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Mar'06 200~ I:4?PM Rttorne~ Rt Las 9037859079 p.1 <br /> <br /> PH/LIP 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 Attomey <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 of the Time of the 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 £or an extension of the Inspection <br /> Period is the concept that the Purchaser may still receive a refund of the Earnest Money (of$25,000) <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 of June 16, 2003 at 5:00 o'clock P.M. <br /> <br /> The reasons for these requests for extc~nsions 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 of the theater building, and <br /> Mr. VanBurn has not obtained a mortgage loan commitment. Instead he believes that the project 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 /> ~.x ~BIT A <br /> <br /> <br />