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AN AMENDMENT <br />TO THE CONTRACT FOR THE SALE/PURCHASE <br />OF REAL ESTATE BETWEEN THE <br />CITY OF CHARLOTTESVILLE AND PIEDMONT HOUSING ALLIANCE <br />WHEREAS, in December 2002 the City of Charlottesville ("City") and <br />Piedmont Housing Alliance ("PHA") entered into a Contract for the sale of four <br />City -owned properties located on John Street; and, <br />WHEREAS, in May, 2005 the parties agreed to certain amendments to the <br />Contract; and, <br />WHEREAS, the contract, as amended, provides a schedule for submission <br />of site plan, subdivision and rezoning applications by PHA, for closing on the sale, <br />for construction of the townhouses, and for marketing and sale of the properties, <br />which schedule has not been met by PHA; and, <br />WHEREAS, the parties hereby agree that the December, 2002 Contract, as <br />amended in May, 2005 should be and is hereby amended to provide as follows: <br />(3) Paragraph VI of the Contract is amended to state: <br />• Seller and Purchaser agree to the following schedule for conveyance, <br />development and resale of the Property: <br />Execution of Sale / Purchase Contract On or before December 6, 2002 <br />Submission and Approval of Site Plan / <br />Subdivision / Rezoning May 1, 2005 — July 30, 2006 <br />Property Closing On or before September 30, 2006 <br />Construction Period October, 2006 — September, 2007 <br />Marketing / Sales Period September, 2006 — September, 2007 <br />(4) Paragraph VII (B) of the Contract is amended to state: <br />(B) Closing will take place in the Office of the City Attorney in City Hall <br />(605 East Main Street, Charlottesville, Virginia) on or before September 30, 2006, <br />or as soon thereafter as all conditions of this contract have been met to the <br />Purchaser's and Seller's satisfaction. <br />• <br />