Exhibit 10.361


 


AMENDMENT TO AGREEMENT OF PURCHASE
AND SALE


[1309 and 1331 West Morehead Street and



811 and 829 South Summit Avenue, Charlotte,
NC]


 


This AMENDMENT
TO AGREEMENT OF PURCHASE AND SALE (this “Amendment”) is made and entered into as of June 8, 2015, by and between
Southern Apartment Group-49, LLC, a North Carolina limited liability company (“Seller”), and ArchCo Residential
LLC, a Delaware limited liability company (“Purchaser”).


 


Recitals


 


This Amendment is made with respect to
the following facts:


 


A.           Seller
and Purchaser entered into that certain Agreement of Purchase and Sale dated as of April 14, 2015 (the “Purchase Agreement”),
with respect to the real property located in 1309 and 1331 West Morehead Street and 811 and 829 South Summit Avenue, Charlotte,
North Carolina (the “Property”), as more particularly described in the Purchase Agreement.


 


B.           Seller
and Purchaser desire to amend the Purchase Agreement as set forth in this Amendment.


 


Agreement


 


In consideration of the foregoing Recitals,
the conditions, terms, covenants and agreements set forth in this Amendment, and of other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, Seller and Purchaser agree that the Purchase Agreement is amended as
set forth in this Amendment:


 


1.           Defined
Terms. Each initially capitalized term used in this Amendment has the meaning set forth for that term in the Purchase Agreement,
unless it is otherwise defined in this Amendment.


 


2.           Amendment.
Section 1.1(i) of the Purchase Agreement is hereby amended to read as follows:


 


“(i)          Due
Diligence Period:           The period ending on _______________, 2015.”


 


3.           Counterparts.
This Amendment may be executed in several counterparts, each of which shall be deemed an original, and all of which together shall
be deemed to be one and the same Amendment when each party has signed one of the counterparts. This Amendment may be delivered
to the Escrow Agent and the other party by facsimile or in pdf format by email transmission.


 


4.           Entire
Agreement. The Purchase Agreement, as amended by this Amendment, constitutes the full and complete agreement and understanding
between Seller and Purchaser and shall supersede all prior communications, representations, understandings or agreements, if any,
whether oral or written, concerning the subject matter contained in the Purchase Agreement, as so amended, and no provision of
the Purchase Agreement, as so amended, may be modified, amended, waived or discharged, in whole or in part, except by a written
instrument executed by Seller and Purchaser.


 


5.           Full
Force and Effect; Incorporation. Except as modified by this Amendment, the terms and provisions of the Purchase Agreement are
hereby ratified and confirmed and are and shall remain in full force and effect. If any inconsistency arises between this Amendment
and the Purchase Agreement as to the specific matters which are the subject of this Amendment, the terms and conditions of this
Amendment shall control. This Amendment shall be construed to be a part of the Purchase Agreement and shall be deemed incorporated
in the Purchase Agreement by this reference.


 




    	 	 



     


    

 


Seller and Purchaser have executed this
Amendment as of the date first written above.


 


Seller:


 


SOUTHERN APARTMENT GROUP-49, LLC


 


	By:	/s/ Shane Seagle 	 
	Name:	Shane Seagle	 
	Title:	Member	 


 




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	Purchaser:	 
	 	 
	ArchCo Residential LLC	 
	 	 	 
	By:	/s/ Neil T. Brown 	 
	Name:	Neil T. Brown	 
	Title:	Chief Executive Officer	 


 




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