Assignment of Purchase and Sale Agreement by Triple Net Properties, LLC to NNN Healthcare/Office REIT Commons V, LLC

Summary

Triple Net Properties, LLC is transferring all of its rights and obligations under a contract to purchase the Commons V Medical Office Building in Naples, Florida, to NNN Healthcare/Office REIT Commons V, LLC. The new party, NNN Healthcare/Office REIT Commons V, LLC, will assume all responsibilities and benefits of the original contract as of April 19, 2007. This agreement formalizes the transfer of the contract between the two companies.

EX-10.3 4 exhibit3.htm EX-10.3 EX-10.3

ASSIGNMENT OF CONTRACT

THIS ASSIGNMENT OF CONTRACT (the “Assignment”) is made as of the 19th day of April 2007 by Triple Net Properties, LLC, a Virginia limited liability company (“Assignor”) to NNN Healthcare/Office REIT Commons V, LLC, a Delaware limited liability company (“Assignee”).

RECITALS

Assignor and Commons V Investment Partnership, a Florida general partnership entered into that certain Agreement for Purchase and Sale of Real Property and Escrow Instructions, dated as of March 16, 2007 (the “Contract”) with respect to certain property known as Commons V Medical Office Building, located in Naples, Florida, as more particularly described in the Contract. Assignor desires to assign all of its rights, title and interest in and to the Contract to Assignee.

AGREEMENT

FOR and in consideration of the premises and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Assignor hereby assigns all of its rights, title and interest in and to the Contract to Assignee.

Assignee by its execution of this Assignment hereby assumes all of Assignor’s obligations under the Contract.

WITNESS the following signatures:

             
ASSIGNOR:   Triple Net Properties, LLC,
   
 
           
    a Virginia limited liability company
   
 
           
 
  By:   /s/ Richard Hutton  
 
           
         
 
           
 
  Name:   Richard Hutton  
 
           
 
           
 
  Title:   Executive Vice President  
 
           
         
 
           
ASSIGNEE:   NNN Healthcare/Office REIT Commons V, LLC,
   
 
           
    a Delaware limited liability company
   
 
           
 
  By:   Triple Net Properties, LLC,  
 
           
        a Virginia limited liability company
 
           
 
  Its:   Manager  
 
           
 
      By:   /s/ Richard Hutton
 
           
 
           
 
      Name:   Richard Hutton
 
           
 
           
 
      Title:   Executive Vice President