Extension Letter for Contingency Period under Buy and Sell Agreement between Norton Shores Hotel, L.L.C. and Community Shores Bank

Summary

This letter, sent by Varnum, Riddering, Schmidt & Howlett LLP on behalf of Community Shores Bank, notifies the parties to a Buy and Sell Agreement for vacant land (originally dated July 26, 2004, and amended October 25, 2004) that the contingency period is being extended by 30 days, now expiring on January 22, 2005. A $30,000 extension fee is delivered to Transnation Title Insurance Company, acting as Escrow Agent, in accordance with the agreement's terms.

EX-10.3 4 k92443exv10w3.txt LETTER DATED DECEMBER 22, 2004 EXHIBIT 10.3 (VARNUM LOGO) 1600 SOUTH BEACON BOULEVARD - SUITE 240 GRAND HAVEN, MICHIGAN 49417 TELEPHONE 616 / 846-7100 - FAX 616 / 846-7101 - WWW.VARNUMLAW.COM JEFFREY W. BESWICK E-MAIL ***@*** December 22, 2004 VIA FAX: 616 ###-###-#### VIA FAX: 616 ###-###-#### Mark D. Sevald Sara L. Kalsbeek Borre, Peterson, Fowler & Reens, PC TRANSNATION TITLE INSURANCE COMPANY 300 Ottawa Avenue, N.W., Suite 500 16930 Robbins Road, Suite 135 PO Box 1767 Grand Haven, MI 49417 Grand Rapids, MI 49503 RE: EXTENSION OF CONTINGENCY PERIOD Dear Mark and Sara: We represent Community Shores Bank with respect to that Buy and Sell Agreement for Vacant Land between Norton Shores Hotel, L.L.C. and Community Shores Bank dated July 26, 2004, as amended by that First Amendment to Purchase Agreement between Norton Shores Hotel, L.L.C. and Community Shores Bank dated October 25, 2004 (collectively, the "Purchase Agreement"). Pursuant to paragraph 4 of the Purchase Agreement, the purpose of this letter is to extend the initial Contingency Period (as defined in the Purchase Agreement) for an additional thirty (30) day period to expire on January 22, 2005. I am delivering to Transnation Title Insurance Company (as Escrow Agent) with this letter a $30,000 extension fee in compliance with paragraph 4 of the Purchase Agreement. Please contact me if you have any questions. Very truly yours, VARNUM, RIDDERING, SCHMIDT & HOWLETT LLP /s/ Jeffrey W. Beswick Jeffrey W. Beswick JWB:df Enclosure cc: Denny Cherette Heather Brolick Bev Van Kampen Tim Guyselman