2000-01-24_PERMIT FILE - M2000002 (3)

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RIDER TO CONTRACT TO BUY AND SELL REAL ESTATE (Vacant Land-Farm-Ranch) This Rider is made this ~ day of October, 1999, between Mobile Premix Concrete, inc., as Buyer, and Don C. Tanabe and Rose Y. Tanabe, as Seller, to supplement and amend that certain Conh•act to Buy and Sell Real Cslate (Vacant Land-Farm-Ranch) Baled October/~ , 1999, between Buyer and Seller (the "Contract"). All undefined capitalized terms in this Rider will have the same definition as set forth in the Contract. In the event of any inconsistency between the terms of this Rider and the Contract, the terms of this Rider will govern. The Contract is supplemented as follows: 30. Earnest Mone aty id Option Pa nv lent. Paragraph 4(a) of this Contract is amended to provide tha~f the Earnest Money (thg.;~pj~n~P~y~ent")will be paid directly to Seller upon mutual execution of this Contract and is ~~ }}f~~u}~t''fEl~b to Buyer as anon-refundable option payment for the rights granted la Buyer in thi~~crP'~l.g~wilhstanding any other provision of this Contract to the contrary, if Buyer elects to ernunale trus Contract for any reason whatsoever, the Option Payment will be retained by S9blteWoprt6l~r~l¢IkY, if Guyer proceeds to Closing, the Option Payment will be credited against the Purchase Price al Closing. All references in this Contract to the Earnest Money or other monies of Buyer will exclude the Option Payment. 31. Title and Survey. Paragraph 7(a) of ibis Contract is amended to provide that it will be Buyer's responsibility to have the standat•d printed exceptions of the title commitment and the title policy deleted or insured over, at Buyer's sole cost and option. In addition, it will be Buyer's responsibility to order and obtain any survey or improvement location certifcale of the Property. At Closing, if Buyer proceeds to Closing, Seller agrees to reimburse Buyer for a portion of the cast of such survey or improvement location certificate, up to the maximum amom~. "I'hc second line of paragraph 8(d) of this Contract is amended to provide that Seller may, at its option use reasonable efforts to correct any unsatislaclory title condition. Notwithstanding the foregoing, Seller agrees to use reasonable efforts to cure, up to the maximum expenditure by ~, any title defect, individually or collectively with any oilier title defects, that renders title unmarketable and is identified by Buyer in a written notice delivered by Buyer to Seller prior In the Title OL~jection Deadline (collectively, "Title Defect") that individually or collectively would be reasonably expected to cause Buyer to incur expenses less In no event will Seller be expected to spend more lh~ to cure lhe'fille elect, and if the "Title Defect would be reasonably expected to cause Seller or Buyer to incw' expenses in excess~Seller will not be required to cure or otherwise take any action with respect to lhc'I'ille Defect. n which event, Buyer may either elect to waive the "title Defect or terminate this Contract in accordance with the provisions of Paragraph 8d of this Contract. 32. Representations and Warranties of Seller. Seller represents and warrants to Buyer as of the date of mutual execution of this Contract and immediately prior to Closing, that the following are true and con•ect: A. Seller's Authority. The execution, delivery and performance of this Contract by Seller has been duly authorized by all requisite action on the part of Seller and will not conflict wish or result in any breach of the terms of any instrument or agreement to which Seller is a party. B. Leases. To the best of Seller's actual knowledge, all tenant leases affecting the Property are in full force and effect, there are no uncured defaults on the part of Seller or on the part of the tenants under the leases, and the rentals clue under the leases have not been prepaid more than one month in advance. Buyer will have the right to approve the leases and exercise its right to terminate this Contract during the Inspection Period, as set (Drib below. C. Litigation. There is no litigation or other proceeding pending or, to the actual knowledge oC Seller, threatened against or relating to the Properly or Seller's interest therein. Relative to the Property or Seller's interest (herein, there are to Seller's actual knowledge no pending or threatened proceedings Cor condemnation by any authority (hat has that right or power which could detrimentally affect the value of the Property. ~'y