First Amendment to Contract FIRST AMENDMENT TO CONTRACT FOR THE SALE AND PURCHASE OF REAL ESTATE
EXHIBIT 10.1
First Amendment to Contract
FIRST AMENDMENT TO CONTRACT FOR THE SALE AND
PURCHASE OF REAL ESTATE
This FIRST AMENDMENT TO CONTRACT FOR THE SALE AND PURCHASE OF REAL ESTATE (hereinafter referred to as First Amendment ) is made and entered into this the 27th day of July, 2007, by and between XXXX XXX XXXXX, SR., XXXXXXXXX XXXXXX XXXXX, XXXX XXX XXXXX, JR. AND XXXXX XXXXX XXXXXX (Xxxxx Xxxxx Xxxxxx is the same person as Xxxxx Xxxxx Xxxxxxx, (hereinafter referred to collectively as Sellers ) and MYRIAD WORLD RESORTS OF TUNICA, LLC, a Mississippi limited liability company, (hereinafter referred to as Purchaser ), collectively referred to as Parties. MYRIAD ENTERTAINMENT AND RESORTS, INC. (“Myriad Entertainment”), XXXX XXXXXXX and XXXXX XXXXXXX, SR. join in solely and only for the express purposes listed and outlined herein.
WHEREAS, the Sellers and Purchaser have previously entered into that certain Contract for the Sale and Purchase of Real Property dated April 25, 2007 (the Original Contract ); and
WHEREAS, the Parties desire to enter into this First Amendment in order to amend certain provisions of the Original Contract.
Now therefore, for and in consideration of Ten Dollars ($10.00), the mutual covenants, conditions and promises contained herein, and in reliance on the representation of the Purchaser that a lender has assured Purchaser (subject to its due diligence) that it will fund the land takedown at $25,318,500 and may be involved in providing equity for the project, the parties do hereby contract as follows:
WITNESSETH:
1.
Paragraph 2 of the Original Contract is hereby amended as follows:
2.
Cash Purchase Price: Purchaser shall pay Sellers $25,318,500 in cash or certified check for the Property. The above Cash Payment shall be delivered to Sellers at the address listed in Paragraph 8 of this Contract. The failure of Purchaser to timely pay in full the above amounts when due may, at the Seller s option, result in the termination of this Contract, and any part of the above amounts previously paid, shall be retained by Sellers as liquidated damages and shall be Sellers sole remedy except as is provided for by Paragraph 4.
2.
Paragraph 3 of the Original Contract is amended as follows:
3.
Closing Date: This transaction shall close on or before Tuesday, October 2, 2007 at 3:00 p.m. (the “Closing Date”) at Xxxxxxx Law Firm, L.L.P., 000 Xxxxxx Xxxxxx, X.X. Xxx 000, Xxxxxx, XX 00000, or other such place as is mutually agreed upon by the parties. If the Purchaser desires to close this transaction prior to the closing date, then Purchaser shall give Sellers written notice at least ten (10) days prior to the desired closing date which notice shall state the desired closing date.
Sellers shall pay for the preparation of the Deed. Purchaser shall pay
for the cost of recording the Deed. Sellers and Purchaser shall each pay their own attorney s fees and other expenses incurred in connection with this transaction.
3.
Except as specifically provided for above, all other terms, conditions and provisions of the Original Contract remain the same and are not amended and/or modified hereby.
Witness our signatures on the day and year as first above written and by signing this Contract each party represents to the Party opposite that this contract has been read in its entirety and all terms, conditions, covenants and obligations are fully understood. Myriad Entertainment, Xxxx Xxxxxxx and Xxxxx XxXxxxx, Sr. join herein to consent and agree to the First Amendment.
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| MYRIAD WORLD RESORTS OF TUNICA, LLC |
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| By: | /s/ Xxxxxxxx X. Xxxxxxx |
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| Xxxxxxxx X. Xxxxxxx |
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| Manager |
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| By: | /s/ Xxxx Xxxxxx |
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| Xxxx Xxxxxx |
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| CEO |
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| MYRIAD ENTERTAINMENT AND RESORTS, INC. |
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| By: | /s/ Xxxxxxxx X. Xxxxxxx |
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| Xxxxxxxx X. Xxxxxxx |
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| Chairman of the Board |
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| By: | /s/ Xxxx Xxxxxx |
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| Xxxx Xxxxxx |
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| CEO |
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| By: | /s/ Xxxx Xxx Perry, Sr. |
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| Xxxx Xxx Xxxxx, Sr. |
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| By: | /s/ Xxxxxxxxx Xxxxxx Perry |
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| Xxxxxxxxx Xxxxxx Xxxxx |
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| By: | /s/ Xxxx Xxx Perry, Jr. |
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| Xxxx Xxx Xxxxx, Jr. |
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| By: | /s/ Xxxxx Xxxxx Xxxxxx |
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| Xxxxx Xxxxx Xxxxxx |
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| By: | /s/ Xxxx Xxxxxxx |
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| Xxxx Xxxxxxx |
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| By: | /s/ Xxxxx XxXxxxx, Sr. |
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| Xxxxx XxXxxxx, Sr. |
STATE OF MISSISSIPPI
COUNTY OF TUNICA
Personally appeared before me, the undersigned authority in and for said County and State, the above named Xxxx Xxx Perry, Sr., who acknowledged that he signed and delivered the foregoing instrument on the day and year therein mentioned.
Given under my hand and official seal, this the _____ day of July, 2007.
Notary Public
My Commission Expires:
STATE OF MISSISSIPPI
COUNTY OF TUNICA
Personally appeared before me, the undersigned authority in and for said County and State, the above named Xxxxxxxxx Xxxxxx Xxxxx, who acknowledged that she signed and delivered the foregoing instrument on the day and year therein mentioned.
Given under my hand and official seal, this the ______ day of July, 2007.
Notary Public
My Commission Expires:
STATE OF MISSISSIPPI
COUNTY OF __________________
Personally appeared before me, the undersigned authority in and for said County and State, the above named Xxxx Xxx Perry, Jr., who acknowledged that he signed and delivered the foregoing instrument on the day and year therein mentioned.
Given under my hand and official seal, this the ______ day of July, 2007.
Notary Public
My Commission Expires:
STATE OF MISSISSIPPI
COUNTY OF
Personally appeared before me, the undersigned authority in and for said County and State, the above named Xxxxx Xxxxx Xxxxxx, who acknowledged that she signed and delivered the foregoing instrument on the day and year therein mentioned.
Given under my hand and official seal, this the ______ day of July, 2007.
Notary Public
My Commission Expires:
STATE OF MISSISSIPPI
COUNTY OF TUNICA
Personally appeared before me, the undersigned authority in and for said County and State, the above named Xxxxxxxx X. Xxxxxxx, the Manager of the above named Myriad World Resorts of Tunica, LLC., a Mississippi Limited Liability Company and acknowledged that on behalf of said limited liability company, and in its name, being duly authorized so to do, he signed the foregoing instrument and delivered said instrument on the day and year therein mentioned.
GIVEN under my hand and official seal, this the _____ day of July, 2007.
Notary Public
My Commission Expires:
STATE OF MISSISSIPPI
COUNTY OF TUNICA
Personally appeared before me, the undersigned authority in and for said County and State, the above named Xxxx Xxxxxx, CEO of the above named Myriad World Resorts of Tunica, LLC., a Mississippi Limited Liability Company and acknowledged that on behalf of said limited liability company, and in its name, being duly authorized so to do, he signed the foregoing instrument and delivered said instrument on the day and year therein mentioned.
GIVEN under my hand and official seal, this the _____ day of July, 2007.
Notary Public
My Commission Expires:
STATE OF MISSISSIPPI
COUNTY OF TUNICA
Personally appeared before me, the undersigned authority in and for said County and State, the above named Xxxxxxxx X. Xxxxxxx, the Chairman of the above named Myriad Entertainment and Resorts, Inc., a Delaware Corporation and acknowledged that on behalf of said limited liability company, and in its name, being duly authorized so to do, he signed the foregoing instrument and delivered said instrument on the day and year therein mentioned.
GIVEN under my hand and official seal, this the _____ day of July, 2007.
Notary Public
My Commission Expires:
STATE OF MISSISSIPPI
COUNTY OF TUNICA
Personally appeared before me, the undersigned authority in and for said County and State, the above named Xxxx Xxxxxx, CEO of the above named Myriad Entertainment and Resorts, Inc., a Delaware Corporation and acknowledged that on behalf of said limited liability company, and in its name, being duly authorized so to do, he signed the foregoing instrument and delivered said instrument on the day and year therein mentioned.
GIVEN under my hand and official seal, this the _____ day of July, 2007.
Notary Public
My Commission Expires:
STATE OF MISSISSIPPI
COUNTY OF TUNICA
Personally appeared before me, the undersigned authority in and for said County and State, the above named Xxxx Xxxxxxx, who acknowledged that he signed and delivered the foregoing instrument on the day and year therein mentioned.
Given under my hand and official seal, this the _____ day of July, 2007.
Notary Public
My Commission Expires:
STATE OF MISSISSIPPI
COUNTY OF
Personally appeared before me, the undersigned authority in and for said County and State, the above named Xxxxx XxXxxxx, Sr., who acknowledged that he signed and delivered the foregoing instrument on the day and year therein mentioned.
Given under my hand and official seal, this the _____ day of July, 2007.
Notary Public
My Commission Expires:
