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Exhibit (b)(5)
PW REAL ESTATE INVESTMENTS INC.
0000 Xxxxxx xx xxx Xxxxxxxx
Xxx Xxxx, Xxx Xxxx 00000
November 8, 2000
Radiant Partners, LLC
000 Xxxxx Xxxxxx
Xxxxx 0000
Xxx Xxxx, XX 00000
Attention: Mr. Xxxxxx Xxxxxxxx
Re: First Mortgage Loan - Pecanland Mall
------------------------------------
Dear Xx. Xxxxxxxx:
Reference is made to the commitment letter for a first mortgage loan (the
"Mortgage Loan") between Radiant Partners, LLC, Xxxxxx Xxxxxxxx, Xxxx Xxxxxx and
Xxxxx Xxxxxxxxxxx (collectively, the "Client"), and PW Real Estate Investments
Inc. (the "Lender"), dated September 19, 2000 (the "Original Commitment
Letter"). Capitalized terms used in this letter and not otherwise defined have
the meanings assigned to such terms in the Original Commitment Letter.
The Client and Lender hereby amend the Original Commitment Letter as
provided in this letter agreement (this "First Amendment"). The term "Commitment
Letter" means the Original Commitment Letter, as amended by this First
Amendment.
1. The section in the Original Commitment Letter captioned "Closing
Date" is hereby deleted and replaced in its entirety with the
following:
"Closing Date: The Closing Date for the Mortgage Loan will be on or
prior to January 12, 2001, or as otherwise agreed to by Lender and the
Client. If for any reason the closing of the Mortgage Loan (the
"Closing") does not occur on or prior to January 12, 2001, Lender will
have the right to terminate its obligations under this Commitment
Letter."
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The Commitment Letter, Fee Letter and Indemnification Agreement remain in
full force and effect and are hereby ratified by the Client and Lender in all
respects.
Please indicate your acknowledgment and agreement with the terms of this
First Amendment by signing and returning an original to Xxx Xxxxxxx. This First
Amendment may be executed in any number of counterparts.
Very truly yours,
PW REAL ESTATE
INVESTMENTS INC.
By: /s/ Xxxxx X. Xxxxxxx
--------------------------
Xxxxx X. Xxxxxxx
Senior Vice President
ACCEPTED AND AGREED BY CLIENT:
RADIANT PARTNERS, LLC
By: /s/ Xxxxxx Xxxxxxxx
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Name: Xxxxxx Xxxxxxxx
Title: Managing Member
As Individuals:
/s/ Xxxxxx Xxxxxxxx
-----------------------------
Xxxxxx Xxxxxxxx
/s/ Xxxx Xxxxxx
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Xxxx Xxxxxx
/s/ Xxxxx Xxxxxxxxxxx
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Xxxxx Xxxxxxxxxxx
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