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<br />Mar 06 2003 1:47PM <br /> <br />p- orne~ At Law <br /> <br />9~859073 <br /> <br />p.3 <br /> <br />Extension of Contract of Purchase <br /> <br />STATE OF TEXAS ~ <br /> <br />COUNTY OF LAMAR ~ <br /> <br />THIS EXTENSION OF CONTRACT OF PURCHASE (this "Extension") is <br />made and entered into by and between Lamar County, Texas, in its <br />capacity as Trustee for the City of Paris, Texas, the Paris <br />Independent School District, Lamar County, Texas and Paris Junior <br />College (hereinafter, whether one or more, referred to as "Seller") <br />and The Paris Historical Association, L.L.C. (hereinafter referred <br />to as "Purchaser") _ To the extent that any other taxing or <br />governmental entities are the owners of any Land, Improvements or <br />Personalty (as each is hereinafter defined), such entities shall be <br />deemed for the purposes of conveyance only to be included herein as <br />a Seller. <br /> <br />RECITALS: <br /> <br />A. The Purchaser has not been able to complete all of the <br />inspections, survey work, title examination and other <br />inquiries which it must make with regard to the Property <br />described in the Contract within the Inspection Period (ending <br />March 14, 2003) defined in Section 3e of the Contract. It is <br />essential that Purchaser complete all of the due diligence <br />described in Section 3 of the Contract before Purchaser waives <br />his right to terminate the Contract and places the Earnest <br />Money at risk. <br /> <br />B. Purchaser still believes that Purchaser may be able to <br />favorably complete all of the inspections and other due <br />diligence described in Section 3 of the Contract if the Seller <br />agrees with the Purchaser to allow an extension of the <br />Inspection Period and of the time before Purchaser's Earnest <br />Money is placed "at risk," for another ninety (90) days, so <br />that the Inspection Period is extended until June 16, 2003. <br /> <br />C. Purchaser also requests an extension of the Time for the <br />Closing until July 1, 2003. <br /> <br />NOW, THEREFORE, for and in consideration of the recitals and <br />other good and valuable consideration, the Seller and the Purchaser <br />hereby agree as follows: <br /> <br />1 <br />