Assignment of Rights Agreement between Bluerock Real Estate, L.L.C. and Bluerock Residential Growth REIT, Inc. (Henderson Beach, Destin, FL)
Bluerock Real Estate, L.L.C. is transferring all its rights and obligations under a real estate purchase contract for property in Destin, Florida, to Bluerock Residential Growth REIT, Inc. and its subsidiaries. The new assignee will reimburse the assignor for a $500,000 deposit already made and any other reasonable costs incurred. The assignee will also take over all future payments and responsibilities required by the original purchase contract. This agreement formalizes the transfer of the purchase contract between the parties.
Exhibit 10.2
ASSIGNMENT OF RIGHTS
(Henderson Beach, Destin, FL)
THIS ASSIGNMENT AGREEMENT (the “Assignment”) is made as of the 22nd day of February, 2016 by and between BLUEROCK REAL ESTATE, L.L.C. (the “Assignor”) and BLUEROCK RESIDENTIAL GROWTH REIT, INC., through its direct and indirect subsidiaries, BR Henderson Beach, LLC and BRG Henderson Beach, LLC (collectively the “Assignee”).
WITNESSETH:
WHEREAS, Assignor as buyer and AHB Apartments, LLC as seller entered into that certain Real Estate Purchase Agreement dated January 22, 2016 (the “Purchase Contract”) to acquire the Property as defined in the Purchase Contract); and
WHEREAS, Assignor desires to assign to Assignee all of its right, title and interest in, to and under the Purchase Contract.
NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, Assignor hereby assigns to the Assignee, all of its right, title and interest in, to and under the Purchase Contract, and Assignee hereby accepts the same and assumes all of Assignor’s obligations under the Purchase Contract.
Assignee acknowledges that Assignor has previously deposited the sum of $500,000.00 under the Purchase Contract, which amount Assignee will promptly reimburse to Assignor in connection with this Assignment. Assignee shall make any additional deposits and payments required the Purchase Contract and, at closing shall further reimburse Assignor for any other reasonable and actually incurred costs or expenses incurred in connection with the Purchase Contract.
The recitals contained above are hereby incorporated herein.
[SIGNATURE PAGE FOLLOWS]
IN WITNESS WHEREOF, the parties hereto have executed this Assignment as of the day and year written above.
ASSIGNOR: | |||
BLUEROCK REAL ESTATE, L.L.C., | |||
By: | /s/ Jordan Ruddy | ||
Name: | Jordan Ruddy | ||
Title: | Authorized Signatory |
ASSIGNEE: | ||||
BR Henderson Beach, LLC, | ||||
a Delaware limited liability company | ||||
By: | BRG Henderson Beach, LLC, | |||
a Delaware limited liability company, | ||||
its sole member | ||||
By: | BLUEROCK RESIDENTIAL HOLDINGS, L.P., | |||
Its sole member | ||||
By: | /s/ Michael Konig | |||
Name: | Michael Konig | |||
Title: | COO, Secretary and General Counsel |
BRG Henderson Beach, LLC, | ||||
a Delaware limited liability company | ||||
By: | BLUEROCK RESIDENTIAL HOLDINGS, L.P., | |||
Its sole member | ||||
By: | /s/ Michael Konig | |||
Name: | Michael Konig | |||
Title: | COO, Secretary and General Counsel |