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EXHIBIT 10.3
FOURTH AMENDMENT TO REAL ESTATE PURCHASE CONTRACT
THIS FOURTH AMENDMENT TO REAL ESTATE PURCHASE CONTRACT (this
"Amendment"), is made effective this 15th day of October, 1999 (the "Effective
Date"), by and between Home Interiors & Gifts, Inc. ("Seller"), and Xxxxxx
Equities, Inc. ("Purchaser").
RECITALS
WHEREAS, on July 19, 1999, Purchaser and Seller entered into that
certain Real Estate Purchase Contract relating to the purchase and sale of seven
office/warehouse buildings, as more particularly described therein; as amended
by that certain First Amendment to Real Estate Purchase Contract dated August 9,
1999, that certain Second Amendment to Real Estate Purchase Contract dated
August 18,1999 and that certain Third Amendment to Real Estate Purchase Contract
dated September 15, 1999 (collectively, the "Contract"); and
WHEREAS, Purchaser and Seller now desire to enter into this Amendment
to amend the Contract.
NOW, THEREFORE, for and in consideration of the mutual covenants and
agreements herein contained and other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, Seller and Purchaser
hereby agree as follows:
1. Xxxxxxx Money. Notwithstanding anything in the Contract to the
contrary, by no later than October 20, 1999, Purchaser shall deliver an
additional xxxxxxx money deposit of $200,000 to the Title Company, after which,
the total Xxxxxxx Money deposited as of such date shall equal $250,000.
Effective upon the deposit of such additional Xxxxxxx Money, all Xxxxxxx Money
shall be non-refundable unless Seller fails to file the replats of the
properties located at 0000 Xxxxxx Xxxxxx and 000 Xxxxxxx Xxxx as specified in
Section 3 hereof by the Closing Date. If such replats are filed of record prior
to the Closing Date, within one (1) business day thereafter, Purchaser shall
deposit an additional xxxxxxx money deposit of $250,000 to the Title Company, at
which time all Xxxxxxx Money shall be non-refundable with no exceptions. If
Purchaser fails to deposit any portion of the Xxxxxxx Money when such portion of
the Xxxxxxx Money is due, the Contract shall automatically terminate and any
Xxxxxxx Money already deposited shall be released to Seller as liquidated
damages.
2. Closing Escrow. The amount of the Escrowed Funds to be held pursuant
to Section 3 of the Third Amendment to Real Estate Purchase Contract shall be
reduced by $10,000, reflecting roof repairs to the property located at 000 X.
Xxxxxxx 000 which have been paid for directly by Seller to Windriver Roofing.
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3. Platting. As mentioned in the letter from Xxxxx Xxxxx to Xxxx Xxxxx
dated September 3, 1999, the surveyor is working with the City of Farmers Branch
and the City of Coppell with regards to the replatting of the properties located
at 0000 Xxxxxx Xxxxxx Xxxx and 000 Xxxxxxx Xxxx. Seller shall allow Purchaser to
reasonably participate in the platting process and to review and reasonably
approve any proposed plats prior to filing same in the real estate records.
4. Modifications. Except as expressly herein modified, the Contract
shall remain in full force and effect in accordance with its terms. Except as
otherwise expressly provided herein, all capitalized terms used but not defined
herein shall have the same meaning as that attributed to such terms in the
Contract.
5. Effectiveness/Counterparts. This Amendment does not become effective
as an amendment to the Contract or otherwise until executed and delivered by
both Purchaser and Seller. This Amendment may be executed in counterparts, and
facsimile signatures shall be deemed originals for all intents and purposes.
IN WITNESS WHEREOF, the parties hereto have executed this Amendment as
of the date first above written.
PURCHASER:
XXXXXX EQUITIES, INC.
By: /s/ Xxxx X. Xxxxx
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Name: Xxxx X. Xxxxx
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Title: President
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SELLER:
HOME INTERIORS & GIFTS, INC.
By: /s/Xxxxxxx Xxxxx
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Name: Xxxxxxx Xxxxx
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Title: VP, Gen. Counsel
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