ASSIGNMENT OF CONTRACT
ASSIGNMENT OF CONTRACT
THIS ASSIGNMENT OF CONTRACT (the “Assignment”) is made as of the 29th day of
August, 2007 by Triple Net Properties, LLC, a Virginia limited liability company (“Assignor”) to Apartment REIT Towne Crossing, LP, a Texas limited partnership (“Assignee”).
RECITALS
Assignor and FS Towne Crossing, Ltd., a Texas limited partnership entered into that certain Purchase and Sale Agreement, dated February 21, 2007, as amended (as amended, the “Contract”) with respect to certain property known as Towne Crossing Apartments, located in Tarrant County, Texas, 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/ Jack Maurer | |||||||||
| Name: | Jack Maurer | |||||||||
| Title: | Executive Vice President | |||||||||
| ASSIGNEE: | APARTMENT REIT TOWNE CROSSING, LP, | |||||||||
| a Texas limited partnership | ||||||||||
| By: | Apartment REIT Towne Crossing GP, LLC, | |||||||||
| a Delaware limited liability company | ||||||||||
| Its: | General Partner | |||||||||
| By: | NNN Apartment REIT Holdings, L.P., | |||||||||
| a Virginia limited partnership | ||||||||||
| Its: | Manager | |||||||||
| By: | NNN Apartment REIT, Inc., | |||||||||
| a Maryland corporation | ||||||||||
| Its: | General Partner | |||||||||
| By: Name: Its: | /s/ Andrea R. Biller Andrea R. Biller Secretary | |||||||||
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