AMENDMENT TO
REAL ESTATE CONTRACT OF SALE
THIS AMENDMENT TO REAL ESTATE CONTRACT OF SALE (this "Amendment") dated as of
the 11th day of November, 2002, is made by and between Xxxx Xxxxxxx, Venture
Manager (the "Seller"), and Homes for America Holdings, Inc., a Nevada
corporation, and its successors or assigns (the "Purchaser").
RECITALS:
R.1. Seller and Purchaser have entered into and delivered that certain Real
Estate Contract of Sale made effective August 14, 2002 (the "Original
Agreement"), relating to the purchase and sale of that certain parcel of
land containing approximately Thirteen (13) acres out of Xxxx Xxxxxx
Survey, Abstract No. 545, in the City of Mesquite, Dallas County, Texas,
and described as part of the "Property" in the Original Agreement.
R.2. Under ss. 9 of the Original Agreement, the Purchaser has a Inspection
Period expiring on November 11, 2002, to conduct its investigation of the
Property and determine whether it is suitable for Purchaser's intended use.
R.3. Purchaser requires an additional extension of the Feasibility Period to
complete its investigation and Seller has agreed that the Inspection Period
shall extend until Friday, January 3, 2003.
NOW, THEREFORE, in consideration of the foregoing recitals and the
representations and covenants herein exchanged and other good and valuable
consideration the receipt and sufficiency of which the parties acknowledge, the
Purchaser and Seller agree as follows:
1. Extension of Inspection Period.The Original Agreement is hereby amended by
extending the ninety (90) day period defined as the Inspection Period to
and including Friday, January 3, 2003, until 5:00 p.m., Mesquite, Texas
time.
2. Additional Deposit Due Date. The Original Agreement currently requires
Purchaser to deposit additional Xxxxxxx Money in the amount of Twenty Five
Thousand Dollars ($25,000) at the end of the Inspection Period. That
deposit requirement is hereby extended to the end of the extended
Inspection Period, Friday, January 3, 2003.
3. Entirety; Effect of Amendment. The recitals are incorporated as if set
forth in full herein and capitalized terms used and not otherwise defined
have the meanings as provided by the Original Agreement. This Amendment
sets forth in entirety the parties' agreement on amending the Original
Agreement and except as modified by this Amendment, all of the terms and
provisions of the Original Agreement are hereby ratified and confirmed by
Seller and Purchaser and shall remain in full force and effect.
4. Effective Date; Counterparts. This Amendment shall become effective
immediately upon its execution and delivery by both parties. To facilitate
execution, this Amendment may be executed in one or more counterparts and
it shall not be necessary that the signature of each party, or that the
signatures of all persons required to bind any party, appear on each
counterpart, but it shall be sufficient that the signature of each party,
or that the signatures of the persons required to bind any party, appear on
one or more of such counterparts. Each party by executing this Amendment
agrees that it may be delivered by facsimile transmission and relied upon
by the other party as if original counterparts were exchanged. All
counterparts of this Amendment shall be deemed originals and shall
collectively constitute but one instrument and agreement.
IN WITNESS WHEREOF, the parties have caused this Amendment to be duly executed
on the dates set forth beneath their respective signatures below:
XXXX XXXXXXX, VENTURE MANAGER
/s/ Xxxx Xxxxxxx
---------------------------------
By: Xxxx Xxxxxxx
Its: Venture Manager
HOMES FOR AMERICA HOLDINGS, INC.
/s/ Xxxxxx X. XxxXxxxxxx
---------------------------------
By: Xxxxxx X. XxxXxxxxxx
Its: Chairman and CEO
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