original signature and be binding upon the parties hereto (it being agreed that facsimile or other electronic signature shall have the same force and effect as an original signature). |
6. Governing Law. This Third Amendment shall be governed by, interpreted under, and construed and enforceable in accordance with, the laws of the State of Texas. |
7. Authority. Each party hereto represents to the other party hereto that such party has the legal right, power and authority and has obtained all necessary consents to enter into this Third Amendment. |
8. Time is of the Essence. Time is of the essence with respect to each and every provision in this Third Amendment. |
[Remainder of page intentionally blank. Signature pages follow.]
IN WITNESS WHEREOF, the undersigned have executed this Third Amendment to be effective as of the date first written above.
SELLER:
The Dallas Morning News, Inc.,
a Delaware corporation
By: /s/ ▇▇▇▇ ▇▇▇▇▇▇
Name: ▇▇▇▇ ▇▇▇▇▇▇
Title: President
PURCHASER:
a Texas limited liability company
By: /s/ ▇▇▇▇▇ ▇▇▇▇▇▇
Name: ▇▇▇▇▇ ▇▇▇▇▇▇
Title: Manager