Document:

Exhibit 10.2

Exhibit 10.2

	 	 	 
	After Recording Return to:

	 	Cross-Reference To:
	 
	Catherine S. Moore

	 	Deed Book 46751, Page 654
	Holt, Ney, Zatcoff & Wasserman, LLP

	 	Deed Book 47061, Page 676
	100 Galleria Parkway

	 	Deed Book 48196, Page 361
	Suite 600

	 	Deed Book 49127, Page 493
	Atlanta, Georgia 30339-5947
	 	 

Note to Clerk of Court: This instrument, which is entered into at the indulgence of the
creditor, amends a security instrument given as additional security for a note that is amended,
renewed and extended by separate agreement between the creditor and the borrower. All principal of
such note, as amended, renewed and extended by separate agreement, is due within three (3) years
from the date of such agreement. Accordingly, no intangible recording tax is due in connection
with the recording of such separate agreement or this instrument. See O.C.G.A. § 48-6-65(a) and
Intangible Recording Tax Rules/Regulations 560-11-8-.03(4), 560-11-8-.03(4)(b), 560-11-8-.03(4)(c)
and 560-11-8-.04.

FOURTH
AMENDMENT TO DEED TO SECURE DEBT AND ASSIGNMENT OF RENTS AND OTHER
LOAN DOCUMENTS

THIS FOURTH AMENDMENT TO DEED TO SECURE DEBT AND ASSIGNMENT OF RENTS AND OTHER LOAN DOCUMENTS
(this “Amendment”) made and entered into June 23, 2011, by and between ROBERTS PROPERTIES
RESIDENTIAL, L.P., a Georgia limited partnership (“Borrower”), whose mailing address is 450
Northridge Parkway, Suite 302, Atlanta, Georgia, 30350 and WELLS FARGO BANK, N.A., a national
banking association, successor by merger to Wachovia Bank, National Association (“Lender”)
whose mailing address is Middle Market Real Estate, 7000 Central Parkway, Suite 600, Mail Code
G0185-060, Atlanta, Georgia 30328, Attention: Marie F. Thomas;

WITNESSETH:

WHEREAS, Lender heretofore made a loan to Borrower in the
original principal amount of Eight Million One Hundred Seventy-Five Thousand and No/100 Dollars
($8,175,000.00) (the “Loan”), as evidenced by that certain Promissory Note dated December
6, 2006 made by Borrower to the order of Lender (the “Original Note”), as amended by that
certain First Consolidated Amendatory Agreement dated December 6, 2007 (the “First
Amendment”), as further amended by that certain Second Consolidated Amendatory Agreement and
Agreement Regarding Cross-Default and Cross-Collateralization of Loans dated April 28, 2008 (the
“Second Amendment”), as further amended by that certain Third Consolidated Amendatory
Agreement dated July 17, 2009 (the “Third Amendment”), as further amended by that certain
Fourth Consolidated Amendatory Agreement dated June 21, 2010 (the “Fourth Amendment”), and
as further amended by that certain Fifth Consolidated Amendatory Agreement dated of even date
herewith (the “Fifth Amendment”; the Original Note, as amended by the First Amendment, the
Second Amendment, the Third Amendment, the Fourth Amendment and the Fifth Amendment is referred to
in the Deed to Secure Debt described below, and shall be referred to herein, as the
“Note”); and

 

 

 

WHEREAS, the indebtedness evidenced by the Note is secured and governed, inter
alia, by that certain Deed to Secure Debt and Assignment of Rents dated April 28, 2008 from
Borrower to Lender, recorded in Deed Book 46751, Page 654, Fulton County, Georgia records, as
amended by that certain First Amendment to Deed to Secure Debt and Assignment of Rents and Other
Loan Documents dated July 25, 2008, recorded in Deed Book 47061, Page 676, aforesaid records, as
further amended by that certain Second Amendment to Deed to Secure Debt and Assignment of Rents and
Other Loan Documents dated July 17, 2009, recorded in Deed Book 48196, Page 361, aforesaid records,
and as further amended by that certain Third Amendment to Deed to Secure Debt and Assignment of
Rents and Other Loan Documents dated June 21, 2010, recorded in Deed Book 49127, Page 493,
aforesaid records (as amended, the “Deed to Secure Debt”); and

WHEREAS, Lender and Borrower have agreed to extend the maturity date for the indebtedness
evidenced by the Note, and the parties desire to enter into this Amendment for the purpose of
confirming that the maturity date for the Note has been extended and to make certain other
modifications to the Deed to Secure Debt as set forth herein.

NOW, THEREFORE, for and in consideration of Ten and No/100 Dollars ($10.00), and other good
and valuable consideration, the receipt, adequacy and sufficiency of which are hereby acknowledged,
the parties hereto agree as follows:

1. Amendment of Loan Documents. Borrower and Lender
have agreed that the maturity date of the Note is extended to July 31, 2012. All references
in the Security Deed to the maturity date of the Note as July 31, 2011, are hereby deleted and
substituted in lieu thereof shall be the date July 31, 2012.

2. Successors and Assigns. This Amendment and all documents executed by Lender and
Borrower in connection herewith shall be binding upon and shall inure to the benefit of the parties
hereto, their respective heirs, successors, successors-in-title and assigns.

3. Governing Law. This Amendment and all documents executed by Lender and Borrower in
connection herewith shall be governed by, and construed in accordance with, the laws of the State
of Georgia.

 

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4. Counterparts. This Amendment and all documents executed by Lender and Borrower in
connection herewith may be executed in two or more counterparts, each of which when so executed and
delivered shall be an original but all of which together shall constitute one and the same
instrument.

5. Novation. Borrower and Lender acknowledge and agree that neither this Amendment
nor any document executed by Lender and Borrower in connection herewith is intended to be, and
shall not be deemed or constitute, a novation.

6. Time of the Essence. Time is of the essence of this Amendment and all documents
executed by Lender and Borrower in connection herewith.

7. Severability. If any clause, sentence, section or provision of this Amendment or
any document executed by Lender and Borrower in connection herewith is or becomes illegal, invalid
or unenforceable because of present or future laws or any rule or regulation of any governmental
body or entity, the intention of the parties hereto is that the remaining parts of this Amendment
shall not be affected thereby, unless the lack of such clause, sentence, section or provision is,
in the sole, but reasonable, determination of Lender, essential to the rights of both parties in
which event Lender shall have the right to terminate this Amendment on written notice to Borrower.

8. Construction. Borrower and Lender have each been represented by their respective
counsel in the negotiation and execution of this Amendment and all documents executed by Lender and
Borrower in connection herewith. Borrower and Lender each acknowledge and agree that they have
participated in the preparation and negotiation of this Amendment and all documents
executed by Lender and Borrower in connection herewith. No party hereto shall be deemed the
scrivener of this Amendment. It is the intent and agreement of Borrower and Lender that this
Amendment and all documents executed by Lender and Borrower in connection herewith shall not be
construed strictly for or against any party hereto.

9. Miscellaneous. All personal pronouns used herein whether used in the masculine,
feminine or neuter gender, shall include all other genders; the singular shall include the plural,
and vice versa. Titles of articles and sections as set forth herein are for convenience only and
in no way define, limit, amplify or describe the scope or intent of any provisions hereof.

10. No Other Modification. Except as expressly amended and modified herein, all
terms, covenants and provisions of the Deed to Secure Debt shall remain unaltered and in full force
and effect and the parties hereto do hereby expressly ratify and confirm the Deed to Secure Debt as
modified hereby.

[SIGNATURES BEGIN ON FOLLOWING PAGE]

 

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IN WITNESS WHEREOF, Borrower and Lender have hereunto set their hands and affixed their seals
as of the day and year first above written.

	 	 	 	 	 	 	 	 	 
	Signed, sealed and delivered	 	BORROWER	 	 
	in the presence of:
	 	 	 	 	 	 	 	 
	 	 	ROBERTS PROPERTIES RESIDENTIAL,	 	 
	/s/ Anthony Shurtz	 	L.P., a Georgia limited partnership	 	 
	 

Witness	 		 	 	 	 	 	 
		 	By:		Roberts Realty Investors, Inc., a
Georgia corporation, its general partner	 	 
	 	 	 	 		 	 
	/s/ Elizabeth Connolly
 

Notary Public

	 	 	 	By:
	 	/s/ Charles S. Roberts
 

Name: Charles S. Roberts
	 	 
		 	 	 	 	 	Title: President and CEO	 	 
	My commission expires:

	 	 	 	 	 	 	 	 
	 	 	(Corporate Seal)	 	 
	 

	 	 	 	 	 	 	 	 
	 
	(NOTARIAL SEAL)
	 	 	 	 	 	 	 	 

[SIGNATURES CONTINUED FOLLOWING PAGE]

 

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[SIGNATURES CONTINUED FROM PRECEDING PAGE]

	 	 	 	 	 	 	 
	Signed, sealed and delivered	 	LENDER	 	 
	in the presence of:
	 	 	 	 	 	 
	 	 	WELLS FARGO BANK, N.A., a national	 	 
	 	 	banking association, successor by merger	 	 
	/s/ Sarah Thornton	 	to Wachovia Bank, National Association	 	 
	 

Witness

	 	 	 	 	 	 
		 	By:
	 	/s/ Marie F. Thomas
 

Marie F. Thomas
	 	 
	/s/ Valeri McLaughlin
 

Notary Public

	 	 	 	Vice President	 	 
	 
	 	 	 	 	 	 
	My commission expires:

	 	 	 	(BANK SEAL)	 	 
	 
	 	 	 	 	 	 
	 
	 

(NOTARIAL SEAL)

	 	 	 	 	 	 

 

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Exhibit 10.7

PROMISSORY NOTE

				
	 
	 
	 	June 20, 2011	 
	 	 	 
	$100,000
	 	Hopkinton, Massachusetts	 
	 	 	 

     FOR VALUE RECEIVED, Alseres Pharmaceuticals, Inc. (the “Maker”), promises to pay to Robert L
Gipson, or order, at the offices of Robert L. Gipson, c/o Ingalls & Snyder LLC, 61 Broadway, New
York, New York 10006 or at such other place as the holder of this Note may designate, the principal
sum of $100,000, together with interest on the unpaid principal balance of this Note from time to
time outstanding at the rate of 7% per year until paid in full. All principal and accrued interest
shall be due and payable on demand of the Holder.

Interest on this Note shall be computed on the basis of a year of 365 days for the actual number of
days elapsed. All payments by the Maker under this Note shall be in immediately available funds.

Every amount overdue under this Note shall bear interest from and after the date on which such
amount first became overdue at an annual rate which is two (2) percentage points above the rate per
year specified in the first paragraph of this Note. Such interest on overdue amounts under this
Note shall be payable on demand and shall accrue and be compounded monthly until the obligation of
the Maker with respect to the payment of such interest has been discharged (whether before or after
judgment).

In no event shall any interest charged, collected or reserved under this Note exceed the maximum
rate then permitted by applicable law and if any such payment is paid by the Maker, then such
excess sum shall be credited by the holder as a payment of principal.

All payments by the Maker under this Note shall be made without set-off or counterclaim and be free
and clear and without any deduction or withholding for any taxes or fees of any nature whatever,
unless the obligation to make such deduction or withholding is imposed by law. The Maker shall pay
and save the holder harmless from all liabilities with respect to or resulting from any delay or
omission to make any such deduction or withholding required by law.

Whenever any amount is paid under this Note, all or part of the amount paid may be applied to
principal, premium or interest in such order and manner as shall be determined by the holder in its
discretion.

No reference in this Note to any guaranty or other document shall impair the obligation of the
Maker, which is absolute and unconditional, to pay all amounts under this Note strictly in
accordance with the terms of this Note.

The Maker agrees to pay on demand all costs of collection, including reasonable attorneys’ fees,
incurred by the holder in enforcing the obligations of the Maker under this Note.

 

No delay or omission on the part of the holder in exercising any right under this Note shall
operate as a waiver of such right or of any other right of such holder, nor shall any delay,
omission or waiver on any one occasion be deemed a bar to or waiver of the same or any other right
on any future occasion. The Maker and every endorser or guarantor of this Note regardless of the
time, order or place of signing waives presentment, demand, protest and notices of every kind and
assents to any extension or postponement of the time of payment or any other indulgence, to any
substitution, exchange or release of collateral, and to the addition or release of any other party
or person primarily or secondarily liable.

This Note may be prepaid in whole or in part at any time or from time to time upon five days’ prior
written notice with the consent of the holder, with the giving of such consent to be in the sole
discretion of the holder. Any such prepayment shall be without penalty or premium.

None of the terms or provisions of this Note may be excluded, modified or amended except by a
written instrument duly executed on behalf of the holder expressly referring to this Note and
setting forth the provision so excluded, modified or amended.

All rights and obligations hereunder shall be governed by the laws of the Commonwealth of
Massachusetts and this Note is executed as an instrument under seal.

	 	 	 	 	 
	 	Alseres Pharmaceuticals, Inc.

 	 
	 	By:  	/s/Kenneth L. Rice Jr
 	 
	 	 	Title: EVP & CFO

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