Exhibit 10(kkkk)
AMENDMENT TO
AGREEMENT OF PURCHASE AND SALE
THIS AGREEMENT is made as of the 31st day of December, 1997, by
and between Interstate General Company L.P., a Delaware limited
partnership, having its address at 000 Xxxxxxxxx Xxxxxxx Xxxxxx, Xx.
Xxxxxxx, Xxxxxxxx 00000, as "Seller," and Interstate Business Corporation,
a Delaware corporation, having its address at 000 Xxxxxxxxx Xxxxxxx Xxxxxx,
Xx. Xxxxxxx, Xxxxxxxx 00000.
PRELIMINARY STATEMENTS
By agreement of purchase and sale, dated June 30, 1997
("Agreement"), by and between the Seller and the Purchaser, the Seller
conveyed to the Purchaser as forty-nine percent (49%) share of the limited
partnership interest of Coachman's Limited Partnership, a Maryland limited
partnership, and a nine-tenths percent (0.9%) share of the general
partnership interest of Coachman's Limited Partnership. The Seller
retained a one-tenths percent (0.1%) share of the general partnership of
Coachman's Limited Partnership.
The parties wish to confirm their agreement that the Seller, as
owner of a one-tenths percent (.01%) share of the general partnership
interest in Coachman's Limited Partnership, was not relieved from any
liabilities of Coachman's Limited Partnership for its long term debt or for
its existing working capital loans.
NOW THEREFORE, in consideration of the sum of Ten Dollars
($10.00) by each of the parties to the other party in hand paid, the
receipt of which is hereby acknowledged, and in further consideration of
the covenants hereafter set forth, the parties agree as follows:
1. Article X of the Agreement is hereby amended by adding a new
section 10.14 as follows:
The parties understand and agree that the Seller continues
to own a one-tenths percent (0.1%) interest as a general
partner in the IGC Partnership, and as such, general partner
is not relieved from any liabilities of the IGC Partnership
for its long term debt and for working capital loans.
2. The agreement as amended by the amendment contained in
paragraph 1 hereof, is otherwise unchanged and remains in full force and
effect.
IN WITNESS WHEREOF the parties hereto have executed this
agreement the day and year first above written.
SELLER:
Attest INTERSTATE GENERAL COMPANY L.P.
BY: Interstate General Management
/s/ J. Xxxxxxx Xxxxxx Corporation General Partner
------------------------
Name: J. Xxxxxxx Xxxxxx By: /s/ Xxxxx X. Xxxxxx
Its: Chief Financial Officer -----------------------------
Name: Xxxxx X. Xxxxxx
Its:
PURCHASER:
Attest INTERSTATE BUSINESS CORPORATION
/s/ Xxxxxxx Xxxxxx
------------------------
Name: Xxxxxxx Xxxxxx By: /s/ J. Xxxxxxx Xxxxxx
Its: Secretary -----------------------------
Name: J. Xxxxxxx Xxxxxx
Its: President
