SEC Contract Filing

Filing Date: 2023-01-31

Document Content:
<DOCUMENT>
<TYPE>EX-10.3
<SEQUENCE>4
<FILENAME>tm234205d1_ex10-3.htm
<DESCRIPTION>EXHIBIT 10.3
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 10.3</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>LIMONEIRA RANCHES</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SECOND AMENDMENT TO</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PURCHASE AND SALE AGREEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>AND</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>JOINT ESCROW INSTRUCTIONS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5pt 0pt 0; text-align: justify; text-indent: 0.5in">THIS SECOND AMENDMENT
TO PURCHASE AND SALE AGREEMENT AND JOINT ESCROW INSTRUCTIONS (the &ldquo;<B>Amendment</B>&rdquo;) is made and entered into on January
24, 2023 (the &ldquo;<B>Effective Date</B>&rdquo;) by and between <B>LIMONEIRA COMPANY</B>, a Delaware corporation (&ldquo;<B>Seller</B>&rdquo;),
and <B>PGIM REAL ESTATE FINANCE, LLC, </B>a Delaware limited liability company (or its Authorized Assignee, &ldquo;<B>Buyer</B>&rdquo;).
Seller and Buyer are sometimes referred to in this Amendment individually as a &ldquo;<B>Party</B>&rdquo; and collectively as the &ldquo;<B>Parties</B>.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5pt 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">This Amendment is made with respect
to the following facts and circumstances.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.05in 0pt 0; text-align: justify; text-indent: 0.5in">A.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Parties entered into a Purchase and Sale Agreement and Joint Escrow Instructions dated for reference purposes as of October 10, 2022,
as amended by that certain First Amendment to Purchase and Sale Agreement and Joint Escrow Instructions dated January 17, 2023 (collectively
the &ldquo;<B>Agreement</B>&rdquo;). Unless otherwise indicated, capitalized terms not otherwise defined herein shall have the meanings
given to them in the Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">B.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Parties desire to amend the Agreement as set forth herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">NOW, THEREFORE, the Parties hereby agree
as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><U>Environmental
Indemnity</U>. </B>Seller hereby agrees to indemnify, defend and hold Buyer and the Land free and harmless from and against any and all
loss, cost, damage, expense, claim or liability, including without limitation any liability for the cost of any Phase II assessment and
remediation of soil contamination on the Land, arising from any actual or suspected contamination which may be disclosed by soil sample
test results taken by Buyer&rsquo;s environmental consultant prior to the date of this Amendment as part of the Phase I assessment with
respect to (i) sixteen (16) sites of underground storage tanks (&ldquo;USTs&rdquo;) or former USTs supporting windmachines, and (ii) above
ground fuel (filling) lines from an above ground storage tank to the filling location on Porterville Ranch, and in both cases, for which
results are still pending. This indemnity is given in consideration of Buyer&rsquo;s waiver of diligence conditions relating to the condition
of the Property prior to receipt of the results from the Phase I testing. Seller&rsquo;s obligations under this Section shall survive
the Closing for a period of eighteen (18) months (or until such remediation is completed, if commenced within such eighteen (18) month
period), but shall terminate if the agreement is terminated prior to Buyer closing on the Property.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">2.<B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Reaffirmation</U></B>.
Except as expressly modified by this Amendment, the terms and conditions of the Agreement shall remain in full force and effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><U>Counterparts</U></B>.
This Amendment may be executed in one or more counterparts and such count