SECOND AMENDMENT OF AGREEMENT OF SALE
THIS SECOND AMENDMENT OF AGREEMENT OF SALE (this "Second Amendment")
is made as of September 22, 2006, by and between DVL, INC, a Delaware
corporation, having an address at ▇▇ ▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇ ▇▇▇▇▇, ▇▇▇ ▇▇▇▇, ▇▇▇
▇▇▇▇ ▇▇▇▇▇ (the "Seller"), and ▇▇▇ ▇▇▇▇▇▇▇▇ ASSOCIATES, LLC., a New York limited
liability company, having an address at ▇▇ ▇▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇, ▇▇. ▇▇▇▇▇▇, ▇▇▇
▇▇▇▇ ▇▇▇▇▇ (the "Buyer").
WHEREAS, Seller and Buyer entered into an Agreement of Sale dated April
27, 2006, (the "Agreement") for the purchase and sale of certain real property
located in the Town of Ft. ▇▇▇▇▇▇, County of Washington, State of New York, as
such Property is more fully described in the Agreement (the "Property");
WHEREAS, on June 28, 2006, Seller and Buyer entered into a First Amendment
to Agreement of Sale (the "First Amendment"), pursuant to which Seller agreed to
undertake certain soil sampling in the parking area of the Property (the
"Environmental Testing");
WHEREAS, Seller has completed the Environmental Testing, the results of
which indicate the presence of polychlorinated biphenyls at certain locations in
the parking area of the Property (the "Parking Area Contamination"); and
WHEREAS, Buyer has requested and Seller has agreed to remediate the
Parking Area Contamination (the "Parking Area Remediation") in accordance with
the supplemental work plan prepared by ▇▇▇▇▇▇▇ ▇▇▇▇▇▇, Inc. dated August 1, 2006
(the "Supplemental Work Plan"), a copy of which is attached hereto.
NOW, THEREFORE, in consideration of the mutual covenants and agreements
contained herein, and other good and valuable consideration, the mutual receipt
and legal sufficiency of which is hereby acknowledged, Buyer and Seller hereby
covenant and agree as follows:
1. All capitalized terms not otherwise defined herein shall have the
meanings ascribed to them in the Agreement.
2. Seller, at its own expense, shall remediate the Parking Area
Contamination in accordance with the Supplemental Work Plan. Upon
completion of the Parking Area Remediation, Seller's environmental
consultant shall submit a closure report for the Parking Area
Remediation to the NYDEC. Based upon its review and approval of the
closure report, the NYDEC shall issue a closure or "no further
action" letter with respect to the Parking Area Contamination. Buyer
acknowledges that Seller shall not be obligated to repave any
portion of the Property after it completes the Parking Area
Remediation; however, Buyer shall be entitled to a credit against
the Purchase Price at Closing in the amount
of Thirty-Five Thousand and 00/100 Dollars ($35,000.00), which sum
represents the estimate cost of repaving that portion of the parking
area in which the Parking Area Remediation will occur.
3. Contemporaneously with the execution of this Second Amendment, Buyer
shall pay to Seller $3,537.50, which sum represents one-half (1/2)
of the costs of the Environmental Testing in the parking area of the
Property.
4. Buyer acknowledges that the Environmental Work Plan for the Property
and the Supplemental Work Plan have been approved by the NYDEC and
are acceptable to Buyer in all respects.
5. Buyer hereby waives any rights that it may have under Sections
3.02(d) or 3.02(e) of the Agreement to terminate the Agreement based
upon its environmental investigation of the Property or the failure
of the NYDEC to approve the Environmental Work Plan or the
Supplemental Work Plan for the Property.
6. Contemporaneously with the execution of this Second Amendment, Buyer
shall pay to Escrow Agent the Additional Deposit in the amount of
$11,875.00.
7. Subject to the provisions of this Second Amendment, all of the
terms, covenants, and conditions of the Agreement, as amended by the
First Amendment, are reconfirmed and shall remain in full force and
effect and binding upon the parties hereto, their successors and
assigns.
8. In the event of a conflict between any of the terms and provisions
of this Second Amendment and the terms and provisions of the
Agreement, as amended by the First Amendment, the terms and
provisions of this Second Amendment shall be controlling.
9. This Second Amendment may be executed in separate counterparts. It
shall be fully executed when Seller and Buyer have each signed at
least one counterpart even though no one counterpart contains the
signature of both parties.
[signatures appear on following page]
IN WITNESS WHEREOF, the parties hereto have executed this Second Amendment
as of the day and year first written above.
SELLER:
DVL, INC.
By /s/ ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇
------------------------
Name: ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇
Title: Vice President
Date: 9/25/06
---------------------
BUYER:
▇▇▇ ▇▇▇▇▇▇▇▇ ASSOCIATES, LLC
By /s/ S. ▇▇▇▇ ▇▇▇▇▇▇
------------------------
Name: S. ▇▇▇▇ ▇▇▇▇▇▇
Title: Member
Date: 9/22/06
---------------------
