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EXHIBIT 10.30
FIRST AMENDMENT TO ACQUISITION AGREEMENT
First Amendment, dated as of March 12, 1998, to that certain
Acquisition Agreement dated as of November 7, 1997 (the "Acquisition Agreement")
among Servico, Inc., a Florida corporation ("Servico"), Servico Acquisition
Corp., a Florida corporation and a wholly-owned subsidiary of Servico, Prime
Motor Inns Limited Partnership, a Delaware limited partnership ("Prime"), and
Prime-American Realty Corp., a Delaware corporation (the "General Partner").
WHEREAS, the parties hereto desire to amend the Acquisition Agreement
on the terms set forth herein;
NOW, THEREFORE, in consideration of the premises and the agreements
hereinafter set forth, the parties hereto hereby agree as follows:
1. The Acquisition Agreement shall remain in full force and effect
except as specifically amended hereby.
2. The Purchase Price, as defined in Section 1.1 of the Acquisition
Agreement, shall be increased from Eight Million Dollars ($8,000,000) to Twelve
Million Dollars ($12,000,000).
3. Section 6.2(g), CONSULTING AGREEMENT, of the Acquisition Agreement
shall be deleted in it entirety.
4. Section 3.11, BROKERS, of the Acquisition Agreement shall be amended
to reflect a reduction in the fee payable to Xxxxxx Xxxx in connection with this
transaction to a fee of up to $200,000.
5. Upon the Closing, Servico shall assume the termination payment and
compensation obligations of Prime under that certain Consulting Services
Agreement, dated as of December 1, 1994, among Prime, the General Partner, AMI
Operating Partners, L.P., a Delaware limited partnership, and S. Xxxxxxx Xxxx.
6. This First Amendment may be executed in any number of counterparts
and by the several parties hereto in separate counterparts, each of which shall
be deemed to be one and the same instrument.
IN WITNESS WHEREOF, the parties hereto have caused this First Amendment
to the Acquisition Agreement to be duly executed as of the day and year first
above written.
SERVICO, INC., a Florida corporation
By: /s/ Xxxxx Xxxxxxxxxx
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Name: Xxxxx Xxxxxxxxxx
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Title: President and Chief Executive Officer
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Address: 0000 Xxxxxxxxx Xxxx
Xxxx Xxxx Xxxxx, Xxxxxxx 00000
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SERVICO ACQUISITION CORP.,
a Florida corporation
By: /s/ Xxxxx Xxxxxxxxxx
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Name: Xxxxx Xxxxxxxxxx
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Title: President and Chief Executive Officer
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Address: 0000 Xxxxxxxxx Xxxx
Xxxx Xxxx Xxxxx, Xxxxxxx 00000
PRIME MOTOR INNS LIMITED PARTNERSHIP,
a Delaware limited partnership
By: PRIME-AMERICAN REALTY CORP.,
a Delaware corporation,
its General Partner
By: /s/ S. Xxxxxxx Xxxx
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Name: S. Xxxxxxx Xxxx
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Title: VP & CEO
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Address: 00-00 Xxxxx 000 Xxxxx Fair Lawn,
N.J. 07014
PRIME-AMERICAN REALTY CORP.,
a Delaware corporation
By: /s/ S. Xxxxxxx Xxxx
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Name: S. Xxxxxxx Xxxx
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Title: VP & CEO
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Address: 00-00 Xxxxx 000 Xxxxx Xxxx Xxxx,
X.X. 00000
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