Second Extension of Contingency Period Letter for Vacant Land Purchase 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, extends the contingency period in a vacant land purchase agreement with Norton Shores Hotel, L.L.C. by 30 days, now expiring on February 21, 2005. The extension is formalized by delivering a $30,000 extension fee to Transnation Title Insurance Company, the escrow agent. The letter also requests the seller's approval of a related amendment to proceed to closing. The main parties are Community Shores Bank, Norton Shores Hotel, L.L.C., and Transnation Title Insurance Company.

EX-10.4 5 k92443exv10w4.txt LETTER DATED JANUARY 21, 2004 EXHIBIT 10.4 (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 ***@*** January 21, 2005 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: SECOND 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, as extended pursuant to that letter dated December 22, 2004 (collectively, the "Purchase Agreement"). Pursuant to paragraph 4 of the Purchase Agreement, the purpose of this letter is to extend the Contingency Period (as defined in the Purchase Agreement) for an additional thirty (30) day period to expire on February 21, 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. Finally, in order to proceed to a closing in this matter, it is critical that we obtain the Seller's response to my e-mail dated December 29, 2004 to Mr. Sevald requesting the Seller's approval of the Consent to Second Amendment. 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