Assignment of Agreement for Purchase and Sale between O'Donnell Acquisitions, LLC and OD Flowers Tampa, LLC

Summary

This agreement documents the transfer of all rights and obligations under a prior purchase and sale agreement for property at 1988 Tampa East Boulevard, Tampa, Florida, from O'Donnell Acquisitions, LLC (ODA) to OD Flowers Tampa, LLC (ODFT). ODFT agrees to assume all duties as the buyer and to indemnify ODA against any liabilities resulting from ODFT's default under the original agreement. The assignment is effective as of September 10, 2012.

EX-10.3 3 d414365dex103.htm EX-10.3 EX-10.3

Exhibit 10.3

ASSIGNMENT OF AGREEMENT FOR PURCHASE AND SALE

THIS ASSIGNMENT OF AGREEMENT FOR PURCHASE AND SALE (this “Assignment”) is made and entered into as of the 10th day of September, 2012, by and between O’DONNELL ACQUISITIONS, LLC, a California limited liability company (“ODA”) and OD FLOWERS TAMPA, LLC, a Delaware limited liability company (“ODFT”), with respect to the following:

R E C I T A L S

A. ODA and Flowbake Tampa East, LLC, a Florida limited liability company (“Seller”) entered into that certain Agreement of Purchase and Sale and Joint Escrow Instructions dated September , 2012 (the “Purchase Agreement”), pursuant to which, among other things, Seller agreed to convey to Buyer the Property, which real property consists of that certain land and improvements located at land and improvements located at 1988 Tampa East Boulevard, Tampa, Florida. Capitalized terms which are not expressly defined in this Assignment shall have the meaning given to them in the Purchase Agreement.

B. ODA intends to convey all of its right, title and interest under the Purchase Agreement to ODFT, and ODFT desires to accept such assignment and assume all duties and obligations of ODA thereunder.

NOW, THEREFORE, the parties hereto hereby agree as follows:

1. Assignment. ODA hereby assigns all of its right, title and interest under the Purchase Agreement to ODFT. ODFT accepts such assignment and assumes all obligations and liabilities of ODA as the “Buyer” under the Purchase Agreement.

2. Indemnity. ODFT hereby agrees to indemnify, defend, and hold harmless ODA from and against any and all liability, cost, or expense which ODA may incur arising out of any default by ODFT in the performance of its obligations under the Purchase Agreement.

[REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK]

[SIGNATURE PAGE TO FOLLOW]

IN WITNESS WHEREOF, the parties hereto have executed this Assignment as of the date and year first above written.


“ODA”	O’DONNELL ACQUISITIONS, LLC, a California limited liability company

	By:	/s/ Douglas D. O’Donnell
		Douglas D. O’Donnell, as Trustee of the DOD Trust dated August 29, 2002, its sole member

“ODFT”	OD FLOWERS TAMPA, LLC, a Delaware limited liability company

	By:	O’Donnell Strategic Industrial REIT Operating Partnership, LP, a Delaware limited partnership, its sole Member and Manager

		By:	O’Donnell Strategic Industrial REIT, Inc., a Delaware corporation, its sole General Partner

			By:	/s/ Douglas D. O’Donnell
				Douglas D. O’Donnell, its CEO and President

-2-