[Letterhead of Xxxxxxx Xxxx Homes, Inc.]
July 15, 1999
The Xxxxxxx Companies
00 Xxxxxxxxx Xxxxx
Xxxxxxx Xxxxx, Xxxxxxxxxx 00000
Attention: General Xxxxx Xxxxxx
Re: Extension of Revised Agreement in Principle
Concerning The Xxxxxxx Companies and
Xxxxxxx Xxxx Homes, Inc.
Ladies and Gentlemen:
This letter amends the Revised Agreement in Principle, dated
May 3, 1999 (the "Letter of Intent"), among Xxxxxxx Xxxx Homes,
Inc., a California corporation, The Xxxxxxx Companies, a Delaware
corporation, and Xxxxxxx Homes, a California corporation.
Capitalized terms not otherwise defined herein shall have the
meanings set forth in the Letter of Intent.
The parties to the Letter of Intent hereby extend the term
of the Letter of Intent (as referenced in Section 2(h) and
Section 11 thereof) and the Exclusivity Period (as referenced in
Section 4 thereof) to 11:59 p.m. Pacific time on October 15,
1999. In addition, the parties agree that the references in
Section 3 of the Letter of Intent to the termination date of any
Definitive Agreement shall be changed from August 31, 1999 to
November 30, 1999.
If the foregoing is consistent with your understanding and
is satisfactory to you as a basis for proceeding toward a
Definitive Agreement, please so signify on the enclosed copy of
this letter and return it to us at the address indicated hereon.
XXXXXXX XXXX HOMES, INC.,
a California corporation
By: /s/ Xxxxxxx Xxxx
_________________________
Xxxxxxx Xxxx
Chairman, President &
CEO
AGREED, AS OF JULY 15, 1999:
THE XXXXXXX COMPANIES,
a Delaware corporation
By: /s/ Xxxxx Xxxxxx
_______________________________
Xxxxx Xxxxxx
Senior Vice President and
General Counsel
By: /s/ Xxxxx Xxxxxx
_______________________________
Xxxxx Xxxxxx
Vice President and
Corporate Secretary
XXXXXXX HOMES,
a California corporation
By: /s/ Xxxxx Xxxxxx
_______________________________
Xxxxx Xxxxxx
Senior Vice President and
General Counsel
By: /s/ Xxxxx Xxxxxx
_______________________________
Xxxxx Xxxxxx
Vice President and
Corporate Secretary
