EXHIBIT 10(h)
SOTHEBY'S NEVADA, INC.
0000 Xxxxxx Xxxxxxxx Xxxx, Xxxxx 000
Xxx Xxxxx, Xxxxxx 00000
February 10, 2003
Xxxxxxxxxx Contemporary Art, Inc.
c/o Xx. Xxxxxxx X. Xxxxxxxxxx
0000 Xxxxx Xxxxxxxx Xxxxxx
Xxxx, Xxxxxx 00000
Dear Xxxx:
This letter agreement amends the Agreement of Partnership (the "Partnership
Agreement") of Acquavella Modern Art, a Nevada general partnership, dated May
29, 1990, between Sotheby's Nevada, Inc., a Nevada Corporation ("Sotheby's
Partner"), and Xxxxxxxxxx Contemporary Art, Inc., a Nevada Corporation
("Acquavella Partner").
By letters of amendment on December 1, 2000 and December 15, 2001, we agreed to
extend the term of the Partnership Agreement through March 31, 2002 and 2003,
respectively. By this letter of amendment, we are agreeing to extend the term of
the Partnership Agreement for one additional year through March 31, 2004.
Accordingly, each of the Sotheby's Partner and the Acquavella Partner hereby
agree to amend Section 1.5(iii) of the Partnership Agreement to delete the
reference to December 31, 2000 (subsequently amended to March 31, 2002 and March
31, 2003), and substitute therefore the date of "March 31, 2004."
Except as amended hereby, the Partnership Agreement shall remain in full force
and effect and is hereby ratified and confirmed.
Please sign this letter agreement in the space provided below. Upon execution on
behalf of the Acquavella Partner, this letter agreement shall be effective as of
the date of this letter.
SOTHEBY'S NEVADA, INC.
By: /s/ Xxxxxxx X. Xxxxxxxx
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Name: Xxxxxxx X. Xxxxxxxx
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Title: President
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AGREED AND ACCEPTED
XXXXXXXXXX CONTEMPORARY ART, INC.
By: /s/ Xxxxxxx Xxxxxxxxxx
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Name: Xxxxxxx Xxxxxxxxxx
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Title: President
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