EXHIBIT 10.7
THIS FORM HAS IMPORTANT LEGAL CONSEQUENCES AND THE PARTIES SHOULD CONSULT LEGAL
AND TAX OR OTHER COUNSEL BEFORE SIGNING.
AGREEMENT TO AMEND/EXTEND CONTRACT
November 15, 1998
-----------------
RE: Contract dated August 12, 1998 between
Starlight Entertainment, Inc., and/or Assigns
(Buyer) and
Twenty Mile Village LLC
(Seller),
relating to the sale and purchase of the following described real
estate in the County of Xxxxxxx, Colorado:
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Xxxx 00 & 00, Xxxxxx Xxxx Xxxxxxx Filing Xx. 0, 0xx Xxxxxxxxx, Xxxxxx xx
Xxxxxxx, Xxxxx of Colorado containing approximately 8.5 acres in total.
known as No. to be determined Xxxxxx XX 00000 (Property
---------------- ----------- ----------- ---------
Street Address City State Zip
Buyer and Seller hereby agree to amend the aforesaid contract as
follows:
1. The date for closing and delivery of deed is changed to February 15, 1999.
-----------
2. The date for furnishing commitment for title insurance policy or abstract
of title is changed to no change, 19 .
--
3. The date for delivering possession of Property is changed to February 15,
1999 . -----------
4. The date for approval of new loan is changed to N/A, 19 .
--- --
5. The date for lender's consent to loan assumption or transfer of Property is
changed to N/A, 19 .
--- --
6. Other dates set forth in said contract shall be changed as
follows:
A. Paragraph 21P PAYMENT OF XXXXXXX MONEY NOTE - the $25,000.00 xxxxxxx money
note shall be extended to February 12, 1999.
B. Paragraph 21H CONTINGENCIES - All contingencies in this paragraph are
extended to February 12, 1999.
7. Additional amendments: (The language of these additional amendments has not
been approved by the Colorado Real Estate Commission).
A. It is hereby understood that the subject property has been final platted
with the Town of Xxxxxx and the new legal description shall be Xxxx 00 & 00,
Xxxxxx Xxxx Xxxxxxx Filing Xx. 0, 0xx Xxxxxxxxx, Xxxxxx xx Xxxxxxx, Xxxxx of
Colorado.
B. The purchase price shall be adjusted from $1,625,000 to $1,650,000.
C. Paragraph 21I DRAINAGE AND DETENTION - The Buyer hereby acknowledges that
the Town of Xxxxxx will be constructing a regional detention pond. Seller has
agreed to join and pay the fee in lieu of constructing the drainage pond which
was to be located on Xxx 00, Xxxxx 0. Buyer's future drainage study will be
required to provide for storm water inlets and/or underground culverts to
transfer the drainage water from subject property.
D. Paragraphs 21S and 21T shall be deleted from the Contract.
E. Buyer hereby agrees to begin the site plan process with the Town of Xxxxxx
and to hire the Xxxxxx Architectural Group, P.C. for the purpose of preparing
marketing exhibits and the required documents for the site planning process with
the Town of Xxxxxx. The complete set of required Site Plan submittal items
shall be submitted to the Town of Xxxxxx Planning Department no later than
January 11, 1999.
F. The closing of this transaction shall take place on February 15, 1999 (the
"Closing Date") provided, however, that the Buyer shall have the right to extend
the closing date for of thirty (30) days upon written notice delivered to Seller
not less than ten (10) business days prior to the pertinent closing date. Along
with said written notice, Buyer shall deliver a non-refundable xxxxxxx money
check payable to Seller in the amount of $25,000.00 for the extension period
requested. The monies shall not be deposited into escrow but shall be paid
directly to the Seller as consideration for the extension. However, the
$25,000.00 payment shall be credited towards that cash payment due from Buyer on
the Date of Closing.
The printed portions of this form have been approved by the Colorado Real Estate
Commission. (AE41-1-94)
No. AE41-1-94 AGREEMENT TO AMEND/ESTEND CONTRACT
RealFAST (c) Forms, Xxx 0000, Xxxxxx, XX 00000, Version 5.5 (c) RealFAST, 1998;
Reg (t) TCOCOL223657
Completed by - Dannle Niewroehner, Associated Property Brokers, Inc., Associated
Property Brokers, Inc.
11/17/98 11:19:52 Page 1 of 2
Buyer(s)________ Seller(s) _______
All other terms and conditions shall remain the same.
Twenty Mile Village LLC
SELLER /s/ Xxxxxxx X. Xxxxxxxxx DATE November 16, 1998
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By: Xxxxxxx X. Xxxxxxxxx
Starlight Entertainment, Inc., and/or Assigns
BUYER: /s/ Xxxxxx Xxxxxxx DATE November 15, 1998
------------------------------ ------------------------
By: Xxxxxx Xxxxxxx, President
The printed portions of this form have been approved by the Colorado Real Estate
Commission. (AE41-1-94)
No. AE41-1-94 AGREEMENT TO AMEND/ESTEND CONTRACT
RealFAST (c) Forms, Xxx 0000, Xxxxxx, XX 00000, Version 5.5 (c) RealFAST, 1998;
Reg (t) TCOCOL223657
Completed by - Dannle Niewroehner, Associated Property Brokers, Inc., Associated
Property Brokers, Inc.
11/17/98 11:19:52 Page 2 of 2
