Exhibit 10.50-3

 

THIRD AMENDMENT TO CONTRACT

 

This Third Amendment to Contract (“Amendment”) is entered into by and among (i)
TOLL ROAD TEXAS LAND COMPANY, L.P., a Texas limited partnership (“TTLC”), (ii)
TOLLWAY 76, L.P., a Washington limited partnership (“T76”), and (iii) THE SMITH
& WOLLENSKY RESTAURANT GROUP, INC., a Delaware corporation (“Purchaser”).  TTLC
and T76 are hereinafter collectively referred to as the “Seller”.

 

R E C I T A L S :

 

A.            Purchaser and Seller have entered into that certain Contract of
Sale, dated on or about July 19, 2002 (the “Contract”) by which Purchaser agreed
to purchase certain improved real property from Seller.  The Contract was
amended by that certain First Amendment to Contract and that certain Second
Amendment to Contract.

 

B.            Purchaser requests that Seller deliver an indemnity to Purchaser
in the form of Exhibit “A” attached hereto at closing.  Seller agrees to such
request.

 

NOW, THEREFORE, IN CONSIDERATION OF THE PREMISES AND THE COVENANTS CONTAINED
HEREIN, THE PARTIES DO HEREBY AGREE AS FOLLOWS:

 

1.             Article X of the Contract is hereby amended to add the following
new paragraph g:  “g.      Deliver to Purchaser the Indemnity attached hereto as
Exhibit “A”, executed by TTLC and T76.”

 

2.             Capitalized terms which are not defined herein shall have the
same meaning as set forth in the Contract.  All provisions of the Contract shall
remain in full force and effect except as expressly modified herein.

 

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EXECUTED on this the 19th day of September, 2002.

 

 

 

 

 

SELLER:

 

 

 

 

 

 

 

TOLL ROAD TEXAS LAND COMPANY, L.P., a
Texas limited partnership

 

 

 

 

 

 

 

By:  Tollway Land Company, L.L.C., a Washington
limited liability company, its General Partner

 

 

 

 

 

 

 

By:

/s/ Calvin C. Chandler

 

 

 

Name:

Calvin C. Chandler

 

 

 

Its:

Manager

 

 

 

 

 

 

 

 

 

 

 

TOLLWAY 76, L.P., a Washington limited

 

 

 

partnership

 

 

 

 

 

 

 

By:  RAM International GP, LLC, a Washington
limited liability company, its General Partner

 

 

 

 

 

 

 

By:

/s/ Jeffery B. Iverson Jr.

 

 

 

Name:

Jeffery B. Iverson Jr.

 

 

 

Its:

Manager

 

 

 

 

 

 

 

 

EXECUTED on this the 19th day of September, 2002.

 

 

 

 

 

 

 

PURCHASER:

 

 

 

 

 

 

 

THE SMITH & WOLLENSKY RESTAURANT
GROUP, INC., a Delaware corporation

 

 

 

 

 

 

 

By:

/s/ James M. Dunn

 

 

 

Name:

James M. Dunn

 

 

 

Its:

President

 

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EXHIBIT “A”

 

INDEMNITY

 

This Indemnity is entered into by (i) TOLL ROAD TEXAS LAND COMPANY, L.P., a
Texas limited partnership (“TTLC”), and (ii) TOLLWAY 76, L.P., a Washington
limited partnership (“T76”), in favor of (iii) THE SMITH & WOLLENSKY RESTAURANT
GROUP, INC., a Delaware corporation (“Purchaser”).

 

A.            TTLC, T76, and Purchaser have entered into that certain Contract
of Sale dated October 19, 2002 (the “Contract”), whereby TTLC and T76 agreed to
sell and convey certain real and personal property to Purchaser, which real
property is described on Exhibit “A” attached hereto (the “Real Property”).

 

B.            In the course of Purchaser’s due diligence, Purchaser was unable
to confirm whether TTLC had complied with Article Two, Section 3 of that certain
Modification of the Declaration for the Jackson Property and Restated
Declaration of Covenants, Conditions and Restrictions for a Certain 27.74 Acre
Portion of the Jackson Property (the “Declaration”), which was recorded in
Volume 1493, Page 536 of the Real Property Records of Collin County, Texas. 
More specifically, Purchaser was unable to confirm whether the Architectural
Control Committee referenced in the Declaration had approved the plans and
specifications for TTLC’s improvements on the Real Property.

 

C.            Purchaser is willing to proceed with the closing of the purchase
of the Real Property under the Contract, but only if TTLC and T76 agree to
indemnify Purchaser as set forth herein.

 

NOW, THEREFORE, in consideration of the premises, and other good and valuable
consideration, the receipt and sufficiency of which is hereby acknowledged, TTLC
and T76, jointly and severally, hereby agree to indemnify, defend, protect, save
and hold harmless Purchaser against, and will reimburse Purchaser on demand for,
any damages, costs, expenses (including attorneys fees), claims, or liabilities,
Purchaser may have or suffer as a result of TTLC’s failure, or alleged failure,
to obtain Architectural Control Committee approval for the plans and
specifications for the improvements placed on the Real Property by TTLC and its
predecessors.  This agreement shall be binding on, and inure to the benefit of,
the parties and their successors and assigns.

 

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EXECUTED on this the                   day of October, 2002.

 

 

 

TOLL ROAD TEXAS LAND COMPANY, L.P., a
Texas limited partnership

 

 

 

 

 

By:  Tollway Land Company, L.L.C., a Washington
limited liability company, its General Partner

 

 

 

 

 

By:

 

 

 

Name:

 

 

 

Its:

 

 

 

 

 

 

TOLLWAY 76, L.P., a Washington limited
partnership

 

 

 

 

 

 

 

 

By:  RAM International GP, LLC, a Washington
limited liability company, its General Partner

 

 

 

 

 

By:

 

 

 

Name:

 

 

 

Its:

 

 

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EXHIBIT “A”

 

 

Lot 8, Block C of Greenway Addition, an addition to the City of Dallas, Collin
County, Texas, according to the plat thereof recorded in Volume J, Page 599, Map
Records, Collin County, Texas.

 

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