SEC Contract Filing

Filing Date: 2016-02-23

Document Content:
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<TYPE>EX-10.2
<SEQUENCE>3
<FILENAME>a16-4693_2ex10d2.htm
<DESCRIPTION>EX-10.2
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">Exhibit&nbsp;10.2</font></b></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">FIRST AMENDMENT TO AGREEMENT FOR SALE AND PURCHASE OF HOTEL</font></p>
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<p style="margin:0in 0in .0001pt 6.0pt;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">This FIRST AMENDMENT TO AGREEMENT FOR SALE AND PURCHASE OF HOTEL (this &#147;<u>Amendment</u>&#148;) dated as of February&nbsp;12, 2016, is entered into by and between CWI MANCHESTER HOTEL, LLC, a Delaware limited liability company (&#147;Purchaser&#148;), and HEI EQUINOX LLC, a Delaware limited liability company (&#147;Seller&#148;).</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><u><font size="3" face="Times New Roman" style="font-size:12.0pt;">W I T N E S S E T H:</font></u></p>
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<p style="margin:0in 0in .0001pt 6.0pt;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">WHEREAS, the parties have entered into that certain Agreement for Sale and Purchase of Hotel, dated as of December&nbsp;11, 2015 (as the same may be further amended, modified or supplemented, the &#147;Agreement&#148;; all capitalized terms used but not defined herein shall have the meanings set forth in the Agreement);</font></p>
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<p style="margin:0in 0in .0001pt 6.0pt;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">WHEREAS, in accordance with the Agreement, Purchaser has deposited with the Escrow Agent funds in the aggregate amount of Four Million Five Hundred Ten Thousand Dollars ($4,510,000) and such funds constitute the Deposit; and</font></p>
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<p style="margin:0in 0in .0001pt 6.0pt;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">WHEREAS, the parties have agreed to amend the Agreement in accordance with the terms and conditions set forth herein.</font></p>
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<p style="margin:0in 0in .0001pt 6.0pt;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">NOW, THEREFORE, in consideration of the mutual promises herein contained and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:</font></p>
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<p style="margin:0in 0in .0001pt 5.75pt;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">1.&#160;&#160;&#160;&#160;&#160;&#160; <u>Closing Date</u>. The Closing Date shall occur on February&nbsp;17, 2016.</font></p>
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<p style="margin:0in 0in .0001pt 5.75pt;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">2.&#160;&#160;&#160;&#160;&#160;&#160; <u>Additional Deposit</u>.&#160; Funds in the aggregate amount of Ten Million Two Hundred Eighty Eight Thousand Five Hundred Seventy Dollars and Sixty Cents ($10,288,570.60) which were previously delivered to the Escrow Company by Purchaser shall be added to the Deposit.</font></p>
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<p style="margin:0in 0in .0001pt 6.0pt;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">3.&#160;&#160;&#160;&#160;&#160;&#160; <u>Ratification</u>. Except as modified by the terms and conditions of this Amendment, the Agreement shall remain in full force and effect and is hereby ratified and confirmed in all respects.&#160; To the extent there is any conflict between the terms of this Amendment and the Agreement, the terms of this Amendment shall govern.</font></p>
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<p style="margin:0in 0in .0001pt 6.0pt;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">4.&#160;&#160;&#160;&#160;&#160;&#160; <u>Counterparts</u>.&#160; This Amendment may be executed in one or more counterparts, each of which shall constitute an original and all of which when taken together shall constitute one and the same instrument. </font><font size="3" style="font-size:12.0pt;">An executed facsimile or .pdf of this Amendment may be relied upon as having, and shall be deemed to have, the same force and effect as an original.</font></p>
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