AMENDMENT TO AGREEMENT FOR PURCHASE AND SALE
EXHIBIT 10.2
AMENDMENT TO AGREEMENT FOR PURCHASE AND SALE
THIS AMENDMENT (“Amendment”) is made as of the 25th day of September, 2006, by and
between 7007 PALMETTO INVESTMENTS, LLC, a Florida limited liability company (“Seller”) and SPANISH
BROADCASTING SYSTEM, INC., a Delaware corporation (“Buyer”) (Buyer and Seller, together, the
“Parties”).
W H E R E A S:
A. The Parties entered into that certain Agreement for Purchase and Sale, dated as of August
24, 2006 (the “Agreement”) for the real property located at 0000 X.X. 00xx Xxxxxx,
Xxxxx, Xxxxxxx, and a parcel of vacant land adjacent to it, as more fully described in the
Agreement.
B. The Parties desire to amend the Agreement in certain respects as set forth below.
NOW, THEREFORE, in consideration of the mutual promises and agreements below, and other good
and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the
Parties hereby further agree as follows:
1. The foregoing recitals are true and correct and are incorporated herein in their entirety.
2. This Amendment shall be deemed a part of, but shall take precedence over and supersede any
provisions to the contrary contained in the Agreement. All initial capitalized terms used in this
Amendment shall have the same meaning as set forth in the Agreement unless otherwise provided.
3. The Parties agree that the Due Diligence Period is hereby extended for an additional thirty
(30) days and shall expire on Wednesday, October 25, 2006 at 6:00 p.m., Miami, Florida time.
4. Section 5.5 of the Agreement is hereby modified to provide that to the extent the Buyer
does not elect to terminate the Agreement prior to the expiration of the Due Diligence Period,
Buyer or its permitted assignee under the Agreement shall, prior to the expiration of the Due
Diligence Period, enter into the Occupancy Agreement to occupy the Property from the expiration of
the Due Diligence Period until Closing.
5. This Amendment may be executed in several counterparts, each of which shall be deemed an
original, but all constituting only one agreement. Facsimile copies of this Amendment shall be
deemed to have the same force and effect as original hard copies of the same.
6. Except as specifically modified hereby, all of the provisions of the Agreement which are
not in conflict with the terms of this Amendment shall remain in full force and effect.
IN WITNESS WHEREOF, the Parties have executed this Amendment as of the date first written
above.
SELLER: | 7007 PALMETTO INVESTMENTS, LLC, a Florida limited liability company |
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By: | Xxxx X. Xxxxxxxxxx, P.A., a Florida | |||
professional association, Manager | ||||
By: | /s/ Xxxx X. Xxxxxxxxxx | |||
Name: | Xxxx X. Xxxxxxxxxx | |||
Title: | President | |||
BUYER: | SPANISH BROADCASTING SYSTEM, INC., a Delaware corporation |
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By: | /s/ Xxxx Xxxxxxx | |||
Name: | Xxxx Xxxxxxx | |||
Title: | President and CEO | |||