On September 6, 2016, the parties entered into an addendum to the Contract of Sale, the SECOND ADDENDUM TO PURCHASE AGREEMENT BETWEEN BB DEVELOPMENT XXVIII LLC, AS SELLER, AND BOREAL WATER COLLECTION, INC., AS PURCHASER; copy attached as an exhibit hereto and incorporated herein by this reference (“Addendum”).[b] The Addendum provides that time is of the essence and closing of the transaction (purchase of the artesian spring) shall be no later than 10 AM, Friday, October 7, 2016. Boreal Water Collection, Inc. (“Company” or “Boreal”) agreed to the immediate release of the Contract Deposit or “Downpayment” of sixty thousand dollars ($60,000.00) to BB Development XXVIII LLC (“Seller”); forever releasing its rights to the Contract Deposit (should the transaction not close). Boreal is to pay the sum of twenty-five thousand dollars ($25,000.00) to the Seller on or before 5 PM, Friday September 9, 2016; described as non-refundable “Additional Earnest Money” “applicable to the purchase price of the subject property.” The Company “shall continue to pay all sums due Seller each month as contained in the Water Agreement commencing September of 2016 no later than the 20 th day of each month.” The parties reserve all rights regarding Notice of Termination of the Water Agreement.
