SECOND MODIFICATION AGREEMENT
This Second Modification Agreement ("Modification") dated this 2nd day of
October, 1996, by and between ALLIANCE HOLDINGS, L.L.C., an Illinois limited
liability company ("Purchaser") and XXXXXXXXX I LIMITED PARTNERSHIP, an
Illinois limited partnership ("Seller").
W I T N E S S E T H:
WHEREAS, Purchaser and Seller entered into an Agreement of Sale dated
August 27, 1996 and a Modification Agreement dated September 5, 1996
(collectively "Contract") for the Sand Ridge Apartments, Pasadena, Texas; and
WHEREAS, Purchaser and Seller desire to modify the Contract as hereinafter
provided; and
NOW, THEREFORE, in consideration of the sum of Ten and 00/100 Dollars
($10.00) and other good and valuable consideration, in hand paid, the receipt
and sufficiency of which is hereby acknowledged, the parties hereby agree as
follows:
1. The amount Eight Million Six Hundred Sixteen Thousand Six Hundred
Sixty Seven and 00/100 Dollars ($8,626,667.00) contained in Section 1 of the
Contract is hereby deleted and the amount Eight Million Two Hundred Fifty
Thousand and 00/100 Dollars ($8,250,000.00) is hereby substituted therefor.
2. The date September 5, 1996 contained in Section 7.1 of the Contract is
hereby deleted and the date October 15, 1996 is hereby substituted therefor.
3. Section 7.1 is further modified by inserting in the last full
paragraph of said Section, following "(ii)" and before "Xxxxxxx Money", the
following: "one-half (1/2) of"; and by adding to the same sentence, following
the word "thereon", the following phrase: "the other half of the Xxxxxxx Money
to be disbursed to Seller without further authorization of Purchaser being
required,".
4. The date September 30, 1996 contained in Section 8 of the Contract is
hereby deleted and the date October 30, 1996 is hereby substituted therefor.
5. Section 8 is further modified by adding the following thereto:
"Notwithstanding anything to the contrary contained herein, Purchaser shall
have the right to extend the Closing Date to December 30, 1996, upon (i)
written notice to Seller effective on or before October 25, 1996 of Purchaser's
intention to so extend the Closing Date and (ii) payment by Purchaser to
Seller, on or before October 25, 1996, of the amount Seventy-Five Thousand and
00/100 Dollars ($75,000.00), which amount shall be non-refundable to Purchaser
(except in the event of Seller default) and applicable to the Purchase Price
(in the event this transaction proceeds to Closing).
6. Except as above provided, the Contract remains unmodified and in full
force and effect.
PURCHASER: SELLER:
ALLIANCE HOLDINGS, L.L.C., XXXXXXXXX I LIMITED
an Illinois limited liability PARTNERSHIP, an Illinois limited
company partnership
By: /s/ Xxxxxx X. Xxxxx By: Xxxxxxxxx I of Illinois, Inc., an
----------------------------- Illinois corporation, its general
Name: Xxxxxx X. Xxxxx partner
Its: President
By: /s/Xxxxx X. Xxxxxxxxx
------------------------------
Name: Xxxxx X. Xxxxxxxxx
Its: Authorized Representative
