STEEPLECHASE PARTNERS LIMITED PARTNERSHIP
Bannockburn Lake Office Plaza
0000 Xxxxxxxx Xxxx
Xxxxx X000
Xxxxxxxxxxx, Xxxxxxxx 00000
December 20, 1996
Infinity Acquisitions, L.L.C.
000 Xxxx Xxxxxxx Xxxxxx
Xxxxx 0000
Xxxxxxx, Xxxxxxxx 00000
Re: Agreement of Sale for Steeplechase Apartments, Lexington, Kentucky,
as amendend by the Reinstatement of, and First Amendment to,
Agreement of Sale (together, the "Agreement")
Gentlemen:
Notwithstanding anything contained in Section 25 of the Agreement to the
contrary, if the Lender Consent has not been obtained on or before five (5)
business days prior to the Closing Date (the "Consent Deadline"), either
Purchaser or Seller may elect to extend the period for obtaining the Lender
Consent until thirty days after the Consent Deadline (the "Extended Date") by
delivering to the other party written notice thereof (the "Extension Notice")
on or before the Consent Deadline.
If either Purchaser or Seller delivers the Extension Notice in accordance
with the immediately preceding paragraph, then the Closing Date shall be
extended until the Extended Date, and Seller and Purchaser shall continue to
diligently pursue obtaining the Lender Consent in accordance with the terms of
the Agreement. If either Purchaser or Seller delivers the Extension Notice in
accordance with this letter, but Seller and Purchaser have still not obtained
the Lender Consent on or before the Extended Date, then the Agreement shall not
terminate, but shall be governed by the third paragraph of Paragraph 25.
Purchaser hereby agrees to pay all application fees, assumption fees, and
the expenses and costs of the Lender in connection with the Lender Consent and
Purchaser's assumption of Seller's obligations under the Loan Documents.
Please acknowledge your agreement to the foregoing by executing a copy of
this letter in the space provided below.
Very truly yours,
STEEPLECHASE PARTNERS LIMITED PARTNERSHIP,
an Illinois limited partnership
By: Steeplechase Partners, Inc.,
an Illinois corporation, its general
partner
By: /s/ Xxxx Xxxxxxx
---------------------------------
Name: Xxxx Xxxxxxx
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Its: Authorized Rep
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ACCEPTED AND AGREED TO THIS
DAY OF DECEMBER, 1996
INFINITY ACQUISITIONS, L.L.C., an
Illinois limited liability company
By: /s/ Xxxxxxx X. Xxxxxxx
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Name: Xxxxxxx X. Xxxxxxx
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Its: Manager
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