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EXHIBIT 10.2
FIRST AMENDMENT TO
PURCHASE AND SALE AGREEMENT
THIS FIRST AMENDMENT TO PURCHASE AND SALE AGREEMENT (this "Amendment")
is made and executed effective as of September 19, 2000, by and between MURRAY
INCOME PROPERTIES II, LTD., a Texas limited partnership ("Seller") and GRACE
DEVELOPMENT, INC., a Tennessee corporation ("Purchaser").
Purchaser and Seller entered into that certain Purchase and Sale
Agreement dated effective as of August 14, 2000 (said Purchase and Sale
Agreement, herein called the "Agreement"). Purchaser and Seller now desire to
amend the Agreement.
NOW, THEREFORE, in consideration of the premises, and for other good
and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties agree as follows:
1. Purchase Price. The Purchase Price of the Property shall be reduced
to Nine Million Four Hundred Thousand and No/100 Dollars ($9,400,000.00).
2. Initial Earnest Money. The amount of Initial Earnest Money shall be
increased to Three Hundred Thousand and No/100 Dollars ($300,000.00).
3. Approval Period. The Approval Period has expired, and Purchaser has
waived its right of termination under Section 5.1.1 of the Agreement.
4. Ratification. Except as provided otherwise in this Amendment, the
Agreement shall continue in full force and effect in accordance with its
terms.
5. Defined Terms. Terms defined in the Agreement shall have the same
meaning when used in this Amendment.
6. Counterparts. This Amendment may be executed in two or more
identical counterparts, each of which when so executed shall be deemed to
be an original, but all of which when taken together shall constitute one
and the same instrument.
REMAINDER OF THIS PAGE
LEFT BLANK INTENTIONALLY
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IN WITNESS WHEREOF, the parties have executed this Amendment as of the
date first written above.
PURCHASER:
GRACE DEVELOPMENT, INC.,
a Tennessee corporation
By: /s/ John R. Grace
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Name: John R. Grace
Title: Vice President
SELLER:
MURRAY INCOME PROPERTIES II, LTD.,
a Texas limited partnership
By: Murray Realty Investors IX, Inc., a
Texas corporation
General Partner
By: /s/ Mitchell Armstrong
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Name: Mitchell Armstrong
Title: President
