Amendment Letter to Agreement of Sale between Sawyer Realty Holdings LLC and American Housing Properties, L.P. regarding Owings Chase and Prescott Square Apartments
This letter amends a previous Agreement of Sale dated September 28, 2004, between Sawyer Realty Holdings LLC and American Housing Properties, L.P. for the sale of Owings Chase and Prescott Square Apartments. The amendment increases the escrow amount at closing from $115,000 to $170,600 to cover the actual cost of required work. It also notes that a third party has agreed to purchase El Monte for $20,000,000, with proceeds to be distributed to partners and the partnership terminated. The letter confirms the parties' intent to proceed with closing later in the month.
Exhibit 10.3
SAWYER
REALTY HOLDINGS LLC
BY EMAIL AND OVERNIGHT MAIL
October 20, 2004
Mr. Paul Resnick
American Housing Properties, L.P.
222 Smallwood Village Center
St. Charles, MD 20602
RE: Amendment to Agreement of Sale dated September 28, 2004
Owings Chase and Prescott Square Apartments
Dear Mr. Resnick:
Enclosed please find contracts we have obtained for the Required Work specified in Section 1 of the above-referenced document. Based on these contracts, the total cost of the Required Work is $170,600, which is in excess of the $115,000 amount provided in Section 1 of the Amendment. In accordance with the terms of Section 1 of the Amendment, we will increase the amount to be placed in escrow at closing from $115,000 to $170,600.
As discussed in Note 9, a third party buyer has agreed to purchase El Monte for $20,000,000. The net proceeds from the sale of the real estate will be distributed to the partners and the partnership terminated.
Please contact Marc Wexler if you have any questions regarding this matter or any other aspect of this transaction. We look forward to a smooth closing later this month.
Best regards.
Sincerely,
OWINGS CHASE ASSOCIATES LIMITED PARTNERSHIP
| OWINGS CHASE ASSOCIATES LIMITED PARTNERSHIP | ||
| By: | Owings Chase Corp., its General Partner | |
| By: | /s/ David M. Rosenberg | |
| David M. Rosenberg, President | ||
| PRESCOTT SQUARE ASSOCIATES LIMITED PARTNERSHIP | ||
| By: | Prescott Square Associates Corp., its General Partner | |
| By: | /s/ David M. Rosenberg | |
| David M. Rosenberg, President | ||
Enclosures
Cc: Keith W. McGlamery, Esq. (w/encl.)
Katherine Carter Noble, Esq. (w/encl.)
Deborah MacLeod (w/encl.)
