053-18 - Waterman Investment Partners, LLC - Contract Amendment Addendum 3Addendum No. 3 to
REAL ESTATE PURCHASE AND SALE AGREEMENT
THIS ADDENDUM NO. 3 to the Real Estate Purchase and Sale Agreement for the
property located at 640 Bay Street, Port Orchard, Kitsap County, Washington, is executed by
and between Waterman Investment Partners, LLC, a Washington Limited Liability Company
hereafter ("Buyer") and the City of Port Orchard, a municipal corporation organized under the
laws of the State of Washington (hereafter "Seller").
WHEREAS, Buyer and Seller entered into the above referenced Real Estate Purchase and
Sale Agreement, dated July 10, 2018, which is attached hereto and incorporated herein by this
reference ("Agreement"); and
WHEREAS, Buyer and Seller entered into Addendum No. 1 to the Agreement, dated
December 11, 2018, to amend certain provisions of the Agreement, including the Closing Date,
which is attached hereto and incorporated herein by this reference ("Addendum No. I"); and
WHEREAS, Buyer and Seller entered into Addendum No. 2 to the Agreement, dated June
11, 2019, to extend the Closing Date in exchange for a payment from the Buyer, which is attached
hereto and incorporated herein by this reference ("Addendum No. 2"); and
WHEREAS, Section 16 of the Agreement provides that it may be amended or modified by
a written instrument executed by Buyer and Seller; and
WHEREAS, Section 6.1 of the Agreement sets forth the Closing Date requirements of the
parties, and provides that the parties may agree in writing to a later closing date than the originally
anticipated closing date of December 31, 2018; and
WHEREAS, via Addendum No. 1, the parties extended the Closing Date to June 30,
2019; and
WHEREAS, via Addendum No. 2, the parties extended the Closing Date to December 31,
2019; and
WHEREAS, the parties agree that it is in the best interests of both to further extend the
Closing Date to March 31, 2020; and
WHEREAS, the parties wish to memorialize their agreement to amend the Closing Date
of the Agreement;
NOW, THEREFORE, Buyer and Seller agree as follows:
Section 6.1 of the Agreement is hereby amended to read as follows:
Closing date. This transaction will be closed in escrow by Title Company
acting as escrow agent ("Escrow Agent"). The closing will be held at the
offices of Title Company on or before that date which is thirty (30) days
after the execution of the Development Agreement and the expiration of
any applicable appeal period related thereto, but in any event no later than
March 31, 2020 (the "Closing Date"). If closing does not occur on or
before the Closing Date, or any later date mutually agreed to in writing by
Seller and Buyer, Escrow Agent will immediately terminate the escrow,
forward the Deposit to the party entitled to receive it as provided in this
Agreement and return all documents to the party that deposited them.
2. In all other respects, the Agreement between the parties, as amended by Addendum
No. 1 and Addendum No. 2, shall remain in full force and effect, further amended as set forth
herein, but only as set forth herein.
IN WITNESS WHEREOF, the parties have executed this Addendum No. 3 this 17th day
of December 2019.
WATERMAN INVESTMENT
PARTNERS, LLC (BUYER):
Steve Sego, Sole Me er
CITY OF PORT ORCHARD �ti`I�tllllllllilt
(SELLER): �'•a 9t?F7
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4SEAL -
a:
Robert Putaansuu Mayor
ATTEST/ HE ATED:
MMC, City Clerk
APPROVED AS TO FORM:
Sharon Cates, City Attorney