EXHIBIT 10q
FIRST AMENDMENT TO
PURCHASE AND SALE CONTRACT
THIS FIRST AMENDMENT TO PURCHASE AND SALE CONTRACT (this "Amendment")
is made and executed effective as of February 1, 2002, by and between TOWER
PLACE JOINT VENTURE ("Seller") and TISANO REALTY, INC. ("Buyer").
Buyer and Seller entered into that certain Purchase and Sale Contract
dated effective as of January 2, 2002 (said Purchase and Sale Contract herein
called the "Contract"). Buyer terminated the Contract in a letter to Seller
dated January 30, 2002. Buyer and Seller now desire to reinstate the Contract
and, in addition, amend the Contract.
NOW, THEREFORE, in consideration of the premises, and for other good
and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties agree as follows:
1. Capital Improvements Allowance. Article 14(a) of the Contract is
hereby amended to provide that at Closing Seller shall pay to Buyer the sum of
One Hundred Fifty Thousand and 00/100 Dollars ($150,000.00) as a capital
improvement allowance.
2. Reinstatement and Ratification. Except as expressly provided
otherwise in this Amendment, notwithstanding Buyer's prior termination of the
Contract, the Contract shall be reinstated and shall continue in full force and
effect in accordance with its terms.
3. Defined Terms. Terms defined in the Contract shall have the same
meaning when used in this Amendment.
4. Counterparts. This Amendment may be executed in two or more
identical counterparts, each of which when so executed shall be deemed to be an
original, but all of which when taken together shall constitute one and the same
instrument.
REMAINDER OF THIS PAGE
LEFT BLANK INTENTIONALLY
IN WITNESS WHEREOF, the parties have executed this Amendment as of the
date first written above.
BUYER:
TISANO REALTY, INC., a Connecticut corporation
By:
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Name:
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Title:
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SELLER:
TOWER PLACE JOINT VENTURE, a
Texas joint venture
By: Xxxxxx Income Properties I, Ltd., a
Texas limited partnership
By: Xxxxxx Realty Investors VIII, Inc., a
Texas corporation, General Partner
By:
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Name:
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Title:
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SIGNATURE PAGE TO
FIRST AMENDMENT TO PURCHASE AND SALE CONTRACT
