Item 1.01 Entry into Definitive Material Agreement.
On May 31, 2022, the Company executed a First Addendum to Purchase and Sale
Agreement (the "Addendum") with Sandpiper Resort Properties, Inc. and Holiday
Village of Sandpiper, Inc. (collectively, "Sandpiper"), modifying that certain
Purchase and Sale Agreement effective as of April 25, 2022 (the "Agreement") for
the purchase by the Company of property in Port Saint Lucie, Florida (the
"Property"). The Property being sold is the Property on which the Company's
facilities are currently located and where the Company currently operates and
includes approximately 216 acres and approximately 3,000 feet of waterfront
property.
In the Addendum, the Company acknowledges that the Due Diligence period in the
Agreement has expired and that the Company did not elect to terminate the
Agreement, so the deposit of $500,000 delivered to Sandpiper shall become
nonrefundable and the Company has elected to proceed to a Closing. Additionally,
the Addendum allows the Company to request an extension of the Closing Date
until no later than July 29, 2022, if necessary, and if the Company delivers
notification to Sandpiper by June 20, 2022.
The remaining terms of the Agreement remain unchanged, including the purchase
price of $55,000,000 for the Property. The Company may assign the Agreement to
an affiliate of the Company no later than five days prior to the Closing Date,
as long as the Company is not released of its obligations under the Agreement
and the Company is responsible for any associated costs.
Item 9.01 Financial Statements and Exhibits.
10.1 First Addendum to Purchase and Sale Agreement dated May 31, 2022
104 Cover Page Interactive Data File (embedded within the Inline XBRL document)
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