SECOND MODIFICATION AGREEMENT
This Second Modification Agreement ("Modification") dated this 2nd day of
October, 1996, by and between ALLIANCE HOLDINGS, L.L.C., an Illinois limited
liability company ("Purchaser") and XXXXXXXXX II LIMITED PARTNERSHIP, an
Illinois limited partnership ("Seller").
W I T N E S S E T H:
WHEREAS, Purchaser and Seller entered into an Agreement of Sale dated
August 27, 1996 and a Modification Agreement dated September 5, 1996
(collectively "Contract") for the Sand Ridge II Apartments, Pasadena, Texas;
and
WHEREAS, Purchaser and Seller desire to modify the Contract as hereinafter
provided; and
NOW, THEREFORE, in consideration of the sum of Ten and 00/100 Dollars
($10.00) and other good and valuable consideration, in hand paid, the receipt
and sufficiency of which is hereby acknowledged, the parties hereby agree as
follows:
1. The amount Five Million Four Hundred Eighty Three Thousand Three
Hundred Thirty Three and 00/100 Dollars ($5,483,333.00) contained in Section 1
of the Contract is hereby deleted and the amount Five Million Two Hundred Fifty
Thousand and 00/100 Dollars ($5,250,000.00) is hereby substituted therefor.
2. The date September 5, 1996 contained in Section 7.1 of the Contract is
hereby deleted and the date October 15, 1996 is hereby substituted therefor.
3. Section 7.1 is further modified by inserting in the last full
paragraph of said Section, following "(ii)" and before "Xxxxxxx Money", the
following: "one-half (1/2) of"; and by adding to the same sentence,
following the word "thereon", the following phrase: "the other half of the
Xxxxxxx Money to be disbursed to Seller without further authorization of
Purchaser being required,".
4. The date September 30, 1996 contained in Section 8 of the Contract is
hereby deleted and the date October 30, 1996 is hereby substituted therefor.
5. Section 8 is further modified by adding the following thereto:
"Notwithstanding anything to the contrary contained herein, Purchaser shall
have the right to extend the Closing Date to December 30, 1996, upon (i) written
notice to Seller effective on or before October 25, 1996 of Purchaser's
intention to so extend the Closing Date and (ii) payment by Purchaser to Seller,
on or before October 25, 1996, of the amount Seventy-Five Thousand and 00/100
Dollars ($75,000.00), which amount shall be non-refundable to Purchaser (except
in the event of Seller default) and applicable to the Purchase Price (in the
event this transaction proceeds to Closing).
6. Except as above provided, the Contract remains unmodified and in full
force and effect.
PURCHASER: SELLER:
ALLIANCE HOLDINGS, L.L.C., XXXXXXXXX II LIMITED
an Illinois limited liaibility PARTNERSHIP, an Illinois limited
company partnership
By:/s/ Xxxxxx X. Xxxxx By: Xxxxxxxxx II of Illinois, Inc., an
----------------------------- Illinois corporation, its general
Name: Xxxxxx X. Xxxxx partner
Its: President
By: /s/ Xxxxx X. Xxxxxxxxx
-------------------------------
Name: Xxxxx X. Xxxxxxxxx
Its: Authorized Representative
