EXHIBIT 10.8
FIRST AMENDMENT TO CONTRACT OF SALE
(SUMMERHILL SQUARE APARTMENTS)
This First Amendment to Contract of Sale is entered into effective as of
September 9, 1997 (this "First Amendment"), by and between Summerhill
Properties, L.P., a California limited partnership ("Seller"), XxXxxx Capital
Limited Liability Company, a Delaware limited liability company ("Purchase").
WHEREAS, Seller and Purchaser entered into that certain Contract of Sale
dated effective as of July 31, 1997 (the "Contract"), pursuant to which Seller
has agreed to sell, and Purchaser has agreed to purchase from Seller, Seller's
rights, titles and interests in and to the Property more particularly described
in said Contract of Sale; and
WHEREAS, Seller and Purchaser have agreed to modify the Contract to reduce
the Purchase Price pursuant to the terms of this First Amendment.
NOW, THEREFORE, for good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, Seller and Purchaser do hereby
agree as follows:
1. Unless otherwise defined in this First Amendment or the context
otherwise requires, each term used in this First Amendment with its initial
letter capitalized which has been defined in the Contract shall have the same
meaning herein as given to such term in the Contract.
2. Section 2.1 of the Contract is hereby amended to read in its entirety
as follows:
2.1 Purchase Price. The total Purchase Price (herein
so called) to be paid by Purchaser to Seller for the
Property shall be Six Million One Hundred Fifty Thousand and
No/100 Dollars ($6,150,000.00). The Purchase Price shall be
payable in cash or Current Funds (defined below) at the
Closing (hereinafter defined).
4. Except as expressly amended by this First Amendment, no term or
provision of the Contract is or shall be amended, modified or supplemented.
5. This First Amendment may be executed in any number of identical
counterparts so long as each party hereto has signed one such counterpart. If
so executed, each of such counterparts is to be deemed an original for all
purposes, and all such counterparts shall, collectively, constitute one
agreement, but in making proof of this First Amendment, it shall not be
necessary to produce or account for more than one such counterpart.
IN WITNESS WHEREOF, the parties hereto have executed this First Amendment
effective as of the date first set forth above.
SELLER:
SUMMERHILL PROPERTIES, L.P.,
a California limited partnership
By: Century Summerhill, Inc.,
a California corporation
which is its general partner
By: /s/Xxxxxx Xxxxxxxx
Its: Assistant Secretary
Dated:
PURCHASER:
XxXXXX CAPITAL LIMITED LIABILITY
COMPANY, a Delaware limited liability
company
By: /s/Xxx Xxxxxx
Its: President
Dated: September 10, 1997
