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APR.04*2003 11:34 952 432 3700 SEVERSC.S SHELCCN DOUGHERTY •6730 P.006 <br />amendment #1 TO PURCHASE AGREEMENT <br />This Amendment #1 to Ptnchase Agreement (the **AmendmenO. dited effective as of the <br />day of October, 2002, is made by and between Warn Real Estate, also know as Warn Real <br />Estate Incorporated (“DuyerOf and Orono Ambar, LLC (**Seller")- <br />RECITALS <br />A. Buyer and Seller are the patties to that certain Purchase Agreement dated June 28, <br />2002 (the “Agreement") pursuant to which Buyer has agreed to purchase the property <br />described u Lot 1, Block 1, Orono Ambar (the "Pn^reity"). <br />B. Buyer has served a Cancellation of Purchase Agreement dated October 3,2002 (the <br />"Cancellation”). <br />C. Buyer has agreed to rescind the Cancellation and proceed to purchase the Property <br />subject to the terms of this Amendment. <br />D. In eonsidemtion for Buyer’s agreement to rescind the Cancellation, Seller has agreed <br />to modify tiie Agreemem as set forth in this Amendment (the Agreement as modified by this <br />Amendment shall be referred to as the "Agreement"). <br />NOW THEREFORE, for good and valuable consideration, the receipt and sufficiency of <br />which is mutually acknowledged, the parties agree that the AgreenMnt is modified as <br />follows: <br />1.Buyer R escinds C ancellation . Buyer rescinds the Cancellation of the <br />Agreement. <br />2.Del <br />entirety. <br />Paragraph 2 . Paragr^th 2 of the Agreement is deleted in its <br />3.CowTiNGEKCiES. Buyer’s Obligations Under the Agreement are specifically <br />contingent upon Buyer receiving approval by the City of Orono for use of tiie <br />Property for its proposed office townhome developments. IfBuyer does not <br />receive tlw approval by April IS, 2003, Buyer may cancel the Agreement and <br />all earnest money shall be returned to Buyer. <br />C losing Datc . The Closing Date shall be the earlier of April 30,2003 or 45 <br />days after Buyer receives final plat approval by the City of Orono. <br />Notwithstanding onything contained herein to the contrary, under no <br />circumstances shall Buyer be required to close prior to March 1,2003. <br />5.TERMS OF AOREE.MENT. Except as set forth in this Amendment, the tetms of <br />the Agreement shall remain unchanged. <br />Tl