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EXHIBIT 10.1
 
 
PURCHASE AGREEMENT
PURCHASE AGREEMENT, dated December 9, 2010 (this “Agreement”), among the sellers listed on Schedule I hereto, as sellers (collectively, the “Sellers” and, each a “Seller”), and Dice Holdings, Inc., a Delaware corporation, as Purchaser (the “Purchaser”).
WHEREAS, the Board of Directors of the Purchaser (the “Board”) has determined to effect an underwritten public offering (the “Public Offering”) of the Purchaser's common stock, par value $0.01 per share (the “Common Stock”); and 
WHEREAS, in connection with the consummation of the Public Offering, the Sellers wish to sell to Purchaser and the Purchaser wishes to purchase from Sellers shares of Common Stock.  
NOW, THEREFORE, in consideration of the mutual covenants and agreements set forth herein and for good and valuable consideration, the receipt and adequacy of which is hereby acknowledged, the parties hereto agree as follows:
ARTICLE 1
 
DEFINITIONS
 
1.1        Definitions.  As used in this Agreement, and unless the context requires a different meaning, the following terms shall have the meanings set forth below:
 
“Commission” means the Securities and Exchange Commission or any similar agency then having jurisdiction to enforce the Securities Act.
“Governmental Authority” means the government of any nation, state, city, locality or other political subdivision of any thereof, any entity exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to government.
“Lien” means any mortgage, deed of trust, pledge, hypothecation, assignment, encumbrance, lien (statutory or other) or other security interest of any kind or nature whatsoever.
“Person” means any individual, firm, corporation, partnership, limited liability company, trust, incorporated or unincorporated association, joint venture, joint stock company, Governmental Authority or other entity of any kind.
“Public Offering Closing” means the initial closing of the sale of Common Stock in the Public Offering.
“Public Offering Price” means the price paid per share for the Common Stock by the underwriters to the Company in the Public Offering.
“Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations of the Commission thereunder.
 
 

 

 

ARTICLE 2
 
PURCHASE AND SALE OF SHARES
 
2.1  Purchase and Sale.  Subject to the terms herein set forth, at the Closing (as defined herein), each Seller agrees (severally and not jointly) to sell, convey, assign and transfer to Purchaser the number of shares of Common Stock set forth opposite such Seller's name under the column entitled “Purchased Shares” on Schedule I to this Agreement (“Purchased Shares”), and the Purchaser agrees to purchase such Purchased Shares from such Seller for a purchase price per share equal to the Public Offering Price.
 
2.2     Closing.
(a)  The closing of the purchase of the Purchased Shares (the “Closing”) shall occur at the offices of Davis, Polk & Wardwell LLP, 450 Lexington Avenue, New York, New York, 10017 at the same time and date as the Public Offering Closing. 
(b)  At the Closing, subject to Section 2.4, (i) the Purchaser shall deliver to each Seller the purchase price for the Purchased Shares being purchased by the Purchaser from such Seller, by wire transfer of immediately available funds to a bank account designated in writing by such Seller, or via check to an address as designated in writing by such Seller, and (ii) each Seller shall deliver to the Purchaser a stock certificate or certificates (if then certificated) representing the Purchased Shares and a blank stock power duly endorsed. 
2.3     Conditions to Closing.
(a)  The obligations of the Purchaser and each Seller to be performed at the Closing shall be conditioned upon the simultaneous or prior completion of the Public Offering Closing.
(b)   The obligations of  the Purchaser to be performed at the Closing shall be subject to the condition that the representations and warranties set forth in Article IV shall be true and correct as of the Closing as if then made.  
(c)    The obligations of each Seller to be performed at the Closing shall be subject to the condition that the representations and warranties of Purchaser set forth in Article III shall be true and correct as of the Closing as if then made. 
2.4    Option Shares.
(a)    In order to deliver all or a portion of their Purchased Shares, the Sellers indicated on Schedule I hereto have delivered one or more executed notices of option exercise (each an “Option Notice”) to purchase shares of Common Stock to the Purchaser.  With respect to the Purchased Shares of any Seller at the Closing, the applicable Option Notice will, pursuant to the terms thereof, become irrevocable immediately prior to the applicable Closing.
(b)    The Purchaser is authorized and directed by each Seller, (i) to hold the Option Notices deposited with the Purchaser hereunder in its custody, (ii) to exercise the options subject to the Option Notices no later than the delivery time for the Common Stock as required by this Agreement, (iii) to receive the Common Stock issuable upon the exercise of the stock options described in the Option Notices and to deliver such Common Stock at the Closing, and (iv) to withhold from the 

 

 

purchase prices otherwise payable to each Seller under Section 2.2(c) the exercise price and legal minimum withholding tax for the options exercised pursuant to the Option Notices.
 
 
ARTICLE 3
 
REPRESENTATIONS AND WARRANTIES OF THE SELLERS
Each of the Sellers represents, warrants, and agrees, severally with respect to itself only, as of the date hereof as follows:
3.1   Capacity; Execution and Delivery; Enforceability.  Such Seller has the legal capacity to execute and deliver this Agreement and to consummate the transactions contemplated hereby.    Such Seller has duly executed and delivered this Agreement and, assuming due execution and delivery by the Purchaser, each such agreement constitutes or will constitute the legal, valid and binding obligation of such Seller, enforceable against such Seller in accordance with its terms, except as enforceability may be limited by applicable bankruptcy, insolvency, reorganization, fraudulent conveyance or transfer, moratorium or similar laws affecting the enforcement of creditors' rights generally or by equitable principles relating to enforceability.
3.2   Title.  As of the Closing, such Seller will own beneficially and of record and will have full power and authority to convey, free and clear of any Liens, the shares of Common Stock to be delivered at the Closing.  Assuming Purchaser has the requisite power and authority to be the lawful owner of shares of Common Stock, upon such Seller's receipt of the applicable purchase price and the transfer of the Purchased Shares at the Closing, good, valid and marketable title to the Purchased Shares will pass to Purchaser, free and clear of any Liens.
3.3   No Conflicts.  Neither the execution nor the delivery of this Agreement nor the consummation of the transactions contemplated hereby will conflict with or result in any violation of or constitute a default under any term of any material agreement, mortgage, indenture, license, permit, lease, or other instrument, judgment, decree, order, law, or regulation by which Seller is bound.
 
ARTICLE 4
 
REPRESENTATIONS AND WARRANTIES OF THE PURCHASERS
The Purchaser makes the following representations and warranties for the benefit of the Sellers as of the date hereof:
4.1    Organization, Standing and Power.  Purchaser is duly organized, validly existing and in good standing under the laws of the jurisdiction in which it is organized.
4.2   Authority; Execution and Delivery; Enforceability.  Purchaser has the full power and authority to execute, deliver and perform this Agreement and to consummate the transactions contemplated hereby.  The execution and delivery by Purchaser of this Agreement and the consummation by Purchaser of the transactions contemplated hereby have been duly authorized by all necessary action on the part of Purchaser and no other proceedings on the part of Purchaser are necessary to approve this Agreement and to consummate the transactions contemplated hereby.  Purchaser has duly executed and delivered this Agreement, and, assuming due execution and delivery by the Sellers, this Agreement constitutes the legal, valid and binding obligation of Purchaser, enforceable against Purchaser in 

 

 

accordance with its terms, except as enforceability may be limited by applicable bankruptcy, insolvency, reorganization, fraudulent conveyance or transfer, moratorium or similar laws affecting the enforcement of creditors' rights generally or by equitable principles relating to enforceability.
4.3   No Conflicts.  Neither the execution nor the delivery of this Agreement nor the consummation of the transactions contemplated hereby will conflict with or result in any violation of or constitute a default under any term of any material agreement, mortgage, indenture, license, permit, lease, or other instrument, judgment, decree, order, law, or regulation by which the Purchaser is bound.
 
ARTICLE 5
 
MISCELLANEOUS
5.1   Notices.  All notices or other communication required or permitted hereunder shall be in writing and shall be delivered personally, telecopied or sent by certified, registered or express mail, postage prepaid.  Any such notice shall be deemed given when so delivered personally, telecopied or sent by certified, registered or express mail, as follows:
 
(a)    if to a Seller to the address indicated below the name of such Seller on Schedule I hereto.  
 
(b)     If to the Purchaser, to:
 
1040 Avenue of the Americas, 16th Floor
New York, NY 10018
Telephone:  (212) 448-6605
Facsimile:  (515) 313-2338
Attention:  General Counsel
With copies to:
Paul, Weiss, Rifkind, Wharton & Garrison LLP
1285 Avenue of the Americas
New York, NY  10019-6064
Telephone:  (212) 373-3000
Facsimile:  (212) 757-3990
Attention:  John C. Kennedy, Esq.
 
Any party may by notice given in accordance with this Section 5.1 designate another address or person for receipt of notices hereunder.
5.2   Successors and Assigns.  This Agreement shall inure to the benefit of and be binding upon the successors and permitted assigns of the parties hereto.  No Person other than the parties hereto and their successors and permitted assigns is intended to be a beneficiary of this Agreement.  No party hereto may assign its rights under this Agreement without the prior written consent of the other party hereto.
5.3   Amendment and Waiver.
 
(a)     No failure or delay on the part of the Sellers or the Purchaser in exercising any right, power or remedy hereunder shall operate as a waiver thereof, nor shall any single or partial 

 

 

exercise of any such right, power or remedy preclude any other or further exercise thereof or the exercise of any other right, power or remedy.  The remedies provided for herein are cumulative and are not exclusive of any remedies that may be available to the Sellers or the Purchaser at law, in equity or otherwise.
(b)    Any amendment, supplement or modification of or to any provision of this Agreement and any waiver of any provision of this Agreement shall be effective only if it is made or given in writing and signed by the Sellers and the Purchaser.
 
5.4   Counterparts.  This Agreement may be executed in any number of counterparts and by the parties hereto in separate counterparts, all of which when so executed shall be deemed to be an original and both of which taken together shall constitute one and the same agreement.
5.5   Headings.  The headings in this Agreement are for convenience of reference only and shall not limit or otherwise affect the meaning hereof.
5.6   GOVERNING LAW.  THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO THE CONFLICTS OF LAW PRINCIPLES THEREOF, EXCEPT FOR SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW.  THE PARTIES HERETO IRREVOCABLY SUBMIT TO THE EXCLUSIVE JURISDICTION OF ANY STATE OR FEDERAL COURT SITTING IN THE COUNTY OF NEY YORK, IN THE STATE OF NEW YORK OVER ANY SUIT, ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT.  TO THE FULLEST EXTENT THEY MAYEFFECTIVELY DO SO UNDER APPLICABLE LAW, THE PARTIES HERTO IRREVOCABLY WAIVE AND AGREE NOT TO ASSERT, BY WAY OF MOTION, AS A DEFENSE OR OTHERWISE, ANY CLAIM THAT THEY ARE NOT SUBJECT TO THE JURISDICTION OF ANY SUCH COURT, ANY OBJECTION THAT THEYMAY NOW OR HEREAFTER HAVE TO THE LAYING OF THE VENUE OF ANYSUCH SUIT, ACTION OR PROCEEDING BROUGHT IN ANY SUCH COURT AND ANY CLAIM THAT ANY SUCH SUIT, ACTION OR PROCEEDING BROUGHT IN ANY SUCH COURT HAS BEEN BROUGHT IN AN INCONVENIENT FORUM.
5.7   Severability.  If any one or more of the provisions contained herein, or the application thereof in any circumstance, is held invalid, illegal or unenforceable in any respect for any reason, the validity, legality and enforceability of any such provision in every other respect and of the remaining provisions hereof shall not be in any way impaired, unless the provisions held invalid, illegal or unenforceable shall substantially impair the benefits of the remaining provisions hereof.
5.8   Entire Agreement.  This Agreement, together with the schedules hereto are intended by the parties as a final expression of their agreement and intended to be a complete and exclusive statement of the agreement and understanding of the parties hereto in respect of the subject matter contained herein and therein.  There are no restrictions, promises, warranties or undertakings, other than those set forth or referred to herein or therein.  This Agreement supersedes all prior agreements and understandings between the parties with respect to such subject matter.
5.9   Further Assurances.  Each of the parties shall execute such documents and perform such further acts (including, without limitation, obtaining any consents, exemptions, authorizations, or other actions by, or giving any notices to, or making any filings with, any Governmental Authority or any other Person) as may be reasonably required or desirable to carry out or to perform the provisions of this Agreement.
            

 

 

5.10   Termination.  This Agreement shall terminate automatically without liability if the Purchaser determines at any time to cancel or otherwise abandon the Public Offering.
 
 
[Remainder of page intentionally left blank]
 

 

 

 
IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed and delivered by their respective officers hereunto duly authorized as of the date first above written.
    
By:  /s/ Scot W. Melland    
Scot W. Melland
By:  /s/ Michael P. Durney    
Michel P. Durney
By:  /s/ Thomas Silver    
Thomas Silver
By:  /s/ Constance Melrose    
Constance Melrose
By:  /s/ Brian Campbell    
Brian Campbell
By:  /s/ William Wyman    
William Wyman
By:  /s/ Robert Dumas    
Robert Dumas
 
 
Dice Holdings, Inc. 
 
By:    /s/ Michael P. Durney     
Name: Michael P. Durney
Title:  Senior Vice President, Finance & Chief Financial Officer

 

 

 
Schedule I
			
	Name and Address
of Purchaser
	Purchased Shares
	Option Shares

	Scot W. Melland
c/o Dice Holdings, Inc.
1040 Avenue of the Americas
New York, NY   10018
	400,000
	400,000

	Michael P. Durney
c/o Dice Holdings, Inc.
1040 Avenue of the Americas
New York, NY   10018
	100,000
	100,000

	Thomas Silver
c/o Dice Holdings, Inc.
1040 Avenue of the Americas
New York, NY   10018
	150,000
	150,000

	Constance Melrose
c/o Dice Holdings, Inc.
1040 Avenue of the Americas
New York, NY   10018
	136,792
	136,792

	Brian Campbell
c/o Dice Holdings, Inc.
1040 Avenue of the Americas
New York, NY   10018
	40,000
	40,000

	William Wyman
c/o Dice Holdings, Inc.
1040 Avenue of the Americas
New York, NY   10018
	40,000
	40,000

	Robert Dumas
10314 SE 25th
Bellevue, WA   98004
	208,841
	208,841Exhibit 10.11

ASSIGNMENT
AND ASSUMPTION AGREEMENT

This
Assignment and Assumption Agreement (the “Agreement”) is made as of
February 1, 2011 (the “Effective Date”), by and between National Tax
Credit Investors II, a California limited partnership (“NTCI II”), and
National Tax Credit, Inc. II, a California corporation (“NTC, Inc. II”
and together with NTCI II, collectively, “Assignors” and each, an
“Assignor”); Munson Pineview Associates, a Texas general partnership
(“Assignee”); and RCC Pineview Associates, L.P., a Delaware limited
partnership (the “General Partner” and together with Assignors and
Assignee, each a “Party“ and, as the context requires, any two or more,
collectively, “Parties”), with reference to the following:

A.        
Pineview Terrace I, L.P. (the “Partnership”), was formed as a limited
partnership under the laws of the State of Texas and is being governed pursuant
to an Amended and Restated Agreement of Limited Partnership, dated as of August
1, 1990, as amended by a First Amendment to Amended and Restated Agreement of
Limited Partnership, dated as of December 1, 1990, and a Second Amendment
to Amended and Restated Agreement of Limited Partnership, effective as of
September 30, 2002 (collectively, the “Partnership Agreement”) (any
capitalized word or phrase used but not defined herein shall have the meaning
set forth in the Partnership Agreement).

B.        
The General Partner is the “Operating General Partner” of the Partnership, NTC,
Inc. II is the special limited partner of the Partnership and NTCI II is the
limited partner of the Partnership.

C.       
Assignors have agreed to assign all of their limited partnership interests in
the Partnership to Assignee and withdraw from the Partnership, Assignee has
agreed to acquire such interests and the General Partner has consented to such
assignment and assumption, all pursuant to the terms of this Agreement.

NOW
THEREFORE, in consideration of the mutual promises and for such other good and
valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the Parties agree as follows:

1.                 
Assignment and Assumption.

1.1             
Effective as of the “Closing” (as hereinafter defined):

(a)              
Each Assignor hereby assigns to Assignee 100% of such Assignor’s interest
in the Partnership, including, without limitation, Profits and Losses, Cash
Flow, Sale or Refinancing Transaction Proceeds, all other Partnership assets,
all rights to any fees, loan repayments and reimbursements, and to the extent
accruing from and after the Closing, all other rights of Assignor under the
Partnership Agreement (collectively, the “Interest”), and

(b)              
Assignee assumes and agrees to perform all of the obligations of
Assignors under the Partnership Agreement.

1.2             
In consideration of Assignors’ assignments of the Interest, at the
Closing Assignee shall pay to Assignors an amount (the “Payment”) equal
to $1,060,000.00, payable in cash. The Payment shall be
treated as a direct acquisition of the Interest. Each Assignor covenants and
agrees that such sum shall be received in full satisfaction of all obligations
and liabilities due such Assignors in connection with or in any manner arising
out of the Partnership, the Apartment Complex or any other assets owned by the
Partnership. The Payment shall be made by federal funds wired pursuant to
instructions from Assignor.

2.                 
Closing.

2.1             
The closing of the transactions contemplated by this Agreement (the
“Closing”) shall occur no later than February 11, 2011 (the “Closing
Date”). In the event the Closing does not occur on or before the Closing
Date, this Agreement shall terminate automatically without the necessity of any
further action on the part of any of the Parties unless the Parties otherwise
agree in writing.

2.2             
At the Closing:

(a)              
As provided in Section 1.2, Assignee
shall pay the Payment;

(b)              
The Parties shall execute and exchange countersigned counterparts of the
Third Amendment to Amended and Restated Agreement of Limited Partnership of the
Partnership in the form attached hereto as Exhibit A (the “Amendment”);
and

(c)              
Payment of the broker’s commission as provided in Section 4.2.

3.                 
Representations, Warranties and Covenants.

3.1             
As a material inducement to Assignee entering into this Agreement, each
Assignor hereby represents and warrants to Assignee the following are true and
correct as of the Effective Date, shall be true and correct as of the Closing
Date, and shall survive the Closing and the withdrawal of Assignors from the
Partnership:

(a)              
Assignors are the owners of the Interest and the Interest is not subject
to any lien, pledge or encumbrance of any nature whatsoever and Assignee shall
acquire the same free of any rights or claims thereto by any other party
claiming by, through or under Assignors.

(b)              
The execution and delivery of this Agreement by Assignors and the
performance of the transactions contemplated herein have been duly authorized by
all requisite corporate and partnership proceedings and, assuming the due and
proper execution and delivery by Assignee and the General Partner, this
Assignment is binding upon and enforceable against Assignors in accordance with
its terms.

(c)              
To Assignor’s knowledge, the Interest constitutes all of Assignors’
interests in the Partnership and, with respect to any and all activities of the
Partnership occurring after the Closing, under the Partnership
Agreement.

3.2             
As a material inducement to Assignors entering into this Agreement,
Assignee hereby represents and warrants to Assignors the following are true and
correct as of the Effective Date, shall be true and correct as of the Closing
Date, and shall survive the Closing and the withdrawal of Assignors from the
Partnership:

(a)              
The execution and delivery of this Agreement by Assignee and the
performance of the transactions contemplated herein have been duly authorized by
all requisite corporate and partnership proceedings.

(b)              
Assuming the due and proper execution and delivery by Assignors, this
Assignment is binding upon and enforceable against Assignee in accordance with
its terms.

(c)              
No proceeding before any federal, state, municipal or other governmental
department, commission, board or agency is pending against Assignee or, to the
knowledge of Assignee, threatened against Assignee pursuant to which an
unfavorable judgment would restrain, prohibit, invalidate, set aside, rescind,
prevent or make unlawful this Agreement or the transactions contemplated
hereunder, nor does Assignee know of any reason to believe any such proceeding
will be instituted.

(d)              
Assignee is aware of the restrictions on transfer or encumbrance of the
Interest under the Partnership Agreement, as well as the transfer restrictions
imposed by the Securities Act of 1933, as amended, and applicable state
securities laws (the “Securities Laws”).  Assignee is able to bear
the economic risk of its investment in the Interest, is aware that it must hold
the Interest for an indefinite period and that the Interest has not been
registered under the applicable Securities Laws and may not be sold or otherwise
transferred unless permitted by the terms of the Partnership Agreement and the
Interest is registered, or an exemption from the registration requirements is
available with respect thereto, under the Securities Laws.  Assignee is
acquiring the Interest for its own account and not with a view to resell,
transfer or otherwise dispose thereof.

(e)              
Assignee is an Affiliate of the General Partner and, knows, therefore, at
least as much about the Partnership as Assignors. Assignee is experienced in
financial transactions such as ownership of the Interest and understands the
business and operations of the Partnership.  Assignee has had an
opportunity to ask questions about and seek information about the Partnership
and the Apartment Complex, and has not relied upon any express or implied
representations or warranties from Assignors with regard to the Interest, the
Partnership or the Apartment Complex, except as expressly provided
herein.

3.3             
As a material inducement to Assignors entering into this
Agreement:

(a)              
The General Partner represents and warrants to Assignors that
(i) the execution and delivery of this Agreement by the General Partner and
its performance of the transactions contemplated herein have been duly
authorized by all requisite corporate an partnership proceedings, and
(ii) assuming the due and proper execution and delivery by Assignor, this
Assignment is binding upon and enforceable against the General Partner in
accordance with its terms. The foregoing representations and warranties are true
and correct as of the Effective Date, shall be true and correct as of the
Closing Date, and shall survive the Closing and the withdrawal of Assignors from
the Partnership; and

(b)              
The General Partner covenants to Assignors that on or before Closing, the
Partnership will have obtained all necessary consents and approvals for the
transactions contemplated by this Agreement, including, but not limited to, the
consents, to the extent required, of the holders of all Mortgages and of all
governmental agencies.

3.4             
Except as expressly provided in this Section 3, no Party has made any
other representation or warranty concerning the Interest, the Partnership, the
Apartment Complex or any other matter.

4.                 
Brokers.

4.1             
Each of the Parties represents and warrants to the other that, other than
Apartment Realty Advisors ("Broker"), it has not dealt with or utilized
the services of any other real estate broker, sales person or finder in
connection with this Agreement, and each party agrees to indemnify, hold
harmless, and, if requested in the sole and absolute discretion of the
indemnitee, defend (with counsel approved by the indemnitee) the other party
from and against all Losses relating to brokerage commissions and finder's fees
arising from or attributable to the acts or omissions of the indemnifying
party.

4.2             
If the Closing occurs, Assignors, on the one hand, and Assignee, on the
other, each agree to pay Broker at Closing a commission in an amount of
$30,000.  Broker shall not be deemed a party or third party beneficiary of
this Agreement.

5.                 
Miscellaneous. All notices, demands, requests and other
communications required pursuant to the provisions of this Agreement
(“Notice”) shall be in writing and shall be deemed to have been properly
given or served for all purposes (i) if sent by Federal Express or any other
nationally recognized overnight carrier for next business day delivery, on the
first business day following deposit of such Notice with such carrier, or (ii)
if personally delivered, on the actual date of delivery or (iii) if sent by
certified mail, return receipt requested postage prepaid, on the fifth (5th)
business day following the date of mailing addressed as follows:

5.1             
If to Assignors:

c/o
National Partnership Investments Corp.

6701
Center Drive, Suite 520

Los
Angeles, California 90045

Attention: 
Asset Management

with
a copy to:

Law
Offices of Peter H. Alpert, Inc.

601
S. Figueroa Street, Suite 2330

Los
Angeles, CA 90017

Attention:
Peter H. Alpert

5.2             
If to Assignee or the General Partner, to the intended recipient
at:

Whitney
Capital Company, L.L.C.

1014
Wirt Road, Suite 270

Houston,
Texas 77055

Attention:
D. Garry Munson, President

Telephone: 
516-352-6100

Facsimile: 
516-352-2102

with copy to:

Applegate
& Thorne-Thomsen, P.C.

322
S. Green Street, Suite 400

Chicago,
IL 60607

Attention:
Bennett P. Applegate, Esq.

Any
of the Parties may designate a change of address by Notice in writing to the
other Parties. Whenever in this Agreement the giving of Notice by mail or
otherwise is required, the giving of such Notice may be waived in writing by the
person or persons entitled to receive such Notice.

5.3             
If any provision of this Agreement is held to be illegal, invalid, or
unenforceable under present or future laws, such provision shall be fully
severable. This Agreement shall be construed and enforced as if such illegal,
invalid, or unenforceable provision had never comprised a part of this
Agreement, and the remaining provisions of this Agreement shall remain in full
force and effect and shall not be affected by the illegal, invalid, or
unenforceable provision or by its severance from this Agreement.

5.4             
This Agreement may be signed in any number of counterparts, each of which
shall be an original for all purposes, but all of which taken together shall
constitute only one agreement. The production of any executed counterpart of
this Agreement shall be sufficient for all purposes without producing or
accounting for any other counterpart thereof.

5.5             
This Agreement shall be binding upon and inure to the benefit of the
heirs, executors, administrators, legal representatives and permitted successors
and assigns of the Parties hereto. This Agreement shall be interpreted in
accordance with the laws of the state in which the Apartment Complex is
located.

5.6             
Nothing herein shall be construed to be for the benefit of or enforceable
by any third party including, but not limited to any creditor of either
Assignor.

5.7             
The Parties shall execute and deliver such further instruments and do
such further acts and things as may be required to carry out the intent and
purposes of this Agreement, including.

5.8             
All article and section titles or captions contained in this Agreement
are for convenience only and shall not be deemed part of the text of this
Agreement.

5.9             
In the event that any court or arbitration proceedings is brought under
or in connection with this Agreement, the prevailing party in such proceeding
(whether at trial or on appeal) shall be entitled to recover from the other
party all costs, expenses, and reasonable attorneys’ fees incident to any such
proceeding. The term “prevailing party” as used herein shall mean the party in
whose favor the final judgment or award is entered in any such judicial or
arbitration proceeding.

5.10         
This Agreement constitutes the sole agreement of the Parties with respect
to the matters herein, all prior oral or written agreements being merged herein.
This Agreement may only be modified by a writing signed by all of the Parties
hereto and time is of the essence of this Agreement.

5.11         
In interpreting this Agreement it shall be presumed that the Agreement
was jointly drafted and no presumption shall arise against any Party in the
event of any ambiguity.

5.12         
Whenever herein the singular number is used, the same shall include the
plural where appropriate, and words of any gender shall include each other
gender where appropriate.

 

 

 

 

 

[Signatures on following page(s)]

 

IN WITNESS WHEREOF, the Parties have entered into this
Agreement as of the date set forth above.

ASSIGNORS:                                                       
NATIONAL TAX CREDIT INVESTORS II,

a
California limited partnership

By 
National Partnership Investments Corp.,

a
California corporation,

General
Partner

By: 
/s/Derik Hart

Name: 
Derik Hart

Title: 
Senior Vice President

NATIONAL
TAX CREDIT, INC. II,

a
California corporation

By: 
/s/Derik Hart

Name: 
Derik Hart

Title 
Senior Vice President

ASSIGNEE:                                                           
MUNSON PINEVIEW ASSOCIATES,

a
Texas general partnership

By 
/s/D. Garry Munson

Name:
D. Garry Munson

Title:
Manager

GENERAL
PARTNER:                                         
PINEVIEW ASSOCIATES, L.P.,

a Texas limited partnership

By RCC Pineview, Inc.,

a Delaware corporation,

General Partner

By  /s/D. Garry Munson

Name: D. Garry Munson

Title:  Vice President

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