Exhibit 10.1.17
DESIGN AND DEVELOPMENT AGREEMENT
This Agreement made as of the 15th day of June 2001, by and between
▇▇▇▇▇▇▇ PROPERTIES RESIDENTIAL, L.P., a Georgia limited partnership (the
"Partnership"), and ▇▇▇▇▇▇▇ PROPERTIES, INC., a Georgia corporation (the
"Developer"),
W I T N E S S E T H:
WHEREAS, the Partnership has acquired approximately 10.930 acres in
Land Lots 25 and 26 of the 17th District and in Land Lots 385 and 386 of the
18th District and approximately 2.082 acres located in Land ▇▇▇ ▇▇ ▇▇ ▇▇▇ ▇▇▇▇
▇▇▇▇▇▇▇▇, ▇▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇▇▇, fronting on Northridge Parkway, and the
Partnership intends to develop, construct, own and operate on the Property a 220
unit apartment community ("Northridge"); and
WHEREAS, the Partnership desires that the Developer perform certain
advisory, administrative and supervisory services relating to the Partnership's
design, development and construction of Northridge;
NOW, THEREFORE, the parties hereto hereby agree as follows:
1.
Services
The Developer will create and develop Northridge and manage the team of
professionals involved, including engineers, land planners, architects and
designers, and manage the design team involved in developing the interior design
and models, as well as selecting the materials, finishes, features and colors
for Northridge. The Developer shall also provide supervisory services to ensure
that Northridge is built in accordance with the approved Plans and
Specifications provided.
2.
Compensation
For the above services, the Developer shall be paid a total of Five
Hundred and Fifty Thousand Dollars ($550,000), payable upon demand by the
Developer.
IN WITNESS WHEREOF, the parties hereto have executed this agreement as
of the date first above written.
▇▇▇▇▇▇▇ PROPERTIES RESIDENTIAL, ▇▇▇▇▇▇▇ PROPERTIES, INC., a
L.P., a Georgia limited partnership Georgia corporation
By: ▇▇▇▇▇▇▇ Realty Investors, Inc., By: /s/ ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇
its General Partner ---------------------------------
▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇, Chief Financial
Officer
By: /s/ ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇
---------------------------------------------
▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇, Chief Financial Officer