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EXHIBIT 10.20
[UNITED INVESTORS REALTY TRUST LETTERHEAD]
February 17, 1998
By Fax (000) 000-0000
Town 'N Country Plaza of Tampa, Limited
&
Trustee Xxxxx X. Xxxxxxxx
on Behalf of Landowner
c/o Xxxxxx X. Xxxxxxx Company
00000 XX Xxxxxxx 00 Xxxxx
Xxxxx 0000
Xxxxxxxxxx, Xxxxxxx 00000
Re: Town 'N Country Shopping Center (the "Property")
Gentlemen:
Reference is made to that certain letter agreement dated October 15,
1997, as modified by letter dated November 25, 1997 (collectively, the
"Agreement") pursuant to which United Investors Realty Trust ("UIRT") was
granted an option to purchase the Property.
Paragraph 3 of the October 15, 1997 letter referred to above, provides
that UIRT will not exercise the Option (as defined in the "Agreement") unless
it has completed, by February 15, 1998, its initial public offering (the "IPO")
of approximately $80,000,000. As discussed with Xxxxx Xxxxx on the telephone,
the IPO road show is scheduled to commence during the week of February 16, 1998
and to conclude during the week of March 3, 1998. Accordingly, UIRT would like
to modify Paragraph 3 of the aforesaid letter to provide that it will not
exercise the Option unless it has completed, by April 15, 1998, its IPO of
approximately $80,000,000.
In addition, we understand that you are negotiating for the release of
Piccadilly from its lease at the Property in exchange for receipt of the
payment of a sum of money equal to the base rent, real estate taxes and CAM
charges that Piccadilly is required to pay over a 12 month period and in
connection with the execution and delivery of a new lease for a restaurant at a
substantially higher net rent. Although we have approved, in concept, the
substitution of a lease for a new restaurant for the Piccadilly lease, such
approval is based on our approval of the final terms and conditions of the
Piccadilly release and the final terms and conditions of the proposed new
restaurant lease and on the understanding that notwithstanding the provisions
of Paragraph 2 of the Agreement, no adjustment will be made to the current
market value or the Purchase Price as a result of such release and new lease.
If the foregoing reflects your understanding and approval, please so
indicate in the space provided herein below and return a faxed copy to me at
(000) 000-0000. Such approval will
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constitute amendment Number 2 to the Agreement. Your early attention to this
will be greatly appreciated.
Very truly yours,
United Investors Realty Trust
By: /s/ XXXXX X. XXXXXXX
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Xxxxx X. Xxxxxxx
President & CEO
Approved:
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Town 'N Country Plaza of Tampa, Limited
By: Town 'N Country Park, Inc.
its general partner
By: /s/ XXXXX X. XXXXXXXX Date: 2/18/98
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PSK Associates, Limited Partnership
its general partner
By: Xxxxxx X. Xxxxxxx Company
as agent
By: XXXXX XXXXX Date: 2/18/98
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Xxxxx X. Xxxxxxxx as Trustee for fee landowners
By: /s/ XXXXX X. XXXXXXXX Date: 2/18/98
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