Insignia Commercial
Investments Group, Inc.
October 7, 1997
Factory Outlet Centre Limited Liability Company
x/x Xxx Xxxxxx Xxxxxxx
Xxxxxxxxxxx Xxxx Xxxxxx Xxxxx
0000 Xxxxxxxx Xxxx
Xxxxx X-000
Xxxxxxxxxxx, Xxxxxxxx 00000
Re: Agreement of Sale dated as of August 25, 1997 between Insignia
Commercial Investments Group, Inc. ("Purchaser") and Factory Outlet
Centre Limited Liability Company ("Seller") for the purchase and sale
of property known as the Factory Outlet Center in Kenosha, Wisconsin
("Property") as amended by September 8, 1997 Letter Agreement
Dear Madam or Sir:
Under the above referenced Agreement of Sale, the Purchase Price (as
defined herein) is $17,000,000, the Inspection Period, as defined therein,
expires on October 8, 1997 and the Closing Date, as defined therein, was set to
be November 12, 1997.
This letter shall confirm that Seller has, among other things, agreed to
provide Purchaser with additional time to conduct investigations and studies of
the Property, and to attempt to finalize an agreement with one of the
Purchaser's equity partners. It shall be at Purchaser's sole discretion,
whether to elect to purchase the Property, or to terminate the Agreement of
Sale, as provided in Article 7 thereof.
The Purchase Price shall be revised to read $15,000,000, the Inspection
Period shall be revised to end at 5:00 p.m. Chicago time on November 8, 1997
and the Closing Date shall be revised to be on December 8, 1997.
Except as provided herein, the Agreement of Sale shall remain unmodified
and in full force and effect.
If the amendments to the Agreement of Sale provided in this letter are
acceptable, please indicate your agreement on behalf of Seller, where indicated
below.
Sincerely,
/s/ Xxxxxxx X. Xxxxxxxx
Xxxxxxx X. Xxxxxxxx
President
Agreed and Accepted this 7th day of October, 1997
Factory Outlet Centre Limited Liability Company
By: Outlet Centre Investors, a member
By: Balcor Partners-XXI, its general partner
By: /s/ Xxxx Xxxxxxxxx
------------------------------
Name: Xxxx Xxxxxxxxx
Its: Authorized Representative
