Attached files
file | filename |
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8-K - FORM 8-K - CONSOLIDATED CAPITAL INSTITUTIONAL PROPERTIES 2 | ccip2_9162013.htm |
Exhibit 10.48
FIRST AMENDMENT TO PURCHASE AND SALE CONTRACT
THIS FIRST AMENDMENT TO PURCHASE AND SALE CONTRACT (this Amendment) is entered into this 16th day of September, 2013, by and between CCIP/2 HIGHCREST, L.L.C., a Delaware limited liability company (Seller), and LARAMAR KONA REAL ESTATE ASSOCIATES LLC, a Delaware limited liability company (Buyer).
R E C I T A L S
C. The parties desire to amend the Purchase Agreement by the terms and provisions contained herein.
AGREEMENT
NOW, THEREFORE, in consideration of the mutual covenants set forth herein, and for good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, Seller and Buyer agree as follows:
1. Closing Date Extension Right. Buyer shall have the option to extend the Closing Date by an additional thirty (30) day period, to November 14, 2013, by providing written notice to Seller no later than 5:00 pm (CST) on October 7, 2013. Simultaneously with the notice described herein, Purchaser shall deliver to Escrow Agent an additional deposit of Two Hundred Fifty Thousand and 00/100 Dollars ($250,000.00) (the Closing Date Extension Deposit) by wire transfer of Good Funds. The Closing Date Extension Deposit shall be deemed and treated as part of the Deposit under the Purchase Agreement.
[Signature Page Follows]
Seller:
CCIP/2 HIGHCREST, L.L.C.,
a Delaware limited liability company
By: CONSOLIDATED CAPITAL
INSTITUTIONAL PROPERTIES/2,
LP SERIES A,
a Delaware limited partnership,
its member
By: CONCAP EQUITIES, INC.,
a Delaware corporation,
its general partner
By: /s/Mark C. Reoch
Name: Mark C. Reoch
Title: Vice President, Transactions
Purchaser:
LARAMAR KONA REAL ESTATE ASSOCIATES LLC,
a Delaware limited liability company
By: /s/Bennett Neuman
Name: Bennett Neuman
Title: Authorized Signatory