FIRST AMENDMENT TO AGREEMENT
OF SALE AND ESCROW AGREEMENT
This First Amendment ("First Amendment") to Agreement of Sale and Escrow
Agreement is entered into as of January 30, 1997, by and between WATERTON
ASSOCIATES, LLC, a limited liability company, as Purchaser, COURTYARDS OF
XXXXXXX LIMITED PARTNERSHIP, an Illinois Limited Partnership, as Seller, and
CHARTER TITLE COMPANY, agent for Chicago Title Insurance Company, as Escrow
Agent.
RECITALS
A. Purchaser and Seller hereto have entered into an Agreement of Sale
("Agreement") and an Escrow Agreement ("Escrow Agreement"), both dated as of
January 28, 1997 for the purchase and sale of the apartment project known as
Courtyards of Xxxxxxx Apartments.
B. Purchaser, Seller and Escrow Agent now wish to amend the Agreement
and Escrow Agreement.
NOW, THEREFORE, the Agreement and Escrow Agreement are amended as follows:
1. Paragraph 8 of the Agreement and Paragraph 3 of the Escrow Agreement
are hereby amended to provide that the Closing Date shall be March 17, 1997
instead of March 3, 1997.
2. Paragraph 16 of the Agreement and Paragraph 1 of the Escrow Agreement
are hereby amended to provide that the January 31, 1997 date shall now be
February 28, 1997.
3. Purchaser covenants and agrees to file its application for mortgage
financing no later than February 3, 1997. Purchaser shall deliver to Seller a
copy of the letter to the mortgage lender transmitting the mortgage
application. Purchaser's failure to do the aforesaid on or before February 3,
1997 shall constitute a Default under the Agreement.
4. Except as modified herein, all other terms and conditions of the
Agreement and Escrow Agreement remain in full force and effect and are hereby
ratified and reaffirmed.
5. All capitalized terms used herein shall have the same meaning as in
the Agreement and Escrow Agreement.
6. This First Amendment may be executed in multiple facsimile
counterparts, each of which shall be deemed an original, but all of which shall
constitute one and the same instrument.
IN WITNESS WHEREOF, the parties hereto have put their hand and seal as of
the date set forth above.
PURCHASER:
WATERTON ASSOCIATES, LLC, a
limited liability company
By: /s/ Xxxxx X. Xxxxxxxx
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SELLER:
COURTYARDS OF XXXXXXX LIMITED
PARTNERSHIP, an Illinois limited partnership
By: Balcor Partners-XV, an Illinois general
partnership, its general partner
By: RGF-Balcor Associates-II, an Illinois
general partnership, a general partner
By: The Balcor Company, a Delaware
corporation, a general partner
By: /s/ Xxxxx X. Xxxx
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Xxxxx X. Xxxx
Managing Director and Secretary
ESCROW AGENT:
CHARTER TITLE COMPANY, agent for
Chicago Title Insurance Company
By:
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