Document:

Sixth Amendment - Sienna Bay

Exhibit 10.91

 

SIXTH AMENDMENT TO PURCHASE AND SALE CONTRACT FOR SIENNA
BAY

 

           
This Sixth Amendment to Purchase and Sale Contract (this
“Amendment”) is made as of December 28, 2009 between CCIP/3 SANDPIPER,
LLC, a Delaware limited liability company ("Seller") and DT GROUP
DEVELOPMENT, INC., a California Corporation (“Purchaser”).

W I T N E S S E T H:

           
WHEREAS, Seller and Purchaser entered into that certain Purchase and Sale
Contract, dated as of August 14, 2009, as amended by (i) First Amendment to
Purchase and Sale Contract for Sienna Bay dated as of October 8, 2009, (ii)
Second Amendment to Purchase and Sale Contract for Sienna Bay dated as of
November 10, 2009, (iii) Third Amendment to Purchase and Sale Contract for
Sienna Bay dated as of November 12, 2009, (iv) Fourth Amendment to Purchase and
Sale Contract for Sienna Bay dated as of November 25, 2009 and (v) Fifth
Amendment to Purchase and Sale Contract for Sienna Bay dated as of December 11,
2009 (collectively, the “Contract”), with respect to the sale of that
certain property known as Sienna Bay, having an address at 10501 3rd Street North, St. Petersburg, FL 33716, and as
more particularly described in the Contract; and

           
WHEREAS, Seller and Purchaser desire to amend certain provisions of the
Contract as hereinafter set forth.

           
NOW, THEREFORE, in consideration of the mutual covenants herein
contained, the sum of $10.00 and other good and valuable consideration, the
mutual receipt and legal sufficiency of which are hereby acknowledged, the
parties hereby agree as follows:

1.     
Capitalized Terms.     Capitalized terms used
in this Amendment shall have the meanings given to them in the Contract, except
as expressly otherwise amended or defined herein.

2.     
Concerning the Fifth Amendment.  Sections 2(b) and 3 of the
Fifth Amendment to Purchase and Sale Contract for Sienna Bay, dated as of
December 11, 2009, are hereby deleted and are of no further force and
effect.

3.     
Release of Deposit.  On the date hereof the full amount of
the Deposit (i.e., $642,000) shall be released from escrow and remitted by
Escrow Agent to Seller.  By execution and delivery of this Amendment by
Seller and Purchaser, Escrow Agent is hereby authorized and directed to so
release the Deposit directly to Seller.

4.     
Additional Deposits.  (a)  On or before December 29,
2009, Purchaser shall pay directly, to Seller, by wire transfer of immediately
available federal funds, an additional deposit of $358,000, pursuant to the wire
instructions attached hereto as Exhibit A.  Upon making such
deposit, the total Deposit shall be $1,000,000.

                                               
(b)  On or before January 8, 2010, Purchaser shall deposit an additional $500,000 with Escrow Agent.  Upon making such
deposit, the total Deposit shall be $1,500,000 (of which $1,000,000 shall be
held directly by Seller and $500,000 shall be held in escrow by the Escrow Agent
pursuant to the terms of the Contract).

5.     
Miscellaneous.          
This Amendment (a)  supersedes all prior oral or written communications
and agreement between or among the parties with respect to the subject matter
hereof, and (b) may be executed in counterparts, each of which shall be
deemed an original and all of which, when taken together, shall constitute a
single instrument and may be delivered by facsimile transmission, and any such
facsimile transmitted Amendment shall have the same force and effect, and be as
binding, as if original signatures had been delivered.  As modified hereby,
all the terms of the Contract are hereby ratified and confirmed and shall
continue in full force and effect.

           
IN WITNESS WHEREOF, the parties hereto have executed this Amendment as of
the date and year hereinabove written.

 

Seller:

 

CCIP/3
SANDPIPER, LLC, a Delaware limited liability company

 

By:
   CONSOLIDATED CAPITAL INSTITUTIONAL PROPERTIES/3, LP, a Delaware
limited partnership, its member

 

By:   
CONCAP EQUITIES, INC., a Delaware corporation, its general partner 

 

 

By: 
/s/John Spiegleman

Name: 
John Spiegleman

Title: 
Senior Vice President

 

Purchaser:

DT
GROUP DEVELOPMENT, INC, a California
corporation

 

By: 
/s/Dan Markel
Name:  Dan Markel
Title:  President and
CEO

 

EXHIBIT A

 

Wire Instructions

 

 

	
Bank: 

	
Wachovia 
(Charlotte, NC)

	
ABA
#:  
	
053-000-219 

	
Account
Number:
	
2000010968907

	
Account
Name:  
	
AIMCO
Properties Partnership Concentration Account

	
Reference: 

	
CCIP/3 Sandpiper, LLC - 005681
sale depositFebruary 13, 2007

December 28, 2009

David Scoglio

1904 Jadewood Drive

Morrisville, NC 27560

919-235-5060

Dear Dave:

I am pleased to offer you a position as the Chief Financial Officer for Asure Software, reporting to Pat Goepel, Chief Executive Officer.  Your position with Asure Software will begin on Friday, January 1, 2010.

Your salary will be $6,000 paid semi-monthly which is equal to $144,000 a year.  In addition to your salary, effective January 1, 2010, Asure software is implementing a bonus program on Net Income or a commission/bonus plan for the position that would be defined over the next few months. The program will distribute 30% of Net Income, by year end, ratably across all employees based on a weighted average annual base salary. Details of the program will be announced January 1, 2010 and will include bonus opportunity specifics for each employee. At $1M in net income, the program is designed to approximate a 10% bonus opportunity on base salary.

In addition to your salary and bonus structure, you will be eligible for company stock which will be approved by the Asure Software Board of Directors at the end of the 2009 year.

The current payroll dates are on the 15th and last day of each month. Asure Software also provides a competitive benefits package including:  paid holidays and vacation, 401K savings plan, comprehensive medical and dental insurance which will be available to you the first of the month following your hire date.

Texas is an at-will state and employment may be terminated at any time by either the employee or employer.  Employment with Asure Software is an “at-will” relationship; that is, employees have the right to terminate their employment at any time, for any reason, with or without cause, and without notice. Asure retains the same right, and may terminate an employee’s employment at any time, for any reason with or without cause, and without notice.  

Upon accepting this offer, an introductory period will occur during the first (90) days of employment. Asure Software management will be evaluating your performance to ensure a positive relationship between the employee and Asure Software.  This period will help identify that whether your performance is satisfactory and expectations on both parties are clearly defined and are being met.  This procedure in no way affects the At Will status of an employee.

This offer is contingent upon your return of the signed copy of your offer letter and a signed copy of the Non Disclosure Agreement to Asure Software no later than Thursday December 31, 2009.  To indicate your acceptance of the above-cited offer, please sign this offer letter and return it with your start date indicated.

Sincerely,

Lisa M Flynn

Office Manager

Enclosure

	Date ______________________

Start Date __________

Acceptance _____________________________________

AUSTIN: 108 Wild Basin Rd I Suite 300 I Austin, TX I 78746 I P: 512.437.2700 I F: 512.437.2365

SEEKONK: 699 Fall River Ave. I Seekonk, MA I 02771

MUMBAI: Plot No 369, Old UTI Bldg., Opp UTTAM Da-Dhaba, Marol Maroshi B, Andheri (East) Mumbai, 400093fgbloanmodification.htm

Exhibit 10.1

 

CHANGE IN TERMS AGREEMENT

	
Principal
	
Loan Date
	
Maturity
	
Loan No
	
Call / Coll
	
Account
	
Officer
	
Initials

	
$9,989,367.50
	
04-30-2008
	
04-30-2013
	
25915746
	
220 / 54
	  	
EJD
	  
	
References in the boxes above are for Lender’s use only and do not limit the applicability of this document to any particular loan or item.

Any item above containing “ * * * “ has been omitted due to text length limitations

	
Borrower:
	
PREMIER FINANCIAL BANCORP, INC. (TIN:

61-1206757)

2883 FIFTH AVE.

HUNTINGTON, WV  25702
	  	
Lender:
	
FIRST GUARANTY BANK

First Guaranty Square Banking Center - Commercial

Lending

400 East Thomas Street

P 0 Box 2009

Hammond, LA 70404-2009

(985) 345-7685

	
Principal Amount: $9,989,367.50
	  	
Date of Agreement:  December 29, 2009

 

DESCRIPTION OF EXISTING INDEBTEDNESS.  PROMISSORY NOTE #25915745 DATED APRIL 30, 2008 IN THE ORIGINAL PRINCIPAL AMOUNT OF $11,550,000.00 WITH A CURRENT PRINCIPAL BALANCE OF $9,989,367.50.

DESCRIPTION OF COLLATERAL.  COMMERCIAL PLEDGE AGREEMENT DATED 01/31/2006.

DESCRIPTION OF CHANGE IN TERMS.  EFFECTIVE ON THE DATE OF THIS AGREEMENT, THE INTEREST RATE WILL BE AT A FIXED INTEREST RATE OF 3.960% FOR THE REMAINING TERM OF THIS LOAN IN ACCORDANCE WITH THE PAYMENT SCHEDULE DEFINED BELOW.

IN ADDITION, EFFECTIVE ON THE DATE OF THIS AGREEMENT THE BORROWER WILL NOT BE ENTITLED TO ANY FUTURE LOAN ADVANCES.

THE PAYMENT DUE ON DECEMBER 30, 2009 WAS PAID ON DECEMBER 28, 2009, AND A CHANGE IN TERMS FEE OF $29,968.10 WAS COLLECTED.

PAYMENT.  Borrower will pay this loan in 39 principal payments of $50,000.00 each and one final principal and interest payment of $8,068,781.74.  Borrower’s first principal payment is due January 30, 2010, and all subsequent principal payments are due on the same day of each
month after that.  In addition, Borrower will pay regular monthly payments of all accrued unpaid interest due as of each payment date, beginning January 30, 2010, with all subsequent interest payments to be due on the same day of each month after that.  Borrower’s final payment due April 30, 2013, will be for all principal and all accrued interest not yet paid.

INTEREST CALCULATION METHOD.  Interest on this loan is computed on a 365/360 basis; that is, by applying the ratio of the interest rate over a year of 360 days, multiplied by the outstanding principal balance, multiplied by the actual number of days the principal balance is outstanding.  All
interest payable under this loan is computed using this method.

CONTINUING VALIDITY.  Except as expressly changed by this Agreement, the terms of the original obligation or obligations, including all agreements evidenced or securing the obligation(s), remain unchanged and in full force and effect.  Consent
by Lender to this Agreement does not waive Lender’s right to strict performance of the obligation(s) as changed, nor obligate Lender to make any future change in terms.  Nothing in this Agreement will constitute a satisfaction of the obligation(s).  It is the intention of the Lender to retain as liable parties all makers and endorsers of the original obligation(s), including accommodation parties, unless a party is expressly released by Lender in writing.  Any maker or endorser,
including accommodation makers, will not be released by virtue of this Agreement.  If any person who signed the original obligation does not sign this Agreement below, then all persons signing below acknowledge that this Agreement is given conditionally, based on the representation to Lender that the non-signing party consents to the changes and provisions of this Agreement or otherwise will not be released by it.  This waiver applies not only to any initial extension, modification or release,
but also to all subsequent actions.

 

PRIOR TO SIGNING THIS AGREEMENT, BORROWER READ AND UNDERSTOOD ALL THE PROVISIONS OF THIS AGREEMENT.

 

BORROWER:

 

        PREMIER FINANCIAL BANCORP, INC.

 

By:    /s/ Robert W. Walker, President & CEO

        ROBERT W. WALKER, President & CEO of PREMIER

        FINANCIAL BANCORP, INC.

 

 

LENDER:

 

FIRST GUARANTY BANK

 

By:    /s/ Eric J. Dosch                                            

     Eric J Dosch, Loan Officer

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