Document:

EX-10.90

 Exhibit 10.90 
 SECOND AMENDMENT 
 TO 

PURCHASE AND SALE AGREEMENT 
 THIS SECOND AMENDMENT TO PURCHASE AND SALE AGREEMENT (the “Second Amendment”), dated as of November 14, 2013, is made by and between Highlands Lofts, LLC, a Missouri limited
liability company (“Seller”), and KBS-Legacy Apartment Community REIT Venture, LLC, a Delaware limited liability company (“Purchaser”), with reference to the following: 

WHEREAS, Purchaser and Seller are parties to that certain Purchase and Sale Agreement dated as of October 16,
2013, that certain First Amendment to Purchase and Sale Agreement dated as of October 28, 2013 (collectively, the “Purchase Agreement”); 
 WHEREAS, Seller and Purchaser have agreed to enter into this Second Amendment to set forth their agreement regarding the matters set forth herein. 

NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged,
Purchaser and Seller hereby agree to the following: 
 1.        
Terms. All initially capitalized terms which are used in this Second Amendment, but not otherwise defined herein, shall have the same meanings as ascribed thereto in the Purchase Agreement. 

2.         Inspection Expiration Date. Section 3.5 of the Purchase
Agreement is hereby modified to provide that November 18, 2013 is the Inspection Expiration Date. 

3.         Purchase Agreement Ratified. In all other respects, except as
otherwise provided by this Second Amendment, the undersigned hereby ratify and confirm the Purchase Agreement which remains in full force and effect. 
 4.         Counterparts. This Third Amendment may be executed in counterparts, each of which shall be deemed an original and all of said counterparts shall
constitute but one and the same instrument. Signatures delivered via facsimile or other electronic means shall be accepted as if original. 
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 IN WITNESS WHEREOF, the undersigned hereby execute this Second Amendment to
be effective as of November 14, 2013. 
  

			
	 SELLER:

	
	 HIGHLANDS LOFTS, LLC

	 a Missouri limited liability company

		
	 By:
	 	 /s/ Steven A. Brown

		 	 Steven A. Brown, Authorized Manager

 
  

					
	 PURCHASER:

	
	 KBS-LEGACY APARTMENT COMMUNITY REIT VENTURE, LLC, a Delaware limited liability company

		
	 By:
	 	 Legacy Partners Residential Realty LLC, a Delaware limited liability company, its Managing Member

			
		 	 By:
	 	 /s/ Kerry L. Nicholson

		 	 Name:
	 	 Kerry L. Nicholson

		 	 Title:
	 	 S.V.P.

 The undersigned Escrow Agent joins in the execution of this Third Amendment in
order to acknowledge the terms hereof. 
  

			
	 FIDELITY NATIONAL TITLE COMPANY

		
	 By:
	 	 /s/ Kim Azure

	 Name:
	 	 Kim Azure

	 Title:
	 	 Commercial Escrow Officer

  
 2EX-10.91

 Exhibit 10.91 
 THIRD AMENDMENT 
 TO 

PURCHASE AND SALE AGREEMENT 
 THIS THIRD AMENDMENT TO PURCHASE AND SALE AGREEMENT (the “Third Amendment”), dated as of November 18, 2013 (the “Third Amendment Effective Date”), is made by and
between Highlands Lofts, LLC, a Missouri limited liability company (“Seller”), and KBS Legacy Partners Lofts LLC, a Delaware limited liability company (“Purchaser”), with reference to the following: 

WHEREAS, KBS-Legacy Apartment Community REIT Venture, LLC, a Delaware limited liability company (“KACRV”) and
Seller entered into that certain Purchase and Sale Agreement dated as of October 16, 2013, that certain First Amendment to Purchase and Sale Agreement dated as of October 28, 2013 (the “First Amendment”) and that certain
Second Amendment to Purchase and Sale Agreement dated as of November 14, 2013 (collectively, the “Purchase Agreement”); 
 WHEREAS KACRV’s rights and obligations in, to and under the Purchase Agreement have been assigned to Purchaser; 
 WHEREAS, Seller and Purchaser have agreed to enter into this Third Amendment to set forth their agreement regarding the matters set forth herein. 

NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Purchaser and
Seller hereby agree to the following: 
 1.         Terms. All initially
capitalized terms which are used in this Third Amendment, but not otherwise defined herein, shall have the same meanings as ascribed thereto in the Purchase Agreement. For clarification purposes, the term “Banked Rents” as
defined in the First Amendment, means the total amount of rents collected from tenants under Leases and “rents” in such context does not include, without limitation, any amounts collected for application fees, utility bill backs, late
fees, and/or security deposits; and for purposes of calculating Banked Rents, any concessions granted on Leases entered into on or after the Third Amendment Effective Date shall be amortized over the term of the Lease and such rent including the
effect of amortized concessions shall be used in lieu of the rent actually collected in such month. For example, if the Lease is executed on November 19, 2013 and is for 12 months and the rent is $1,000 per month, but the tenant receives the
first month free as a concession, if the tenant pays the $1,000 rent, the amount of rent to be used for purposes of calculating Banked Rents on that Lease will be $916.67 ($1,000 x 11 months paid = $11,000 / 12 months of lease = $916.67) and not
$1,000. 
 2.         HUD Approval Contingency. The following is hereby added to
the Purchase Agreement as a new Section 3.7.4: 
 “HUD. This Agreement is expressly conditioned upon
preliminary approval by HUD of the transaction as set forth in Form HUD 92266, Application for Transfer of Physical 

  
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Assets, and supporting documents submitted to HUD. No transfer of any interest in the Property to the Purchaser under this Agreement shall be effective prior to such HUD approval. The
Purchaser will not acquire the Property prior to such approval by HUD. The Purchaser, its heirs, executors, administrators or assigns, shall have no right upon any breach by the Seller hereunder to seek damages, directly or indirectly, from the
Property which is the subject of this transaction, including from any assets, rents, issues or profits thereof, and the Purchaser shall have no right to effect a lien upon the Property or the assets, rents, issues, or profits thereof. 

In addition to the materials delivered pursuant to Section 3.1.1, Seller agrees to provide to Purchaser, at Seller’s expense,
with interim financial statements from the date of the last audited reports, through the Closing Date, within thirty (30) days after the Closing Date. Such statement is required by item #4 under the section marked “Final Approval
Process” of the instructions to Form HUD-92266. The terms of this Section 3.7.4 shall survive Closing.” 

3.     Purchase Price. Section 2.1 of the Purchase Agreement is hereby deleted and replaced with the
following: 
 “The purchase price for the Property (the “Purchase Price”) will be FORTY-TWO MILLION
DOLLARS ($42,000,000) adjusted by the Rents Adjustment (as defined below). The “Rents Adjustment” is the product of the difference between the Banked Rents for the calendar month prior to the month in which the Lender’s
Approval is received and $270,000 multiplied by 36, up to a maximum adjustment amount of $500,000. As an example, if the Lender’s Approval is received on February 14, 2014 and the Banked Rents for January 2014 equaled $275,000, the Rents
Adjustment would be a positive $180,000 and the Purchase Price would be $42,180,000 ($275,000 - $270,000 = $5,000; $5,000 x 36 = $180,000; $42,000,000 + $180,000 = $42,180,000); if the Lender’s Approval is received on February 14, 2014 and
the Banked Rents for January 2014 equaled $265,000, the Rents Adjustment would be a negative $180,000 and the Purchase Price would be $41,820,000 ($265,000 - $270,000 = $-5,000; $-5,000 x 36 = $-180,000; $42,000,000 - $180,000 = $41,820,000.”

 4.     Corporate Leases. Any lease a) which allows a person or entity other than
the leasee to occupy the unit, and b) is not on the form of Seller’s standard tenant lease delivered to Purchaser as part of the Property Materials (a “Corporate Lease”), must be approved by Purchaser in advance, which
approval will not be unreasonably withheld conditioned or delayed, provided that Purchaser may reasonably disapprove any Corporate Lease if i) there are twenty-seven (27) or more units under Corporate Leases as of the date Seller requests
approval of a new Corporate Lease, ii) if the credit quality of the prospective corporate tenant is substandard, or iii) if such new Corporate Lease would cause there to be a high concentration of Lease expirations. 

5.     Qualified Tenants. The modification to Section 4.1.3 set forth in Section 5
of the First Amendment is hereby deleted. The last sentence of Section 4.1.3 is hereby deleted and replaced with the following: 
 “Seller shall not enter into any new Leases with a term of less than six (6) months or more than thirteen (13) months. Within twenty-four (24) hours after

  
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complete execution of each new Lease prior to Closing, Seller or its Manager shall deliver to Purchaser (via e-mail at: knicholson@legacypartners.com, pnicholson@legacypartners.com,
and wright@swllp.com) i) a complete copy of such new Lease and ii) such new tenant’s rental application and other materials evidencing such new tenant’s status as a Qualified Tenant. Purchaser’s advance notice of access to the
Property and Manager’s leasing files pursuant to Section 3 of this Agreement, notwithstanding Section 8 of this Agreement to the contrary, shall be via e-mail at mdonovan@balkebrown.com and sbrown@balkebrown.com with no
need to also deliver such notice via overnight courier. As set forth in Section 3.1.3, Seller shall have an opportunity to have a representative present during any such inspection, and Seller expressly reserves the right to have such a
representative present.” 
 6.         Inspection Notice. This Third
Amendment shall serve as Purchaser’s Inspection Notice pursuant to Section 3.5 of the Purchase Agreement. Seller is hereby notified that Purchaser approves of the Property. 

7.         Purchase Agreement Ratified. In all other respects, except as otherwise
provided by this Third Amendment, the undersigned hereby ratify and confirm the Purchase Agreement which remains in full force and effect. 
 8.         Counterparts. This Third Amendment may be executed in counterparts, each of which shall be deemed an original and all of said counterparts shall
constitute but one and the same instrument. Signatures delivered via facsimile or other electronic means shall be accepted as if original. 
  

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 IN WITNESS WHEREOF, the undersigned hereby execute this Third Amendment to be effective as
of November 18, 2013. 
  

							
	SELLER:
	
	 HIGHLANDS LOFTS, LLC
 a Missouri limited liability company

		
	By:	 	/s/ Steven A.
Brown                            
		 	Steven A. Brown, Authorized Manager
	
	PURCHASER:
	
	 KBS LEGACY PARTNERS LOFTS LLC, a Delaware
 limited liability company

		
	By:	 	 KBS Legacy Partners Properties LLC, a Delaware
 limited liability company, its sole member

			
		 	By:	 	 KBS Legacy Partners Limited Partnership,
 a Delaware limited partnership, its sole
 member

				
		 		 	By:	 	 KBS Legacy Partners Apartment REIT,
 Inc., a Maryland corporation, its
 sole general partner

				
		 		 		 	By: /s/ Guy K.
Hays                            
		 		 		 	Name: Guy K. Hays
		 		 		 	Title: Executive Vice President

 The undersigned Escrow Agent joins in the execution of this Third Amendment in order to acknowledge
the terms hereof. 
  

	
	 FIDELITY NATIONAL TITLE COMPANY

	
	 By: /s/ Kim
Azure                                        

	 Name: Kim
Azure                                        

	 Title: Commercial Escrow Officer              

  
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