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Exhibit 10.50
AMENDMENT TO PURCHASE AGREEMENT
This Amendment is entered into effective as of December 15, 2000 between
ARV Investment Group, Inc. a California corporation of 245 Fischer Avenue, D-1,
Costa Mesa, California 92626 (the "Seller"), and Eenhoorn Development, L.L.C.,
of 2620 Horizon Drive, S.E., Suite C, Grand Rapids, Michigan 49546 (the
"Buyer"), upon the terms and conditions set forth below:
1. AMENDMENT TO THE PURCHASE AGREEMENT. The Seller and Buyer entered
into a Purchase Agreement dated October 4, 2000 for the acquisition by the Buyer
from the Seller of certain assets (the "Agreement"). The parties now wish to
amend that Agreement as set forth in this document.
2. AMENDMENTS. The parties hereby amend the Purchase Agreement as
follows:
a) Section 2 Purchase Price is amended to provide for a Purchase
Price of $2,987,100.
b) Subsection 13(l) is amended in full to provide as follows: The
Accrued Fees owing by the Partnerships to the Seller have balances owing as of
the date of this Agreement, which balances shall continue to be due and owing as
of the date of closing, as follows:
Franklin
Development Fees $668,400.00
Incentive Fees $ 0
Property Management Fees $ 83,382.95
Subtotal $751,782.95
Grand Rapids
Development Fees $1,682,000.00
Incentive Fees $ 0
Property Management Fees $ 162,239.37
Architectural Supervision Fees $ 0
Subtotal $1,844,239.37
Lansing
Development Fees $1,332,000.00
Incentive Fees $ 0
Property Management Fees $ 140,914.52
Architectural Supervision Fees $ 0
Subtotal $1,472,914.52
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Rosewood
Development Fees $1,056,000.00
Incentive Fees $ 0
Property Management Fees $ 66,730.55
Subtotal $1,122,730.55
San Marcos
Development Fees $ 0
Incentive Fees $ 0
Property Management Fees $ 0
Subtotal $ 0
Total $5,191,667.39
(c) Section 4 Closing is amended to add a new subsection (e) as
follows:
(e) The Purchase Price shall be allocated to apply the following
amounts to the purchase of the General Partner Interests and all other Assets
transferred under this Agreement, except for the Accrued Fees stated in Section
13(1):
Franklin $22,139.00
Grand Rapids $30,045.00
Lansing $20,908.00
Rosewood $17,074.50
San Marcos $30,980.00
The remainder of the Purchase Price is allocated to the purchase of the Accrued
Fees stated in Section 13(1) as amended above.
3. RATIFICATION AND INCONSISTENCY BETWEEN DOCUMENTS. To the extent of
any inconsistency in the language of the Agreement and this Amendment the terms
and conditions set forth in this Amendment shall control. Except as modified in
this Amendment all other terms and conditions of the Agreement are ratified by
the parties and remain in full force and effect.
4. EFFECTIVE DATE. This Amendment shall be effective as of the date
first set forth above.
5. COUNTERPART EXECUTION. This Amendment may be executed in any number
of counterparts, each of which shall be an original, but all of which together
shall constitute one instrument.
(Signature Page to Follow)
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BUYER
EENHOORN DEVELOPMENT, L.L.C.
By:
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Cornucopia Family Partnership, L.P., a member
PCH-A Limited, its General Partner
Paulus C. Heule, President
SELLER
ARV INVESTMENT GROUP, INC.
By:
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Abdo H. Khoury, Senior Vice President