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EXHIBIT 2.2
FIRST AMENDMENT TO AGREEMENT OF PURCHASE AND SALE DATED MARCH 23, 1998 BY AND
BETWEEN XXXXXXXXX XXXXXX AND XXXXXX XXXXXX, AS TRUSTEES OF THE XXXXXX XXXXXX AND
XXXXXXXXX XXXXXX INTER VIVOS REVOCABLE TRUST DATED JULY 20, 1995, AS SELLER AND
THE PEREGRINE REAL ESTATE TRUST AS BUYER
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May 18, 1998
VIA FACSIMILE AND FEDERAL EXPRESS
Xxxxxx Xxxxxx and Xxxxxxxxx Xxxxxx
000 Xxxxxxxx Xxxxx Xxxxx
Xxxxxxxx, Xxxxxxxxxx 00000
Law Offices of Xxx X. Xxxxx
0000 Xxxxxxx Xxxxxxxxx, Xxxxx 00
Xxxxxx Xxxxx, Xxxxxxxxxx 00000
Attention: Xxx X. Xxxxx, Esq.
Re: Agreement of Purchase and Sale/Holiday Inn, Concord,
California
To Mr. and Xxx. Xxxxxx and Law Offices of Xxx Xxxxx:
Confirming our conversations, pursuant to that certain Agreement of
Purchase and Sale dated as of March 23, 1998 between The Peregrine Real Estate
Trust ("Purchaser") and Xxxxxxxxx Xxxxxx and Xxxxxx Xxxxxx, as Trustees of the
Xxxxxx Xxxxxx and Xxxxxxxxx Xxxxxx Inter Vivos Revocable Trust dated 7/20/95
("Seller") (the "Agreement"), Purchaser and Seller hereby agree as follows:
1. Section 2.2(a) of the Agreement is hereby amended to change
the Purchase Price of the Property from Nine Million Six Hundred Thousand
Dollars ($9,600,000) to Nine Million Dollars ($9,000,000). Whenever the
capitalized term "Purchase Price" appears in the Agreement, it shall refer to
the amount of Nine Million Dollars ($9,000,000).
2. Effective as of the date of this letter agreement, except as
set forth in the next sentence, the Inspection Period referred to in Section
1.12 and Article 3 of the Agreement shall be extended up to May 22, 1998 at 6:00
p.m. The Inspection Period shall be extended up to June 9, 1998 at 6:00 p.m. for
purposes of Purchaser's reviewing and approving, in Purchaser's sole discretion,
the environmental condition of the Property and such additional review and
approval reasonably related thereto.
3. Without waiving or limiting Purchaser's rights pursuant to the
other terms and conditions of the Agreement, Purchaser hereby waives the
conditions set forth in Section 4.1(k) and 4.1(l) of the Agreement.
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Xxxxxx Xxxxxx and Xxxxxxxxx Xxxxxx
Xxx X. Xxxxx
May 18, 1998
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4. Effective as of the date of this letter agreement, the Closing
Date referred to in Section 9.1 of the Agreement shall be June 17, 1998.
5. In the event that Purchaser does not elect to proceed with the
purchase of the Property in accordance with the terms of the Agreement, as
amended by this letter agreement, the Deposit and any accrued interest thereon,
shall be promptly returned to Purchaser.
Please reconfirm Seller's agreement to the terms of this letter
agreement by executing a copy hereof and return the original via overnight
courier and a copy via facsimile to me and a copy via facsimile to Xxxxxx
Xxxxxxx.
Except as modified hereby, the Agreement shall remain in full force
and effect. All capitalized terms used herein which have defined meanings in the
Agreement shall have the same defined meanings herein. This letter agreement may
be executed in counterparts.
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Xxxxxx Xxxxxx and Xxxxxxxxx Xxxxxx
Xxx X. Xxxxx
May 18, 1998
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We sincerely appreciate your cooperation in this matter.
Very truly yours,
THE PEREGRINE REAL ESTATE TRUST
By:______________________________________
Its:_____________________________________
cc: Xxxxxx X. Xxxxxxx, Esq.
We agree to the terms and conditions of this letter agreement.
Xxxxxx Xxxxxx and Xxxxxxxxx Xxxxxx,
as Trustees of the Xxxxxx Xxxxxx and Xxxxxxxxx Xxxxxx
Inter Vivos Revocable Trust dated 7/20/95
By:______________________________________
By:______________________________________
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