THIRD AMENDMENT TO PURCHASE AND SALE AGREEMENT

 

                                                                   Exhibit 10.37

                THIRD AMENDMENT TO PURCHASE AND SALE AGREEMENT

     THIS THIRD AMENDMENT TO PURCHASE AND SALE AGREEMENT (this "Agreement"),
dated as of the 23rd day of July, 1997, is made by and between GABLES AT
FARMINGTON ASSOCIATES, a Connecticut general partnership ("Seller"), with an
office in care of Allegis Realty Investors, LLC, 242 Trumbull Street, Hartford,
Connecticut 06103-1205 and BROOKDALE LIVING COMMUNITIES, INC., a Delaware
corporation ("Purchaser") with an office at 77 West Wacker Drive, Suite 3900,
Chicago, IL 60601.

                                   RECITALS:

     Seller and Purchaser have entered into that certain Purchase and Sale
Agreement dated as of June 11, 1997 with respect to that certain improved real
property commonly known as The Gables at Farmington located at 20 Devonwood
Drive, Farmington, Connecticut along with certain related personal and
intangible property, as amended by First Amendment to Purchase and Sale
Agreement dated as of July 3, 1997 and as further amended by Second Amendment to
Purchase and Sale Agreement dated as of July 23, 1997 (as amended, the "Purchase
Agreement").

     NOW, THEREFORE, in consideration of the foregoing, of the covenants,
promises and undertakings set forth herein, and for good and valuable
consideration, the receipt and sufficiency of which is hereby acknowledged,
Seller and Purchaser agree to amend the Purchase Agreement as follows:

     1. Section 3.5 of the Purchase Agreement is hereby amended to delete the
date "July 23, 1997" which appears in the third line on page 7 thereof and to
substitute therefor the following: "July 30, 1997".

     2. The Term Sheet included in the Purchase Agreement is hereby amended to
delete the date "July 23, 1997" which appears after the caption: "Approval
Date:" and to substitute therefor the following: "July 30, 1997".

     3. All references in the Purchase Agreement to "this Agreement" or "the
Agreement" shall mean the Purchase Agreement, as amended by this Agreement.

     4. This Agreement shall be construed and enforced in accordance with the
laws of the State of Connecticut.

     5. This Agreement shall be binding upon and inure to the benefit of
Purchaser and Seller and their successors and permitted assigns.

                                      -2-

     6. This Agreement may be executed and delivered in any number of
counterparts, each of which so executed and delivered shall be deemed to be
an original and all of which shall constitute one and the same instrument.

     7. The Purchase Agreement, as amended hereby, remains in full force and
effect and is hereby ratified and confirmed.

     IN WITNESS WHEREOF, Purchaser and Seller have executed this Agreement on
the date set forth below, effective as of the date set forth above.

                          SELLER:  GABLES AT FARMINGTON ASSOCIATES

                                    BY:  Aetna Life Insurance
                                         Company, a general partner

                                         By: Day, Berry & Howard
                                             Its Attorneys

                                         By: /s/ Rosemary Gayes
                                             ----------------------------
                                         Printed Name: Rosemary Gayes
                                                      -------------------
                                         Date: 7/23/97
                                              ---------------------------

                        PURCHASER:  BROOKDALE LIVING COMMUNITIES, INC.

                                    By:  /s/ Darryl W. Copeland, Jr.
                                       ----------------------------------
                                    Printed name: Darryl W. Copeland, Jr.
                                                 ------------------------
                                    Its: Executive Vice President
                                        ---------------------------------
                                    Date:  7/23/97
                                         --------------------------------
                                                         
     An original, fully executed copy of this Agreement, has been received by 
the Title Company this 24th day of July, 1997, and by execution hereof the Title
Company hereby covenants and agrees to be bound by the terms of this Agreement.

CHICAGO TITLE INSURANCE COMPANY

By: /s/ Philip J. Fanning
   ------------------------------
Printed name: Philip J. Fanning
             --------------------
Its: Associate Regional Counsel
    ----------------------------- 

Basic Info X:

Name: THIRD AMENDMENT TO PURCHASE AND SALE AGREEMENT
Type: Third Amendment to Purchase and Sale Agreement
Date: Aug. 14, 1997
Company: BROOKDALE LIVING COMMUNITIES INC
State: Delaware

Other info:

Date:

  • 23rd day of July , 1997
  • June 11 , 1997
  • July 3 , 1997
  • July 23 , 1997
  • July 30 , 1997
  • 24th day of July , 1997

Organization:

  • Allegis Realty Investors
  • West Wacker Drive
  • First Amendment to Purchase
  • Second Amendment to Purchase
  • the State of Connecticut
  • Aetna Life Insurance Company
  • Berry & Howard

Location:

  • Hartford
  • Delaware
  • Chicago
  • The Gables
  • Connecticut
  • FARMINGTON

Person:

  • Rosemary Gayes
  • Darryl W. Copeland
  • Philip J. Fanning