EXHIBIT 2.2
FIRST AMENDMENTFIRST AMENDMENT
TO
CAR WASH ASSET PURCHASE/SALE AGREEMENT
This FIRST AMENDMENT hereby amends that certain CAR WASH ASSET PURCHASE/SALE
AGREEMENT ("Agreement") effective April 20, 1999 by and between WHITE GLOVE
CHICAGO PARTNERSHIP, an Illinois General Partnership ("Seller") and XXXX CAR
WASH, INC. a Delaware Corporation ("Buyer").
IN CONSIDERATION of the mutual promises of the parties, Buyer and Seller agree
as follows:
1. BPI Item 7, that portion which reads:
"Cash Four Hundred and Seventy-Five Thousand Dollars $475,000.00"
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Is hereby amended to read:
"Cash Four Hundred and Seventy-Five Thousand Dollars ($475,000.00),
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payable $130,000.00 at Close of Escrow; the remainder of the cash portion
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of the Purchase Price to be represented by an unsecured Promissory Note
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("Note") in the amount of $345,000.00, in the form attached hereto. The
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Note shall be at the rate of eight percent (8%)interest per annum, due and
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payable in full on January 1, 2000."
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2. Percentage rent for the premises on which the car wash operation is located
shall be prorated between Buyer and Seller, through Escrow, as of September
30, 1999. Seller shall be solely responsible for all percentage rent for
the period ending at close of business on September 30, 1999. Buyer shall
be responsible for percentage rent for the period commencing October 1,
1999.
3. BPI Item 24, is hereby amended by the addition of the following:
"Regardless of the actual date on which the Escrow Closing
occurs, for accounting and operational purposes, the effective
date and time of transfer is agreed to be Midnight September 30,
1999. Commencing with October 1, 1999, the car wash shall be
operated by Buyer in and for its own behalf."
4. Except as set forth herein, all other terms of the Agreement remain
unchanged.
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SELLER:
WHITE GLOVE CHICAGO PARTNERSHIP
an Illinois general partnership
By: /s/ Xxxxxxx Xxxxx
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Xxxxxxx Xxxxx, Managing General Partner
SOLE SHAREHOLDER OF WHITE GLOVE, INC.,
A General Partner
By: /s/ Xxxxxx X. Xxxxx, as attorney in fact for Xxxxxxx X. Xxxxx
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pursuant to a power of attorney executed September 1999
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Xxxxxxx X. Xxxxx
THE BAKERS
By: /s/ Xxxxxxx Xxxxx
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Xxxxxxx Xxxxx
By: /s/ Xxxxxx X. Xxxxx, as attorney in fact for Xxxxxxx X. Xxxxx
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pursuant to a power of attorney executed September 1999
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Xxxxxxx X. Xxxxx
By: /s/ Xxxxxx Xxxxx
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Xxxxxx Xxxxx
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GUARANTORS:
By: /s/ Xxxxxx X. Xxxxx, as attorney in fact for Xxxxxxx X. Xxxxx
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pursuant to a power of attorney executed September 1999
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Xxxxxxx X. Xxxxx
BUYER:
XXXX CAR WASH, INC.
a Delaware corporation
By: /s/ Xxxxxx X. Xxxxxx
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Name: Xxxxxx X. Xxxxxx
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Its: Executive Vice President
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