Document:

Exhibit 10.5

 

FIRST AMENDMENT TO REAL ESTATE PURCHASE AND SALE AGREEMENT

 

THIS FIRST AMENDMENT TO REAL ESTATE PURCHASE AND SALE AGREEMENT (this “Amendment”) is dated as of July 21, 2011, by and between ADVENIR@MARGATE, LLC, a Florida limited liability company (“Seller”), and GRAND PEAKS PROPERTIES, INC., a Colorado corporation (“Purchaser”).

 

Recitals

 

A.            Seller and Purchaser entered into that certain Real Estate Purchase and Sale Agreement dated as of June 6, 2011 (the “Agreement”), relating to certain real property and improvements located in Broward County, Florida (the “Property”).  Any initially capitalized terms used but not otherwise defined in this Amendment shall have the meanings assigned to such terms in the Agreement.

 

B.            Seller and Purchaser wish to extend the Approval Date.

 

Agreement

 

NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties agree as follows:

 

1.             Incorporation of Recitals.  The foregoing Recitals are incorporated herein by reference.

 

2.             Approval Date.  The Approval Date shall be July 28, 2011.

 

3.             No Other Changes.  Except as expressly modified hereby, the Agreement remains in full force and effect in accordance with its original terms.  In the event of any conflict between the terms of the Agreement and the terms of this Amendment, this Amendment shall control.

 

4.             Counterparts.  This Amendment may be executed in counterparts, each of which shall be deemed an original but both of which shall constitute one and the same instrument.  Any signature to this Amendment transmitted via facsimile or other electronic means shall be deemed an original signature and shall be binding upon the parties hereto.

 

[Remainder of page intentionally left blank.  Signature page follows]

 

 

IN WITNESS WHEREOF, the parties have executed this Amendment as of the date first above written.

 

	
 
    	
SELLER:
    
	
 
    	
 
    
	
 
    	
ADVENIR@MARGATE,   LLC, a Florida limited liability company
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
ADVENIR@MARGATE   GP, LLC, a Florida limited liability company, its Managing   Member
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
ADVENIR, INC., a Florida   corporation, its Managing Member
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
By:
    	
/s/   Stephen L. Vecchitto
    
	
 
    	
 
    	
 
    	
 
    	
Stephen   L. Vecchitto
    
	
 
    	
 
    	
 
    	
 
    	
President
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
PURCHASER:
    
	
 
    	
 
    
	
 
    	
GRAND   PEAKS PROPERTIES, INC., a Colorado corporation
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Luke Simpson
    
	
 
    	
 
    	
Luke   Simpson
    
	
 
    	
 
    	
Chief   Executive Officer
    

 

2Exhibit 10.6

 

SECOND AMENDMENT TO REAL ESTATE PURCHASE AND SALE AGREEMENT

 

THIS SECOND AMENDMENT TO REAL ESTATE PURCHASE AND SALE AGREEMENT (this “Amendment”) is dated as of July 28, 2011, by and between ADVENIR@MARGATE, LLC, a Florida limited liability company (“Seller”), and GRAND PEAKS PROPERTIES, INC., a Colorado corporation (“Purchaser”).

 

Recitals

 

A.                                   Seller and Purchaser entered into a Real Estate Purchase and Sale Agreement dated as of June 6, 2011, as amended by a First Amendment to Real Estate Purchase and Sale Agreement dated as of July 21, 2011 (collectively, the “Agreement”), relating to certain real property and improvements located in Broward County, Florida (the “Property”).  Any initially capitalized terms used but not otherwise defined in this Amendment shall have the meanings assigned to such terms in the Agreement.

 

B.                                     Seller and Purchaser wish to amend the Agreement in certain respects.

 

Agreement

 

NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, Seller and Purchaser agree as follows:

 

1.                                       Incorporation of Recitals.  The foregoing Recitals are incorporated herein by reference.

 

2.                                       Purchase Price.  The Purchase Price shall be $24,350,000, and Line 5 of the Summary Statement is revised accordingly.

 

3.                                       Lender Consents.  The second paragraph of Section 5 of the Agreement is revised to read as follows:

 

“Within five (5) Business Days after the date of the Agreement, Purchaser shall submit applications to the holders of the Existing Loans (the “Existing Lenders”) seeking approval for the Assumption.  As requested by Purchaser, Seller shall reasonably cooperate with Purchaser’s efforts to arrange for the Assumption.  The obligations of the Seller and the Purchaser under this Agreement are expressly contingent upon the Existing Lenders providing written confirmation (the “Lender Consents”), prior to the Closing Date, consenting to the Assumption on terms satisfactory to Seller and Purchaser.  Purchaser shall keep Seller apprised of its efforts and progress in obtaining the Lender Consents.  In the event Purchaser is unable to obtain the Lender Consents prior to the Closing Date then, notwithstanding any provision herein to the contrary, the Earnest Money shall be

 

 

returned to Purchaser and this Agreement shall be null and void and of no further force or effect, except for such continuing obligations as are intended to survive the termination of this Agreement.  The Lender Consents, to be effective, shall provide, in addition to the consent by the Existing Lenders to the assumption by Purchaser of the Existing Loans, that the Seller (and any guarantor, principal, key principal or any other entity affiliated with Seller obligated or liable in any manner under the Existing Loans) shall be released from any and all further liability under the Existing Loans upon the assumption of the Existing Loans by Purchaser, with the exception of any liability arising from the existence of hazardous materials on or before the Closing Date.”

 

4.                                       Closing Date.  The first sentence of Section 6 of the Agreement is revised to read as follows:

 

“Subject to the terms and conditions of this Agreement, the closing of the transaction contemplated by this Agreement (the “Closing”) shall take place on the date (the “Closing Date”) that is the later of August 29, 2011 or ten (10) days after the Lender Consents are obtained; provided, however, that if the Lender Consents have not been obtained by September 30, 2011, either party may terminate this Agreement by written notice to the other party, in which case the Earnest Money shall be returned to Purchaser and this Agreement shall be of no further force or effect, except for such continuing obligations as are intended to survive the termination of this Agreement.”

 

Line 8 of the Summary Statement is accordingly revised to read as follows:

 

“As provided in Section 6 of this Agreement.”

 

5.                                       Continuation Notice.  This Amendment shall constitute Purchaser’s Continuation Notice pursuant to Section 9(a) of the Agreement.

 

6.                                       No Other Changes.  Except as expressly modified hereby, the Agreement remains in full force and effect in accordance with its terms.  In the event of any conflict between the terms of the Agreement and the terms of this Amendment, this Amendment shall control.

 

7.                                       Counterparts.  This Amendment may be executed in counterparts, each of which shall be deemed an original but both of which shall constitute one and the same instrument.  Any signature to this Amendment transmitted via facsimile or other electronic means shall be deemed an original signature and shall be binding upon the parties hereto.

 

[Signature page follows]

 

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IN WITNESS WHEREOF, the parties have executed this Amendment as of the date first above written.

 

	
 
    	
SELLER:
    
	
 
    	
 
    
	
 
    	
ADVENIR@MARGATE,   LLC, a Florida limited liability company
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
ADVENIR@MARGATE   GP, LLC, a Florida limited liability company, its   Managing Member
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
ADVENIR, INC., a Florida   corporation, its Managing Member
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
By:   
    	
/s/   W. Taylor Rismiller
    
	
 
    	
 
    	
 
    	
Name:   
    	
W.   Taylor Rismiller
    
	
 
    	
 
    	
 
    	
Title:   
    	
Vice   President
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
PURCHASER:
    
	
 
    	
 
    
	
 
    	
GRAND   PEAKS PROPERTIES, INC., a Colorado corporation
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Luke Simpson
    
	
 
    	
 
    	
Luke   Simpson
    
	
 
    	
 
    	
Chief   Executive Officer
    

 

3Exhibit 10.7

 

THIRD AMENDMENT TO REAL ESTATE PURCHASE AND SALE AGREEMENT

 

THIS THIRD AMENDMENT TO REAL ESTATE PURCHASE AND SALE AGREEMENT (this “Amendment”) is dated as of September 30, 2011, by and between ADVENIR@MARGATE, LLC, a Florida limited liability company (“Seller”), and BEHRINGER HARVARD MARGATE, LLC, a Delaware limited liability company (“Purchaser”).

 

Recitals

 

A.                                   Seller and Grand Peaks Properties, Inc. (“Grand Peaks”) entered into a Real Estate Purchase and Sale Agreement dated as of June 6, 2011, as amended by a First Amendment to Real Estate Purchase and Sale Agreement dated as of July 21, 2011, and as further amended by a Second Amendment to Real Estate Purchase and Sale Agreement dated as of July 28, 2011 (collectively, the “Agreement”), relating to certain real property and improvements located in Broward County, Florida (the “Property”).  Pursuant to an Assignment and Assumption of Real Estate Purchase and Sale Agreement dated as of September 29, 2011, the Agreement has been assigned by Grand Peaks to Purchaser.  Any initially capitalized terms used but not otherwise defined in this Amendment shall have the meanings assigned to such terms in the Agreement.

 

B.                                     Seller and Purchaser wish to amend the Agreement in certain respects.

 

Agreement

 

NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, Seller and Purchaser agree as follows:

 

1.                                       Incorporation of Recitals.  The foregoing Recitals are incorporated herein by reference.

 

2.                                       Earnest Money.  Notwithstanding that the Lender Consents have not yet been obtained, Purchaser agrees that $25,000 of the Earnest Money (the “Non-Refundable Amount”) shall be non-refundable to Purchaser even if the Lender Consents are not obtained.  Purchaser further agrees that upon receipt of the Lender Consents, the Non-Refundable Amount shall be delivered by Escrow Agent to Seller.  Purchaser shall remain entitled to return of the Non-Refundable Amount in the event of a default by Seller under Section 18(b) of the Agreement, and the Non-Refundable Amount shall be applied against the Purchase Price if the Closing takes place.

 

3.                                       Lender Consents.  The second paragraph of Section 5 of the Agreement is revised to read as follows:

 

“Within five (5) Business Days after the date of the Agreement, Purchaser shall submit applications to the holders of the Existing Loans (the “Existing Lenders”) seeking approval for the Assumption.  As requested by Purchaser, Seller shall

 

 

reasonably cooperate with Purchaser’s efforts to arrange for the Assumption.  The obligations of the Seller and the Purchaser under this Agreement are expressly contingent upon the Existing Lenders providing written confirmation (the “Lender Consents”), prior to October 10, 2011, consenting to the Assumption on terms satisfactory to Seller and Purchaser.  Purchaser shall keep Seller apprised of its efforts and progress in obtaining the Lender Consents.  In the event Purchaser is unable to obtain the Lender Consents prior to October 10, 2011 then, notwithstanding any provision herein to the contrary, the Earnest Money (less the Non-Refundable Amount) shall be returned to Purchaser, the Non-Refundable Amount shall be delivered to Seller, and this Agreement shall be null and void and of no further force or effect, except for such continuing obligations as are intended to survive the termination of this Agreement.  The Lender Consents, to be effective, shall provide, in addition to the consent by the Existing Lenders to the assumption by Purchaser of the Existing Loans, that the Seller (and any guarantor, principal, key principal or any other entity affiliated with Seller obligated or liable in any manner under the Existing Loans) shall be released from any and all further liability under the Existing Loans upon the assumption of the Existing Loans by Purchaser, with the exception of any liability arising from the existence of hazardous materials on or before the Closing Date.”

 

4.                                       Closing Date.  The first sentence of Section 6 of the Agreement is revised to read as follows:

 

“Subject to the terms and conditions of this Agreement, the closing of the transaction contemplated by this Agreement (the “Closing”) shall take place on October 12, 2011; provided, however, that in the event of a storm in the Atlantic Ocean that prevents Purchaser from obtaining any of the insurance coverages required by Purchaser’s lender, the Closing Date shall be delayed until such time as Purchaser is able to obtain such insurance.”

 

5.                                       Audit.  Seller understands that Purchaser is required by certain governmental regulations to conduct a so-called “3-14” audit in connection with its acquisition of the Property.  Seller agrees to reasonably cooperate with Purchaser and make available to Purchaser such financial reports as are reasonably required by Purchaser in order to comply with such requirement, at no cost to Purchaser.

 

6.                                       No Other Changes.  Except as expressly modified hereby, the Agreement remains in full force and effect in accordance with its terms.  In the event of any conflict between the terms of the Agreement and the terms of this Amendment, this Amendment shall control.

 

2

 

7.                                       Counterparts.  This Amendment may be executed in counterparts, each of which shall be deemed an original but both of which shall constitute one and the same instrument.  Any signature to this Amendment transmitted via facsimile or other electronic means shall be deemed an original signature and shall be binding upon the parties hereto.

 

IN WITNESS WHEREOF, the parties have executed this Amendment as of the date first above written.

 

	
 
    	
SELLER:
    
	
 
    	
 
    
	
 
    	
ADVENIR@MARGATE,   LLC, a Florida limited liability company
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
By:
    	
ADVENIR@MARGATE   GP, LLC, a Florida limited liability company, its Managing Member
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
ADVENIR, INC.,   a Florida corporation, its Managing Member
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
By:   
    	
/s/   Stephen L. Vecchitto
    
	
 
    	
 
    	
 
    	
Name:   
    	
Stephen   L. Vecchitto
    
	
 
    	
 
    	
 
    	
Title:   
    	
Manager
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
PURCHASER:
    
	
 
    	
 
    
	
 
    	
BEHRINGER   HARVARD MARGATE, LLC, a Delaware limited liability company
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
By:
    	
Margate   Peak, LLC, a Colorado limited liability company, its Managing Member
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
/s/   Luke C. Simpson
    
	
 
    	
 
    	
 
    	
Luke   C. Simpson
    
	
 
    	
 
    	
 
    	
Manager
    

 

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