ADDENDUM NUMBER ONE
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This Addendum Number One ("Addendum") to the Real Estate Purchase and
Sale Agreement ("Agreement") by and between Cedar Income Fund Partnership, L.P.,
as Seller and Southpoint Parkway Center, L.C., as Buyer, is entered into by and
between Seller and Buyer, who, intending to be legally bound, hereby agree as
follows:
1. Buyer hereby rescinds its notice of termination dated March 4,
2002 and the Agreement, as amended by this Addendum, is hereby
reinstated.
2. Buyer contemporaneously with delivery of this Addendum shall
re-deposit the Initial Deposit with Escrow Agent.
3. Any rights of Buyer to terminate the Agreement described in
Section 3 or 4 of the Agreement are hereby waived.
4. The Closing Date shall occur not later than 75 days after the
date Buyer receives a signed counterpart of this Amendment,
time being of the essence.
5. Seller has obtained a lease amendment with GSA extending the
firm term of such lease for 8 additional months (until
8/14/04) and Seller agrees to pay for the applicable tenant
improvement costs. The tenant improvement work shall commence
as soon as reasonably practicable.
6. The Purchase Price is unchanged, but the following adjustments
shall be applied at Closing: (a) Seller shall receive a credit
of $15,000 applicable to Seller's assumption of the obligation
for tenant improvements in connection with the GSA Lease and
(b) Buyer shall receive a credit of $40,000 in lieu of the
repairs recommended in Buyer's inspection report.
7. The terms and conditions of the Agreement referenced above
that are not modified herein shall remain in full force and
effect.
8. This Addendum and the Agreement which it modifies constitute
all of the agreements between Seller and Buyer, and their
effectiveness are not conditioned on any matter other than the
execution of this document.
Dated: March 20, 2002 CEDAR INCOME FUND PARTNERSHIP, L.P.
By: Cedar Income Fund, Ltd.
BY:_________________________________________
Xxx X. Xxxxxx, President
Dated: March 20, 0000 XXXXXXXXXX XXXXXXX XXXXXX, X.X.
BY:_________________________________________
Xxxxxxx X. Xxxxxxx, Managing Member
