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FIRST AMENDMENT TO PURCHASE AND SALE CONTRACT FOR SIENNA BAY

Purchase and Sale Agreement

FIRST AMENDMENT TO PURCHASE AND SALE CONTRACT FOR SIENNA BAY | Document Parties: CONSOLIDATED CAPITAL INSTITUTIONAL PROPERTIES 3 | CCIP/3 SANDPIPER, LLC | CONCAP EQUITIES, INC | DT GROUP DEVELOPMENT, INC You are currently viewing:
This Purchase and Sale Agreement involves

CONSOLIDATED CAPITAL INSTITUTIONAL PROPERTIES 3 | CCIP/3 SANDPIPER, LLC | CONCAP EQUITIES, INC | DT GROUP DEVELOPMENT, INC

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Title: FIRST AMENDMENT TO PURCHASE AND SALE CONTRACT FOR SIENNA BAY
Date: 10/13/2009

FIRST AMENDMENT TO PURCHASE AND SALE CONTRACT FOR SIENNA BAY, Parties: consolidated capital institutional properties 3 , ccip/3 sandpiper  llc , concap equities  inc , dt group development  inc
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Exhibit 10.86

 

FIRST AMENDMENT TO PURCHASE AND SALE CONTRACT FOR SIENNA BAY

 

            This First Amendment to Purchase and Sale Contract (this “ Amendment ”) is made as of October 8, 2009 between CCIP/3 SANDPIPER, LLC, a Delaware limited liability company (" Seller ") and DT GROUP DEVELOPMENT, INC., a California Corporation (“ Purchaser ”).

W I T N E S S E T H:

            WHEREAS , Seller and Purchaser entered into that certain Purchase and Sale Contract, dated as of August 14, 2009, with respect to the sale of certain property described therein (the “ Contract ”); and

            WHEREAS , Seller and Purchaser desire to amend certain provisions of the Contract as hereinafter set forth.

            NOW, THEREFORE , in consideration of the mutual covenants herein contained, the sum of $10.00 and other good and valuable consideration, the mutual receipt and legal sufficiency of which are hereby acknowledged, the parties hereby agree as follows:

1.       Capitalized Terms.     Capitalized terms used in this Amendment shall have the meanings given to them in the Contract, except as expressly otherwise defined herein.

2.       Adjournment of Closing Date . Section 5.1.2 of the Contract is hereby deleted in its entirety.  Seller and Purchaser hereby agree that the Closing Date is adjourned to November 12, 2009.

3.       Additional Deposits .  (a)    The definition of “ Non-refundable Deposit ” set forth on Schedule 1 of the Contract is hereby modified to mean “a portion of the Deposit equal to $175,000”.

                        (b)  On or prior to October 15, 2009 Purchaser shall deliver to the Escrow Agent an additional deposit of $124,000 (the “ First Additional Deposit ”).  One half of the First Additional Deposit (i.e. $62,000) shall be added to and become a part of the Non-refundable Deposit (i.e. the Non-refundable Deposit


 
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