Assignment and Assumption of Purchase and Sale Agreement between Inland Real Estate Acquisitions, Inc. and Inland American ST Portfolio, L.L.C.
This agreement transfers all rights and obligations under a Purchase and Sale Agreement for certain land parcels from Inland Real Estate Acquisitions, Inc. to Inland American ST Portfolio, L.L.C. The Assignee accepts and assumes all responsibilities related to the property purchase, but the Assignor remains liable for its original obligations. The agreement is effective as of November 30, 2007.
EXHIBIT 10.153
ASSIGNMENT AND ASSUMPTION OF PURCHASE AND SALE AGREEMENT
For good and valuable consideration the receipt and sufficiency of which is hereby acknowledged, the undersigned, INLAND REAL ESTATE ACQUISITIONS, INC., an Illinois corporation, (Assignor) hereby assigns to INLAND AMERICAN ST PORTFOLIO, L.L.C., a Delaware limited liability company, (Assignee) all of Assignors right, title and interest as a party to that certain Purchase and Sale Agreement (the Purchase Agreement) by and between INLAND REAL ESTATE ACQUISITIONS, INC., (Buyer), and SUNTRUST BANK, a Georgia banking corporation, (Seller), dated September 27, 2007, as amended, with respect to the purchase and sale of those certain parcel(s) of land more fully defined on Exhibit A, attached hereto (the Property).
By execution hereof by Assignee, Assignee for itself and its successors and assigns hereby accepts the assignment and assumes all of the obligations of Assignor under the Purchase Agreement with respect to the Properties, The Assignor acknowledges and agrees that notwithstanding the foregoing the Assignor is not released from any of its obligations under the Purchase Agreement.
This Assignment is effective as of the 30th day of November, 2007.
| ASSIGNOR | INLAND REAL ESTATE ACQUISITIONS, INC., | ||
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| an Illinois corporation | ||
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| By: | /s/ G. Joseph Cosenza | |
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| G. Joseph Cosenza | |
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| Its: | President |
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| ASSIGNEE | INLAND AMERICAN ST PORTFOLIO, L.L.C., | |
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| By: | Inland American Real Estate Trust, Inc., a Maryland corporation, its sole member |
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| By: | /s/ Marcia L. Grant |
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| Marcia L. Grant |
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| Its: | Assistant Secretary |