Removal of Conditions Statement for Sale of 2901-2951 Sunrise Boulevard between Capital Builders and Mustafa Arpaci

Summary

This agreement, dated April 25, 2000, is between Capital Builders Development Properties and Mustafa Arpaci regarding the sale of property at 2901-2951 Sunrise Boulevard, Rancho Cordova. The Purchaser, Mustafa Arpaci, agrees to remove and cancel certain conditions from the original sales contract, specifically those related to inspections and review of personal property. All other terms of the original contract remain unchanged. Both parties are advised to seek independent legal or tax advice regarding this transaction.

EX-10.3 4 0004.txt Removal of Conditions Statement Seller: Capital Builders Development Properties, a California limited partnership Subject Property: 2901-2951 Sunrise Boulevard Rancho Cordova & Associated Land Purchaser: Mustaf Arpaci Date: May 26, 2000 1. This Removal of Conditions Statement is dated the 25th day of April 2000, with respect to that Agreement for the purchase and sale of the property commonly known as 2901-2951 Sunrise Boulevard dated March 17, 2000 by and between Seller and Purchaser ("Sale Contract"). 2. The Sales Contract contains certain conditions which the undersigned hereto desires to cancel and rescind as of the date hereof. In furtherance of the foregoing, the undersigned hereby cancels, removes and rescinds the following conditions from the Sales Contract: (a) 7.B. Purchaser's Inspections (1) Physical Inspections (2) Inspection of Documents, Books and Records (3) Title Approval (b) 7.C. Review of Personal Property 3. All other terms and provisions of the Sales Contract shall remain unchanged and in full force and effect. Purchaser: MUSTAFA ARPACI By: Date: Mustafa Arpaci Seller: CAPITAL BUILDERS By: Date: NOTICE TO SELLER AND PURCHASER: CORNISH & CAREY COMMERCIAL IS NOT AUTHORIZED TO GIVE LEGAL OR TAX ADVICE. NOTHING CONTAINED IN THIS COUNTER OFFER OR ANY DISCUSSIONS BETWEEN CORNISH & CAREY AND SELLER AND/OR PURCHASER SHALL BE DEEMED TO BE A REPRESENTATION OR RECOMMENDATION BY CORNISH & CAREY COMMERCIAL OR ITS AGENTS OR EMPLOYEES AS TO THE LEGAL EFFECT OR TAX CONSEQUENCES OF THIS DOCUMENT OR ANY TRANSACTION RELATING HERETO. ALL PARTIES ARE ENCOURAGED TO CONSULT WITH THEIR INDEPENDENT FINANCIAL CONSULTANTS AND/OR ATTORNEYS REGARDING THE TRANSACTION CONTEMPLATED BY THIS COUNTER OFFER. REMOVAL OF CONDITIONS STATEMENT 1601 RESPONSE ROAD, SUITE 160, SACRAMENTO, CA 95815 ###-###-#### FAX ###-###-#### 103ROC3.doc Page of 1 CORNISH & CAREY COMMERCIAL ONCOR INTERNATIONAL REMOVAL OF CONDITIONS STATEMENT 1601 RESPONSE ROAD, SUITE 160, SACRAMENTO, CA 95815 ###-###-#### FAX ###-###-#### 103ROC3.doc Page of 1