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<br />Mar OS 2003 1:47PM <br /> <br />c.orne~ At Law <br /> <br />7859073 <br /> <br />p. 1 <br /> <br />PIDLIP B. SMITH, JR. <br />ATTORNEY AT LAW <br />1700 Place <br />1700 FM 195 <br />Paris, Texas 75462 <br />Phone: (903)785-9070 <br />Fax: (903)785-9073 <br /> <br />March 6, 2003 <br /> <br />Via Facsimile <br />(903)782-9721 <br />Larry Schenk, Esq. <br />City Attorney <br />City of Paris <br />Paris, Texas <br /> <br />Re: Request by Purchaser for Extension of Term of Inspection Period and of <br />Closing Under Contract of Purchase Regarding the Paris Grand Theater <br /> <br />Dear Larry: <br /> <br />In accordance with our telephone conversations, yesterday, I have been asked by Henry <br />VanBuren, the spokesperson for the Purchaser named in the Contract (The Paris Historical <br />Association, L.L.C.), to request an extension of the Inspection Period and ofthe Time ofthe Closing. <br />The Purchaser hereby requests the extension of the Inspection Period for the completion of <br />Purchaser's due diligence with regard to the Property until June 16,2003, and an extension of the <br />Time of Closing until July 1, 2003. Included within this request for an extension of the Inspection <br />Period is the concept that the Purchaser may still receive a refund of the Earnest Money (of$25,OOO) <br />at any time during the extended Inspection Period and for any reason during that period of time up <br />until the final time and date of the extended Inspection Period ofJune 16,2003 at 5:00 o'clock P.M. <br /> <br />The reasons for these requests for extensions are several. Most importantly, Mr. VanBuren <br />has consulted with two architectural groups concerning the quality of the existing building and <br />estimated costs to renovate it; and both groups have given estimates that far exceed the equity capital <br />which the purchasing entity will be able to raise. Then, too, potential mortgage lenders are <br />apprehensive about the project due to the age and deteriorated condition ofthe theater building, and <br />Mr. VanBurn has not obtained a mortgage loan commitment. Instead he believes that the proj eet will <br />have to be funded from equity capital raised within the purchasing entity. He is still hopeful that this <br />can be done and requests the additional time to complete his efforts. Thus, the investor group is still <br />not complete, for additional equity capital must be raised from new investors. <br /> <br />EXHIBIT A <br />