SEVENTH AMENDMENT (THIS "AMENDMENT") TO THE PURCHASE AGREEMENT
BY AND BETWEEN LOWER TOWN DEVELOPMENT GROUP, L.L.C.(f/k/a
LOWERTOWN DEVELOPMENT GROUP, L.L.C. ("Lower Town") AND
UNIVERSITY BANK DATED SEPTEMBER 14TH, 2002 (the "Agreement")
Lower Town and University Bank hereby agree to amend the terms of
the Agreement as follows:
If University Bank, in its sole discretion, can give notice on or
before November 1, 2005 that it will vacate the premises commonly
known as 000 Xxxxxx Xxxx, Xxx Xxxxx, Xxxxxxxx by December 15,
2005, the following modifications to the Agreement shall apply:
1) Lower Town Development Group, L.L.C. shall pay to University
Bank $800,000 upon the closing of the construction financing
pertaining to the project commonly known as Lower Town or
December 31, 2005, which ever occurs first; and
2) Lower Town Development Group, L.L.C. shall pay the $200,000
that was deferred from the sale of 000 Xxxxxx Xxxx upon the
closing of the construction financing pertaining to the
project commonly known as Lower Town or December 31, 2005,
which ever occurs first. The purchase price under the
Agreement shall remain at $2,000,000 for the contemplated
facility in Building E.
In all other respects, the Agreement shall remain in full force
and effect.
Lowertown Development Group, LLC,
By: Terra Management Company
Its: Manager
By: /s/Xxxxx X. Xxxxxxxx
_________________________________
Xxxxx X. Xxxxxxxx
Its: Manager
University Bank
By: /s/Xxxxxxx Xxxxx Xxxxxxx
___________________________________
Xxxxxxx Xxxxx Ranzini
Its: President
