Document:

exv10w3

Exhibit
10.3

First Amendment To

Purchase and Sale Agreement

And Joint Escrow Instructions

(TSG — LITTLE VALLEY)

     THIS FIRST AMENDMENT TO PURCHASE AND SALE AGREEMENT AND JOINT ESCROW INSTRUCTIONS (this
“Agreement”), dated as of September 3, 2009, is by and between TSG LITTLE VALLEY, LP, a California
limited partnership (“Seller”), and SPT LAKE ELSINORE HOLDING CO., LLC, a Delaware limited
liability company (“Buyer”), and amends that certain Purchase and Sale Agreement and Joint Escrow
Instructions dated as of September 30, 2008 as previously amended by those certain
Amended/Supplemental Escrow Instructions dated October 16, 2008 and October 27, 2008, October 27,
2008, November 11, 2008, November 25, 2008, December 30, 2008, January 13, 2009, January 27, 2009,
February 24, 2009 and that certain undated Corrective Amendment (as amended, the “Agreement”).
Capitalized terms used herein shall have the meanings given them in the Agreement unless otherwise
defined herein. To the extent of any inconsistency between the terms set forth in the Agreement and
this Amendment, the terms set forth in this Amendment shall control.

     Seller and Buyer hereby reinstate the Agreement and further agree to amend the Agreement as
follows:

1. The defined term “Land” is revised to mean all the properties described on Exhibit “A”
attached hereto.

2. The defined term “Purchase Price” is revised to be Nine Million Six Hundred Thousand Dollars
($9,600,000.00).

3. The defined term “Deposit” is revised to mean Two Million Dollars ($2,000,000.00). The Deposit
shall be immediately released to Seller, and shall not be refundable to Buyer except upon a
termination of this Agreement as a result of Seller’s default of a material obligation under this
Agreement occurring prior to the Close of Escrow or a failure of an express condition precedent
under this Agreement to Buyer’s obligation to purchase the Property.

4. The Close of Escrow shall occur on or before November 30, 2009.

     IN WITNESS WHEREOF, the parties have executed this Purchase and Sale Agreement and Joint
Escrow Instructions as of the date first above written.

	 	 	 	 	 	 	 	 	 	 	 
	 	 	TSG LITTLE VALLEY, L.P., a California limited

partnership
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	By:	 	Portfolio Partners, Inc., a California
 Corporation
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	By:	 	/s/ Stevan J. Gromet 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	Stevan J. Gromet, President

[signatures continued on next page]

Page 1 of 2

 

[signatures
continued from prior  page]

	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	SPT LAKE ELSINORE HOLDING CO., LLC, a
Delaware
limited liability company
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	By:	 	The Shopoff Corporation, a Delaware

corporation, its General Partner
	 
	 

	 	 	 	 	 	 	 	By:	 	/s/ William A. Shopoff 
	 

	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	 	 	William A. Shopoff, President

Page 2 of 2exv10w4

Exhibit
10.4

Second Amendment To

Purchase and Sale Agreement

And Joint Escrow Instructions

(TSG — LITTLE VALLEY)

     THIS SECOND AMENDMENT TO PURCHASE AND SALE AGREEMENT AND JOINT ESCROW
INSTRUCTIONS (this “Amendment”), dated as of October 15, 2009, is by and between TSG
LITTLE VALLEY, LP, a California limited partnership
(“Seller”), and SPT-LAKE ELSINORE HOLDING CO.,
LLC (“Buyer”) (as successor-in-interest by assignment to Shopoff Advisors, L.P., a Delaware limited
partnership), and amends that certain Purchase and Sale Agreement and Joint Escrow Instructions
dated as of September 30, 2008, as previously amended (as amended, the “Agreement”). Capitalized
terms used herein shall have the meanings given them in the Agreement.

     Seller and Buyer agree to amend the Agreement as follows:

     Two Million Nine Hundred Thousand Dollars ($2,900,000.00) of the Purchase Price shall be paid
by Buyer’s execution and delivery into Escrow of (i) an All-Inclusive Purchase Money Note Secured
by Deed of Trust in favor of Seller as Payee therein, in the principal amount of Two Million Nine
Hundred Thousand Dollars ($2,900,000.00), and (ii) an All-Inclusive Deed of Trust executed by Buyer
in favor of Seller as Beneficiary therein, securing the foregoing All-Inclusive Purchase Money
Note.

     In all other respects the Agreement shall remain unmodified and in full force and effect.

     IN WITNESS WHEREOF, the parties have executed this Amendment as of the date first
above written.

	 	 	 	 	 	 	 	 	 	 	 	 	 
	SELLER:	 	TSG LITTLE VALLEY, L.P., a California limited partnership
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	By:	 	Pelaton Partners, Inc.,
a California limited partnership
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	By:	 	Portfolio Partners, Inc.,
a California corporation
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	By: 	 	/s/ Stevan J. Gromet 
	 	 	 	 	 	 	Stevan J. Gromet, President
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	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,
 Presidentexv10w5

Exhibit
10.5

Restated Second Amendment To

Purchase and Sale Agreement

And Joint Escrow Instructions

(TSG — LITTLE VALLEY)

     THIS RESTATED SECOND AMENDMENT TO PURCHASE AND SALE AGREEMENT AND JOINT ESCROW
INSTRUCTIONS (this “Restated Amendment”), dated as of October 15, 2009, is by and between TSG
LITTLE VALLEY, LP, a California limited partnership
(“Seller”), and SPT-LAKE ELSINORE HOLDING CO.,
LLC (“Buyer”) (as successor-in-interest by assignment to Shopoff Advisors, L.P., a Delaware limited
partnership), and amends that certain Purchase and Sale Agreement and Joint Escrow Instructions
dated as of September 30, 2008, as previously amended (as amended, the “Agreement”). Capitalized
terms used herein shall have the meanings given them in the Agreement. This Restated Amendment
corrects and supersedes that certain Second Amendment to Purchase and Sale Agreement between Seller
and Buyer of even date herewith.

     Seller and Buyer agree to amend the Agreement as follows:

     Two Million Nine Hundred Thousand Dollars ($2,900,000.00) of the Purchase Price shall be paid
by Buyer’s execution and delivery into Escrow of (i) an All-Inclusive Purchase Money Note Secured
by Deed of Trust in favor of Seller as Payee therein, in the principal amount of Two Million Nine
Hundred Thousand Dollars ($2,900,000.00), and (ii) an All-Inclusive Deed of Trust executed by Buyer
in favor of Seller as Beneficiary therein, securing the foregoing All-Inclusive Purchase Money
Note.

     In all other respects the Agreement shall remain unmodified and in full force and effect.

     IN WITNESS WHEREOF, the parties have executed this Restated Amendment as of the date first
above written.

	 	 	 	 	 	 	 	 	 	 	 	 	 
	Seller:	 	TSG LITTLE VALLEY, L.P., a California limited partnership
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	By:	 	Portfolio Partners, Inc., a California Corporation
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	By:	 	/s/ Stevan J. Gromet 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	Stevan J. Gromet, President
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	Buyer:	 	SPT-LAKE ELSINORE HOLDING CO., LLC, a Delaware

limited liability company
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	By:	 	Shopoff Partners,L.P., a Delaware limited partnership,

sole member
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	By:	 	Shopoff General Partner, LLC, a Delaware
limited liability company, general partner
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	By:	 	Shopoff Properties Trust, Inc., a

Maryland corporation, manager
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	By:	 	/s/ William A. Shopoff 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	William A. Shopoff,
 President and CEOexv10w6

Exhibit 10.6

ALL-INCLUSIVE PURCHASE MONEY NOTE SECURED BY DEED OF TRUST

					
	 	 	 	 	 
	$2,900,000.00
	 	Irvine, California
	 	November 6, 2009

THIS NOTE CONTAINS A BALLOON PAYMENT

The undersigned, SPT-LAKE ELSINORE HOLDING CO., LLC, a Delaware limited liability company
(“Maker"), promises to pay to TSG LITTLE VALLEY, L.P., a California limited partnership (“Payee"),
the sum of Two Million Nine Hundred Thousand Dollars ($2,900,000.00), with interest thereon at the
rate herein below set forth, commencing on the date hereof.

The amount of this All-Inclusive Purchase Money Note Secured by Deed of Trust (this “Note")
includes the unpaid balance of that certain Promissory Note having a Loan Date of April 3, 2006, in
the original principal amount of $2,000,000.00, payable to 1st Centennial Bank, a copy
of which is attached to this Note and incorporated herein as if fully set forth herein (the
“Included Note"). The Included Note is secured by a Deed of Trust dated April 3, 2006 and recorded
on April 10, 2006 in the Official Records of Riverside County, California as Instrument No.
2005-0254320. The outstanding principal balance on the Included Note as of November 3, 2009 is
approximately $1,750,000. Maker and Payee acknowledge that Payee remains obligated to the Bank on
the Included Note. The current payee under the Included Note is the Federal Deposit Insurance
Corporation, as receiver for 1st Centennial Bank.

Maker agrees to make payment of interest and principal under this Note to Payee as follows:

Interest on the principal amount of this Note shall bear interest at a rate of twelve percent (12%)
per annum until this Note is paid in full. All unpaid principal and interest shall be due and
payable in full one (1) year from the date of this Note. Maker reserves the right to pre-pay all
principal and accrued interest under this Note at any time without penalty.

Payments shall be in lawful money of the United States, and when received by Payee shall first be
applied to accrued interest under this Note, then applied to reduce the principal balance of this
Note.

Should payee fail to pay any installments when due upon the Included Note as provided herein, Maker
may make such payments directly to payee of the Included Note, and the amount shall be credited to
the next following installment or installments due under this Note. Any reduction in the unpaid
principal balance or payment of accrued interest of the Included Note, other than by payment
thereupon by Payee, such as by payment from an award in eminent domain, or of proceeds of
insurance, shall be credited to the unpaid balance and interest hereon in like amount.

Should default be made in the payment by Maker when due, the whole sum of principal and interest
shall become immediately due at the option of Payee of this Note.

If action be instituted on this Note, Maker promises to pay such sums as the court may fix as
attorneys’ fees. This Note is secured by an All Inclusive Deed of Trust to FIRST AMERICAN TITLE
INSURANCE COMPANY, as trustee. Said Deed of Trust states in part as follows:

“In the event the property encumbered by this Deed of Trust, or any part thereof, or
any interest therein is sold, agreed to be sold, conveyed or alienated by the
Trustor, or by the operation of law or otherwise, all obligations secured by this
instrument, irrespective of the

Page 1

 

maturity dates expressed therein, at the option of Beneficiary and without demand or
notice, shall immediately become due and payable in full.”

“In the event, without the express written consent of Beneficiary first obtained,
Trustor shall further encumber the property encumbered by this Deed of Trust, or any
part thereof, or any interest therein, all obligations secured by this Deed of
Trust, irrespective of the maturity dates expressed therein, at the option of
Beneficiary, shall immediately become due and payable in full.”

THIS NOTE CONTAINS A BALLOON PAYMENT

IN WITNESS WHEREOF, Maker has executed this Note as of the date first set forth above.

Maker:

	 	 	 	 	 
	 	SPT-LAKE ELSINORE HOLDING CO., LLC, a Delaware limited
liability company

 	 
	 	By:  	Shopoff Partners,
 	 
	 	 	L.P., a Delaware limited partnership, sole member 	 

	 	 	 	 	 
	 	 	 
	 	By:  	                                            Shopoff General Partner, LLC, a Delaware limited
 	 
	 	 	liability company, general partner 	 

	 	 	 	 	 
	 	 	 
	 	By:  	                                   Shopoff Properties Trust, Inc., a Maryland
 	 
	 	 	corporation, manager 	 

	 	 	 	 	 
	 	 	 
	 	By:  	/s/ William A. Shopoff 	 
	 	 	William A. Shopoff, 	 
	 	 	President and CEO 	 
	 

The undersigned Payee agrees to satisfy the Included Note in full prior to the maturity date of
this Note and to cause to have recorded a Reconveyance of the Deed of Trust securing the Included
Note not later than the payment in full of the principal balance and accrued interest owing on this
Note.

TSG-LITTLE VALLEY, L.P., a California limited partnership

	 	 	 	 	 
	 	 	 
	By:  	         PortFolio Partners, Inc., general partner
 	 	 
	 	 	 	 

	 	 	 	 	 
	By:  	/s/
Stevan Gromet
 	 	 
	 	Stevan Gromet, President 	 	 
	 	 	 	 
	 

Page 2

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