EXHIBIT 10.8.1
ADDITIONAL ESCROW INSTRUCTIONS
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Date: June 3, 1996
To: Hermosa Escrow Co. Inc.
Vilma Hastings, Escrow Officer
Re: Escrow No. 32383
7328 North 27th Avenue, Phoeniz, AZ
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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