First Amendment to Purchase and Sale Agreement between Murray Income Properties II, Ltd. and Phillip H. McNeill, Sr.

Summary

This amendment updates the original Purchase and Sale Agreement between Murray Income Properties II, Ltd. (Seller) and Phillip H. McNeill, Sr. (Purchaser), effective November 28, 2000. It requires the Seller to provide Subordination Agreements from tenants occupying at least 70% of the rentable space at closing. All other terms of the original agreement remain unchanged. The amendment is effective upon execution by both parties.

EX-10.7 8 d82672ex10-7.txt FIRST AMENDMENT TO PURCHASE AND SALE AGREEMENT 1 EXHIBIT 10.7 FIRST AMENDMENT TO PURCHASE AND SALE AGREEMENT THIS FIRST AMENDMENT TO PURCHASE AND SALE AGREEMENT (this "Amendment") is made and executed effective as of November 28, 2000, by and between MURRAY INCOME PROPERTIES II, LTD., a Texas limited partnership ("Seller") and PHILLIP H. McNEILL, SR. ("Purchaser"). Purchaser and Seller entered into that certain Purchase and Sale Agreement dated effective as of October 29, 2000 (said Purchase and Sale Agreement, herein called the "Agreement"). Purchaser and Seller now desire to amend the Agreement. NOW, THEREFORE, in consideration of the premises, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows: 1. Subordination Agreements. Section 7.4(e) is hereby amended to add the requirement that at Closing, Seller shall deliver to Purchaser Subordination Agreements substantially in the form of Exhibit A attached to this Amendment executed by tenants representing at least seventy percent (70%) of the rentable square feet of space in the Improvements (collectively, the "Subordination Agreements"). Section 9.1(d) is hereby amended to add the phrase "and Subordination Agreements" in line one and line three immediately following the words Tenant Estoppel Certificates. 2. Ratification. Except as provided otherwise in this Amendment, the Agreement shall continue in full force and effect in accordance with its terms. 3. Defined Terms. Terms defined in the Agreement shall have the same meaning when used in this Amendment. 4. Counterparts. This Amendment may be executed in two or more identical counterparts, each of which when so executed shall be deemed to be an original, but all of which when taken together shall constitute one and the same instrument. REMAINDER OF THIS PAGE LEFT BLANK INTENTIONALLY 2 IN WITNESS WHEREOF, the parties have executed this Amendment as of the date first written above. PURCHASER: /s/ Phillip H. McNeill, Sr. ---------------------------------------- PHILLIP H. McNEILL, SR. SELLER: MURRAY INCOME PROPERTIES II, LTD., a Texas limited partnership By: Murray Realty Investors IX, Inc., a Texas corporation General Partner By: /s/ Brent Buck --------------------------------- Name: Brent Buck Title: Executive Vice President