FOURTH AMENDMENT TO THE PURCHASE AGREEMENT BY AND BETWEEN LOWER
TOWN DEVELOPMENT GROUP, L.L.C. AND UNIVERSITY BANK DATED
SEPTEMBER 14TH, 2002 ("Agreement")
The parties hereby agree to amend the terms of the Agreement as
follows:
If University Bank, in is sole discretion, can give notice on or
before June 15, 2005 that it will vacate the premises commonly
known as 000 Xxxxxx Xxxx, Xxx Xxxxx, Xxxxxxxx by August 1, 2005,
the following modifications to the Agreement shall apply:
1) Lower Town Development Group, L.L.C. shall pay to University
Bank $800,000 upon the closing of the construction financing
pertaining to the project commonly known as Lower Town or
December 31, 2005, which ever occurs first; and
2) Lower Town Development Group, L.L.C. shall pay the $200,000
that was deferred from the sale of 000 Xxxxxx Xxxx on or
before December 31, 2005. The purchase price under the
Agreement shall be $2,000,000 for the contemplated facility.
Lowertown Development Group, LLC,
By: Terra Management Company, Manager
/s/Xxxxx X. Xxxxxxxxx
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Xxxxx X. Xxxxxxxxx
Its: Manager
University Bank
By:Xxxxxxx Xxxxx Xxxxxxx
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Xxxxxxx Xxxxx Ranzini
Its: President
