FIRST AMENDMENT TO ECONOMIC DEVELOPMENT AGREEMENT

 

Exhibit 10.8

 

FIRST AMENDMENT TO ECONOMIC DEVELOPMENT AGREEMENT

 

This FIRST AMENDMENT TO ECONOMIC DEVELOPMENT AGREEMENT (the “First Amendment”) dated as of January 31, 2024, by and among SUNSET AT BROKEN ARROW, LLC, a Colorado limited liability company (the “Developer”), BROKEN ARROW ECONOMIC DEVELOPMENT AUTHORITY an Oklahoma public trust (the “Authority”), and the CITY OF BROKEN ARROW, OKLAHOMA, a municipal corporation (the “City”), as beneficiary of the Authority.

 

WITNESSETH:

 

WHEREAS, the Developer, the Authority and the City entered into that certain Economic Development Agreement dated October 3, 2023 (the “Agreement”); and

 

WHEREAS, the terms and conditions of the Agreement require that the parties to the Agreement take certain actions no later than January 31, 2024; and

 

WHEREAS, pursuant to Section 2.1 of the Agreement, the parties agree that an extension of certain deadlines set forth in the Agreement is necessary.

 

NOW, THEREFORE, in consideration of the promises and mutual obligations herein set forth and for other good and valuable consideration, the receipt and sufficiency of which are acknowledged, the parties hereby covenant and agree with each other as follows:

 

1.

AMENDMENT TO SECTION 2.1

 

The first paragraph of Section 2.1 is hereby deleted in its entirety and replaced with the following:

 

2.1. MUTUAL CONDITIONS PRECEDENT. The obligations of the Authority, the City, and the Developer to proceed with their respective obligations are subject to the satisfaction or waiver of the following conditions precedent set forth in this Section 2.1. As of the date of this First Amendment, items A, B, C and D below have been completed. Items E and F below shall be completed no later than February 21, 2024, or such later date as may be mutually agreed upon by the parties hereto. Failure by any party to timely complete its obligations under this Section 2.1 shall be a breach of this Agreement unless a mutually agreed extension of the timeline to complete such obligation is entered into prior to February 21, 2024. Any additional extension of the deadline to complete the conditions precedent set forth in items E and F below shall result in a corresponding extension in any deadline for the Developer to complete its obligations under this Agreement.

 

 

All other provisions of Section 2.1 shall remain in full force and effect.

 

2.

NO OTHER AMENDMENTS.

 

All other provisions of the Agreement, except as amended herein, shall remain in full force and effect and are hereby ratified in all respects. In the event of any inconsistency between the terms and conditions of this First Amendment and the terms and conditions of the Agreement, the terms and conditions of this Amendment shall control.

 

3.

BINDING EFFECT.

 

This First Amendment shall inure to the benefit of and be binding upon the parties hereto and their respective successors and assigns.

 

4.

COUNTERPARTS.

 

The parties may execute this First Amendment in counterparts, each of which shall constitute an original and all of which, taken together, shall constitute one and the same instrument.

 

5.

FACSIMILE AND ELECTRONIC SIGNATURE.

 

This First Amendment may be executed by facsimile signatures transmitted by electronic mail or any other electronic signature platform and any such executed versions shall be binding upon the parties hereto as if the signatures were originally executed.

 

[SIGNATURES APPEAR ON FOLLOWING PAGE(S)]

 

 

IN WITNESS WHEREOF, the Developer has caused this First Amendment to be duly executed and delivered as of the date first above written.

 

	SUNSET AT BROKEN ARROW, LLC,
	an Oklahoma limited liability company
	By:	/s/ ▇▇ ▇▇▇▇
	Name:	▇▇ ▇▇▇▇	2/1/2024
	Title:	Manager

 

 

IN WITNESS WHEREOF, the Authority has caused this First Amendment to be duly executed and delivered as of the date first above written.

 

	BROKEN ARROW ECONOMIC
	DEVELOPMENT AUTHORITY,
	an Oklahoma public trust
(SEAL)	By:	/s/ ▇▇▇▇▇ ▇▇▇▇▇▇
	Name:	▇▇▇▇▇ ▇▇▇▇▇▇	2/1/2024
ATTEST:	Title:	Chairman

 

By:	/s/ ▇▇▇▇▇▇ ▇▇▇▇▇
Name:	▇▇▇▇▇▇ ▇▇▇▇▇	2/1/2024
Title:	Secretary

 

 

IN WITNESS WHEREOF, the City has caused this First Amendment to be duly executed and delivered as of the date first above written.

 

	CITY OF BROKEN ARROW, OKLAHOMA,
	a municipal corporation
(SEAL)	By:	/s/ ▇▇▇▇▇ ▇▇▇▇▇▇
	Name:	▇▇▇▇▇ ▇▇▇▇▇▇	2/1/2024
ATTEST:	Title:	Chairman

 

By:	/s/ ▇▇▇▇▇▇ ▇▇▇▇▇
Name:	▇▇▇▇▇▇ ▇▇▇▇▇	2/1/2024
Title:	Secretary