Document:

Fourth Amendment - Deer Creek

Exhibit 10.50

 

FOURTH AMENDMENT TO PURCHASE AND SALE CONTRACT

           
This Fourth Amendment to Purchase and Sale Contract (this
“Amendment”) is made as of December 9, 2009, between ANGELES
INCOME PROPERTIES, LTD. II, a California limited partnership, with an
address at 4582 South Ulster Street Parkway, Suite 1100, Denver, Colorado 80237
(“Seller”) and DEER CREEK APARTMENTS, LLC, a New Jersey
limited liability company, with an address at 2 Executive Drive, Suite 470, Fort
Lee, NJ 07024 (“Purchaser”).

W I T N E S S E T H:

           
WHEREAS, Seller and Lighthouse Property Investments, LLC entered into a
Purchase and Sale Contract dated as of August 5, 2009, as amended by (i) First
Amendment to Purchase and Sale Contract dated as of August 25, 2009, (ii) Second
Amendment to Purchase and Sale Contract dated as of September 4, 2009 and (iii)
Third Amendment to Purchase and Sale Contract dated as of October 16, 2009, and
as assigned by Lighthouse Property Investments, LLC to Purchaser by that certain
Assignment of Purchase and Sale Contract dated as of October 21, 2009 (said
contract, as so amended and assigned, being herein collectively called the
“Contract”) with respect to the sale of certain property known as
Deer Creek Apartments, having an address at 305 Deer Creek Drive, Plainsboro,
New Jersey, and as described in the Contract; and

           
WHEREAS, Seller and Purchaser desire to amend the Contract on the terms
set forth herein. 

           
NOW, THEREFORE, in consideration of the mutual covenants herein
contained, the sum of $10.00 and for other good and valuable consideration, the
mutual receipt and legal sufficiency of which are hereby acknowledged, the
parties hereby agree as follows:

1.     
Capitalized Terms.     Capitalized terms used
in this Amendment shall have the meanings given to them in the Contract, except
as expressly otherwise defined herein.

2.      No
Financing Contingency.  Section 8.1.5 of the Contract
is hereby deleted, provided that the Capmark Approval Letter (as defined below)
has not been revoked or materially amended by Capmark Finance, Inc.
(“Capmark”) for any reason, other than due to any act or failure
to act by Purchaser or any of its members or principals, including without
limitation (x) the failure of Purchaser or any of its members or principals to
comply with the terms of the Capmark Approval Letter, (y) any misrepresentation
made by Purchaser or any of its members or principals to Capmark in connection
with obtaining the Capmark Approval Letter or otherwise, or (z) any change in
the financial condition of Purchaser or any of its members or principals.
Purchaser shall have no further financing contingency or right to terminate the
Contract due to Purchaser’s failure to obtain the Loan Assumption and Approval;
provided, however, that Purchaser shall not be obligated to close
if (a) the Lender fails to consummate the Loan Assumption and Release due to a
default by Seller under the Loan Documents or (b) the Capmark Approval letter has been revoked or materially amended
by Capmark for any reason, other than due to any act or failure to act by
Purchaser or any of its principals (including any of the matters described in
the first sentence of this Section 2).  Purchaser acknowledges and agrees
that it has received loan assumption approval from the Lender and has accepted
such approval on the terms set forth therein and that the terms of Section
4.7.2.2 of the Contract have been satisfied.  For purposes hereof, the
“Capmark Approval Letter” shall mean that certain letter issued by
Capmark to Mr. Meyer Orbach, dated November 20, 2009. 

3.     
Closing Credit.  At the Closing, Purchaser shall receive a
credit against the Purchase Price in the amount of $136,208, in consideration
for Purchaser’s acceptance of the Lender’s requirements that in connection with
the loan assumption Purchaser shall fund (x) an escrow in the amount of $52,400
for certain roof and asphalt repairs and (y) $6,984 per month for a replacement
reserve. 

4.     
Allocation to Personal
Property.       The Purchase Price (i.e.,
$27,810,415) shall be allocated as follows: $1,400,000 shall be allocated to the
sale and purchase of the Fixtures and Tangible Personal Property, and the
balance of the Purchase Price (i.e., $26,410,415) shall be allocated to the sale
and purchase of the Land and Improvements.  The Bill of Sale and the Deed
shall reflect the foregoing allocations of the Purchase Price.

5.     
Broker’s Commission.  The total commission payable to
Purchaser’s Broker, as set forth in Section 9.2 of the Contract, is hereby
reduced to $250,500.  Purchaser’s Broker shall execute this Amendment to
confirm its agreement with the terms of this Section 5.

6.     
Closing Date Adjournment Right.  Purchaser shall have the
one-time right, by delivering written notice to Seller not later than 5:00 p.m.
(EST) on December 17, 2009, to adjourn the Closing Date to December 23, 2009,
provided that Purchaser shall, concurrently with the delivery of such
adjournment notice, deliver to Escrow Agent an additional deposit of $250,000,
which additional deposit shall be added to (and be deemed to be a part of) the
Deposit and applied against the cash portion of the Purchase Price payable at
Closing. 

7.     
Miscellaneous.          
This Amendment may be executed in counterparts, each of which shall be
deemed an original and all of which, when taken together, shall constitute a
single instrument and may be delivered by facsimile transmission, and any such
facsimile transmitted Amendment shall have the same force and effect, and be as
binding, as if original signatures had been delivered.  As modified hereby,
all the terms of the Contract are hereby ratified and confirmed and shall
continue in full force and effect.

 

[signature page follows]

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

 

Seller:

 

ANGELES
INCOME PROPERTIES, LTD. II, a California limited partnership

 

By:      
ANGELES REALTY CORPORATION II, a California corporation, its managing general
partner

 

By: 
/s/John Spiegleman

Name: 
John Spiegleman

Title: 
Senior Vice President

Purchaser:

DEER
CREEK APARTMENTS, LLC, a New Jersey limited
liability company

By: 
/s/Meyer Orbach
Name:  Meyer Orbach
Title:  Managing
Memberex10_1.htm

EXHIBIT 10.1

SETTLEMENT AGREEMENT AND RELEASE

This Settlement Agreement (“Agreement”) is made between SNET Diversified Group, Inc. d/b/a AT&T Diversified Group (“AT&T DG”) and Flint Telecom Group, Inc. (“Flint”), (collectively, the “Parties”).

WHEREAS, AT&T DG is a corporation of the State of Connecticut, with its principal place of business in New Haven, Connecticut; Flint is a Florida corporation with its principal place of business in Boca Raton, Florida; and

WHEREAS, AT&T DG has alleged that Flint owes it $440,672.10 plus interest, attorney’s fees and costs related to outstanding charges for Domestic IP Termination Services furnished by AT&T DG to Flint between approximately
May and December 2008 (the “Services”) under account number 7617 (the “Account”); and

WHEREAS, the Parties represent and warrant that they own, in their entirety, the claims against each other and that same have not been sold or otherwise assigned, transferred or   hypothecated to any third party(ies) and
the Parties hereto agree to indemnify and hold each other harmless from and against any and all claims based on or arising out of any such non-disclosed assignment or transfer, or purported assignment or transfer of the claims arising out of or related to the Account or Services and/or any portion thereof of interest therein;  and

WHEREAS, by this Agreement, the Parties intend to resolve and settle all claims between them arising from or relating to the Account and neither Party makes any admission as to its respective claims or defenses or to the claims or defenses
of the other Party; and

WHEREAS, this Agreement is entered into for the purposes of compromise and settlement only.

AT&T DG v. FLINT TELECOM

Settlement Agreement

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NOW, THEREFORE, the Parties, intending to be mutually bound, agree as follows:

1.           Recitals:                      The
Parties hereby incorporate and verify the above recitals as if fully set forth herein.

2.           Payment:  Flint agrees to pay AT&T DG and AT&T DG agrees to accept the aggregate sum of Three Hundred Thousand
Dollars and Zero Cents ($300,000.00) in full and final compromise and settlement of the Account (the “Settlement Amount”), which amount shall be paid as follows:

(a)           Flint shall pay $125,000 to AT&T DG on or before November 25, 2009.

(b)           Flint shall pay $40,000 to AT&T DG on or before December 15, 2009.

(c)           Flint shall pay the remaining $135,000.00 of the Settlement Amount to AT&T DG in ten (10) equal monthly installments in the amount of Thirteen Thousand Five Hundred Dollars and Zero Cents ($13,500.00) by the twenty-fifth day of each month, beginning on January 25,
2010 and continuing through October 25, 2010.

(d)           The aforementioned payments shall be made payable to the order of “SNET Diversified Group, Inc.” and forwarded to Paul R. Franke, III, Franke Greenhouse List & Lippitt LLP, Granite Building, Second Floor, 1228 15th Street,
Denver, CO  80202.

3.           Remedies Upon Default:                                           In
the event Flint fails to make any payment, as outlined in Paragraph Two above, Flint will be in default of this Agreement (a “Default Event”). AT&T DG will give Flint written notice of any Default Event to Tali Durant at 327 Plaza Real, Suite 319, Boca Raton, Florida 33432.  If Flint fails to cure the Default Event within seven (7) business days of receipt of
such notice, Flint’s total obligation under this agreement will increase to the sum of $440,672.10 plus interest, attorneys’ fees and costs incurred in enforcing this Agreement, less payments already received from Flintunder this Agreement (“Default 

AT&T DG v. FLINT TELECOM

Settlement Agreement

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Amount”).  AT&T DG will be entitled to apply to the Court and obtain judgment against Flint in the Default Amount.  Flint
agrees it will not object to the entry of the Default Judgment and this Agreement will serve as Flint’s consent to the entry of same.   Notwithstanding the forgoing, Flint shall be entitled to challenge the final balance based upon payments made.

4.           Mutual Releases:  Upon receipt by AT&T DG of all the payments set forth in Paragraph Two above, and for adequate and
valuable consideration exchanged between the Parties, the receipt and sufficiency of which is hereby acknowledged, AT&T DG waives, releases and discharges Flint and its respective parents, subsidiaries, partners or affiliates (and any of the owners, agents, attorneys, members, directors, managers, officers or employees of these entities) from any and all claims, causes of action, counterclaims, obligations, losses, costs, attorneys fees, third party claims and expenses of every kind and nature whatsoever,
known or unknown, fixed or contingent, including but not limited to, any and all rights which any of them may now have or hereinafter have against any party by reason of any matter, cause or thing arising out of or relating to the Account or Services which have been, could have been, or should have been, asserted by AT&T DG in connection with the Account or Services.

Flint for adequate and valuable consideration exchanged between the Parties, the receipt and sufficiency of which is hereby acknowledged, hereby waives, releases and discharges AT&T DG and its respective parents, subsidiaries, partners or affiliates (and any of the owners, agents, attorneys,
members, directors, managers, officers or employees of these entities) from any and all claims, causes of action, counterclaims, obligations, losses, costs, attorneys fees, third party claims and expenses of every kind and nature whatsoever, known or unknown, fixed or contingent, including but not limited to, any and all rights which any of them may now have or hereinafter have against any party by reason of any matter, cause or thing arising out of or

AT&T DG v. FLINT TELECOM

Settlement Agreement

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relating to the Account or Services or which have been, could have been, or should have been, asserted by Flint in connection with the Account or Services.

5.           No Admission:  By entering into this Agreement, no party is admitting the
sufficiency of any claim, allegation, assertion, contention or position of any other party, nor the sufficiency of any defense to any such claim, allegation, assertion, contention or position.  The Parties have entered into this Agreement in good faith and with a desire to forever settle all claims relating to the Account or Services.

6.           Disputed Claim:  Each of the Parties understand and hereby agree that this
settlement is in compromise of a disputed claim, that the Releases given are not to be construed as an admission of liability on the part of the party or parties hereby released, that the parties deny any liability on their respective parts, and that the parties hereto, by entering into this Agreement, attempt merely to avoid costly and lengthy litigation.

7.           Attorneys' and Experts’ Fees and Costs:  Each of the Parties acknowledge
and agrees that each of them is to bear his, her, or its own costs, expenses and attorneys' and expert fees.

8.           Confidentiality:  The terms of this Agreement and the claims and defenses
of the Parties (collectively, “Confidential Information”) will not be disclosed by any Party to anyone, other than to their attorneys, accountants, tax or financial consultants, auditors and lenders, unless a Party is compelled to do so by a Court or regulatory body of competent jurisdiction.  A Party presented with a request for the disclosure of Confidential Information will notify the other Party within five (5) days of the request so that the other Party may object to same as it deems
necessary.

AT&T DG v. FLINT TELECOM

Settlement Agreement

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9.           Other Actions:  The Parties hereto represent and warrant that they will
not commence any additional or subsequent actions against any third party(ies) for claims arising from or relating to the Account and/or Services. Notwithstanding anything in this Agreement, in the event AT&T DG is ordered to disgorge any money paid under this Agreement in any avoidance action brought in any court, including bankruptcy court, within ninety (90) days of receipt of the last payment set forth in Paragraph Two above, AT&T DG shall have an undisputed claim against Flint for the full amount
claimed by AT&T DG for the sum of $440,672.10, plus interest, attorneys’ fees, costs incurred by AT&T DG and interest as set forth under the Parties’ contracts, less payments already received from Flint under this Settlement Agreement.

           10.           Multiple Counterparts:  This Agreement may be signed
by the Parties in multiple counterparts, each of which taken collectively shall constitute the original, fully executed Settlement Agreement.  An executed facsimile, PDF, or TIF form is enforceable.

11.           Miscellaneous:

11.1           Time and strict performance of this Agreement are of the essence.

11.2           In the event that any legal proceeding is initiated by either Party to enforce this Agreement, the prevailing Party will be entitled to recover all of its costs,
interest, and expenses incurred therewith, including reasonable attorneys’ fees.

11.3           This Agreement constitutes the entire understanding among the Parties with respect to its subject matter.  This Agreement supersedes all prior agreements
and representations, whether oral or written.  This Agreement is intended as a final and definitive resolution of the Account.

AT&T DG v. FLINT TELECOM

Settlement Agreement

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11.4           Each Party to this Agreement has carefully read this Agreement, understands the contents hereof, and voluntarily signs this Agreement with intent to be bound by all
the terms contained herein.

11.5           For purposes of construing this Agreement, each Party will be considered a drafter of this Agreement.

11.6           This Agreement will be construed and interpreted in accordance with the laws of the State of Connecticut without regard to Connecticut’s rules on conflicts
of laws.

11.7           In the event that any provision of this Agreement is found to be unenforceable by a Court or regulatory body of competent jurisdiction, the remaining provisions will
remain in full force and effect.

11.8           All notices to AT&T DG as required under this Agreement will be sent to counsel for AT&T DG, Paul R. Franke, III, Franke Greenhouse List & Lippitt LLP,
Granite Building, Second Floor, 1228 15th Street, Denver, CO 80202.  All notices to Flint as required under this Agreement will be sent to Tali Durant at 327 Plaza Real, Suite 319, Boca Raton, Florida 33432.

11.9           This Agreement is effective immediately if both Parties execute this Agreement on the same day.  Alternatively, this Agreement becomes effective on the
date that the last Party executes the Agreement.

11.10           This Agreement shall be deemed to be a contract made in the State of Connecticut, and the construction, interpretation, and performance of this Agreement shall be
governed by the laws of such State.  The venue for any dispute or claim resulting from this Agreement shall be brought in Hartford, Connecticut.

AT&T DG v. FLINT TELECOM

Settlement Agreement

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SNET DIVERSIFIED GROUP, INC. 

	
  
	
D/B/A AT&T DIVERSIFIED GROUP                                  FLINT
TELECOM GROUP, INC.

	
 By:      [Signature Illegible]
	
                                   By:
	
/s/ Tali Durant

Its:           Director, Credit & Collections                                                                     Its: Chief
Legal Officer

Date:           10/21/09                                                                         Date:   10/23/09

AT&T DG v. FLINT TELECOM

Settlement Agreement

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