Assignment of Contract between Triple Net Properties, LLC and Apartment REIT Walker Ranch, LP

Contract Categories: Business Finance › Assignment Agreements
Summary

Triple Net Properties, LLC is transferring all of its rights and interests in a Contract of Sale for the Walker Ranch Apartments in San Antonio, Texas, to Apartment REIT Walker Ranch, LP. The new party, Apartment REIT Walker Ranch, LP, agrees to take on all obligations under the original contract. However, Triple Net Properties, LLC remains liable under the contract even after the assignment. The agreement is effective as of October 30, 2006.

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EX-10.8 9 a24798exv10w8.htm EXHIBIT 10.8 exv10w8  

EXHIBIT 10.8
ASSIGNMENT OF CONTRACT
     THIS ASSIGNMENT OF CONTRACT (the “Assignment”) is made as of the 30th day of October 2006, by Triple Net Properties, LLC, a Virginia limited liability company (“Assignor”) to Apartment REIT Walker Ranch, LP., a Texas limited partnership (“Assignee”).
RECITALS
     TR Walker Ranch Partners, LTD., a Texas limited partnership (“Seller”) and Assignor entered into that certain Contract of Sale, dated as of May 4, 2006 (the “Contract”) with respect to certain property known as Walker Ranch Apartments located at 14500 Blanco Road, 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 WALKER RANCH, LP,  
        a Texas limited partnership
 
                            
        By:   APARTMENT REIT WALKER RANCH 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:   /s/ Shannon K S Johnson    
 
                           
 
                            
                    Name: Shannon K S Johnson
 
                            
                    Title:   Chief Financial Officer