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AMENDMENT TO REAL ESTATE PURCHASE AGREEMENT
THIS AMENDMENT TO REAL ESTATE PURCHASE AGREEMENT, made and entered
day of October, 1998, by and between the PRIOR LAKE ECONOMIC DEVEL-
into this
OPMENT AUTHORITY, a public body politic and political subdivision of the State of Minnesota
(herein "Seller"), and H & S INVESTMENTS, L.L.C., a/k/a H & S, L.L.C., a Minnesota limited
liability company (herein "Buyer").
Recitals
A. On or about December 22, 1997, Seller and Buyer entered into a Real Estate
Purchase Agreement wherein Seller agreed to sell to Buyer and Buyer agreed to purchase from
Seller, upon the terms and conditions of said Agreement, real property located in the City of Prior
Lake, Scott County, Minnesota legally described as follows:
Thatpart of Lot 1, Block 2, WAlERFRONT PASSAGE ADDI-
TION, Scott County, Minnesota, described as follows:
Beginning at the southeast corner of Lot 2, Block 2, of said plat;
thence North 00 degrees 10 minutes 44 seconds East plat bearing
along the east line of said Lot 2, a distance of 228.00 feet to the
northeast corner of said Lot 2; thence South 89 degrees 49 minutes
16 seconds East along the easterly extension of the north line of said
Lot 2, a distance of 100.52 feet; thence South 00 degrees 10 minutes
44 seconds West a distance of 228.00 feet to the intersection with the
south line of said Lot 1; thence North 89 degrees 49 minutes 16
seconds West along the said south line, a distance of 100.52 feet to
the point of beginning.
B. The parties wish to amend the Real Estate Purchase Agreement as herein provided.
NOW THEREFORE, in consideration of the mutual covenants herein contained, it is agreed
by the parties as follows:
1. Paragraph b. of Section 2.1) of the Real Estate Purchase Agreement shall be
amended to read as follows:
$5,023.10 cash or certified funds on January 1, 1999 and a like
amount on each July 1 and January 1 thereafter until July 1, 2004,
when the balance, together with all accrued interest, shall be due and
payable.
2. The Amortization Schedule attached to the Real Estate Purchase Agreement as
Exhibit "B" shall be amended to read as set forth in the attached Exhibit "B".
3. Except as herein amended and provided, all other terms and conditions of the said
Real Estate Purchase Agreement shall remain in full force and effect.
SELLER:
PRIOR LAKE ECONOMIC DEVELOPMENT
AUlHORITY
BY:
Its President
BY:
Its Executive Director
BUYER:
H & S INVESTMENTS, L.L.c.
BY:
Its President
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AMORTIZATION SCHEDULE
Principal Amount: $50,000,00
Interest Rate: 6.000%
Payments Per Year: 2
Total Payments: 12
Payment Amount: $5,023.1 0
lE!!!t. No. I Due Date I Pmt. Amount I Interest I Principal I Balance I
1 1/1/1999 $5,023.10 $1,500.00 $3,523.10 $46,476.90
2 7/1/1999 $5,023.10 $1,394.31 $3,628.80 $42,848.10
3 1/1/2000 $5,023.10 $1,285.44 $3,737.66 $39,110.44
4 7/1/2000 $5,023.10 $1,173.31 $3,849.79 $35,260.65
5 1/1/2001 $5,023.10 $1,057.82 $3,965.28 $31,295.36
6 7/1/2001 $5,023.10 $938.86 $4,084.24 $27,211.12
7 1/1/2002 $5,023.10 $816.33 $4,206.77 $23,004.35
8 7/1/2002 $5,023.10 $690.13 $4,332.97 $18,671.37
9 1/1/2003 $5,023.10 $560.14 $4,462.96 $14,208.41
10 7/1/2003 $5,023.10 $426.25 $4,596.85 $9,611.56
11 1/1/2004 $5,023.10 $288.35 $4,734.76 $4,876.80
12 7/1/2004 $5,023.10 $146.30 $4,876.80 ($0.00)
EXHIBIT "B"