SEC Contract Filing

Filing Date: 2016-08-04

Document Content:
<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>d232026dex101.htm
<DESCRIPTION>EX-10.1
<TEXT>
<HTML><HEAD>
<TITLE>EX-10.1</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 10.1 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>THIRD AMENDMENT </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>TO
</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>AGREEMENT FOR THE </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>PURCHASE AND SALE OF PROPERTY </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">THIS THIRD AMENDMENT TO AGREEMENT FOR THE PURCHASE AND SALE OF PROPERTY (&#147;<B>Amendment</B>&#148;), is made effective as of July 28, 2016,
by and between <B>HAWAII FUNDING LLC</B>, a Delaware limited liability company (the &#147;<B>Seller</B>&#148;), <B>DIAMOND RESORTS KONA DEVELOPMENT, LLC</B>, a Delaware limited liability company (the &#147;<B>Buyer</B>&#148;), and <B>DIAMOND RESORTS
INTERNATIONAL, INC.</B>, a Delaware corporation (the &#147;<B>Co-Acquirer</B>&#148;). </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>RECITALS: </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">WHEREAS, Seller, Buyer and Co-Acquirer entered into that certain Agreement for the Purchase and Sale of Property with an Effective Date (as
defined therein) of July 28, 2015, as amended by that certain First Amendment to Agreement for the Purchase and Sale of Property dated as of February 25, 2016, and as further amended by that certain Second Amendment to Agreement for the Purchase and
Sale of Property dated as of June 30, 2016 (collectively, the &#147;<B>Agreement</B>&#148;); </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">WHEREAS, the Agreement provides for a
Feasibility Period within which Buyer and Seller are to perform certain matters in connection with development of the Project; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">WHEREAS,
Seller and Buyer are aware of the status of the development of the Project and wish to extend the Feasibility Period; and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">WHEREAS, the
parties now desire to modify, amend and supplement the terms of the Agreement as provided herein. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">NOW, THEREFORE, for and in
consideration of these premises and the mutual covenants hereinafter set forth and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1. <U>Defined Terms</U>.&nbsp;Capitalized terms not otherwise defined in this Amendment shall have the meanings assigned to them in the
Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2. <U>Extension of Feasibility Period</U>.&nbsp;The &#147;<B>Feasibility Period</B>&#148; as defined in <B>Section 4.2 </B>of
the Agreement is hereby extended to October 1, 2016.&nbsp;Accordingly, the term &#147;<B>Feasibility Period</B>&#148; as used in the Agreement shall now mean and refer to the period of time commencing on the Effective Date and ending on October 1,
2016. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">3.<U> Extension of Termination Outside Date</U>.&nbsp;The &#147;<B>Termination Outside Date</B>&#148; as defined in <B>Section
4.2</B> of the Agreement is hereby extended to October 8, 2016. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">4. <U>Extension Fee</U>.&nbsp;As a condition to the effectiveness of this
Amendment, and as additional consideration for the extension of the Feasibility Period hereunder, Buyer shall pay Seller a fee </P>

<p Style='page-break-before:always'>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
of $200,000 within five (5) Business Days of the date of this Amendment, which fee shall be deemed unconditionally earned in full by Seller as of the date hereof in consideration of the extension
of the Feasibility Period and the other terms and conditions contained herein, and notwithstanding anything to the contrary contained in the Agreement, shall not be refundable to Buyer for any reason.</P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">5. <U>Counterparts and Facsimile Signatures.</U> This Amendment may be executed in counterparts, each of which shall be deemed an
original.&nbsp;Facsimile copies or PDF copies sent by email of this Amendment and any signatures thereon shall be considered for all purposes as originals. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">6. <U>Miscellaneous</U>.&nbsp;Except as expressly modified by this Amendment, the Agreement remains unmodified and in full force and
effect.&nbsp;This Amendment along with the Agreement is the entire agreement between the parties hereto with respect to the subject matter hereof and supe