Contract

 

                                                                  EXHIBIT 10.8.1

ADDITIONAL ESCROW INSTRUCTIONS

________________________________________________________________________________

Date:  June 3, 1996

To:    Hermosa Escrow Co. Inc.
       Vilma Hastings, Escrow Officer

Re:    Escrow No. 32383
       7328 North 27th Avenue, Phoeniz, AZ
________________________________________________________________________________

The previous instructions in the above numbered escrow are hereby modified
and/or supplemented by the following particulars only:

ITEM NO. 1.  The Escrow closing date is hereby extended and shall be on or
before July 1, 1996.

ITEM NO. 2.  In accordance with the intent of the original Real Estate Purchase
Contract dated September 20, 1995, the sale price is determined as a product of
a 10 percent capitalization rate as applied to the property's net operating
income. The parties hereby agree to make any adjustments necessary at the close
of escrow to reflect the same capitalization rate based on an annualized net
operating income for the prior six month period. The accounting for this
adjustment shall be in accordance with the methods used by Seller to produce the
Operating Results reports;  reports for January through April are attached to
this instruction and are deemed to accepted by the parties for both content and
accounting methodology.

All other provisions of the contract and escrow instructions shall remain
unchanged.

Signatures:

SELLER:                                BUYER:

Professors' Fund I,                    American Equity Trust Operating
a Arizona Limited Partnership          Partnership L.P. a Delaware Partnership

                                       /s/ Arthur P. Herring
________________________________       ______________________________________
By Elizabeth J. Clarquist,             By Arthur P. Herring, CEO, American
General Partner                        Equity Trust Inc., General Partner 

Basic Info X:

Name: Contract
Type: Contract
Date: June 11, 1996
Company: AMERICAN EQUITY TRUST INC
State: Maryland

Other info:

Date:

  • June 3 , 1996
  • July 1 , 1996
  • September 20 , 1995
  • January
  • April

Organization:

  • Hermosa Escrow Co.
  • American Equity Trust Operating
  • Arizona Limited Partnership Partnership L.P.
  • American General Partner Equity Trust Inc.

Location:

  • Phoeniz
  • AZ

Person:

  • Vilma Hastings
  • Elizabeth J. Clarquist
  • Arthur P. Herring

Percent:

  • 10 percent