Document:

FIRST AMENDMENT TO CONTRACT
OF PURCHASE AND SALE

    

    THIS FIRST AMENDMENT TO CONTRACT OF
PURCHASE AND SALE (this “First Amendment’) is made and entered into as of the
14th day of December, 2010 by and between PREFERRED APARTMENT COMMUNITIES
OPERATING PARTNERSHIP, L.P., a Delaware limited partnership, as assignee of
Preferred Apartment Communities, Inc., a Maryland corporation (“Purchaser”), and
OXFORD RISE PARTNERS LLC, a Georgia limited liability company (“Oxford”),
and WILLIAMS
OPPORTUNITY FUND, LLC, a Georgia limited liability company (“Williams”; Oxford
and Williams are hereinafter referred to individually as a “Seller” and
collectively as “Sellers”).

    

    RECITALS

    

    WHEREAS, Sellers and Purchaser
entered into that certain Contract of Purchase and Sale dated as of September
29, 2010 with respect to that certain apartment project located in Chester
County, Pennsylvania (the “Contract”);
and

    

    WHEREAS, Sellers and Purchaser
now desire to amend and modify the Contract as set forth below.

    

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

    

    
      	
               
      

            	
              1.

            	
              All
      capitalized terms used herein and not otherwise defined shall have those
      meanings ascribed to such terms in the
Contract.

            

    

     

    
      	
               
      

            	
              2.

            	
              In
      Section 3 of the Contract, the words and numbers “five (5)” and “December
      15, 2010” are hereby deleted in their entirety, and the words and numbers
      “ten (10)” and “December 30, 2010”, respectively, are hereby inserted in
      lieu thereof.

            

    

     

    
      	
               
      

            	
              3.

            	
              Except
      as expressly amended herein, all terms and conditions of the Contract
      remain in full force and effect.

            

    

     

    
      	
               
      

            	
              4.

            	
              This
      First Amendment may be executed via facsimile or electronic PDF
      counterpart and a facsimile or PDF signature page shall be deemed an
      original for purposes of this First
Amendment.

            

    

     

    [SIGNATURES
COMMENCE ON FOLLOWING PAGE]

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    IN WITNESS WHEREOF, the
parties have hereto signed, sealed, and delivered this First Amendment as of the
date first above written.

      

    
      
        
          
            
              	
                      PURCHASER:

                    	
                      PREFERRED
      APARTMENT COMMUNITIES OPERATING

                    	 
	 
      	
                      PARTNERSHIP,
      L.P., a Delaware limited partnership

                    	 
	 
      	 
      	 
	 
      	
                      By:

                    	
                      Preferred
      Apartment Communities, Inc., a Maryland

                    	 
	 
      	 
      	
                      Corporation,
      its General Partner

                    	 
	 
      	 
      	 
      	 
      	 
	 
      	 
      	
                      By:

                    	
                      /s/ John A. Williams

                    	 
	 
      	 
      	 
      	 
      	 
	 
      	 
      	 
      	
                      Name:
      John A. Williams

                    	 
	 
      	 
      	 
      	 
      	 
	 
      	 
      	 
      	
                      Title:
      President and Chief Executive Officer

                    	 
	 
      	 
      	 
	 
      	
                      [SEAL]

                    	 

            

          

        

      

    

    

    [SIGNATURES
CONTINUE ON FOLLOWING PAGE]

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

      

    
      
        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              
                                
                                  
                                    
                                      
                                        
                                          
                                            
                                              
                                                
                                                  
                                                    
                                                      
                                                        	SELLERS: 
      	
                                                                OXFORD
      RISE PARTNERS LLC, a

                                                              	 
	 
      	
                                                                Georgia
      limited liability company

                                                              	 
	 
      	 
      	 
	 
      	
                                                                By:

                                                              	
                                                                Oxford
      Rise Development, LLC, a

                                                              	 
	 
      	 
      	
                                                                Georgia
      limited liability company,

                                                              	 
	 
      	 
      	
                                                                its
      Manager

                                                              	 
	 
      	 
      	 
      	 	 	 
	 
      	 
      	
                                                                   

                                                              	By: 	/s/
      W. Daniel Faulk, Jr.	 
	 
      	 
      	 
      	 	
                                                                 
      W. Daniel Faulk, Jr.,

                                                              	 
	 
      	 
      	 
      	 	
                                                                 
      its Manager

                                                              	 
	 	 	 	 	 	 
	 	
                                                                [SEAL]

                                                              	 
	 
      	 
      	 
	 
      	
                                                                WILLIAMS
      OPPORTUNITY FUND, LLC,

                                                              	 
	 
      	
                                                                a
      Georgia limited liability company

                                                              	 
	 
      	 
      	 
	 
      	
                                                                By:

                                                              	
                                                                Williams
      Opportunity Fund Manager, LLC,

                                                              	 
	 
      	 
      	
                                                                a
      Georgia limited liability
      company,

                                                              	 
	 
      	 
      	
                                                                its
      Manager

                                                              	 
	 
      	 
      	 
      	 	  
      	 
	 
      	 
      	
                                                                By:

                                                              	Williams
      Realty Advisors, LLC, a	 
	 
      	 
      	 
      	Georgia
      limited liability
      company,	 
	 
      	 
      	 
      	its
      Manager	 
	 
      	 
      	 
	 
      	 
      	
                                                                   

                                                              	 	
                                                                By:  

                                                              	
                                                                /s/
      John A. Williams, Jr.

                                                              	 
	 
      	 
      	 
      	 	 	
                                                                John
      A. Williams, Jr., its President

                                                              	 
	 
      	 
      	 
      	 	 	
                                                                and
      Chief Operating Officer

                                                              	 
	 
      	 
      	 
	 
      	
                                                                [SEAL]

                                                              	 

                                                      

                                                    

                                                  

                                                

                                              

                                            

                                          

                                        

                                      

                                    

                                  

                                

                              

                            

                          

                        

                      

                    

                  

                

              

            

          

        

      

    

    
      
         

      

      
        3FIRST AMENDMENT TO CONTRACT
OF PURCHASE AND SALE

    

    THIS FIRST AMENDMENT TO CONTRACT OF
PURCHASE AND SALE (this “First Amendment’) is made and entered into as of the
14th day of December, 2010 by and between PREFERRED APARTMENT COMMUNITIES
OPERATING PARTNERSHIP, L.P., a Delaware limited partnership, as assignee of
Preferred Apartment Communities, Inc., a Maryland corporation (“Purchaser”), and
OXFORD SUMMIT DEVELOPMENT, LLC, a Georgia limited liability company (“Oxford”),
and WILLIAMS REALTY
FUND I, LLC, a Georgia limited liability company (“Williams”; Oxford and
Williams are hereinafter referred to individually as a “Seller” and collectively
as “Sellers”).

    

    RECITALS

    

    WHEREAS, Sellers and Purchaser
entered into that certain Contract of Purchase and Sale dated as of September
29, 2010 with respect to that certain apartment project located in
Forsyth  County, Georgia (the “Contract”);
and

    

    WHEREAS, Sellers and Purchaser
now desire to amend and modify the Contract as set forth below.

    

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

    

    
      	
               
      

            	
              1.

            	
              All
      capitalized terms used herein and not otherwise defined shall have those
      meanings ascribed to such terms in the
Contract.

            

    

     

    
      	
               
      

            	
              2.

            	
              In
      Section 3 of the Contract, the words and numbers “five (5)” and “December
      15, 2010” are hereby deleted in their entirety, and the words and numbers
      “ten (10)” and “December 29, 2010”, respectively, are hereby inserted in
      lieu thereof.

            

    

     

    
      	
               
      

            	
              3.

            	
              Except
      as expressly amended herein, all terms and conditions of the Contract
      remain in full force and effect.

            

    

     

    
      	
               
      

            	
              4.

            	
              This
      First Amendment may be executed via facsimile or electronic PDF
      counterpart and a facsimile or PDF signature page shall be deemed an
      original for purposes of this First
Amendment.

            

    

     

    [SIGNATURES
COMMENCE ON FOLLOWING PAGE]

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    
      IN WITNESS WHEREOF, the
parties have hereto signed, sealed, and delivered this First Amendment as of the
date first above written.

                

      
      

      
        
          
            
              
                	
                        PURCHASER:

                      	
                        PREFERRED
      APARTMENT COMMUNITIES OPERATING

                      	 
	 
      	
                        PARTNERSHIP,
      L.P., a Delaware limited partnership

                      	 
	 
      	 
      	 
	 
      	
                        By:

                      	
                        Preferred
      Apartment Communities, Inc., a Maryland

                      	 
	 
      	 
      	
                        Corporation,
      its General Partner

                      	 
	 
      	 
      	 
      	 
      	 
	 
      	 
      	
                        By:

                      	
                        /s/ John A. Williams

                      	 
	 
      	 
      	 
      	 
      	 
	 
      	 
      	 
      	
                        Name:
      John A. Williams

                      	 
	 
      	 
      	 
      	 
      	 
	 
      	 
      	 
      	
                        Title:
      President and Chief Executive Officer

                      	 
	 
      	 
      	 
	 
      	
                        [SEAL]

                      	 

              

            

          

        

      

      

      [SIGNATURES
CONTINUE ON FOLLOWING PAGE]

      
        
           

        

        
          2

          
            

          

        

        
           

        

      

    

     

    
      
        
          
            
              
                
                  
                    
                      	
                              SELLERS:

                            	
                              OXFORD
      SUMMIT DEVELOPMENT, LLC,

                            	 
	 
      	
                              a
      Georgia limited liability company

                            	 
	 
      	 
      	 
	 
      	
                              By:

                            	
                              /s/ W. Daniel Faulk, Jr.

                            	 
	 
      	 
      	
                                W.
      Daniel Faulk, Jr.,

                            	 
	 
      	 
      	
                               
      its Manager

                            	 
	 
      	 
      	 
	 
      	
                              [SEAL]

                            	 
	 
      	 
      	 
	 
      	
                              WILLIAMS
      REALTY FUND I, LLC, a

                            	 
	 
      	
                              Georgia
      limited liability company

                            	 
	 
      	 
      	 
      	 
	 
      	
                              By:

                            	
                              Williams
      Realty Fund Manager I, LLC,

                            	 
	 
      	 
      	
                              a
      Georgia limited liability
      company,

                            	 
	 
      	 
      	
                              its
      Manager

                            	 
	 
      	 
      	 
      	 
	 
      	 
      	
                              By:

                            	
                              Williams
      Realty Advisors, LLC, a

                            	 
	 
      	 
      	 
      	
                              Georgia
      limited liability
      company,

                            	 
	 
      	 
      	 
      	
                              its
      Manager

                            	 
	 
      	 
      	 
      	 
      	 
	 
      	 
      	 
      	
                              By:

                            	
                              /s/ John A. Williams, Jr.

                            	 
	 
      	 
      	 
      	 
      	
                              John
      A. Williams, Jr., its President

                            	 
	 
      	 
      	 
      	 
      	
                              and
      Chief Operating Officer

                            	 
	 
      	 
      	 
	 
      	
                              [SEAL]

                            	 

                    

                  

                

              

            

          

        

      

    
  

    
      
         

      

      
        3

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