EXHIBIT 10.14
 
FIRST AMENDMENT TO AGREEMENT FOR PURCHASE AND SALE OF INTERESTS
 
THIS FIRST AMENDMENT TO AGREEMENT FOR PURCHASE AND SALE OF INTERESTS (this
“First Amendment”) is made as of the 12th day of May, 2006, by and between HOME
PROPERTIES, L.P., a New York limited partnership (“Home Properties") and HOME
PROPERTIES WMF I, LLC, a New York limited liability company (“Home Properties
WMF”; and together with Home Properties, as “Sellers”), and THE LIGHTSTONE
GROUP, LLC, a New Jersey limited liability company (as “Buyer”).
 
RECITALS
 
WHEREAS, Sellers and Buyer have entered into that certain Agreement For Purchase
and Sale of Interests (South Michigan Portfolio), dated as of April 26, 2006
(the “Original Contract”), covering the sale and purchase of certain entities as
more particularly described therein; and
 
WHEREAS, the parties hereto wish to amend the Original Contract as set forth in
this First Amendment.
 
NOW, THEREFORE, in consideration of Ten Dollars ($10.00) each to the other in
hand paid, and for other good and valuable consideration, the receipt and
sufficiency of which is hereby acknowledged, the parties hereto agree as
follows:
 
AGREEMENT
 
1.  Definitions. All capitalized terms used in this First Amendment shall have
the same meanings ascribed to them in the Original Contract, unless otherwise
herein defined.
 
2.  Rescission/Reinstatement. The parties acknowledge and agree that: (a)
Buyer's termination notice of even date herewith, a copy of which is attached
hereto as Exhibit A, is hereby rescinded, null and void and of no force and
effect; and (b) the Original Contract is hereby reinstated in its entirety.
 
3.  Modifications. Effective as of the date hereof, the Original Contract is
hereby modified and amended by extending the Due Diligence Period until Tuesday,
May 16, 2006 at 3 PM Eastern Standard Time.
 
4.  No Other Changes. Except as modified by this First Amendment, the Original
Contract shall remain in full force and effect.
 
5.  Counterparts. This First Amendment may be executed in counterparts, all of
which, when taken together, shall constitute one original. Facsimile signatures
shall be deemed originals for all purposes.
 
[THE SIGNATURE PAGE FOLLOWS ON THE NEXT PAGE]

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

        BUYER:       THE LIGHTSTONE GROUP, LLC  
   
   
    By:   /s/ David Lichtenstein  

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David Lichtenstein, Chief Executive Officer    

 

        SELLER:       HOME PROPERTIES, L.P.  
   
   
    By:
Home Properties, Inc.,
General Partner
              By:   /s/ John E. Smith  

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John E. Smith, Senior Vice President

 

        HOME PROPERTIES WMF I, LLC       By:
Home Properties, Inc.,
Sole Member
        By: Home Properties, Inc.,
General Partner
              By:   /s/ John E. Smith  

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John E. Smith, Senior Vice President    

 

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EXHIBIT A

COPY OF RESCINDED TERMINATION NOTICE

[follows immediately]

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