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FIRST AMENDMENT TO PURCHASE AND SALE AGREEMENT
THIS FIRST AMENDMENT TO PURCHASE AND SALE AGREEMENT
("First Amendment") dated as of the 15th day of October,
1997 is made by and between LPC COMMERCIAL SERVICES, INC.
("Purchaser") and XXXX XXXXXX REALTY INCOME PARTNERSHIP III,
L.P. ("Seller").
RECITALS:
R-1. Purchaser and Seller entered into a certain Purchase
and Sale Agreement, dated as of October 1, 1997
("Purchase Agreement"), wherein, inter alia, Seller has
agreed to sell, and Purchaser has agreed to purchase
certain real property and all improvements thereon
known generally as the Xxxxxxx Xxxxx Xxxxxx Xxxxxxxxx,
Xxxxxxxx, Xxxxxxx.
R-2. Purchaser and Seller desire to extend the date upon
which Purchaser is required to notify Seller of any
Unacceptable Encumbrances (as defined in the Purchase
Agreement) from October 15, 1997 to October 20, 1997.
AGREEMENTS:
NOW, THEREFORE, in consideration of Ten Dollars
($10.00) in hand paid from each party to the other, the
mutual convenants and agreements contained herein and other
good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, Purchaser and Seller
hereby agree as follows:
1. Definitions. Unless otherwise expressly provided
herein, all capitalized terms not expressly defined herein
shall have the meanings ascribed to such terms in the
Purchase Agreement.
2. Extension of Buyer's Title Report and Survey
Review Period. The period set forth in Section 5.1 of the
Purchase Agreement for Purchaser's review of Buyer's Title
Report and Survey is hereby extended form the date which is
fifteen (15) days after the date of the Purchase Agreement
(i.e., October 15, 1997) to 5:00 p.m. (Eastern time) on the
date which is twenty (20) days after the date of the
Purchase Agreement (i.e., October 20, 1997).
3. Reaffirmation of Purchase Agreement. The Purchase
Agreement remains in full force and effect and Purchaser and
Seller each hereby affirm, confirm and reaffirm the Purchase
Agreement, as amended hereby. Purchaser and Seller
expressly agree that the extension of the Buyer's Title
Report and Survey review period shall not constitute an
extension of any other date in the Purchase Agreement
including without limitation the expiration date of the Due
Diligence Period, or the Closing Date.
IN WITNESS WHEREOF, Purchaser and Seller have executed
and delivered this First Amendment as of the date first
hereinabove written.
PURCHASER:
LPC COMMERCIAL SERVICES, INC.
By:
____________________________
Name: W. Xxxxx Xxxxx
Title: Vice President
SELLER:
XXXX XXXXXX REALTY INCOME
PARTNERSHIP III, L.P.
By: Xxxx Xxxxxx Realty Income
Properties III, Inc., its general partner
By:
____________________________
Name: Xxxxxx X. XxXxxxxx
Title:
