CLEARVIEW INVESTMENTS, LTD.
0000 Xxxx Xxxxx Xxxx., Xxxxx 000
Xxxxxxxxx, Xxxxx 00000
November 7, 1997
Factory Outlet Centre Limited Liability Company
x/x Xxx Xxxxxx Xxxxxxx
Xxxxxxxxxxx Xxxx Xxxxxx Xxxxx
0000 Xxxxxxxx Xxxx
Xxxx X-000
Xxxxxxxxxxx, Xxxxxxxx 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, 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 on November 17, 1997 and the Closing Date, as defined therein, was to
be December 15, 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 5:00 p.m. Chicago time on
November 24, 1997 and the Closing Date shall be December 15, 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 November 17, 1997 to November 24, 1997.
If the amendments to the Agreement of Sale provided in this letter are
acceptable, please indicate your agreement on behalf of Seller, where indicated
below.
Sincerely,
CLEARVIEW INVESTMENTS, LTD.
By: Redbud Capital, Inc.
Its general partner
By: /s/Xxxxx X. Xxxxxx
------------------------------------
Title: Xxxxx X. Xxxxxx, Vice President
Agreed and Accepted this 7th day of November, 1997
Factory Outlet Centre Limited Liability Company
By: Outlet Centre Investors, a member
By: Balcor Partners-XXI, its general partner
By: /s/ Xxxxxxx X. Xxxxxx
------------------------------
Name: Xxxxxxx X. Xxxxxx
Its: Authorized Representative
cc: Xxxxxxx X. Xxxxxxxx
