6B (5) - Laserfiche WebLink

Home Browse Search

3. Option to Purchase. Section 21.01 of the Agreement is hereby amended to provide that SMA's option to purchase may be exercised, at SMA's option, upon the new expiration date of the Agreement (as amended above in Section 2) upon the payment of the $1,000.00 purchase price. 4. No Defaults. Commission and SMA each represent and warrant that there are no uncured defaults under the Agreement and that to the extent either party previously failed to perform an obligation under the Agreement, the performance of such obligation is hereby waived. 5. Commissions. Commission and SMA represent to each other that they have not authorized any broker to act on such party's behalf in connection with this First Amendment. 6. Continued Validity. Except as expressly modified hereby, the remaining terms and conditions of the Agreement shall remain in full force and effect, except that all references to "lease" shall be read to apply to the easement granted pursuant to this First Amendment. 7. Leasehold Mortgages. All references to "Mortgagee" in the Agreement shall be read to mean Lender and the Secretary of Housing and Urban Development. Notwithstanding anything to the contrary contained in Section 13.02 of the Agreement, the Commission hereby acknowledges and agrees that: (a) the provisions of Article XIII of the Agreement shall apply to Lender and HUD; and (b) that it will provide all Mortgagee notices under the Agreement to Lender and HUD at the below addresses. Without limiting the rights of Mortgagee under said Article XIII, during all times that and for so long as a HUD insured mortgage is in effect and encumbering the Stephenson Mill Project Site, the Agreement shall not be terminated, modified or amended without the prior written consent of HUD. St. James Capital, L.L.C. 33 Bloomfield Hills Parkway, Suite 125 Bloomfield Hills, MI 48304 Attn: Kenneth J. Wessel U.S. Department of Housing and Urban Development 151 North Delaware Street Suite 1200 Indianapolis, IN 46204 -2526 Attn: Keith W. Lerch, Esq. 8. Representations and Warranties. (a) SMA hereby represents and warrants that (i) SMA is duly organized, validly existing and in good standing (if applicable) in accordance with the laws of the State under which it was organized; (ii) SMA is authorized to do business in the State of Indiana; and (iii) the individual executing and delivering this First Amendment on behalf of SMA has been properly authorized to do so, and such execution and delivery shall bind SMA to its terms. (b) Commission hereby represents and warrants that (i) Commission is duly organized, validly existing and in good standing (if applicable) in accordance with the laws of -2-