Document:

Ex 10.3 Assignment and Assumption - Montclair Parc

Exhibit 10.3

ASSIGNMENT AND ASSUMPTION OF PURCHASE AGREEMENT
For good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, STEADFAST ASSET HOLDINGS, INC., a California corporation (“Assignor”), hereby assigns to SIR MONTCLAIR PARC, LLC, a Delaware limited liability company (“Assignee”), all of Assignor's rights and obligations under and in regard to that certain Purchase and Sale Agreement and Joint Escrow Instructions dated January 27, 2012, (as may be amended, the “Purchase Agreement”), between Montclair Parc Apartments Limited Partnership (“Seller”) and Assignor for the purchase and sale of that certain real property located in Oklahoma City, Oklahoma, as more particularly described in Exhibit A attached hereto (the “Property”).
Assignee hereby agrees to and shall assume, perform and be fully responsible for the performance of all of the obligations of Assignor under the Purchase Agreement.
All of the provisions, covenants and agreements contained in the Assignment shall extend to and be binding upon the respective legal representatives, successors and assigns of Assignor and Assignee.  This Assignment represents the entire agreement between Assignor and Assignee with respect to the subject matter of the Assignment , and all prior or contemporaneous agreements regarding such matters are hereby rendered null and void and of no force and effect. 
(SIGNATURES APPEARS ON FOLLOWING PAGE)

WITNESS THE EXECUTION HEREOF, as of this April 10, 2012. 
	
			
	ASSIGNOR:

	 
	 
	 

	STEADFAST ASSET HOLDINGS, INC.,

	a California corporation

	 
	 
	 

	By:
	/s/ Ana Marie Del Rio

	 
	Ana Marie del Rio

	 
	Secretary and Vice President

	 
	 
	 

	 
	 
	 

	ASSIGNEE:

	 
	 
	 

	SIR MONTCLAIR PARC, LLC

	an Delaware limited liability company

	 
	 
	 

	By:
	Steadfast Income Advisor, LLC,

	 
	a Delaware limited liability

	 
	company, its Manager

	 
	 
	 

	 
	By:
	/s/ Ana Marie del Rio

	 
	 
	Ana Marie del Rio

	 
	 
	Secretary

Exhibit A
DESCRIPTION OF THE LAND
A tract of land located in the Northwest Quarter of Section 8, Township 10 North, Range 3 West of the Indian Meridian, Oklahoma City, Cleveland County, Oklahoma, being described as follows:  Commencing at the Northwest Corner of the Northwest Quarter of said Section 8; thence S. 00°02'13" E. along the West line of said Northwest Quarter a distance of 950 feet to the point of beginning; thence East a distance of 1,011.50 feet; thence S. 00°02'13" E. and parallel with the West line of said Northwest Quarter a distance of 1017.22 feet; thence S. 65°55'43" W., a distance of 29.98 feet; thence N. 24°04'17" W., a distance of 96.06 feet; thence West a distance of 945 feet to a point on the West line of said Northwest Quarter; thence N. 00°02'13" W. along the West line of said Northwest Quarter a distance of 941.74 feet to the point of beginning.Ex 10.4 Amendment No 1 to PSA - Montclair Parc

Exhibit 10.4

FIRST AMENDMENT TO PURCHASE AND SALE AGREEMENT
AND JOINT ESCROW INSTRUCTIONS
This First Amendment to Purchase and Sale Agreement and Joint Escrow Instructions (“First Amendment”), dated as of April 11, 2012, is made between MONTCLAIR PARC APARTMENTS LIMITED PARTNERSHIP, an Oklahoma limited partnership (“Seller”), and SIR MONTCLAIR PARC, LLC, a Delaware limited liability company (“Buyer”), with reference to the following facts:
		
	A.
	Seller and Steadfast Asset Holdings, Inc., a California corporation (“Original Buyer”), entered into that certain Purchase and Sale Agreement and Joint Escrow Instructions dated January 27, 2012 (the “Agreement”), for the purchase and sale of that certain real property located in Oklahoma City, Oklahoma, together with all structures, improvements, machinery, fixtures and equipment affixed or attached thereto, and other tangible and intangible real and personal property rights related thereto, all as more particularly described in the Agreement. Pursuant to that certain Assignment and Assumption of Purchase Agreement dated as of April 10, 2012, Original Buyer assigned its rights under the Agreement to Buyer

		
	B.
	Pursuant to Section 6.2 of the Agreement, Buyer duly-exercised the Extension Option to extend the Closing Date to between May 1, 2012 and May 4, 2012 (the “Rescheduled Closing Date”).

		
	C.
	Buyer and Seller now desire to amend the Rescheduled Closing Date as set forth below. Except as otherwise expressly defined in this First Amendment, all initially capitalized terms used in this First Amendment have the same meanings as in the Agreement.

THEREFORE, for valuable consideration, the receipt and adequacy of which is hereby acknowledged, the parties agree to amend the Agreement as follows:
		
	1.
	Rescheduled Closing Date. The Rescheduled Closing Date is hereby amended to be April 26, 2012.

		
	2.
	Acknowledgment of Assignment. Seller acknowledges and agrees that this First Amendment shall constitute duly-given notice of the assignment of the Agreement by Original Buyer to Buyer, as required pursuant to Section 15 of the Agreement.

		
	3.
	Counterparts; Copies. This First Amendment may be executed and delivered in any number of counterparts, each of which so executed and delivered shall be deemed to be an original and all of which shall constitute one and the same instrument. Electronic, photocopy and facsimile copies of signatures may be used in place and stead of original signatures with the same force and effect as originals.

		
	4.
	Conflicts. If any conflict between this First Amendment and the Agreement should arise, the terms of this First Amendment shall control.

		
	5.
	Continuing Effect. There are no other amendments or modifications to the Agreement other than this First Amendment. Except as expressly amended by this First Amendment, the Agreement shall remain in full force and effect and is hereby ratified and reaffirmed.

1

		
	6.
	Authority. The individual(s) executing this First Amendment on behalf of each party hereto hereby represent and warrant that he/she has the capacity, with full power and authority, to bind such party to the terms and provisions of this First Amendment.

		
	7.
	Attorneys’ Fees. In any action to enforce or interpret the provisions of this First Amendment, the prevailing party shall be entitled to an award of its attorneys’ fees and costs.

NOW THEREFORE, the parties have executed this First Amendment as of the date first written above.
	
							
	SELLER:
	 
	BUYER:

	 
	 
	 
	 
	 
	 
	 

	MONTCLAIR PARC APARTMENTS LIMITED PARTNERSHIP, an Oklahoma limited partnership
	 
	SIR MONTCLAIR PARC, LLC,
a Delaware limited liability company

	 
	 
	 
	 
	 
	 
	 

	By:
	CASE MONTCLAIR PARK, L.L.C., 
an Oklahoma limited liability company, its general partner
	 
	By:
	Steadfast Income Advisor, LLC,
a Delaware limited liabilty company, its Manager

	 
	 
	 
	 
	 
	 
	 

	 
	By:
	/s/ Mike D. Case
	 
	 
	By:
	/s/ Ana Marie del Rio

	 
	Name:
	Mike D. Case
	 
	 
	Name:
	Ana Marie del Rio

	 
	Its:
	Manager
	 
	 
	Its:
	Secretary

2Ex 10.5 Multifamily Note - Lincoln Tower

Exhibit 10.5

MULTIFAMILY NOTE
	
		
	US $8,776,000.00
	April 12, 2012

FOR VALUE RECEIVED, the undersigned (“Borrower”) promises to pay to the order of PNC BANK, NATIONAL ASSOCIATION, a national banking association (“Lender”), the principal amount of Eight Million Seven Hundred Seventy-Six Thousand and No/100 Dollars (US $8,776,000.00) (the “Mortgage Loan”), together with interest thereon accruing at the Interest Rate on the unpaid principal balance from the Effective Date until fully paid in accordance with the terms hereof and of that certain Multifamily Loan and Security Agreement dated as of the date hereof, by and between Borrower and Lender (as the same may be amended, restated, replaced, supplemented or otherwise modified from time to time, the “Loan Agreement”).
		
	1.
	Defined Terms.

Capitalized terms used and not specifically defined in this Multifamily Note (this “Note”) have the meanings given to such terms in the Loan Agreement.
		
	2.
	Repayment.

Borrower agrees to pay the principal amount of the Mortgage Loan and interest on the principal amount of the Mortgage Loan from time to time outstanding at the Interest Rate or such other rate or rates and at the times specified in the Loan Agreement, together with all other amounts due to Lender under the Loan Documents.  The outstanding balance of the Mortgage Loan and all accrued and unpaid interest thereon shall be due and payable on the Maturity Date, together with all other amounts due to Lender under the Loan Documents.
		
	3.
	Security.

The Mortgage Loan evidenced by this Note, together with all other Indebtedness is secured by, among other things, the Security Instrument, the Loan Agreement and the other Loan Documents.  All of the terms, covenants and conditions contained in the Loan Agreement, the Security Instrument and the other Loan Documents are hereby made part of this Note to the same extent and with the same force as if they were fully set forth herein.  In the event of a conflict or inconsistency between the terms of this Note and the Loan Agreement, the terms and provisions of the Loan Agreement shall govern.
		
	4.
	Acceleration.

In accordance with the Loan Agreement, upon the occurrence of an Event of Default, the entire unpaid principal balance of the Mortgage Loan, any accrued and unpaid interest, including interest accruing at the Default Rate, the Prepayment Premium (if applicable), and all other amounts payable under this Note, the Loan Agreement and any other Loan Document shall at once become due and payable, at the option of Lender, without any prior notice to Borrower, unless applicable law requires otherwise (and in such case, after satisfactory notice has been given).

	
			
	Multifamily Note - Multistate
	Form 6010
	Page 1

	Fannie Mae
	03-11
	© 2011 Fannie Mae

		
	5.
	Personal Liability.

The provisions of Article 3 (Personal Liability) of the Loan Agreement are hereby incorporated by reference into this Note to the same extent and with the same force as if fully set forth herein.
		
	6.
	Governing Law.

This Note shall be governed in accordance with the terms and provisions of Section 15.01 (Governing Law; Consent to Jurisdiction and Venue) of the Loan Agreement.
		
	7.
	Waivers.

Presentment, demand for payment, notice of nonpayment and dishonor, protest and notice of protest, notice of acceleration, notice of intent to demand or accelerate payment or maturity, presentment for payment, notice of nonpayment, grace and diligence in collecting the Indebtedness are waived by Borrower, for and on behalf of itself, Guarantor and Key Principal, and all endorsers and guarantors of this Note and all other third party obligors or others who may become liable for the payment of all or any part of the Indebtedness.
		
	8.
	Commercial Purpose.

Borrower represents that the Indebtedness is being incurred by Borrower solely for the purpose of carrying on a business or commercial enterprise or activity, and not for agricultural, personal, family or household purposes.
		
	9.
	Construction; Joint and Several (or Solidary, as applicable) Liability.

(a)Section 15.08 (Construction) of the Loan Agreement is hereby incorporated herein as if fully set forth in the body of this Note.
(b)If more than one Person executes this Note as Borrower, the obligations of such Person shall be joint and several (solidary instead for purposes of Louisiana law).
		
	10.
	Notices.

All Notices required or permitted to be given by Lender to Borrower pursuant to this Note shall be given in accordance with Section 15.02 (Notice) of the Loan Agreement.
		
	11.
	Time is of the Essence.

Borrower agrees that, with respect to each and every obligation and covenant contained in this Note, time is of the essence.

	
			
	Multifamily Note - Multistate
	Form 6010
	Page 2

	Fannie Mae
	03-11
	© 2011 Fannie Mae

		
	12.
	Loan Charges Savings Clause.

Borrower agrees to pay an effective rate of interest equal to the sum of the Interest Rate and any additional rate of interest resulting from any other charges of interest or in the nature of interest paid or to be paid in connection with the Mortgage Loan and any other fees or amounts to be paid by Borrower pursuant to any of the other Loan Documents.  Neither this Note, the Loan Agreement nor any of the other Loan Documents shall be construed to create a contract for the use, forbearance or detention of money requiring payment of interest at a rate greater than the maximum interest rate permitted to be charged under applicable law.  It is expressly stipulated and agreed to be the intent of Borrower and Lender at all times to comply with all applicable laws governing the maximum rate or amount of interest payable on the Indebtedness evidenced by this Note and the other Loan Documents.  If any applicable law limiting the amount of interest or other charges permitted to be collected from Borrower is interpreted so that any interest or other charge or amount provided for in any Loan Document, whether considered separately or together with other charges or amounts provided for in any other Loan Document, or otherwise charged, taken, reserved or received in connection with the Mortgage Loan, or on acceleration of the maturity of the Mortgage Loan or as a result of any prepayment by Borrower or otherwise, violates that law, and Borrower is entitled to the benefit of that law, that interest or charge is hereby reduced to the extent necessary to eliminate any such violation.  Amounts, if any, previously paid to Lender in excess of the permitted amounts shall be applied by Lender to reduce the unpaid principal balance of the Mortgage Loan without the payment of any prepayment premium (or, if the Mortgage Loan has been or would thereby be paid in full, shall be refunded to Borrower), and the provisions of the Loan Agreement and any other Loan Documents immediately shall be deemed reformed and the amounts thereafter collectible under the Loan Agreement and any other Loan Documents reduced, without the necessity of the execution of any new documents, so as to comply with any applicable law, but so as to permit the recovery of the fullest amount otherwise payable under the Loan Documents.  For the purpose of determining whether any applicable law limiting the amount of interest or other charges permitted to be collected from Borrower has been violated, all Indebtedness that constitutes interest, as well as all other charges made in connection with the Indebtedness that constitute interest, and any amount paid or agreed to be paid to Lender for the use, forbearance or detention of the Indebtedness, shall be deemed to be allocated and spread ratably over the stated term of the Mortgage Loan.  Unless otherwise required by applicable law, such allocation and spreading shall be effected in such a manner that the rate of interest so computed is uniform throughout the stated term of the Mortgage Loan.
		
	13.
	WAIVER OF TRIAL BY JURY.

EACH OF BORROWER AND LENDER (A) AGREES NOT TO ELECT A TRIAL BY JURY WITH RESPECT TO ANY ISSUE ARISING OUT OF THIS NOTE OR THE RELATIONSHIP BETWEEN THE PARTIES AS LENDER AND BORROWER THAT IS TRIABLE OF RIGHT BY A JURY AND (B) WAIVES ANY RIGHT TO TRIAL BY JURY WITH RESPECT TO SUCH ISSUE TO THE EXTENT THAT ANY SUCH RIGHT EXISTS NOW OR IN THE FUTURE.  THIS WAIVER OF RIGHT TO TRIAL BY JURY IS SEPARATELY GIVEN BY EACH PARTY, KNOWINGLY AND VOLUNTARILY WITH THE BENEFIT OF COMPETENT LEGAL COUNSEL.

	
			
	Multifamily Note - Multistate
	Form 6010
	Page 3

	Fannie Mae
	03-11
	© 2011 Fannie Mae

		
	14.
	Receipt of Loan Documents.

Borrower acknowledges receipt of a copy of each of the Loan Documents.
		
	15.
	Incorporation of Schedules.

The schedules, if any, attached to this Note are incorporated fully into this Note by this reference and each constitutes a substantive part of this Note.

ATTACHED SCHEDULE.  The following Schedule is attached to this Note:
		
	o Schedule 1
	Modifications to Note

[Remainder of Page Intentionally Blank]

	
			
	Multifamily Note - Multistate
	Form 6010
	Page 4

	Fannie Mae
	03-11
	© 2011 Fannie Mae

IN WITNESS WHEREOF, Borrower has signed and delivered this Note under seal (where applicable) or has caused this Note to be signed and delivered under seal (where applicable) by its duly authorized representative.  Where applicable law so provides, Borrower intends that this Note shall be deemed to be signed and delivered as a sealed instrument.
BORROWER:

SIR LINCOLN TOWER, LLC, 
an Illinois limited liability company
 
	
			
	By:
	Steadfast Income Advisor, LLC,
a Delaware limited liability company

	Its:
	Manager

	 
	 
	 

	 
	 
	 

	 
	By:
	/s/ Rodney F. Emery

	 
	Name:
	Rodney F. Emery

	 
	Title:
	CEO and President

	
			
	Multifamily Note - Multistate
	Form 6010
	Page 5

	Fannie Mae
	03-11
	© 2011 Fannie Mae

PAY TO THE ORDER OF

FANNIE MAE

WITHOUT RECOURSE

PNC BANK, NATIONAL ASSOCIATION, 
a national banking association

	
		
	By:
	/s/ Tara Suaya

	Name:
	Tara Suaya

	Title:
	Vice President

PNC Loan No. 310230488
Fannie Mae No. 867502

	
			
	Multifamily Note - Multistate
	Form 6010
	Page 6

	Fannie Mae
	03-11
	© 2011 Fannie Mae

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