Document:

EXHIBIT
      10.15

     

    SECOND
      AMENDMENT
      TO AGREEMENT FOR PURCHASE AND SALE OF INTERESTS

     

    THIS
      SECOND
      AMENDMENT
      TO AGREEMENT FOR PURCHASE AND SALE OF INTERESTS
      (this
“Second Amendment”),
      is
      made as of the 16th
      day of
      May, 2006, by and between HOME
      PROPERTIES, L.P., a New York limited partnership (“Home
      Properties")
      and
      HOME PROPERTIES WMF I, LLC, a New York limited liability company (“Home
      Properties WMF”;
      and
      together with Home Properties, as “Sellers”),
      and THE
      LIGHTSTONE GROUP,
      LLC, a
      New Jersey limited liability company (as “Buyer”).

     

    RECITALS

     

    WHEREAS,
      Sellers
      and Buyer have entered into that certain Agreement For Purchase and Sale of
      Interests (South Michigan Portfolio), dated as of April 26, 2006, as amended
      by
      that certain First Amendment to Agreement For Purchase and Sale of Interests,
      dated as of May 12, 2006 (collectively, the “Contract”),
      covering the sale and purchase of certain entities as more particularly
      described therein; and

     

    WHEREAS,
      the
      parties hereto wish to amend the Contract as set forth in this Second
      Amendment.

     

    NOW,
      THEREFORE,
      in
      consideration of Ten Dollars ($10.00) each to the other in hand paid, and for
      other good and valuable consideration, the receipt and sufficiency of which
      is
      hereby acknowledged, the
      parties hereto agree as follows:

     

    AGREEMENT

     

    1. Definitions.
      All
      capitalized terms used in this Second Amendment shall have the same meanings
      ascribed to them in the Contract, unless otherwise herein defined.

     

    2. Modifications.
      Effective as of the date hereof, the Contract is hereby modified and amended
      by:

     

    (i) Deleting
      Section 2(a) of the Contract and replacing same with the following language:
      

     

    “ (a) The
      aggregate purchase price (“Purchase
      Price”)
      payable by Buyer for the Interests is Two Hundred Twenty-Eight Million Seven
      Hundred Thirty-Eight Thousand Five Hundred and No/100 Dollars ($228,738,500),
      subject to such apportionments, adjustments and credits as are provided in
      this
      Agreement.”

     

    (ii) Adding
      the following at the end of Section 5:

     

    “ (d) From
      May
      16, 2006 until the date that is six (6) months after the Closing, neither
      Sellers nor any affiliate of Sellers, will directly or indirectly, solicit
      (except for job postings by Sellers available to the general public) or hire
      for
      employment any Employee or any employee from any regional office from which
      any
      of the Properties is being managed (but excluding Chris Lang, Julie Manthey,
      Don
      Denny, Marc Dykes and Tina Partridge), without the prior written consent of
      the
      Buyer, which consent may be withheld in Buyer’s sole and absolute discretion.”

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    (iii) Adding
      the following at the end of Section 7:

     

    “ (d) Notwithstanding
      anything to the contrary set forth herein, Sellers shall be responsible for
      all
      litigation against each Property and each Company which arises or results from
      occurrences prior to the Closing, and each Seller, jointly and severally, shall
      indemnify, hold harmless and defend the Buyer and the Companies and their
      respective successors and assigns from and against any Claim relating or
      attributable thereto. Notwithstanding anything to the contrary set forth herein,
      Sellers liability for Claims under this Section 7(d) shall be unlimited and
      shall survive the Closing without limitation.”

     

    (iv) Deleting
      the first sentence on Section 13 of the Contract and replacing same with the
      following language:

     

    “If
      this
      Agreement shall not have been terminated by Sellers or Buyer, for any of the
      reasons set forth in this Agreement, and within the time(s) herein limited,
      the
      closing of the conveyance of the Interests of the New Companies (the
      "Closing")
      shall
      occur on June 23, 2006; provided, however, that Buyer shall be entitled, upon
      written notice to the Sellers given no later than June 23, 2006, to postpone
      such original closing date to no later than June 30, 2006, as to which TIME
      SHALL BE OF THE ESSENCE (such date, as same may be postponed pursuant to this
      Section 13, being hereinafter referred to as the “Closing
      Date”).”

     

    (v) Deleting
      Section 15(a)(i) of the Contract and replacing same with the following
      language:

     

    “ (i) Real
      estate and personal property taxes based on the concurrent fiscal year
      method, whereby taxes for each taxing jurisdiction are
      deemed applicable to the fiscal year of such jurisdiction during which the
      tax is levied;”

     

    (vi) Adding
      the following at the end of Section 9:

     

    “ (d) Without
      limiting any of the rights of Buyer elsewhere set forth in this Agreement and
      in
      additional to the Buyer’s Conditions applicable with respect to the Property
      known as Springwells Park (“Springwells”),
      it is
      agreed that the obligations of Buyer under this Agreement to purchase and pay
      for the Interests applicable to the New Company holding fee title to Springwells
      shall be subject to the satisfaction on or prior to the Closing of the following
      conditions (the “Springwells
      Buyer’s Conditions”):
      (i)
      completion of all life and safety repairs (the “Life/Safety
      Repairs”)
      required by the applicable municipality having jurisdiction over Springwells
      (the “Springwells
      Municipality”)
      to
      such municipality’s satisfaction pursuant to a written notice thereof; and (ii)
      there being no reasonable risk that the Springwells Municipality shall take
      steps to prohibit Buyer’s operation of Springwells as a multi-tenant facility
      for non-completion of other repairs being required by such municipality;
      provided, however, that if all the Springwells Buyer’s Conditions are not
      satisfied on or prior to the Closing, then the Closing, with respect to
      Springwells only, shall be postponed for up to sixty (60) days during which
      time
      Buyer and Sellers shall work together, at Seller’s sole cost and expense, to
      satisfy the Springwells Buyer’s Conditions. In such event, the parties shall
      close the transaction with respect to the Interests in all New Companies with
      the exception of Springwells on the original Closing Date and the Purchase
      Price
      shall be reduced by the amount allocated to Springwells, as agreed by Buyer
      and
      Sellers, and the portion of the Earnest Money Deposit allocated to Springwells,
      as agreed by Buyer and Sellers, shall continue to be held in escrow, to be
      released at the Springwells closing or returned to Buyer in the event of
      termination as described in the next sentence. If the Springwells Buyer’s
      Conditions are not satisfied within such additional time period, then either
      party may terminate this Agreement with respect to Springwells and the
      provisions of Section 33 shall apply.”

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

     

    (vii) Deleting
      the last sentence of the first paragraph of Section 32 of the Contract and
      replacing same with the following:

     

    “Notwithstanding
      anything to the contrary set forth herein but subject to Section 9(d) of the
      Contract, in the event the Springwells Municipality shall issue a conditional
      certificate of occupancy which provides that repairs are to be completed after
      the Closing (other than Life/Safety Repairs which shall remain the Seller’s
      obligation), then Buyer agrees to accept a conditional certificate of occupancy
      and will complete such repairs after the Closing at its cost (except with
      respect to Life/Safety Repairs which shall continue to be the responsibility
      of
      Sellers) and sign any documentation requested or required by the Springwells
      Municipality in connection therewith.”

     

    (viii) Adding
      a
      new Section 35 as follows:

     

    “35. LITIGATION
      ASSISTANCE.
      With
      regard to any litigation or claims which relate to periods prior to Closing,
      including without limitation the matters described on Schedule 5 and litigation
      referred to in Section 7, after Closing, Buyer will cooperate with Sellers
      and
      their agents in assisting Sellers to investigate and defend same, at no cost
      to
      Buyer. Without limiting the foregoing, after Closing, Buyer will provide Sellers
      and their agents reasonable access to the Properties, to documents and to
      employees for consultation on any such claim or litigation matter.”

     

    (ix) Deleting
      Schedule 6 of the Contract and replacing same with Schedule 6 attached
      hereto

     

    3. Creation
      of New Companies.
      Sellers
      acknowledge and agree that: (i) on or prior to Closing, the fee ownership of
      each of the Properties will be transferred to a newly-created Delaware limited
      liability company, the name and formation documentation of which shall be in
      Buyer’s sole and absolute discretion (except the Operating Agreement which Buyer
      may amend and restate at Closing)(the “New
      Companies”);
      (ii)
      all references in the Contract to Seller’s obligation to transfer “Interests”
shall refer to the “Interests” in the New Companies; (iii) all references in the
      Contract to “Company” shall refer to “New Company”; and (iv) prior to Closing,
      Schedule 1 to the Contract will be modified to reflect the names of each New
      Company and Recital (b) to the Contract shall be deemed modified in accordance
      with the modified Schedule 1. 

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    4. Board
      Approval.
      The
      Contract, as amended by this Second Amendment, shall be subject to the approval
      of the board of directors of Home Properties, Inc., (“Board”)
      to be
      obtained by Sellers no later than May 18, 2006 at 4 PM (Eastern Standard Time)
      (“Board
      Approval Deadline”).
      If
      the Board has not approved the Contract, as amended by this Second Amendment,
      prior to the Board Approval Deadline, as to which TIME SHALL BE OF THE ESSENCE,
      then either party may terminate this Contract and the Earnest Money Deposit
      shall be returned immediately to Buyer and neither party shall have any further
      rights or obligations under the Agreement except for those provisions that
      expressly survive the termination of the Agreement.

     

    5. Due
      Diligence Period Ended.
      Buyer
      hereby acknowledges that the Due Diligence Period described in Section 11 of
      the
      Contract has ended. 

     

    6. Title/Survey
      Objections.
      Sellers
      acknowledge and agree that Buyer reserves all rights under the Contract with
      respect to the title and survey objections provided to Sellers in the letter
      and
      enclosures dated May 12, 2006 from Herrick Feinstein LLP, submitted via
      facsimile on May 12, 2006 and supplemented via facsimile on May 16,
      2006.

     

    7. No
      Other Changes.
      Except
      as modified by this Second Amendment, the Contract shall remain in full force
      and effect.

     

    8. Counterparts.
      This
      Second Amendment may be executed in counterparts, all of which, when taken
      together, shall constitute one original. Facsimile signatures shall be deemed
      originals for all purposes.

     

    [THE
      SIGNATURE PAGE FOLLOWS ON THE NEXT PAGE]

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

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

     

    

    
      	 	 	 
	 	BUYER:
	 	 
	 	THE
              LIGHTSTONE GROUP, LLC
	 
 	 
 	 
 
	 	By:  	/s/ David Lichtenstein
	 	
              
David
              Lichtenstein, Chief Executive
              Officer
	 	 

    

     

    
      	 	 	 
	 	SELLER:
	 	 
	 	HOME
              PROPERTIES, L.P.
	 
 	 
 	 
 
	 	By:	
              Home Properties, Inc.,

              General Partner

            
	 	 	 
	 	By:  	/s/ John E. Smith
	 	
              
John
              E. Smith, Senior Vice President
	 	 

    

     

    
      
        	 	 	 
	 	HOME
                PROPERTIES WMF I, LLC
	 
 	 
 	 
 
	 	By:	
                Home Properties, L.P.,

                Sole Member

              
	 	 	 
	 	By:	
                Home Properties, Inc.,

                General Partner

              
	 	 	 
	 	 	 
	 	By:  	/s/ John E. Smith
	 	
                
John
                E. Smith, Senior Vice President
	 	 

      

       

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    SCHEDULE
      6

    

    Buyer
      has
      received municipal inspection reports from Sellers for the following
      Properties:

    

    
      	 	
              1.

            	
              Carriage
                Hill

            

    

    
      	 	
              2.

            	
              Carriage
                Park

            

    

    
      	 	
              3.

            	
              Charter
                Square

            

    

    
      	 	
              4.

            	
              Cherry
                Hill Club

            

    

    
      	 	
              5.

            	
              Cherry
                Hill Village

            

    

    
      	 	
              6.

            	
              Hampton
                Court

            

    

    
      	 	
              7.

            	
              Oak
                Park

            

    

    
      	 	
              8.

            	
              Scotsdale

            

    

    
      	 	
              9.

            	
              SpringwellsEXHIBIT
      10.16

     

    CONTRIBUTION
      AGREEMENT

     

    THIS
      CONTRIBUTION AGREEMENT (this
      “Agreement”)
      is
      entered into as of the 30th day of June, 2006 by and among
      SCOTSDALE MI LLC (“Scotsdale”)
      ,
CARRIAGE
      PARK MI LLC(“Carriage
      Park”),
      MACOMB MANOR MI LLC
      (“Macomb
      Manor”), and CARRIAGE
      HILL MI LLC (“Carriage
      Hill”), each
      a
      Delaware limited liability company, having its principal place of business
      c/o
      Lightstone Holdings LLC, 326 Third Street, Lakewood, New Jersey 08701
      (hereinafter collectively referred to as the
      “Co-Obligors”;
      references herein to the “Co-Obligors,”
unless
      otherwise specifically stated, shall also mean and refer to each and every
      one
      of Scotsdale, Carriage Park, Macomb Manor and Carriage Hill, jointly and
      severally), and CITIGROUP
      GLOBAL MARKETS REALTY CORP.,
      a New
      York corporation, (together with its successors and assigns, “Lender”),
      having an address at having an address at 388 Greenwich Street, 19th Floor,
      New
      York, New York 10013. 

     

    WITNESSETH:

     

    WHEREAS,
      concurrently herewith, Lender has made a loan to the Co-Obligors the aggregate
      initial principal sum of $52,000,000.00 (the “Loan”)
      in
      accordance with that certain Loan and Security Agreement of even date herewith
      between the Co-Obligors and Lender (the “Loan
      Agreement”;
      the
      Loan and the other obligations and liabilities of the Co-Obligors under the
      Loan
      Agreement and the other Loan Documents [as defined in the Loan Agreement] are
      herein collectively referred to herein as the “Indebtedness”);

     

    WHEREAS,
      each Co-Obligor is jointly and severally liable for the payment of all the
      Indebtedness;

     

    WHEREAS,
      each Co-Obligor will receive substantial benefits by reason of the Loan;
      and

     

    WHEREAS,
      the Co-Obligors are desirous of providing for certain rights of contribution
      and
      subrogation as more particularly provided herein.

     

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

     

    1.  As
      used
      herein, the “Allocable
      Amount”
of
      any
      Co-Obligor, as of any date of determination, shall be determined to be an amount
      equal to the maximum amount of the Indebtedness which could then be claimed
      against such Co-Obligor without rendering such claim voidable or avoidable
      under
      Section 548 of Chapter 11 of the United States Federal Bankruptcy Code (11
      U.S.C. Sec. 101 et
      seq.)
      or
      under any applicable state Uniform Fraudulent Transfer Act, Uniform Fraudulent
      Conveyance Act or similar statute or common law.

     

    2.  To
      the
      extent that a payment is made on the Indebtedness by a Co-Obligor (a
“Co-Obligor
      Payment”),
      which, taking into account all other Co-Obligor Payments then previously or
      concurrently made by or attributable to any other Co-Obligor, exceeds the amount
      of the Co-Obligor Payment which otherwise would have been made by or
      attributable to such Co-Obligor if each such Co-Obligor had paid the aggregate
      Indebtedness satisfied by such Co-Obligor Payments in the same proportion as
      such Co-Obligor’s Allocable Amount in effect immediately prior to such
      Co-Obligor Payment bore to the aggregate Allocable Amounts of all such
      Co-Obligors in effect immediately prior to such Co-Obligor Payment, then such
      Co-Obligor shall be entitled to contribution and indemnification from, and
      to be
      reimbursed by, the other Co-Obligor for the amount of such excess, pro rata
      based upon its respective Allocable Amounts in effect immediately prior to
      such
      Co-Obligor Payment (and such obligations of one Co-Obligor to another are herein
      referred to as the “Contribution
      Obligations”).
      

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    3.  This
      Agreement is intended only to define the relative rights of the Co-Obligors,
      and
      nothing set forth in this Agreement is intended to or shall impair the
      obligations of any Co-Obligor to pay any amounts as and when the same shall
      become due and payable in accordance with the terms of the Loan
      Agreement.

     

    4.  The
      Co-Obligors acknowledge that the rights of contribution and indemnification
      hereunder shall constitute assets in favor of the Co-Obligor to which such
      contribution and indemnification is owing.

     

    5.  Each
      Co-Obligor hereby postpones and subordinates payment of all the Contribution
      Obligations, and makes all the Contribution Obligations subject in right of
      satisfaction, payment and performance, to the full and absolute payment of
      the
      Indebtedness.

     

    6.  
      Until
      the date that is one (1) year and one (1) day after the date that all of the
      Indebtedness has been paid and satisfied in full none of the Co-Obligors shall
      (a) assert, collect, sue upon, or enforce all or any part of the Contribution
      Obligations; (b) commence or join with any other creditors of any Co-Obligor
      in
      commencing any bankruptcy, reorganization, receivership or insolvency proceeding
      against any other Co-Obligor; (c) take, accept, ask for, sue for, receive,
      set
      off or demand any payments upon the Contribution Obligations; or (d) take,
      accept, ask for, sue for, receive, demand or allow to be created liens, security
      interests, mortgages, or pledges of or with respect to any of the assets of
      a
      Co-Obligor in favor of or for the benefit of the any other
      Co-Obligor.

     

    7.  Each
      of
      the Co-Obligors agrees that in the event of any bankruptcy, insolvency,
      arrangement, reorganization or receivership proceeding relating to any other
      Co-Obligor, the following shall apply:

     

    (a) In
      any
      such proceeding the Lender may, and is hereby irrevocably authorized and
      empowered (in its own name or in the name of the said Co-Obligor) but shall
      have
      no obligation to: demand, sue for, collect and receive every payment or
      distribution in respect of the Contribution Obligations and give acquittance
      therefor; and file claims and proofs of claims and take such other action
      (including, without limitation, voting the Contribution Obligations and
      approving or objecting to a plan of reorganization) as the Lender may deem
      necessary or advisable for the exercise or enforcement of any of the rights
      or
      interests of the Lender under this Agreement.

     

    
      
        
        

      

      
        -2-

        
          

        

      

      
        
        

      

    

     

    (b) In
      any
      such proceeding, each Co-Obligor will duly and promptly take such action as
      the
      Lender may request to (i) collect for the account of the Lender the Contribution
      Obligations and to file appropriate claims or proofs of claim with respect
      thereto; and (ii) execute and deliver to the Lender such powers of attorney,
      assignments or other instruments as the Lender may request in order to enable
      it
      to enforce any and all claims with respect to the Contribution
      Obligations.

     

    8.  Each
      of
      the Co-Obligors acknowledges and agrees that (a) the Lender would not make
      the
      Loan unless each Co-Obligor jointly and severally became obligated for the
      repayment of the Loan and granted liens on the collateral owned by said
      Co-Obligor to secure the payment of all of the Indebtedness, (b) each Co-Obligor
      derives benefits from the borrowing of the Loan by the Co-Obligors and the
      granting of liens by each Co-Obligor on the collateral owned by it securing
      the
      payment of the Indebtedness, and (c) the Lender and its successors and assigns
      are beneficiaries of this Agreement and may bring any action from time to time
      to enforce the benefits and rights granted to the Lender hereunder.

     

    9.  This
      Agreement shall be binding upon and shall inure to the benefit of the parties
      hereto and their respective successors.

     

    10.  This
      Agreement shall be construed and enforced in accordance with the laws of the
      State of New York.

     

    11.  This
      Agreement may be executed in any number of counterparts, each of which shall
      be
      deemed to be an original, but all of which shall constitute one and the same
      instrument.

     

    12.  Any
      notices required to be given under this Agreement shall be given in the manner
      provided in the Loan Agreement. All capitalized terms, unless otherwise defined
      herein, have the same meanings as defined in the Loan Agreement.

     

    13.  This
      Agreement may not be modified, amended or terminated except by a written
      agreement executed by all of the parties hereto.

     

    [NO
      FURTHER TEXT ON THIS PAGE]

     

    
      
        
        

      

      
        -3-

        
          

        

      

      
        
        

      

    

     

    IN
      WITNESS WHEREOF, this Contribution Agreement has been duly executed by the
      parties hereto as of the date first written above.

    
      
         

        
          	 	
                  BORROWER: 

                
	 	 	 
	 	
                  SCOTSDALE
                    MI LLC,
                    a Delaware limited liability
                    company

                
	 
 	 	 
	 	By:  	LVP
                  Michigan Multifamily Portfolio LLC, a Delaware limited liability
                  company,
                  
	 	 	its sole Managing Member

        

         

        
          
            	 	 By:	/s/
                    David
                    Lichtenstein
	 	 Name:	David
                    Lichtenstein
	 	 Title:	President

          

           

          
             

            
              	 	 	 
	 	
                      CARRIAGE
                        PARK MI LLC,
                        a
                        Delaware limited liability company 

                    
	 
 	 	 
	 	By:  	LVP
                      Michigan Multifamily Portfolio LLC, a Delaware limited liability
                      company,
                      
	 	 	its sole Managing Member

            

             

            
              
                	 	 By:	/s/
                        David
                        Lichtenstein
	 	 Name:	David
                        Lichtenstein
	 	 Title:	President

              

               

            

          

          
            
               

              
                	 	 	 
	 	
                        MACOMB
                          MANOR MI LLC,
                          a
                          Delaware limited liability company 

                      
	 
 	 	 
	 	By:  	LVP
                        Michigan Multifamily Portfolio LLC, a Delaware limited liability
                        company,
                        
	 	 	its sole Managing Member

              

               

              
                
                  	 	 By:	/s/
                          David
                          Lichtenstein
	 	 Name:	David
                          Lichtenstein
	 	 Title:	President

                

                 

                
                   

                  
                    	 	 	 
	 	
                            CARRIAGE
                              HILL MI LLC,
                              a
                              Delaware limited liability company 

                          
	 
 	 	 
	 	By:  	LVP
                            Michigan Multifamily Portfolio LLC, a Delaware limited
                            liability company,
                            
	 	 	its sole Managing Member

                  

                   

                  
                    
                      	 	 By:	/s/
                              David
                              Lichtenstein
	 	 Name:	David
                              Lichtenstein
	 	 Title:	President

                    

                        

                  

                

              

            

          

        

      

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

      

    
      	 	LENDER:
	 	 	 
	 	/s/
              CITIGROUP GLOBAL MARKETS REALTY CORP.,
              a New York corporation

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