FIRST AMENDMENT TO PURCHASE AND SALE AGREEMENT
Exhibit 10.2(a)
FIRST AMENDMENT TO
PURCHASE AND SALE AGREEMENT
PURCHASE AND SALE AGREEMENT
THIS FIRST AMENDMENT TO PURCHASE AND SALE AGREEMENT (the “Amendment”) is made and entered into
as of the 2nd day of April, 2007 (the “Amendment Date”), by and between XXXXXX COMPANY OF XXXXXX,
INC., FM LEASING, LP, FM LEASING I, LP, MF LEASING, LP, AC STORES, LP, COM-PAC PROPERTIES, LLC,
COM-PAC PROPERTIES GROUP, LP and FAVORITE ONE PROPERTIES, LP, as sellers (collectively, the
“Seller”), and MAPCO EXPRESS, INC., as buyer (the “Buyer”).
WITNESSETH:
WHEREAS, Seller and Buyer entered into that certain Purchase and Sale Agreement dated February
8, 2007 (the “Sale Agreement”), pursuant to which Seller agreed to sell one hundred seven (107)
convenience stores located in the States of Alabama, Georgia and Tennessee to Buyer; and
WHEREAS, Seller and Buyer have agreed to update certain schedules to the Sale Agreement to
reflect changes discovered or occurring after the Effective Date; and
WHEREAS, Buyer has agreed to purchase certain vehicles used in the operation of the
Convenience Stores from Seller and the parties desire to document their agreement regarding such
vehicles.
NOW, THEREFORE, for $10.00 paid Seller by Buyer and other good and valuable consideration, the
receipt and sufficiency of which is hereby acknowledged, Buyer and Seller agree as follows:
1. Defined Terms. All capitalized terms not expressly defined herein shall
have the meaning ascribed to them in the Sale Agreement.
2. Store Addresses. Seller and Buyer have determined that certain of the
physical addresses provided in the Sale Agreement are incorrect. Accordingly, Schedule
14.02 of the Sale Agreement is hereby deleted in its entirety and Exhibit A of this
Amendment is substituted in its place and stead.
3. Leases. Schedule 14.04 of the Sale Agreement is hereby deleted
in its entirety and Exhibit B of this Amendment is substituted in its place and stead.
4. Operating Agreements. Schedule 14.05 of the Sale Agreement is
hereby deleted in its entirety and Exhibit C of this Amendment is substituted in its place
and stead.
5. Property Descriptions. The descriptions of Convenience Stores 54, 71,
74, 83, 116, 128, 130, 141, 145 and 607 are hereby deleted from Schedule 14.09 of the Sale
Agreement and the descriptions of such Convenience Stores set forth on Exhibit D of this
Amendment are substituted in their place and stead. In addition, the description of Leased
Property described as Convenience Store 690A on Exhibit D of this Amendment is hereby added
to Schedule 14.09 of the Sale Agreement.
6. Vehicles. At Closing, Seller hereby agrees to sell the vehicles
described on Exhibit E of this Amendment (the “Vehicles”) to Buyer, and Buyer agrees to
purchase the Vehicles from Seller, upon the terms and conditions set forth in this section. The
purchase price for the Vehicles shall be Seventy-Six Thousand Nine Hundred and No/100 US Dollars
(US $76,900.00), and Buyer shall pay such amount to Seller at Closing, in immediately available
funds. Seller shall properly convey good and merchantable title to the Vehicles to Buyer at
Closing, free and clear of all liens and other encumbrances. The Vehicles
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shall be considered part of the Personal Property, and the definition of “Personal Property”
set forth in this Sale Agreement is hereby amended to include the Vehicles.
7. Replacement Jobber Agreements. The word “and” is deleted before “(vii)”
of Section 6.1(p) and the following provisions are added to the end of Section 6.1(p): “(viii)
there are no defaults or events which with the giving of notice or passage of time or both would
constitute a default or “Termination Event” under that certain Master Conversion Agreement, dated
February 2, 2006 (the “Master Conversion Agreement”), between Xxxxxx Co. of Xxxxxx, Inc. and
Marathon Petroleum Company, LLC, (ix) Seller has purchased more than the “Minimum Annual Distillate
Volume” and more than the “Minimum Annual Gasoline Volume” required for the “Contract Year” ending
March 31, 2007, under the Master Conversion Agreement, and Seller has not has not exercised the its
option under Section 9(b) of the Master Conversion Agreement, and (x) there are no defaults or
events which with the giving of notice or passage of time or both would constitute a default under
that certain Branded Marketer Agreement, entered into as of March 1, 2007 by and between
ConocoPhillips and Xxxxxx Company of Xxxxxx, Inc. (the “Xxxxxx Branded Marketer Agreement”).” In
addition, Schedule 14.11 of the Sale Agreement is hereby deleted in its entirety and
Exhibit F of this Amendment is substituted in its place and stead.
8. Carve Out Stores.
(a) In connection with the Carve Out Stores, Seller and Buyer have agreed that: (i)
Buyer and Seller will enter into an Operating and Management Agreement at Closing, in the form
attached hereto as Exhibit G (the “Management Agreement”), pursuant to which Buyer will
operate and manage the Carve Out Stores; (ii) the Surviving Operating Agreements related to the
Carve Out Stores will be assigned to Buyer at Closing and Section 7.3(a)(ii) of the Sale Agreement
is modified accordingly; (iii) the Merchandise Inventory, the Fuel Inventory and the Food Supplies
Inventory will be transferred to Buyer at Closing, Section 7.3.(a)(ii) of the Sale Agreement is
hereby amended to reflect that Buyer is acquiring the Merchandise Inventory, the Fuel Inventory
and the Food Supplies Inventory at Closing, and Section 7.3(a)(iv) is hereby deleted; (iv) the
Store Employees working at the Carve Out Stores shall not remain employees of Seller after Closing,
Section 7.3(a)(iii) is hereby deleted, and Buyer shall have the right to employee such Store
Employees as of the Closing upon the terms set forth in Section 5.5.1 of the Sale Agreement,
provided, however, Seller shall remain responsible for satisfying its obligations under Section 5.5
with respect to such Store Employees; (v) the Non-Competition Agreement shall not be modified since
Buyer will operate the Carve Out Stores after Closing and Section 7.3(d) is amended accordingly;
provided, however, in the event the Sale Agreement is terminated with respect to any Carve Out
Store, the Non-Competition Agreement shall be modified to allow Seller to operate such Carve Out
Store for eighteen (18) months thereafter if such Carve Out Store is located on a Fee Property and
for the greater of eighteen (18) months thereafter or the remainder of the then current lease term
(without extension or renewal thereof) if the Carve Out Store is located on a Leased Property; and
(vi) Buyer has not waived any of the Required Agreements or Title Requirements.
(b) In addition, Buyer and Seller have prorated certain expenses related to the
Carve Out Stores as of the Amendment Date (as set forth on the Settlement Statement executed
simultaneously with this Amendment), and Buyer and agreed on the method for adjusting such
prorations in the Management Agreement. In the event of any conflict or inconstancy between the
Management Agreement and the Sale Agreement related to such prorations, the Management Agreement
shall control.
9. Modification of Closing Documents. Buyer and Seller have agreed to
certain modifications and supplements to the documents described in Section 7.2.2 of the Sale
Agreement (collectively, the “Closing Documents”), which modifications and supplements are
reflected in the versions of the Closing Documents and the other agreements executed by Buyer
and/or Seller at Closing.
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The Sale Agreement is modified to incorporate the changes to the Closing Documents contained
in the versions of the Closing Documents executed by Seller and/or Buyer in connection with the
Closing.
10. Title Requirements. Paragraph 3 of Schedule 14.16 is hereby deleted in
its entirety and the following is substituted in its place and stead:
“Convenience Store 104. Seller must (i) cause the
Corrective Deed in the form approved by Buyer to be fully executed
and properly recorded, (ii) cause the 1.43 acre tract identified in
the Corrective Deed to be lawfully subdivided in accordance with all
Applicable Laws, and (iii) cause the Water Well and Water Line
Easement in the form approved by Buyer to be fully executed and
recorded so that the same is superior to all liens and encumbrances.
Seller shall obtain Buyer’s approval, in writing, of (i) any
subdivision plat subdividing said tract prior to submitting the same
for approval by any governmental body, and (ii) Schedule 3 of the
Water Well and Water Line Easement.”
11. Ratification. Except as specifically set forth herein, all other terms,
covenants, conditions, representations and warranties set forth in the Sale Agreement shall remain
in full force and effect and are hereby ratified and affirmed.
12. Exhibits. Buyer and Seller acknowledge and agree that all exhibits
referenced in this Amendment are attached hereto and incorporated herein by reference.
13. Counterparts. This Amendment may be executed in multiple counterparts,
each of which shall be deemed an original hereof. Each of Seller and Purchaser agrees that its
signature page may be detached from any one such counterpart and attached to an identical
counterpart so that there may be one counterpart with the signatures of both Seller and Purchaser.
Facsimile signatures shall have the same force and effect as original signatures.
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IN WITNESS WHEREOF, the parties have executed this Amendment as of the day and date first
above written.
BUYER: | ||||||||
MAPCO Express, Inc. | ||||||||
By: | ||||||||
Title: | ||||||||
By: | ||||||||
Title: | ||||||||
SELLER: | ||||||||
XXXXXX COMPANY OF XXXXXX, INC. | ||||||||
By: | ||||||||
Title: | ||||||||
FM LEASING, LP | ||||||||
By: | FM Leasing, LLC, | |||||||
General Partner | ||||||||
By: | ||||||||
Xxxxxx X. Xxxxxx, | ||||||||
Chief Manager | ||||||||
FM LEASING I, LP | ||||||||
By: | FM Leasing II, Inc. | |||||||
General Partner | ||||||||
By: | ||||||||
Title: | ||||||||
MF LEASING, LP | ||||||||
By: | MF Leasing, LLC, | |||||||
General Partner | ||||||||
By: | ||||||||
Xxxxxx X. Xxxxxx, | ||||||||
Chief Manager |
[SIGNATURES ON NEXT PAGE]
AC STORES, LP | ||||||||
By: | AC Stores, Inc. | |||||||
General Partner | ||||||||
By: | ||||||||
Xxxxxx X. Xxxxxx, | ||||||||
President | ||||||||
COM-PAC PROPERTIES, LLC | ||||||||
By: | ||||||||
Xxxxxx X. Xxxxxx, | ||||||||
Chief Manager | ||||||||
COM-PAC PROPERTIES GROUP, LP | ||||||||
By: | Com-Pac Properties Corporation | |||||||
General Partner | ||||||||
By: | ||||||||
Xxxxxx X. Xxxxxx, | ||||||||
President | ||||||||
FAVORITE ONE PROPERTIES, LP | ||||||||
By: | GP Favorite One Properties, Inc. | |||||||
General Partner | ||||||||
By: | ||||||||
Xxxxxx X. Xxxxxx, | ||||||||
President |