Exhibit 10.2

 

FIRST AMENDMENT OF AGREEMENTS OF SALE

AND DEPOSIT AND ESCROW AGREEMENT

 

This First Amendment of Agreements of Sale and Deposit and Escrow Agreement
(“Amendment”) is entered into as of July 27, 2006, by and among Buyer, each of
University Commons-East Lansing, Ltd., Capstone Commons-Athens, Ltd., University
Commons-Baton Rouge, Ltd., University Commons-Bloomington, IN., Ltd., University
Commons-Columbia, S.C., L.P., University Commons-Eugene, OR., Ltd., University
Commons-Lexington, KY., Ltd., University Commons-Ohio, Ltd., University
Commons-Starkville, Ltd., University Commons-Tuscaloosa, Ltd., University
Commons-Urbana, IL., Ltd. (collectively, “Sellers”, and each a “Seller”) and
Commonwealth Land Title Insurance Company (“Escrowee”)

 

In consideration of the mutual agreements herein set forth, the parties hereto,
intending to be legally bound and to bind their successors and assigns, agree as
follows.

 

1.             Background.  (A) Sellers and Buyer entered into eleven (11)
separate Agreements of Sale (“Agreements of Sale”), each dated June 5, 2006,
with respect to certain Properties identified in Exhibit “A” hereto, each of
which Property is more particularly described in each Agreements of Sale. 
Capitalized terms used but not defined herein have the meanings set forth in the
Agreements of Sale.

 

(B) Buyer had also entered into an Agreement of Sale with each of University
Commons-College Station, Ltd. and University Commons-College Station Phase II,
Ltd., which Agreements have been terminated.

 

(C) Seller, Buyer and Escrowee entered into a certain Deposit and Escrow
Agreement, dated June 5, 2006, with respect to the Deposits under the
Agreements.

 

2.             Amendment.     (A)  Each Agreement of Sale is hereby amended as
follows:

 

(i)        The last day of the Due Diligence Period under each Agreement of Sale
is hereby extended to and including August 4, 2006.

 

(ii)       Schedule 4.3(B) of each Agreement of Sale is hereby deleted and
replaced with the revised Schedule 4.3(B), which is attached hereto and made a
part hereof.

 

(B)           The Deposit and Escrow Agreement is hereby amended as follows:

 

(i)        Seller’s Share of Deposit and Buyer’s Share of Deposit with respect
to each Agreement shall be the amounts specified in Exhibit “B” hereto instead
of the amounts specified in Exhibit “A” to the Deposit and Escrow Agreement.

 

3.             Ratification.  As hereby amended, the Agreements of Sale and
Deposit and Escrow Agreement are hereby ratified and confirmed by the parties. 
In the case of any inconsistencies between the terms and conditions contained in
the Agreements of Sale and

 

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Deposit and Escrow Agreement and the terms and conditions contained in this
Amendment, the terms and conditions contained in this Amendment shall control.

 

4.             Counterparts.  This Amendment may be executed by the parties in
separate counterparts, which, when delivered by the parties, shall constitute
one instrument.

 

IN WITNESS WHEREOF, Buyer and Sellers have caused this Amendment to be executed
and delivered as of July 27, 2006.

 

 

 

BUYER:

 

 

 

College Park Investments, LLC, a Delaware limited
liability company

 

 

 

 

 

By:

/s/ John Ferer

 

 

 

Name: John Ferer

 

 

Title: Assistant Vice President

 

 

 

ESCROWEE:

 

 

 

Commonwealth Land Title Insurance Company

 

 

 

 

 

By:

/s/ Michele Ingersoll

 

 

 

Name: Michele Ingersoll

 

 

Title: AVP and National Title Officer

 

 

 

 

SELLERS:

 

 

 

Capstone Commons-Athens, Ltd., an Alabama limited
partnership

 

 

 

By:

Capstone Development Corp., an Alabama
corporation, its sole general partner

 

 

 

 

 

By:

/s/ Rob Howland

 

 

 

 

Name: Rob Howland

 

 

 

Title: Senior Vice President

 

 

 

 

 

University Commons-Baton Rouge, Ltd., an Alabama
limited partnership

 

 

 

 

By:

Capstone Development Corp., an Alabama
corporation, its sole general partner

 

--------------------------------------------------------------------------------

 

 

 

By:

/s/ Rob Howland

 

 

 

 

Name: Rob Howland

 

 

 

Title: Senior Vice President

 

 

 

 

 

University Commons-Bloomington, IN., Ltd., an
Alabama limited partnership

 

 

 

By:

Capstone Development Corp., an Alabama
corporation, its sole general partner

 

 

 

 

 

By:

/s/ Rob Howland

 

 

 

 

Name: Rob Howland

 

 

 

Title: Senior Vice President

 

 

 

 

 

 

 

 

 

 

 

University Commons, Columbia, S.C., L.P., an
Alabama limited partnership

 

 

 

 

By:

Capstone Development Corp., an Alabama
corporation, its sole general partner

 

 

 

 

 

 

By:

/s/ Rob Howland

 

 

 

 

Name: Rob Howland

 

 

 

Title: Senior Vice President

 

 

 

 

 

 

 

 

 

 

 

University Commons-East Lansing, Ltd., an Alabama
limited partnership

 

 

 

 

By:

Capstone Development Corp., an Alabama
corporation, its sole general partner

 

 

 

 

 

 

By:

/s/ Rob Howland

 

 

 

 

Name: Rob Howland

 

 

 

Title: Senior Vice President

 

 

 

 

 

 

 

 

 

 

 

University Commons-Eugene, OR., Ltd., an Alabama
limited partnership

 

 

 

 

By:

Capstone Development Corp., an Alabama
corporation, its sole general partner

 

 

 

 

 

 

By:

/s/ Rob Howland

 

 

 

 

Name: Rob Howland

 

 

 

Title: Senior Vice President

 

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University Commons-Lexington, KY., Ltd., an
Alabama limited partnership

 

 

 

 

By:

Capstone Development Corp., an Alabama
corporation, its sole general partner

 

 

 

 

 

 

By:

/s/ Rob Howland

 

 

 

 

Name: Rob Howland

 

 

 

Title: Senior Vice President

 

 

 

 

 

 

 

 

 

 

 

University Commons-Ohio, Ltd., an Alabama limited
partnership

 

 

 

 

By:

Capstone Development Corp., an Alabama
corporation, its sole general partner

 

 

 

 

 

 

By:

/s/ Rob Howland

 

 

 

 

Name: Rob Howland

 

 

 

Title: Senior Vice President

 

 

 

 

 

 

 

 

 

 

 

University Commons-Starkville, Ltd., an Alabama
limited partnership

 

 

 

 

By:

Capstone Development Corp., an Alabama
corporation, its sole general partner

 

 

 

 

 

 

By:

/s/ Rob Howland

 

 

 

 

Name: Rob Howland

 

 

 

Title: Senior Vice President

 

 

 

 

 

 

 

 

 

 

 

University Commons-Tuscaloosa, Ltd., an Alabama
limited partnership

 

 

 

 

By:

Capstone Development Corp., an Alabama
corporation, its sole general partner

 

 

 

 

 

 

By:

/s/ Rob Howland

 

 

 

 

Name: Rob Howland

 

 

 

Title: Senior Vice President

 

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University Commons-Urbana, IL., Ltd., an Alabama
limited partnership

 

 

 

 

By:

Capstone Development Corp., an Alabama
corporation, its sole general partner

 

 

 

 

 

 

By:

/s/ Rob Howland

 

 

 

 

Name: Rob Howland

 

 

 

Title: Senior Vice President

 

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Exhibit “A”

 

Property

 

Seller

 

 

 

Capstone Commons Apartments

 

University Commons-East Lansing, Ltd.

2501 Abbott Road

 

 

East Lansing, MI 48823-1415

 

 

 

 

 

University Commons Athens

 

Capstone Commons-Athens, Ltd

1000 Lakeside Drive

 

 

Athens, GA 30605

 

 

 

 

 

University Commons Baton Rouge

 

University Commons-Baton Rouge, Ltd.

4600 Burbank Drive

 

 

Baton Rouge, LA 70820

 

 

 

 

 

University Commons Bloomington

 

University Commons-Bloomington, IN., Ltd.

1150 Clarizz Boulevard

 

 

Bloomington, IN 47401

 

 

 

 

 

University Commons Columbia

 

University Commons-Columbia, S.C., L.P.

800 Alexander Road

 

 

Cayce, SC 29033

 

 

 

 

 

University Commons Eugene

 

University Commons-Eugene, OR., Ltd.

90 Commons Drive

 

 

Eugene, OR 97401

 

 

 

 

 

University Commons Lexington

 

University Commons-Lexington, KY., Ltd.

845 Red Mile Road

 

 

Lexington, KY 40504

 

 

 

 

 

University Commons Oxford

 

University Commons-Ohio, Ltd.

5262 Brown Road

 

 

Oxford, OH 45056

 

 

 

 

 

University Commons Starkville

 

University Commons-Starkville, Ltd.

1000 Campus View Drive

 

 

Starkville, MS 39759

 

 

 

 

 

University Commons Tuscaloosa

 

University Commons-Tuscaloosa, Ltd.

301 Helen Keller Blvd.

 

 

Tuscaloosa, AL 35404

 

 

 

 

 

University Commons Urbana

 

University Commons-Urbana, IL., Ltd.

1321 Lincoln Ave.

 

 

Urbana, IL 61801

 

 

 

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Exhibit “B”

 

Property

 

Seller

 

Seller’s Share of 
Deposit

 

Buyer’s Share of 
Deposit

 

 

 

 

 

 

 

 

 

Capstone Commons Apartments
2501 Abbott Road
East Lansing, MI 48823-1415

 

University Commons-East Lansing, Ltd.

 

$

50,908.25

 

$

458,174.50

 

 

 

 

 

 

 

 

 

University Commons Athens
1000 Lakeside Drive
Athens, GA 30605

 

Capstone Commons-Athens, Ltd

 

$

40,255.68

 

$

362,301.10

 

 

 

 

 

 

 

 

 

University Commons Baton Rouge
4600 Burbank Drive
Baton Rouge, LA 70820

 

University Commons-Baton Rouge, Ltd.

 

$

42,498.33

 

$

382,484.95

 

 

 

 

 

 

 

 

 

University Commons Bloomington
1150 Clarizz Boulevard
Bloomington, IN 47401

 

University Commons-Bloomington, IN., Ltd.

 

$

63,803.53

 

$

574,231.75

 

 

 

 

 

 

 

 

 

University Commons Columbia
800 Alexander Road
Cayce, SC 29033

 

University Commons-Columbia, S.C., L.P.

 

$

43,619.63

 

$

392,576.65

 

 

 

 

 

 

 

 

 

University Commons Eugene
90 Commons Drive
Eugene, OR 97401

 

University Commons-Eugene, OR., Ltd.

 

$

50,347.63

 

$

453,128.65

 

 

 

 

 

 

 

 

 

University Commons Lexington
845 Red Mile Road
Lexington, KY 40504

 

University Commons-Lexington, KY., Ltd.

 

$

48,104.98

 

$

432,944.80

 

 

 

 

 

 

 

 

 

University Commons Oxford
5262 Brown Road
Oxford, OH 45056

 

University Commons-Ohio, Ltd.

 

$

45,974.43

 

$

413,769.85

 

 

 

 

 

 

 

 

 

University Commons Starkville
1000 Campus View Drive
Starkville, MS 39759

 

University Commons-Starkville, Ltd.

 

$

23,323.38

 

$

209,910.40

 

 

 

 

 

 

 

 

 

University Commons Tuscaloosa
301 Helen Keller Blvd.
Tuscaloosa, AL 35404

 

University Commons-Tuscaloosa, Ltd.

 

$

44,180.53

 

$

397,624.75

 

 

 

 

 

 

 

 

 

University Commons Urbana
1321 Lincoln Ave.
Urbana, IL 61801

 

University Commons-Urbana, IL., Ltd.

 

$

46,983.63

 

$

422,852.60

 

 

 

 

 

$

500,000.00

 

4,500,000.00

 

 

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Revised Schedule 4.3(B)

 

Other Agreements

 

Property

 

Seller

 

Purchase Price

 

Deposit

 

Capstone Commons Apartments
2501 Abbott Road
East Lansing, MI 48823-1415

 

University Commons-East Lansing, Ltd.

 

$

22,700,000.00

 

$

509,082.75

 

 

 

 

 

 

 

 

 

University Commons Athens
1000 Lakeside Drive
Athens, GA 30605

 

Capstone Commons-Athens, Ltd

 

$

17,950,000.00

 

$

402,556.62

 

 

 

 

 

 

 

 

 

University Commons Baton Rouge
4600 Burbank Drive
Baton Rouge, LA 70820

 

University Commons-Baton Rouge, Ltd.

 

$

18,950,000.00

 

$

424,983.18

 

 

 

 

 

 

 

 

 

University Commons Bloomington
1150 Clarizz Boulevard
Bloomington, IN 47401

 

University Commons-Bloomington, IN., Ltd.

 

$

28,450,000.00

 

$

638,035.43

 

 

 

 

 

 

 

 

 

University Commons Columbia
800 Alexander Road
Cayce, SC 29033

 

University Commons-Columbia, S.C., L.P.

 

$

19,450,000.00

 

$

436,196.45

 

 

 

 

 

 

 

 

 

University Commons Eugene
90 Commons Drive
Eugene, OR 97401

 

University Commons-Eugene, OR., Ltd.

 

$

22,450,000.00

 

$

503,476.11

 

 

 

 

 

 

 

 

 

University Commons Lexington
845 Red Mile Road
Lexington, KY 40504

 

University Commons-Lexington, KY., Ltd.

 

$

21,450,000.00

 

$

481,049.56

 

 

 

 

 

 

 

 

 

University Commons Oxford
5262 Brown Road
Oxford, OH 45056

 

University Commons-Ohio, Ltd.

 

$

20,500,000.00

 

$

459,744.33

 

 

 

 

 

 

 

 

 

University Commons Starkville
1000 Campus View Drive
Starkville, MS 39759

 

University Commons-Starkville, Ltd.

 

$

10,399,900.00

 

$

233,233.90

 

 

 

 

 

 

 

 

 

University Commons Tuscaloosa
301 Helen Keller Blvd.
Tuscaloosa, AL 35404

 

University Commons-Tuscaloosa, Ltd.

 

$

19,700,100.00

 

$

441,805.33

 

 

 

 

 

 

 

 

 

University Commons Urbana
1321 Lincoln Ave.
Urbana, IL 61801

 

University Commons-Urbana, IL., Ltd.

 

$

20,950,000.00

 

$

469,836.28

 

 

 

 

 

$

222,950,000.00

 

$

5,000,000.00

 

 

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