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FIRST AMENDMENT TO PURCHASE AND SALE AGREEMENT
This FIRST AMENDMENT TO PURCHASE AND SALE AGREEMENT
("First Amendment") is executed on the dates set forth below,
by and between XXXX XXXXXX REALTY INCOME PARTNERSHIP I, L.P.,
a Delaware limited partnership ("Seller"), and INVESCO REALTY
ADVISORS, INC. ("Purchaser"), amending that certain Purchase
and Sale Agreement (the "Agreement"), dated November 10,
1997, by and between Seller and Purchaser, concerning certain
real property and improvements thereon located in Charlotte,
Mecklenburg County, North Carolina, and more particularly
described in the Agreement (the "Property").
For the consideration of the mutual agreements herein
contained, the parties hereby agree to amend the Agreement as
follows:
1. The Purchase Price referenced in Section 2 of the
Agreement is hereby amended to be $17,675,000.00.
2. The Purchaser agrees that all conditions precedent
contained in Section 4 of the Agreement have been satisfied,
with the expection of delivery of the estoppel certificate of
Royal Indemnity Company pursuant to Section 4.3. Purchaser
hereby waives any right of termination under Section 4.2 of
the Agreement, and any such right of termination shall be of
no further force and effect; provided, however, that
Purchaser's waiver hereunder shall not affect (i) the
condition precedent to Purchaser's obligation to close that
Purchaser receive an executed estoppel certificate of Royal
Indemnity Company pursuant to Section 4.3, (ii) any condition
precedent to Purchaser's obligation to close as comtemplated
in sections other than Section 4 of the Agreement, or (iii)
any termination rights of Purchaser contained in sections
other than Section 4 of the Agreement.
3. As Modified by this First Amendment, the Agreement
remains in full force and effect.
4. Capitalized terms shall have the meanings assigned
to them in the Agreement, unless otherwise expressly
delineated to the contrary. References to section numbers
refer to section numbers contained in the Agreement, unless
otherwise delineated to the contrary.
5. This First Amendment shall be enforceable if
executed in counterparts and/or by facsimile.
Executed by Purchased on this 2 day of December, 1997.
PURCHASER:
INVESCO REALTY ADVISORS, INC.
By:/s/Xxx Xxxxxxxx
Name: Xxx Xxxxxxxx
Title: Vice President
Executed by Seller on this 2nd day of December, 1997.
SELLER:
XXXX XXXXXX REALTY INCOME
PARTNERSHIP I, L.P., a Delaware
limited partnership
By: Xxxx Xxxxxx Realty Income
Properties I, Inc., its
managing
general partner
By:/s/Xxxxxx X. Xxxxxx
Name: Xxxxxx X. Xxxxxx
Title: Vice President