FIRST AMENDMENT TO SINGLE FAMILY HOMES REAL ESTATE PURCHASEAND SALE AGREEMENT

EX-10.1 2 v363032_ex10-1.htm EXHIBIT 10.1

 

FIRST AMENDMENT TO

SINGLE FAMILY HOMES REAL ESTATE PURCHASE AND SALE AGREEMENT

 

 

THIS FIRST AMENDMENT TO SINGLE FAMILY HOMES REAL ESTATE PURCHASE AND SALE AGREEMENT (this "First Amendment") is made as of December 11, 2013, by and among DOMINION ATLANTA PROPERTIES FUND I, LP, a Delaware limited partnership, DP ATLANTA FUND, LLC, a Delaware limited liability company, STONE TOWER INVESTMENTS, LLC, a Georgia limited liability company, FULL COURT PRESS, LLC, a Delaware limited liability company, RMN INVESTMENT HOLDINGS, LLC, a Delaware limited liability company, DP ATLANTA, LLC, a Maryland limited liability company, and DPH ATLANTA, LLC, a Delaware limited liability company (collectively, “Seller”) and REVEN HOUSING GEORGIA, LLC a Delaware limited liability company (together with any designee identified or appointed by REVEN HOUSING GEORGIA, LLC, “Buyer”), with reference to the following recitals:

 

RECITALS

 

A. Seller and Buyer entered into that certain Single Family Homes Real Estate Purchase and Sale Agreement, dated as of November 15, 2013 ("Agreement"), pursuant to which Seller agreed to sell and Buyer agreed to purchase from Seller, that certain group of up to One Hundred Seventy Three (173) single family homes, in the City of Atlanta, Georgia, and which is more particularly defined in the Agreement as the “Property,” all upon the terms and subject to the conditions contained in the Agreement.

 

B. Seller and Buyer have agreed to amend the Agreement to adjust, among other things, the number of houses to be purchased by Buyer from Seller by the Closing Date.

 

AGREEMENT

 

1.             Definitions. All initially-capitalized terms used in this First Amendment without definition shall have the meanings given such terms in the Agreement.

 

2.             Deposit: At the closing of the transactions contemplated by the Agreement, Buyer shall receive a credit against the Purchase Price in the amount of the Deposit with respect to the Property identified in Exhibit A-1. No further deposit will be placed into Escrow.

 

3.             Due Diligence Period. The definition of the Due Diligence Period in the Basic Terms shall be deleted and replaced with the following:

 

Due Diligence Period: Subject to the provisions of Section 7 below, the period commencing on the Effective Date and ending 6:00 PM Pacific Time on December 31, 2013, during which period Buyer will be provided the opportunity to review all aspects of the Property.

 

 
 

  

4.             Deferred Closing. Section 5(c) shall be deleted and replaced by the following:

 

(c) Deferred Closing. Buyer will cause the Closing to occur with respect to the Property identified on Exhibit A-1 on the Closing Date. The consideration required to close with respect to those Properties will be equal to the sum of the values of the properties set forth on Exhibit A-1 (less the value of any Excluded Properties) and Buyer will close with respect to those properties on the scheduled Closing Date, time being of the essence. Buyer may, in its discretion, close on the Properties identified on Exhibit A-2 by delivering to Escrow the sum of the values of the Properties set forth on Exhibit A-2 (less the value of any Excluded Properties) on or before February 24, 2014, and the consideration required to close with respect to those Properties will be the amount so delivered to Escrow.

 

5.             Due Diligence Period. Section 7(a) shall be deleted and replaced with the following:

 

(a) Buyer will have a period commencing on the Effective Date and ending at 6:00 PM Pacific Time on December 31, 2013 (the “Due Diligence Period”) to examine, inspect, and investigate the Property and, in Buyer’s sole judgment and discretion, to determine whether Buyer desires to purchase the Property.

 

6.             Exhibits. Exhibit A-1 and Exhibit A-2 of the Agreement are hereby replaced by Exhibit A-1 and Exhibit A-2, respectively, attached to this First Amendment.

 

7.             Full Force and Effect. Except as modified herein, Buyer and Seller agree and affirm that the Agreement remains in full force and effect.

 

IN WITNESS WHEREOF, Buyer and Seller have caused this First Amendment to be duly executed on their behalfs as of the day and year stated above.

 

 

  BUYER
     
  REVEN HOUSING GEORGIA, LLC
  a Delaware limited liability company
     
     
  By: /s/ Chad Carpenter
    Chad Carpenter
    Chief Executive Officer
     
     
  SELLER
     
  DOMINION ATLANTA PROPERTIES FUND, I, LP,
  a Delaware limited partnership
     
  By: /s/ Jack BeVier
  Name: Jack BeVier, General Partner
     
     
  DP ATLANTA FUND, LLC,
  a Delaware limited liability company
     
  By: /s/ Jack BeVier
  Name: Jack BeVier, Sole Member
     
     
  STONE TOWER INVESTMENTS, LLC,
  a Georgia limited liability company
     
  By: /s/ Jack BeVier
  Name: Jack BeVier, Agent for Owner
     
     
  FULL COURT PRESS, LLC,
  a Delaware limited liability company
     
  By: /s/ Jack BeVier
  Name: Jack BeVier, Agent for Owner
     
     
  RMN INVESTMENT HOLDINGS, LLC,
  a Delaware limited liability company
     
  By: /s/ Jack BeVier
  Name: Jack BeVier, Member
     
     
  DP ATLANTA, LLC,
  a Maryland limited liability company
     
  By: /s/ Jack BeVier
  Name: Jack BeVier, Member
     
     

  

2
 

 

  DPH ATLANTA, LLC,
  a Delaware limited liability company
     
  By: /s/ Jack BeVier
  Name: Jack BeVier, Member

 

3
 

 

 

EXHIBIT A-1

 

DESCRIPTION OF PROPERTies IN DECEMBER 31, 2013 CLOSING

 

RMN INVESTMENT HOLDINGS, LLC Properties

 

No. Address County City Zip Code Cost
1. 95 Triple Crown Ln Henry Ellenwood 30294  $       78,453
2. 384 Cativo Dr SW Fulton Atlanta 30311  $       74,213
  Total of 2 Properties     Total  $     152,666

 

DP ATLANTA, LLC Properties

 

No. Address County City Zip Code Cost
3. 1741 Fielding Way Clayton Hampton 30228  $        74,804
4. 8202 Winewood Ct Clayton Riverdale 30274  $        72,537
5. 806 Boston Commons Clayton College Park 30349  $        62,745
6. 8281 Chestnut Dr Clayton Jonesboro 30238  $        74,804
7. 2331 Nicole Dr Clayton Hampton 30228  $        79,338
8. 6354 Shannon Pkwy #18C Fulton Union City 30291  $        70,270
9. 6304 Hickory Lane Cir Fulton Union City 30291  $        77,071
10. 3684 Brookwood Blvd Clayton Rex 30273  $        77,071
11. 2223 Scarbrough Dr DeKalb Stone Mountain 30088  $        72,537
12. 7032 Panda Rd Cobb Austell 30168  $        79,338
13. 966 Foxworthy Ln Clayton Riverdale 30296  $        92,938
14. 4677 Cedar Park Trl DeKalb Stone Mountain 30083  $        72,084
15. 1738 Salina Dr Clayton Jonesboro 30236  $        72,537
16. 468 Paxton Pl Clayton Riverdale 30274  $        81,604
17. 1983 Northerly Way DeKalb Stone Mountain 30088  $        77,071
18. 2441 Brianna Dr Clayton Hampton 30228  $        72,084
19. 145 Cinnamon Fern Cir Newton Covington 30016  $        95,205
20. 886 Disney Ct DeKalb Stone Mountain 30088  $        72,084
21. 4631 Candlewyck Way Gwinnett Buford 30518  $        74,804
  Total of 19 Properties     Total  $    1,450,926

 

 

Total A-1 Sum: $1,603,592.00

 

 
 

 

EXHIBIT A-2

 

DESCRIPTION OF PROPERTIES IN 2014 OPTIONAL CLOSING

 

DOMINION ATLANTA PROPERTIES FUND I, LP Properties

 

No. Address County City Zip Code Cost
22. 1011 Briarberry Ln Riverdale Clayton 30296  $              93,472
23. 1305 Sandybrook Ct DeKalb Lithonia 30058  $              93,472
24. 2714 Parkway Trl DeKalb Lithonia 30058  $              69,881
25. 6576 Planters Ct Clayton Morrow 30260  $              75,668
26. 3781 Wesley View DeKalb Decatur 30034  $              73,442
27. 3399 Bells Landing Dr Clayton Rex 30273  $              84,570
28. 170 Rivergate Ct Clayton Jonesboro 30238  $              97,923
29. 2353 Brianna Dr Clayton Hampton 30228  $              73,442
30. 8808 Edenton Way Clayton Jonesboro 30238  $              97,923
31. 3281 Glen Hollow Dr Clayton Rex 30273  $              75,668
32. 330 E Country Woods Dr Newton Covington 30016  $              77,893
33. 2457 Northmill Ln DeKalb Decatur 30035  $              80,119
34. 2048 Manhattan Pkwy DeKalb Decatur 30035  $              82,344
35. 3700 Prescott Ridge DeKalb Clarkston 30021  $              75,668
36. 3163 Hardin Ct DeKalb Lithonia 30038  $              93,472
37. 1489 Emily Ct Clayton Riverdale 30296  $              77,893
38. 6089 Giles Ct DeKalb Lithonia 30058  $              97,923
39. 1914 Grove Way Clayton Hampton 30228  $              73,442
40. 5454 Northcut Dr Clayton Atlanta 30349  $              82,344
41. 497 Eagles Crossing Clayton Riverdale 30274  $              77,893
42. 8479 Glendevon Ct Clayton Riverdale 30274  $              95,697
43. 3323 Waldrop Trl DeKalb Decatur 30034  $              75,668
44. 7 Old Roundtree Rd Clayton Riverdale 30274  $              75,668
45. 9925 Rivercliff Ln Douglas Villa Rica 30180  $              80,119
46. 1364 Daffodil Ln Clayton Hampton 30228  $              97,923
47. 1062 Plantation Blvd Rockdale Conyers 30094  $              89,021
48. 3340 Glen Hollow Dr Clayton Rex 30273  $              75,668
49. 355 Lakefront Dr Henry McDonough 30253  $              97,923
50. 2850 Heritage Ln Clayton Morrow 30260  $            100,148
51. 3575 Brookstone Way Fulton Union City 30291  $              77,893
52. 7596 Briar Crest Ct Clayton Riverdale 30296  $              84,570
53. 2301 Nicole Dr Clayton Hampton 30228  $              70,772
54. 7110 New Dale Rd Clayton Rex 30273  $              77,893
55. 8734 Parliament Pl Clayton Jonesboro 30238  $              82,344
56. 2743 Rosebud Ct Clayton Hampton 30228  $              75,668
57. 3709 Prescott Ridge Cir DeKalb Clarkston 30021  $              73,442
58. 1726 Hearthstone Way Clayton Jonesboro 30236  $              75,668
59. 2973 Heritage Villa Dr DeKalb Lithonia 30038  $              68,991
60. 3798 Waldrop Ln DeKalb Decatur 30034  $              75,668
61. 361 Chateauguay Dr Henry Ellenwood 30294  $              75,668
62. 873 River Mist Dr Clayton Jonesboro 30238  $              84,570
63. 417 Montgomery Pl Clayton Jonesboro 30238  $              95,697
64. 2020 Valley Woods Dr Clayton Riverdale 30296  $            106,825
65. 7624 Creekside Ln Clayton Riverdale 30296  $              75,668
66. 5693 Eagles Feather Ln Clayton Riverdale 30274  $              77,893
67. 4642 Latchwood Dr DeKalb Lithonia 30038  $              82,344
68. 7312 Williamsburg Dr Clayton Riverdale 30274  $              82,344
69. 1560 Tigris Ct Clayton Atlanta 30349  $              84,570
70. 9042 Bob Jackson Dr Clayton Jonesboro 30238  $              82,344
  Total of 49 Properties     Total  $         4,053,119

 

2
 

 

DP ATLANTA FUND, LLC Properties

 

No. Address County City Zip Code Cost
71. 3682 Brookwood Blvd Clayton Rex 30273  $              75,520
72. 2144 Marbut Farms Entry DeKalb Lithonia 30058  $              75,520
73. 3127 Panthers Trace DeKalb Decatur 30034  $              66,635
74. 7215 Raintree Loop Clayton Jonesboro 30236  $              77,741
75. 5271 Brentwood Rd Clayton College Park 30349  $              75,520
76. 977 Ellison Ct Cobb Austell 30168  $              77,741
77. 6738 Amesbury Ln Clayton Riverdale 30296  $              77,741
78. 3940 Scott Dr Clayton Forest Park 30297  $              70,634
79. 825 Pixley Dr Clayton Riverdale 30296  $              73,299
80. 2278 Lanier Pl Clayton Morrow 30260  $              77,741
81. 5475 Deerfield Trl Fulton College Park 30349  $              75,520
82. 6186 Princeton Ave Clayton Morrow 30260  $              75,520
83. 523 Carlton Pointe Fulton Palmetto 30268  $              79,518
84. 947 Fox Valley Ct DeKalb Stone Mountain 30088  $              77,741
85. 7503 Conkle Rd Clayton Jonesboro 30236  $            106,617
86. 4021 Maplewood Dr DeKalb Decatur 30035  $              75,520
87. 8206 Mahogany Ln DeKalb Lithonia 30058  $              93,290
88. 8062 Kylie Ct Clayton Jonesboro 30274  $              79,963
89. 1687 Hunting Creek Dr Rockdale Conyers 30013  $             64,414
90. 2185 Miranda Dr Clayton Morrow 30260  $             73,299
91. 40 Court St S Henry Ellenwood 30294  $             77,741
92. 5571 Tunbridge Wells Rd DeKalb Lithonia 30058  $             79,963
93. 2165 Knighton Dr Fulton Atlanta 30349  $             70,634
94. 2791 Vining Ridge Ter DeKalb Decatur 30034  $              53,308
  Total of 24 Properties     Total  $         1,831,140

 

STONE TOWER INVESTMENTS, LLC Properties

 

No. Address County City Zip Code Cost
95. 6092 Marbut Rd DeKalb Lithonia 30058  $          69,082
96. 537 Fielding Cir Clayton Riverdale 30274  $          55,266
97. 11949 Spring Lake Way Clayton Fayetteville 30215  $          82,899
98. 6589 River Rd Clayton Riverdale 30274  $          54,871
99. 6295 Klondike River Rd DeKalb Lithonia 30038  $          70,108
100. 6114 Camden Forrest Dr Clayton Riverdale 30296  $          59,213
101. 370 Valiant Ln Clayton Riverdale 30274  $          67,108
102. 206 Lucan Ct Clayton Riverdale 30274  $          65,135
  Total of 8 Properties     Total  $        523,682

 

3
 

 

FULL COURT PRESS, LLC Properties

 

No. Address County City Zip Code Cost
103. 2052 Cherrybrook Dr DeKalb Decatur 30032 $     68,000
104. 5221 Kirk Dr Clayton College Park 30349 $     70,000
105. 1097 Hidden Brook Trl Clayton Atlanta 30349 $     68,000
106. 3528 Waldrop Cliff Cir DeKalb Decatur 30034 $     74,000
107. 1500 Knights Trl DeKalb Stone Mountain 30083 $     80,000
  Total of 5 Properties     Total $   360,000

 

RMN INVESTMENT HOLDINGS, LLC Properties

 

No. Address County City Zip Code Cost
108. 5268 Fox Path DeKalb Stone Mountain 30088  $          74,213
109. 6362 Redan Sq DeKalb Lithonia 30058  $          76,333
110. 3648 Stanford Cir DeKalb Decatur 30034  $          72,092
111. 6354 Shannon Pkwy #35G Fulton Union City 30291  $          67,428
112. 4811 White Oak Path DeKalb Stone Mountain 30088  $          74,213
113. 6427 Bedford Ln DeKalb Lithonia 30058  $          65,562
114. 9044 Hamilton Ct Clayton Jonesboro 30236  $          63,611
115. 2975 Phillips Way DeKalb Lithonia 30038  $          69,972
116. 5319 Creekview Way Clayton Morrow 30260  $          75,909
117. 3685 Eagle Woods Cir DeKalb Lithonia 30038  $          89,055
  Total of 10 Properties     Total  $        728,388

 

DP ATLANTA, LLC Properties

 

No. Address County City Zip Code Cost
118. 6972 Lismore Dr Gwinnett Norcross 30093  $        90,672
119. 8415 N Pond Ct Clayton Riverdale 30274  $        70,270
120. 1102 Greendale Ln Clayton Jonesboro 30238  $        77,071
121. 756 Four Winds Ln Clayton Jonesboro 30238  $        90,672
122. 2062 W Morgans Bluff Ct DeKalb Lithonia 30058  $        72,537
123. 1324 Interlaken Pass Clayton Jonesboro 30238  $        95,205
124. 5312 McCarter Station DeKalb Stone Mountain 30088  $        81,151
125. 1249 Misty Meadows Ln Clayton Hampton 30228  $        81,604
126. 1748 Natchez Trl DeKalb Conley 30288  $        81,151
  Total of 9 Properties     Total  $      740,333

 

4
 

  

DPH ATLANTA, LLC Properties

 

No. Address County City Zip Code Cost
127. 5090 Windsor Forrest Ln Fulton College Park 30349  $              68,419
128. 1779 Deer Crossing Way Clayton Jonesboro 30236  $              76,445
129. 4433 Newton Estates Trl Clayton Ellenwood 30294  $              70,712
130. 11171 Knotty Pine Pl Clayton Hampton 30228  $              57,334
131. 5696 Collonade Dr Clayton Rex 30273  $              76,063
132. 838 Commerce Blvd Clayton Riverdale 30296  $              63,067
133. 1478 Riverrock Trl Clayton Riverdale 30296  $              63,067
134. 881 Hampton Hill Ct Gwinnett Lawrenceville 30044  $              74,534
135. 7111 Brookview Way Clayton Riverdale 30274  $              64,978
136. 2290 Chestnut Log Dr Douglas Lithia Springs 30122  $              64,978
137. 8339 Reinosa Way Clayton Jonesboro 30236  $              63,067
138. 285 Splitwood Ln Fulton Fairburn 30213  $              66,890
139. 552 Simpson Place Dr Clayton Forest Park 30297  $              80,268
140. 1149 Alford Rd DeKalb Lithonia 30058  $              91,352
141. 633 Stone Harbor Pkwy SW Cobb Marietta 30060  $              87,912
142. 2736 Norfair Loop DeKalb Lithonia 30038  $              60,774
143. 3470 Valley Oaks Rd DeKalb Lithonia 30038  $              64,978
144. 6847 Shangrila Way Clayton Riverdale 30296  $              63,067
145. 7414 Grayson Dr Clayton Riverdale 30296  $              63,067
146. 979 Brandon Hill Way Clayton Jonesboro 30238  $              66,890
147. 11942 Lovejoy Crossing Blvd Clayton Hampton 30228  $              66,890
148. 5120 Cochran Dr Fulton Union City 30291  $              61,156
149. 7827 Taylor Cir Clayton Riverdale 30274  $              63,067
150. 5549 Strathmoor Manor Cir DeKalb Lithonia 30058  $              66,507
151. 2428 Butner Rd SW Fulton Atlanta 30331  $              63,067
152. 5891 John St Cobb Austell 30106  $              64,978
153. 225 DeerrunTrl Fulton Atlanta 30349  $              64,978
154. 2453 Crestdale Cir SE DeKalb Atlanta 30316  $              64,978
155. 1091 Commons Ct Clayton Jonesboro 30238  $              70,712
156. 4956 Ivylog Ct DeKalb Lithonia 30038  $              64,978
157. 1682 Hearthstone Ct Clayton Jonesboro 30236  $              70,712
158. 111 Forest Pl Henry Stockbridge 30281  $              64,978
159. 5497 Winslow Crossing DeKalb Lithonia 30038  $              70,712
160. 6690 Vesta Brook Dr Clayton Morrow 30260  $              63,067
161. 5297 Brentwood Rd Clayton College Park 30349  $              61,156
162. 2755 Hunters Ct Clayton Hampton 30228  $              68,419
163. 6265 Leverett Dr DeKalb Lithonia 30038  $              64,978
164. 1724 Laurel Creek Cir DeKalb Lithonia 30058  $              64,978
165. 5214 Alexander St Fulton Union City 30291  $              68,419
166. 1012 Cone Rd Clayton Forest Park 30297  $              64,978
167. 2734 Parkway Trl DeKalb Lithonia 30058  $              64,978
168. 2646 Parkway Trl DeKalb Lithonia 30058  $              66,890
169. 5811 Strathmoor Manor Cir DeKalb Lithonia 30058  $              59,245
170. 2594 Capella Cir SW Fulton Atlanta 30331  $              72,623
171. 3893 River Ridge Ct DeKalb Decatur 30034  $              80,268
172. 2091 Dylan Ct Clayton Ellenwood 30294  $              86,001
173. 6291 Valdez Dr Clayton Rex 30273  $              68,419
  Total of 47 Properties     Total  $         3,199,994

 

 

Total A-2 Sum: $11,436,656.00

 

5