FOURTH AMENDMENT TO PURCHASE AND SALE AGREEMENT
FOURTH AMENDMENT made and entered into this 7th day of March
1997, by and between XXXX XXXXXXX MUTUAL LIFE INSURANCE COMPANY
("Seller") and ARDEN REALTY LIMITED PARTNERSHIP ("Buyer");
WITNESSETH THAT:
WHEREAS, Seller and Buyer executed a Purchase and Sale Agreement
dated January 10, 1997, as amended by the First Amendment to Purchase
and Sale Agreement dated January 31, 1997, as further amended by the
Second Amendment to Purchase and Sale Agreement dated February 14,
1997, as further amended by the Third Amendment to Purchase and Sale
Agreement dated February 18, 1997 (the "Agreement"), pursuant to
which Buyer has agreed to purchase the premises known as 00000 Xxxxx
Xxxxxx Xxxxxxxxx, Xxx Xxxxxxx, Xxxxxxxxxx (the "Premises"), as more
fully described in the Agreement; and
WHEREAS, Buyer and Seller wish to amend the terms of the
Agreement;
NOW, THEREFORE, in consideration of mutual covenants hereinafter
set forth, the Agreement is amended as follows:
1. Inspections and Approvals. Section 4 of the Agreement is
hereby amended to extend the Review Period, for purposes
only of the receipt of a document in recordable form from
the City of Los Angeles (the "City"), which document shall
provide for the termination, replacement and consolidation
of the covenants recorded as 00-0000000, 83-492309, 83-
492310, 84-128565 and 89-157136, until 5 p.m. P.S.T. on
March 25, 1997, unless said document is delivered prior to
March 25, 1997, in form substantially similar to that
attached as Exhibit A hereto. Closing shall occur two
business days after receipt of said document, but in no
event later than April 1, 1997. Buyer's failure to close
for any reason other than a failure by the City to deliver
said document will result in the payment to Seller of
liquidated damages pursuant to the Agreement.
Notwithstanding the foregoing, Buyer agrees that although
the form of Exhibit A proposes to delete the present
requirement that any leases or subleases of space have a
minimum of 500 square feet and have a minimum of two
parking spaces, and that the balance of a suite after
subleasing also have a minimum of two parking spaces, the
deletion of these requirements is not a condition of
closing. If the City fails to approve the deletion of
these requirements, but nonetheless approves the remainder
of Exhibit A in a form substantially similar hereto,
Seller has satisfied its obligations to Buyer, and the
parties shall proceed to Closing.
2. Miscellaneous. Except as hereby amended, Buyer and Seller
hereby ratify, confirm and adopt the Agreement as amended
by this Fourth Amendment. Time remains of the essence.
IN WITNESS WHEREOF, the parties hereto have caused these
presents to be executed as of the day and year first above written.
SELLER: BUYER:
XXXX XXXXXXX MUTUAL LIFE ARDEN REALTY LIMITED PARTNERSHIP,
INSURANCE COMPANY a Maryland limited partnership
By: ARDEN REALTY GROUP, INC.,
By:/s/ Xxxx X. Xxxxxxxx a Maryland corporation,
Name: its sole general partner
Title: Investment Officer
By: /s/ Xxxxxxx X. Xxxxx
Name: Xxxxxxx X. Xxxxx
Title: Chief Executive Officer
