FIRST AMENDMENT TO PURCHASE AND SALE CONTRACT
Exhibit 10.10a
FIRST AMENDMENT TO PURCHASE AND SALE CONTRACT
THIS FIRST AMENDMENT TO PURCHASE AND SALE CONTRACT (this "First Amendment") is made as of the 27th day of December, 2006 (the "First Amendment Date"), by and between VMS NATIONAL PROPERTIES JOINT VENTURE, having an address at 0000 Xxxxx Xxxxxx Xxxxxx Xxxxxxx, Xxxxx 0000, Xxxxxx, Xxxxxxxx 00000 ("Seller"), and FINANCIAL EQUITY ASSOCIATES, LTD., an Illinois corporation , having a principal address at 0000 Xxxxxx Xx., Xxx. X-0, Xxxxxxxxxx, XX 00000 ("Purchaser").
RECITALS:
WHEREAS, Seller and Purchaser are parties to a Purchase and Sale Contract dated as of December 12, 2006 (the "Contract"), for the real property identified therein;
WHEREAS, Purchaser and Seller desire to amend the Contract on the terms set forth below.
NOW, THEREFORE, in consideration of the mutual covenants set forth in the Contract and herein and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Seller and Purchaser agree as follows:
AGREEMENT:
1.
Extension of Feasibility Period. The Feasibility Period as set forth in Section 3.1 of the Contract is hereby extended to December 29, 2006.
2.
Miscellaneous. The following provisions shall apply with respect to this First Amendment:
(a)
Except as modified herein, the Contract is in full force and effect and is hereby ratified by Purchaser and Seller.
(b)
Capitalized terms not defined herein shall have the same meaning as set forth in the Contract.
(c)
In the event of any conflict between the Contract and this First Amendment, the terms and conditions of this First Amendment shall control.
(d)
This First Amendment may be executed in counterparts, each of which (or any combination of which) when signed by all of the parties shall be deemed an original, but all of which when taken together shall constitute one agreement. Executed copies hereof may be delivered by telecopier and upon receipt shall be deemed originals and binding upon the parties hereto, and actual originals shall be promptly delivered thereafter.
[signature page follows]
IN WITNESS WHEREOF, the parties hereto have executed this First Amendment as of the First Amendment Date.
SELLER:
VMS NATIONAL PROPERTIES JOINT VENTURE
By:
VMS NATIONAL RESIDENTIAL
PORTFOLIO I
By:
MAERIL, INC.,
its Managing General Partner
By: /s/Xxxxx X. Xxxxxxxxx
Name:
Xxxxx X. Xxxxxxxxx
Title: Vice President
and
By:
VMS NATIONAL RESIDENTIAL
PORTFOLIO II
By:
MAERIL, INC.,
its Managing General Partner
By: /s/Xxxxx X. Xxxxxxxxx
Name:
Xxxxx X. Xxxxxxxxx
Title: Vice President
PURCHASER:
FINANCIAL EQUITY ASSOCIATES, LTD.,
an Illinois corporation
By:
/s/Xxxx X. Xxx
Name: Xxxx X. Xxx
Title:
President