FIRST AMENDMENT TO CONTRACT OF PURCHASE AND SALE
FIRST AMENDMENT TO CONTRACT
OF PURCHASE AND SALE
THIS FIRST AMENDMENT TO CONTRACT OF
PURCHASE AND SALE (this “First Amendment’) is made and entered into as of the
14th day of December, 2010 by and between PREFERRED APARTMENT COMMUNITIES
OPERATING PARTNERSHIP, L.P., a Delaware limited partnership, as assignee of
Preferred Apartment Communities, Inc., a Maryland corporation (“Purchaser”), and
OXFORD RISE PARTNERS LLC, a Georgia limited liability company (“Oxford”),
and ▇▇▇▇▇▇▇▇
OPPORTUNITY FUND, LLC, a Georgia limited liability company (“▇▇▇▇▇▇▇▇”; Oxford
and ▇▇▇▇▇▇▇▇ are hereinafter referred to individually as a “Seller” and
collectively as “Sellers”).
RECITALS
WHEREAS, Sellers and Purchaser
entered into that certain Contract of Purchase and Sale dated as of September
29, 2010 with respect to that certain apartment project located in ▇▇▇▇▇▇▇
County, Pennsylvania (the “Contract”);
and
WHEREAS, Sellers and Purchaser
now desire to amend and modify the Contract as set forth below.
NOW, THEREFORE, for and in
consideration of the foregoing recitals and other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged,
Sellers and Purchaser hereby agree as follows:
|
|
1.
|
All
capitalized terms used herein and not otherwise defined shall have those
meanings ascribed to such terms in the
Contract.
|
|
|
2.
|
In
Section 3 of the Contract, the words and numbers “five (5)” and “December
15, 2010” are hereby deleted in their entirety, and the words and numbers
“ten (10)” and “December 30, 2010”, respectively, are hereby inserted in
lieu thereof.
|
|
|
3.
|
Except
as expressly amended herein, all terms and conditions of the Contract
remain in full force and effect.
|
|
|
4.
|
This
First Amendment may be executed via facsimile or electronic PDF
counterpart and a facsimile or PDF signature page shall be deemed an
original for purposes of this First
Amendment.
|
[SIGNATURES
COMMENCE ON FOLLOWING PAGE]
IN WITNESS WHEREOF, the
parties have hereto signed, sealed, and delivered this First Amendment as of the
date first above written.
|
PURCHASER:
|
PREFERRED
APARTMENT COMMUNITIES OPERATING
|
|||
|
PARTNERSHIP,
L.P., a Delaware limited partnership
|
||||
|
By:
|
Preferred
Apartment Communities, Inc., a Maryland
|
|||
|
Corporation,
its General Partner
|
||||
|
By:
|
/s/ ▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇
|
|||
|
Name:
▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇
|
||||
|
Title:
President and Chief Executive Officer
|
||||
|
[SEAL]
|
||||
[SIGNATURES
CONTINUE ON FOLLOWING PAGE]
2
| SELLERS: |
OXFORD
RISE PARTNERS LLC, a
|
|||||
|
Georgia
limited liability company
|
||||||
|
By:
|
Oxford
Rise Development, LLC, a
|
|||||
|
Georgia
limited liability company,
|
||||||
|
its
Manager
|
||||||
|
|
By: | /s/ W. ▇▇▇▇▇▇ ▇▇▇▇▇, ▇▇. | ||||
|
W. ▇▇▇▇▇▇ ▇▇▇▇▇, ▇▇.,
|
||||||
|
its Manager
|
||||||
|
[SEAL]
|
||||||
|
▇▇▇▇▇▇▇▇
OPPORTUNITY FUND, LLC,
|
||||||
|
a
Georgia limited liability company
|
||||||
|
By:
|
▇▇▇▇▇▇▇▇
Opportunity Fund Manager, LLC,
|
|||||
|
a
Georgia limited liability
company,
|
||||||
|
its
Manager
|
||||||
|
By:
|
▇▇▇▇▇▇▇▇ Realty Advisors, LLC, a | |||||
| Georgia limited liability company, | ||||||
| its Manager | ||||||
|
|
By:
|
/s/
▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇, ▇▇.
|
||||
|
▇▇▇▇
▇. ▇▇▇▇▇▇▇▇, ▇▇., its President
|
||||||
|
and
Chief Operating Officer
|
||||||
|
[SEAL]
|
||||||
3