SECOND AMENDMENT TO
COMMERCIAL XXXXXXX MONEY CONTRACT
This Second Amendment to Commercial Xxxxxxx Money Contract (this
"Amendment") is made and entered into as of November 5, 2004, by and between
Sterling Equity Holdings, Inc. (the "Seller") and Xxx Xxxxxx (the "Buyer").
RECITALS:
A. Seller and Buyer entered into that certain Commercial Xxxxxxx Money
Contract effective February 24, 2004, as amended by Amendment to Commercial
Xxxxxxx Money Contract entered into as of June 18, 2004 (the "Contract"),
with respect to real property legally described as: 1.142 acres of land,
more or less, out of the Xxxxx Xxxxxx League, in Xxxxxx County, Texas and
being the same property conveyed by Sterling Reit, Inc. to Sterling-4405
Spdale, L.P. in a deed dated June 5, 2003, recorded in Document Number
0000000000, of the Official Public Records of Xxxxxx County, Texas. (the
"Property").
B. Seller and Buyer desire to amend the Contract in certain respects as more
fully described below.
AGREEMENTS:
1. The closing of the sale shall be on or before December 6, 2004.
(Lender can actually close week of 11/23 or 11/29 if their underwriter
accepts recent appraisal)
(Lender's funding commitment letter available on request)
2. As consideration for the extended closing date, Buyer, without further
written notice, herein directs Xxxxxxx Title Company to release to Seller
the total of Fifteen Thousand Dollars ($15,000.00) xxxxxxx money deposit to
be credited to the sale. Except in the event of default by Seller, the
herein referenced xxxxxxx money shall be non-refundable in all respects.
3. As further consideration for the extended closing date, Buyer shall, on or
before 5:00 pm, Wednesday, November 10, 2004, deliver to seller ("Sterling
LLP" at 0000 Xxxxxxx Xxxxxxx, Xxxxx 000, Xxxxxxx, Xxxxx 00000) the sum of
$10,000.00 as additional xxxxxxx, for a total of $25,000 with paragraph two
(2). This additional xxxxxxx money shall be deemed non-refundable to Buyer
in all respects, except in the event of Seller's default, and shall be
credited toward the Sales Price, at closing.
4. This Amendment may be executed in multiple counterparts by electronic
facsimile (FAX) transmissions, which when taken together shall constitute
one original document.
5. As per paragraph twenty (20) of the original contract, and by this
amendment, the buyer, Xxx Xxxxxx also assigns the above purchase contract
to SAGA Building LLP, with Xxxxx Xxxxxxxxx, LLC's a Principal & General
Partner, and the Xxxxxx Trust as limited partner, in a 50/50% partnership.
Xxxxx Xxxxxxxxx, serves as backer, covering the cash down payment and other
closing cost, and guaranteeing the principal note. Henceforth, for purposes
of this real estate purchase and closing, SAGA Building, LLP shall be the
buyer, note maker, and the named entity on the deed of trust. (The General
Partner, Xxxxx Xxxxxxxxx is at 510.551.8165)
6. Ratification. All capitalized terms used herein shall have the same meaning
assigned to such terms in the Contract. Except as specifically modified and
amended herein, the Contract shall remain unchanged and in full force and
effect and is hereby ratified and confirmed by the parties.
Hereby agreed to and effective as of the date first written above.
SELLER: BUYER:
Sterling Equity Holdings, Inc. Xxx Xxxxxx
By: By:
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