Document:

EX-10.2

REINSTATEMENT OF AND FIRST AMENDMENT TO

PURCHASE AND SALE AGREEMENT

THIS REINSTATEMENT OF AND FIRST AMENDMENT TO PURCHASE AND SALE AGREEMENT (this “First
Amendment”) is made as of June 12, 2007, by and between EL DORADO APARTMENTS, LLC, a Texas limited
liability company (“Seller”), and TRIPLE NET PROPERTIES, LLC, a Virginia limited liability company
(“Purchaser”).

RECITALS:

A. Seller and Purchaser executed a Purchase and Sale Agreement dated February 21, 2007 (the
“Contract”), pursuant to the terms and conditions of which the Seller agreed to convey and
Purchaser agreed to purchase certain real estate situated in McKinney, Collin County, Texas, as
more particularly described therein (the “Property”).

B. Seller and Purchaser have agreed to make certain amendments, modifications and
ratifications to the Contract as expressly set forth in this First Amendment and to reinstate the
Contract.

NOW, THEREFORE, for and in consideration of the mutual covenants and agreements set forth in
this Amendment, and for other good and valuable consideration, the receipt and sufficiency of which
are hereby acknowledged, Seller and Purchaser hereby agree as follows:

1. Capitalized Terms. All capitalized terms used but not otherwise defined in this
Amendment shall have the meanings ascribed to them in the Contract.

2. Amendments to Contract. The Contract is amended as follows:

a. SmartMoves® Contract Number S0301042 dated May 17, 2002, between Southwestern Bell
Telephone, L.P. and Villas at Eldorado, Ltd., as evidenced by Memorandum of Contract dated
May 17, 2002 recorded August 9, 2002 in Volume 5229, Page 6 of the Real Property records of
Collin County, Texas, is a Non-Cancellable Contract, as defined in Section 5(e) of the
Contract, and is to be listed on Exhibit F attached to the Contract.

b. The first paragraph of Section 3 of the Contract is amended and restated as follows:

“The purchase price for the Property is Eighteen Million and No/100 Dollars
($18,000,000) (the “Purchase Price”) and shall be paid to Seller by Purchaser (a) assuming
the outstanding principal balance at Closing (hereinafter defined) of the existing loan in
the original principal amount of $13,600,000 (“the “Loan”) made to Seller by Royal Bank of
Canada now held by      (the “Lender”), (b) paying the balance of the
Purchase Price by wire transfer of immediately available funds at the Closing, net of all
prorations and adjustments as provided herein and (c) paying the Seller for all escrow and
reserves held by the Lender.”

c. A new subsection (e) is added to Section 7, as follows:

(e) Purchaser acknowledges receipt of the loan documents evidencing and securing the
Loan (the “Loan Documents”) and, subject to the matter referred to in Section 8(d) below,
hereby approves same. Purchaser acknowledges that it has made application to Lender to
assume the Loan, including paying all required fees and deposits and providing all required
information.

d. A new subsection (d) is added to Section 8 as follows:

(d) Approval by the Lender of the assumption of the Loan, the agreement of lender that
publicly traded REIT shares of the assuming borrower’s limited partner may be freely
transferred without violating due-on-sale provisions, and without any other changes in the
terms of the Loan other than the substitution of guarantors/key principals.

e. It shall be a condition precedent to Seller’s obligation to consummate the purchase
and sale transaction contemplated herein that Lender (i) consent to the transfer of the
Property to Purchaser and the assumption of the Loan by Purchaser and (ii) release Seller
and any affiliate of Seller, including Wendell A. Jacobson or any other individual
guarantor, from any and all liability under the Loan Documents arising from any matter
occurring on or after the Closing Date. In the event that such condition precedent is not
satisfied, Seller shall give written notice thereof to the Purchaser and Escrow Agent, the
Deposit shall be returned to the Purchaser and the Contract shall terminate and both Seller
and Purchaser shall thereafter be relieved from any and all liability under the Contract
except for the indemnification and hold harmless provisions contained in Section 7.

f. A new subsection (m) is added to Section 10 as follows:

(m) An assumption agreement pursuant to which the Seller consents to Purchaser’s
assumption of the Loan as required by Lender (the “Assumption Agreement”).

g. A new subsection (e) is added to Section 11 as follows:

(e) The Assumption Agreement and such other documents required by Lender in connection
with Purchaser’s assumption of the Loan, including the written agreement of any substitute
guarantor.

h. A new subsection (e) is added to Section 12 of the Contract as follows:

(e) Interest on the Loan.

i. The first sentence of Section 13 is amended and restated as follows:

“The purchase and sale contemplated herein shall close at the offices of the Escrow
Agent within thirty (30) days after Lender’s approval of the Purchaser’s assumption of the
Loan or at such other time, date and place as the parties shall mutually agree. If Lender
has not approved the Purchaser’s assumption of the Loan (including the matters set forth in
Sections 2(d) and (e) above) within sixty (60) days after the date hereof, either party
shall have the right to terminate this Agreement and both Seller and Purchaser shall
thereafter be relieved from any and all liability under the Contract except for the
indemnification and hold harmless provisions contained in Section 7. If Purchaser shall be
in default of any of its obligations hereunder, including those set forth in Section 14, the
Deposit shall be paid to Seller. If Purchaser shall not be in default of any of its
obligations hereunder, including those set forth in Section 14, the Deposit shall be paid to
Purchaser. In the event that Purchaser has not been able to successfully complete its audit
pursuant to Section 19(g) before Closing, Purchaser shall have the right to extend Closing
to January 15, 2008; provided that, on or before the then scheduled Closing Date, (i) the
Lender consents to the delay, and (ii) Purchaser pays to Seller an extension fee, which
shall be non-refundable but applied to the Purchase Price, in the amount of $150,000.00.”

j. Section 14 is amended to add the following sentence at the end of the Section:

Purchaser will be responsible for any costs and fees involved in assuming the Loan.
Purchaser agrees to use best efforts to obtain the approval of the Lender, but if the Lender
refuses to consent to the assumption then this Agreement shall terminate without liability
of Seller or Purchaser to the other except for Purchaser’s indemnification obligations under
Section 7 and, so long as Purchaser has complied with its obligations regarding loan
assumption, the Deposit shall be returned to Purchaser.

3. Other Agreements. Section 19(r) of the Contract is hereby deleted. Section 19(q)
of the Contract remains in effect.

4. Due Diligence Period. Purchaser and Seller acknowledge that the Due Diligence
Period has expired and the Initial Deposit is non-refundable to Purchaser, except in the event of a
default by Seller, the failure of a Purchaser’s condition precedent, or a casualty or condemnation
that permits the Purchaser or Seller to terminate the Contract.

5. Conflicts. In the event of any conflict between the terms of this First Amendment
and the Contract, the terms of this First Amendment shall prevail.

6. Headings. The heading or captions of the paragraphs in this First Amendment are
for convenience only and do not limit or expand the construction and intent of the contents of the
respective paragraph.

7. Binding Effect. This First Amendment is binding upon and inures to the benefit of
the parties and their respective successors and assigns, but this reference to assigns is not a
consent to assignment by Purchaser.

8. Counterparts; Facsimile Signatures. This First Amendment may be executed in two or
more counterparts, each of which is deemed an original and all of which together constitute one and
the same instrument. Facsimile or electronic signatures are binding on the party providing them.

9. Ratification. The Contract as reinstated and amended and modified by this First
Amendment is ratified and confirmed by the parties and remains in full force and effect.

IN WITNESS WHEREOF, Seller and Purchaser have executed this First Amendment as of the date
first above written.

[Signatures on following page]

1

Signature Page of Seller to First Amendment to Agreement of Purchase and Sale

SELLER:

EL DORADO APARTMENTS, LLC, a Texas limited liability company

By: /s/ Evan K. Jacobson

Printed Name: Evan K. Jacobson

Title:

2

Signature Page of Purchaser to First Amendment to Agreement of Purchase and Sale

PURCHASER:

TRIPLE NET PROPERTIES, LLC,

a Virginia limited liability company

By: /s/ Richard Hutton

Printed Name: Richard Hutton

Title: Executive Vice President

3EX-10.3

ASSIGNMENT OF CONTRACT

THIS ASSIGNMENT OF CONTRACT (the “Assignment”) is made November 1, 2007 by TRIPLE NET
PROPERTIES, LLC, a Virginia limited liability company (“Assignor”) to APARTMENT REIT VILLAS OF EL
DORADO, LLC, a Delaware limited liability company (“Assignee”).

RECITALS

Assignor and El Dorado Apartments LLC, a Texas limited liability company, entered into that
certain Purchase and Sale Agreement, dated February 21, 2007, as amended (as amended, the
“Contract”) with respect to certain property known as the Villas at El Dorado Apartments, located
in Collin County, Texas, as more particularly described in the Contract. Assignor desires to
assign all of its rights, title and interest in and to the Contract to Assignee.

AGREEMENT

FOR and in consideration of the premises and other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, Assignor hereby assigns all of its
rights, title and interest in and to the Contract to Assignee.

Assignee by its execution of this Assignment hereby assumes all of Assignor’s obligations
under the Contract.

WITNESS the following signatures:

	 	 	 	 	 	 	 
	ASSIGNOR:	 	TRIPLE NET-PROPERTIES, LLC,
	 	 	a Virginia limited liability company	 	 
	 	 	By: /s/ Jeff Hanson	 	 
	 	 	Name: Jeff Hanson	 	 
	 	 	Title: Chief Investment Officer	 	 
	ASSIGNEE:	 	APARTMENT REIT VILLAS OF EL DORADO, LLC,
	 	 	a Delaware limited liability company	 	 
	 	 	By:	 	NNN Apartment REIT Holdings, L.P.,
	 	 	 	 	a Virginia limited partnership
	
 
	 	 	 	Its: Sole Member
	 	

	
 
	 	 	 	By:
	 	NNN Apartment REIT Inc.,

	 	 	a Maryland corporation

Its: Manager

By: /s/ S. Jay Olander

Name: S. Jay Olander

Its: Chief Executive Officer

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