PSA Amendment Sample Clauses
A PSA Amendment clause defines the process and requirements for making changes to a Purchase and Sale Agreement (PSA) after it has been executed. Typically, this clause specifies that any modifications must be made in writing and signed by all parties involved, ensuring that verbal agreements or informal changes are not legally binding. Its core function is to provide a clear, formal mechanism for altering the terms of the agreement, thereby preventing misunderstandings and disputes over unauthorized or ambiguous changes.
PSA Amendment. (a) Section 3.01 of the PSA is hereby amended by deleting the words, “Forty-Six Million Dollars ($46,000,000.00)” and replacing such words with “Forty-Seven Million Dollars ($47,000,000.00)”.
(b) Section 3.02(a) of the PSA is hereby amended by deleting the section in its entirety and replacing it with the following language: Prior to the execution of this Agreement, Buyer deposited by wire transfer in same day funds with Seller the sum of Two Million Three Hundred Thousand Dollars ($2,300,000.00) (the “Initial Deposit”). Before end of business on July 31, 2013, Buyer deposited by wire transfer in same day funds with Seller the sum of One Million One Hundred Fifty Thousand Dollars ($1,150,000.00) (the “Additional Deposit”). Before end of business on August 16, 2013, Buyer deposited by wire transfer in same day funds with Seller the sum of One Million One Hundred Fifty Thousand Dollars ($1,150,000.00) (the “Extension Deposit”, together with the Initial Deposit and the Additional Deposit, the “Deposit”). If Closing occurs, the Deposit shall be applied toward the Purchase Price at the Closing. US 2063638v.1
(c) Section 9.01 of the PSA is hereby amended by deleting the words, “August 16, 2013; with an additional option to extend to August 30, 2013” and replacing such words with “September 20, 2013”.
(d) Section 11.01(b) of the PSA is hereby amended by deleting the words, “August 16, 2013, to be extended to August 30, 2013 pursuant to the Seller Elected Option.” and replacing such words with “September 20, 2013”.
PSA Amendment. (a) Section 9.01 of the PSA is hereby amended by deleting the words, “June 28, 2013” and replacing such words with “July 12, 2013”.
PSA Amendment. (a) Section 9.01 of the PSA is hereby amended by deleting the words, “July 12, 2013” and replacing such words with “July 31, 2013”.
(b) Section 3.02(b) of the PSA is hereby amended by deleting the section in its entirety and replacing it with the following language: If (i) all conditions precedent to the obligations of Buyer set forth in Section 8.02 have been met and (ii) the transactions contemplated by this Agreement are not consummated on or before the Closing Date because of: (A) the failure of Buyer to perform any of its material obligations hereunder or (B) the failure of any of Buyer’s representations or warranties hereunder to be true and correct in all material respects as of the date of this Agreement and the Closing, then, in either event, this Agreement shall terminate pursuant to Section 11.01(b) and Seller shall retain the Deposit as liquidated damages. The provision for payment of liquidated damages in this Section 3.02(b) has been included because, in the event of a termination of this Agreement described in this Section 3.02(b), the actual damages to be incurred by Seller can reasonably be expected to approximate the amount of liquidated damages called for herein and because the actual amount of such damages would be difficult if not impossible to measure accurately.
(c) Section 11.01 of the PSA is hereby amended by deleting the section in its entirety and replacing it with the following language: