Addendum #3 to Buy and Sell Agreement between Community Shores Bank and Baumgardner-Hogan Real Estate, LLC

Summary

This addendum, dated June 30, 2006, modifies a previous Buy and Sell Agreement from October 31, 2005, between Community Shores Bank (buyer) and Baumgardner-Hogan Real Estate, LLC (seller) for property in Muskegon County, Michigan. The buyer has deposited an additional $20,000 as earnest money, and the 90-day contingency period has started as of June 30, 2006, pending a court judgment on July 10, 2006. Both parties acknowledge and accept these changes by signing the addendum.

EX-10.1 2 k06626exv10w1.txt ADDENDUM #3 TO BUY AND SELL AGREEMENT Exhibit 10.1 ADDENDUM # 3 LOGO LOGO Office of COLBURN HUNDLEY, INC., REALTOR GRAND RAPIDS (city), Michigan Phone: 616 ###-###-#### Fax: 616 ###-###-#### Email: ***@*** Date: June 30, , 2006 (time) 1. ADDENDUM TO AGREEMENT DATED October 31, 2005 covering property commonly know as: Lots 43-48, inclusive, Shady Park, as recorded in Liber 9 of Plats, Page 54, Muskegon County Records, situated in the County of Muskegon, MI Permanent Parcel Number __________________________________________________ 2. THIS ADDENDUM TO BE AN INTEGRAL PART OF THE AGREEMENT, WHICH IS AMENDED AS FOLLOWS: 1. Pursuant to Page 1 Section 5 Buyer has deposited an additional $20,000 as an additional Earnest Deposit. 2. Buyer is hereby notifying Seller that the 90 day contingency period as stated on Page 2 Section 9 has begun as of June 30, 2006, subject to the entry of judgment on July 10, 2006. 3. BY SIGNING BELOW BUYER / TENANT ACKNOWLEDGES HAVING READ AND RECEIVED A COPY OF THIS AGREEMENT. Witness: ----------------------- Entity: COMMUNITY SHORES BANK Buyer's Address: By: /S/ Heather Brolick --------------- ------------------------------------ (Note: Please sign as you wish your -------------------------------- name to appear on the final papers.) Printed name of Signatory: Heather Brolick Its: PRESIDENT 4. BY SIGNING BELOW SELLER / LANDLORD ACKNOWLEDGES HAVING READ AND RECEIVED A COPY OF THIS AGREEMENT. Witness: Entity: Baumgardner-Hogan Real Estate, ----------------------- LLC Buyer's Address: By: /S/ Larry Baumgardner --------------- ------------------------------------ (Note: Please sign as you wish your -------------------------------- name to appear on the final papers.) Printed name of Signatory: Larry Baumgardner Its: Member LOGO