Developer Contribution. Without limitation, and for no additional charge or credit to Stonehenge’s Capital Account, Stonehenge Member shall cause Developer to contribute to the Company all of (a) Developer’s ownership and contract rights in and to the subject lands and/or purchase agreements (including but not limited to Developer’s Affiliate’s rights to acquire the Property in accordance with that certain Purchase and Sale Agreement dated May 16, 2012, between Horsepower, J.V., a Tennessee joint venture and Stonehenge Real Estate Group, LLC, a Tennessee limited liability company the “Land Contract”), (b) all design and construction plans for the Project (at Developer’s actual cost, free and clear of all liabilities) and (c) all other tangible and intangible rights associated with the Project and (d) all other items appurtenant to the development of the Project (collectively, the “Developer Rights”).
Appears in 2 contracts
Sources: Operating Agreement (Bluerock Enhanced Multifamily Trust, Inc.), Operating Agreement (Bluerock Enhanced Multifamily Trust, Inc.)