Document:

EXHIBIT 10.1

 

SECURED PROMISSORY NOTE MODIFICATION AGREEMENT

 

THIS NOTE MODIFICATION AGREEMENT (this “Agreement”) is made and entered into on July 20, 2011,  by and among BLUEROCK SPECIAL OPPORTUNITY + INCOME FUND, LLC, a Delaware limited liability company (together with its successors and assigns, the “Lender”), and BEMT MEADOWMONT, LLC, a Delaware limited liability company (the “Borrower”).

 

WITNESSETH:

 

WHEREAS, the Lender and the Borrower entered into that certain Secured Promissory Note dated as of January 20, 2011 (the “Promissory Note’), which Promissory Note evidenced the obligation of the Borrower to repay the loan to the Lender in the aggregate principal sum of up to $500,000 (the “Loan”) plus interest, fees and costs; and

 

WHEREAS, the Promissory Note was extended on July 20, 2011 (“the Note Modification Agreement”), and all amounts owing thereunder, including without limitation all principal and interest, became automatically and immediately due and payable on January 20, 2012; and

 

WHEREAS, the Lender is willing to grant such request, subject to the terms and conditions set forth herein;

 

NOW, THEREFORE, in consideration of the foregoing premises, and other good and valuable consideration, the receipt and legal sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows:

 

1. Defined Terms. All capitalized terms used herein and not otherwise expressly defined herein shall have the respective meanings given to such terms in the Promissory Note.

2. Amendment to Promissory Note.  The Promissory Note is hereby amended and restated to read as follows:

 

All outstanding principal and interest shall be due and payable on January 20, 2012 (the “Due Date”).

 

3. Effectiveness. The modification provided in paragraph 3 shall be effective as of July 20, 2011 upon the execution and delivery of this Agreement by the parties hereto.

 

4. Reaffirmation of Transaction Documents.  All other items of the Promissory Note shall continue to be in effect.

 

  

  

  

 

IN WITNESS WHEREOF, Borrower and Lender have caused their duly authorized officers to set their hands and seals as of the day and year first above written.

 

	  	
Borrower:

	  	  
	  	
BEMT Meadowmont, LLC

	  	
a Delaware limited liability company

	  	  
	  	
By:

	
Bluerock Enhanced Multifamily Holdings, L.P.,

	  	  	
a Delaware limited partnership

	  	
Its:

	
Sole Member

	  	  	  
	  	  	
By:

	
Bluerock Enhanced Multifamily Trust, Inc.,

	  	  	  	
a Maryland corporation

	  	  	
Its:

	
General Partner

	  	  	  	  	  
	  	  	  	
By:

	
/s/ Jordan Ruddy

	  
	  	  	  	
Name:

	
Jordan Ruddy

	  
	  	  	  	
Title:

	
COO

	  
	  	  	  
	  	
Lender:

	  	  
	  	
BLUEROCK SPECIAL OPPORTUNITY + INCOME FUND, LLC

	  	
a Delaware limited liability company

	  	  	  
	  	
By:

	
Bluerock Real Estate, LLC,

	  	  	
a Delaware limited partnership

	  	
Its:

	
Manager

	  	  	  
	  	  	  	
By:

	
/s/ Jordan Ruddy

	  
	  	  	  	
Name:

	
Jordan Ruddy

	  
	  	  	  	
Title:

	
PresidentEXHIBIT 10.2

 

SECURED PROMISSORY NOTE MODIFICATION AGREEMENT

 

THIS NOTE MODIFICATION AGREEMENT (this “Agreement”) is made and entered into on August 31, 2011,  by and among BLUEROCK SPECIAL OPPORTUNITY + INCOME FUND II, LLC, a Delaware limited liability company (together with its successors and assigns, the “Lender”), and BEMT AUGUSTA, LLC, a Delaware limited liability company (the “Borrower”).

 

WITNESSETH:

 

WHEREAS, the Lender and the Borrower entered into that certain Secured Promissory Note dated as of September 1, 2010 (the “Promissory Note’), which Promissory Note evidenced the obligation of the Borrower to repay the loan to the Lender in the aggregate principal amount of $1,931,484.17 (the “Loan”) plus interest, fees and costs; and

 

WHEREAS, the Promissory Note was extended on February 28, 2011 (“the Note Modification Agreement”), and all amounts owing thereunder, including without limitation all principal and interest, became automatically and immediately due and payable on August 31, 2011; and

 

WHEREAS, the Borrower has requested that Lender modify the Promissory Note to further extend the maturity date thereof to February 28, 2012; and

 

WHEREAS, the Lender is willing to grant such request, subject to the terms and conditions set forth herein;

 

NOW, THEREFORE, in consideration of the foregoing premises, and other good and valuable consideration, the receipt and legal sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows:

 

1. Defined Terms. All capitalized terms used herein and not otherwise expressly defined herein shall have the respective meanings given to such terms in the Promissory Note.

2. Amendment to Promissory Note.  The Promissory Note is hereby amended and restated to read as follows:

 

All outstanding principal and interest shall be due and payable on February 28, 2012 (the “Due Date”).

 

3. Effectiveness. The modification provided in paragraph 2 hereof shall be effective as of August 31, 2011 upon the execution and delivery of this Agreement by the parties hereto.

 

4. Reaffirmation of Promissory Note.  All other provisions of the Promissory Note shall continue to be in effect.

 

  

  

  

  

IN WITNESS WHEREOF, Borrower and Lender have caused their duly authorized officers to set their hands and seals as of the day and year first above written.

 

	  	
Borrower:

	  	  
	  	
BEMT AUGUSTA, LLC

	  	
a Delaware limited liability company

	  	  
	  	
By:

	
Bluerock Enhanced Multifamily Holdings, L.P.,

	  	  	
a Delaware limited partnership

	  	
Its:

	
Sole Member

	  	  	  
	  	  	
By:

	
Bluerock Enhanced Multifamily Trust, Inc.,

	  	  	  	
a Maryland corporation

	  	  	
Its:

	
General Partner

	  	  	  	  	  
	  	  	  	
By:

	
/s/ Jordan Ruddy

	  
	  	  	  	
Name:

	
Jordan Ruddy

	  
	  	  	  	
Title:

	
COO

	  
	  	  	  
	  	
Lender:

	  	  
	  	
BLUEROCK SPECIAL OPPORTUNITY + INCOME FUND II, LLC

	  	
a Delaware limited liability company

	  	  	  
	  	
By:

	
BR SOIF II Manager, LLC

	  	  	
a Delaware limited liability company

	  	
Its:

	
Manager

	  	  	  
	  	  	
By:

	
Bluerock Real Estate, L.L.C,

	  
	  	  	  	
a Delaware limited liability company

	  
	  	  	
Its:

	
Sole Member

	  
	  	  	  
	  	  	  	
By:

	
/s/ Jordan Ruddy

	  
	  	  	  	
Name:

	
Jordan Ruddy

	  
	  	  	  	
Title:

	
PresidentEXHIBIT 10.3

 

SECURED PROMISSORY NOTE MODIFICATION AGREEMENT

 

THIS NOTE MODIFICATION AGREEMENT (this “Agreement”) is made and entered into on September 30, 2011,  by and among BLUEROCK SPECIAL OPPORTUNITY + INCOME FUND II, LLC, a Delaware limited liability company (together with its successors and assigns, the “Lender”), and BEMT HILLSBORO VILLAGE, LLC, a Delaware limited liability company (the “Borrower”).

 

WITNESSETH:

 

WHEREAS, the Lender and the Borrower entered into that certain Secured Promissory Note dated as of September 30, 2010 (the “Promissory Note’), which Promissory Note evidenced the obligation of the Borrower to repay the loan to the Lender in the aggregate principal amount of up to $1,500,000 (the “Loan”) plus interest, fees and costs; and

 

WHEREAS, the Promissory Note was extended on March 31, 2011 (the “Note Modification Agreement”), and all amounts owing thereunder, including without limitation all principal and interest, became automatically and immediately due and payable on September 30, 2011; and

 

WHEREAS, the Borrower has requested that Lender modify the Promissory Note to further extend the maturity date thereof to March 31, 2012; and

 

WHEREAS, the Lender is willing to grant such request, subject to the terms and conditions set forth herein;

 

NOW, THEREFORE, in consideration of the foregoing premises, and other good and valuable consideration, the receipt and legal sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows:

 

1. Defined Terms. All capitalized terms used herein and not otherwise expressly defined herein shall have the respective meanings given to such terms in the Promissory Note.

2. Amendment to Promissory Note.  The Promissory Note is hereby amended and restated to read as follows:

 

All outstanding principal and interest shall be due and payable on March 31, 2012 (the “Due Date”).

 

3. Effectiveness. The modification provided in paragraph 2 hereof shall be effective as of September 30, 2011 upon the execution and delivery of this Agreement by the parties hereto.

 

4. Reaffirmation of Promissory Note.  All other provisions of the Promissory Note shall continue to be in effect.

 

  

  

  

  

IN WITNESS WHEREOF, Borrower and Lender have caused their duly authorized officers to set their hands and seals as of the day and year first above written.

	  	
Borrower:

	  	  
	  	
BEMT HILLSBORO VILLAGE, LLC

	  	
a Delaware limited liability company

	  	  
	  	
By:

	
Bluerock Enhanced Multifamily Holdings, L.P.,

	  	  	
a Delaware limited partnership

	  	
Its:

	
Sole Member

	  	  	  
	  	  	
By:

	
Bluerock Enhanced Multifamily Trust, Inc.,

	  	  	  	
a Maryland corporation

	  	  	
Its:

	
General Partner

	  	  	  	  	  
	  	  	  	
By:

	
/s/ Jordan Ruddy

	  
	  	  	  	
Name:

	
Jordan Ruddy

	  
	  	  	  	
Title:

	
COO

	  
	  	  	  
	  	
Lender:

	  	  
	  	
BLUEROCK SPECIAL OPPORTUNITY + INCOME FUND II, LLC

	  	
a Delaware limited liability company

	  	  	  
	  	
By:

	
BR SOIF II Manager, LLC

	  	  	
a Delaware limited liability company

	  	
Its:

	
Manager

	  	  	  
	  	  	
By:

	
Bluerock Real Estate, L.L.C,

	  
	  	  	  	
a Delaware limited liability company

	  
	  	  	
Its:

	
Sole Member

	  
	  	  	  
	  	  	  	
By:

	
/s/ Jordan Ruddy

	  
	  	  	  	
Name:

	
Jordan Ruddy

	  
	  	  	  	
Title:

	
President

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