FIRST AMENDMENT TO
AGREEMENT OF SALE AND PURCHASE
 
THE STATE OF TEXAS    §
§
COUNTY OF TRAVIS        §
 
This First Amendment to Agreement of Sale and Purchase (“First Amendment”) is
made by and between STRATUS PROPERTIES OPERATING CO., L.P., a Delaware limited
partnership (“Seller”), and ADVANCED MICRO DEVICES, INC., a Delaware corporation
(“Purchaser”), and is as follows:
 
R E C I T A L S:
 
A.  Seller and Purchaser entered into that one certain Agreement of Sale and
Purchase dated effective November 23, 2005 (the “Original Agreement”), covering
certain property in Travis County, Texas, more fully described therein.
 
B.  Seller and Purchaser desire to amend the Original Agreement as set forth
below.
 
C.  The Original Agreement, as amended by this First Amendment, is referred to
as the “Agreement.”
 
NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency
of which is acknowledged, Seller and Purchaser agree as follows:
 
1.  Closing Date. Notwithstanding anything in Section 5.01 or elsewhere to the
contrary, this transaction shall close on April 26, 2006; provided, however,
that if an Entitlement Challenge is filed prior to April 26, 2006, the Closing
Date may be extended as provided in Section 8.02.B.
 
2.  Detention Pond Maintenance Indemnity. That certain Declaration of Easements
and Restrictive Covenants Regarding the Maintenance of Detention Pond Facilities
- The Lantana Regional Detention Pond (Williamson Creek Watershed), dated June
14, 2000, recorded under Document No. 2000109088 of the Official Public Records
of Travis County, Texas (“Detention Pond Maintenance Covenant”) encumbers the
Property. Pursuant to the Detention Pond Maintenance Covenant, Purchaser, as the
owner of the Property, may be liable to the City for certain maintenance charges
related to Detention Facilities, as defined and set forth in the Detention Pond
Maintenance Covenant. Prior to Closing, Seller will execute an indemnity
pursuant to which Seller will indemnify Purchaser for any maintenance costs
charged by and owing to the City of Austin by Purchaser pursuant the Detention
Pond Maintenance Covenant until the later to occur of (i) the date Seller no
longer owns any property in Lantana, or (ii) the date which is five (5) years
after Closing. In addition, at Closing, Seller will provide Purchaser the same
indemnity issued by the Lantana Commercial Community, Inc. which will remain in
effect in perpetuity.
 
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3.  No Joint Community and Open Space Program. Section 8.03 and Exhibit “L” in
the Agreement are deleted in their entirety. Stratus will publicly acknowledge
that, following the recent litigation with the S.O.S. Alliance, it elected not
to contribute $2,000,000 to the AMD/Stratus open space program and shall not
object to Purchaser announcing publicly Seller’s election to withdraw such
contribution.
 
4.  Option Tracts - Negotiated Development Agreement. From the date of this
First Amendment and continuing through November 1, 2006, Purchaser may pursue a
negotiated development agreement (“AMD Development Agreement”) with the City of
Austin concerning the three Option Tracts and a fourth tract described on
Exhibit “A”, attached to this Amendment (“Tract LO4”). The three Option Tracts
and Tract LO4, are collectively referred to as the “Four Option Tracts.” Seller
consents to Purchaser’s attempt to negotiate an AMD Development Agreement with
the City of Austin provided any agreement must be approved by Seller prior to
execution by AMD, which approval will not be unreasonably withheld or delayed
provided (i) the proposed agreement does not encumber or adversely impact any of
Seller’s property other than the Four Option Tracts, (ii) does not impose on
Seller any expense or liability, and (iii) Purchaser is unconditionally
committed to close the purchase of the Four Option Tracts for an aggregate
purchase price of FIFTEEN MILLION ONE HUNDRED TWENTY-FIVE THOUSAND AND NO/100
DOLLARS ($15,125,000.00), which amount will be in addition to (a) the Lantana
Community Contribution for each of the three Option Tracts as set forth in the
three Option Agreements, and (b) the amounts due under Rialto Boulevard Cost
Reimbursement Agreement for the Three Option Agreements. There will be no
Lantana Community Contribution, Rialto Boulevard cost reimbursement, or similar
charge for Tract LO4. Seller and Purchaser agree to work diligently and in good
faith to document their agreement concerning the sale of the Four Option Tracts,
including, without limitation, the mechanism for establishing Purchaser’s
unconditional commitment to close in the event an AMD Development Agreement is
approved by Stratus, AMD and the City. Stratus and AMD will complete the
documentation required by this Paragraph 4 prior to Purchaser submitting a
proposed AMD Development Agreement to Seller for Seller’s approval.
 
5.  Effect of Amendment. Except as specifically amended by the provisions
hereof, the terms and provisions stated in the Original Contract shall continue
to govern the rights and obligations of the parties thereunder, and all
provisions and covenants of the Original Contract, as amended hereby, shall
remain in full force and effect. The terms of and provisions of the Original
Contract, as amended by this First Amendment, are hereby ratified and confirmed,
and this First Amendment and the Original Contract shall be construed as one
instrument. In that regard, this First Amendment and the Original Contract,
including all exhibits to such documents, constitute the entire agreement
between the parties relative to the subject matter hereof and supersede all
prior and contemporaneous agreements and understandings of the parties in
connection therewith. In the event of any inconsistency, the terms and
provisions of this First Amendment shall control over and modify the terms and
provisions of the Original Contract.
 
6.  Counterpart Execution. This agreement may be executed in any number of
counterparts, including execution by facsimile, with the same effect as if all
parties hereto had signed the same document, and all counterparts, either
original and/or facsimile, will constitute one and the same agreement.
 

 

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EXECUTED to be effective the _____ day of April, 2006.
 
SELLER:    STRATUS PROPERTIES OPERATING CO., L.P.,
a Delaware limited liability partnership
 

 
By: STRS L.L.C., a Delaware limited liability
 
company, General Partner
 

 
By: STRATUS PROPERTIES INC., a
 
Delaware corporation, Sole Member

 
 
By:________________________       
Printed Name: ________________     
Title:_______________________      
 
Date:__________     
 

PURCHASER:   ADVANCED MICRO DEVICES, INC.,
a Delaware corporation

 
By:________________________        
Printed Name:________________    
Title:_______________________        
 
 
Date:___________________    
 

Exhibit “A”
to First Amendment:  Description of Tract LO(4)

 

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TITLE COMPANY RECEIPT
 
Heritage Title Insurance Company of Austin, Inc. acknowledges receipt of this
Agreement, executed and, if needed, initialed, by both Seller and Purchaser this
_____ day of _________________, 2006.
 
HERITAGE TITLE INSURANCE COMPANY OF AUSTIN, INC.
 

 
By:_______________________________        
Printed Name:_______________________       
Title:______________________________        
 

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