CLEARVIEW INVESTMENTS, LTD.
December 2, 1997
Factory Outlet Centre Limited Liability Company
x/x Xxx Xxxxxx Xxxxxxx
Xxxxxxxxxxx Xxxx Xxxxxx Xxxxx
0000 Xxxxxxxx Xxxx, Xxxxx X-000
Xxxxxxxxxxx, XX 00000
Re: Agreement of Sale dated as of August 25, 1997 between Insignia Commercial
Investments Group, Inc. ("Assignor") and Factory Outlet Centre Limited
Liability Company ("Seller") for the purchase and sale of property known
as the Factory Outlet Center in Kenosha, Wisconsin ("Property") as amended
by September 8, 1997 Letter Agreement, as amended by October 7, 1997
Letter Agreement, as amended by November 4, 1997 Letter Agreement, as
amended by November 7, 1997 Letter Agreement, as amended by November 19,
1997 Letter Agreement and as assigned on October 24, 1997 to Clearview
Investments, Ltd. ("Assignee") herein referred to as Purchaser
Dear Madam or Sir:
Under the above referenced Agreement of Sale, the Purchase Price (as
defined herein) is $15,000,000.00, the Inspection Period, as defined therein,
expires December 5, 1997 and the Closing date, as defined therein, was to be
December 30, 1997.
This letter shall confirm that Seller, has among other things, agreed to
provide Purchaser with additional time to conduct investigations and studies of
the Property. It shall be at Purchaser's sole discretion, whether to elect to
purchase the Property, or to terminate the Agreement of Sale, as provided in
Article 7 thereof.
The Inspection Period shall be revised to end at 3:00 p.m. Chicago time on
December 12, 1997 and the Closing Date shall be December 30, 1997.
Except as provided herein, the Agreement of Sale shall remain unmodified
and in full force and effect.
The date that Purchaser shall release the Xxxxxxx Money to Seller pursuant
to the Consent to Assignment of the agreement dated October 24, 1997 shall be
revised from December 5, 1997 to December 12, 1997.
If the amendments to the Agreement of Sale provided to this letter are
acceptable, please indicate your agreement on behalf of Seller, where indicated
below.
Sincerely Yours;
CLEARVIEW INVESTMENTS, LTD.
By: Redbud Capital, Inc.,
General Partner
By: /s/Xxxxx X. Xxxxxx
----------------------------------------
Xxxxx X. Xxxxxx, Vice President
ACCEPTED AND AGREED TO THIS
___ DAY OF DECEMBER, 1997.
FACTORY OUTLET CENTRE LIMITED LIABILITY COMPANY
By: Outlet Centre Investors, a member
By: Balcor Partners-XXI, its general partner
By: /s/ Xxxx Xxxxxxxxx
--------------------------------
Name: Xxxx Xxxxxxxxx
Title: Authorized Agent
