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Exhibit 10(l)
November 13, 1995
Compri Caribe Hospitality Corp.
X.X. Xxx 00000
Xxxxxxx Xxxxxxx Xxxxxxx
Xxx Xxxx, Xxxxxx Xxxx 00000
Gentlemen:
Reference is made to the Option Agreement dated March 31, 1995 (the
"Agreement") by and between Land Development Associates S.E. ("Seller") and
Compri Caribe Hospitality Corp. ("Buyer") related to land in the Seller's
Parque Escorial project, including parcels of land containing 17,343.03 square
meters referred to as the Second Phase Parcels.
Buyer and Seller agree and acknowledge that the conditions in the Agreement for
closing of the sale of the Second Phase Parcels were met on October 6, 1995 and
consequently the scheduled closing date ("Time of Settlement") for these
parcels was to be on or before November 6, 1995. Seller and buyer hereby agree
to extend the Time of Settlement to December 21, 1995 upon consideration of
$8,700 to be paid by Buyer to Seller ("Extension Fee") upon execution by Buyer
of this letter agreement in the space provided below. The Extension Fee is
paid as additional consideration to Seller over and above the Second Phase
Purchase Price set forth in the Agreement.
The other terms and conditions of the Agreement remain unchanged.
Very truly yours,
LAND DEVELOPMENT ASSOCIATES S.E.
By: Interstate General Properties Limited
Partnership, managing partner
By: Interstate General Company L.P.,
general partner
By: Interstate General Management
Corporation, managing general partner
By: /s/ Xxxxxx X. Xxxxxxxx
--------------------------------
Xxxxxx X. Xxxxxxxx
Executive Vice President
ACCEPTED: COMPRI CARIBE HOSPITALITY CORP.
By: /s/ Xxxxx Xxxxx Xxxxxxx
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Xxxxx Xxxxx Xxxxxxx
President
