AMOUNT,
TOGETHER WITH THE $150,000.00 DELIVERED BY PURCHASER TO ESCROW AGENT ON THE
EFFECTIVE DATE, AND ALL OTHER AMOUNTS DEPOSITED BY PURCHASER WITH ESCROW AGENT
PURSUANT TO THE AGREEMENT, SHALL BE CONSIDERED THE DEPOSIT FOR ALL PURPOSES
UNDER THE AGREEMENT.
PURCHASER ACKNOWLEDGES THAT THE DEPOSIT IS NON-REFUNDABLE
IN THE EVENT OF A DEFAULT BY PURCHASER AS SET FORTH IN SECTION 10.1 OF THE
AGREEMENT (BUT OTHERWISE SHALL BE REFUNDABLE AS EXPRESSLY PROVIDED IN THE
AGREEMENT, BUT NOT UNDER SECTION 3.2 OR SECTION 4.3.1 SINCE THE FEASIBILITY
PERIOD HAS EXPIRED.
5.
CLOSING DATE.
SECTION 5.1 OF THE AGREEMENT IS HEREBY
DELETED IN ITS ENTIRETY AND REPLACED WITH THE FOLLOWING:
"THE CLOSING SHALL OCCUR ON DECEMBER 12, 2008 (THE "CLOSING DATE") THROUGH AN
ESCROW WITH ESCROW AGENT, WHEREBY SELLER, PURCHASER AND THEIR ATTORNEYS NEED NOT
BE PHYSICALLY PRESENT AT THE CLOSING AND MAY DELIVER DOCUMENTS BY OVERNIGHT AIR
COURIER OR OTHER MEANS.
NEITHER SELLER NOR PURCHASER SHALL HAVE ANY RIGHT TO
EXTEND THE CLOSING DATE NOTWITHSTANDING ANY OTHER PROVISION OF THIS CONTRACT."
6.
COUNTERPARTS.
THIS AMENDMENT MAY BE EXECUTED AND DELIVERED
IN ANY NUMBER OF ORIGINAL OR FACSIMILE COUNTERPARTS, EACH OF WHICH SO EXECUTED
AND DELIVERED SHALL BE DEEMED TO BE AN ORIGINAL AND ALL OF WHICH SHALL
CONSTITUTE ONE AND THE SAME INSTRUMENT.
7.
RATIFICATION.
THE AGREEMENT, AS AMENDED HEREBY, REMAINS IN
FULL FORCE AND EFFECT AND IS HEREBY RATIFIED AND CONFIRMED, AS AMENDED BY THIS
AMENDMENT.
IN THE EVENT OF ANY CONFLICT BETWEEN THE AGREEMENT AND THIS
AMENDMENT, THE TERMS AND CONDITIONS OF THIS AMENDMENT SHALL CONTROL.
[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]
IN WITNESS WHEREOF, PURCHASER AND SELLER HAVE EXECUTED THIS AMENDMENT AS OF THE
DATE SET FORTH ABOVE.
Seller:
CCIP PALM LAKE, L.L.C.,
a Delaware limited liability company
By:
CONSOLIDATED CAPITAL INSTITUTIONAL
PROPERTIES, LP,
a Delaware limited partnership,
its member
By:
CONCAP EQUITIES, INC.,
a Delaware corporation,
its general partner
By:
/s/Brian J. Bornhorst
Name:
Brian J. Bornhorst
Title:
Vice President
[PURCHASER'S SIGNATURE PAGE FOLLOWS]
Purchaser:
BLACKHAWK APARTMENT OPPORTUNITY
FUND II, LLC,
an Illinois limited liability company
By:
Blackhawk Fund Manager II LLC,
its manager
By:
/s/Gary S. Richman
Name:
Gary S. Richman
Title:
Manager