Exhibit 10.2
Chalet
FIRST AMENDMENT
TO
AGREEMENT FOR PURCHASE AND SALE
This First Amendment to Agreement for Purchase and Sale (this "Amendment"),
dated July 27, 2001, is made among Garden Chalet I L.P., a Delaware limited
partnership ("Chalet I Seller") and Chalet II Associates, a Kansas general
partnership ("Chalet II Seller"), each with offices at 0000 Xxxxxx Xxxx Xxxx,
Xxx. 000, Xxxxxx, XX 00000 (Chalet I Seller and Chalet II Seller being
collectively referred to as "Seller"), and KelCor, Inc., a Missouri corporation,
with offices at 000 Xxxxxx Xxxx, Xxxxx Xxxxxx Xxxx, Xxxxxxxx 00000
("Purchaser").
Recitals:
A. Seller and Purchaser entered into a certain Agreement for Purchase and
Sale dated effective as of June 25, 2001 (the "Agreement"), which Agreement is
for the sale and purchase of certain property located in Collin County, Texas
and described in the Agreement.
B. Purchaser terminated the Agreement pursuant to a right contained in the
Agreement.
C. Purchaser and Seller desire to reinstate and modify the Agreement, as
set forth in this Amendment.
D. All capitalized terms used in this Amendment and not separately defined
shall have the meanings ascribed to such terms in the Agreement.
Now, therefore, Purchaser and Seller agree as follows:
1. The Agreement is reinstated in full force and effect, as modified by
this Agreement.
2. The Purchase Price shall be $7,750,000.
3. The Inspection Period has expired. Purchaser has determined to proceed
with the purchase of the Project.
4. Upon the execution of this Amendment, Purchaser shall deliver an
additional $40,000 to Escrow Agent to be held as part of the Deposit.
5. The Assumption Period shall expire on September 4, 2001.
6. Purchaser shall apply for the Consent (including filing the application
and payment of the
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application fee) within seven (7) days after the date of this Amendment.
7. Purchaser may assign its interest in the Agreement and the Deposit to
Maxus Realty Trust, Inc. in accordance with the provisions of Article 13 of the
Agreement
IN WITNESS WHEREOF, the parties have executed this Amendment.
SELLER: Garden Chalet I L.P.
By: Garden National Realty, Inc.,
its general partner
By: /s/ Xxxxx X. Xxxxxxxx
Name: Xxxxx X. Xxxxxxxx
Title: Executive Vice President
Chalet II Associates,
a Kansas general partnership
By: National Operating, L.P.,
its general partner
By: NRLP Management Corp.
its general partner
By: /s/ Xxxxx X. Xxxxxxxx
Name: Xxxxx X. Xxxxxxxx
Title: Executive Vice President
PURCHASER: KelCor, Inc.
By: /s/ Xxxxx X. Xxxxxxx
Name: Xxxxx X. Xxxxxxx
Title: Vice President
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