Document:

FIFTH
AMENDMENT TO PURCHASE AND SALE AGREEMENT

 

 

THIS
FIFTH AMENDMENT TO PURCHASE AND SALE AGREEMENT (“Amendment”) dated the 17th day of February, 2012, by and between
the parties listed on Exhibit A attached hereto and made a part hereof (individually and collectively, “Seller”)
and SOUTHSTAR DEVELOPMENT PARTNERS, INC. (“Buyer”).

 

W
I T N E S S E T H:

 

WHEREAS,
Seller and Buyer entered into that certain Purchase and Sale Agreement having an Effective Date of October 12, 2011 (“Original
Agreement”), as amended by First Amendment to Purchase and Sale Agreement having an effective date of October 31, 2011 (“First
Amendment”) and Second Amendment to Purchase and Sale Agreement having an effective date of November 14, 2011 (“Second
Amendment”), Third Amendment to Purchase and Sale Agreement having an effective date of December 1, 2011 (“Third Amendment”),
Fourth Amendment to Purchase and Sale Agreement having an effective date of December 16, 2011 (“Fourth Amendment”),
and various extensions of the Closing Date (“Extensions”). The Original Agreement as modified by the First Amendment,
the Second Amendment, the Third Amendment, the Fourth Amendment, and the Extensions are collectively referred to as the “Agreement”;
and

 

NOW,
THEREFORE, in consideration of Ten Dollars ($10.00) and other good and valuable consideration, the receipt, adequacy and sufficiency
of which is hereby acknowledged, the parties intending to be legally bound, hereby agree as follows:

1.                 
The recitations heretofore set forth are true and correct and are incorporated herein by this reference.

2.                 
The Agreement as amended by this Amendment remains in full force and effect. To the extent of any inconsistency between the terms
of this Amendment and the terms of the Agreement, the terms of this Amendment shall supersede and control to the extent of such
inconsistency. Terms not otherwise defined herein shall have the meaning set forth in the Agreement.

3.                 
The definition of “Closing Date” is hereby deleted in its entirety and the following inserted in lieu thereof:

“Closing
Date” shall mean April 30, 2012, without any further extensions permitted.

4.                 
The Buyer and Seller agrees that the legal descriptions of the Land shall mean all real property owned by Seller in the communities
set forth on Exhibit C to the Original Agreement other than the Excluded Property. On or before February 24, 2012,
the Buyer shall submit the legal descriptions for the Land to Seller for Seller’s reasonable approval. In the event the
Buyer does not timely provide the legal descriptions and obtain Seller’s approval, then the Seller shall have the right
to provide the legal descriptions to Buyer for its reasonable approval. The legal descriptions of the Land shall (as approved
as set forth above less any Excluded Property) be deemed to be attached to the Agreement as Exhibit N. The approvals
required in this paragraph shall not be unreasonably withheld, delayed or denied.

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5.                 
The “Purchase Price” is amended to mean Twenty Nine Million Dollars ($29,000,000.00).

6.                 
Exhibit C to the Original Agreement is replaced with Schedule 1 attached hereto and made a part hereof,
which Schedule 1 shall now be Exhibit C to the Original Agreement.

7.                 
Simultaneous with the execution of this Amendment, the Buyer shall deliver non-refundable funds in the amount of Four Million
Dollars ($4,000,000.00) (“Extension Deposit”) to Escrow Agent. Upon payment of the Extension Deposit, the total Deposit
shall be the non-refundable amount of $4,500,000.00.

8.                 
Buyer acknowledges that there are no preconditions to close on April 30, 2012, including, but not limited to, any objections to
title, survey, the physical condition of the Property, and any environmental remediation plan that would allow the Buyer to terminate
the Agreement. The Buyer accepts and approves the Seller’s remediation plan for the Vintage Oaks Property attached hereto
as Schedule 2.

9.                 
The legal description of area of the Easement and the legal description of the Specified Area are shown on Schedule 3
attached hereto and made a part hereof.

10.             
This Amendment may be executed in any number of counterparts, each of which, when executed, shall be deemed an original and all
of which shall be deemed one and the same instrument. Facsimile transmission signatures of this Amendment shall be deemed to be
original signatures.

 

 

 

 

 

 

[THIS
SPACE INTENTIONALLY LEFT BLANK]

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IN WITNESS WHEREOF, the
parties have executed this Amendment as of the day and year first above written.

 

	 	SELLER: 
	 	 
	 	See Exhibit A attached hereto and made a part hereof 
	 	 
	 	BUYER: 
	 	 
	 	SOUTHSTAR DEVELOPMENT PARTNERS, INC., a Florida corporation 

 

  

	 	By:	/s/	 
	 	Name:	 	 
	 	Title:	 	 
	 	Date:	 	 

 

    	3

    	 

    

EXHIBIT A

 

SELLER

 

 

 

	 	BLUEGREEN SOUTHWEST ONE, L.P. 

	 	 	 	 
	 	By:	/s/	 
	 	Name:	 	 
	 	Title:	 	 
	 	Date:	 	 

 

 

 

	 	BLUEGREEN COMMUNITIES OF TEXAS, L.P. 

	 	 	 	 
	 	By:	/s/	 
	 	Name:	 	 
	 	Title:	 	 
	 	Date:	 	 

 

 

 

	 	BRIDGES GOLF PRIVATE CLUB, INC. 

	 	 	 	 
	 	By:	/s/	 
	 	Name:	 	 
	 	Title:	 	 
	 	Date:	 	 

 

 

 

	 	THE BRIDGES CLUB MANAGEMENT, LLC 

	 	 	 	 
	 	By:	/s/	 
	 	Name:	 	 
	 	Title:	 	 
	 	Date:	 	 

 

 

 

	 	BLUEGREEN COMMUNITIES OF GEORGIA, LLC 

	 	 	 	 
	 	By:	/s/	 
	 	Name:	 	 
	 	Title:	 	 
	 	Date:	 	 

    	

    	 

    

 

 

 

 

	 	BLUEGREEN GOLF CLUBS, INC. 

	 	 	 	 
	 	By:	/s/	 
	 	Name:	 	 
	 	Title:	 	 
	 	Date:	 	 

 

 

 

	 	JORDAN LAKE PRESERVE CORPORATION 

	 	 	 	 
	 	By:	/s/	 
	 	Name:	 	 
	 	Title:	 	 
	 	Date:FIRST AMENDMENT TO 

        INCENTIVE STOCK OPTION AGREEMENT

        Pursuant to the 2005 Stock Incentive Plan

         

        THIS FIRST AMENDMENT TO INCENTIVE STOCK OPTION AGREEMENT (this “First Amendment”), made this 11th day of November 2011, by and between Bluegreen Corporation, a Massachusetts corporation (the “Company”), and John M. Maloney, Jr. (“Grantee”).

         

        WHEREAS, the Company and Grantee entered into that certain Incentive Stock Option Agreement Pursuant to the 2005 Stock Incentive Plan, dated as of July 20, 2005 (the “Agreement”); and

         

        WHEREAS, the Company and Grantee desire to amend the Agreement to modify the expiration date of the stock options granted under the Agreement, as set forth herein. 

         

        NOW, THEREFORE, in consideration of the above recitals, and the terms, covenants and conditions set forth below, the parties hereto agree as follows:

         

        1.                  Section 4 of the Agreement is hereby deleted in its entirety and replaced with the following:

         

        “4. Notwithstanding any other provision herein to the contrary, the Options shall, to the extent not theretofore exercised or terminated, expire and become void on November 25, 2011.” 

         

        2.                  Except to the extent amended hereby, the terms and conditions of the Agreement shall remain unchanged.

         

        IN WITNESS WHEREOF, the Company has caused this First Amendment to be duly executed by an authorized officer, and Grantee has executed this First Amendment, all to be effective as of the date first above written.

         

        	 	BLUEGREEN CORPORATION 
	 	 
	 	By	/s/	 
	 	Name: 	Michael D. Kaminer
	 	Title: 	Senior Vice President & General Counsel
	 	 
	 	 
	 	GRANTEE
	 	 
	 	/s/	 
	 	John M. Maloney, Jr.FIRST AMENDMENT TO 

        INCENTIVE STOCK OPTION AGREEMENT

        Pursuant to the 2005 Stock Incentive Plan

         

        THIS FIRST AMENDMENT TO INCENTIVE STOCK OPTION AGREEMENT (this “First Amendment”), made this 11th day of November 2011, by and between Bluegreen Corporation, a Massachusetts corporation (the “Company”), and John M. Maloney, Jr. (“Grantee”).

         

        WHEREAS, the Company and Grantee entered into that certain Incentive Stock Option Agreement Pursuant to the 2005 Stock Incentive Plan, made effective as of July 19, 2006 (the “Agreement”); and

         

        WHEREAS, the Company and Grantee desire to amend the Agreement to modify the expiration date of the stock options granted under the Agreement, as set forth herein. 

         

        NOW, THEREFORE, in consideration of the above recitals, and the terms, covenants and conditions set forth below, the parties hereto agree as follows:

         

        1.                  Section 4 of the Agreement is hereby deleted in its entirety and replaced with the following:

         

        “4. Notwithstanding any other provision herein to the contrary, the Options shall, to the extent not theretofore exercised or terminated, expire and become void on November 25, 2011.” 

         

        2.                  Except to the extent amended hereby, the terms and conditions of the Agreement shall remain unchanged.

         

        IN WITNESS WHEREOF, the Company has caused this First Amendment to be duly executed by an authorized officer, and Grantee has executed this First Amendment, all to be effective as of the date first above written.

         

        	 	BLUEGREEN CORPORATION 
	 	 
	 	By	/s/	 
	 	Name: 	Michael D. Kaminer
	 	Title: 	Senior Vice President & General Counsel
	 	 
	 	 
	 	GRANTEE
	 	 
	 	/s/	 
	 	John M. Maloney, Jr.FIRST
AMENDMENT TO 

NONQUALIFIED
STOCK OPTION AGREEMENT

Pursuant to the 2008 Stock Incentive Plan

 

THIS
FIRST AMENDMENT TO NONQUALIFIED STOCK OPTION AGREEMENT (this “First Amendment”), made this 11th day
of November 2011, by and between Bluegreen Corporation, a Massachusetts corporation (the “Company”), and John M. Maloney,
Jr. (“Grantee”).

 

WHEREAS,
the Company and Grantee entered into that certain Nonqualified Stock Option Agreement Pursuant to the 2008 Stock Incentive
Plan, dated as of May 21, 2008 (the “Agreement”); 

 

WHEREAS,
the Compensation Committee of the Company’s Board of Directors, pursuant to the authority granted it under the 2008
Stock Incentive Plan, previously accelerated the vesting of the stock options granted under the Agreement such that, to the extent
not earlier vested, all such stock options fully vested on October 26, 2011; 

 

WHEREAS,
the Company and Grantee desire to amend the Agreement to modify the expiration date of the stock options granted under
the Agreement, as set forth herein. 

 

NOW,
THEREFORE, in consideration of the above recitals, and the terms, covenants and conditions set forth below, the parties
hereto agree as follows:

 

1.                 
Section 3 of the Agreement is hereby deleted in its entirety and replaced with the following:

 

“3.Notwithstanding
any other provision herein to the contrary, the Options shall, to the extent not theretofore exercised or terminated, expire and
become void on November 25, 2011.” 

 

2.                 
Except to the extent amended hereby, the terms and conditions of the Agreement shall remain unchanged. 

 

IN
WITNESS WHEREOF, the Company has caused this First Amendment to be duly executed by an authorized officer, and Grantee
has executed this First Amendment, all to be effective as of the date first above written.

 

	 	BLUEGREEN
CORPORATION
	 	 
	 	By	/s/	 
	 	Name: 	Michael
D. Kaminer
	 	Title: 	Senior
Vice President & General Counsel
	 	 
	 	 
	 	GRANTEE
	 	 
	 	/s/	 
	 	John
M. Maloney, Jr.

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