Assignment of Purchase Contract between Apple Suites Realty Group, Inc. and Apple Ten Hospitality Ownership, Inc.

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Summary

Apple Suites Realty Group, Inc. is transferring all its rights and interests under a previous purchase contract to Apple Ten Hospitality Ownership, Inc. The new party, Apple Ten Hospitality Ownership, Inc., agrees to take on all obligations of the original contract and will reimburse Apple Suites Realty Group, Inc. for the earnest money deposit already paid. The agreement ensures that both parties’ rights and obligations will apply to their successors and assigns.

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EX-10.55 3 ex10-55.htm ex10-55.htm
Exhibit 10.55

ASSIGNMENT OF PURCHASE CONTRACT


THIS ASSIGNMENT (the "Assignment") is made effective as of this 6th day of July, 2012, by and between APPLE SUITES REALTY GROUP, INC., a Virginia corporation ("Assignor"), and APPLE TEN HOSPITALITY OWNERSHIP, INC., a Virginia corporation ("Assignee").
 
RECITALS
 
A.           Pursuant to that certain Purchase Contract dated as of July 7, 2011  (the “Purchase Contract”), between certain persons and entities set forth on Item 2(a) of Schedule 1 of the Purchase Contract (the “Interest Owners”), Sunbelt-CNB, LLC, an Alabama limited liability company (the “Company”) and Assignor, the Interest Owners agreed to sell all of their interests in the Company to the Assignor.
 
B.           Assignor now desires to assign its rights under the Purchase Contract to Assignee.
 
WITNESSETH
 
FOR AND IN CONSIDERATION of the sum of Ten Dollars ($10.00) cash in hand paid, other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:
 
1.           Assignment.                      Assignor hereby assigns and conveys to Assignee all of its right, title, and interest in, to, and under the Purchase Contract.  This Assignment shall not relieve Assignor of its obligations and liabilities under the Purchase Contract.
 
2.           Assumption.  Assignee hereby assumes and agrees to perform all of Assignor's obligations under the Purchase Contract.
 
 
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3.           Reimbursement.  Assignee hereby agrees to reimburse Assignor the amount of the Earnest Money Deposit paid by Assignor pursuant to Section 2.5 of the Purchase Contract.
 
4.           The rights and obligations of the parties hereunder shall extend to, be binding upon and inure to the benefit of their respective successors and assigns.

IN WITNESS WHEREOF, the parties hereto have executed this Assignment as of the date first above written.

ASSIGNOR:
 
APPLE SUITES REALTY GROUP, INC., a Virginia corporation



By:           /s/ Justin G. Knight                                  
Name:      Justin G. Knight                                        
Title:        President                                                    


ASSIGNEE:

APPLE TEN HOSPITALITY OWNERSHIP, INC.
a Virginia corporation


By:           /s/ David Buckley                                    
Name:      David Buckley                                          
Title:        Vice President                                           


 
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