Exhibit 10.2
AMENDMENT TO AGREEMENT OF PURCHASE AND SALE
THIS AGREEMENT made effective and entered into this 10th day of October 2025, by and between CKX Lands, Inc., a Louisiana corporation, hereinafter called "Seller", and Southern Pine Plantations of Georgia, Inc., a Georgia corporation, hereinafter called "Buyer".
WITNESSETH:
WHEREAS, the Seller and Buyer entered into an Agreement of Purchase and Sale effective as of August 14, 2025 (the "PSA") for the sale and purchase of property located in various parishes in the State of Louisiana, a copy of which is in the possession of each party and by this reference is made a part hereof;
WHEREAS, the parties desire to amend the PSA in accordance with the terms hereof.
NOW, THEREFORE, in consideration of the sum of Ten ($10.00) Dollars and other valuable consideration paid by each party to the other, the receipt and sufficiency of which is hereby acknowledged, the parties agree that the PSA is hereby amended as follows:
1. The parties hereby agree that the third to the last sentence in Paragraph 3(b) which currently reads:
BUYER must make any waiver, termination or Title Defect Carveout election in writing on or before the day which is ten (10) days prior to Settlement.
is hereby deleted and replaced as follows:
BUYER must make any waiver, termination or Title Defect Carveout election in writing on or before the day which is three (3) business days following the earlier of (i) SELLER’S notification to BUYER of SELLER’S election to cure or not cure any Title Objections or (ii) seven (7) days after SELLER’S receipt of BUYER’S notice of Title Objections in the event of SELLER’S failure to respond.
2. For the sake of clarity, the parties hereby agree and acknowledge that (a) Settlement shall occur on or before the tenth (10) day following the deadline for BUYER’S election as set forth in the revision to Paragraph 3(b) hereinabove and (b) the Title Commitment and Title Exceptions have been delivered to Buyer and the Title Objection Period pursuant to Paragraph 3(b) expires on October 21, 2025.
3. All terms of the PSA, except as herein amended, shall remain in full force and effect; provided, however, in the event of any conflict in the terms of this amendment and the terms of the PSA the terms of this amendment shall control.
(SIGNATURES ON FOLLOWING PAGE)
IN WITNESS WHEREOF, the parties have hereunto set their hands and affixed their seals, the day and year first above written.
| SELLER: | |
| CKX Lands, Inc., a Louisiana corporation | |
| Date of Execution: 10/10/2025 | By: /s/ Scott Stepp (SEAL) |
| Name: Scott Stepp | |
| Title: Chief Financial Officer | |
| BUYER: | |
| Southern Pine Plantations of Georgia, Inc., a Georgia corporation | |
| Date of Execution: 10/10/2025 | By: /s/ Al Bayme (SEAL) |
| Name: Al Bayme | |
| Title: Secretary |