First Amendment to the Purchase and Sale Agreement dated October 1, 2007.



 Exhibit 10.2 
 FIRST AMENDMENT TO REAL ESTATE PURCHASE AND SALE AGREEMENT 
 THIS FIRST AMENDMENT TO REAL
ESTATE PURCHASE AND SALE AGREEMENT (this “Amendment”) is made and entered into as of the 1st of October, 2007, by and between CABANA BEACH OF SAN MARCOS, L.P., a Delaware limited partnership, and CABANA SOUTH BEACH APARTMENTS LP, a
Delaware limited partnership (collectively, “Seller”), and EXCELSIOR LASALLE PROPERTY FUND, INC., a Maryland corporation (“Purchaser”). 
 R E C I T A L S 
 WHEREAS, Seller and Purchaser entered into that certain Real Estate Purchase
and Sale Agreement with an effective date of September 13, 2007 (the “Purchase Agreement”), whereby Seller agreed to sell to Purchaser, and Purchaser agreed to purchase from Seller that certain real property commonly known as
Cabana Beach Apartments and located at 1250 Sadler Drive, San Marcos, Texas, and Cabana Beach Apartments and located at 1601 SW 51st Terrace. Gainesville, Florida, as more particularly described in the Purchase Agreement (the
“Property”); and 
 WHEREAS, Seller and Purchaser desire to amend the Purchase Agreement as provided herein.

 NOW, THEREFORE, in consideration of the foregoing and the mutual promises and agreements set forth herein, Seller and Purchaser
agree as follows: 
  

	 	1.	The above recitals are incorporated herein by reference and made a part hereof. 

  

	 	2.	All initially capitalized terms that are not otherwise defined in this Amendment shall have the meaning ascribed to such term in the Purchase Agreement. 

  

	 	3.	The date “October 1, 2007” in Section 5.2 of the Purchase Agreement is hereby deleted and the date “October 9, 2007” is inserted in its place.


  

	 	4.	The last sentence of Section 5.2 of the Purchase Agreement is hereby deleted in its entirety. 

  

	 	5.	Except as amended above, the Purchase Agreement remains unmodified and in full force and effect in accordance with its terms and provisions. 

  

	 	6.	This Amendment may be executed in multiple facsimile counterparts, each of which shall be deemed an original, and all of which, when taken together, shall constitute one and the
same instrument. 

 [The balance of this page has intentionally been left blank. Signature pages follows.] 







 IN WITNESS WHEREOF, Purchaser and Seller have executed this Amendment on the date set forth above.

  

					
	SELLER
	
	 CABANA BEACH OF SAN MARCOS, L.P.,
 a Delaware
limited partnership

		
	By:	 	Cabana Beach of San Marcos GP, Inc., a Florida corporation, its general partner
			
		 	By:	 	 /s/ Michael Ahwash

		 	Name:	 	Michael Ahwash
		 	Title:	 	President
	
	 CABANA SOUTH BEACH APARTMENTS LP,
 a Delaware
limited partnership

		
	By:	 	Cabana SB of Gainesville, Inc., a Florida corporation, its general partner
			
		 	By:	 	 /s/ Michael Ahwash

		 	Name:	 	Michael Ahwash
		 	Title:	 	President
	
	PURCHASER
	
	 EXCELSIOR LASALLE PROPERTY FUND, INC.,
 a
Maryland corporation

		
	By:	 	LaSalle Investment Management, Inc., a Maryland corporation, its Advisor
			
		 	By:	 	 /s/ Christine M. Akins

		 	Name:	 	Christine M. Akins
		 	Title:	 	Senior Vice President


  

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