EXHIBIT 10.5
October 22, 2001
VIA FACSIMILE TO (000) 000-0000
Xxxx Xxxxxxxx, Esq.
Xxxxxx, XxXxxxxxx & Fish, LLP
Xxx Xxxxxxxxxxxxx Xxxxx
Xxxxxx, XX 00000-0000
Dear Rich:
Pursuant to that certain Option Agreement, dated September 25, 2001,
between T and F Properties, L.P. ("Seller") and Texas ALC Partners, L.P. ("Texas
ALC"), Texas ALC hereby exercises its option to purchase the Property, subject
to the terms and conditions of the Option Agreement.
We understand that Xxx Xxxxx of Xxxxxxxx Xxxxxx has provided you with a
list of those exceptions to title which Texas ALC has not accepted as Permitted
Exceptions, and you are working with your client on clearing title of those
exceptions. Additionally, we understand you are working toward providing the
other terminations/release documents that are provided for under the Option
Agreement.
We are diligently working with our lender, Xxxxxx, to close on Wednesday,
October 24, 2001. There is a minor survey issue which needs to be cleared up,
and I have asked today for an update of other conditions to be satisfied before
Texas ALC will have "obtained funds" sufficient to purchase the Assets.
We look forward to reporting to you when the conditions to close the
purchase of the Assets have been satisfied and appreciate your cooperation in
preparing for a close on Wednesday.
Very truly yours,
Xxxxxx Xxxxxxxx
Senior Vice President and General Counsel
SC:kem
cc: Xxxxx X. Xxxxx, Esq.
Wm. Xxxxx Xxxxx
Xxxx Xxxxxx
Xxx Xxxx, Esq.
Xxxxxxx Xxxxx, Esq.
