AMENDMENT TO
PURCHASE AND SALE AGREEMENT
THIS AMENDMENT TO PURCHASE AND SALE AGREEMENT (this "Amendment") dated as
of the 26th day of March, 2001, is made by and between Xxxx / Xxxx Partnership,
a Florida general partnership (the "Seller"), and Homes for America Holdings,
Inc., a Nevada corporation, and its successors or assigns (the "Purchaser").
RECITALS:
R.1. Seller and Purchaser have entered into and commenced performance under that
certain Agreement of Purchase and Sale dated as of December 15, 2000 (the
"Original Agreement"), made effective on December 26, 2000, relating to the
purchase and sale of that certain parcel of land located at 0000 Xxxxx
Xxxxxx, Xxxx Xxxxx, Xxxxxxx 00000 and described as part of the "Property"
in the Original Agreement.
R.2. In the Original Agreement the Purchaser has a ninety (90) day period
referred to as the Feasibility Period to conduct Purchaser's due diligence
investigation and determine whether to proceed with the purchase and sale
of the Property and the right to extend the Feasibility Period an
additional thirty (30) days by making an additional deposit.
R.3. Purchaser is prepared to make the additional deposit but has requested that
Seller will agree to has requested an extension of the Feasibility Period
until June 25, 2001, for Purchaser to complete its investigation and Seller
has agreed to grant that request.
NOW, THEREFORE, in consideration of the foregoing recitals and the
representations and covenants herein exchanged and other good and valuable
consideration the receipt and sufficiency of which the parties acknowledge, the
Purchaser and Seller agree as follows:
1. Extension of Feasibility Period. Section 2(d)3(c) of the Original Agreement
is hereby amended by striking it in entirety and in its third and fourth
lines, by replacing it "at any time within ninety (90) days of the
Effective Date" with the following:
"(d) Purchaser shall have the right to extend the Feasibility Period at any time
to and including 5:00 p.m. Eastern Daylight Savings Time on Friday, June 25May
18, 2001, by notice to the Seller, with a copy to the Title Company, provided
that Purchaser shall make an additional deposit of Twenty-five Thousand Dollars
($25,000) to be held by the Title Company as part of the Deposit."
The parties to this Amendment acknowledge and agree that the initial Deposit has
not been made as of the date hereof but provided Purchaser shall deposit both
the Deposit and the additional deposit, making the total on deposit with the
Title Company Fifty Thousand Dollars ($50,000), not later than the close of
business on Tuesday, March 27, 2001, the Agreement shall be in full force and
effect as amended hereby.
2. Entirety; Effect of Amendment. The recitals are incorporated as if set
forth in full herein and capitalized terms used and not otherwise defined
have the meanings as provided by the Original Agreement. This Amendment
sets forth in entirety the parties' agreement on amending the Original
Agreement and except as modified by this Amendment, all of the terms and
provisions of the Original Agreement are hereby ratified and confirmed by
Seller and Purchaser and shall remain in full force and effect.
Exhibit 10.29.1 - Page 1
3. Effective Date; Counterparts. This Amendment shall become effective
immediately upon its execution and delivery by both parties. To facilitate
execution, this Amendment may be executed in one or more counterparts and
it shall not be necessary that the signature of each party, or that the
signatures of all persons required to bind any party, appear on each
counterpart, but it shall be sufficient that the signature of each party,
or that the signatures of the persons required to bind any party, appear on
one or more of such counterparts. Each party by executing this Amendment
agrees that it may be delivered by facsimile transmission and relied upon
by the other party as if original counterparts were exchanged. All
counterparts of this Amendment shall be deemed originals and shall
collectively constitute but one instrument and agreement.
IN WITNESS WHEREOF, the parties have caused this Amendment to be duly
executed on the dates set forth beneath their respective signatures below:
SELLER:
XXXX / XXXX PARTNERSHIP
ATTEST/WITNESS:
s/s Xxxxx Xxxx
By: --------------------------------
Xxxxx X. Xxxx
Its: General Partner
Date: Xxxxx 00, 0000
XXXXXXXXX:
HOMES FOR AMERICA HOLDINGS, INC.
ATTEST/WITNESS:
s/s Xxxxxx Xxxx
By: --------------------------------
Xxxxxx X. Xxxx
Its: Vice President and COO
Date: March 26, 2001
Exhibit 10.29.1 - Page 2
