Exhibit 10.5

 

SECOND AMENDMENT TO PURCHASE AND SALE AGREEMENT

 

This SECOND AMENDMENT TO PURCHASE AND SALE AGREEMENT (this “Amendment”) is
entered into as of January 9, 2013 by and between FWH Legacy Park Frisco, LLC, a
Delaware limited liability company (“Seller”) and CWI Legacy Park Hotel, LLC, a
Delaware limited liability company (“Buyer”).

 

RECITALS

 

WHEREAS, Seller and Buyer entered into that certain Purchase and Sale Agreement
dated as of December 7, 2012 (the “Agreement”), as amended by that certain First
Amendment to Purchase and Sale Agreement dated as of January 4, 2013 (the “First
Amendment” and together with the Agreement, collectively, the “PSA”); and

 

WHEREAS, Seller and Buyer desire to further amend the PSA in accordance with the
terms and conditions set forth below.

 

NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency
of which is hereby acknowledged, Seller and Buyer hereby agree as follows:

 

1.         Section 2.2(a) of the PSA is hereby deleted in its entirety and
replaced with the following:

 

“The consideration for the purchase of the Asset shall be $15,800,000.00
(“Purchase Price”), which shall be paid by the Buyer to the Seller at the
Closing in immediately available funds by wire transfer to such account or
accounts that the Seller shall designate to the Buyer; provided that such amount
shall be reduced by the Earnest Money and adjusted for Closing adjustments and
credits provided for in ARTICLE IX and elsewhere in the Agreement.”

 

2.         Section 9.1(o) of the PSA is hereby deleted in its entirety and
replaced with the following:

 

“(o)      The Seller shall receive a credit against the Purchase Price at
Closing in the amount of Three Hundred Thousand Dollars ($300,000) in
consideration for certain mutually agreed upon closing costs which the Buyer has
agreed to reimburse the Seller for.”

 

3.         Except as specifically amended hereby, the PSA remains in full force
and effect and is hereby ratified by the parties hereto.  In the event that any
of the terms or conditions of the PSA conflict with this Amendment, the terms
and conditions of this Amendment shall control.  The parties hereto agree that
this Amendment is intended to further amend the PSA.

 

4.         This Amendment shall be governed by, interpreted under, and construed
and enforced in accordance with, the laws of the State in which the Property is
located, without giving effect to any principles regarding conflict of laws.

 

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5.         This Amendment may be executed in any number of identical
counterparts, any or all of which may contain the signatures of less than all of
the parties, and all of which shall be construed together as a single
instrument.  For purposes of this Amendment, signatures by facsimile or
electronic PDF shall be binding to the same extent as original signatures.

 

[Signature Pages to Follow]

 

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IN WITNESS WHEREOF, this Second Amendment to Purchase and Sale Agreement has
been duly executed by the parties hereto under seal as of the day and year first
above written.

 

 

BUYER:

CWI Legacy Park Hotel, LLC

 

 

 

 

 

 

 

 

By:

/s/ Michael C. Coolidge

 

 

 

Michael C. Coolidge

 

 

 

Vice President

 

 

 

 

 

 

 

 

 

 

SELLER:

FWH Legacy Park Frisco, LLC

 

 

 

 

 

By:

Fairwood Hospitality Investors, L.L.C., its member

 

 

 

 

 

 

By:

Fairwood Investors, LLC,

 

 

 

its Manager

 

 

 

 

 

 

 

 

By:

/s/ Todd Solmson

 

 

 

Todd Solmson

 

 

 

Vice President

 

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[COUNTERPART SIGNATURE PAGE TO FIRST AMENDMENT TO PURCHASE AND SALE AGREEMENT]

 

 

The undersigned Escrow Agent joins in the execution of this Second Amendment to
Purchase and Sale Agreement:

 

 

 

ESCROW AGENT:

 

 

 

First American Title Insurance Company

 

 

 

 

 

By:/s/ Rita Bost

 

 

 

Name:

Rita Bost

 

Its:

Senior Commercial Escrow Agent

 

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