Amendment to Purchase and Sale Agreement for Public Ledger Building between Consortium Two-Public Ledger, L.P. and Triple Net Properties, LLC

Contract Categories: Business Finance › Purchase Agreements
Summary

This letter agreement amends the original Purchase and Sale Agreement between Consortium Two-Public Ledger, L.P. (the seller) and Triple Net Properties, LLC (the buyer) for the Public Ledger Building in Philadelphia. The buyer agrees to a $300,000 reduction in the purchase price, lowering it to $33,950,000. The buyer also approves the property's condition, waives all title objections, and confirms arrangements to send an additional $500,000 deposit. The agreement is signed by representatives of both parties and is effective as of January 12, 2004.

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EX-10.03 5 a96752exv10w03.txt EXHIBIT 10.03 EXHIBIT 10.03 [TRIPLE NET PROPERTIES LLC LOGO] January 12, 2004 VIA FACSIMILE ###-###-#### Mr. Gary Griffin CONSORTIUM TWO - PUBLIC LEDGER, L.P. c/o The Bernstein Companies 3299 K Street N.W., Suite 700 Washington, DC 20007 VIA FACSIMILE ###-###-#### Mr. Robert J. Faney, Jr. Cushman & Wakefield of Pennsylvania, Inc. 1717 Arch Street 30th Floor Philadelphia, PA 19103 RE: PUBLIC LEDGER BUILDING PHILADELPHIA, PA Dear Gentlemen: Pursuant to Section 3.8 of the real estate Purchase and Sale Agreement by and between CONSORTIUM TWO - PUBLIC LEDGER, L.P. ("Seller") and Triple Net Properties, LLC, a Virginia limited liability company ("Purchaser") (the "Agreement"). The Purchaser's inspection Period expires on January 12, 2004. The Purchaser has agreed to a price reduction of $300,000. Thus, the Purchase Price is to be reduced to $33,950,000 from the original agreed-upon price of $34,250,000. Purchaser hereby approves the condition of the property as provided in Section 3.1.1 of the Agreement. Purchaser hereby agrees to waive all title objections under Section 3.2.2. Arrangements have been made to send the Additional Deposit of $500,000. Buyer Seller Consortium Two-Public Ledger, L.P. /s/ Anthony W. Thompson /s/ Marc N. Duber - ------------------------------ --------------------------------------- Anthony W. Thompson, By: Marc N. Duber President, Triple Net Properties, LLC Vice President cc: Louis Rogers, Joseph J. McQuade, Hirschler Fleischer (via facsimile ###-###-####) 1551 North Tustin Avenue, Suite 200 - Santa Ana, CA 92705 tel ###-###-#### toll-free 887.888.REIT (7348) 714 ###-###-#### fax ###-###-####