FIRST AMENDMENT TO AGREEMENT OF SALE
THIS FIRST AMENDMENT TO AGREEMENT OF SALE (this "Amendment") is entered
into as of this 22nd day of October, 1996 by and between AIMCO PROPERTIES,
L.P., a Delaware limited partnership ("Purchaser") and CHESAPEAKE ASSOCIATES,
an Illinois limited partnership ("Seller").
RECITALS;
WHEREAS, Purchaser and Seller have entered into an Agreement of Sale dated
October 18, 1996 (the "Original Agreement"), for the property described therein
(the "Property"), commonly known as the Chesapeake Apartments, located at 0000
Xxxxx Xxxx Xxxxx, Xxxxxxx, Xxxxx, 00000; and
WHEREAS, the parties desire to amend the Original Agreement on the terms
and conditions set forth below.
NOW, THEREFORE, in consideration of Ten Dollars ($10.00) and other good
and valuable consideration, the receipt and sufficiency of which is hereby
acknowledged, the parties hereto agree as follows:
AGREEMENT
1. Amendment. The Original Agreement is hereby amended as follows:
a. In the first sentence of Section 3.2, "October 21, 1996" shall be
deleted and replaced by "October 23, 1996".
b. In the first sentence of Section 18.5, "October 18, 1996" shall be
deleted and replaced by "October 23, 1996".
2. No Modification. Except as amended and modified hereby, the Original
Agreement shall be and remain unchanged in full force and effect in accordance
with its terms and it is hereby ratified and confirmed. In the event of any
inconsistency between the terms and conditions of the Original Agreement and
the terms and conditions of this Amendment, the terms and conditions of this
Amendment shall govern and control.
3. Counterparts. This Amendment may be executed in multiple counterparts,
each of which shall be deemed to be an original, but all of which together
shall constitute one and the same agreement.
IN WITNESS WHEREOF, the parties have executed this Amendment as of the day
and year first written above.
PURCHASER:
AIMCO PROPERTIES, L. P., a Delaware limited
partnership
By: AIMCO-GP, Inc., a Delaware corporation,
its general partner
By: /s/ Xxxxx Xxxxxx
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Name: Xxxxx Xxxxxx
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Its: Vice President
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SELLER:
Chesapeake Associates, an Illinois limited
partnership
By: Chesapeake Investors, an Illinois limited
partnership, its general partner
By: Balcor Partners-XV, an Illinois
general partnership, its general
partner
By: The Balcor Company,
a Delaware corporation,
a general partner
By: /s/ Xxxxx X. Xxxxxxxxx
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Name: Xxxxx X. Xxxxxxxxx
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Title: Senior Vice President
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