Exhibit 10.27
SECOND AMENDMENT TO CONTRACT OF
SALE AND DEVELOPMENT AGREEMENT
This Second Amendment to Contract of
Sale and Development Agreement (“Second Amendment”) is
entered into as of this 7 th day of April, 2000, by and between
610 Loop Venture, LLC, a Texas Limited Liability Company
(“610”) and Landry’s Management, L.P., a Delaware
Limited Partnership (“Landry’s”).
RECITALS:
WHEREAS, 610 and Landry’s
entered into a Contract of Sale and Development Agreement (the
“Agreement”) dated August 17, 1998, which Agreement was
subsequently amended. The terms used herein shall have the meaning
ascribed to them in the Agreement;
WHEREAS, Landry’s has
requested that 610 release Landry’s from certain obligations
set forth in the Agreement;
WHEREAS, Landry’s desires to
build and develop its own office building on a portion of the Land
without any involvement, assistance or relationship with
610;
WHEREAS, 610 has expended over
$2,300,000 in architectural fees in connection with the
Project;
WHEREAS, 610 has commenced
construction of its development on a portion of the Land adjacent
to the location where Landry’s desires to build and develop
its own office building;
WHEREAS, 610 has agreed to release
Landry’s from its obligations under the Agreement;
WHEREAS, upon execution of this
Second Amendment, 610 agrees to release Landry’s from any
claim for liquidated damages resulting from Landry’s request
and desire to terminate certain of its obligations under the
Agreement.
NOW, THEREFORE, for and in
consideration of the mutual covenants and condi
