TIMES PUBLISHING COMPANY (5)THIRD AMENDMENT T� CONTRACT FOR PURCHASE
OF REAL PROPERTY
BY
THE CITY OF CLEARWATER, FLORIDA
This AMENDMENT ta that certain CONTRACT FOR PURCHASE OF REAL PROPERTY BY
THE CITY OF CLEARWATER ("Agreement"), is made and entered into this � day of October,
2Q11, by and befinreen TIMES PUBLISHING COMPANY, a Florida corporation, having its principal
place of business at 490 First Avenue South, St. Petersburg, Florida 33701, (herein "Seller" or "Times")
and the CITY OF CLEARWATER, FLORIDA, a Florida municipality, 112 South Osceola Avenue,
Clearwater, Florida 33756 (herein "Buyer" or "City"), (collectively "Parties").
WITNESSETH:
WHEREAS, the Parties have heretofore entered into the Agreement for the sale and purchase
of real property as described therein, having been previously amended twice ta extend the Buyer Right
of Inspection and Closing Date; and
WHEREAS, based on environmental conditions revealed in the course of Buyer's Insp�ction, the
Parties wish to amend the contract purchase price; and
NOW THEREFQRE, in consideration of the foregoing and the mutual covenants contained
hereinafter, IT IS AGREED AS FOLLOWS:
1. RECITALS. The foregoing recitals ar� true and correct and are incorporated herein by
reference.
2. FULL PURCHASE PRICE. Paragraph 2 is hereby amended and restated in its entirety as
follows.
«FULL PURCHASE PRICE : .................................................................. $1,950,000.00„
3. MANNER OF PAYMENT. Paragraph 3 is hereby amended and restated in i#s entirety as
follows.
"MANNER OF PAYMENT: Wire transfer in U. S. finds at time of
closing . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,950,000.00"
4. PURCHASE PRICE, Paragraph 4 is hereby amended to add the following to the end of the
paragraph.
"The purchase price has been reduced Two Hundred Fifty Thousand Dollars ($250,000.00) from
the original contract purchase price of Two Million Two Hundred Thousand dollars ($2,200,000.00) in
recognition of cerkain environmental conditions found to exist during the Buyer's due diligence period
("Remediation R�duction"). The Remediation Reduction is intended to be representative of Buye�s
expected expenses in assessing and remediating the environmental conditions to completion. If, at
such time as the Buyer secures a notice ofi "No Further Action" firom the Florida D�partment of
Page 1 of 3
Environmental Protection related ta the remediation, Buyer has not expended the full Remediation
Reduction of $250,000.00, Buyer shall reimburse Seller that remaining portion of the Remediation
Reduction up to the Two Hundred Fifly Thousand Dollars ("Seller Reimbursem�nt"). Seller
Reimbursement shall be paid by Buyer within thirty (30) days of receiving the No Further Action letter
from the DEP in wire transfer U.S. funds ar such other method as agreed to by the Parties.
In consideratian of the price adjustment described above, Buyer agrees to accept the property AS IS,
WHERE IS, with all faults and agrees to hold Seller harmless from all liabilities arising from
environmental conditions on or arising from the property.
5. All terms and conditions of the Agreement shall remain in full force and effect unless expressly
amended herein.
Signatories: Amendment to Contrac# far Purchase of Real Property by City of Clearwater
RE: Pinellas County Parcel I.D. 15-29-15-54450-011-p030 and
Pinellas County Parcel I.D. 15-Z9-15-54450-OQ8-004Q and Op60
EXECUTED this �� day of �G�U be f___ ,�011 by Seller.
TIMES PUBLISHING COMPANY
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Attest:
By:
APPROVED BY BUYER & EFFECTIVE this a�f
Countersigned:
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Frank V. Hibbard
Mayar
Appraved as to farm:
day of ��1---4�-e�l , 2011.
CITY OF CLEARWATER, FLORIDA
By: a
liam B. Home, II
City Manager
Attest:
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Laura Lipowski Mahony
Assistant City Attomey
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Ros�marie Call
City Clerk
Page 3 of 2
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