AMENDMENT TO MANAGEMENT AGREEMENT
AMENDMENT as of January 1, 1997, to the Management Agreement dated as
of January 1, 1995, as amended, (the "Management Agreement"), between COMMERCIAL
ASSETS, INC., a Maryland corporation (the "Company"), and FINANCIAL ASSET
MANAGEMENT LLC, a Colorado corporation (the "Manager"), assigned from Financial
Asset Management Corporation on April 1, 1996.
RECITALS
A. The Company and the Manager entered into the Management Agreement
pursuant to which the Manager performs the duties and responsibilities set forth
in the Management Agreement, subject to the supervision of the Company's Board
of Directors; and
B. The Company desires to engage the Manager to perform the duties and
responsibilities set forth in the Management Agreement on the terms set forth in
the Management Agreement and this Amendment and the Manager desires to be so
engaged for an additional one-year term.
NOW, THEREFORE, in consideration for the mutual agreements herein set
forth, the parties hereto agree as follows:
1. Section 16 of the Management Agreement is amended and restated
hereby as follows:
"This Agreement shall continue in force until December 31, 1997,
unless otherwise renewed or extended."
IN WITNESS WHEREOF, the parties hereto have executed this Amendment as
of the date first above written.
[CORPORATE SEAL] COMMERCIAL ASSETS, INC.
ATTEST: By: /s/Xxxxxx X. Xxx
-----------------------------
/s/Xxxx X. Xxxxxx Name: Xxxxxx X. Xxx
----------------------------- Title: President and Chief
Xxxx X. Xxxxxx, Secretary Operating Officer
FINANCIAL ASSET MANAGEMENT LLC
By: /s/Xxxxx X. Xxxxxxx
-----------------------------
Name: Xxxxx X. Xxxxxxx
Title: Senior Vice President and
Chief Financial Officer
