Cooperating Party
shall not be required to acquire or hold title to any real property for the
purpose of consummating the exchange, and (iii) consummation or accomplishment
of such an exchange shall not be a condition precedent or a condition subsequent
to the Requesting Party's obligations under this Agreement and shall not delay
the Closing.
7.18
CITY OF FREDERICK DISCLOSURE STATEMENT. THIS DISCLOSURE STATEMENT
CONCERNS THE REAL PROPERTY LOCATED WITHIN THE CITY OF FREDERICK, STATE OF
MARYLAND, DESCRIBED AS CRYSTAL PARK AT WATERFORD APARTMENTS LOCATED AT 100
ALESSANDRA COURT. THIS STATEMENT IS A DISCLOSURE OF THE EXISTENCE OF SECTION
12.5-30 OF THE FREDERICK CITY CODE, WHICH AFFORDS A BUYER THE RIGHT TO REQUEST A
5-DAY REVIEW PERIOD TO REVIEW LAND USE DOCUMENTS, OR TO WAIVE SUCH REVIEW
PERIOD. SEE CITY CODE SECTION 12.5-30 FOR DETAILS.
THE FOLLOWING ARE REPRESENTATIONS MADE BY THE BUYER AND SELLER IN A CONTRACT FOR
SALE OF RESIDENTIAL REAL PROPERTY WITHIN THE CITY OF FREDERICK AND ARE NOT THE
REPRESENTATIONS OF THE AGENT(S), IF ANY.
BUYER AND SELLER ACKNOWLEDGE THAT IT IS BUYER'S RIGHT TO REVIEW THE APPROPRIATE
MAPS AND PLANS AT THE CITY OF FREDERICK DEPARTMENT OF PLANNING FOR INFORMATION
ABOUT THE FREDERICK MUNICIPAL AIRPORT, HISTORIC PRESERVATION OVERLAY DISTRICT
DELINEATION, ANY LAND USES, PLANNED NEIGHBORHOOD DEVELOPMENTS, ROADS, HIGHWAYS,
PARKS AND OTHER PUBLIC FACILITIES AFFECTING PROPERTY, AND ANY AMENDMENTS
THERETO, THE CITY OF FREDERICK LAND MANAGEMENT CODE AND ANY OFFICIAL SUBMITTAL
FOR DEVELOPMENT REVIEW WITH THE DEPARTMENT OF PLANNING.
BUYER AND SELLER FURTHER ACKNOWLEDGE THAT IT IS THE BUYER'S RESPONSIBILITY TO
DETERMINE WHETHER THE BUYER'S PROPERTY LIES WITHIN THE AREA OF THE CITY OF
FREDERICK DESIGNATED AS THE HISTORIC PRESERVATION OVERLAY DISTRICT AND TO COMPLY
WITH ANY STATE AND LOCAL LAWS PERTAINING AS A RESULT OF SUCH
30
DESIGNATION.
PLEASE SELECT AND SIGN EITHER A) OR B) BELOW.
A.) BUYER AND SELLER HEREBY ACKNOWLEDGE HAVING READ AND UNDERSTOOD THE ABOVE
DISCLOSURE. BUYER REQUESTS FIVE (5) CALENDAR DAYS FROM THE EFFECTIVE DATE TO
REVIEW THE ABOVE STATED DOCUMENTS AND TO RESCIND THIS AGREEMENT IN WRITING IF
BUYER SO DESIRES.
BUYER SIGNATURE:
RREF III-P ELITE VENTURE, LLC, a Delaware limited liability company
By: Elite Street Capital, LLC, a Texas limited liability
company, its Administrative Member
By:
/s/ David Whitby
David Whitby,
its Chief Investment Officer
Date:
9/5/17
SELLER SIGNATURE:
KBS LEGACY PARTNERS CRYSTAL LLC, a Delaware limited liability company
By:
KBS Legacy Partners Properties LLC, a Delaware limited
liability company, its sole member
By:
KBS Legacy Partners Limited Partnership, a
Delaware limited partnership, its sole member
By:
KBS Legacy Partners Apartment REIT, Inc.,
a Maryland corporation, its sole general
partner
By:
/s/ Guy K. Hays
Name:
Guy K. Hays
Title:
Executive Vice President
Date:
_____________________________
B.) BUYER AND SELLER HEREBY ACKNOWLEDGE HAVING READ AND UNDERSTOOD THE ABOVE
DISCLOSURE. BUYER WAIVES THE REVIEW
31
PERIOD AND THE RIGHT TO RESCIND THIS AGREEMENT.
/s/ David Whitby
9/5/2017
BUYER'S SIGNATURE
DATE
SELLER'S SIGNATURE
DATE
7.19
Further Assurances. Each party agrees that it will without further
consideration execute and deliver