Document:

Exhibit 10.364

 

FOURTH AMENDMENT TO AGREEMENT OF PURCHASE
AND SALE

[1309 and 1331 West Morehead Street and

811 and 829 South Summit Avenue, Charlotte,
NC]

 

This
FOURTH AMENDMENT TO AGREEMENT OF PURCHASE AND SALE (this “Amendment”) is made and entered into as of November 24,
2015 (the “Effective Date”), by and between Southern Apartment Group-49, LLC, a North Carolina limited liability
company (“Seller”), and ArchCo Residential LLC, a Delaware limited liability company (“ArchCo”).

 

Recitals

 

This Amendment is made with respect to
the following facts:

 

A.           Seller
and ArchCo, as purchaser, entered into that certain Agreement of Purchase and Sale dated as of April 14, 2015 (the “Original
Agreement”), with respect to the real property located in 1309 and 1331 West Morehead Street and 811 and 829
South Summit Avenue, Charlotte, North Carolina (the “Property”), as more particularly described in the Original
Agreement.

 

B.           Seller
and ArchCo entered into the Amendment to Agreement of Purchase and Sale dated as of June 8, 2015 (the “First Amendment”),
the Second Amendment to Agreement of Purchase and Sale dated as of June 26, 2015 (the “Second Amendment”), and
the Third Amendment to Agreement of Purchase and Sale dated as of June 30, 2015 (the “Third Amendment”). The Original
Agreement, as amended by the First Amendment, the Second Amendment and the Third Amendment, is referred to as the “Purchase
Agreement”. The Purchase Agreement, as amended by this Amendment, is referred to as the “Agreement”.

 

C.           Seller
and ArchCo have agreed that Purchaser will defer payment of a portion of the Purchase Price in accordance with the terms and conditions
of this Amendment.

 

D.           BR
ArchCo Morehead, LLC is the “Project Owner,” as defined in the Third Amendment. In accordance with Section 2.3
of the Original Agreement and the Third Amendment, ArchCo and Project Owner executed an Assignment and Assumption of Purchase and
Sale Agreement by which ArchCo assigned to Project Owner, and Project Owner assumed, ArchCo’s rights and obligations under
the Purchase Agreement (the “Old Assignment”). By its terms, the Old Assignment does not become effective until the
Closing Date under the Purchase Agreement.

 

E.           In
accordance with Section 2.3 of the Original Agreement and the Third Amendment, ArchCo, Seller, Project Owner, ArchCo WMH Member
LLC (“ArchCo Member”), Southern Apartment Group-WMH, LLC (“SAG Member”), and Escrow Agent entered into
an Escrow Agreement for Joint Venture Documents dated as of July 27, 2015 (the “Escrow Agreement”). In accordance
with the Escrow Agreement, the Old Assignment is deemed not to have been delivered or accepted until the Escrow Release Conditions
(defined in the Escrow Agreement) have been satisfied.

 

F.           ArchCo
and Project Owner desire to enter into an Assignment and Assumption of Purchase and Sale Agreement, in the form attached as Exhibit B
to this Agreement, by which ArchCo assigns to Project Owner, and Project Owner assumes, ArchCo’s rights and obligations under
the Purchase Agreement (the “New Assignment”), effective as of the Effective Date of this Amendment.

 

G.           Seller
and ArchCo desire to amend the Purchase Agreement as set forth in this Amendment.

 

Agreement

 

In consideration of the foregoing Recitals,
the conditions, terms, covenants and agreements set forth in this Amendment, and of other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, Seller and ArchCo agree that the Purchase Agreement is amended as set
forth in this Amendment:

 

     

     

    

  

1.          Defined
Terms.   Each initially capitalized term
used in this Amendment has the meaning set forth for that term in the Purchase Agreement, unless it is otherwise defined in this
Amendment.

 

2.          Closing
Date.   Section 1.1(j) of the Purchase
Agreement, as amended by the Third Amendment, is hereby amended to read as follows:

 

“(j)          Closing
Date:                    January 6, 2016. Purchaser shall have no further right to extend the Closing Date under Section 2.4(c).”

 

3.          Extension
Deposit.
 On November 20, 2015, ArchCo gave an Outside Closing Date Extension Notice to Seller in accordance with Section 2.4(c)
of the Purchase Agreement. The date by which Purchaser must deposit the Extension Deposit relating to the Outside Closing Date
Extension Notice is extended until November 30, 2015. The Outside Closing Date Extension Notice given by ArchCo shall be
deemed to extend the Closing Date until not later than January 6, 2016, as provided in Section 2 of this Amendment.

 

4.          Partial
Deferral of Purchase Price.

 

4.1           Defined
Terms.

 

(a)          “Club
Property” means real property having an address of 935 S. Summit Avenue, Charlotte, NC 28208 and a tax parcel identification
number of 07325301.

 

(b)          “Deferred
Amount” means $375,000.00.

 

(c)          “Deferred
Amount Note” means a promissory note in the amount of the Deferred Amount made by Purchaser and delivered to Seller at the
Closing. The maturity date under the Deferred Amount Note shall be May 1, 2017, subject to the Trigger Events. No interest
shall accrue on the Deferred Amount under the Deferred Amount Note. The Deferred Amount Note shall provide that if the Trigger
Events occur within the Trigger Period, the Deferred Amount Note and the indebtedness evidenced by the Deferred Amount Note shall
be deemed cancelled and Purchaser shall have no further obligations under the Deferred Amount Note. Seller and Purchaser shall
agree upon the form of the Deferred Amount Note, which shall be reasonably acceptable to Seller and Purchaser, by December 15,
2015.

 

(d)          “Deferred
Amount Lien” means a document in recordable form that, upon recording, creates a security interest in the Property for the
benefit of Seller and secures Purchaser’s obligations under the Deferred Amount Note. The Deferred Amount Lien shall provide
that Seller shall promptly cause the Deferred Amount Lien to be released upon the earlier to occur of the cancellation of the Deferred
Amount Note or the payment of the Deferred Amount to Seller. Seller and Purchaser shall agree upon the form of the Deferred Amount
Lien, which shall reasonably acceptable to Seller and Purchaser, by December 15, 2015.

 

(e)          “Neighborhood
Area” means the area bounded by the South curb line of West Morehead Street, the West right-of-way line of I-77, the north
curb line of Wilkinson Boulevard and the East curb line of Freedom Drive in Charlotte, North Carolina.

 

(f)          “Trigger
Period” means the period beginning on the Closing Date and ending on April 30, 2017.

 

(g)          “Violent
Felonies” means events or allegations, as described in a police report, that could reasonably be expected to result in charges
brought with respect to any of the following Class A, Class B, or Class C felonies under the laws of the State of
North Carolina:  (i) murder in the 1st degree or 2nd degree; (ii) assault with deadly weapon
with intent to kill inflicting serious injury; (iii) 1st degree or 2nd degree rape; or (iv) 1st
degree or 2nd degree sexual offense.

 

    	 	2	 

     

    

  

(h)          “Trigger
Events” means, during any period within the Trigger Period that a nightclub operates on the Club Property, two or more Violent
Felonies occur either (i) on the Club Property, or (ii) within the Neighborhood Area and are reported by the police department
of the City of Charlotte, North Carolina as being related to nightclub activities on the Club Property.

 

4.2           Payment
of Purchase Price.
  Section 5.4(c) of the Purchase Agreement is hereby amended to read as follows:

 

“(c)          Purchase
Price. (i) The Purchase Price, less the sum of the Earnest Money and the Deferred Amount, plus or minus applicable prorations,
deposited by Purchaser with the Escrow Agent in immediate, same day federal funds wired for credit into the Escrow Agent's escrow
account; and (ii) the Deferred Amount Note.

 

4.3           Deferred
Amount Lien.    At the Closing, Purchaser
shall deliver to Seller the Deferred Amount Lien, execute and acknowledged by Purchaser. Purchaser shall pay the cost of recording
the Deferred Amount Lien. Seller agrees to subordinate the Deferred Amount Lien to the lien of the construction loan for the Proposed
Project upon such terms as the construction lender may reasonably request.

 

5.          Old
Assignment and New Assignment.    Notwithstanding
the provisions of Section 2.3 of the Purchase Agreement, the Third Amendment and the Escrow Agreement to the contrary, Seller
and ArchCo agree that:

 

5.1           Seller
consents to ArchCo’s assignment to Project Owner of ArchCo’s rights and obligations under the Purchase Agreement pursuant
to the New Assignment.

 

5.2           Seller
and ArchCo agree that the New Assignment shall be effective as of the Effective Date of this Amendment.

 

5.3           Seller
and ArchCo agree that, upon the execution of the New Assignment by ArchCo and Project Owner, the Old Assignment shall be void and
of no force or effect.

 

6.          Counterparts.    This
Amendment may be executed in several counterparts, each of which shall be deemed an original, and all of which together shall
be deemed to be one and the same Amendment when each party has signed one of the counterparts. This Amendment may be delivered
to the Escrow Agent and the other party by facsimile or in pdf format by email transmission.

 

7.          Entire
Agreement.    The Purchase Agreement, as
amended by this Amendment, constitutes the full and complete agreement and understanding between Seller and ArchCo and shall supersede
all prior communications, representations, understandings or agreements, if any, whether oral or written, concerning the subject
matter contained in the Purchase Agreement, as so amended, and no provision of the Purchase Agreement, as so amended, may be modified,
amended, waived or discharged, in whole or in part, except by a written instrument executed by Seller and ArchCo.

 

8.          Full
Force and Effect; Incorporation.    Except
as modified by this Amendment, the terms and provisions of the Purchase Agreement are hereby ratified and confirmed and are and
shall remain in full force and effect. If any inconsistency arises between this Amendment and the Purchase Agreement as to the
specific matters which are the subject of this Amendment, the terms and conditions of this Amendment shall control. This Amendment
shall be construed to be a part of the Purchase Agreement and shall be deemed incorporated in the Purchase Agreement by this reference.

 

    	 	3	 

     

    

 

Seller and ArchCo have executed this Amendment
as of the date first written above.

 

Seller:

 

	SOUTHERN APARTMENT GROUP-49, LLC,	 
	a North Carolina limited liability company	 
	 	 
	By:	/s/ Shane Seagle	 
	Name:	Shane Seagle	 
	Title:	Manager	 

 

    	 	4	 

     

    

  

ArchCo:

 

	ArchCo Residential LLC,	 
	a Delaware limited liability company	 
	 	 	 
	By:	/s/ Neil T. Brown 	 
	Name:	Neil T. Brown	 
	Title:	Authorized Signatory	 

 

    	 	5	 

     

    

  

As a party to the Escrow Agreement, SAG Member consents to the
provisions of Section 5 of this Amendment with respect to the Old Assignment and the New Assignment:

 

SAG
Member:

 

	SOUTHERN APARTMENT GROUP-WMH, LLC	 
	a North Carolina limited liability company	 
	 	 	 
	By:	/s/ Shane Seagle	 
	Name:	Shane Seagle	 
	Title:	Member	 

 

    	 	6	 

     

    

  

As a party to the Escrow Agreement, ArchCo Member consents to
the provisions of Section 5 of this Amendment with respect to the Old Assignment and the New Assignment:

 

ArchCo
Member:

 

	ArchCo WMH Member LLC,	 
	a Delaware limited liability company	 
	 	 	 
	By:	/s/ Neil T. Brown	 
	Name:	Neil T. Brown	 
	Title:	Authorized Signatory	 

 

    	 	7	 

     

    

  

As a party to the Escrow Agreement, the Old Assignment and the
New Assignment, Project Owner consents to the provisions of Section 5 of this Amendment with respect to the Old Assignment
and the New Assignment:

 

Project
Owner:

 

	BR ArchCo Morehead, LLC,	 
	a Delaware limited liability company	 
	 	 	 
	By:	/s/ Jordan Ruddy	 
	Name:	Jordan Ruddy	 
	Title:	Authorized Signatory	 

 

    	 	8	 

     

    

  

Exhibit A

 

Form of New Assignment

 

[Filed Separately]Exhibit 10.365

 

ASSIGNMENT AND ASSUMPTION

OF AGREEMENT OF PURCHASE AND SALE

(1309 and
1331 West Morehead Street and 

811 and
829 South Summit Avenue, Charlotte, NC) 

 

This Assignment and
Assumption of Agreement of Purchase and Sale (this “Agreement”), dated as of November 24, 2015 (the “Effective
Date”), is made by and between ArchCo Residential LLC, a Delaware limited liability company (“ArchCo”), and BR
ArchCo Morehead, LLC, a Delaware limited liability company (“BRAM”).

 

Recitals

 

This Agreement is made
with respect to the following facts:

 

A.           ArchCo
is the Purchaser under that certain Agreement of Purchase and Sale dated as of April 14, 2015 (the “Original Agreement”)
with Southern Apartment Group-49, LLC, a North Carolina limited liability company, as Seller, with respect to the real property
located at 1309 and 1331 West Morehead Street and 811 and 829 South Summit Avenue, Charlotte, North Carolina (the “Property”),
as more particularly described on Exhibit A attached to this Agreement.

 

B.           ArchCo
and Seller entered into the Amendment to Agreement of Purchase and Sale dated as of June 8, 2015 (the “First Amendment”),
the Second Amendment to Agreement of Purchase and Sale dated as of June 26, 2015 (the “Second Amendment”), the
Third Amendment to Agreement of Purchase and Sale dated as of June 30, 2015 (the “Third Amendment”), and the Fourth
Amendment to Agreement of Purchase and Sale dated as of November 24, 2015 (the “Fourth Amendment”). The Original
Agreement, as amended by the First Amendment, the Second Amendment, the Third Amendment and the Fourth Amendment is referred to
as the “Purchase Agreement.” All capitalized terms used but not otherwise defined in this Agreement shall have the
meaning for such terms set forth in the Purchase Agreement.

 

C.           ArchCo
desires to assign its rights and obligations under the Purchase Agreement with respect to the Property to BRAM and BRAM desires
to assume ArchCo’s rights and obligations under the Purchase Agreement with respect to the Property.

 

Agreement

 

In consideration of
the premises and the mutual benefits to be derived from this Agreement and the respective covenants and representations, warranties,
agreements, indemnities and promises set forth below, the parties, intending to be legally bound, agree as follows.

 

1.          Assignment.
ArchCo irrevocably grants, bargains, sells, assigns and otherwise transfers and delivers to BRAM, and its successors and assigns,
all rights and obligations of Purchaser under the Purchase Agreement excluding only representations and warranties made by Purchaser
under the Purchase Agreement to the extent made as of the Agreement Date (the “Assumed Rights and Obligations”).

 

2.          Acceptance
by BRAM. BRAM accepts and assumes the Assumed Rights and Obligations.

 

    	 	1	 

     

    

 

3.          Indemnification.

 

a.           ArchCo
shall indemnify, defend, protect and hold harmless BRAM from and against all claims, damages, losses, liabilities, costs (including,
without limitation, reasonable attorneys’ fees) and expenses to the extent the same arise before the Effective Date with
respect to Purchaser’s obligations under the Assumed Rights and Obligations.

 

b.           BRAM
shall indemnify, defend, hold harmless ArchCo from and against any and all claims, damages, losses, liabilities, costs (including,
without limitation, reasonable attorneys’ fees) and expenses to the extent the same arise on or after the Effective Date
with respect to Purchaser’s obligations under the Assumed Rights and Obligations.

 

4.          Attorneys’
Fees. If either party employs attorneys to enforce any of the provisions of this Agreement, the party against whom any final
judgment is entered agrees to pay the prevailing party all reasonable costs, charges and expenses, including reasonable attorneys’
fees, expended or incurred by the prevailing party in connection with the enforcement action.

 

5.          Counterparts.
This Agreement and the attached Consent of Seller may be executed in counterparts; each such counterpart shall be deemed an original;
and all counterparts so executed shall constitute one instrument and shall be binding on all of the parties to this Agreement notwithstanding
that all of the parties are not signatory to the same counterpart.

 

REMAINDER OF PAGE INTENTIONALLY BLANK.

SIGNATURE PAGE(S) FOLLOWS.

 

    	 	2	 

     

    

 

ArchCo and BRAM have executed this Agreement as of the Effective
Date.

 

ARCHCO: 

 

	ArchCo Residential LLC,	 
	a Delaware limited liability company	 
	 	 	 
	By:	/s/ Neil T. Brown	 

	Name:	Neil T. Brown	 
	Title:	Authorized Signatory	 

 

     

     

    

 

BRAM: 

 

	BR ArchCo Morehead, LLC,	 
	a Delaware limited liability company	 
	 	 	 
	By: 	/s/ Jordan Ruddy	 
	Name:  Jordan Ruddy 	 
	Title:  Authorized Signatory	 

 

     

     

    

 

Exhibit A

 

Legal Description of the Property

 

Lying and being in Mecklenburg County, North Carolina, and more
particularly described as follows:

 

PARCEL 1

 

BEGINNING at a point located at the intersection of the southern
margin of the right-of-way of West Morehead Street and the eastern margin of the right-of-way of South Summit Avenue, thence from
said Beginning point and with the eastern margin of the right-of-way of South Summit Avenue S 11-45 W. 220.0 ft. to an iron located
beneath the pavement in the northern margin of the Piedmont and Northern Railroad right-of-way; thence with said right-of-way in
two courses and distances as follows: (1) S. 78-15 E. 83.45 ft. to a point; (2) with the arc of a circular curve to the left having
a radius of 465.84 ft., a chord bearing and distance of N. 85-52-47 E. 254.39 feet and an arc distance of 257.66 ft. to an iron
located beneath the pavement in the western margin of a paved 20 ft. alley way; thence with the western margin of said alley way
N. 03-10-25 W. 195.06 ft. to an iron pipe located in the southern margin of the right-of-way of West Morehead Street; thence with
said margin of West Morehead Street and with the arc of a circular curve to the right having a radius of 1263.11 ft., a chord bearing
and distance of N. 86-02-44 W. 280.50 ft. and an arc distance of 281.08 ft. to the point and place of BEGINNING; containing 1.5544
acres; as shown on a survey by R. B. Pharr & Associates, P.A., dated October 4, 1999, and being Lot 1 in Block D of Wesley
Heights as shown on a map recorded in Map Book 3 at Page 540 in the Office of the Register of Deeds for Mecklenburg County, North
Carolina.

 

PARCEL 2

 

BEGINNING at an iron stake in the easterly margin of South Summit
Avenue and the southerly margin of the P. and N. right of way, said point of beginning being S. 11-45 W. 245 feet from the southerly
margin of West Morehead Street, thence, along the easterly margin of South Summit Avenue S. 11-45 W. 145 feet to a point in the
northerly margin of Bryant Street; thence, along the northerly margin of Bryant Street, S. 78-15 E. 84.69 feet, to an iron stake
and a point of curve; thence, with the arc of a circular curve to the left of radius of 1146.28 feet, a distance of 333.11 feet,
to an iron stake in the northerly margin of Bryant Street and the westerly margin of a twenty foot alley; thence, with the westerly
line of said alley N. 12-57 W. 183.51 feet to a point in the westerly margin of said alley and southerly margin of P. and N. right
of way; thence, along the southerly margin of said right of way and with the arc of a circular curve to the right of radius 490.84
feet, a distance of 247.64 feet, a bearing and chord of S 85-12-08 W 245.01', to a point on curve on said right of way; thence,
along the southerly margin of P. and N. right of way N. 78-15 W. 101.59 feet to the point and place of BEGINNING, said lot being
designated as Lot 2, Block D, Wesley Heights, as shown in Map Book 3, Page 540, of the Mecklenburg County Public Registry, North
Carolina.

 

PARCEL 3

 

BEGINNING at a #4 rebar located on the northern margin of Bryant
Street at the southeast corner of the property of Southern Apartment Group-49, LLC (Deed Book 28056, Page 975); thence N. 12-57-00
W. 183.51’ to a #4 rebar; thence along a curve to the right, with a radius of 490.84, an arc of 10.07’, and bearing
and chord of S 70-09-42 W. 10.07’, to a computed point; thence S. 12-57-00 E. 186.09’ to a computed point, located
on the northern margin of Bryant Street; thence with the northern margin of Bryant Street, along a curve to the left, with a radius
of 1146.28’, an arc of 10.09’, and bearing and chord of S. 84-50-51 W. 10.09’ to the point and place of BEGINNING,
containing 0.042 acres, more or less.

 

    	 	A-1	 

     

    

 

PARCEL 4

 

BEGINNING at a nail in the Eastern margin of S. Summit Avenue,
said point being located S. 11-45-00 W. 220.00’ from a nail in the sidewalk located at the intersection of the Eastern margin
of S. Summit Avenue and the Southern margin of West Morehead Street; thence running with Lot #1, Block D, Map Book 3, Page 540
(Mecklenburg County Registry) S. 78-15-00 E. 83.45’ to a point; thence continuing with Lot #1, along a curve to the left
having a radius of 465.84’, an arc length of 257.66’, a chord of 254.39’ and bearing of N. 85-52-47 E. to an
old iron pipe; thence S. 06-46-31 E. 26.14’ to a #4 rebar located at the northeasternmost corner of Lot #2-A, Map Book 3,
Page 540; thence with the Northern boundary line of said Lot #2-A, along a curve to the right having a radius of 490.84’,
an arc length of 247.63’, a chord of 245.01’ and a bearing of S. 85-12-08 W. to a point; thence continuing with Lot
#2-A, N. 78-15-00 W. 101.59’ to a nail along the Eastern margin of S. Summit Avenue; thence with the margin of S. Summit
Avenue, N 11-45-00 E. 25.00’ to the point and place of BEGINNING, containing 0.201 acres, more or less, as shown on a survey
by Robert J. Dedmon Dated February 6, 2013.

 

    	 	A-2

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