Exhibit 10.1
 Purchase and Sale Agreement
 And Joint Escrow Instructions
 TO:
    
    North American Title Company
    
    Escrow No.
    
    9119102100 S. E. Main Street, Suite 450
    
    Escrow Officer: Christine EnglishIrvine, California 92614
    
    Telephone No.:
    
    (949) 419-9494Facsimile No.:
    
    (714) 550-6411
 Agreement Effective Date MS RIALTO WASSON CANYON CA, LLC, ( Seller ) SPT-LAKE ELSINORE HOLDING CO., LLC, Buyer Escrow
Holder Escrow
 RECITALS:
 City County Exhibit A Land
 Appurtenant Rights Property
   1. Purchase and Sale .
 2. Purchase Price . Purchase Price
 3. Payment of Purchase Price .
 Deposit
  Page 1




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Section 13 Section 14
 4. Opening and Close of Escrow .
 Opening of Escrow Opening of Escrow provided however
 Close of Escrow Close of Escrow Exhibit B Grant Deed Closing Date
 Date of Close of Escrow; Outside Date Section 12 Section 16(a)
 5. Buyers Contingencies . Contingencies
 Title Matters .
 Title Company Title Report
 Permitted Exceptions
  Page 2




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##### 



Governmental Authority
 provided
 Buyer Requested
Title Endorsements provided however
 Due Diligence Reviews
  Section 18
 Property Information
Materials
 Page 3




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##### 



Section 7
 Natural Hazard Area
 6. AS-IS Sale; Release; Indemnity .
 Section 7 AS IS, WHERE IS Section 7 Section 7 Lennar Homes Sellers Related
 Page 4




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##### 



Parties Section 7 Section 7 Claims Environmental Laws et seq. et seq. et seq. et seq. et seq. et seq. et
seq. et seq. et seq.
 Page 5




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##### 



et seq. et seq. et seq. Hazardous Substance
 Section 7
 Waiver of Civil Code Section 1542
  A GENERAL RELEASE DOES NOT EXTEND TO CLAIMS WHICH THE CREDITOR DOES NOT KNOW OR SUSPECT TO
EXIST IN HIS OR HER FAVOR AT THE TIME OF EXECUTING THE RELEASE, WHICH IF KNOWN BY HIM OR HER
MUST HAVE MATERIALLY AFFECTED HIS OR HER SETTLEMENT WITH THE DEBTOR.
 WAS  Buyers Initials
  Page 6




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##### 



Section 7
 7. Sellers Representations, Warranties and Covenants Section 31
         Page 7




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##### 



Section 7(a)-(i) Sellers knowledge Section 7(j) Sellers knowledge Section 12
 8. Buyers Representations, Warranties and Covenants . Section 31
     Page 8




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9. Title Insurance . Title Policy
 10. Conditions to Close of Escrow .
  Section 9
  Section 7
   Section 8
  Section 9
  Page 9




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##### 



11. Deliveries to Escrow Holder .
 Seller
  Certification of Non-Foreign Status Certification Exhibit D
  Buyer
 Section
3.d
 Exhibit L Notices of Special Tax
 Section 34
  Joint Deliveries
 Exhibit
C Assignment
 Exhibit I PPA Assumption
 Exhibit J CDA Assumption
 Section 35
 12. Termination .
 Page 10




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##### 



Section 10.a Section 12.d.
  13. Costs and Expenses . Section 9 Section 13
 14. Pro-rations and Credits .
   Page 11




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##### 



Section 14.b
  15. Disbursements and Other Actions by Escrow Holder
       to Buyer and Seller Section
11 to Buyer to Seller only
   16. Default .
 By Buyer PROVIDED HOWEVER
 Page 12




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##### 



GJ
    
    WASSELLERS INITIALS
    
    BUYERS INITIALS
 By Seller
    Page 13




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##### 



No Limitation Section 16 Section 19 Section 25
 17. Entry-Related Insurance Requirements . Required
Insurance Coverage
   18. Right of Entry .
 Buyers Representatives Investigations Section 17 provided however
   Page 14




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19. Brokers .
 20. Assignment . provided
 Page 15




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##### 



21. Notices .
 To Seller:
    
    c/o Lennar Homes of California, Inc.391 N. Main Street, Suite 300Corona, CA 92880Attention:
    
    Mr. Greg McGuffMr. Gary GlazerTelephone:
    
    (951) 817-3500Facsimile:
    
    (951) 817-3599With a copy to:
    
    Deverich & Gillman LLP
1920 Main Street, Suite 830
Irvine, CA 92614Attn:
    
    Jay W. Deverich, Esq.Telephone:
    
    (949) 975-0100Fax No.:
    
    (949) 975-0110To Buyer:
    
    c/o Shopoff Advisors, L.P.
8951 Research Drive
Irvine, California 92618Attention:
    
    Mr. Tim McSunasTelephone:
    
    (949) 417-9945Facsimile:
    
    (949) 417-1399With a copy to:
    
    Gromet & Associates
114 Pacifica, Suite 250
Irvine, California 92618Attention:
    
    Stevan J. Gromet, Esq.Telephone:
    
    (949) 261-1110Facsimile:
    
    (949) 261-1818To Escrow Holder:
    
    to the address given at the top of page 1 hereof
 22. Required Actions of Buyer and Seller .
 Page 16




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23. Partial Invalidity .
 24. Waivers .
 25. Professional Fees . Section 16
 26. Entire Agreement; Amendment .
 27. Time of the Essence . business day
 28. Construction of Agreement .
 29. Third Parties .
 Page 17




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30. Counterparts .
 31. Survival of Obligations .
 32. Order of Reference Court Action JAMS
 33. Governing Law . .
 34. Exoneration of Subdivision Bonds .
 Generally  SIAs  Exhibit E  Bonds 
 Page 18




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##### 



Liquidated Damages Remedy Section 34(a) EXHIBIT F TRUST DEED
 35. Right of First Refusal . Exhibit G ROFR Agreement ROFR Buyers Notice ROFR Property
 36. Waiver of Bulk Sale Notice and PPA . Wasson Exhibit K
 37. Insurance .
 38. Developer Obligations .
 Expanded Indemnity Section 6(c)
 Page 19




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Developer Insurance Section 37 Exhibit H
  39. Subsequent Sale of Property . Section 6(a)-(b) Section 38 Exhibit H Section 39
 [Signatures on Following Page]
 Page 20




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##### 



SELLER:
    
    MS RIALTO WASSON CANYON CA, LLC,
a Delaware limited liability companyBy:
    
    MS Rialto Residential Holdings, LLC,
a Delaware limited liability company, its Sole MemberBy:
    
    MSR Holding Company, LLC,
a Delaware limited liability company,
its Sole MemberBy:
    
    Lennar Homes of California, Inc.,
a California corporation,
its California ManagerBy:
    
    /s/ Graham JonesName:
    

Graham JonesTitle:
    

Vice
PresidentBUYER:
    
    SPT-LAKE ELSINORE HOLDING CO., LLC,
a Delaware limited liability companyBy:
    
    Shopoff Partners, L.P., a Delaware
limited partnership, sole memberBy:
    
    Shopoff General Partner, LLC,
a Delaware limited liability company,
general partnerBy:
    
    Shopoff Properties Trust, Inc.,
a Maryland corporation, managerBy:
    
    /s/ William A. ShopoffName:
    
    William A. ShopoffTitle:
    

President
and Chief Executive Officer
 [Signatures Continued on Next Page]
 Page 21




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By:
    
    /s/ Christine English
    
    
    
    Date:  April 17, 2009Christine English, Escrow Officer
 Page 22




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##### 



GRANT DEED
  MS RIALTO WASSON CANYON CA, LLC, Grantor SPT-LAKE ELSINORE HOLDING CO., LLC Grantee Exhibit
1
 
 GRANTOR:
    
    MS RIALTO WASSON CANYON CA, LLC,a Delaware limited liability companyBy:
    
    MS Rialto Residential Holdings, LLC,a Delaware limited liability company, its Sole MemberBy:
    
    MSR Holding Company, LLC,a Delaware limited liability company,its Sole MemberBy:
    
    Lennar Homes of California, Inc.,a California corporation,its California ManagerBy:Name:Title:




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##### 



SEPARATE STATEMENT OF
DOCUMENTARY TRANSFER TAX
 NOT TO BE RECORDED
 
   MS RIALTO WASSON CANYON CA, LLC, SPT-LAKE ELSINORE HOLDING CO., LLC
  Very truly yours,MS RIALTO WASSON CANYON CA, LLC,a Delaware limited liability companyBy:
    
    MS Rialto Residential Holdings, LLC,a Delaware limited liability company, its Sole MemberBy:
    
    MSR Holding Company, LLC,a Delaware limited liability company,its Sole MemberBy:
    
    Lennar Homes of California, Inc.,a California corporation,its California ManagerBy:Name:Title:




---



##### 



EXHIBIT 1
 LEGAL DESCRIPTION




---



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---



##### 



GENERAL ASSIGNMENT
 Assignment MS RIALTO
WASSON CANYON CA, LLC, Assignor SPT-LAKE ELSINORE
HOLDING CO., LLC Assignee
 RECITALS
 Exhibit 1 Property Sale Agreement
 Exhibit 2 Intangible
Rights
  NOW, THEREFORE,
 Assignment .
 Governing Law .
 Further Assurances .
 Professional Fees; Order of Reference .
 Successors and Assigns .




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##### 



Counterparts
  ASSIGNOR
    
    MS RIALTO WASSON CANYON CA, LLC,a Delaware limited liability companyBy:
    
    MS Rialto Residential Holdings, LLC,a Delaware limited liability company, its Sole MemberBy:
    
    MSR Holding Company, LLC,a Delaware limited liability company,its Sole MemberBy:
    
    Lennar Homes of California, Inc.,a California corporation,its California ManagerBy:Name:Title:
 ASSIGNEE
    
    SPT-LAKE ELSINORE HOLDING CO., LLC,a Delaware limited liability companyBy:
    
    Shopoff Partners, L.P., a Delawarelimited partnership, sole memberBy:
    
    Shopoff General Partner, LLC,a Delaware limited liability company,general partnerBy:
    
    Shopoff Properties Trust, Inc.,a Maryland corporation, managerBy:Name:Title:




---



##### 



EXHIBIT 1
 LEGAL DESCRIPTION OF THE PROPERTY




---



##### 



EXHIBIT 2
 DESCRIPTION OF INTANGIBLE RIGHTS
     Villages at Wasson Canyon
 Design Professionals
  Lennar Homes of California, Inc. v. Lake Elsinore 521 LLC, et al.




---



##### 








---



##### 



Nonforeign Transferor Declaration
 Transferee Schedule 1 Transferor




---



##### 



rd
 rd




---



##### 








---



##### 



Escrow No.WHEN RECORDED MAIL TO:Lennar Homes of California391 N. Main StreetCorona, CA 92880Attn: Mr. Greg McGuff and Mr. Gary GlazerSPACE ABOVE THIS LINE FOR RECORDERS USE
 DEED OF TRUST WITH ASSIGNMENT OF RENTS
 This DEED OF TRUST
 Exhibit 1
    COUNTY
    
    BOOK
    
    PAGE
    
    COUNTY
    
    BOOK
    
    PAGE
    
    COUNTY
    
    BOOK
    
    PAGE
    
    COUNTY
    
    BOOK
    
    PAGEAlameda
    
    
    1288
    
    
    
    556
    
    
    Kings
    
    
    858
    
    
    
    713
    
    
    Placer
    
    
    1028
    
    
    
    379
    
    
    Sierra
    
    
    38
    
    
    
    187Alpine
    
    
    3
    
    
    
    130-31
    
    
    Lake
    
    
    437
    
    
    
    110
    
    
    Plumas
    
    
    166
    
    
    
    1307
    
    
    Siskiyou
    
    
    506
    
    
    
    762Amador
    
    
    133
    
    
    
    438
    
    
    Lassen
    
    
    192
    
    
    
    367
    
    
    Riverside
    
    
    3778
    
    
    
    347
    
    
    Solano
    
    
    1287
    
    
    
    621Butte
    
    
    1330
    
    
    
    513
    
    
    Los Angeles
    
    
    T-3878
    
    
    
    874
    
    
    Sacramento
    
    
    5039
    
    
    
    124
    
    
    Sonoma
    
    
    2067
    
    
    
    427Calaveras
    
    
    185
    
    
    
    338
    
    
    Madera
    
    
    911
    
    
    
    136
    
    
    San Benito
    
    
    300
    
    
    
    405
    
    
    Stanislaus
    
    
    1970
    
    
    
    56Colusa
    
    
    323
    
    
    
    391
    
    
    Marin
    
    
    1849
    
    
    
    122
    
    
    San Bernardino
    
    
    6213
    
    
    
    768
    
    
    Sutter
    
    
    655
    
    
    
    585Contra Costa
    
    
    4684
    
    
    
    1
    
    
    Mariposa
    
    
    90
    
    
    
    453
    
    
    San Francisco
    
    
    A-804
    
    
    
    596
    
    
    Tehama
    
    
    457
    
    
    
    183Del Norte
    
    
    101
    
    
    
    549
    
    
    Mendocino
    
    
    667
    
    
    
    99
    
    
    San Joaquin
    
    
    2855
    
    
    
    283
    
    
    Trinity
    
    
    108
    
    
    
    595El Dorado
    
    
    704
    
    
    
    635
    
    
    Merced
    
    
    1660
    
    
    
    753
    
    
    San Luis Obispo
    
    
    1311
    
    
    
    137
    
    
    Tulare
    
    
    2530
    
    
    
    108Fresno
    
    
    5052
    
    
    
    623
    
    
    Modoc
    
    
    191
    
    
    
    93
    
    
    San Mateo
    
    
    4778
    
    
    
    175
    
    
    Tuolumne
    
    
    177
    
    
    
    160Glenn
    
    
    469
    
    
    
    76
    
    
    Mono
    
    
    69
    
    
    
    302
    
    
    Santa Barbara
    
    
    2065
    
    
    
    881
    
    
    Ventura
    
    
    2607
    
    
    
    237Humboldt
    
    
    801
    
    
    
    83
    
    
    Monterey
    
    
    357
    
    
    
    239
    
    
    Santa Clara
    
    
    6626
    
    
    
    664
    
    
    Yolo
    
    
    769
    
    
    
    16Imperial
    
    
    1189
    
    
    
    701
    
    
    Napa
    
    
    704
    
    
    
    742
    
    
    Santa Cruz
    
    
    1638
    
    
    
    607
    
    
    Yuba
    
    
    398
    
    
    
    693Inyo
    
    
    165
    
    
    
    672
    
    
    Nevada
    
    
    363
    
    
    
    94
    
    
    Shasta
    
    
    800
    
    
    
    633Kern
    
    
    3756
    
    
    
    690
    
    
    Orange
    
    
    7182
    
    
    
    18
    
    
    San Diego
    
    SERIES 5 Book 1964, Page 149774




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##### 



Signature of TrustorSTATE OF CALIFORNIA
    
    
    )
    
    
    SPT-LAKE ELSINORE HOLDING CO., LLC,a Delaware limited liability company) ss.COUNTY OF
    
    
    )
    
    
    By:
    
    Shopoff Partners, L.P.,a Delaware limited partnership, sole memberBy:
    
    Shopoff General Partner, LLC,a Delaware limited liability company,
general partnerBy:
    
    Shopoff Properties Trust, Inc.,a Maryland corporation, managerBy:Name:Title:
 On before me,
, Notary Public,
personally appeared

who proved to me on the basis of satisfactory evidence to be the person(s) whose
name(s) is/are subscribed to the within instrument and acknowledged to me that
he/she/they executed the same in his/her/their authorized capacity(ies), and that
by his/her/their signature(s) on the instrument the person(s), or the entity upon
behalf of which the person(s) acted, executed the instrument. 
I certify under PENALTY OF PERJURY under the laws of the State of California that
the foregoing paragraph is true and correct.
    
    (This area for official notarial seal)WITNESS my hand and official seal.Signature




---



##### 



DO NOT RECORD
  A.
    
    To protect the security of this Deed of Trust, Trustor agrees:
       B.
    
    It is mutually agreed:




---



##### 



DO NOT RECORD
  
  
 Please mail Deed of Trust,
Note and Reconveyance to
 Do Not lose or destroy this Deed of Trust OR THE NOTE which it secures. Both must be delivered to
the Trustee for cancellation before reconveyance will be made.




---



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LEGAL DESCRIPTION OF THE PROPERTY




---



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---



##### 



RECORDING REQUESTED BY AND
WHEN RECORDED MAIL TO:Lennar Homes of California
391 N. Main Street
Corona, CA 92880
Attn: Mr. Greg McGuff
          and Mr. Gary GlazerSPACE ABOVE THIS LINE FOR RECORDERS USE
 AGREEMENT FOR  RIGHT OF FIRST REFUSAL
 Agreement MS RIALTO WASSON CANYON CA, LLC Seller SPT-LAKE ELSINORE HOLDING CO., LLC Buyer
 RECITALS :
 Purchase and Sale Agreement and Escrow Instructions Purchase Agreement Property Exhibit 1
   ARTICLE 1
DEFINITIONS AND TERM OF AGREEMENT
 Defined Terms
 Transfer Transfer




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##### 



Proposed Transfer Property Proposed Transfer Property Section 1.2(a) Section 1.2(b)
 ARTICLE 2
GRANT OF RIGHT OF FIRST REFUSAL
 Grant Right
of First Refusal
 Proposed Transfer Notice Proposed Transfer Proposed Transfer Notice Transferred Interest Proposed Transfer Purchase Price Earnest Money Outside Closing Date Section 2.4 New Interest Holder
 Exercise or Expiration of Right of First Refusal Notice of Exercise




---



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Substantial Conformity
 Appraisal of Exchange Property Section 2.2 Section 2.3 Section 2.3
 Transfer to Related Entity Related Entity Buy-Sell Transfer
 Exercise of Right of First Refusal




---



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ARTICLE 3
ASSIGNMENT OF WARRANTIES; SUBORDINATION
 Assignment of Warranties and Plans
 Subordination to Deed of Trust
   Permitted Transferee
 ARTICLE 4
GENERAL PROVISIONS
 Notice and Payments




---



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Captions
 Governing Law
 Time of the Essence
 Successors and Assigns
 Joint and Several Liability
 Construction of Agreement
 Professional Fees; Order of Reference
 Severability
 Gender and Number




---



##### 



No Partnership or Joint Venture
 Entire Agreement
 Authority
 Counterparts
 Waiver
 WAIVER OF LEGAL RIGHTS . BY INITIALING IN THE SPACE BELOW, THE PARTIES ACKNOWLEDGE
AND AGREE TO HAVE ANY ACTION DECIDED BY JUDICIAL REFERENCE AS PROVIDED UNDER CALIFORNIA LAW AND
THAT THEY ARE WAIVING ANY RIGHTS THEY MAY POSSESS TO HAVE THE DISPUTE LITIGATED IN A COURT OR BY
JURY TRIAL. THE PARTIES FURTHER ACKNOWLEDGE AND AGREE THAT THEY ARE WAIVING THEIR JUDICIAL RIGHTS
TO DISCOVERY EXCEPT TO THE EXTENT SUCH RIGHTS ARE SPECIFICALLY INCLUDED IN THIS SECTION. IF EITHER
PARTY REFUSES TO SUBMIT TO JUDICIAL REFERENCE AFTER EXECUTION OF THIS AGREEMENT AND INITIALING
BELOW, SUCH PARTY MAY BE COMPELLED TO PROCEED WITH JUDICIAL REFERENCE UNDER THE AUTHORITY OF THE
CALIFORNIA CODE OF CIVIL PROCEDURE. EACH PARTYS AGREEMENT TO THIS ARTICLE IS VOLUNTARY. THE
PARTIES HAVE READ AND UNDERSTAND THE FOREGOING AND AGREE TO SUBMIT DISPUTES ARISING OUT OF THE
MATTERS INCLUDED OR DESCRIBED IN THIS ARTICLE TO JUDICIAL REFERENCE.
 INITIALS: BUYER:  SELLER:




---



##### 



SELLER:
    
    BUYER:MS RIALTO WASSON CANYON CA,
LLC, a Delaware limited liability company
    
    SPT-LAKE ELSINORE HOLDING CO., LLC,
a Delaware limited liability companyBy:
    
    MS Rialto Residential Holdings, LLC,
a Delaware limited liability company,
its Sole Member
    
    By:
    
    Shopoff Partners, L.P., a Delaware
limited partnership, sole memberBy:
    
    MSR Holding Company, LLC,
    
    
    
    By:
    
    Shopoff General Partner, LLC,a Delaware limited liability company,
    
    
    
    
    
    a Delaware limited liability company,its Sole Member
    
    
    
    
    
    general partnerBy:
    
    Lennar Homes of California, Inc.,
a California corporation,
its California Manager
    
    
    
    
    
    By:
    
    Shopoff Properties Trust, Inc.,
a Maryland corporation, managerBy:
    
    
    
    
    
    
    
    
    
    By:Name:
    
    
    
    
    
    
    
    
    
    Name:Title:
    
    
    
    
    
    
    
    
    
    Title:




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---



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---



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---



##### 



Types of Insurance
 Workers Compensation Insurance Insured Parties
 Comprehensive General Liability Insurance
 (A)
    
    Operations, Independent Contractors, Products
and Completed Operations which Buyer shall maintain in effect on an
annual renewal basis for at least ten (10) years following final
completion of operations in, on or about the Property (and such
coverage shall include all improvements already existing on the
Property as of the Close of Escrow);(B)
    
    Owners and Contractors Protective Liability;(C)
    
    Severability of Interest and Cross Liability
clauses;(D)
    
    Contractual Liability, including without
limitation coverage for Buyers contractual indemnities in this
Agreement;(E)
    
    Personal Injury and Explosions, Collapse and
Underground Hazards (X, C, U); and(F)
    
    Broad Form Property Damage Liability, including
completed operations.
  Automobile Liability Insurance
 Waiver of Subrogation
 Additional Insured




---



##### 



Insurance Policies
      Evidence of Insurance
 Damages
 Contractors




---



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---



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---



##### 



ASSIGNMENT AND ASSUMPTION AGREEMENT
 Agreement Effective Date MS RIALTO WASSON CANYON CA, LLC Assignor SPT-LAKE ELSINORE HOLDING CO., LLC Assignee
 RECITALS
 Exhibit A Property
 Profits Participation Agreement PPA Agreement Builder Original Builder Wasson Canyon Land Original Property
 Remaining Property
  AGREEMENT
  Assignment
 Assumption
 Counterparts




---



##### 



Assignor:
    
    Assignee:MS RIALTO WASSON CANYON CA,
LLC, a Delaware limited liability company
    
    SPT-LAKE ELSINORE HOLDING CO., LLC,
a Delaware limited liability companyBy:
    
    MS Rialto Residential Holdings, LLC,
a Delaware limited liability company,
its Sole Member
    
    By:
    
    Shopoff Partners, L.P., a Delaware
limited partnership, sole memberBy:
    
    MSR Holding Company, LLC,
    
    
    
    By:
    
    Shopoff General Partner, LLC,a Delaware limited liability company,
    
    
    
    
    
    a Delaware limited liability company,its Sole Member
    
    
    
    
    
    general partnerBy:
    
    Lennar Homes of California, Inc.,
a California corporation,
its California Manager
    
    
    
    
    
    By:
    
    Shopoff Properties Trust, Inc.,
a Maryland corporation, managerBy:
    
    
    
    
    
    
    
    
    
    By:Name:
    
    
    
    
    
    
    
    
    
    Name:Title:
    
    
    
    
    
    
    
    
    
    Title:




---



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---



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---



##### 



ASSIGNMENT AND ASSUMPTION AGREEMENT
  Agreement Effective Date MS RIALTO WASSON CANYON CA, LLC Assignor SPT-LAKE ELSINORE HOLDING CO., LLC Assignee
 RECITALS
 Exhibit A Property
 CDA Lennar
Homes Dissemination
Agent Exhibit B
   AGREEMENT
  Assignment
 Assumption
 Counterparts




---



##### 



Assignor:
    
    Assignee:MS RIALTO WASSON CANYON CA,
    
    SPT-LAKE ELSINORE HOLDING CO., LLC,LLC, a Delaware limited liability company
    
    a Delaware limited liability companyBy:
    
    MS Rialto Residential Holdings, LLC,
a Delaware limited liability company,
its Sole Member
    
    By:
    
    Shopoff Partners, L.P., a Delaware
limited partnership, sole memberBy:
    
    MSR Holding Company, LLC,
a Delaware limited liability company,
its Sole Member
    
    
    
    By:
    
    Shopoff General Partner, LLC,
a Delaware limited liability company,
general partnerBy:
    
    Lennar Homes of California, Inc.,
a California corporation,
its California Manager
    
    
    
    
    
    By:
    
    Shopoff Properties Trust, Inc.,
a Maryland corporation, managerBy:
    
    
    
    
    
    
    
    
    
    By:Name:
    
    
    
    
    
    
    
    
    
    Name:Title:
    
    
    
    
    
    
    
    
    
    Title:




---



##### 



Legal Description




---



##### 



Copy of CDA




---



##### 








---



##### 



BULK SALE APPROVAL
 TSG KULA NEI, L.P. Wasson
Canyon MS RIALTO WASSON CANYON CA, LLC PPA Agreement Builder Original Builder Land Original Property
 MS Rialto Exhibit 1 Remaining Property SPT Sale Transaction
  Section
4.2
   Section 4.1
  Exhibit 2 Section 7.2




---



##### 



TSG Kula Nei, L.P., a California limited partnership,
formerly known as Wasson Canyon Investments, L.P., a
California limited partnershipBy:
    
    Wasson GP, LLC, a California limited
liability company, its General PartnerBy:Name:Title:




---



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---



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---



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ASSIGNMENT AND ASSUMPTION AGREEMENT
 Agreement Effective Date MS RIALTO WASSON CANYON CA, LLC Assignor SPT-LAKE ELSINORE HOLDING CO., LLC Assignee
 RECITALS
 Exhibit A Property
 Profits Participation Agreement PPA Agreement Builder Original Builder Wasson Canyon Land Original Property
 Remaining Property
  AGREEMENT
  Assignment
 Assumption
 Counterparts




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Assignor:
    
    Assignee:MS RIALTO WASSON CANYON CA,
LLC, a Delaware limited liability company
    
    SPT-LAKE ELSINORE HOLDING CO., LLC,
a Delaware limited liability companyBy:
    
    MS Rialto Residential Holdings, LLC,
a Delaware limited liability company,
its Sole Member
    
    By:
    
    Shopoff Partners, L.P., a Delaware
limited partnership, sole memberBy:
    
    MSR Holding Company, LLC,
a Delaware limited liability company,
its Sole Member
    
    
    
    By:
    
    Shopoff General Partner, LLC,
a Delaware limited liability company,
general partnerBy:
    
    Lennar Homes of California, Inc.,
a California corporation,
its California Manager
    
    
    
    
    
    By:
    
    Shopoff Properties Trust, Inc.,
a Maryland corporation, managerBy:
    
    
    
    
    
    
    
    
    
    By:Name:
    
    
    
    
    
    
    
    
    
    Name:Title:
    
    
    
    
    
    
    
    
    
    Title:




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