FIRST AMENDMENT TO REAL PROPERTY PURCHASE AGREEMENT
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THIS AMENDMENT is dated as of June 18, 1999 by and between by and between
N'Tandem Properties, L.P. ("Purchaser") and Rio Grande Investors, LLC, a New
Mexico limited liability company, Xxxx Xxxxx Xxxxxxxxxx, as Trustee of the Xxxx
Xxxxx Xxxxxxxxxx Trust dtd 4/13/90, Xxxxxxx X. Xxxxx, as Trustee of the Xxxxxxx
X. Xxxxx Trust dtd 10/10/90, Xxxxxx X. Xxxxx, as Trustee of the Xxxxxx X. Xxxxx
Trust dtd 3/14/90 and Xxxx X. Xxxxxxx, as Trustee of the Xxxxxxx Family 1995
Revocable Trust (individually and collectively referred to herein as "Seller").
WITNESSETH:
WHEREAS, Purchaser (as assignee of Chateau Communities, Inc. pursuant to
the May 19,1999 Assignment between the parties hereto and N'Tandem Properties,
L.P.) and Seller entered into that certain Purchase Agreement, with an effective
date of May 10, 1999 regarding properties commonly known as Aztec Village
Manufactured Housing Community and Village Park Manufactured Housing Community
(the "Purchase Agreement");
WHEREAS, Seller and Purchaser desire to amend the Agreement upon the terms
and conditions stated herein.
NOW THEREFORE, for valuable consideration and in consideration of the
mutual covenants and agreements contained herein, the parties hereto agree as
follows:
1. Section 29E of the Purchase Agreement is hereby deleted and restated in
its entirety as follows:
"Seller hereby agrees and covenants to cooperate fully, at no expense to
itself, with Buyer's post-closing audit of Seller's financial information. The
parties hereto acknowledge and agree that such post-closing audit is being
performed by Buyer for the purpose of confirming the accuracy of the financial
information provided by Seller to Buyer prior to the expiration of the
Investigation Period and to allow Buyer to conform to its reporting
requirements."
2. Except as hereby amended, all of the terms and conditions of the
Agreement shall remain in full force and effect.
3. This Amendment may be executed in counterparts which, when taken as a
whole, shall constitute one completely executed agreement.
IN WITNESS WHEREOF, the parties hereto have executed this First Amendment
to Real Property Purchase Agreement as of the day first written above.
Rio Grande Investors, LLC
By: /s/Xxxxxxx X. Xxxxxxx
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Xxxxxxx X. Xxxxxxx
Managing Member
Batinovich Trust Dated 4/13/90
By: /s/Xxxx Xxxxx Xxxxxxxxxx
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Xxxx Xxxxx Xxxxxxxxxx, Trustee
Xxxxxxx X. Xxxxx Trust Dated 10/10/90
By: /s/Xxxxxxx X. Xxxxx
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Xxxxxxx X. Xxxxx, Trustee
Xxxxxx X. Xxxxx Trust Dated 3/14/90
By: /s/Xxxxxx X. Xxxxx
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Xxxxxx X. Xxxxx, Trustee
Xxxxxxx Family 1995 Revocable Trust
By: /s/Xxxx X. Xxxxxxx
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Xxxx X. Xxxxxxx, Trustee
N'TANDEM PROPERTIES, L.P.
By: N'Tandem Trust
Its: General Partner
By: /s/Xxxx X. XxXxxxxx
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Xxxx X. XxXxxxxx
Its:Trustee
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