SR 06:052 - Laserfiche WebLink

," < Attachment 5 THIRD AMENDMENT TO OPTION AGREEMENT This Third Amendment to Option Agreement ("Third Amendment") is made as of this day of October, 2003 (the "Effective Date"), by and between Ponderosa Homes II Inc., a California corporation ("Seller") and Pleasanton Unified School District ("Buyer"), and amends . that certain Option Agreement made as of January 17,2001, as amended by First Amendment to Option Agreement made as of August 20, 2002, and as further amended by Second Amendment to Option Agreement made as of February 1,2003 (collectively, "Option Agreement"), the terms and provisions of which are incorporated herein by reference. I. The parties acknowledge and agree that Seller closed its purchase of the Busch Property on May 6, 2003 and that said date is the Commencement Date of the Option Term provided under the Option Agreement. 2. Section 5.1 of the Option Agreement is restated in its entirety as follows: Amount. The Purchase Price for the Property shall be eighty percent (80%) of the fair market value of the Property on the Exercise Date without escalation or other adjustment. The "fair market value of the Property" shall be determined base don the highest and best use for the Property as of the Exercise Date, regardless of the use intended by buyer. If the highest and best use for the Property as of the Exercise Date, regardless of the use intended by Buyer, is for development as a residential project, and the City of Pleasanton has imposed an affordable housing requirement on such projects as of the Exercise Date, then it shall be assumed for purposes of valuation that this requirement would be met on the Property, and not on any other property. The appraisal shall not reflect that any affordable housing requirements will be satisfied on different property, which could result in a valuation of the Property based upon full market rates instead of a valuation based, at least in part, on lower than market rates for any required affordable housing. 3. This Third Amendment may be sigoed in counterparts or duplicate copies, and any signed counterpart or duplicate copy shall be equivalent to a signed original for all purposes. 4. Except as modified by this Third Amendment, the Option Agreement terms and provisions remain unmodified in full force and effect. SELLER: PONDEROSA HOMES II INC., a California corporation By: Its: BUYER: PLEASANTON UNIFIED SCHOOL DISTRICT By: Its: \HL1\604634.2 01-110303.09897027 -1-