Document:

Exhibit 10.1

Exhibit 10.1

ASSIGNMENT AND ASSUMPTION

THIS ASSIGNMENT AND ASSUMPTION (this “Assignment and Assumption”) is effective as of
July 16, 2009, by PGRT ESH, Inc., a Delaware corporation (“Assignor”) and LSG-ESH LLC, a
Delaware limited liability company (“Assignee”).

Background

A. Assignor is the owner of 71.180412 Series A-2 Units and 71.180412 Common A-2 Units
(collectively, the “Units”) in BHAC Capital IV, L.L.C., a Delaware limited liability
company (the “Company”), as set forth in the Second Amended and Restated Limited Liability
Company Agreement of the Company, dated as of June 29, 2007 (as the same may be modified, amended
or restated from time to time, the “Company LLC Agreement”).

B. Assignor and Citicorp USA, Inc., a Delaware corporation (the “Lender”) are parties
to the Amended and Restated Loan Agreement, dated as of June 6, 2008, as amended by the First
Amendment to Loan Agreement, dated as of October 31, 2008 (as amended by that certain letter
agreement dated as of December 31, 2008, that certain letter agreement dated as of January 30, 2009
that certain letter agreement dated as of March 2, 2009 and that certain letter agreement dated as
of April 30, 2009; collectively the “First Amendment”) among Assignor, Lightstone Holdings
LLC, a Delaware limited liability company (“Lightstone Holdings”), David Lichtenstein
(together with Lightstone Holdings, the “Guarantors”) and the Lender, the Second Amendment
to Loan Agreement, dated as of December 31, 2008, among Assignor, the Guarantors and Lender (the
“Second Amendment”), the Third Amendment to Loan Agreement, dated as of January 30, 2009,
among Assignor, the Guarantors and Lender (the “Third Amendment”), the Waiver and Fourth
Amendment to Loan Agreement, dated as of March 2, 2009, among Assignor, the Guarantors and Lender
(the “Fourth Amendment”), and the Fifth Amendment to Loan Agreement, dated as of April 30,
2009, among Assignor, the Guarantors and Lender (the “Fifth Amendment”; such Loan Agreement
as amended by the First Amendment, the Second Amendment, the Third Amendment, the Fourth Amendment
and the Fifth Amendment, the “Loan Agreement”).

C. Assignor desires to assign, transfer and convey and Assignee desires to acquire all of
Assignor’s right, title and interest in, to and under the Units, and as consideration for such
transfer Assignee desires to assume directly as a Borrower all of Assignor’s obligations under the
Loan Agreement and related loan documents, including, but not limited to, that certain Amended and
Restated Promissory Note dated as of June 6, 2008 from Assignor to the Lender, the Amended and
Restated Pledge Agreement dated as of June 6, 2008 (the “BHAC Pledge Agreement”) by
Assignor in favor of Lender and any and all other agreements, forbearance agreements, side letters
and other applicable loan documents (collectively, the “Loan Documents”).

 

 

 

AGREEMENT

NOW THEREFORE, in consideration of the mutual covenants and agreements set forth herein, and
for other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties hereto hereby agree as follows:

1. Assignor hereby transfers, assigns and sets over to Assignee all of Assignor’s right, title
and interest in, to and under the Units, subject to the lien of the BHAC Pledge Agreement.

2. Assignee hereby accepts the foregoing assignment and transfer of the Units, subject to the
lien of the BHAC Pledge Agreement and succeeds to and assumes all rights, duties, liabilities and
obligations arising under or related to the Units as provided in the Company LLC Agreement.

3. Assignor hereby transfers, assigns and sets over to Assignee, David Lichtenstein and
Lightstone Holdings all of Assignor’s rights, duties, liabilities and obligations under the Loan
Agreement and other Loan Documents and Assignee , David Lichtenstein and Lightstone Holdings hereby
accept the foregoing assignment and transfer of all rights, duties, liabilities and obligations of
Assignor under the Loan Agreement and other Loan Documents. In connection with the foregoing,
Assignee shall request that Lender release Assignor of all of its rights, duties, liabilities and
obligations under the Loan Agreement and the other Loan Documents.

4. This Assignment and Assumption shall inure to the benefit of, and be binding upon,
Assignor, Assignee, David Lichtenstein and Lightstone Holdings and their respective designees,
heirs, personal representatives, successors and assigns.

5. Each party hereto shall cooperate with the other party at all times from and after the date
hereof with respect to all of the matters described herein, and shall execute such further
documents as may be reasonably requested for the purpose of giving effect to, or evidencing or
giving notice of, the transactions contemplated by this Assignment and Assumption.

6. This Assignment and Assumption shall be construed in accordance with and governed by the
laws of the State of New York.

7. This Assignment and Assumption is made without recourse, representation or warranty.

8. This Assignment and Assumption may be executed in one or more counterparts, and may be
delivered via electronic mail or facsimile transmission, each of which when so executed and
delivered shall be deemed an original, but all of which taken together shall constitute but one and
the same instrument.

[Signature page follows]

 

2

 

IN WITNESS WHEREOF, the parties have executed this Assignment and Assumption effective as of
the date first written above.

	 	 	 	 	 
	 	ASSIGNOR:

PGRT ESH, INC.,

a Delaware corporation

 	 
	 	By:  	/s/ Jeffrey A. Patterson
 	 
	 	 	Name:  	Jeffrey A. Patterson 	 
	 	 	Title:  	President and Chief Executive Officer 	 
	 
	 	ASSIGNEE:

LSG-ESH LLC,

a Delaware limited liability company

 	 
	 	By:  	/s/ David Lichtenstein
 	 
	 	 	Name:  	David Lichtenstein 	 
	 	 	Title:  	Chief Executive Officer 	 

ACCEPTED AND AGREED AS TO THE ASSIGNMENT

AND ASSUMPTION OF THE OBLIGATIONS UNDER

THE LOAN AGREEMENT AND THE OTHER LOAN DOCUMENTS:

	 	 	 	 	 
	LIGHTSTONE HOLDINGS LLC	 	 
	 
	 	 	 	 
	By:

	 	/s/ David Lichtenstein	 	 
	 

	 	 

	 	 
	 	 	David Lichtenstein	 	 
	 	 	Managing Member	 	 
	 
	 	 	 	 
	DAVID LICHTENSTEIN	 	 
	 
	 	 	 	 
	/s/ David Lichtenstein	 	 
	 	 	 
	David Lichtenstein	 	 

[Signature Page to Assignment and Assumption]

 

3

 

The undersigned hereby consents to the admission of the Assignee as a member of the Company on the
terms and subject to the conditions set forth in this Assignment and Assumption and the Company LLC
Agreement.

	 	 	 	 	 
	 	BHAC CAPITAL IV, L.L.C.,

a Delaware limited liability company

 	 
	 	By:  	/s/ Joseph E. Teichman
 	 
	 	 	Name:  	Joseph E. Teichman 	 
	 	 	Title:  	Secretary 	 

 

4exv10w2

Exhibit
10.2

ASSIGNMENT OF PURCHASE AND SALE AGREEMENT

     THIS ASSIGNMENT OF PURCHASE AND SALE AGREEMENT (this “Assignment”) is executed as of September
3, 2009 by and between SHOPOFF ADVISORS, L.P., a Delaware limited partnership, having an address at
8951 Research Dr., Irvine, CA 92618 (“Assignor”), and SPT — LAKE ELSINORE HOLDING CO., LLC, a
Delaware limited liability company (“Assignee”), with reference to the following:

RECITALS:

     A. Assignor is the ‘Buyer’ under that certain Purchase and Sale Agreement and Joint Escrow
Instructions dated as of September 30, 2008, as amended (as amended, the “Agreement”), in which TSG
Little Valley, L.P., a California limited partnership, is the ‘Seller’. An escrow at First American
Title Insurance Company (Escrow No. OSA-3152741) is pending to facilitate the real estate purchase
and sale transaction which is the subject of the Agreement.

     B. Assignor has agreed to assign to all of Assignor’s right, title and interest and to the
Agreement to Assignee, and Assignee has agreed to accept such assignment and to assume all
obligations and liabilities of Assignor under the Agreement, as provided herein.

     C. This Assignment is executed to effectuate the transfer to Assignee of all of Assignor’s
right, title and interest in and to the Agreement and other rights pursuant to the provisions of
the Agreement.

     NOW, THEREFORE, in consideration of the foregoing recitals and for other valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto
agree as follows:

     1. Assignment and Assumption. Assignor hereby assigns, conveys, transfers and sets
over unto Assignee any and all right, title and interest of Assignor in and to the Agreement, and
Assignee hereby accepts such assignment and assumes all of Assignor’s obligations, responsibilities
and duties under the Agreement, as the ‘Buyer’ therein, effective as of the date hereof.

     2. Indemnification. Assignee agrees to protect, indemnify, defend and hold Assignor
harmless from and against all claims, obligations and liabilities under the Agreement, from and
after the date hereof. Assignor agrees to protect, indemnify, defend and hold Assignee harmless
from and against all claims, obligations and liabilities arising out of or relating to, directly or
indirectly, in whole or in part, any breach by Assignor under the Agreement arising prior to the
date hereof.

     3. Governing Law. This Assignment shall be construed under and enforced in accordance
with the laws of the State of California.

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     4. Further Assurances. Assignor and Assignee each agree to execute and deliver to the
other party, upon demand, such further documents, instruments and conveyances, and shall take such
further actions, as are necessary or desirable to effectuate this Assignment.

     5. Attorneys’ Fees; Costs. Upon the bringing of any action, suit or arbitration by
either party against the other arising out of this Assignment or the subject matter hereof, the
party in whose favor final judgment shall be entered shall be entitled to recover from the other
party all costs and expenses of suit including, without limitation, reasonable attorneys’ fees and
costs.

     6. Successors and Assigns. This Assignment shall inure to the benefit of, and be
binding upon, the successors, executors, administrators, legal representatives and assigns of the
parties hereto.

     IN WITNESS WHEREOF, Assignor and Assignee have executed this Assignment as of the date first
set forth above.

	 	 	 	 	 	 	 	 	 	 	 
	“ASSIGNOR”	 	SHOPOFF ADVISORS, L.P., a Delaware limited
	 	 	partnership
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	By:	 	The Shopoff Corporation, a Delaware 

corporation, its General Partner
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	By:	 	/s/ William A. Shopoff 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	William A. Shopoff, President
	 
	 	 	 	 	 	 	 	 	 	 
	“ASSIGNEE”	 	SPT — LAKE ELSINORE HOLDING CO., LLC a
	 	 	Delaware limited liability company
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	By:	 	Shopoff Partners, L.P., a Delaware limited

partnership, its Sole Member
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	By:	 	Shopoff General Partner, LLC, a
	 	 	 	 	 	 	Delaware limited liability company,

its General Partner
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	By:	 	Shopoff Properties Trust, Inc.

a Maryland corporation, its
Manager
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	By:	 	/s/ William A. Shopoff 
	 

	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	 	 	William A. Shopoff,
	 

	 	 	 	 	 	 	 	 	 	President and CE

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