EXHIBIT 10.22
FIRST AMENDMENT TO
PURCHASE AND SALE AGREEMENT AND JOINT ESCROW INSTRUCTIONS
BETWEEN THE CORT JOINT VENTURE
AND
▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇ VALLEY HOLDINGS, INC
FIRST AMENDMENT TO PURCHASE AND SALE
AGREEMENT AND JOINT ESCROW INSTRUCTIONS
THIS FIRST AMENDMENT TO PURCHASE AND SALE AGREEMENT AND JOINT ESCROW
INSTRUCTIONS is made and entered into as of the 16th day of July, 1998, by and
between ▇▇▇▇▇ DEVELOPMENT CORPORATION, a Georgia corporation ("Purchaser") and
▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇ VALLEY HOLDINGS, INC., a California corporation ("Seller").
W I T N E S S E T H:
WHEREAS, the parties hereto entered into that certain PURCHASE AND SALE
AGREEMENT AND JOINT ESCROW INSTRUCTIONS (the "Agreement") dated as of June 12,
1998, relating to that certain property located at ▇▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇,
▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇▇ and being more particularly described therein; and
WHEREAS, the parties desire to amend certain provisions of the Agreement;
NOW, THEREFORE, for and in consideration of the premises and the mutual
covenants and agreements herein set forth, and other good and valuable
consideration the receipt, adequacy and sufficiency of which are hereby
expressly acknowledged by the parties hereto, Seller and Purchaser do hereby
covenant and agree as follows:
1. The "Feasibility Period" as defined in Section 7 of the Agreement shall
be deemed to mean the period ending on July 27, 1998. July 27, 1998, shall be
the "Feasibility Date" and July 30, 1998, shall be the "Closing Deadline", as
said terms are defined in the Agreement.
2. Purchaser is in the process of obtaining an ALTA survey of the Property
(the "Survey"). Purchaser anticipates the receipt of an appraisal (the
"Appraisal") momentarily and an environmental report (the "Environmental Report"
on July 20, 1998. Further, Purchaser has not received an executed tenant
estoppel (the "Tenant Estoppel"). Other than items which may be disclosed by the
Survey, Appraisal, Environmental Report, or Tenant Estoppel (all of which
Purchaser reserves the right to review and have its lender review and make
objections based thereon), Purchaser acknowledges that it has approved all of
the Purchaser's approval items set forth in Section 8 of the agreement except
for subparagraph 8(c) and 8(d) thereof.
3. Except as expressly modified by the terms and conditions hereof, the
terms and conditions of the Agreement shall remain unchanged and in full force
and effect.
IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be
duly executed by duly authorized representatives as of the day, month and year
first above written.
"PURCHASER":
▇▇▇▇▇ DEVELOPMENT CORPORATION, a Georgia corporation
By: /s/ ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇
--------------------------------
Title: VP
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"SELLER":
▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇ VALLEY HOLDINGS, INC.
By:
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▇▇▇▇ ▇. ▇▇▇▇▇▇, Vice President
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