AMENDMENT TO COMMERCIAL XXXXXXX MONEY CONTRACT
This Amendment to Commercial Xxxxxxx Money Contract (this "Amendment") is
made and entered into as of June 18, 2004, by and between Sterling Equity
Holdings, Inc. (the "Seller") and Xxx Xxxxxx (the "Buyer").
RECITALS:
A. Seller and Buyer entered into that certain Commercial Xxxxxxx Money
Contract effective February 24, 2004 (the "Contract") with respect to real
property legally described as: 1.142 acres of land, more or less, out of
the Xxxxx Xxxxxx League, in Xxxxxx County, Texas and being the same
property conveyed by Sterling Reit, Inc. to Sterling-4405 Spdale, L.P. in a
deed dated June 5, 2003, recorded in Document Number 0000000000, of the
Official Public Records of Xxxxxx County, Texas. (the "Property").
B. Seller and Buyer desire to amend the Contract in certain respects as more
fully described below.
AGREEMENTS:
1. The Commencement Date of Buyer's obligation herein stated below shall be
the date that Seller has completed all of the following:
a. The issuance of a Certificate of Occupancy from the City of Austin.
b. Repair of the chain link fence along the south boundary line of the
property.
c. Repair of the strip of metal siding missing on the southeast corner of
the two-story portion of the building.
2. Buyer shall have fifteen (15) days from the Commencement Date to complete
an appraisal of the Property.
3. Buyer shall have thirty (30) days from the Commencement Date to complete a
loan application and obtain loan approval.
4. CLOSING. The closing of the sale shall be on or before sixty (60) days from
the Commencement Date.
5. Buyer shall have the right to extend the Closing Date for an additional
period of thirty (30) days, by giving Seller written notice of its
intention to extend at least five (5) days prior to the Closing Date above.
Upon such notice to Seller, Buyer shall simultaneously deliver to the Title
Company the sum of $5,000.00 as additional Xxxxxxx Money. The additional
Xxxxxxx Money shall be deemed non-refundable to Buyer in all respects,
except in the event of Seller's default, and shall be credited toward the
Sales Price, at closing. The thirty (30) day extension shall be contingent
upon Buyer providing satisfactory evidence to Seller it is working
diligently to procure loan approval. Seller shall not unreasonably withhold
Buyer's right to extend the Closing Date.
6. Upon the execution of this Amendment, the Xxxxxxx Money deposit of
$10,000.00 currently held by the Title Company shall be deemed
non-refundable to Buyer in all respects except in the event of Seller
default. The Xxxxxxx Money deposit shall be credited towards the purchase
price and there shall be no further requirement for an additional Xxxxxxx
Money deposit.
7. This Amendment may be executed in multiple counterparts by electronic
facsimile (FAX) transmissions, which when taken together shall constitute
one original document.
8. Ratification. All capitalized terms used herein shall have the same meaning
assigned to such terms in the Contract. Except as specifically modified and
amended herein, the Contract shall remain unchanged and in full force and
effect and is hereby ratified and confirmed by the parties.
Hereby agreed to and effective as of the date first written above.
SELLER: BUYER:
Sterling Equity Holdings, Inc. Xxx Xxxxxx
By: By:
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