INSIGNIA COMMERCIAL INVESTMENT GROUP INC.
0000 Xxxx Xxxxxx - Xxxxx 000
Xxxxxx, Xxxxx 00000-0000
September 8, 1997
Factory Outlet Centre Limited Liability Company
x/x Xxx Xxxxxx Xxxxxxx
Xxxxxxxxxxx Xxxx Xxxxxx Xxxxx
0000 Xxxxxxxx Xxxx
Xxxxx X-000
Xxxxxxxxxxx, Xxxxxxxx 00000
Re: Agreement of Sale dated as of August 25, 1997 between Insignia
Commercial Investments Group Inc. ("Purchaser") and Factory Outlet
Centre Limited Liability Company ("Seller") for the purchase and sale
of property known as the Factory Outlet Center in Kenosha, Wisconsin
("Property")
Dear Madam or Sir:
Under the above referenced Agreement of Sale, the Inspection Period, as
defined therein, expires on September 15, 1997 and the Closing Date, as defined
therein, was set to be October 16, 1997.
This letter shall confirm that Seller has agreed to provide Purchaser
with additional time to conduct tests, investigations and studies of the
Property, for the purpose and in consideration of deciding, in Purchaser's sole
discretion, whether to elect to purchase the Property, or to terminate the
Agreement of Sale, as provided in Article 7 thereof.
The Inspection Period shall be revised to end at 5:00 p.m. Chicago time on
October 8, 1997 and the Closing Date shall be revised to be on November 12,
1997.
Except as provided herein, the Agreement of Sale shall remain unmodified
and in full force and effect.
If the amendments to the Agreement of Sale provided in this letter are
acceptable, please indicate your agreements on behalf of Seller, where
indicated below.
Sincerely,
/s/ Xxxxxxx Xxxxxxxx
Xxxxxxx Xxxxxxxx
President
Agreed to and Accepted this
8th day of September, 1997
Factory Outlet Centre Limited Liability Company
By: Outlet Centre Investors, a member
By: Balcor Partners-XXI, its general partner
By: The Balcor Company, its general partner
By: /s/ Xxxx Xxxxxxxxx
----------------------------------
Name: Xxxx Xxxxxxxxx
Its: Authorized Representative