Exhibit 10.16


 


SECOND AMENDMENT TO 


PURCHASE AND SALE AGREEMENT


 


THIS SECOND AMENDMENT
TO PURCHASE AND SALE AGREEMENT (the “Amendment”) is entered into as of the 19th day of November,
2014, between GABLES OF KENTRIDGE, LLC, a Delaware limited liability company, or its successors or assigns (the “Buyer”),
and KENTRIDGE AT GOLDEN POND, LTD, and GREAT-KENT, LLC, each an Ohio limited liability company (together,
the “Seller”).


 


RECITALS:


 


A.     Seller and Buyer
are parties to that certain Purchase and Sale Agreement dated September 11, 2014, as amended (the “Agreement”),
pursuant to which Seller agreed to sell, and Buyer agreed to purchase, certain real property located in Kent, Ohio, as more particularly
described in the Agreement.


 


B.     Seller and Buyer
desire to amend the Agreement, as set forth below.


 


NOW, THEREFORE,
in consideration of the mutual covenants contained herein and other good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, the parties agree as follows:


 


AGREEMENTS:


 


1.Recitals, Definitions.
The foregoing recitals are true and correct and are incorporated herein by reference. Capitalized but undefined terms used in this
Amendment shall have the meaning set forth in the Agreement.


 


2.Definition
of Sellers. The definition of Sellers currently listed in the Preamble to the Agreement is hereby deleted in its entirety.
Seller shall now be defined in the Preamble as THE INN AT GOLDEN POND LIMITED, an Ohio limited liability company.


 


3.Closing Condition.
As a condition to Buyer's obligation to close, Seller shall have: (i) received all proper permitting and authorizations related
to the construction on and near the wetland areas depicted on Exhibit A attached hereto; and (ii) obtained an amendment
to that certain Easement Agreement recorded as Instrument No. 200429666 in Portage County Records, which shall (x) restrict the
adjoining property owner’s right to relocate pipelines in a manner that impairs Buyer's ability to use the easement area,
and (y) certify that any and all costs associated with the relocation of a pipeline shall be the sole obligation of the adjacent
property owner.


 


4.Effect of Amendment.
To the extent any provisions contained herein conflict with the Agreement or any other agreements between Seller and Buyer, oral
or otherwise, the provisions contained herein shall supersede such conflicting provisions contained in the Agreement or other agreements.
Except as specifically modified by this Amendment, the Agreement remains in full force and effect and is in all events ratified,
confirmed and approved.


 


5.Counterparts.
This Amendment may be executed in multiple counterparts, each of which shall be deemed to be an original, but all of which, together,
shall constitute one and the same instrument. Delivery of signatures by e-mail or facsimile shall be valid and binding.


 


[Signature Page
Follows]


 




    	 



    	 



    

 


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


 


	 	BUYER:	 
	 	 	 
	 	GABLES OF KENTRIDGE, LLC	 
	 	 	 	 
	 	By:	/s/ John Mark Ramsey	 
	 	Name:	     John
Mark Ramsey	 
	 	Its:	Authorized Signatory	 
	 	 	 	 
	 	SELLER:	 
	 	 	 
	 	KENTRIDGE AT GOLDEN POND, LTD	 
	 	 	 	 
	 	By:	/s/ Philip H. Maynard	 
	 	Name:	     Philip
H. Maynard	 
	 	Its:	Authorized
Signatory	 
	 	 	 
	 	GREAT-KENT, LLC	 
	 	 	 
	 	By:	/s/ Philip H. Maynard	 
	 	Name:	     Philip
H. Maynard	 
	 	Its:	Authorized
Signatory	 


 


IN WITNESS WHEREOF, this Amendment is acknowledged and agreed to
as of the date first written above.


 


	 	THE INN AT GOLDEN POND LIMITED, an Ohio limited liability company 	 
	 	 	 	 
	 	By:	/s/ Philip H. Maynard 	 
	 	Name:	     Philip H. Maynard 	 
	 	Its:	Authorized Signatory 	 


 




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Exhibit A


 


Wetlands


 





 




 






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