Exhibit 10.2

AMENDMENT TO PURCHASE AND SALE AGREEMENT

THIS FIRST AMENDMENT TO PURCHASE AND SALE AGREEMENT (this “Amendment”) is made
and entered into this 18th day of December, 2014, and hereby amends the PURCHASE
AND SALE AGREEMENT entered into the 17th day of November, 2014 (the
“Agreement”), by and among those signatories listed on the signature pages
hereto as “Sellers” (each a “Seller” and, collectively, the “Sellers”) and
STERLING PROPERTIES, LLLP, a North Dakota limited liability limited partnership
(“Purchaser”).

BACKGROUND

WHEREAS, Sellers and Purchaser have entered into the Agreement set forth

above; and

 

WHEREAS, Sellers and Purchaser desire to amend the Agreement as provided herein.

AGREEMENT

NOW, THEREFORE, the parties hereafter agree as follows:

 

1.All capitalized terms not otherwise defined herein shall have the
meanings ascribed to them in the Agreement. 

 

2.Purchaser hereby waives, and releases Sellers and their respective
predecessors in title from, any and all claims or objections with respect to all
facts or matters set forth in the Title Commitments, Updated Surveys, or on the
Deeds as exceptions to the warranties thereof, all of which shall constitute
Permitted Exceptions under the Agreement. Purchaser further waives its
termination rights under Sections 3.2, 3.3, 4.6 and 4.11 of the Agreement.
Notwithstanding the foregoing, Sellers shall comply with clauses (i) and (ii) of
the fourth sentence of Section 3.2 of the Agreement by satisfaction of the
matters set forth therein or by causing the Title Insurer to “insure over” such
matters.

 

3.Purchaser and Seller acknowledge the existence of required work at the Valley
View Apartments in Golden Valley, Minnesota arising out of the sewer inspection
completed by the City of Golden Valley.  Purchaser shall undertake all such work
after the Closing, and Sellers shall reimburse Purchaser, within ten days of its
demand therefore, fifty percent (50%) of all costs incurred in performing the
required work up to a maximum amount of reimbursement of $75,000.00. Purchaser’s
demand for reimbursement shall include reasonable evidence of all costs and
expenditures. This obligation shall survive the Closing and delivery of the Deed

 

4.At Closing, Sellers shall grant Purchaser a credit of One Hundred Thirty-Two
Thousand and No/100 Dollars ($132,000.00) to compensate Purchaser for certain
deferred maintenance issues at the Properties. Purchaser shall have the right to
allocate the credit in whole or part to any of the Properties.

 

 

[signature pages follow]

 

 

 

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IN WITNESS WHEREOF, this Amendment has been duly executed by the parties hereto
as of the day and year first above written.

 

SELLERS:

 

 

 

MAPLEWOOD APARTMENTS, LLC

 

 

 

 

 

 

 

By:

 

 

 

Harvey Filister, Chief Manager

 

 

 

 

 

 

 

VALLEY VIEW APARTMENTS, LLC

 

 

 

 

 

 

 

By:

 

 

 

Harvey Filister, Chief Manager

 

 

 

 

 

 

 

RES APARTMENTS, LLC

 

 

 

 

 

 

 

By:

 

 

 

Harvey Filister, Chief Manager

 

 

 

 

 

 

 

BRIGHTON VILLAGE APARTMENTS, L.L.P., a Minnesota limited liability partnership

 

 

 

 

 

 

 

By:

 

 

 

Harvey Filister, Partner

 

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MASARA PROPERTIES LIMITED PARTNERSHIP, a Minnesota limited partnership

 

 

 

 

 

 

 

By:

 

 

 

Harvey Filister, Partner

 

 

 

 

 

 

 

GEORGETOWN COURT LIMITED PARTNERSHIP, a Minnesota limited partnership

 

 

 

 

 

 

 

By:

 

 

 

Harvey Filister, Partner

 

 

 

 

 

 

 

MAURICE FILISTER PROPERTIES LP

 

 

 

 

 

 

 

By:

 

 

 

Harvey Filister, Partner

 

 

 

 

 

 

 

ROSEDALE ESTATES NORTH, LLC, a Minnesota limited liability company

 

 

 

 

 

 

 

By:

 

 

 

Harvey Filister, Chief Manager

 

3

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PURCHASER:

 

 

 

STERLING PROPERTIES, LLLP

 

 

 

 

 

 

 

By:

 

 

Name:

 

 

Its:

 

 

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