Agreement For Purchase And Sale

First Amendment to Agreement for Purchase and Sale

Exhibit 10.7
     This FIRST AMENDMENT TO AGREEMENT FOR PURCHASE AND SALE (this “Amendment”) is made and entered into this 6th day of May, 2009, by and between the undersigned selling entities (collectively, “Seller”) and ROBERT KO (“Buyer”).
Recitals
     A. Seller and Buyer are parties to that certain Agreement for Purchase and Sale of Real Property and Escrow Instructions dated effective April 21, 2009 (the “Purchase Agreement”), for that certain real property located in Orange County, California, commonly known as 901 Civic Center Drive, Santa Ana, California, as more particularly described therein. Capitalized terms used in this Amendment and not defined herein shall have the meanings given such terms in the Purchase Agreement.
     B. Seller and Buyer mutually desire to amend the Purchase Agreement as provided below.
     NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Seller and Buyer agree as follows.
     1. Financing Contingency. The final day of the Financing Contingency Period is hereby extended to May 12, 2009, for the sole purpose of obtaining a letter from the City of Santa Ana Building Department or any other evidence reasonably acceptable to Buyer indicating that any environmental issues related to the UST formerly located on the site, removed in or about 1979, were resolved by issuance of the building permit(s) issued in or about 1979 for the building currently located on the Property. The information provided by the Seller must be approved by Buyer’s lender and cause Buyer’s lender to waive the existing requirement to conduct a Phase II environmental assessment. The Financing Contingency is otherwise waived by Buyer.
     2. Contracts. Buyer will assume none of the Contracts at Closing. Seller shall, at Buyer’s expense, terminate all Contracts in the manner provided in the Purchase Agreement.
     3. No Other Amendments. Except with respect to the amendments expressly set forth in this Amendment, the Purchase Agreement remains unmodified in all other respects and in full force and effect. This Amendment is entered into pursuant to, and is intended to be read together and consistent with, the Purchase Agreement. However, if any inconsistencies exist between this Amendment and the Purchase Agreement, the provisions of this Amendment shall prevail over anything to the contrary in the Purchase Agreement.
     4. Counterparts. This Amendment may be executed in counterparts. Facsimile or .pdf delivery shall be sufficient to form a binding agreement.
1 – FIRST AMENDMENT TO AGREEMENT FOR PURCHASE AND SALE

 


 

     IN WITNESS WHEREOF, the parties have executed this Amendment as of the date and year first hereinabove written.
                     
SELLER:       BUYER:    
 
                   
NNN VF 901 CIVIC, LLC,
a Delaware limited liability company
      /s/ Robert Ko    
 
             
 
   
 
              Robert Ko    
By:   Grubb & Ellis Realty Investors, LLC,            
    a Virginia limited liability company,            
    Its Vice President            
 
                   
 
  By:   /s/ Andrea R. Biller            
 
  Name:  
 
Andrea R. Biller
           
 
  Title:   Executive Vice President            
 
                   
NNN 901 CIVIC, LLC,
a Delaware limited liability company
           
 
                   
By:   Grubb & Ellis Realty Investors, LLC,            
    a Virginia limited liability company,            
    Its Manager            
 
                   
 
  By:   /s/ Andrea R. Biller            
 
  Name:  
 
Andrea R. Biller
           
 
  Title:   Executive Vice President            
2 – FIRST AMENDMENT TO AGREEMENT FOR PURCHASE AND SALE