HomeMy WebLinkAboutURA RES 2019-19 RESOLUTION NO. 2019-
A RESOLUTION OF THE CALDWELL URBAN RENEWAL AGENCY RATIFYING
THE NOTICE AND SECOND AMENDMENT TO THE PURCHASE AND SALE
AGREEMENT WITH MCCAIN FOODS USA, INC. DATED JULY 31,2019
BE IT HEREBY RESOLVED by the Caldwell Urban Renewal Agency ratifies the Notice and
Second Amendment made part hereof and set forth in full.
PASSED BY THE CALDWELL URBAN RENEWAL AGENCY this 12,'h day of August,
2019.
APPROVED BY THE CHAIRMAN OF THE URBAN RENEWAL AGENCY OF THE
CITY OF CALDWELL on this 12'h day of August, 2019.
APPROVED:
Al MAN
ATTEST:
0*906080"*4
SECRETARY
NOTICE AND SECOND AMENDMENT TO
CITY PURCHASE AND SALE AGREEMENT
THIS NOTICE AND SECOND AMENDMENT TO PURCHASE AND SALE AGREEMENT
("Amendment'l is dated as of the,31st day of July, 2919, by and between McCain Foods USA, Inc. of
Oakbrook Ten-ace, IL, its nominee or assigns ("Buyer"), and The Urban Renewal Agency of City of
.Caldwell, Idaho, an independent public body corporate and politic of 411 Blaine St., Caldwell, Idaho
83605("Seller").
WHEREAS, Buyer and Seller entered into that certain Purchase:and Sale Agreement dated as of
February 5,2019 and effective as of February 11,2019,as amended by the First Amendment to Purchase
and Sale Agreement dated as of Juiy_,, 2019 (together, the"Contract"), for the purchase and sale of
certain property located in Caldwell,Idaho,as further described in the Contract(the"Property").
WHEREAS, Buyer wishes to.amend the Contract, to provide more time to. complete the due
diligence, including specifically, to complete the clearance of title.and survey issues, but must provide
notice today.under the Contract regarding the Due Diligence period.
THEREFORE, Buyer hereby provides disapproval of the Due Diligence Review, which
constitutes Buyer's termination of the Contract.This will preserve.Buyer's rights to receive clear title to
the Property.
However, if the Seller signs below, before 5pm central time on Friday August 2, 2019, this
disapproval shall be withdrawn, the Contract- shall be'reinstated with the following terms amending the
Contract.
NOW,THEREFORE,the parties agree as follows:
1. Buyer's Objection Notice,under Section 4 of the Contract(Title Matters)is hereby extended until
September 16, 2019. Seller and Buyer hereby agree to continue to work together to clear any
remaining title issues that were raised in Buyer's title objection letter delivered June 28,2019.
2. The Due Diligence Period is hereby extended until September 16,2019.
3. Closing shall take place within 10 business days after the end of ilie Due•Diligence Period.
In all other respects,the Contract shall remain unchanged. Faxed or scanned signatures shall be
considered original.
(Signatures appear on the'following pages(s)
IN WnNESS WHEREOF,this Amawdna of is dated as of the date fuhst set forth.above.
SELLER: BUYER:
The Ur wal.Agafang of City of McCain Foods USA,Inc.
Cald 1,
By. C By; ,..... ""
Na Name: o.
Title: Title P f-aftA <X (NOXTV "&444