EXHIBIT 10.2
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Carlyle Real Estate Limited Partnership-XIII
c/o JMB Realty Corporation
000 Xxxxx Xxxxxxxx Xxxxxx
Xxxxxxx, Xxxxxxxx 00000
As of September 3, 1997
GDA Real Estate Services, Inc.
0000 Xxxx Xxxxxxxx Xxxxxx
Xxxxx 000
Xxxxxxxxx, Xxxxxxxx 00000
Attention: Xx. Xxxx X. Xxxxxx
Re: Michael's Aurora Plaza
Ladies and Gentlemen:
Reference is made to that certain Purchase Agreement and Joint Escrow
Instructions (the "Agreement") dated as of August 4, 1997, by and between
Carlyle Real Estate Limited Partnership-XIII, an Illinois limited
partnership ("Seller"), and GDA Real Estate Services, Inc., a Delaware
corporation ("Buyer"). Initially capitalized terms not otherwise defined
herein shall have the meanings ascribed to such terms in the Agreement.
In consideration of the mutual promises and undertakings of the
parties, and for other good and valuable consideration, the receipt and
sufficiency of which is hereby acknowledged, the parties hereto hereby
agree as follows:
1. Purchase Price. Notwithstanding anything to the contrary
contained in the Agreement, the Purchase Price shall equal the sum of
$6,885,000.
2. Approval Notice; Extension of Deadline for Deposit of
Additional Escrow Deposit. Notwithstanding anything to the contrary
contained in the Agreement, this letter agreement shall constitute Buyer's
Approval Notice, and Buyer shall have until 5:00 p.m (Central time) on
September 4, 1997 to deliver the Additional Escrow Deposit to Escrow
Holder.
3. Optional Extension of Closing Date. Notwithstanding anything
to the contrary contained in the Agreement, Buyer may extend the Closing
Date to October 15, 1997, so long as Buyer gives written notice of such
extension to Seller no later than September 30, 1997 and Buyer delivers the
sum of $100,000 (the "Extension Fee") to Escrow Holder on or before October
2, 1997. Buyer hereby acknowledges that, in the event that Buyer elects to
extend the Closing Date as aforesaid, the Extension Fee, together with all
interest earned on the Extension Fee while the same is held by Escrow
Holder, shall be considered part of the Escrow Deposit and shall be held by
Escrow Holder as a deposit against the Purchase Price in accordance with
the terms and conditions of the Agreement, as amended hereby.
4. Counterparts. This letter agreement may be executed in
counterparts, each of which shall be deemed an original, and all of which
shall together constitute one letter agreement.
Please indicate your consent to the foregoing by signing where noted
below.
Very truly yours,
CARLYLE REAL ESTATE LIMITED PARTNERSHIP-XIII,
an Illinois limited partnership
By: JMB REALTY CORPORATION,
a Delaware corporation,
Corporate General Partner
By:
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Name:
--------------------------------
Title:
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AGREED TO AS OF
SEPTEMBER 3, 1997
GDA REAL ESTATE SERVICES, INC.,
a Colorado corporation,
By:
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Name:
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Title:
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cc: Mr. Mej Xxxxxxxxx
Xxxxxx Xxxxxxxx, Esq.
Xx. Xxxxx Xxxxx
Xxxxxx X. Xxxxx, Esq.
