Assignment of Contract between Triple Net Properties, LLC and Apartment REIT Hidden Lakes, LP
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Summary
Triple Net Properties, LLC is transferring all of its rights and interests in a Contract of Sale for the Hidden Lake Apartments in San Antonio, Texas, to Apartment REIT Hidden Lakes, LP. By signing this agreement, Apartment REIT Hidden Lakes, LP assumes all obligations under the original contract, but Triple Net Properties, LLC remains liable as well. This assignment formalizes the transfer of contract rights and responsibilities between the parties.
EX-10.8 9 a26231exv10w8.htm EXHIBIT 10.8 exv10w8
Exhibit 10.8
ASSIGNMENT OF CONTRACT
THIS ASSIGNMENT OF CONTRACT (the “Assignment”) is made as of the 28th day of December 2006, by Triple Net Properties, LLC, a Virginia limited liability company (“Assignor”) to Apartment REIT Hidden Lakes, LP., a Texas limited partnership (“Assignee”).
RECITALS
TR Hidden Lake Partners, LTD., a Texas limited partnership (“Seller”) and Assignor entered into that certain Contract of Sale, dated as of May 4, 2006, as amended from time to time (the “Contract”) with respect to certain property known as Hidden Lake Apartments located at 8910 N. Loop 1604 West, San Antonio, Bexar 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, transfers, conveys and sets over all of Assignor’s 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. Notwithstanding such assignment and assumption, Assignor shall continue to be liable 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: | APARTMENT REIT HIDDEN LAKES, LP, a Texas limited partnership | |||||||||||
| By: | APARTMENT REIT HIDDEN LAKES 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: | /s/ Shannon K S Johnson | |||||||||||
| Title: | Chief Financial Officer | |||||||||||
