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Exhibit 10.2    
  

 
 

AMENDMENT NO. 1
  TO
  REAL ESTATE PURCHASE AND SALE AGREEMENT    
  

    THIS AMENDMENT NO. 1 TO REAL ESTATE PURCHASE AND SALE AGREEMENT (this "Amendment") dated as of February 8, 2001, is made by and between Pope Resources,
a Delaware limited partnership, its wholly owned subsidiary Olympic Property Group LLC, a Washington limited liability company, and its wholly owned subsidiaries Olympic Real Estate Development LLC, a
Washington limited liability company, Olympic Real Estate Management, Inc., a Washington corporation, and Olympic Resorts LLC, a Washington limited liability company (collectively "Seller"),
and HCV Pacific Partners LLC, a California limited liability company (or its assigns as permitted herein) ("Buyer"), regarding that certain Real Estate Purchase and Sale Agreement dated
January 12, 2001, between Buyer and Seller (the "Agreement"), for the purchase and sale of certain property located in Jefferson and Pierce Counties, Washington, described therein (the
"Property"). 

    I.  EFFECT OF AMENDMENT.  This Amendment amends and modifies the Agreement. In the event of any conflict
between the Agreement and this Amendment, this Amendment shall control. Except as contained within the Agreement and this Amendment, there are no other agreements or understandings between Buyer and
Seller relating to the Property. Capitalized terms not otherwise defined herein shall have the meanings given them under the Agreement. 

    II.  SCHEDULES.  In Section 4.1 of the Agreement,
the deadline for the execution and delivery of an amendment in which all schedules to the Agreement are approved by the parties shall be extended from February 9, 2001, to February 15,
2001. 

 

    Except as expressly amended by this Amendment, the Agreement is hereby ratified and confirmed and shall remain in full force and effect. 

	BUYER:	 	HCV PACIFIC PARTNERS LLC, a California limited liability company
	

 	
 	

By:	
 	

/s/ RANDALL J. VERRUE   

	 	 	Print Name:	 	Randall J. Verrue

	 	 	Its:	 	President & CEO

	

 	
 	

Date:	
 	

2/8/01

	
SELLER:	
 	

POPE RESOURCES L.P., a Delaware limited partnership, by POPE MGP, Inc., a Delaware corporation, its managing general partner
	

 	
 	

By:	
 	

/s/ GREGORY M. MCCARRY   

	 	 	Print Name:	 	Gregory M. McCarry

	 	 	Its:	 	V.P. Real Estate

	

 	
 	

Date:	
 	

2/8/01

	

 	
 	

OLYMPIC PROPERTY GROUP LLC, a Washington limited liability company
	

 	
 	

By:	
 	

/s/ GREGORY M. MCCARRY   

	 	 	Print Name:	 	Gregory M. McCarry

	 	 	Its:	 	C.O.O.

	

 	
 	

Date:	
 	

2/8/01

	

 	
 	

OLYMPIC REAL ESTATE DEVELOPMENT LLC, a Washington limited liability company
	

 	
 	

By:	
 	

/s/ GREGORY M. MCCARRY   

	 	 	Print Name:	 	Gregory M. McCarry

	 	 	Its:	 	C.O.O.

	

 	
 	

Date:	
 	

2/8/01

2

 

	

 	
 	

OLYMPIC REAL ESTATE MANAGEMENT, INC., a Washington corporation
	

 	
 	

By:	
 	

/s/ TOM GRIFFIN   

	 	 	Print Name:	 	Tom Griffin

	 	 	Its:	 	Vice President

	

 	
 	

Date:	
 	

 
	 	 	 	 	

	

 	
 	

OLYMPIC RESORTS LLC, a Washington limited liability company
	

 	
 	

By:	
 	

/s/ GREGORY M. MCCARRY   

	 	 	Print Name:	 	Gregory M. McCarry

	 	 	Its:	 	C.O.O.

	

 	
 	

Date:	
 	

 
	 	 	 	 	

Schedules:  

	1.1.1(a)(i)	 	Description of Heron Beach Inn
	1.1.1(a)(ii)	 	Description of Marina
	1.1.1(a)(iii)	 	Description of Golf Course
	1.1.1(a)(iv)	 	Description of Village Center
	1.1.1(a)(v)	 	Description of RV Park
	1.1.1(a)(vi)	 	Description of Harbormaster Restaurant
	1.1.1(a)(vii)	 	Description of Conference Center
	1.1.1(a)(viii)	 	Description of Miscellaneous MPR Operating Properties
	1.1.1(a)(ix)	 	Description of Sales Office
	1.1.1(b)(i)	 	Description of MPR Platted Lots
	1.1.1(b)(ii)	 	Description of MPR Unplatted Parcels
	1.1.1(b)(iii)	 	Description of MPR Outparcels
	1.1.2	 	Description of Peacock Hill Property
	1.2	 	Appurtenances
	1.3	 	Tenant Leases
	1.4	 	Equipment and Inventory
	1.5	 	Contracts
	1.6	 	Intellectual Property
	1.7	 	DNR Lease
	2.1	 	Allocation of Purchase Price
	3.4(a)	 	Form of MPR Deed
	3.4(b)	 	Form of Peacock Hill Deed
	3.5	 	Form of Assignment of DNR Lease
	3.6	 	Form of Assignment of Tenant Leases
	3.7	 	Form of Assignment of Contracts
	3.8	 	Form of Bill of Sale
	3.9	 	Form of Assignment of Intellectual Property
	5.6-1	 	Form of Tenant Estoppel Letter
	5.6-2	 	Form of DNR Estoppel Letter

3

 

	5.11	 	Form of Seller's Payment Certification
	6.2	 	Minimum MPR Platted Lot Sale Prices
	7.2(c)	 	Form of FIRPTA Affidavit
	7.2(h)	 	Form of Easements Over Adjoining Lands
	7.2(i)	 	Form of Bio-solids Disposal Agreement
	7.5.3	 	Current Use and Forest Land
	8.1.1(b)	 	Pending and Threatened Litigation
	8.1.1(c)	 	Compliance with Laws and Permits; Permits and Licenses Requiring Third Party Consent to Assignment
	8.1.1(e)-1	 	Material Property Defects
	8.1.1(e)-2	 	Seller's Improvements and Repairs
	8.1.1(f)	 	Potential Local Improvement Districts
	8.1.1(g)	 	Contracts and Leases Requiring Third Party Consent to Assignment
	8.1.1(i)	 	Hazardous Substances Reports
	8.1.1(k)	 	Union Contracts, Labor Agreements, and Employee Benefit Plans
	8.1.2(c)	 	Golf Course Management and Membership Rights
	8.1.2(d)	 	Golf Course Water Rights
	9	 	Employees and Hire Dates
	14(a)	 	Seller's Post-Closing Community Obligations
	14(b)	 	Buyer's Post-Closing Community Obligations
	16.15	 	Continuing Forest Land Obligations

4

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Exhibit 10.2

AMENDMENT NO. 1 TO REAL ESTATE PURCHASE AND SALE AGREEMENTPrepared by MERRILL CORPORATION

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Exhibit 10.3    
  

 
 

AMENDMENT NO. 2
  TO
  REAL ESTATE PURCHASE AND SALE AGREEMENT    
  

    THIS AMENDMENT NO. 2 TO REAL ESTATE PURCHASE AND SALE AGREEMENT (this "Amendment") dated as of February 14, 2001, is made by and between Pope Resources,
a Delaware limited partnership, its wholly owned subsidiary Olympic Property Group LLC, a Washington limited liability company, and its wholly owned subsidiaries Olympic Real Estate Development LLC, a
Washington limited liability company, Olympic Real Estate Management, Inc., a Washington corporation, and Olympic Resorts LLC, a Washington limited liability company (collectively "Seller"),
and HCV Pacific Partners LLC, a California limited liability company (or its assigns as permitted herein) ("Buyer"), regarding that certain Real Estate Purchase and Sale Agreement dated
January 12, 2001, between Buyer and Seller, as amended by Amendment No. 1 dated February 8,2001 (as amended, the "Agreement"), for the purchase and sale of certain property
located in Jefferson and Pierce Counties, Washington, described therein (the "Property"). 

    I.  EFFECT OF AMENDMENT.  This Amendment amends and modifies the Agreement. In the event of any conflict
between the Agreement and this Amendment, this Amendment shall control. Except as contained within the Agreement and this Amendment, there are no other agreements or understandings between Buyer and
Seller relating to the Property. Capitalized terms not otherwise defined herein shall have the meanings given them under the Agreement. 

    II.  INSPECTION PERIOD.  Section 4.1 of the
Agreement is amended to provide as follows: 

The
period beginning on January 12, 2001, and ending on February 27, 2001, shall be the "Inspection Period." 

    III.  CONDITIONS PRECEDENT TO CLOSING.  All conditions precedent to Buyer's obligation to complete the
purchase of the Property under the Agreement except those described at Sections 5.1, 5.3,
5.4, 5.5, 5.7, and 5.11 of the Agreement shall be deemed satisfied or waived by Buyer unless Buyer shall deliver to Seller
written notice otherwise on or before March 27, 2001. Notwithstanding the foregoing, Buyer's conditions precedent described at Sections 5.2 and  5.6 of
the Agreement shall be satisfied or waived by Buyer on or before February 27, 2001. 

    IV.  CLOSING DATE.  Section 7.1 of the Agreement
is amended to provide as follows: 

The
Closing hereunder (the "Closing" or the "Closing Date") shall be held at the offices of the Title Company in Seattle, Washington, on April 9, 2001. 

    V.  SCHEDULES.  Section 16.9 of the Agreement is
amended to provide as follows: 

The
parties acknowledge and agree that, as of the date this Agreement has been executed, some schedules and exhibits have not been completed and agreed upon and the parties have also not agreed upon a
final allocation of the Purchase Price among the Real Property, the Personal Property, and the Olympic Water and Sewer, Inc. stock. The parties agree to review and negotiate such matters
diligently and in good faith, and upon completion and mutual approval of all such schedules, exhibits and other matters, they shall promptly execute an amendment to this Agreement memorializing such
agreements. If all schedules hereto are not approved by the parties in an amendment to this Agreement mutually executed and delivered on or before February 27, 2001, then this Agreement shall
terminate, the Earnest Money shall be returned to Buyer, and the parties shall have no further obligations hereunder except under those provisions intended to survive the termination of this
Agreement.. 

 

    Except
as expressly amended by this Amendment, the Agreement is hereby ratified and confirmed and shall remain in full force and effect. 

	BUYER:	 	HCV PACIFIC PARTNERS LLC, a California limited liability company
	

 	
 	

By:	
 	

/s/ RANDALL J. VERRUE   

	 	 	Print Name:	 	Randall J. Verrue

	 	 	Its:	 	President & CEO

	

 	
 	

Date:	
 	

2/15/01

	
SELLER:	
 	

POPE RESOURCES L.P., a Delaware limited partnership, by POPE MGP, Inc., a Delaware corporation, its managing general partner
	

 	
 	

By:	
 	

/s/ GREGORY M. MCCARRY   

	 	 	Print Name:	 	Gregory M. McCarry

	 	 	Its:	 	V.P. Real Estate

	

 	
 	

Date:	
 	

2/15/01

2

 

	 	 	OLYMPIC PROPERTY GROUP LLC, a Washington limited liability company
	

 	
 	

By:	
 	

/s/ GREGORY M. MCCARRY   

	 	 	Print Name:	 	Gregory M. McCarry

	 	 	Its:	 	C.O.O.

	

 	
 	

Date:	
 	

2/15/01

	

 	
 	

OLYMPIC REAL ESTATE DEVELOPMENT LLC, a Washington limited liability company
	

 	
 	

By:	
 	

/s/ GREGORY M. MCCARRY   

	 	 	Print Name:	 	Gregory M. McCarry

	 	 	Its:	 	C.O.O.

	

 	
 	

Date:	
 	

2/15/01

	

 	
 	

OLYMPIC REAL ESTATE MANAGEMENT, INC., a Washington corporation
	

 	
 	

By:	
 	

/s/ TOM GRIFFIN   

	 	 	Print Name:	 	Tom Griffin

	 	 	Its:	 	Vice President

	

 	
 	

Date:	
 	

2/15/01

	

 	
 	

OLYMPIC RESORTS LLC, a Washington limited liability company
	

 	
 	

By:	
 	

/s/ GREGORY M. MCCARRY   

	 	 	Print Name:	 	Gregory M. McCarry

	 	 	Its:	 	C.O.O.

	

 	
 	

Date:	
 	

2/15/01

3

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Exhibit 10.3

AMENDMENT NO. 2 TO REAL ESTATE PURCHASE AND SALE AGREEMENT

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