ex10-2.htm


    EXHIBIT 10.2

     

     

    
      FIRST
AMENDMENT TO PURCHASE AND SALE AGREEMENT

       

      This
First Amendment to Purchase and Sale Agreement ("Amendment") is entered into
this 16th day of February, 2009, by and between FAIRFAX MEDICAL CENTER, LLC, a
Virginia limited liability company ("Seller") and GYRODYNE COMPANY OF AMERICA,
INC., a New York corporation ("Purchaser").

       

      RECITALS:

       

      WHEREAS,
Seller and Purchaser entered into a Purchase and Sale Agreement bearing an
effective date of January 2, 2009 (the "Agreement") whereby, subject to the
terms and conditions therein contained, Seller agreed to sell and Purchaser
agreed to purchase that certain real property and all buildings and improvements
located thereon and having a street address of 10721 Main Street, Fairfax,
Fairfax County, Virginia (hereinafter "the Property"); and

       

      WHEREAS,
Seller and Purchaser executed the Agreement on February 2, 2009, and the actual
Effective Date of the Agreement should be February 2, 2009; and

       

      WHEREAS,
the Agreement's type-written Effective Date of January 2, 2009, is a
typographical error which the Seller and Purchaser desire to correct;
and

       

      NOW
THEREFORE, in consideration of the mutual covenants as set forth herein, and of
other good and valuable consideration, the receipt and sufficiency of which is
hereby acknowledged, the parties agree and covenant as follows:

       

      1.           The
recitals set forth above are hereby incorporated as essential terms of this
Amendment.

       

      2.           The
Agreement is hereby amended such that the Effective Date of the Agreement shall
be February 2, 2009.

       

      3.           The
terms of the Agreement not otherwise affected by this Amendment remain in full
force and effect and are incorporated by reference as if fully set forth
herein.

       

      4.           This
Amendment is binding upon and shall inure to the benefit of the parties hereto
and to their respective heirs, employees, agents, partners, affiliates,
independent contractors, affiliated entities, successors, assigns, and
attorneys.

       

      5.           This
Amendment may be executed simultaneously in one or more counterparts and
delivered by facsimile or other electronic means, each of which shall be deemed
an original and all of which together shall constitute one and the same
instrument.

       

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SIGNATURE PAGES FOLLOW >

       

      
        
          
          

        

        
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      IN
WITNESS WHEREOF, the Seller has executed this first Amendment to Purchase and
Sale Agreement on the date set forth below and effective as of the date first
above-written.

       

      SELLER:

       

      FAIRFAX MEDICAL CENTER, LLC,

      a Virginia limited liability company

       

      /s/ John Son
Chung   [SEAL]

      By: John Son Chung, Managing Member

       

      Date: 2-16-2009

       

       

      
        
          
          

        

        
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        IN
WITNESS WHEREOF, the Purchaser has executed this First Amendment to Purchase
and
Sale Agreement on the date set forth below and effective as of the date first
above-written.

         

      

       

      
      

      
        
          	 	
                  PURCHASER:

                   

                  GYRODYNE
      COMPANY OF AMERICA, INC.,

                  a
      New York corporation

                


        

      

      
        
          
            	 	 
	 	
                    /s/ Peter Pitsiokos, COO 
       [SEAL]

                  


          

        

      

      
        
          
            
              	 	
                      By:
      Peter Pitsiokos, Chief Operating Officer

                    
	 	 
	 	Date:
      February 16, 2009 


            

          

        

      

      
        
          
          

        

      

    

     

     

     

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