Document:

exv10w29

 

Exhibit 10.29

AMENDMENT TO

AGREEMENT OF SALE AND PURCHASE

OF IMPROVED REAL PROPERTY

     THIS AMENDMENT made as of the 6th day of May, 2005 by and between EXECUTIVE TOWER
ASSOCIATES, LIMITED PARTNERSHIP (a New Mexico limited partnership, hereinafter sometimes referred
to as “Seller”), with a principal place of business at 330 Garfield Street, Santa Fe, New Mexico
87501 and ASSET CAPITAL CORPORATION, L.L.C. (a Delaware limited liability company, hereinafter
referred to as the “Purchaser”), its successors and or assigns with a principal place of business
at 7315 Wisconsin Avenue, Suite 205 East, Bethesda, Maryland 20814.

WITNESSETH:

     WHEREAS, Purchaser and Seller are parties to that certain Agreement of Purchase and Sale of
Improved Real Property dated April 1, 2005, concerning certain property commonly known as Executive
Tower, 2101 Executive Drive, Hampton, Virginia 23666, as more particularly described therein (the
“Purchase Agreement”), and

     WHEREAS, Purchaser and Seller desire to amend the Purchase Agreement as hereinafter provided;

     NOW, THEREFORE, in consideration of the covenants, terms and conditions contained herein and
for other good and valuable consideration, the receipt and sufficiency of which is hereby
acknowledged, the Seller and the Purchaser hereby agree as follows:

 

 

1. Terms.

     Capitalized terms used in this Amendment and not otherwise defined herein shall have the
meanings ascribed to those terms in the Purchase Agreement.

2. Purchase and Sale.

     The Purchase Price for the Property is hereby modified to be FIFTEEN MILLION FOUR HUNDRED
THOUSAND DOLLARS AND NO/100ths ($15,400,000). The Purchase Price shall be paid by the Purchaser as
follows:

     (a) ONE HUNDRED THOUSAND AND NO/100ths DOLLARS ($100,000), the Initial Deposit, has been
deposited by Purchaser with Escrow Agent.

     (b) TWO HUNDRED THOUSAND AND NO/100ths DOLLARS ($200,000) in good funds, certified or
cashier’s check (the “First Additional Deposit”), shall be deposited by Purchaser with Escrow Agent
as an additional deposit to be held in escrow by Escrow Agent pursuant to the provisions of
Paragraph 3(d) of the Agreement and as otherwise provided herein on or before Tuesday, May 10,
2005. ONE HUNDRED THOUSAND AND NO/100ths DOLLARS ($100,000) in good funds, certified or cashier’s
check (the “Second Additional Deposit”), shall be deposited by Purchaser with Escrow Agent as an
additional deposit to be held in escrow by Escrow Agent pursuant to the provisions of Paragraph
3(d) of the Agreement and as otherwise provided herein on or before Tuesday, May 24, 2005 (this
amount together the Initial Deposit and the First Additional Deposit and any interest earned
thereon hereinafter described as the “Deposit”).

2

 

     (c) Purchaser shall pay to the Escrow Account maintained by Escrow Agent pursuant hereto,
on the Closing Date, immediately available funds in an amount equal to the Purchase Price less the
Deposit.

3. Review Period.

     Purchaser and Seller agree that the Review Period is hereby terminated, and all reviews and
approvals to be considered by Purchaser shall be deemed satisfied, subject to the following:

     (a) Purchaser has reviewed and approved the Commitment and the Existing Survey, but has not as
of this date received a current ALTA survey certified to Purchaser (the “Current Survey”). Should
the Current Survey show any matters not shown on the Existing Survey which Purchaser finds
objectionable, Purchaser shall have the right to deliver written notice of such matter to Seller,
and unless Seller agrees within five (5) days following receipt of such notice to cure such defect
prior to the Closing Date, Purchaser may elect to terminate this Agreement, in which event the
Deposit and all interest thereon shall be returned to Purchaser, and the parties shall be released
from all further obligations under this Agreement.

(b) This purchase is conditioned upon consummation and funding of the unit offering being sponsored
by Freeman Billings Ramsey on behalf of Buyer. If Purchaser is able to confirm on or prior to
Monday, June 6, 2005, that such funding will occur in a timely manner so as to permit Closing to
occur, Purchaser shall deliver written notice to Seller of its intention to proceed with the
purchase of the Property in accordance with the Agreement whereupon, Purchaser shall be deemed to
have waived its right to terminate this Agreement. In the event that Purchaser fails to deliver
such written notice on or prior

3

 

to such date, then this Agreement shall thereupon be deemed
terminated whereupon the Deposit and all interest thereon shall be returned to Purchaser, and the
parties shall be released from all further obligations under this Agreement.

4. Closing.

     The Closing Date under the Purchase Agreement is hereby modified to be June 27, 2005, or such
earlier date as may be agreed upon by Seller and Purchaser. In addition to the other documents to
be delivered by Seller, on or before the Closing Date Seller will deliver to Escrow Agent those
documents and instructions necessary to authorize satisfaction of the existing deed of trust loan
encumbering the Property, and to otherwise satisfy the requirements set forth in the Commitment.

5. Notices.

     The Purchase Agreement is hereby modified to provide that copies of notices to Purchaser
should be directed to:

	 	 	 
	 

	 	Kennerly Lamishaw & Rossi LLP
	 

	 	707 Wilshire Boulevard, Suite 1400
	 

	 	Los Angeles, CA 90017
	 

	 	Attn: Howard A. Parelskin
	 

	 	Phone: (213) 426-2075
	 

	 	Fax: (213) 312-1266

6. Binding Effect; Counterparts.

     Except as provided herein, the Purchase Agreement is and remains unmodified and in full force
and effect. This Amendment may be executed in any number of counterpart duplicate originals all of
which will be deemed to constitute but one document.

[Signature Page to Follow]

4

 

     IN WITNESS WHEREOF, this Amendment has been duly executed by the Purchaser and the Seller
hereto effective on the day and year set forth below opposite their respective signatures.

	 	 	 	 	 	 	 
	Date:	 	The Seller:	 	 
	 
	 	 	 	 	 	 
	 	 	EXECUTIVE TOWER ASSOCIATES,	 	 
	 	 	LIMITED PARTNERSHIP	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	BGK Realty, Inc., its general partner	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	/s/ Edward Gilbert	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:
	 	Edward M. Gilbert	 	 
	 

	 	Its:
	 	President	 	 
	 
	 	 	 	 	 	 
	 	 	The Purchaser:	 	 
	 
	 	 	 	 	 	 
	 	 	ASSET CAPITAL CORPORATION, L.L.C.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	/s/ William LeBlanc	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:	 	William B. LeBlanc, III	 	 
	 

	 	 	 	 	 	 
	 

	 	Its:	 	Member	 	 
	 

	 	 	 	 	 	 

5exv10w30

 

Exhibit 10.30

AMENDMENT
NO. 2 TO

AGREEMENT OF SALE AND PURCHASE

OF IMPROVED REAL PROPERTY

     THIS AMENDMENT made as of the 6th day of June, 2005 by and between EXECUTIVE TOWER
ASSOCIATES, LIMITED PARTNERSHIP (a New Mexico limited partnership, hereinafter sometimes referred
to as “Seller”), with a principal place of business at 330 Garfield Street, Santa Fe, New Mexico
87501 and ASSET CAPITAL CORPORATION, L.L.C. (a Delaware limited liability company, hereinafter
referred to as the “Purchaser”), its successors and or assigns with a principal place of business
at 7315 Wisconsin Avenue, Suite 205 East, Bethesda, Maryland 20814.

WITNESSETH:

     WHEREAS, Purchaser and Seller are parties to that certain Agreement of Purchase and Sale of
Improved Real Property dated April 1, 2005, concerning certain property commonly known as Executive
Tower, 2101 Executive Drive, Hampton, Virginia 23666, as more particularly described therein, as
amended (the “Purchase Agreement”), and

     WHEREAS, Purchaser and Seller desire to amend the Purchase Agreement as hereinafter provided;

     NOW, THEREFORE, in consideration of the covenants, terms and conditions contained herein and
for other good and valuable consideration, the receipt and sufficiency of which is hereby
acknowledged, the Seller and the Purchaser hereby agree as follows:

 

 

1. Terms.

     Capitalized terms used in this Amendment and not otherwise defined herein shall have the
meanings ascribed to those terms in the Purchase Agreement.

2. Purchase and Sale.

     The provisions of the Purchase Agreement regarding payment of the Purchase Price for the
Property are hereby modified as follows:

     (a) On Tuesday, June 7, 2005, Escrow Agent is hereby authorized to disburse a portion of the
Deposit in the amount of FIFTY THOUSAND AND NO/100THS DOLLARS ($50,000.00) (the “First Release
Amount”) to Seller, which amount shall remain a credit to the Purchase Price at Closing, but shall
be non-refundable to Purchaser absent a default by Seller or the failure of an express condition
under the Purchase Agreement.

     (b) On Friday, June 17, 2005, Escrow Agent is hereby authorized to disburse an additional
portion of the Deposit in the amount of FIFTY THOUSAND AND NO/100THS DOLLARS ($50,000.00) (the
“Second Release Amount”) to Seller, which amount shall remain a credit to the Purchase Price at
Closing, but shall be non-refundable to Purchaser absent a default by Seller or the failure of an
express condition under the Purchase Agreement.

3. Review Period.

     Purchaser and Seller agree that the Review Period is hereby terminated, and all reviews and
approvals to be considered by Purchaser shall be deemed satisfied, subject to the following:

2

 

     This purchase is conditioned upon consummation and funding of the unit offering being
sponsored by Freeman Billings Ramsey on behalf of Buyer (the “Offering”). If Purchaser is able to
confirm on or prior to Monday, June 27, 2005, that such funding will occur in a timely manner so as
to permit Closing to occur, Purchaser shall deliver written notice to Seller of its intention to
proceed with the purchase of the Property in accordance with the Agreement whereupon, Purchaser
shall be deemed to have waived its right to terminate this Agreement. In the event that Purchaser
fails to deliver such written notice on or prior to such date, then this Agreement shall thereupon
be deemed terminated whereupon the Deposit and all interest thereon shall be returned to Purchaser
(with the exception of the First Release Amount and the Second Release Amount, which shall be
retained by Seller), and the parties shall be released from all further obligations under this
Agreement.

4. Closing.

     The Closing Date under the Purchase Agreement is hereby modified to be July 11, 2005, or such
earlier date as may be agreed upon by Seller and Purchaser. In addition to the other documents to
be delivered by Seller, on or before the Closing Date Seller will deliver to Escrow Agent those
documents and instructions necessary to authorize satisfaction of the existing deed of trust loan
encumbering the Property, and to otherwise satisfy the requirements set forth in the Commitment.

     Notwithstanding anything to the contrary contained in the Purchase Agreement or this
Amendment, if Purchaser is unable to confirm timely funding of the Offering as contemplated in
Section 3, above, Purchaser may elect to nonetheless proceed with this transaction by providing its
own funding and conventional financing, in which event

3

 

Purchaser shall have the right to elect by
written notice to extend the Closing Date up to an additional 30 days in order to facilitate such
financing, provided that Purchaser agrees at that time to release an additional $100,000.00 of the
Deposit to Seller, subject to the same terms and conditions as the First Release Amount and the
Second Release Amount.

6. Binding Effect; Counterparts.

     Except as provided herein, the Purchase Agreement is and remains unmodified and in full force
and effect. This Amendment may be executed in any number of counterpart duplicate originals all of
which will be deemed to constitute but one document.

     IN WITNESS WHEREOF, this Amendment has been duly executed by the Purchaser and the Seller
hereto effective on the day and year set forth below opposite their respective signatures.

	 	 	 	 	 	 	 
	Date:	 	The Seller:	 	 
	 
	 	 	 	 	 	 
	 	 	EXECUTIVE TOWER ASSOCIATES,	 	 
	 	 	LIMITED PARTNERSHIP	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	BGK Realty, Inc., its general partner	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	/s/ Edward Gilbert	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:
	 	Edward M. Gilbert	 	 
	 

	 	Its:
	 	President	 	 
	 
	 	 	 	 	 	 
	 	 	The Purchaser:	 	 
	 
	 	 	 	 	 	 
	 	 	ASSET CAPITAL CORPORATION, L.L.C.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	/s/ William LeBlanc	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:	 	William B. LeBlanc, III	 	 
	 

	 	 	 	 	 	 
	 

	 	Its:	 	Member/Principal	 	 
	 

	 	 	 	 	 	 

4

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00097-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00097-of-00352.parquet"}]]