**Exhibit 10.2**

 

FIRST AMENDMENT OF AGREEMENTS OF SALE

AND DEPOSIT AND ESCROW AGREEMENT

 

ThisFirst Amendment of Agreements of Sale and Deposit and Escrow Agreement (“Amendment”)is entered into as of July 27, 2006, by and among Buyer, each ofUniversity 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 eacha “Seller”) and Commonwealth Land Title Insurance Company (“Escrowee”)

 

Inconsideration of the mutual agreements herein set forth, the parties hereto,intending to be legally bound and to bind their successors and assigns, agreeas follows.

 

1.             Background.  (A) Sellers and Buyer entered intoeleven (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 eachAgreements of Sale.  Capitalized termsused but not defined herein have the meanings set forth in the Agreements ofSale.

 

(B) Buyerhad also entered into an Agreement of Sale with each of UniversityCommons-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 herebyamended as follows:

 

(i)        The last day of the DueDiligence Period under each Agreement of Sale is hereby extended to andincluding August 4, 2006.

 

(ii)       Schedule 4.3(B) ofeach 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 herebyamended as follows:

 

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

 

3.             Ratification.  As hereby amended, the Agreements of Sale andDeposit and Escrow Agreement are hereby ratified and confirmed by theparties.  In the case of anyinconsistencies between the terms and conditions contained in the Agreements ofSale and

 

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Depositand 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 partiesin separate counterparts, which, when delivered by the parties, shallconstitute one instrument.

 

INWITNESS WHEREOF, Buyer and Sellers have caused this Amendment to be executedand 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 |
|        |                                                                             |                                                                                 |                               |        |  |  |  |

 

----

 
|   | 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 |
|        |                                                                           |  |  |  |  |  |  |

 

----

 
|   | 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 |
|        |                                                                         |  |  |  |  |

 

----

 

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               |       |                                       |

 

----

 

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 |   |

 

----

 

Revised Schedule 4.3(B)

 

Other Agreements

 
| **Property**                                                              | ** ** | **Seller**                                 | ** ** | **Purchase Price** | ** **     | **Deposit** |   |
|---------------------------------------------------------------------------|------------|--------------------------------------------|------------|--------------------|----------------|-------------|--------|
| Capstone Commons Apartments2501 Abbott RoadEast Lansing, MI 48823-1415    |       | University  Commons-East Lansing, Ltd.     |       | $                  | 22,700,000.00  |        | $      | 509,082.75 |   |
|                                                                      |       |                                       |       |               |           |        |   |
| University Commons Athens1000 Lakeside DriveAthens, GA 30605              |       | Capstone  Commons-Athens, Ltd              |       | $                  | 17,950,000.00  |        | $      | 402,556.62 |   |
|                                                                      |       |                                       |       |               |           |        |   |
| University Commons Baton Rouge4600 Burbank DriveBaton Rouge, LA 70820     |       | University  Commons-Baton Rouge, Ltd.      |       | $                  | 18,950,000.00  |        | $      | 424,983.18 |   |
|                                                                      |       |                                       |       |               |           |        |   |
| University Commons Bloomington1150 Clarizz BoulevardBloomington, IN 47401 |       | University  Commons-Bloomington, IN., Ltd. |       | $                  | 28,450,000.00  |        | $      | 638,035.43 |   |
|                                                                      |       |                                       |       |               |           |        |   |
| University Commons Columbia800 Alexander RoadCayce, SC 29033              |       | University  Commons-Columbia, S.C., L.P.   |       | $                  | 19,450,000.00  |        | $      | 436,196.45 |   |
|                                                                      |       |                                       |       |               |           |        |   |
| University Commons Eugene90 Commons DriveEugene, OR 97401                 |       | University  Commons-Eugene, OR., Ltd.      |       | $                  | 22,450,000.00  |        | $      | 503,476.11 |   |
|                                                                      |       |                                       |       |               |           |        |   |
| University Commons Lexington845 Red Mile RoadLexington, KY 40504          |       | University  Commons-Lexington, KY., Ltd.   |       | $                  | 21,450,000.00  |        | $      | 481,049.56 |   |
|                                                                      |       |                                       |       |               |           |        |   |
| University Commons Oxford5262 Brown RoadOxford, OH 45056                  |       | University  Commons-Ohio, Ltd.             |       | $                  | 20,500,000.00  |        | $      | 459,744.33 |   |
|                                                                      |       |                                       |       |               |           |        |   |
| University Commons Starkville1000 Campus View DriveStarkville, MS 39759   |       | University  Commons-Starkville, Ltd.       |       | $                  | 10,399,900.00  |        | $      | 233,233.90 |   |
|                                                                      |       |                                       |       |               |           |        |   |
| University Commons Tuscaloosa301 Helen Keller Blvd.Tuscaloosa, AL 35404   |       | University  Commons-Tuscaloosa, Ltd.       |       | $                  | 19,700,100.00  |        | $      | 441,805.33 |   |
|                                                                      |       |                                       |       |               |           |        |   |
| University  Commons Urbana1321  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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