Extension Request Letter for Agreement of Sale between Washington Centre Shops, L.P. et al. and Cedar Income Fund Partnership, L.P.

Summary

This letter from Cedar Bay Realty Advisors, Inc., dated September 20, 2001, requests an extension of the closing date for a property sale agreement between several sellers (Washington Centre Shops, L.P., Port Richmond Associates, LLC, Academy Stores, L.P., and Greentree Road Land, Inc.) and the purchaser (Cedar Income Fund Partnership, L.P.). The extension is sought due to business disruptions following the September 11 attacks, which affected communication and the availability of necessary parties. The new proposed closing date is October 3, 2001, with a pre-closing on October 2, 2001.

EX-10.5 7 ex10-5a.txt EX-10.5A CEDAR BAY REALTY ADVISORS, INC. September 20, 2001 VIA FACSIMILE ###-###-#### Samson Bechhofer, Esq. Pryor Cashman Sherman & Flynn LLP 410 Park Avenue New York, N.Y. 10022-4441 Re: Agreement of Sale dated as of May 16, 2001 between Washington Centre Shops, L.P., Port Richmond Associates, LLC, Academy Stores, L.P. and Greentree Road Land, Inc., as Seller and Cedar Income Fund Partnership, L.P., as Purchaser (the "Contract") Dear Sam: As you are aware, the tragic events of last week caused major disruptions in the ability to conduct business, including interruption of telephone, fax, overnight delivery and e-mail services. Additionally, there has been dislocation and unavailability of necessary parties and resources. Specifically, counsel to the first mortgagee for Academy Plaza, Anita Bergman of Thacher Proffit & Wood, whose office was located in the World Trade Center, has been unreachable and her client has not proceeded in her absence. Also, our outside counsel Stroock & Stroock have not been permitted access to their offices due to their proximity to the World Trade Center area. In addition, to date, the first mortgagee for Washington Center has not agreed to provide the estoppel required pursuant to section 1.2(e) of the Contract. Accordingly, we hereby request an extension of the Closing Date until Wednesday, October 3, 2001 (with pre-closing at your office on Tuesday, October 2, 2001). As always, your cooperation is appreciated. Very truly yours, /s/ Stuart H. Widowski ------------------------ Stuart H. Widowski General Counsel SHW:jzp cc: Leo S. Ullman Brenda J. Walker 44 South Bayles Avenue, Port Washington, N.Y. 11050 Tel: (516) 767-6492 o ###-###-####