Exhibit 10.42
THH VENTURES L.C.
000 Xxxx Xxxx Xxxxxx
Xxxx Xxxx Xxxx, Xxxx 00000
000 000-0000
December 11, 1998
via facsimile: 000 000-0000
Xxxxx Xxxxxxxx,
Dear Xxxxx.
This is to confirm our discussion and agreement regarding the sale by THH
Ventures L.C. of its 15% interest in Airport Loding Associates, L.C., the owner
of the Ramada Inn in the International Center, Sale Lake City, Utah.
The purchase price is $150,000.00, payable:
$50,000 at closing, on or before December 29, 1998;
$50,000 on or before June 1, 1999;
$50,000 on or before December 1, 1999.
The purchaser is Xxxx Xxxx or an entity in which he is a principal. The
purchaser will pay THH's share of the capital call recently made, and any and
all capital calls hereafter.
The 15% interest will be transferred to the purchaser when payment has been
made in full. If either the June or December payment is not made when due, or
within ten days of the due date, a late charge of four percent will be paid by
the purchaser. If either the June or December payment is not made within 20
calendar days of notice to the purchaser of non-payment, the notice to be given
after the due date, THH shall retain all amounts paid as liquidated damages and
shall have no further obligation to the purchaser. Upon payment of the purchase
price in full, THH shall transfer the 15% interest to the purchaser and shall
cooperate in signing any documents necessary to document the transfer and to
make the purchaser a member of Airport Lodging Associates, L.C., in the place of
THH.
If this correctly states the agreement, please have the purchaser confirm
and accept the agreement by signing below under "Acceptance." Then return the
signed Acceptance to me. If the foregoing does not correctly state the
agreement, or if other terms or provisions are necessary, please advise.
Xxxxx Xxxxxxxx
December 11, 1998
Page 2
I will appreciate hearing from you.
Very truly yours,
THH Ventures L.C.
/s/ Xxxxx X. Xxxxxxx
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Xxxxx X. Xxxxxxx, Manager
ACCEPTANCE
The undersigned accepts the foregoing agreement and agrees to perform in
accordance with the terms set forth above.
[If a legal entity, insert the name
immediately below]
/s/ Xxxxxxx X. Xxxxxx
-------------------------------------------
If a legal entity, print the name and
the capacity of the person signing.
Xxxxxxx X. Xxxxxx, CEO
Bountiful Investment Group, Inc.
SOUTHERN UTAH TITLE COMPANY
00 Xxxxx 000 Xxxx
Xx. Xxxxxx, Xxxx 00000
BUYERS SETTLEMENT STATEMENT
Sellers Buyers
------- ------
ST. XXXXXX INN., X.X. XXXXXXXXX SERVICES INVESTMENT L.C., a
a Utah Limited Liability Company Utah Limited Liability Company
Sellers Address Buyers Address
--------------- --------------
0 Xxxx Xxxxxxxx, Xxxxx #000 2601 No. Canyon Road, Suite #203
Salt Lake City, Utah 84111 Xxxxx, Xxxx 00000
Property Address/Description Closing Date Order Number
-------------------------------------------------------------------- -------------------- --------------------
0000 Xxxxx Xxxxxx Xxxxx 07/10/98 00000
Xx. Xxxxxx, Xxxx 00000
Charges Credits
-------------------------------------------------------------------- -------------------- --------------------
SALES PRICE 202,000.00
Down Payment to Seller 5,000.00
EXPENSES:
Title Insurance Premium 633.60
Recording Fee 48.00
Closing Fee 302.00
Escrow Closing Fee 0.00
Federal Express
Additional Documents
PRORATIONS 0/01/98 TO 0/10/98
Taxes for 1998 12 Mo. @ 0.00
Buyers are responsible for insurance as of the date of closing.
Southern Utah Title Company will not be held liable.
Trust Deed and Note with Seller 197,000.00
Credit to Seller for June 30th payment @ $50,000.00 principal, plus
interest @ 12% on $197,00.00 to June 30, 1998 @ 11,722.84 61,722.84
Credit to Seller for additional incurred Legal Fees 1,500.00
Credit for monies tendered on Buyers behalf by STATE BANK 61,000.00
Note: Sellers portion of 1998 taxes @ 0.00 paid directly to
Washington County Treasurer by Southern Utah Title at Closing 0.00 0.00
Sub-Totals $266,206.44 $263,000.00
Balance Due from Buyer $3,206.44
TOTALS $266,206.44 $266,206.44
-------------------------------------------------------------------- -------------------- --------------------
Approved By:
Southern Utah Title Company SOUTHGATE SERVICE INVESTMENT, L.C.,
a Utah Limited Liability Co.
By: /s/ Xxxxxxxxx Xxxx By: /s/ Xxxx X. Xxxxxxx
---------------------------- ---------------------------------
XXXXXXXXX XXXX XXXX X. XXXXXXX, Member
