SECOND AMENDMENT TO CONTRACT OF PURCHASE AND SALE
SECOND AMENDMENT TO CONTRACT
OF PURCHASE AND SALE
THIS SECOND AMENDMENT TO CONTRACT OF
PURCHASE AND SALE (this “Second Amendment’) is made and entered into as of the
28th
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
SUMMIT DEVELOPMENT, LLC, a Georgia limited liability company (“Oxford”),
and ▇▇▇▇▇▇▇▇ REALTY
FUND I, 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
Forsyth County, Georgia, as amended by that certain First Amendment
to Contract of Purchase and Sale dated as of December 14, 2010 (collectively,
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:
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1.
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All
capitalized terms used herein and not otherwise defined shall have those
meanings ascribed to such terms in the
Contract.
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2.
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In
Section 3 of the Contract, the words and numbers “December 29, 2010” are
hereby deleted in their entirety, and the words and numbers “February 15,
2011” are hereby inserted in lieu
thereof.
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3.
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Except
as expressly amended herein, all terms and conditions of the Contract
remain in full force and effect.
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4.
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This
Second 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 Second
Amendment.
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[SIGNATURES
COMMENCE ON FOLLOWING PAGE]
IN WITNESS WHEREOF, the
parties have hereto signed, sealed, and delivered this Second Amendment as of
the date first above written.
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PURCHASER:
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PREFERRED
APARTMENT COMMUNITIES OPERATING
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PARTNERSHIP,
L.P., a Delaware limited partnership
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By:
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Preferred
Apartment Communities, Inc., a Maryland
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Corporation,
its General Partner
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By:
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/s/ ▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇
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▇▇▇▇
▇. ▇▇▇▇▇▇▇▇, its President
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and
Chief Executive Officer
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[SEAL]
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[SIGNATURES
CONTINUE ON FOLLOWING PAGE]
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SELLERS:
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OXFORD
SUMMIT DEVELOPMENT, LLC,
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a
Georgia limited liability company
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By:
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/s/ W. ▇▇▇▇▇▇ ▇▇▇▇▇,
▇▇.
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W.
▇▇▇▇▇▇ ▇▇▇▇▇, ▇▇.,
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its
Manager
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[SEAL]
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▇▇▇▇▇▇▇▇
REALTY FUND I, LLC, a
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Georgia
limited liability company
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By:
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▇▇▇▇▇▇▇▇
Realty Fund Manager I, LLC,
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a
Georgia limited liability
company,
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its
Manager
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By:
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▇▇▇▇▇▇▇▇
Realty Advisors, LLC, a
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Georgia
limited liability
company,
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its
Manager
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By:
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/s/ ▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇, ▇▇.
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▇▇▇▇
▇. ▇▇▇▇▇▇▇▇, ▇▇., its President
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and
Chief Operating Officer
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[SEAL]
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