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EXHIBIT 10.2
FIRST AMENDMENT TO
PURCHASE AND SALE AGREEMENT
DATE: April ___, 2001
PARTIES: XXXXX X. XXXXXX (the "Purchaser")
XXXXXX INCOME PROPERTIES I, LTD., a Texas limited partnership
(the "Seller")
SUBJECT: PURCHASE AND SALE AGREEMENT dated effective as of February 16,
2001, (the "Agreement"), relating to the purchase and sale of
Castle Oaks Village.
RECITALS:
Purchaser and Seller desire to amend the Agreement.
AGREEMENTS:
For valuable consideration, the receipt of which is hereby acknowledged
by both parties, Seller and Purchaser hereby agree as follows:
1. Contingencies. Purchaser acknowledges that its termination rights
under Section 5.1.1, Section 5.1.2 and Section 5.1.4 of the Agreement have
expired.
2. Xxxxxxx Money. Not later than 12:00 Noon, Dallas, Texas time, on
Monday, April 23, 2001, Purchaser shall deposit additional xxxxxxx money in the
amount of $25,000.00 with the Title Company to be held and applied as Xxxxxxx
Money upon and subject to the terms of the Agreement.
3. Closing Date. Conditioned upon timely deposit of the additional
xxxxxxx money pursuant to Section 2 of this Amendment, the term "Closing Date"
(as defined in Section 1.1 of the Agreement) is hereby amended to mean a date
between May 1, 2001 and May 11, 2001, such date to be established by Purchaser
upon not less than five (5) days' prior written notice to Seller.
4. Proration Expenses. At Closing, Purchaser shall pay to Seller the
sum of $500.00 to reimburse Seller for additional costs and expenses incurred by
Seller by reason of this Amendment.
This Amendment may be executed in counterparts. Except as expressly
modified by this Amendment, the terms and conditions of the Agreement shall
remain in full force and effect. Except as otherwise expressly provided in this
Amendment, terms defined in the Agreement shall have the same meaning when used
in this Amendment.
REMAINDER OF THIS PAGE
LEFT BLANK INTENTIONALLY
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PURCHASER: SELLER:
XXXXXX INCOME PROPERTIES I, LTD.,
a Texas limited partnership
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Xxxxx X. Xxxxxx
By: Xxxxxx Realty Investors VIII, Inc.,
a Texas corporation
General Partner
By:
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Name: Xxxxxxxx Xxxxxxxxx
Title: President
SIGNATURE PAGE
