1
EXHIBIT 10.4
AMENDMENT TO CONTRACT OF SALE
This Amendment is made and entered into this the 14th day of October,
1998 by and between J. XXXXXXX XXXXXXX, XX. and EAGLE GREENS LTD., f/k/a
NORTHEAST GEORGIA RECREATIONAL AND DEVELOPMENT CO., INC., a Georgia corporation,
hereinafter collectively referred to as "Seller," and SILVERLEAF RESORTS, INC.,
a Texas corporation, hereinafter referred to as "Purchaser," and is as follows:
WITNESSETH:
WHEREAS, Seller and Purchaser made and entered into that certain
Contract of Sale, dated February 25, 1998, hereinafter referred to as the
"Contract," covering those certain tracts of land located in the 12th Land
District, Habersham County, Georgia, commonly known as "Hollywood Hills Golf
Club" containing approximately 220 acres, more or less, as more fully described
within the Contract; and
WHEREAS, the Contract provided, pursuant to the terms and provisions of
Article XXVII thereof, that Seller agrees to pay at closing a real estate
commission to Century 21 Xxxxxx Realty (the "Broker") in the amount of four
percent (4%) of the purchase price under the Contract; and
WHEREAS, Seller and Purchaser have agreed to modify Article XXVII of
the Contract to reduce the amount of commission payable to the Broker;
NOW, THEREFORE, for and in consideration of the terms and provisions
hereof, the receipt, adequacy and sufficiency of which is hereby acknowledged
and confessed, Seller and Purchaser shall, and do hereby, covenant, stipulate,
acknowledge and agree as follows:
1. Notwithstanding anything to the contrary contained in the
Contract, Seller and Purchaser agree that in the event the
Contract closes, but not otherwise, Seller shall pay at
closing a real estate commission to the Broker in the amount
of $119,000.00.
2. All of the other terms, provisions, requirements, limitations
and obligations of Seller and Purchaser as set forth,
contained, or referenced within the Contract shall be and are
hereby ratified, confirmed and adopted as being in full force
and legal effect, except as specifically modified and amended
herein.
3. This Amendment shall inure to the benefit of and be binding
upon each of Seller and Purchaser, its and their successors
and assigns.
EXECUTED on this the 14th day of October, 1998.
SELLER:
/s/ X. X. Xxxxxxx
-----------------------------------
J. XXXXXXX XXXXXXX, XX.
EAGLE GREENS LTD., a Georgia
corporation
By: /s/ X. X. Xxxxxxx
-------------------------------
2
Name: J. Xxxxxxx Xxxxxxx
-----------------------------
Its: President
------------------------------
PURCHASER:
SILVERLEAF RESORTS, INC., a Texas
corporation
By: /s/ Xxxxxx X. Xxxx
-------------------------------
Name: Xxxxxx X. Xxxx
-----------------------------
Its: Chief Executive Officer
------------------------------
2
