Document:

Second Amendment to Agreement of Sale

 Exhibit 10.3 
 SECOND AMENDMENT TO 
 AGREEMENT OF SALE AND PURCHASE 

This Second Amendment to Agreement of Sale and Purchase (the “Amendment”) is entered into as of the 10th day of May,
2013, by and between JEFFERSON EQUITY PARTNERS, LLC, a Tennessee limited liability company (“JEP”), OAK HILL PARTNERS, LLC, a Tennessee limited liability company (“OHP”), KNOXVILLE
EQUITY PARTNERS, LLC, a Tennessee limited liability company (“KEP”), and EMORY DEVELOPMENT PARTNERS, LLC, a Tennessee limited liability company, (“EDP”; JEP, OHP, KEP and EDP being each
referred to as a “Seller” and collectively as the “Sellers”), and CHP PARTNERS, LP a Delaware limited partnership (“Purchaser”). Sellers and Purchaser are sometimes
collectively referred to herein as the “Parties”. 
 WITNESSETH: 

WHEREAS, Purchaser and Sellers are parties to that certain Purchase Agreement of Sale and Purchase having an Effective Date of
April 3, 2013 (as amended by that certain First Amendment to Agreement of Sale and Purchase by and between the Parties dated as of April 30, 2013, the “Agreement”) wherein Sellers agreed to sell to Purchaser, and
Purchaser agreed to purchase from Sellers, the Portfolio (as such term is defined in the Agreement); and 
 WHEREAS, the
Parties have agreed to amend the Agreement as set forth herein; 
 NOW, THEREFORE, for good and valuable consideration,
the receipt and sufficiency of which is hereby acknowledged, the parties hereby agree as follows: 
 1. Amended Definition
of “Due Diligence Period”. The definition of the term “Due Diligence Period” is amended to read as follows: 
 “‘Due Diligence Period’ shall mean that period of time beginning on the Effective Date and ending at 5:00 pm, Eastern Time on May 14, 2013.” 

2. Ratification. All of the terms, covenants, conditions, representations and warranties set forth in the Agreement
shall continue in full force and effect and are hereby ratified and affirmed. 
 3. Counterparts. This
Amendment may be executed in two or more counterparts, either electronically or manually, and manually-executed counterparts may be delivered in faxed or scanned electronic form, each of which (whether originally executed or such a faxed or scanned
electronic document) shall be deemed an original, and all of which together shall constitute one and the same instrument. In making proof of this Amendment, it shall not be necessary to produce or account for more than one counterpart hereof signed
by each of the parties. 
 Signatures on following page 

 IN WITNESS WHEREOF, Sellers and Purchaser have executed this Second Amendment
effective as of the day and year written above. 
  

					
	PURCHASER:
	
	CHP PARTNERS, LP, a Delaware limited partnership
	
	By: CHP GP, LLC, a Delaware limited liability company., its general partner
	
	By: CNL Healthcare Properties, Inc., a Maryland corporation, its sole member
			
		 	By:	 	 /s/ Tracey B. Bracco

		 	Name:	 	 Tracey B. Bracco

		 	Title:	 	 Vice President

		 	Date:	 	  

 
			
		 	SELLERS:
	
	JEFFERSON EQUITY PARTNERS, LLC, a Tennessee limited liability company,
		
	By:	 	 /s/ Norman T. Brinkman

	Title:	 	 President

	Date:	 	 5-10-13

	
	KNOXVILLE EQUITY PARTNERS, LLC, a Tennessee limited liability company,
		
	By:	 	 /s/ Norman T. Brinkman

	Title:	 	 President

	Date:	 	 5-10-13

	
	EMORY DEVELOPMENT PARTNERS, LLC, a Tennessee limited liability company,
		
	By:	 	 /s/ Norman T. Brinkman

	Title:	 	 President

	Date:	 	 5-10-13

	
	OAK HILL PARTNERS, LLC, a Tennessee limited liability company,
		
	By:	 	 /s/ Norman T. Brinkman

	Title:	 	 President

	Date:	 	 5-10-13Third Amendment to Agreement of Sale

 Exhibit 10.4 
 THIRD AMENDMENT TO 
 AGREEMENT OF SALE AND PURCHASE 

This Third Amendment to Agreement of Sale and Purchase (the “Third Amendment”) is entered into as of the 13 day of May,
2013, by and between JEFFERSON EQUITY PARTNERS, LLC, a Tennessee limited liability company (“JEP”), OAK HILL PARTNERS, LLC, a Tennessee limited liability company (“OHP”), KNOXVILLE
EQUITY PARTNERS, LLC, a Tennessee limited liability company (“KEP”), and EMORY DEVELOPMENT PARTNERS, LLC, a Tennessee limited liability company, (“EDP”; JEP, OHP, KEP and EDP being each
referred to as a “Seller” and collectively as the “Sellers”), and CHP PARTNERS, LP, a Delaware limited partnership (“Purchaser”). Sellers and Purchaser are sometimes
collectively referred to herein as the “Parties”. 
 WITNESSETH: 

WHEREAS, Purchaser and Sellers are parties to that certain Purchase Agreement of Sale and Purchase having an Effective Date of
April 3, 2013, as amended by that certain First Amendment to Agreement of Sale and Purchase dated April 30, 2013, and as further amended by that certain Second Amendment to Agreement of Sale and Purchase dated May 10, 2013
(collectively, the “Agreement”) wherein Sellers agreed to sell to Purchaser, and Purchaser agreed to purchase from Sellers, the Portfolio (as such term is defined in the Agreement); and 

WHEREAS, the parties have agreed to amend the Agreement as set forth herein. 

NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties
hereby agree as follows: 
 1. Amended Definition of “Due Diligence Period”. The definition of the term
“Due Diligence Period” is amended to read as follows: 
 “‘Due Diligence
Period’ shall mean that period of time beginning on the Effective Date and ending at 5:00 pm, Eastern Time on May 15, 2013.” 
 2. Ratification. All of the terms, covenants, conditions, representations and warranties set forth in the Agreement shall continue in full force and effect and are hereby ratified and
affirmed. 
 3. Counterparts. This Third Amendment may be executed in two or more counterparts, either
electronically or manually, and manually-executed counterparts may be delivered in faxed or scanned electronic form, each of which (whether originally executed or such a faxed or scanned electronic document) shall be deemed an original, and all of
which together shall constitute one and the same instrument. In making proof of this Third Amendment, it shall not be necessary to produce or account for more than one counterpart hereof signed by each of the parties. 

 IN WITNESS WHEREOF, Sellers and Purchaser have executed this Third Amendment
effective as of the day and year written above. 
  

					
	PURCHASER:
	
	CHP PARTNERS, LP, a Delaware limited partnership
	
	By: CHP GP, LLC, a Delaware limited liability company., its general partner
	
	By: CNL Healthcare Properties, Inc., a Maryland corporation, its sole member
			
		 	By:	 	 /s/ Tracey B. Bracco

		 	Name:	 	 Tracey B. Bracco

		 	Title:	 	 Vice President

		 	Date:	 	 5-13-13

 
			
		 	SELLERS:
	
	JEFFERSON EQUITY PARTNERS, LLC, a Tennessee limited liability company,
		
	By:	 	 /s/ Norman T. Brinkman

	Title:	 	 President

	Date:	 	 5-12-13

	
	KNOXVILLE EQUITY PARTNERS, LLC, a Tennessee limited liability company,
		
	By:	 	 /s/ Norman T. Brinkman

	Title:	 	 President

	Date:	 	 5-12-13

	
	EMORY DEVELOPMENT PARTNERS, LLC, a Tennessee limited liability company,
		
	By:	 	 /s/ Norman T. Brinkman

	Title:	 	 President

	Date:	 	 5-12-13

	
	OAK HILL PARTNERS, LLC, a Tennessee limited liability company,
		
	By:	 	 /s/ Norman T. Brinkman

	Title:	 	 President

	Date:	 	 5-12-13Fourth Amendment to Agreement of Sale

 Exhibit 10.5 
 FOURTH AMENDMENT TO 
 AGREEMENT OF SALE AND PURCHASE 

This Fourth Amendment to Agreement of Sale and Purchase (the “Amendment”) is entered into as of the 15th day of May,
2013, by and between JEFFERSON EQUITY PARTNERS, LLC, a Tennessee limited liability company (“JEP”), OAK HILL PARTNERS, LLC, a Tennessee limited liability company (“OHP”), KNOXVILLE
EQUITY PARTNERS, LLC, a Tennessee limited liability company (“KEP”), and EMORY DEVELOPMENT PARTNERS, LLC, a Tennessee limited liability company, (“EDP”; JEP, OHP, KEP and EDP being each
referred to as a “Seller” and collectively as the “Sellers”), and CHP PARTNERS, LP a Delaware limited partnership (“Purchaser”). Sellers and Purchaser are sometimes
collectively referred to herein as the “Parties”. 
 WITNESSETH: 

WHEREAS, Purchaser and Sellers are parties to that certain Agreement of Sale and Purchase having an Effective Date of
April 3, 2013 (as amended by that certain First Amendment to Agreement of Sale and Purchase dated as of April 30, 2013, and as further amended by that certain Second Amendment to Agreement of Sale and Purchase dated May 10, 2013, and
as further amended by that certain Third Amendment of Sale and Purchase dated May 13, 2013, the “Agreement”) wherein Sellers agreed to sell to Purchaser, and Purchaser agreed to purchase from Sellers, the Portfolio (as
such term is defined in the Agreement); and 
 WHEREAS, the Parties have agreed to amend the Agreement as set forth
herein; 
 NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which is hereby
acknowledged, the parties hereby agree as follows: 
 1. Amendment and Restatement of Section 7.1(f).
Section 7.1(f) of the Agreement is amended and restated in its entirety as follows: 
 “(f) Sellers
shall have caused to be delivered to Purchaser at least ten (10) Business Days prior to the Closing Date guaranties of the Base Leases substantially in the form attached hereto as Exhibit K (the “Lease Guaranties”).” 

2. Addition of Exhibit K. Exhibit K attached hereto is added to the Agreement as Exhibit K thereto. 

3. Addition of Section 7.1(n). The following is inserted as Section 7.1(n) of the Agreement: 

“(n) Sellers shall have caused to be delivered to Purchaser at or prior to the Closing the Amendment to the OHP Air
Rights Lease contemplated by Purchaser’s title objection letter dated as of May 9, 2013 and the consent and estoppel related to that certain Parking Space License Agreement dated as of March 27, 2003 in the form attached hereto as
Exhibit L.” 

 4. Addition of Exhibit L. Exhibit L attached hereto is added to the Agreement
as Exhibit L thereto. 
 5. Addition of Section 7.1(o). The following is inserted as Section 7.1(o) of
the Agreement: 
 “(o) Sellers shall have caused those certain financing statements filed with the Tennessee
Secretary of State as instruments 209033507, 208055384, 208007665 and 208007666, together will all amendments and extensions thereto and all counterparts thereof of record in the land records or other public records, to be terminated of
record.” 
 6. Repair of EIFS Issue. Seller shall cause the work more particularly described on that certain
Estimate attached hereto as Schedule 5 to be completed to the reasonable satisfaction of Purchaser prior to Closing. 
 7.
Management Agreement. The Management Agreement attached hereto as Exhibit G is hereby inserted into the Agreement as Exhibit G. 
 8. Amendment and Restatement of Section 7.2. Section 7.2 of the Agreement is amended and restated in its entirety as follows: 

“7.2 Failure of Conditions to Purchaser’s Obligations. Subject to the provisions set forth in
Section 7.1, in the event any one or more of the conditions to Purchaser’s obligations are not satisfied in whole or in part prior to the Closing, and provided such event is not waived by Purchaser as contemplated by this Agreement,
Purchaser shall give Seller notice of failure. Seller shall have a period of ten (10) days in which to cause such failure to be cured. If Seller is not able to cure such failure within such ten (10) day period, then Purchaser, at
Purchaser’s option, shall be entitled to: (a) terminate this Agreement by giving immediate written notice thereof to Sellers on or prior to the Closing Date, upon which Purchaser shall receive a prompt refund of the Earnest Money, and, if
the closing condition that is not satisfied is a closing condition set forth in Section 7.1(a), Section 7.1 (b), Section 7.1 (c), 7.1(h), 7.1(o), or if the closing condition that is not satisfied is the closing condition set forth in
Section 7(g) and the satisfaction of such closing condition in Section 7(g) was within the discretion or control of any Seller, or if the closing condition that is not satisfied is the closing condition set forth in Section 7.1(n) and
Seller did not exercise good faith efforts to cooperate with Purchaser in obtaining the amendment and consent and parking estoppel contemplated by Section 7.1(n), Sellers shall reimburse Purchaser for all reasonable out-of-pocket expenses
incurred by Purchaser in connection with the Transaction, not to exceed Four Hundred Thousand and No/100 Dollars ($400,000.00) in the aggregate, and thereafter the Parties shall have no further obligations or liabilities hereunder other than those
that expressly survive termination of this Agreement, or (b) waive the unsatisfied conditions and proceed to Closing without any reduction in the Purchase Price or other remedy.” 

9. Ratification. All of the terms, covenants, conditions, representations and warranties set forth in the Agreement
shall continue in full force and effect and are hereby ratified and affirmed. 

 10. Counterparts. This Amendment may be executed in two or more
counterparts, either electronically or manually, and manually-executed counterparts may be delivered in faxed or scanned electronic form, each of which (whether originally executed or such a faxed or scanned electronic document) shall be deemed an
original, and all of which together shall constitute one and the same instrument. In making proof of this Amendment, it shall not be necessary to produce or account for more than one counterpart hereof signed by each of the parties. 

[INTENTIONALLY BLANK; SIGNATURES FOLLOW] 

 IN WITNESS WHEREOF, Sellers and Purchaser have executed this Fourth Amendment
effective as of the day and year written above. 
  

					
	PURCHASER:
	
	CHP PARTNERS, LP, a Delaware limited partnership
	
	By: CHP GP, LLC, a Delaware limited liability company., its general partner
	
	By: CNL Healthcare Properties, Inc., a Maryland corporation, its sole member
			
		 	By:	 	 /s/ Tracey B. Bracco

		 	Name:	 	 Tracey B. Bracco

		 	Title:	 	 Vice President

		 	Date:	 	  

 
			
		 	SELLERS:
	
	JEFFERSON EQUITY PARTNERS, LLC, a Tennessee limited liability company,
		
	By:	 	 /s/ Norman T. Brinkman

	Title:	 	 President

	Date:	 	 5-15-13

	
	KNOXVILLE EQUITY PARTNERS, LLC, a Tennessee limited liability company,
		
	By:	 	 /s/ Norman T. Brinkman

	Title:	 	 President

	Date:	 	 5-15-13

	
	EMORY DEVELOPMENT PARTNERS, LLC, a Tennessee limited liability company,
		
	By:	 	 /s/ Norman T. Brinkman

	Title:	 	 President

	Date:	 	 5-15-13

	
	OAK HILL PARTNERS, LLC, a Tennessee limited liability company,
		
	By:	 	 /s/ Norman T. Brinkman

	Title:	 	 President

	Date:	 	 5-15-13

 Exhibit K 
 Form of Lease Guaranty 
 [Intentionally Omitted] 

Exhibit L 
 Form
Parking Estoppel 
 [Intentionally Omitted] 
 Exhibit G 
 Form of Management Agreement 

[Intentionally Omitted]

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