Document:

exv10w3

Exhibit 10.3

SECOND AMENDMENT TO PURCHASE AND SALE AGREEMENT 

AND JOINT ESCROW INSTRUCTIONS

     This Second Amendment to Purchase and Sale Agreement and Joint Escrow Instructions (“Second
Amendment”), dated as of June 10, 2011, is made between OLATHE HOUSING ASSOCIATES LIMITED
PARTNERSHIP, a Kansas limited partnership (“Seller”), and STEADFAST ASSET HOLDINGS, INC., a
California corporation (“Buyer”), with reference to the following facts:

     A. Seller and Buyer entered into that certain Purchase and Sale Agreement and Joint Escrow
Instructions dated May 3, 2011 (the “Original Agreement”), as amended by that certain First
Amendment to Purchase and Sale Agreement and Joint Escrow Instructions dated June 8, 2011 (the
“First Amendment”), for the purchase and sale of that certain real property located in Olathe,
Kansas, consisting of two hundred twenty (220) apartment units situated thereon, together with all
structures, improvements, machinery, fixtures and equipment affixed or attached thereto, and other
tangible and intangible real and personal property rights related thereto, all as more particularly
described in the Agreement (collectively, the “Property”). The Original Agreement and the First
Amendment are collectively referred to herein as the “Agreement”.

     B. Buyer and Seller now desire to reduce the Purchase Price, to provide for Buyer’s
confirmation of feasibility and the expiration of the Due Diligence Period, and to otherwise amend
the Agreement as set forth below. Except as otherwise expressly defined in this Second Amendment,
all initially capitalized terms used in this Second Amendment have the same meanings as in the
Agreement.

     THEREFORE, for valuable consideration, the receipt and adequacy of which is hereby
acknowledged, the parties agree to amend the Agreement as follows:

     1. Purchase Price. The Purchase Price, as such term is defined in Section 2 of the
Original Agreement, is hereby reduced from Eleven Million Three Hundred Fifty Thousand and 00/100
Dollars ($11,350,000.00) to Eleven Million Two Hundred Fifteen Thousand and 00/100 Dollars
($11,215,000.00).

     2. Due Diligence Period. Notwithstanding anything to the contrary contained in the
Agreement, the Extended Due Diligence Period, as such term is defined in Section 1 of the First
Amendment, is hereby amended to expire upon the mutual execution of this Second Amendment by both
Buyer and Seller. Accordingly, effective upon the mutual execution of this Second Amendment by
both Buyer and Seller, Buyer hereby approves of the feasibility of the Property for Buyer’s
intended use and, except to the extent otherwise provided in the Agreement, by law, or in equity,
Buyer hereby waives its right to terminate the Agreement pursuant to Section 7.4 of the Original
Agreement.

     3. Counterparts; Copies. This Second Amendment may be executed and delivered in any
number of counterparts, each of which so executed and delivered shall be deemed to be

1

 

an original and all of which shall constitute one and the same instrument. Electronic,
photocopy and facsimile copies of signatures may be used in place and stead of original signatures
with the same force and effect as originals.

     4. Conflicts. If any conflict between this Second Amendment and the Agreement should
arise, the terms of this Second Amendment shall control.

     5. Continuing Effect. There are no other amendments or modifications to the Agreement
other than this Second Amendment. Except as expressly amended by this Second Amendment, the
Agreement shall remain in full force and effect and is hereby ratified and reaffirmed.

     6. Authority. The individual(s) executing this Second Amendment on behalf of each
party hereto hereby represent and warrant that he/she has the capacity, with full power and
authority, to bind such party to the terms and provisions of this Second Amendment.

     7. Attorneys’ Fees. In any action to enforce or interpret the provisions of this
Second Amendment, the prevailing party shall be entitled to an award of its attorneys’ fees and
costs.

     NOW THEREFORE, the parties have executed this Second Amendment as of the date first written
above.

	 	 	 	 	 	 	 	 	 	 	 

	SELLER:	 	 	 	 	 	BUYER:
	 
	 	 	 	 	 	 	 	 	 	 
	OLATHE HOUSING ASSOCIATES LIMITED PARTNERSHIP,	 	 	 	STEADFAST ASSET HOLDINGS, INC.,
	a Kansas limited partnership	 	 	 	a California corporation
	 
	 	 	 	 	 	 	 	 	 	 
	By:	 	MRV, Inc.,	 	 	 	By:	 	/s/ Ana Marie del Rio
	 

	 	 	 	 	 	 	 	 	 	 
	 	 	its General Partner	 	 	 	 	 	Name: Ana Marie del Rio
	 

	 	 	 	 	 	 	 	 	 	Its: Secretary
	 

	 	By:
	 	/s/ Jeffrey L. Ungerer	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	Name: Jeffrey L. Ungerer	 	 	 	 	 	 
	 

	 	 	 	Its: VP / CFP / General Counsel	 	 	 	 	 	 

2exv10w4

Exhibit 10.4

ASSIGNMENT AND ASSUMPTION OF PURCHASE AGREEMENT

For good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged,
STEADFAST ASSET HOLDINGS, INC., a California corporation (“Assignor”), hereby assigns to
SIR CLARION PARK, LLC, a Delaware limited liability company (“Assignee”), all of Assignor’s
rights and obligations under and in regard to that certain Purchase and Sale Agreement and Joint
Escrow Instructions dated May 3, 2011, as amended to the date hereof (as amended, the “Purchase
Agreement”), between Olathe Housing Associates Limited Partnership (“Seller”) and
Assignor for the purchase and sale of that certain real property located in Olathe, Kansas, as more
particularly described in Exhibit A attached hereto (the “Property”).

Assignee hereby agrees to and shall assume, perform and be fully responsible for the performance of
all of the obligations of Assignor under the Purchase Agreement.

All of the provisions, covenants and agreements contained in the Assignment shall extend to and be
binding upon the respective legal representatives, successors and assigns of Assignor and Assignee.
This Assignment represents the entire agreement between Assignor and Assignee with respect to the
subject matter of the Assignment , and all prior or contemporaneous agreements regarding such
matters are hereby rendered null and void and of no force and effect.

(SIGNATURES APPEARS ON FOLLOWING PAGE)

 

 

WITNESS
THE EXECUTION HEREOF, as of this June 13, 2011.

	 	 	 	 	 
	 	ASSIGNOR:

STEADFAST ASSET HOLDINGS, INC.,

a California corporation

 	 
	 	By:  	/s/  Dinesh Davar
 	 
	 	 	Name:  	Dinesh Davar 	 
	 	 	Title:  	Chief Financial Officer 	 

	 	 	 	 	 
	 	ASSIGNEE:

SIR CLARION PARK, LLC

an Delaware limited liability company

 	 
	 	By:  	Steadfast Income Advisor, LLC,
 	 
	 	 	a Delaware limited liability 	 
	 	 	company, its Manager 	 
	 

					
	 	
 	 
	 	By:  	/s/ Ana Marie del Rio
 	 
	 	 	Name:  	Ana Marie del Rio 	 
	 	 	Title:  	Secretary 	 

 

 

	 	 	 	 	 

Exhibit A

DESCRIPTION OF THE LAND

That certain real property described as:

LOT 3, DELMAR GARDENS, A SUBDIVISION IN THE CITY OF OLATHE, JOHNSON COUNTY KANSAS.Exhibit 10.1

Exhibit 10.1

PURCHASE AGREEMENT

PARTIES

THIS PURCHASE AGREEMENT dated as of June 13, 2011, is between Algae Farm (USA), Inc. (Seller/Algae
Farm), and Colorado Goldfields Inc, (Purchaser/Company).

AGREEMENT

IN CONSIDERATION of TWO HUNDRED FIFTY MILLION (250,000,000)
RESTRICTED SHARES OF COLORADO GOLDFIELDS INC. CLASS A COMMON STOCK and other good and valuable
consideration (with a present dollar value of $187,500), the receipt and sufficiency of which are
hereby acknowledged, Algae Farm (USA), Inc. does hereby sell, to Colorado Goldfields Inc., all of
Seller’s right, title and interest in and to the mining claims described in Exhibit A referred to
as the “Properties.”

1. The undersigned Seller hereby agrees that in regard to 125,000,000 restricted shares (of the
250,000,000 restricted shares stated above) for a period commencing on the issuance date of the
Class A Common Stock pursuant to paragraph 1(d) of this Agreement and expiring one year from that
date, he, she or it will not, directly or indirectly, issue, offer, agree or offer to sell, sell,
grant an option for the purchase or sale of, transfer, pledge, assign, hypothecate, distribute or
otherwise encumber or dispose of any securities of the Company issued pursuant to this Agreement,
including common stock or options, rights, warrants or other securities underlying, convertible
into, exchangeable or exercisable for or evidencing any right to purchase or subscribe for any
common stock (whether or not beneficially owned by the undersigned), or any beneficial interest
therein (collectively, the “One Year Restricted Securities”).

1.1 The undersigned Seller hereby agrees that in regard to 125,000,000 restricted shares (of the
250,000,000 restricted shares stated above) for a period commencing on the issuance date of the
Class A Common Stock pursuant to paragraph 1(d) of this Agreement and expiring two years from that
date, he, she or it will not, directly or indirectly, issue, offer, agree or offer to sell, sell,
grant an option for the purchase or sale of, transfer, pledge, assign, hypothecate, distribute or
otherwise encumber or dispose of any securities of the Company issued pursuant to this Agreement,
including common stock or options, rights, warrants or other securities underlying, convertible
into, exchangeable or exercisable for or evidencing any right to purchase or subscribe for any
common stock (whether or not beneficially owned by the undersigned), or any beneficial interest
therein (collectively, the “Two Year Restricted Securities”).

a. In order to enable the above Paragraphs 1 and 1.1 to be enforced, the undersigned Seller
hereby consents to the placing of legends and/or stop-transfer orders with the transfer agent of
the Company’s securities with respect to any of the One Year Restricted Securities and Two Year
Restricted Securities registered in the name of the undersigned Seller or beneficially owned by the
undersigned Seller (all such restricted shares of the Company pursuant to instructions to be
provided to the Company’s Transfer
Agent as facilitated by the Company shall be re-issued to the shareholders of Algae Farm
pursuant to their ratable ownership of Algae Farm common stock at the direction of the authorized
officer of Algae Farm).

 

 

 

b. The undersigned Seller understands and acknowledges that this Paragraph 6 IS revocable by
the undersigned Seller under the following circumstances.

1) Any change in the ownership or control of common stock of the Company which results
in more than 50% of the issued and outstanding common stock of the Company being owned or
controlled by a person or entity, or a group of persons or entities, who did not own or
control more than 50% of the issued and outstanding common stock of the Company as of the
date of this Agreement; provided, however, that it shall not be deemed a “Change of
Control” under this subsection (a) if the change in ownership of more than 50% of the
issued and outstanding common stock of the Company is pursuant to a public or private
offering of common stock by the Company for capital raising purposes, and such offering was
approved by the Board of Directors of the Company;

2) A merger or consolidation of the Company with another entity such that more than
50% of the issued and outstanding voting stock of the surviving entity is owned or
controlled by a person or entity, or a group of persons or entities, who did not own or
control more than 50% of the issued and outstanding common stock of the Company as of the
date of this Agreement.

SELLER’S COVENANTS

1. Seller warrants and covenants that it holds title and is in actual and exclusive possession of
the Properties free and clear from all grants, sales, liens, defects, adverse claims and
encumbrances of any kind. Seller shall deliver said actual, peaceful and exclusive possession of
the Properties to Purchaser.

2. Seller agrees to furnish Purchaser such abstract, deeds or other evidence of title as may be in
Seller’s possession and control, and to allow and cooperate with Purchaser, at Purchaser’s option
and expense, to have abstracts brought to date and to take such steps and proceedings to establish
title as Purchaser shall deem advisable.

3. The Seller has the right and authority to execute this Purchase Contract to the Purchaser.

4. The Seller is not aware of any litigation, claims, or demands made by others with respect to the
title of its Properties.

 

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MISCELLANEOUS

1. Binding Effect. This Agreement may not be assigned by either party hereto. Subject to the
foregoing, this Agreement shall be binding upon and inure to the benefit of the parties hereto and
their respective successors or permitted assigns.

2. Severability. Any provision of this Agreement which is prohibited or unenforceable in any
jurisdiction shall, in such jurisdiction, be ineffective to the extent of such prohibition or
unenforceability without invalidating the remaining provision hereof, and any such prohibition or
unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in
any other jurisdiction.

3. Entire Agreement; Modifications. This instrument contains the entire agreement between the
parties hereto with respect to the transactions contemplated hereby. Neither this Agreement nor
any provisions hereof may be waived, modified, amended, discharged or terminated except by an
instrument in writing signed by the party to be charged, and then only to the extent set forth in
such instrument.

4. Headings. Descriptive headings contained herein are for convenience of reference only and shall
not affect the meaning or interpretation hereof.

5. Counterparts. This Agreement may be executed simultaneously or in two or more counterparts,
each of which together shall constitute one and the same instrument.

6. Applicable Law/Attorney’s Fees. The rights and obligations of the parties to this Agreement
shall be governed by the laws of the State of Colorado applicable to contracts made or to be
performed entirely within such state. The prevailing party in any such proceeding shall be
entitled to recover its reasonable attorneys’ fees and costs incurred in the proceeding (including
those incurred in any bankruptcy proceeding or appeal) from the non-prevailing party.

7. Further Assurances. Each party hereto agrees to execute any and all documents, and to perform
such other acts, whether before or after the date hereof, that may be reasonably necessary or
expedient to further the purposes of this Agreement or to further assure the benefits intended to
be conferred hereby.

Survival. All representations, warranties, obligations and under-takings of the parties set forth
herein shall survive the execution and delivery of this Agreement and Sale and other transactions
contemplated hereby.

[SIGNATURE PAGE FOLLOWS]

 

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	/s/ C. Stephen Guyer
	 	 	 	 	 	 
	 	 	 	 	 	 	 
	PURCHASER:

	 	 	 	Colorado Goldfields, Inc.
	 	 
	 

	 	 	 	C. Stephen Guyer, Chief Financial Officer	 	 
	Date signed:

	 	 	 	13 June 2011	 	 
	 
	 	 	 	 	 	 
	/s/ Richard Berman
	 	 	 	 	 	 
	 	 	 	 	 	 	 
	SELLER:

	 	 	 	Algae Farm (USA), Inc.

Richard Berman, Chairman, CEO, Pres.	 	 
	Date signed:

	 	 	 	13 June 2011	 	 

 

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EXHIBIT A

The claims acquired from East Canyon, LLC located in San Juan County, Northeast of Monticello, Utah
on September 2006 and March 2007 from an ownership group led by U.S. Minerals, LLC (Mesa, AZ) and
BR W Mining (Monticello, UT).

The claim group consists of 63 (55 Payday & 8 Rage) claims, located in Township 32 South, Range 24
East, Sections 25, 26, 35.

 

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