Third Amendment to Purchase and Sale Agreement for Terrell Properties, LLC

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THIRD AMENDMENT TO PURCHASE AND SALE AGREEMENT 
 
This Third Amendment to Real Property Purchase and Sale Agreement ("Amendment") by 
and between the CITY OF GLENDALE, an Arizona municipal corporation ("Seller"), and 
TERRELL PROPERTIES, LLC, an Arizona limited liability company ("Buyer") is made and 
entered into as of the date of the last signature below.  
RECITALS 
WHEREAS, Seller and Buyer's predecessor-in-interest Terrell Real Estate, LLC, entered 
into a Real Property Purchase and Sale Agreement on March 25, 2025 (the "Agreement"), City 
Contract No. C25-0312,  concerning the sale and purchase of approximately 5.45 acres of 
undeveloped, vacant parcels of land located between Grand Avenue and 71st Avenue, in Glendale, 
Arizona, adjacent to the City’s Oasis Water Treatment Plant, which are generally identified as 
Assessor Parcels Nos. 143-23-022D and 143-23-023L.  The Glendale City Council approved the 
sale pursuant to Ordinance No. O25-12. 
WHEREAS, on September 18, 2025, the parties entered into the First Amendment to the 
Agreement, City Contract No. C25-0312-1, which adjusted the name of the buying entity and the 
sale price based on final parcel size and square footage. The First Amendment also set a September 
26, 2025 date for closing the sale, unless such closing date was extended or modified by a 
subsequent writing of the parties.   
WHEREAS, on October 30, 2025, the parties entered into the Second Amendment to the 
Purchase and Sale Agreement which extended the Closing Date to January 28, 2026.  The parties 
now wish to modify and extend the Closing Date, subject to and strictly in accordance with the 
terms of this Amendment. 
WHEREAS, the parties will likely be unable to close on or before the January 28, 2026 
deadline.  Accordingly, they now wish to modify and amend the Agreement to modify and extend 
the closing date, subject to and strictly in accordance with the terms of this written Amendment. 
AMENDMENT 
NOW, THEREFORE, THE PARTIES AGREE AS FOLLOWS: 
1.  
The parties hereby agree that the Closing Date is hereby modified and extended so 
that the sale shall close on or before February 1, 2027, unless otherwise further extended or 
modified in writing by the parties. 
2. 
This extension or modification is being granted by the Seller without additional 
consideration being provided or paid to the Seller by Buyer. 
3. 
The parties further agree that except as expressly provided herein, the provisions of 
the Agreement and the First Amendment thereto shall be and remain in full force and effect, and

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that if any provision of this Amendment conflicts with the Agreement, then the provisions of this 
Amendment shall prevail. 
CITY OF GLENDALE,  
an Arizona municipal corporation 
 
___________________________________  
 
Patrick S. Banger, City Manager 
Dated:  
 
 
 
 
 
 
 
 
ATTEST: 
 
 
____________________________________ 
 
Julie K. Bower, City Clerk        (SEAL) 
Dated:  
 
 
 
 
 
 
 
APPROVED AS TO FORM: 
 
 
____________________________________ 
Michael D. Bailey, City Attorney  
Dated:  
 
 
 
 
                
 
 
TERRELL PROPERTIES, LLC,  
an Arizona limited liability company 
 
 
 
 
 
 
 
 
___________________________________ 
 
 
 
 
 
 
Joyce Terell Hempelman, CFO 
 
 
Dated: