Agenda - 12-05-2005-5l - Laserfiche WebLink

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AMENDMENITO AGREEMENT P'OR PURCHASE AND SALE THIS AMENDMENT to the July 14, 2005 AGREEMENT FOR PURCHASE AND SALE ("Agreement") is made and entered into as of this _ day of 2005, by and between RT HOLDINGS, LLC, a North Carolina limited liability company ("Seller") and ORANGE COUNTY, NORTH CAROLINA, a body politic and corporate entity ("Buyer"), RECITALS WHEREAS, Buyer has given notice to Seller, pursuant to paragraph 6(d)(iii) of the Agreement, that the outside entrance area to the "SportsPlex" structure on the Property does not comply with the Americans with Disabilities Act ("the ADA"), a violation of federal, State and/or local law; and WHEREAS, Buyer and Seller have engaged in a process involving Buyer's architects/engineers, the Orange County Building Inspector and constmction contractors to arrive at a cost to cure the violation of the ADA affecting the Property; and WHEREAS, Buyer has been informed by the staff of the North Carolina Local Government Conunission (L,GC) that the LGC will consider Buyer's application for approval of the financing of the purchase of the Property at the LGC meeting on December 6, 2005; and WHEREAS, L.GC approval of Buyer's financing of the purchase of the Property is a condition that must be met for Buyer to purchase the Property. NOW, THEREFORE, in consideration of the mutual promises and agreements hereinafter set forth, and other good and valuation consideration, the receipt, sufficiency and adequacy of which are hereby acknowledged, Seller and Buyer agree to amend the Agreement as follows: I Buyer and Seller have agreed that any responsibility of Seller for making the outside entrance area to the "SportsPlex" shvcmre on the Property in all respects compliant with the Americans with Disabilities Act (ADA) is satisfied by increasing the amount of [he Repair Reserve paid fo Buyer under Section 6(e) of the