SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15 (d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported)
May 27, 1998
E & J PROPERTIES, LTD.
a California Limited Partnership
(Exact name of registrant as specified in charter)
California
(State or other jurisdiction of incorporation)
O-9608
(Commission File Number)
94-2763152
(IRS Employer Identification Number)
2710 Gateway Oaks Drive, Suite 300 South
Sacramento, California 95833
(Address of principal executive office)
Registrant's telephone number, including area code: (916) 925-6620
ITEM 5. OTHER MATERIAL EVENTS
Reference: Form 8-K dated March 2, 1998
E & J Properties, Ltd, a California Limited Partnership, has been notified by
AKT Development Corporation ("Buyer"), a California Corporation, that, pursuant
to the sale agreement previously enter into regarding the approximately 1,850
acres of its real estate holdings in Sacramento County, California, Buyer has
approved the feasibility studies referenced in the purchase agreement at
Section 7(a)(4) and made an additional deposit into escrow pursuant to Section
3(b). The initial deposit and the additional deposit (a total of $250,000.00;
together, the "Deposits") have been released to Seller and the sale of the
property is initially scheduled to close on or before June 25, 1998.
Buyer and Seller have negotiated an amendment to the purchase agreement whereby
Buyer may pay the additional sum of $100,000.00 (the "First Extension Payment")
for the option to extend the closing date to July 24, 1998, and Buyer may pay
an additional sum of $50,000.00 (the "Second Extension Payment") for the option
to extend the closing date to August 24, 1998. If and when the first option is
exercised, the First Extension Payment will be released to Seller and will not
be credited to the purchase price. If and when the second option is exercised,
the Second Extension Payment will be released to Seller and will not be
credited to the purchase price.
Notwithstanding the release to Seller of the Deposits, there is no assurance
that the escrow will close and that Seller will realize the full purchase
price. At this time, subject to Buyer's options to extend the closing date,
Buyer has given no indication that the escrow will not close in a timely
manner. However, in the event the escrow should not close, the purchase
agreement authorizes Seller to retain the Deposits and the Extension Payments,
if any extension option has been exercised, as and for Seller's liquidated
damages and consideration for the extension of the closing date.
SIGNATURES
Pursuant to the requirement of the Securities Exchange Act of 1934, the
registrant has duly caused this
Report to be signed on its behalf by the undersigned, hereunder duly authorized.
Date: May 27, 1998
E & J PROPERTIES, LTD.
a California Limited Partnership
By: /s/ Elaine McKeon
ELAINE McKEON
General Partner
