XXXXX-XXXXXX PARTNERS LIMITED PARTNERSHIP
Bannockburn Lake Office Plaza
0000 Xxxxxxxx Xxxx, Xxxxx X000
Xxxxxxxxxxx, Xxxxxxxx 00000
March 20, 1997
Xx. Xxxx X. Xxxxx, III
Mid-America Apartments of Texas, L.P.
0000 Xxxxxx Xxxxxx, Xxxxx 000
Xxxxxxx, Xxxxxxxxx 00000
Re: The Xxxxx Apartments, Austin, Texas
Gentlemen:
Reference is made to that certain Agreement of Sale ("Agreement") by and
between Xxxxx-Xxxxxx Partners Limited Partnership, an Illinois limited
partnership ("Seller") and Mid-America Apartments of Texas, L.P., a Texas
limited partnership ("Purchaser") and that certain Escrow Agreement ("Escrow
Agreement") by and among Seller, Purchaser and Lawyers Title Insurance
Corporation ("Escrowee"). All capitalized terms which are used but not defined
herein shall have the meanings ascribed to such terms in the Agreement.
This letter is for the purpose of amending the Agreement of Sale and the
Escrow Agreement as set forth herein. Purchaser's acknowledgement of this
letter shall constitute Purchaser's agreement to the amendments contained
therein.
The Agreement is hereby amended as follows:
a. Section 1: The following text beginning in the second line is
hereby deleted "Eleven Million Two Hundred Thousand And No/100 Dollars
($11,200,000.00)" and is replaced with "Ten Million Three Hundred Thousand And
No/100 dollars ($10,300,000.00)".
b. Section 7. Subparagraph A: The date of "March 18, 1997" as contained
in the second line, (pursuant to that certain Letter Agreement dated March 14,
1997 by and among Seller, Purchaser and Escrowee), is hereby deleted and
replaced with "March 31, 1997".
Except as stated above, the Agreement of Sale shall remain in full force
and effect.
The Escrow Agreement is hereby amended as follows: (1) the date of "March
18, 1997" as contained in the first line of Paragraph 2, (pursuant to that
certain Letter Agreement dated March 14, 1997 by and among Seller, Purchaser
and Escrowee), is hereby deleted and replaced with "March 31, 1997" and (2) the
date of "March 18, 1997" as contained in the fifth line of Paragraph 2,
(pursuant to that certain Letter Agreement dated March 14, 1997 by and among
Seller, Purchaser and Escrowee), is hereby deleted and replaced with "March 31,
1997".
Except as stated above, the Escrow Agreement shall remain in full force
and effect.
Please execute the acknowledgement below, and return this letter agreement
to Xxxxx Xxxxxxxx by facsimile (312/902-1061) and by mail c/o Xxxxxx Xxxxxx &
Zavis, 000 Xxxx Xxxxxx Xxxxxx, Xxxxx 0000, Xxxxxxx, Xxxxxxxx 00000.
Very truly yours,
XXXXX-XXXXXX PARTNERS LIMITED
PARTNERSHIP, an Illinois limited partnership
By: Xxxxx-Xxxxxx Partners, Inc., an Illinois
corporation, its general partner
By: /s/ Xxxxx X. Xxxx
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Name: Xxxxx X. Xxxx
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Its: Managing Director and Secretary
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ACCEPTED AND AGREED TO THIS
20 DAY OF MARCH, 0000
XXX-XXXXXXX XXXXXXXXXX XX XXXXX,
L.P., a Texas limited partnership
By: MAC OF DELAWARE, INC.
a Delaware corporation
By: /s/ Xxxx X. Xxxxx III
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Xxxx X. Xxxxx, III
President
ESCROWEE:
Charter Title Company
By:
----------------------------
Its Authorized Agent
