Item 1.01 Entry into a Material Agreement.
On July 27, 2022, Altitude International Holdings, Inc. (the "Company") executed
a Third 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.
Under the terms of the Addendum, the Agreement is modified such that the Company
shall pay a Third Deposit of $250,000 to Sandpiper by July 29, 2022. The
Company's total deposit shall then be $1,250,000. Additionally, the parties have
agreed that the Closing Date shall be August 31, 2022.
Further, section 12.12.2 and 12.12.3 of the Agreement, discussing Material Loss
and Nonmaterial Loss respectively, are amended by the Addendum. Section 12.12.2
is changed such that if the Casualty Renovation Cost exceeds $250,000 and either
party elects not to pay the excess then either party may terminate the Agreement
by Notice delivered to the other party, in which case the Deposit shall be
returned to the Company. Pursuant to the amended 12.12.3 section, if the
Casualty Renovation Cost is less than or equal to $250,000, neither party shall
have any right to terminate the Agreement.
The remaining terms of the Agreement remain unchanged.
Item 9.01 Financial Statements and Exhibits.
Exhibit No. Description
10.1 Third Addendum To Purchase And Sale Agreement
104 Cover Page Interactive Data File (embedded within the Inline XBRL
document)
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