HomeMy WebLinkAboutFirst Amendment to DA with N-Shea Group LLC and Park Place Properties LLCFIRST AMENDMENT
TO
DEVELOPMENT AGREEMENT
THIS FIRST AMENDMENT (this "Amendment") to the Development Agreement
between N-Shea Group, LLC, an Arizona limited liability company, Park Place Properties, LLC,
an Arizona limited liability company (collectively, the "Developer"), and the Town of Fountain
Hills, an Arizona municipal corporation (the "Town").
RECITALS
A. The Developer and the Town entered into a Development Agreement effective
June 17, 2016.
B. The Development Agreement was subsequently extended by way of a settlement
agreement and release effective October 18, 2022.
C. The Developer and the Town wish to clarify and reaffirm the continued existence
of the Development Agreement.
AGREEMENT
1. The foregoing Recitals are true, accurate and correct, specifically incorporated as
part of this Agreement as if fully stated herein.
2. Section 2 of the DA is modified to allow the Developer (as that term is defined by
the DA) twelve (12) months from the Effective Date of this Amendment to obtain permits for
construction of Buildings B, E, and F. So long as the permits for construction of Buildings B, E,
and F are obtained prior to the expiration of this Amendment, the Developer shall be allowed to
proceed with development of Phases II and III.
3. The previously executed Estoppel Agreement dated July 17, 2023 is superseded
by the execution of this Amendment.
4. The Parties represent that they have relied upon the advice of their attorneys, who
are the attorneys of their own choice, concerning the legal consequences of this, that the terms of
this Agreement have been completely read and explained to the Parties by their attorney(s), and
the terms of the Agreement are fully understood and voluntarily accepted by the Parties. Neither
this Agreement, nor any provision thereof, shall be deemed prepared or drafted by one Party or
another, or it's attorneys, and shall not be construed more strongly against any Party.
5. This Amendment shall be conditioned upon the execution of the Amendment by
all Parties. The Effective Date shall be the date of the last Party's signature.
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IN WITNESS WHEREOF, the undersigned executed this Agreement on the dates below:
TOWN OF FOUNTAIN HILLS
N-SHEA GROUP, LLC
Ginny Dickey, Mayor
e a a g, PARK PLACE PROPERTIES, LLC
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