CONTINENTAL REALTY ADVISORS, LTD.
0000 XXXX XXXXXXX XXXXXX
XXXXX 000
XXXXXX, XX 00000
TELEPHONE (000) 000-0000
FACSIMILE (000) 000-0000
November 7, 1997
Xxxxxxxx Investors
x/x Xxx Xxxxxx Xxxxxxx
Xxxxxxxxxxx Xxxx Xxxxxx Xxxxx
0000 Xxxxxxxx Xxxx
Xxxxx X-000
Xxxxxxxxxxx, XX 00000
Attn.: Xxxxx Xxxxx
Via facsimile to (000) 000-0000
Dear Xx. Xxxxx:
This letter pertains to the Agreement of Sale dated May 22, 1997 between
Xxxxxxxx Investors ('Seller") and Continental Realty Advisors, Ltd. and Signet
Partners ("Purchaser"), as amended by Amendments dated June 4, 1997, August 20,
1997, September 9, 1997, September 30, 1997, October 17, 1997, October 23,
1997, and November 6, 1997 (the "Agreement").
Purchaser hereby gives you notice that we elect not to exercise our
termination rights by reason of the financing condition set forth in paragraph
7.1A of the Agreement. Our election not to terminate, however, is subject to
Seller's consent to amend the Agreement as provided in the following paragraph.
Purchaser and Seller agree to amend the Agreement by extending the date
for closing from November 20, 1997 to December 16, 1997. In all other respects
the Agreement, as previously amended, shall remain in full force and effect.
Kindly acknowledge your assent to these provisions by signing a copy of
this letter at the space provided below, and returning it to me by facsimile
transmission at the facsimile number indicated above. I will then forward a
copy to the Escrow Agent to advise it of the amendment hereby enacted, and of
Purchaser's election not to terminate the Agreement.
Sincerely,
Continental Realty Advisors, Ltd.
/s/ Xxxxx X. Xxxxxx, President
cc: Xxxxx Xxxxxxxxx, The Balcor Company
Xxxxxx X. Xxxxxxx, Esq.
Extension of Closing Date to December 16, 1997
Accepted:
Xxxxxxxx Investors
By /s/ Xxxxxxx X. Xxxxxx
-------------------
Xxxxxxx X. Xxxxxx
Managing Director
ACKNOWLEDGED:
ESCROW AGENT:
NEAR NORTH NATIONAL TITLE CORPORATION
By:
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