HOPKINS REAL ESTATE GROUP - Laserfiche WebLink

Home

FOURTH AMENDMENT OF EXCLUSIVE RIGHT TO NEGOTIATE Hopkins Real Estate Group THIS FOURTH AMENDMENT ("Fourth Amendment") is hereby entered into this 26l(fay of August 2003, by and between the Redevelopment Agency of the City of Riverside, a public body, corporate and politic ("Agency") and Hopkins Real Estate Group ("Hopkins") in order to modify and amend the terms and provisions to that certain Exclusive Right to Negotiate as follows: RECITALS A. The Agency and Hopkins entered into an Exclusive Right to Negotiate by and between the Redevelopment Agency of the City of Riverside and Hopkins Real Estate Group dated November 21, 2000 ("ERN"), relating to the development of a mixed-use project within the Arlington Redevelopment Project Area. B. On July 10, 2001, the Redevelopment Agency approved an Amendment of Exclusive Right to Negotiate ("Amended ERN') to extend the negotiating period to October 31, 2002. C. On November 21,2002, the Redevelopment Agency approved a Second Amendment of Exclusive Right to Negotiate ("Second Amendment") to extend the negotiating period to April 31, 2003. D. On April 17, 2003, the Redevelopment Agency approved a Third Amendment of Exclusive Right to Negotiate ("Third Amendment") to extend the negotiating period to August 31, 2003. E. The parties have been in discussion and are continuing to work together in good faith toward the creation of a Disposition and Development Agreement ("DDA"). However, despite the good faith exercise of their best efforts, the parties have not been able to complete negotiations for the DDA for consideration and approval within the time period set forth in the Amended ERN. F. The Agency and Hopkins desire to extend the terms of the Third Amendment to permit further negotiations as set forth herein. m Lfsj