FIRST AMENDMENT OF AGREEMENTS OF SALE AND DEPOSIT AND ESCROW AGREEMENT
Exhibit 10.2
FIRST AMENDMENT OF AGREEMENTS OF SALE
AND DEPOSIT AND ESCROW AGREEMENT
This First Amendment of Agreements of Sale and Deposit and Escrow Agreement (“Amendment”) is entered into as of July 27, 2006, by and among Buyer, each of University Commons-East Lansing, Ltd., Capstone Commons-Athens, Ltd., University Commons-Baton Rouge, Ltd., University Commons-Bloomington, IN., Ltd., University Commons-Columbia, S.C., L.P., University Commons-Eugene, OR., Ltd., University Commons-Lexington, KY., Ltd., University Commons-Ohio, Ltd., University Commons-Starkville, Ltd., University Commons-Tuscaloosa, Ltd., University Commons-Urbana, IL., Ltd. (collectively, “Sellers”, and each a “Seller”) and Commonwealth Land Title Insurance Company (“Escrowee”)
In consideration of the mutual agreements herein set forth, the parties hereto, intending to be legally bound and to bind their successors and assigns, agree as follows.
1. Background. (A) Sellers and Buyer entered into eleven (11) separate Agreements of Sale (“Agreements of Sale”), each dated June 5, 2006, with respect to certain Properties identified in Exhibit “A” hereto, each of which Property is more particularly described in each Agreements of Sale. Capitalized terms used but not defined herein have the meanings set forth in the Agreements of Sale.
(B) Buyer had also entered into an Agreement of Sale with each of University Commons-College Station, Ltd. and University Commons-College Station Phase II, Ltd., which Agreements have been terminated.
(C) Seller, Buyer and Escrowee entered into a certain Deposit and Escrow Agreement, dated June 5, 2006, with respect to the Deposits under the Agreements.
2. Amendment. (A) Each Agreement of Sale is hereby amended as follows:
(i) The last day of the Due Diligence Period under each Agreement of Sale is hereby extended to and including August 4, 2006.
(ii) Schedule 4.3(B) of each Agreement of Sale is hereby deleted and replaced with the revised Schedule 4.3(B), which is attached hereto and made a part hereof.
(B) The Deposit and Escrow Agreement is hereby amended as follows:
(i) Seller’s Share of Deposit and Buyer’s Share of Deposit with respect to each Agreement shall be the amounts specified in Exhibit “B” hereto instead of the amounts specified in Exhibit “A” to the Deposit and Escrow Agreement.
3. Ratification. As hereby amended, the Agreements of Sale and Deposit and Escrow Agreement are hereby ratified and confirmed by the parties. In the case of any inconsistencies between the terms and conditions contained in the Agreements of Sale and
Deposit and Escrow Agreement and the terms and conditions contained in this Amendment, the terms and conditions contained in this Amendment shall control.
4. Counterparts. This Amendment may be executed by the parties in separate counterparts, which, when delivered by the parties, shall constitute one instrument.
IN WITNESS WHEREOF, Buyer and Sellers have caused this Amendment to be executed and delivered as of July 27, 2006.
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| BUYER: | ||||||
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| College Park Investments, LLC, a Delaware limited | ||||||
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| By: | /s/ John Ferer |
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| Name: John Ferer | |||||
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| Title: Assistant Vice President | |||||
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| ESCROWEE: | ||||||
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| Commonwealth Land Title Insurance Company | ||||||
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| By: | /s/ Michele Ingersoll |
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| Name: Michele Ingersoll | |||||
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| Title: AVP and National Title Officer | |||||
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| SELLERS: | ||||||
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| Capstone Commons-Athens, Ltd., an Alabama limited | ||||||
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| By: | Capstone Development Corp., an Alabama | |||||
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| By: | /s/ Rob Howland |
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| Name: Rob Howland | ||||
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| Title: Senior Vice President | ||||
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| University Commons-Baton Rouge, Ltd., an Alabama | ||||||
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| By: | Capstone Development Corp., an Alabama | |||||
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| By: | /s/ Rob Howland |
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| Name: Rob Howland | ||||
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| Title: Senior Vice President | ||||
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| University Commons-Bloomington, IN., Ltd., an | ||||||
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| By: | Capstone Development Corp., an Alabama | |||||
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| By: | /s/ Rob Howland |
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| Name: Rob Howland | ||||
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| Title: Senior Vice President | ||||
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| University Commons, Columbia, S.C., L.P., an | ||||||
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| By: | Capstone Development Corp., an Alabama |
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| By: | /s/ Rob Howland |
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| Name: Rob Howland | ||||
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| Title: Senior Vice President | ||||
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| University Commons-East Lansing, Ltd., an Alabama | ||||||
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| By: | Capstone Development Corp., an Alabama |
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| By: | /s/ Rob Howland |
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| Name: Rob Howland | ||||
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| Title: Senior Vice President | ||||
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| University Commons-Eugene, OR., Ltd., an Alabama | ||||||
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| By: | Capstone Development Corp., an Alabama |
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| By: | /s/ Rob Howland |
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| Name: Rob Howland | ||||
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| Title: Senior Vice President | ||||
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| University Commons-Lexington, KY., Ltd., an | ||||||
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| By: | Capstone Development Corp., an Alabama |
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| By: | /s/ Rob Howland |
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| Name: Rob Howland | ||||
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| Title: Senior Vice President | ||||
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| University Commons-Ohio, Ltd., an Alabama limited | ||||||
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| By: | Capstone Development Corp., an Alabama |
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| By: | /s/ Rob Howland |
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| Name: Rob Howland | ||||
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| Title: Senior Vice President | ||||
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| University Commons-Starkville, Ltd., an Alabama | ||||||
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| By: | Capstone Development Corp., an Alabama |
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| By: | /s/ Rob Howland |
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| Name: Rob Howland | ||||
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| Title: Senior Vice President | ||||
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| University Commons-Tuscaloosa, Ltd., an Alabama | ||||||
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| By: | Capstone Development Corp., an Alabama |
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| By: | /s/ Rob Howland |
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| Name: Rob Howland | ||||
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| Title: Senior Vice President | ||||
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| University Commons-Urbana, IL., Ltd., an Alabama | ||||
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| By: | Capstone Development Corp., an Alabama |
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| By: | /s/ Rob Howland |
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| Name: Rob Howland | ||
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| Title: Senior Vice President | ||
Exhibit “A”
| Property |
| Seller |
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| Capstone Commons Apartments |
| University Commons-East Lansing, Ltd. |
| 2501 Abbott Road |
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| East Lansing, MI ###-###-#### |
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| University Commons Athens |
| Capstone Commons-Athens, Ltd |
| 1000 Lakeside Drive |
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| Athens, GA 30605 |
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| University Commons Baton Rouge |
| University Commons-Baton Rouge, Ltd. |
| 4600 Burbank Drive |
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| Baton Rouge, LA 70820 |
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| University Commons Bloomington |
| University Commons-Bloomington, IN., Ltd. |
| 1150 Clarizz Boulevard |
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| Bloomington, IN 47401 |
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| University Commons Columbia |
| University Commons-Columbia, S.C., L.P. |
| 800 Alexander Road |
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| Cayce, SC 29033 |
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| University Commons Eugene |
| University Commons-Eugene, OR., Ltd. |
| 90 Commons Drive |
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| Eugene, OR 97401 |
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| University Commons Lexington |
| University Commons-Lexington, KY., Ltd. |
| 845 Red Mile Road |
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| Lexington, KY 40504 |
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| University Commons Oxford |
| University Commons-Ohio, Ltd. |
| 5262 Brown Road |
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| Oxford, OH 45056 |
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| University Commons Starkville |
| University Commons-Starkville, Ltd. |
| 1000 Campus View Drive |
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| Starkville, MS 39759 |
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| University Commons Tuscaloosa |
| University Commons-Tuscaloosa, Ltd. |
| 301 Helen Keller Blvd. |
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| Tuscaloosa, AL 35404 |
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| University Commons Urbana |
| University Commons-Urbana, IL., Ltd. |
| 1321 Lincoln Ave. |
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| Urbana, IL 61801 |
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Exhibit “B”
| Property |
| Seller |
| Seller’s Share of |
| Buyer’s Share of |
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| Capstone Commons Apartments |
| University Commons-East Lansing, Ltd. |
| $ | 50,908.25 |
| $ | 458,174.50 |
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| University Commons Athens |
| Capstone Commons-Athens, Ltd |
| $ | 40,255.68 |
| $ | 362,301.10 |
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| University Commons Baton Rouge |
| University Commons-Baton Rouge, Ltd. |
| $ | 42,498.33 |
| $ | 382,484.95 |
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| University Commons Bloomington |
| University Commons-Bloomington, IN., Ltd. |
| $ | 63,803.53 |
| $ | 574,231.75 |
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| University Commons Columbia |
| University Commons-Columbia, S.C., L.P. |
| $ | 43,619.63 |
| $ | 392,576.65 |
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| University Commons Eugene |
| University Commons-Eugene, OR., Ltd. |
| $ | 50,347.63 |
| $ | 453,128.65 |
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| University Commons Lexington |
| University Commons-Lexington, KY., Ltd. |
| $ | 48,104.98 |
| $ | 432,944.80 |
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| University Commons Oxford |
| University Commons-Ohio, Ltd. |
| $ | 45,974.43 |
| $ | 413,769.85 |
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| University Commons Starkville |
| University Commons-Starkville, Ltd. |
| $ | 23,323.38 |
| $ | 209,910.40 |
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| University Commons Tuscaloosa |
| University Commons-Tuscaloosa, Ltd. |
| $ | 44,180.53 |
| $ | 397,624.75 |
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| University Commons Urbana |
| University Commons-Urbana, IL., Ltd. |
| $ | 46,983.63 |
| $ | 422,852.60 |
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| $ | 500,000.00 |
| 4,500,000.00 |
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Revised Schedule 4.3(B)
Other Agreements
| Property |
| Seller |
| Purchase Price |
| Deposit |
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| Capstone Commons Apartments |
| University Commons-East Lansing, Ltd. |
| $ | 22,700,000.00 |
| $ | 509,082.75 |
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| University Commons Athens |
| Capstone Commons-Athens, Ltd |
| $ | 17,950,000.00 |
| $ | 402,556.62 |
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| University Commons Baton Rouge |
| University Commons-Baton Rouge, Ltd. |
| $ | 18,950,000.00 |
| $ | 424,983.18 |
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| University Commons Bloomington |
| University Commons-Bloomington, IN., Ltd. |
| $ | 28,450,000.00 |
| $ | 638,035.43 |
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| University Commons Columbia |
| University Commons-Columbia, S.C., L.P. |
| $ | 19,450,000.00 |
| $ | 436,196.45 |
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| University Commons Eugene |
| University Commons-Eugene, OR., Ltd. |
| $ | 22,450,000.00 |
| $ | 503,476.11 |
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| University Commons Lexington |
| University Commons-Lexington, KY., Ltd. |
| $ | 21,450,000.00 |
| $ | 481,049.56 |
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| University Commons Oxford |
| University Commons-Ohio, Ltd. |
| $ | 20,500,000.00 |
| $ | 459,744.33 |
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| University Commons Starkville |
| University Commons-Starkville, Ltd. |
| $ | 10,399,900.00 |
| $ | 233,233.90 |
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| University Commons Tuscaloosa |
| University Commons-Tuscaloosa, Ltd. |
| $ | 19,700,100.00 |
| $ | 441,805.33 |
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| University Commons Urbana |
| University Commons-Urbana, IL., Ltd. |
| $ | 20,950,000.00 |
| $ | 469,836.28 |
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| $ | 222,950,000.00 |
| $ | 5,000,000.00 |
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