FOLIO CORPORATION
c/o Open Market, Inc.
Xxx Xxxxxxx Xxxx
Xxxxxxxxxx, Xxxxxxxxxxxxx 00000
As of October 13, 2000
Vision IV Properties, LLC
c/o X.X. Xxxxxxx
0000 Xxxxx Xxxxxxxxxx Xxxxxx
Xxxxx 000
Xxxxx, Xxxx 00000
Re: PURCHASE AND SALE AGREEMENT (THE "AGREEMENT") BETWEEN FOLIO
CORPORATION (THE "SELLER") AND VISION IV PROPERTIES, LLC (THE
"BUYER"), DATED AS OF AUGUST 23, 2000
Ladies and Gentlemen:
This letter confirms our agreement in connection with the modification
of the referenced Agreement. All capitalized words and phrases used in this
letter and not otherwise defined herein shall have the meanings ascribed to them
in the Agreement.
For Ten Dollars ($10.00) and other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the Seller and Buyer
hereby agree as follows:
1. The Buyer has completed its inspections of the Property and
matters related thereto. In connection therewith, the Buyer
has identified certain repairs and alterations to be made to
the Property prior to the Closing. Said repairs and
alterations are identified on the schedule attached to this
letter as EXHIBIT A and incorporated herein by this reference.
The Buyer and Seller hereby acknowledge and agree that
excepting only the items set forth in EXHIBIT A, no additional
repairs or alterations will need to be made to the Property
prior to the Closing. Buyer and Seller shall exercise
reasonable efforts to cooperate with each other in the
performance of said repairs and alterations, and Buyer shall
review said repairs and alterations promptly after the
completion thereof.
2. The parties have agreed to extend the Closing Date to October
27, 2000 and, accordingly, Section 6.1 of the Agreement is
hereby amended by deleting the date "October 15, 2000" from
the second line of said section and replacing it with the date
"October 27, 2000".
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3. The parties have also agreed that concurrently herewith, the
Escrow Agent shall deliver the Deposit to be held by the
Seller, to be applied by the Seller in accordance with the
terms of the Agreement. Accordingly, concurrently herewith the
Buyer and Seller have instructed the Escrow Agent to transfer
the Deposit, by wire transfer, to the account of the Seller.
Seller hereby agrees that the Deposit shall be applied in
accordance with the terms and provisions of the Agreement.
Except as expressly set forth herein, the Agreement and all of the
terms, conditions and provisions thereof shall remain unaltered and unmodified
and in full force and effect in accordance with the terms thereof.
EXECUTED as an instrument under seal as of the date and year set forth
above.
SELLER:
FOLIO CORPORATION, a Utah corporation
By: /s/ Xxxxxxxx X. Xxxx
--------------------------------------
Name: Xxxxxxxx X. Xxxx
Its: Legal Counsel
Hereunto duly authorized
BUYER:
VISION IV PROPERTIES LLC, a Utah limited
liability company
/s/ X.X. Xxxxxxx
-----------------------------------------------
X.X. Xxxxxxx, its manager, hereunto duly
authorized
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Exhibit A
Scheduled of Agreed-Upon Repair Items
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