FIRST AMENDMENT TO PURCHASE AND SALE CONTRACT



Exhibit 10.43

 

SECOND AMENDMENT TO 
PURCHASE AND SALE
CONTRACT

 

           
THIS SECOND AMENDMENT TO PURCHASE AND SALE CONTRACT (this "Second
Amendment") is made and entered into this 29th day of March,
2010 (the "Second Amendment Date"), by and among ANGELES INCOME
PROPERTIES, LTD. 6, a California limited partnership, having an address at
4582 South Ulster Street Parkway, Suite 1100, Denver, Colorado 80237
("Seller") and HOMESTEAD ON LAKE LANSING, LLC, a Michigan
limited liability company, having a principal address at 1575 Watertower Place,
East Lansing, Michigan 48823 ("Purchaser").  

 

RECITALS:

 

           
WHEREAS, Seller and Purchaser entered into that certain Purchase and Sale
Contract dated October 26, 2009, as reinstated and amended by that certain
Reinstatement and First Amendment to Purchase and Sale Contract dated February
3, 2010 (as amended, the "Contract"), for certain real property
situated in the County of Ingham, State of Michigan, commonly known as Homestead
Apartments, and more specifically described in the Contract (the
"Property"); and 

 

           
WHEREAS, Seller and Purchaser desire to ratify the Contract and amend the
Contract on the terms and conditions set forth below.

 

AGREEMENT:

 

           
NOW, THEREFORE, in consideration of the mutual covenants set forth in the
Contract and herein and for other good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged, Seller and Purchaser agree to
amend the Contract as follows:

 

 

1.                 
Closing Proration.  Seller and Purchaser agree that
Seller shall be entitled to a credit at Closing in an amount equal to Six
Thousand Dollars and 00/100 ($6,000.00) for certain work at the Property
required by Purchaser's Senior Financing Lender, which credit shall be evidenced
in the Proration Schedule.    

2.                 
General Provisions.  The following provisions shall apply
with respect to this Second Amendment:

(a)               
Except as modified herein, the Contract is in full force and effect and
is hereby ratified by Purchaser and Seller.  

(b)              
Capitalized terms used, but not otherwise defined, herein shall have the
same meaning as ascribed to such terms in the Contract.

(c)               
In the event of any conflict between the Contract and this Second
Amendment, the terms and conditions of this Second Amendment shall control. 

(d)              
This Second Amendment may be executed in counterparts, each of which (or
any combination of which) when signed by all of the parties shall be deemed an
original, but all of which when taken together shall constitute one
agreement.  Executed copies hereof may be delivered by telecopier or
electronic mail and upon receipt shall be deemed originals and binding upon the
parties hereto, and actual originals shall be promptly delivered
thereafter.




           
NOW, THEREFORE, the parties hereto have executed this Second Amendment as
of the Second Amendment Date.

 

 

SELLER:

 

ANGELES
INCOME PROPERTIES, LTD. 6,

a
California limited partnership

 

By:      
ANGELES REALTY CORPORATION II,

           
a California corporation,

           
its general partner

 

           
By:       /s/John Spiegleman

           
Name:  John Spiegleman

           
Title:     Senior Vice President

 

 

 




 

PURCHASER:

 

 

HOMESTEAD
ON LAKE LANSING, LLC,

a
Michigan limited liability company

 

By:
/s/James F. Anderton, IV

Name:
 James F. Anderton, IV

Title:    
Managing Member, Maplegrove Property Management, LLC

                                                                       
Manager of Homestead on Lake Lansing, LLC