Amendment to Stock Option Agreement between Cornerstone Realty Income Trust, Inc. and Glade M. Knight
This agreement amends the existing stock option agreement between Glade M. Knight and Cornerstone Realty Income Trust, Inc. It states that the original stock option agreement, dated July 23, 1999, will end in 2005 either through Mr. Knight exercising his options or receiving a cash payment as specified in the agreement. Both parties have signed to confirm their acceptance of these terms.
Exhibit 10.7
February 8, 2005
Glade M. Knight
306 East Main Street
Richmond, Virginia 23219
| Re: | Amendment to Stock Option Agreement |
Dear Mr. Knight:
By signing below, you agree that the stock option agreement between you and Cornerstone Realty Income Trust, Inc., dated July 23, 1999 (your “Stock Option Agreement”), will terminate by means of your exercise of the options granted thereunder or the payment of cash to you pursuant to Section 8(b) in 2005.
This letter agreement will amend your Stock Option Agreement, a copy of which is annexed for your reference.
| CORNERSTONE REALTY INCOME TRUST, INC. | ||
| /s/ Stanley J. Olander, Jr. | ||
| By: | Stanley J. Olander, Jr. | |
| Title: | Chief Financial Officer | |
| Accepted and Agreed: |
| /s/ Glade M. Knight |
| Glade M. Knight |
Date: February 8, 2005
