FIRST AMENDMENT TO PURCHASE AND SALE CONTRACT
Exhibit 10.73
FIRST AMENDMENT TO PURCHASE AND SALE CONTRACT
This First Amendment to Purchase and Sale Contract (this Amendment) is made as of June 16, 2009, between FISHERMANS LANDING APARTMENTS LIMITED PARTNERSHIP, a Florida limited partnership and CCIP/3 SANDPIPER, LLC, a Delaware limited liability company, each with an address at 4582 South Ulster Street Parkway, Suite 1100, Denver, Colorado 80237 ( Seller) and DT GROUP DEVELOPMENT, INC., a California corporation, with an address at 5355 Cartwright Avenue, Suite 317, North Hollywood, California 91601 ( Purchaser).
W I T N E S S E T H:
WHEREAS, Seller and Purchaser entered into a Purchase and Sale Contract dated as of May 1, 2009 (as amended, the Agreement) with respect to the sale of two certain properties known as Solana Vista and located in Manatee County, Florida and Sienna Bay located in Pinellas County, Florida, as described in the Agreement; and
WHEREAS, Seller and Purchaser desire to amend the Agreement on the terms set forth herein.
NOW, THEREFORE, in consideration of the mutual covenants herein contained, the sum of $10.00 and other good and valuable consideration, the mutual receipt and legal sufficiency of which are hereby acknowledged, the parties hereby agree as follows:
1. Capitalized Terms. Capitalized terms used in this Amendment shall have the meanings given to them in the Agreement, except as expressly otherwise defined herein.
2. Loan Assumption Approval Period. The Loan Assumption Approval Period is hereby extended to 5:00 p.m. (EST) on June 22, 2009. Notwithstanding the foregoing, Purchaser shall have no further rights to extend pursuant to Section 4.7.9.1.
3. Miscellaneous. This Amendment may be executed in counterparts, each of which shall be deemed an original and all of which, when taken together, shall constitute a single instrument and may be delivered by facsimile transmission, and any such facsimile transmitted Amendment shall have the same force and effect, and be as binding, as if original signatures had been delivered. As modified hereby, all the terms of the Agreement are hereby ratified and confirmed and shall continue in full force and effect.
IN WITNESS WHEREOF, the parties hereto have executed this Amendment as of the date and year hereinabove written.
Seller:
FISHERMAN'S LANDING APARTMENTS LIMITED PARTNERSHIP, a Florida limited partnership
By: AIMCO HOLDINGS, L.P., a Delaware limited partnership, its general partner
By: AIMCO HOLDINGS QRS, INC., a Delaware corporation, its general partner
By: /s/Brian J. Bornhorst
Name: Brian J. Bornhorst
Title: Vice President
CCIP/3 SANDPIPER, LLC, a Delaware limited liability company
By: CONSOLIDATED CAPITAL INSTITUTIONAL PROPERTIES/3, LP, a Delaware limited partnership, its member
By: CONCAP EQUITIES, INC., a Delaware corporation, its general partner
By: /s/Brian J. Bornhorst
Name: Brian J. Bornhorst
Title: Vice President
[Purchasers signature page follows]
Purchaser:
DT GROUP DEVELOPMENT, INC, a California corporation
By: /s/Jim Markel
Name: Jim Markel
Title: General Partner