Document:

EXHIBIT 10.21.1

 EXHIBIT 10.21.1 
  
 FIRST AMENDMENT 
  
 TO 
  
 PURCHASE AND SALE AGREEMENT 
  
 This FIRST AMENDMENT TO PURCHASE AND SALE AGREEMENT (this “Agreement”) is made and entered into on October 7, 2003, between AP/APMC SAVANNAH, L.P. (“Seller”) and BARCELÓ CRESTLINE
CORPORATION, a Maryland corporation (“Purchaser”). 
  
 RECITALS 
  
 WHEREAS, Seller and Purchaser have
entered into that certain Purchase and Sale Agreement dated as of September 17, 2003 (the “Original Agreement”); and 
  
 WHEREAS, Purchaser and Seller have decided to amend certain provisions of the Original Agreement. 
  
 NOW, THEREFORE, in consideration of the mutual agreements contained herein,
and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 
  
 AGREEMENT 
  
 1. The last paragraph of Section 3(b) of the Original Agreement is amended and restated in its entirety as follows: 
  
 On or before October 10, 2003, Buyer shall notify Seller of any items in the
Title Commitment or Survey (other than the Existing Title Exceptions and those items identified in Sections 3(b)(ii), 3(b)(iii), 3(b)(v) and 3(b)(vi)) which are unsatisfactory to Buyer in its sole and absolute discretion (the
“Objections”). Except to the extent that Buyer notifies Seller of any Objections in accordance with the foregoing, any items that are shown in the Title Commitment or on the Survey as of the expiration of the Inspection Period shall
be deemed to have been approved by Buyer and shall be Permitted Exceptions for all purposes under this Agreement. If Buyer timely notifies Seller of any Objections, Seller may, but except as expressly provided herein shall not be obligated to, elect
to cure any or all of such Objections, to Buyer’s and the Title Company’s reasonable satisfaction. Seller will give notice to Buyer within three (3) business days following the date of Buyer’s delivery to Seller of the Objections,
stating whether Seller agrees to cure such Objection prior to Closing. If Seller fails to timely give such notice, then 

 
Seller shall be conclusively deemed to have elected not to cure any such Objections. If Seller elects (or is deemed to elect) not to agree to cure any such
Objections, then Buyer may either (i) waive such Objections, without any reduction of the Purchase Price, in which event the waived Objections shall become Permitted Exceptions for all purposes under this Agreement or (ii) terminate this Agreement
by written notice to Seller, whereupon the Deposit shall be promptly returned to Buyer and the parties shall have no further rights or liabilities under this Agreement other than those that expressly survive the termination of this Agreement. Buyer
shall make the election described in the preceding sentence by written notice to Seller prior to the expiration of the Inspection Period, or, if later, within two (2) business days following its receipt of Seller’s notice with respect to the
applicable Objection, and in the event that Buyer does not make such election, Buyer shall be conclusively deemed to have waived all Objections. Seller shall cure at or before Closing any Objection that it has agreed to cure in accordance with this
Section 3(b). 
  
 2. The maximum buyout amount for the postal
equipment contract with Pitney Bowes Credit Corporation set forth on Schedule 5(a)(iii) is hereby changed from $16,000 to $22,577. 
  
 3. Except as amended by Section 1 and Section 2 above, the Original Agreement is unchanged and remains in full force and effect. 
  
 4. This Agreement may be executed in separate counterparts, the signatures on
which may be by facsimile, none of which need contain the signatures of all parties, each of which shall be deemed to be an original, and all of which taken together constitute one and the same instrument. It shall not be necessary in making proof
of this Agreement to produce or account for more than the number of counterparts containing the respective signatures of, or on behalf of, all of the parties hereto. 
  

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 IN WITNESS WHEREOF, Seller and Purchaser have duly executed this Agreement as of the date first above
written. 
  

	SELLER:
	
	AP/APMC SAVANNAH, L.P.
	
	 By: AP/APMC-GP, Inc.

			
	 	 	 By:
	 	 /s/  RICARDO KOENIGSBERGER

	 	 	 Name:
	 	 Ricardo Koenigsberger

	 	 	 Title:
	 	 Vice President

	
	PURCHASER:
	
	BARCELÓ CRESTLINE CORPORATION
		
	 By:
	 	 /s/  BRUCE D. WARDINSKI

	 Name:
	 	 Bruce D. Wardinski

	 Title:
	 	 President and CEO

  

 3EXHIBIT 10.21.2

 EXHIBIT 10.21.2 
  
 SECOND AMENDMENT 
  
 TO 
  
 PURCHASE AND SALE AGREEMENT 
  
 This SECOND AMENDMENT TO PURCHASE AND SALE AGREEMENT (this “Amendment”) is made and entered into as of October 17, 2003, between AP/APMC SAVANNAH, L.P. (“Seller”) and BARCELÓ CRESTLINE
CORPORATION, a Maryland corporation (“Buyer”). 
  
 RECITALS 
  
 WHEREAS, Seller and Buyer have
entered into that certain Purchase and Sale Agreement dated as of September 17, 2003, as amended by that First Amendment to Purchase and Sale Agreement dated as of October 7, 2003 (collectively, the “Original Agreement”); and 

 
 WHEREAS, Buyer and Seller have decided to amend the Original Agreement to
(i) reduce the Purchase Price, (ii) exclude the Wharf Property (as defined herein) from the sale, (iii) extend the Inspection Period and (iv) amend certain other provisions of the Original Agreement. 
  
 NOW, THEREFORE, in consideration of the mutual agreements contained herein,
and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 
  
 AGREEMENT 
  
 1. Section 1(b)(i) of the Original Agreement is hereby amended by deleting the following language therefrom: “and that parcel known as Rear Wharf Lot
6 consisting of approximately .166 acres.” 
  
 2. Exhibit
B is of the Original Agreement is hereby deleted in its entirety and replaced with Exhibit B attached hereto. 
  
 3. Sections 1(c) Excluded Property and 1(d) Assumed Liabilities (which was inadvertently not numbered in the Original Agreement) of the
Original Agreement are hereby deleted in their entirety and replaced with the following, in order to correct the numbering of such Sections and to add a new subsection 1(c)(vii):” 
  
 (c) Excluded Property. The Property shall not include any assets other than the Property specifically
listed or described in Section 1(b) hereof, and, without limiting the generality of the foregoing, shall expressly exclude the following (collectively, “Excluded Matters”): 
  
 (i) all bank accounts, house banks, cash and cash
equivalents of Seller; 
  

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 (ii) cash reserves for furniture, fixtures and equipment, real estate and personal
property taxes and insurance except to the extent that Seller receives a credit at Closing for such reserves; 
  
 (iii) accounts receivable, which shall be purchased by Buyer in accordance with Section 4(f)(iii), except for the Buyer’s share of
the Tray Ledger; 
  
 (iv) claims against third
parties (including claims for refunds on taxes or other governmental charges) in connection with the Property, but only to the extent that such claims relate to damages suffered by Seller prior to the Closing Date or claims for which Seller is
required to indemnify Buyer hereunder; 
  
 (v)
the assets listed or described on the Excluded Matters Schedule attached hereto as Schedule 1(c)(v) (together with any and all claims relating to any of the foregoing described in this Section 1(c)); 
  
 (vi) all of the obligations and liabilities of Seller
relating to the Property of whatever kind and nature, primary or secondary, direct or indirect, absolute or contingent, known or unknown, which obligations and liabilities, accrue before the Closing Date, unless otherwise expressly assumed by Buyer
(collectively, the “Retained Liabilities”); and 
  
 (vii) any right, title or interest in or to the real property described on Exhibit E (the “Wharf Property”) and any agreements that relate exclusively to the Wharf Property. 
  
 (d) Assumed Liabilities. 
  
 (i) Buyer shall assume on the Closing Date and shall pay,
perform and discharge when due all of the obligations and liabilities of Seller relating to the Property of whatever kind and nature, primary or secondary, direct or indirect, absolute or contingent, known or unknown, which obligations or
liabilities accrue after the Closing Date (collectively, the “Assumed Liabilities”); provided that the Assumed Liabilities shall not include any obligations or liabilities relating to the Excluded Matters. 
  
 (ii) Buyer’s obligations under this Section 1(d) shall
not be subject to offset or reduction by reason of any actual or alleged breach of any representation, warranty or covenant contained in this Agreement or any agreement or document delivered in connection herewith or any right or alleged right to
indemnification hereunder. 
  
 4. Exhibit E attached hereto
is hereby incorporated as Exhibit E into the Original Agreement. 
  
 5. Section 3 of the Original Agreement is hereby amended by deleting “Fifty-One Million Seven Hundred Fifty Thousand and No/100 Dollars ($51,750,000.00)” and inserting in place thereof “Fifty Million and No/100 Dollars
($50,000,000)”. 
  

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 6. Section 3(d) of the Original Agreement is hereby amended to extend the expiration of the Inspection
Period through and until October 21, 2003. 
  
 7. A new Section
9(d) is hereby added to the Original Agreement as follows: 
  
 Buyer’s Cooperation. Buyer agrees that, in the event that any easements, licenses, access or other rights are required on, under or across the Land in connection with the sale or development of the Wharf Property, Buyer shall
reasonably cooperate with Seller in granting such rights and privileges to Seller or appropriate third parties so long as the same shall not (i) unreasonably interfere with the operation or use of the Property, (ii) otherwise have a material adverse
effect on the operation or use of the Property or (iii) impose any financial obligation on Buyer or the Property. The provisions of this Section 9(e) shall survive the Closing. 
  
 8. Seller hereby agrees to use commercially reasonable efforts to obtain an estoppel certificate on or before the Closing,
in a form reasonably acceptable to Buyer, from Hotel Manager relating to the Hotel Management Agreement. 
  
 9. Except as specifically amended hereby, Seller and Buyer agree that the Original Agreement remains in full force and effect and binding upon the parties
hereto. In the event of any conflict between the Original Agreement and this Amendment, the terms of this Amendment shall prevail. All capitalized terms not defined herein shall have the meaning set forth in the Original Agreement. 
  
 10. This Amendment may be executed in separate counterparts, the signatures
on which may be by facsimile, none of which need contain the signatures of all parties, each of which shall be deemed to be an original, and all of which taken together constitute one and the same instrument. It shall not be necessary in making
proof of this Amendment to produce or account for more than the number of counterparts containing the respective signatures of, or on behalf of, all of the parties hereto. 
  

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 IN WITNESS WHEREOF, Seller and Buyer have duly executed this Amendment as of the date first above
written. 
  

	SELLER:
	
	AP/APMC SAVANNAH, L.P.
	
	 By: AP/APMC-GP, Inc.

			
	 	 	 By:
	 	 /s/  RICARDO KOENIGSBERGER

	 	 	 Name:
	 	 Ricardo Koenigsberger

	 	 	 Title:
	 	 Vice President

	
	BUYER:
	
	BARCELÓ CRESTLINE CORPORATION
		
	 By:
	 	 /s/  PATRICK W. CAMPBELL

	 Name:
	 	 Patrick W. Campbell

	 Title:
	 	 Senior Vice President

  

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