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RATIFICATION OF ASSET
PURCHASE AND SALE AGREEMENT
(Pinnacle
Lodge)
THIS
RATIFICATION OF ASSET PURCHASE AND SALE AGREEMENT (“
Ratification ”) is made and entered into as of
February 14, 2006, by and between FITZPATRICK LAND COMPANY, LLC, a
Florida limited liability company (" Seller ”), and
SILVERLEAF RESORTS, INC., a Texas corporation (“
Purchaser ”).
WITNESSETH
WHEREAS, on
February 3, 2006, The Fitzpatrick Family Limited Partnership,
(“ Fitzpatrick ”), as seller, and Purchaser
entered into that certain Asset Purchase and Sale Agreement, as
amended by that certain First Amendment to Asset Purchase and Sale
Agreement dated as of February 7, 2004 (collectively, the “
Agreement ”), pursuant to which Fitzpatrick agreed to
sell and Purchaser agreed to purchase certain real and personal
property commonly known as the Pinnacle Lodge in the Town of
Fraser, Grand County, Colorado, as more particularly described in
the Agreement (the “ Subject Property ”);
and
WHEREAS, the
true owner of the Subject Property is Seller and not Fitzpatrick;
and
WHEREAS, Seller has agreed to execute this
Ratification for the purpose
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