Document:

exv10w12

 

Exhibit 10.12

	 
	this instrument prepared by

	and when recorded return to:

	 
	Kilpatrick Stockton LLP

	Hearst Tower, Suite 2500

	214 North Tryon Street

	Charlotte, North Carolina 28202

	Attn: James M. Tucker., Esq.

	 

(SPACE ABOVE THIS LINE FOR RECORDER’S USE)

	 		
	Loan No.: 50-2859027
	 	Hidden Lakes Apartments

APARTMENT REIT HIDDEN LAKES, LP,

as Borrower

to

WACHOVIA BANK, NATIONAL ASSOCIATION,

as Lender

ASSIGNMENT OF LEASES AND RENTS

Dated: December 28, 2006

     NOTICE OF CONFIDENTIALITY RIGHTS: IF YOU ARE A NATURAL PERSON, YOU MAY REMOVE OR STRIKE ANY OF THE
FOLLOWING INFORMATION FROM THIS INSTRUMENT BEFORE IT IS FILED FOR RECORD IN THE PUBLIC RECORDS:
YOUR SOCIAL SECURITY NUMBER OR YOUR DRIVER’S LICENSE NUMBER.

 

 

ASSIGNMENT OF LEASES AND RENTS

     THIS ASSIGNMENT OF LEASES AND RENTS (as the same may be hereafter amended, restated or
modified, this “Assignment”) made as of December 28, 2006, by APARTMENT REIT HIDDEN LAKES, LP, a
Texas limited partnership (“Borrower”), having an address at c/o Triple Net Properties, LLC, 1551
North Tustin Avenue, Suite 300, Santa Ana, California 92705, in favor of WACHOVIA BANK, NATIONAL
ASSOCIATION, a national banking association (together with its successors and assigns, “Lender”),
whose address is Commercial Real Estate Services, 8739 Research Drive URP — 4, NC 1075, Charlotte,
North Carolina 28262.

W I T N E S S E T H:

     THAT, WHEREAS, Borrower has executed that certain Promissory Note (the “Note”) dated of even
date herewith, payable to the order of Lender in the stated principal amount of Nineteen Million
Two Hundred Eighteen Thousand and No/100 Dollars ($19,218,000.00); and

     WHEREAS, the Note is secured by that certain Deed of Trust, Security Agreement and Fixture
Filing (as the same may from time to time be amended, consolidated, renewed or replaced, the
"Security Instrument”) dated of even date herewith, from Borrower, for the benefit of Lender,
encumbering that certain real property situated in the County of Bexar, State of Texas, as more
particularly described on Exhibit “A” attached hereto and incorporated herein by this
reference, and all buildings and other improvements now or hereafter located thereon (collectively,
the “Improvements”) (said real property and the Improvements are hereinafter sometimes collectively
referred to as the “Property”); and

     WHEREAS, Borrower desires to further secure to Lender the performance of the terms, covenants
and agreements hereof and of the Note, the Security Instrument and each other document evidencing,
securing, guaranteeing or otherwise relating to the indebtedness evidenced by the Note (the Note,
the Security Instrument and such other documents, as each of the foregoing may from time to time be
amended, consolidated, renewed or replaced, being collectively referred to herein as the “Loan
Documents”).

     NOW, THEREFORE, in consideration of the making of the loan evidenced by the Note by Lender to
Borrower and for other good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, Borrower does hereby irrevocably, absolutely and unconditionally transfer,
sell, assign, pledge and convey to Lender, its successors and assigns, all of the right, title and
interest of Borrower in and to:

     (a) any and all leases, licenses, rental agreements and occupancy agreements of whatever form
now or hereafter affecting all or any part of the Property and any and all guarantees, extensions,
renewals, replacements and modifications thereof (collectively, the “Leases”); and

     (b) all deposits (whether for security or otherwise), rents, issues, profits, revenues,
royalties, accounts, rights, benefits and income of every nature of and from the Property,
including, without limitation, minimum rents, additional rents, termination payments, forfeited
security deposits, liquidated damages following an Event of Default (as defined in the Security
Instrument) and all proceeds payable under any policy of insurance covering loss of rents resulting
from untenantability due to destruction or damage to the Property, together with the immediate and
continuing right to collect and receive the same, whether now due or hereafter becoming due, and
together with all rights and claims of any kind that Borrower may have against any tenant, lessee
or licensee under the Leases or against any other occupant of the Property, any award or other
payment which Borrower may hereafter become entitled to receive

 

 

with respect to any of the Leases as a result of or pursuant to any bankruptcy, insolvency or
reorganization or similar proceedings involving the tenants under such Leases, and any and all
payments made by or on behalf of any tenant of any part of the Property in lieu of Rent
(collectively, the “Rents”).

     TO HAVE AND TO HOLD the same unto Lender, its successors and assigns.

     IT IS AGREED that this Assignment is made upon the following terms, covenants and conditions

     1. Borrower represents, warrants and covenants to and for the benefit of Lender: (a) that
Borrower now is (or with respect to any Leases not yet in existence, will be immediately upon the
execution thereof) the absolute owner of the landlord’s interest in the Leases, with full right and
title to assign the same and the Rents due or to become due thereunder; (b) that, other than this
Assignment and those assignments, if any, specifically permitted in the Security Instrument, there
are no outstanding assignments of the Leases or Rents; (c) that no Rents have been anticipated,
discounted, released, waived, compromised or otherwise discharged, except for prepayment of rent of
not more than one (1) month prior to the accrual thereof; (d) that there are no material defaults
now existing under any of the Leases by the landlord or tenant, and there exists no state of facts
which, with the giving of notice or lapse of time or both, would constitute a default under any of
the Leases by the landlord or tenant, except as disclosed in writing to Lender; (e) that Borrower
has and shall duly and punctually observe and perform all covenants, conditions and agreements in
the Leases on the part of the landlord to be observed and performed thereunder; and (f) the Leases
are in full force and effect and are the valid and binding obligations of Borrower, and, to the
knowledge of Borrower, are the valid and binding obligations of the tenants thereto.

     2. Notwithstanding that this instrument is a present, absolute and executed assignment of the
Rents and of the Leases and a present, absolute and executed grant of the powers herein granted to
Lender, Borrower is hereby permitted, and is hereby granted a revocable license by Lender, to
retain possession of the Leases and to collect and retain the Rents unless and until there shall be
an Event of Default under this Assignment, the Security Instrument or the other Loan Documents. In
the event of such Event of Default, the aforementioned license granted to Borrower shall
automatically terminate without notice to Borrower, and Lender may thereafter, without taking
possession of the Property, take possession of the Leases and collect the Rents. Further, from and
after such termination, Borrower shall be the agent of Lender in collection of the Rents, and any
Rents so collected by Borrower shall be held in trust by Borrower for the sole and exclusive
benefit of Lender, and Borrower shall, within one (1) business day after receipt of any Rents, pay
the same to Lender to be applied by Lender as hereinafter set forth. Furthermore, from and after
such Event of Default and termination of the aforementioned license, Lender shall have the right
and authority, without any notice whatsoever to Borrower and without regard to the adequacy of the
security therefor, to: (a) manage and operate the Property, with full power to employ agents to
manage the same; (b) demand, collect, receive and sue for the Rents, including those past due and
unpaid; and (c) do all acts relating to such management, operation, rental, leasing, repair
improvement and alteration of the Property as Lender in its sole subjective judgment and discretion
shall determine. Lender may apply the Rents received by Lender from the Property, after deducting
the costs of collection thereof, including, without limitation, attorneys’ fees and a management
fee for any management agent so employed, against amounts expended for repairs, upkeep,
maintenance, service, fuel, utilities, taxes, assessments, insurance premiums and such other
expenses as Lender incurs in connection with the operation of the Property and against interest,
principal, required escrow deposits and other sums which have or which may become due, from time to
time, under the terms of the Loan Documents, in such order or priority as to any of the items so
mentioned as Lender, in its sole subjective discretion, may determine.

     3. Without limiting the rights granted hereinabove, in the event Borrower shall fail to make
any payment or to perform any act required under the terms hereof and such failure shall not be
cured

2

 

within any applicable grace or cure period, then Lender may, but shall not be obligated to,
without prior notice to or demand on Borrower, and without releasing Borrower from any obligation
hereof, make or perform the same in such manner and to such extent as Lender may deem necessary to
protect the security hereof, including specifically, without limitation, appearing in and defending
any action or proceeding purporting to affect the security hereof or the rights or powers of
Lender, performing or discharging any obligation, covenant or agreement of Borrower under any of
the Leases, and, in exercising any of such powers, paying all necessary costs and expenses,
employing counsel and incurring and paying attorneys’ fees. Any sum advanced or paid by Lender for
any such purpose, including, without limitation, attorneys’ fees, together with interest thereon at
the Default Interest Rate (as defined in the Note) from the date paid or advanced by Lender until
repaid by Borrower, shall immediately be due and payable to Lender by Borrower on demand and shall
be secured by the Security Instrument and by all of the other Loan Documents securing all or any
part of the indebtedness evidenced by the Note.

     4. This Assignment shall not operate to place responsibility for the control, care, management
or repair of the Property upon Lender, nor for the performance of any of the terms and conditions
of any of the Leases, nor shall it operate to make Lender responsible or liable for any waste
committed on the Property by the tenants or any other party or for any dangerous or defective
condition of the Property or for any negligence in the management, upkeep, repair or control of the
Property. Lender shall not be liable for any loss sustained by Borrower resulting from Lender’s
failure to let the Property or from any other act or omission of Lender in managing the Property.
This Assignment shall not be construed as making Lender a mortgagee-in-possession. Lender is
obligated to account to Borrower only for such Rents as are actually collected or received by
Lender.

     5. BORROWER SHALL AND DOES HEREBY INDEMNIFY AND HOLD LENDER HARMLESS FROM AND AGAINST ANY AND
ALL LIABILITY, LOSS, CLAIM, DEMAND OR DAMAGE WHICH MAY OR MIGHT BE INCURRED BY REASON OF THIS
ASSIGNMENT, INCLUDING, WITHOUT LIMITATION, CLAIMS OR DEMANDS FOR SECURITY DEPOSITS FROM TENANTS OF
SPACE IN THE IMPROVEMENTS DEPOSITED WITH BORROWER, AND FROM AND AGAINST ANY AND ALL CLAIMS AND
DEMANDS WHATSOEVER WHICH MAY BE ASSERTED AGAINST LENDER BY REASON OF ANY ALLEGED OBLIGATIONS OR
UNDERTAKINGS ON ITS PART TO PERFORM OR DISCHARGE ANY OF THE TERMS, COVENANTS OR AGREEMENTS
CONTAINED IN ANY OF THE LEASES. SHOULD LENDER INCUR ANY LIABILITY BY REASON OF THIS ASSIGNMENT OR
IN DEFENSE OF ANY CLAIM OR DEMAND FOR LOSS OR DAMAGE AS PROVIDED ABOVE, THE AMOUNT THEREOF,
INCLUDING, WITHOUT LIMITATION, COSTS, EXPENSES AND ATTORNEYS’ FEES, TOGETHER WITH INTEREST THEREON
AT THE DEFAULT INTEREST RATE FROM THE DATE PAID OR INCURRED BY LENDER UNTIL REPAID BY BORROWER,
SHALL BE IMMEDIATELY DUE AND PAYABLE TO LENDER BY BORROWER UPON DEMAND AND SHALL BE SECURED BY THE
SECURITY INSTRUMENT AND BY ALL OF THE OTHER LOAN DOCUMENTS SECURING ALL OR ANY PART OF THE
INDEBTEDNESS EVIDENCED BY THE NOTE.

     6. Borrower hereby irrevocably appoints Lender as its attorney-in-fact which power of attorney
is coupled with an interest by virtue of this Assignment and is irrevocable so long as any sums are
outstanding under the loan evidenced by the Note to, from and after the occurrence of an Event of
Default by Borrower hereunder or under any of the other Loan Documents, do, make or perform any
act, right or privilege which Lender shall have under or by virtue of this Assignment.

     7. Borrower covenants and agrees that Borrower shall not, without the prior written consent of
Lender, further pledge, transfer, mortgage or otherwise encumber or assign the Leases or future
payments of Rents, except as otherwise expressly permitted by the terms of the Security Instrument,
or

3

 

incur any material indebtedness, liability or other obligation to any tenant, lessee or
licensee under the Leases, or permit any Lease to become subordinate to any lien other than the
lien of the Security Instrument.

     8. Borrower covenants and agrees that Borrower shall, at its sole cost and expense, appear in
and defend any action or proceeding arising under, growing out of, or in any manner connected with
the Leases or the obligations, duties or liabilities of the landlord or tenant thereunder, and if
Borrower shall fail to do so, Lender, at its option but without obligation, may do so. Borrower
shall pay on demand all costs and expenses, including, without limitation, attorneys’ fees, which
Lender may incur in connection with Lender’s appearance, voluntary or otherwise, in any such action
or proceeding, together with interest thereon at the Default Interest Rate from the date incurred
by Lender until repaid by Borrower.

     9. At any time, Lender may, at its option, notify any tenants or other parties of the
existence of this Assignment. Borrower does hereby specifically authorize, instruct and direct
each and every present and future tenant, lessee and licensee of the whole or any part of the
Property to pay all unpaid and future Rents to Lender upon receipt of demand from Lender to pay the
same, and Borrower hereby agrees that each such present and future tenant, lessee and licensee may
rely upon such written demand from Lender to so pay said Rents without any inquiry into whether
there exists an Event of Default hereunder or under the other Loan Documents or whether Lender is
otherwise entitled to said Rents. Borrower hereby waives any right, claim or demand which Borrower
may now or hereafter have against any present or future tenant, lessee or licensee by reason of
such payment of Rents to Lender, and any such payment shall discharge such tenant’s, lessee’s or
licensee’s obligation to make such payment to Borrower.

     10. Lender may take or release any security for the indebtedness evidenced by the Note, may
release any party primarily or secondarily liable for the indebtedness evidenced by the Note, may
grant extensions, renewals or indulgences with respect to the indebtedness evidenced by the Note
and may apply any other security therefor held by it to the satisfaction of any indebtedness
evidenced by the Note without prejudice to any of its rights hereunder or under any of the Loan
Documents.

     11. The acceptance of this Assignment and the collection of the Rents as herein provided shall
be without prejudice to Lender. The exercise or failure to exercise by Lender of the rights
granted Lender in this Assignment, and the collection of the Rents and the application thereof as
herein provided, shall not be considered a waiver by Lender of any Event of Default under the Loan
Documents or prevent foreclosure of any liens on the Property nor shall such exercise make Lender
liable under any of the Leases, Lender hereby expressly reserving all of its rights and privileges
under the Security Instrument and the other Loan Documents as fully as though this Assignment had
not been entered into. The rights of Lender hereunder are cumulative and concurrent, may be
pursued separately, successively or together and may be exercised as often as occasion therefor
shall arise, it being agreed by Borrower that the exercise of any one or more of the rights
provided for herein shall not be construed as a waiver of any of the other rights or remedies of
Lender, at law or in equity or otherwise, so long as any obligation under the Loan Documents
remains unsatisfied.

     12. All rights of Lender hereunder shall inure to the benefit of its successors and assigns;
and shall pass to and may be exercised by any assignee of Lender. All obligations of Borrower
shall bind its successors and assigns and any subsequent owner of the Property. Borrower hereby
agrees that if Lender gives notice to Borrower of an assignment of said rights, upon such notice
the liability of Borrower to the assignee of Lender shall be immediate and absolute. Borrower will
not set up any claim against Lender or any intervening assignee as a defense, counterclaim or
set-off to any action brought by Lender or any

4

 

intervening assignee for any amounts due hereunder or for possession of or the exercise of
rights with respect to the Leases or the Rents.

     13. It shall be an Event of Default hereunder (a) if any representation or warranty made
herein by Borrower is determined by Lender to have been false or misleading in any material respect
at the time made, or (b) if Borrower violates the provisions of paragraph 7 hereof, or (c) if any
Event of Default under the Security Instrument or any of the other Loan Documents shall occur.

     14. If any provision under this Assignment or the application thereof to any entity, person or
circumstance shall be invalid, illegal or unenforceable to any extent, the remainder of this
Assignment and the application of the provisions hereof to other entities, persons or circumstances
shall not be affected thereby and shall be enforced to the fullest extent permitted by law.

     15. This Assignment may not be amended, modified or otherwise changed except by a written
instrument duly executed by Borrower and Lender.

     16. This Assignment shall be in full force and effect continuously from the date hereof to and
until the Security Instrument shall be released of record, and the release of the Security
Instrument shall, for all purposes, automatically terminate this Assignment and render this
Assignment null and void and of no effect whatsoever. This Assignment shall continue and remain in
full force and effect during any period of foreclosure with respect to the Property.

     17. In case of a conflict between any provision of this Assignment and any provision of the
other Loan Documents, the provisions of the Note or the Security Instrument, if such document shall
be the conflicting other Loan Document, shall prevail and be controlling.

     18. All notices, demands, requests or other communications to be sent by one party to the
other hereunder or required by law shall be given and become effective as provided in the Security
Instrument.

     19. THIS ASSIGNMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE
STATE IN WHICH THE PROPERTY IS SITUATED, EXCEPT TO THE EXTENT THAT ANY OF SUCH LAWS MAY NOW OR
HEREAFTER BE PREEMPTED BY FEDERAL LAW, IN WHICH CASE SUCH FEDERAL LAW SHALL SO GOVERN AND BE
CONTROLLING.

     20. BORROWER, TO THE FULL EXTENT PERMITTED BY LAW, HEREBY KNOWINGLY, INTENTIONALLY AND
VOLUNTARILY, WITH AND UPON THE ADVICE OF COMPETENT COUNSEL, WAIVES, RELINQUISHES AND FOREVER
FOREGOES THE RIGHT TO A TRIAL BY JURY IN ANY ACTION OR PROCEEDING BASED UPON, ARISING OUT OF, OR IN
ANY WAY RELATING TO THE DEBT OR ANY CONDUCT, ACT OR OMISSION OF LENDER OR BORROWER, OR ANY OF THEIR
DIRECTORS, OFFICERS, PARTNERS, MEMBERS, EMPLOYEES, AGENTS OR ATTORNEYS, OR ANY OTHER PERSONS
AFFILIATED WITH LENDER OR BORROWER IN EACH OF THE FOREGOING CASES, WHETHER SOUNDING IN CONTRACT,
TORT OR OTHERWISE.

     21. This Assignment may be executed in any number of counterparts, each of which shall be
effective only upon delivery and thereafter shall be deemed an original, and all of which shall be
taken to be one and the same instrument, for the same effect as if all parties hereto had signed
the same signature page. Any signature page of this Assignment may be detached from any
counterpart of this Assignment

5

 

without impairing the legal effect of any signatures thereon and may be attached to another
counterpart of this Assignment identical in form hereto but having attached to it one or more
additional signature pages.

     22. In addition to, but not in lieu of, any other rights hereunder, Lender shall have the
right to institute suit and obtain a protective or mandatory injunction against Borrower to prevent
a breach or Event of Default, or to enforce the observance, of the agreements, covenants, terms and
conditions contained herein.

     23. Lender may sell, transfer and deliver the Note and the Loan Documents to one or more
investors in the secondary mortgage market. In connection with such sale, Lender may retain or
assign responsibility for servicing the loan evidenced by the Note or may delegate some or all of
such responsibility and/or obligations to a servicer, including, but not limited to, any
subservicer or master servicer, on behalf of the investors. All references to Lender herein shall
refer to and include, without limitation, any such servicer, to the extent applicable.

     24. Lender shall, as a matter of absolute right, be entitled, upon application to a court of
applicable jurisdiction, and without notice to Borrower, to the appointment of a receiver to obtain
and secure the rights of Lender hereunder and the benefits intended to be provided to Lender
hereunder.

     25. Notwithstanding anything to the contrary contained in this Assignment, the liability of
Borrower and its officers, directors, general partners, managers, members and principals for the
indebtedness secured hereby and for the performance of the other agreements, covenants and
obligations contained herein and in the Loan Documents shall be limited as set forth in the Note.

[The Remainder of the Page is Intentionally Blank]

6

 

     THIS ASSIGNMENT AND THE OTHER LOAN DOCUMENTS EMBODY THE FINAL, ENTIRE AGREEMENT AMONG THE
PARTIES HERETO AND SUPERSEDE ANY AND ALL PRIOR COMMITMENTS, AGREEMENTS, REPRESENTATIONS AND
UNDERSTANDINGS, WHETHER WRITTEN OR ORAL, RELATING TO THE SUBJECT MATTER HEREOF AND THEREOF AND MAY
NOT BE CONTRADICTED OR VARIED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS
OR DISCUSSIONS OF THE PARTIES HERETO. THERE ARE NO ORAL AGREEMENTS AMONG THE PARTIES HERETO. In
case of a conflict between any provision of this Assignment and any provision of the other Loan
Documents, the provisions of the Note or the Security Instrument, if they shall be the conflicting
other Loan Document, shall prevail and be controlling.

     IN WITNESS WHEREOF, Borrower has executed this Assignment as of the day and year first written
above.

	 	 	 	 	 	 	 	 	 	 	 	 	 
	BORROWER:
	 
	BORROWER ACKNOWLEDGES 

AND AGREES THAT THIS 

ASSIGNMENT CONTAINS 

INDEMNIFICATION 

PROVISIONS PURSUANT 

TO SECTION 5 HEREOF	 	APARTMENT REIT HIDDEN LAKES, LP,

a Texas limited partnership	 	 
	 	 
By:	 	 
Apartment REIT Hidden Lakes GP, LLC,

a Delaware limited liability company,

its General Partner	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	By:	 	NNN Apartment REIT Holdings, L.P.,

a Virginia limited partnership,

its Manager	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	By:	 	NNN Apartment REIT, Inc.,

a Maryland corporation,

its General Partner	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	By:	 	/s/ Andrea R. Biller
	 
	 	 	 	 	 	 	 	 	 	 
	 	 
	 
	 	 	 	 	 	 	 	Name:	 	Andrea R. Biller
	 
	 	 	 	 	 	 	 	 	 	 
	 	 
	 
	 	 	 	 	 	 	 	Title:	 	Secretary
	 
	 	 	 	 	 	 	 	 	 	 

	 	 

 

 

STATE OF
California

COUNTY OF
Orange

     Before
me, Andrea Biller,
known to me to be the person whose name is subscribed to the foregoing instrument as
                     of NNN Apartment REIT, Inc., a Maryland corporation, the General Partner of
NNN Apartment REIT Holdings, L.P., a Virginia limited partnership, the Manager of Apartment REIT
Hidden Lakes GP, LLC, a Delaware limited liability company, the General Partner of APARTMENT REID
HIDDEN LAKES, LP, a Texas limited partnership, and acknowledged to me that she executed the same
on behalf of said limited liability company, for the purposes and consideration therein expressed,
as the act and deed of said limited partnership.

     Given
under my hand and seal of office this 27th day of December, 2006.

	 	 	 	 	 
	 	 	/s/ J. Hu
	 	 	 
	 
	 	Printed Name:	 	J. Hu
	 
	 	 

	 
	 	Notary Public for the State of	 	California
	 
	 	 	 	 
	 
	 	 	 	 
	 
	 	My Commission Expires:	 	Sept. 30, 2009
	 
	 	 	 	 

[SEAL]

J. Hu

Commission # 1610142

Notary Public — California

Orange County

My Comm. Expires Sep. 30, 2009

 

 

EXHIBIT “A”

[Legal Description]

TRACT I

A 48.80 acre, or 2,125,701 square feet, tract of land, out of a 69.40 acre tract recorded in Volume
6447, Pages 1192-1195 of the Official Public Records of Real Property of Bexar County, Texas, a
portion of the called 48.97 acre tract of land (“Tract I”) recorded in Volume 10288, Pages 623-627
of the Official Public Records of Real Property of Bexar County, Texas, and being all of Lot 30,
Block 8 of the Replat and Subdivision Plat Establishing Bandera Springs as recorded in Volume 9559,
Pages 114-116 of the Deed and Plat Records of Bexar County, Texas, also being out of the Perry
Davis Survey Number 267, Abstract Number 189, County Block 4528, now all in New City Block (N.C.B.)
14614, In the City of San Antonio, Bexar County, Texas, said 48.88 acre being more particularly
described by metes and bounds as follows, with the basis of bearings being the said Bandera Springs
Subdivision:

BEGINNING at a found Texas Department of Transportation monument with brass plate, a point on the
southeast right-of-way line of F.M. 1604, the northwest corner of the above referenced 69.40 acre
tract, the northeast corner of a 13.923 acre tract recorded in Volume 10593, Pages 769-772 of the
Official Public Records of Real Property of Bexar County, Texas, the northwest corner of the herein
described tract, from which a found 1/2 inch iron rod bears S 45° 39’ 57” W, a distance of 126.85
feet; thence N 45° 30’ 49” E, along and with the southeast right-of-way of said F.M. 1604, a
distance of 196.51 feet to a set “x” in concrete; thence : N 44° 34’ 21” E, along and with the
southeast right-of-way of said F.M. 1604, a distance of 40.71 feet to a set “x” in concrete, the
west corner of a 47.04 acre tract recorded in Volume 7321, Page 1004-1007 of the Official Public
Records of Real Property of Bexar County, Texas, the north corner of the herein described tract;
thence departing the southeast right-of-way line of said F.M. 1604, along and with the southwest
line of said 47.04 acre tract, the northeast line of herein described tract the following calls and
distances: S 44° 27’ 48” E, a distance of 68.58 feet to the center of a sanitary sewer manhole
lid; S 30° 13’ 45” E, a distance of 397.94 feet to a set “x” on a sanitary sewer manhole lid; S 60°
22’ 03” E. a distance of 698.23 feet to the center of a sanitary sewer manhole lid; S 22° 51’ 53”
E. a distance of 251.38 feet to a set “x” on a sanitary sewer manhole lid; S 78° 38’ 40” E. a
distance of 491.06 feet, to a found 1/2 inch iron rod with a yellow cap marked “Pape-Dawson”, the
southeast corner of said 47.04 acre tract, the northeast corner of this tract, a point on the west
right-of-way line of South Hausman Road (a variable width right-of-way); thence S 00° 03’ 57” W,
along and with the west right-of-way of said South Hausman Road, a distance of 245.33 feet to a set
1/2 inch iron rod with yellow cap marked “Pape-Dawson”; thence N 84° 21’ 08” W, departing the west
right-of-way of said South Hausman Road, a distance of 10.05 feet to a set 1/2 inch iron rod with
yellow cap marked “Pape-Dawson” being a northeast corner of said Lot 30; thence S 00°03’57” W,
along and with the west right-of-way of said South Hausman Road, the west line of a 10-dedication
for future street widening recorded fn Volume 9559, Pages 114-116 of the Deed and Plat Records of
Bexar County, Texas, the east line of said Lot 30, a distance of 351.58 feet to a set 1/2 inch iron
rod with yellow cap marked “Pape-Dawson”; thence N 17° 06’ 38” E, departing the west right-of-way
of said South Hausman Road, Along the south line of a said 10-dedication for future street
widening, the east line of said Lot 30, a distance of 34.12 to a set 1/2 inch iron rod with yellow
cap marked “Pape-Dawson” in the west right-of-way line of said South Hausman Road; thence S 00° 03’
57” W, along and with the west right-of-way of said South Hausman Road, a distance of 551.48 feet
to a set 1/2 inch iron rod with yellow cap marked “Pape-Dawson”; thence S 80° 07’ 33’’ W, departing
the west right-of-way line of said South Hausman Road, at a distance of 5.08 feet passing the
northeast corner of Oakridge Pointe Unit-4 Subdivision, as recorded in Volume 9534, Page 117, Deed
and Plat Records of Bexar County, Texas, continuing along the north line of said Oakridge Pointe,
Unit-4 at a distance of 181.40 passing the southwest corner of said Lot 30, Block 8, in all a total
distance of 298.93 feet to a set 1/2 inch iron rod with yellow cap marked “Pape-Dawson”; thence S
46° 06’ 14” W, with the northwest line of Oakridge Pointe Unit-4, a distance of 50.04 feet to a set
1/2 inch iron rod with
 yellow cap marked “Pape-Dawson"', the northwest corner of said subdivision
the northeast corner of Lot 20, Block 8, N.C.B. 14614, South Hausman Road Elementary, as recorded
in Volume 9535, Pages 34-35, Deed and Plat Records of Bexar County, Texas, being the southeast
corner of the remaining

 

 

portion of that 16.12 acre tract conveyed to Northside Independent School District in Volume 6761,
Pages 1256-1274 of the Official Public Records of Real Property of Bexar County, Texas, a point on
curve of a non-tangent curve to the left; thence Northwesterly, along and with the east tine of
said remaining portion of that 16.12 acre tract and along the arc of said curve to the left, said
curve having a radial bearing of S 43° 51’ 41” W, a radius of 375.00 feet, a central angle of 101°
1’ 53”, a chord bearing and distance of N 46° 44’ 15” W, 7.84 feet, an arc length of 7.84 feet to a
set 1/2 inch iron rod with yellow cap marked “Pape-Dawson”; thence N 47° 20’ 12” W, a distance of
20.00 feet to a set 1/2 inch iron rod with yellow cap marked “Pape-Dawson” at the north corner of
said remaining portion of that 16.12 acre tract; thence S 58° 56’ 36” W, along and with the west
line of said remaining portion of that 16.12 acre tract, the south line of said 48.80 acre tract
and said Lot 30, a distance of 62.28 feet to a set 1/2 inch iron rod with yellow cap marked
“Pape-Dawson”, at the southwest corner of said remaining portion of that 16.12 acre tract, and
angle point in the north line of said Lot 20, Block 8 of South Hausman Road Elementary, the
beginning of a curve to the right; thence Southwesterly, along and with the northwest and north
line of said South Hausman Road Elementary, the south line of said Lot 30 and said 48.80 acre tract
and arc of said curve to the right, said curve having a radius of 300.00 feet, a central angle of
36° 02’ 40”, a chord bearing and distance of S 76° 57’ 56” W, 185.63 feet, an arc length of 188.73
feet to a set 1/2 inch iron rod with yellow cap marked “Pape-Dawson”; thence N 85° 00’ 44” W, along
and with the north line of said South Hausman Road Elementary, the south line of said Lot 30 and
said 48.80 acre tract, a distance of 115.39 feet to a set 1/2 inch iron rod with yellow cap marked
“Pape-Dawson”; thence Northwesterly, along and with the north and northeast line of said South
Hausman Road Elementary, the south line of said Lot 30 and said 48.80 acre tract and the arc of
said curve to the right, said curve having a radius of 350.00 feet, a central angle of 44° 59’ 40”,
a chord bearing and distance of N 62° 31’ 12” W. 267.79 feet, an arc length of 274.79 feet to a set
1/2 inch iron rod with yellow cap marked “Pape-Dawson”; thence N 40° 01’ 40” W, along and with the
northeast line of said South Hausman Road Elementary, the south line of said Lot 30 and said 48.80
acre tract, a distance of 245.43 feet to a set 1/2 inch iron
rod with yellow cap marked
“Pape-Dawson”, the beginning of a curve to the left; thence Northwesterly, along and with the
northeast line of said South Hausman Road Elementary, the south line of said Lot 30 and said 48.80
acre tract and the arc of said curve to the left, said curve having a radius of 250.00 feet, a
central angle of 49° 57’ 50”, a chord bearing and distance of N 65° 00’ 35” W, 211.17 feet, an arc
length of 218.01 feet to a set 1/2 inch iron rod with yellow cap marked “Pape-Dawson”; thence N 89°
59’ 30” W, along and with the north line of said South Hausman Road Elementary, the south line of
said Lot 30 and said 48.80 acre tract, a distance of 52.06 feet to a set 1/2 inch iron rod with
yellow cap marked “Pape-Dawson”, a point on the west line of a 3 8.966 acre tract recorded in
Volume 2569, Page 1217, Official Public Records of Real Property of Bexar County, Texas, the
southwest corner of said Lot 30 and the southwest corner of the herein described tract; thence N
00° 00’ 12” E, along and with the east line of said 38.966 acre tract, a distance of 706.02 feet to
a set 1/2 inch iron rod with yellow cap marked “Pape-Dawson” at a common corner between said 38.966
acre tract and said 13.923 acre tract; thence N 14°12’ 23” W. along and with the east line of said
13.923 acre tract, the west line of said Lot 30 and said 48.80 acre tract, a distance of 1071.43
feet to the POINT OF BEGINNING and containing 48.80 acres of land in the City of San Antonio, Bexar
County, Texas.

TRACT II:

Drainage easement as provided by document recorded in Volume 7032, Page 1269, Real Property Records
of Bexar County, Texas.

TRACT III:

Landscape buffer, lighting and access easement agreement as prodded by document recorded in Volume
41880, Page 1700, Real Property Records of Bexar County, Texas.exv10w13

 

Exhibit 10.13

	 	 	 
	Loan No.: 50-2859027
	 	Hidden Lakes Apartments

ASSIGNMENT OF WARRANTIES AND OTHER CONTRACT RIGHTS

     THIS ASSIGNMENT OF WARRANTIES AND OTHER CONTRACT RIGHTS (as the same may be hereafter amended,
restated or modified, this “Assignment”), made as of December 28, 2006, by Apartment REIT Hidden
Lakes, LP, a Texas limited partnership (“Borrower”), having an address at c/o Triple Net
Properties, LLC, 1551 North Tustin Avenue, Suite 200, Santa Ana, California 92705, in favor of
Wachovia Bank, National Association, a national banking association (together with its successors
and assigns, “Lender”), whose address is Commercial Real Estate Services, 8739 Research Drive URP -
4, NC 1075, Charlotte, North Carolina 28262.

WITNESSETH:

     THAT, WHEREAS, Borrower has executed and delivered to Lender a Promissory Note dated of even
date herewith (the “Note”), payable to the order of Lender, which Note evidences a loan made by
Lender to Borrower; and

     WHEREAS, the Note is secured by that certain Deed of Trust, Security Agreement and Fixture
Filing dated of even date herewith (as the same may from time to time be amended, consolidated,
renewed or replaced, the “Security Instrument”), from Borrower, as mortgagor, to Lender, as
mortgagee, encumbering that certain real property situated at 8910 North Loop 1604 West, San
Antonio, and County of Bexar, State of Texas, as more particularly described on Exhibit “A”
attached hereto and by this reference incorporated herein (the “Real Estate”); and

     WHEREAS, Borrower is desirous of further securing to Lender the repayment of the indebtedness
evidenced by the Note and the performance of the other terms, covenants and agreements contained
herein and in the Note, the Security Instrument and each other document evidencing, securing,
guaranteeing and/or relating to the indebtedness evidenced by the Note (the Note, the Security
Instrument and such other documents, as each of the foregoing may from time to time be amended or
replaced, are herein sometimes collectively referred to as the “Loan Documents”).

     NOW, THEREFORE, in consideration of the making of the loan evidenced by the Note by Lender to
Borrower and for other good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, Borrower hereby irrevocably, absolutely and unconditionally assigns and
transfers to Lender, its successors and assigns, all of Borrower’s right, title and interest in and
to:

     (A) any and all contracts and agreements with management agents, leasing agents, sales agents,
service and maintenance agents, contractors and other third parties (collectively, the “Contracting
Parties”, or, singularly, a “Contracting Party”), whether now existing or hereafter arising,
relating to the management, operation, leasing, sale, maintenance and repair of the Real Estate
and/or the apartment complex containing a total of 630 units and other improvements located on the
Real Estate (the “Improvements”) (the Real Estate and the Improvements are sometimes hereinafter
collectively referred to as the “Property”), including, without limitation, management agreements,
equipment leases and personal property leases (collectively, the “Contracts” or, singularly, a
"Contract”); and

     (B) any and all warranties and guaranties relating to the Property or any fixtures, equipment
or personal property owned by Borrower and located on and/or used in connection with the Property,
whether now existing or hereafter arising; and

 

 

     (C) any and all permits, licenses, certificates of use and occupancy (or their equivalent) and
applications and approvals issued by any governmental authority or agency relating to the
construction, ownership, operation and/or use of the Property, whether now existing or hereafter
arising.

(The Contracts, together with the items referred to in subparagraphs (B) and (C) above, are
sometimes herein collectively referred to as the “General Intangibles”.)

     This Assignment is made upon the following terms and conditions:

     1. Borrower represents, warrants and covenants to and with Lender that: (a) Borrower shall not
make any changes in or amendments to any of the General Intangibles without the prior written
consent of Lender, which consent shall not be unreasonably withheld, provided, however, that
notwithstanding the foregoing, Lender’s consent shall not be required with respect to changes in or
amendments to any Contract (i) which does not relate to the overall management or operation of the
Property, (ii) which is terminable without cause and without payment of any penalty or termination
fee on thirty (30) days’ notice, and (iii) under which the Contractor does not have any right, by
reason of applicable law or otherwise, to assert a lien against the Property which is superior to
the lien of the Security Instrument; (b) Borrower shall not tender or accept a surrender or
cancellation of any of the General Intangibles without the prior written consent of Lender where
such surrender or cancellation would materially or adversely affect the Property or Lender’s
interest therein or Lender’s security or where such surrender or cancellation would violate the
terms of any Loan Document; (c) Borrower shall promptly provide to Lender copies of all changes in
or amendments to the Contract whether or not Lender’s consent thereto is required pursuant to
clause (a) above and Borrower shall promptly notify Lender in writing of any surrender or
cancellation of a Contract whether or not Lender’s consent thereto is required pursuant to clause
(b) above; (d) except as otherwise expressly permitted by the terms of the Security Instrument,
Borrower has not assigned or granted and will not assign or grant a security interest in any of the
General Intangibles to anyone other than Lender; (e) Borrower’s interest in the General Intangibles
is not subject to any claim, setoff, lien, deduction or encumbrance of any nature (other than the
encumbrance created hereby, the encumbrance created by the Security Instrument and those
subordinate encumbrances, if any, created in connection with any junior encumbrances on the Real
Estate expressly permitted by the terms of the Security Instrument); (f) Borrower has full power
and authority to make this Assignment; (g) Borrower shall make all required payments and otherwise
perform its obligations under the General Intangibles; and (h) Borrower shall give immediate notice
to Lender of any notice of default served upon Borrower with respect to its obligations under any
of the General Intangibles and, at the sole cost and expense of Borrower, shall enforce or secure
the performance of each and every material obligation of the Contracting Parties to be kept or
performed under the Contracts.

     2. Neither this Assignment nor any action or actions on the part of Lender (including, without
limitation, any assumption by Lender of the rights and obligations under the General Intangibles
pursuant to the provisions of Paragraph 3 hereof) shall relieve Borrower of any obligation under
the General Intangibles and Borrower shall continue to be primarily liable for all obligations
thereunder, Borrower hereby agreeing to perform each and all of its obligations under the General
Intangibles. Borrower hereby protects, defends, indemnifies and holds Lender free and harmless
from and against any and all loss, cost, liability or expense (including, but not limited to,
attorneys’ fees and accountants’ fees) resulting from any failure of Borrower to so perform under
the General Intangibles.

     3. It shall be an Event of Default hereunder upon any failure by Borrower in the performance
or observance of any covenant or condition hereof and the continuance of such failure for thirty
(30) days (or such shorter period of time provided under any other Loan Document) after notice of
such default from Lender (provided that no such notice shall be required if not required under any
other Loan Document) within which to cure the same. Upon an Event of Default hereunder or under
any of the

2

 

other Loan Documents, Lender may, but shall not be obligated to, assume any or all of the
obligations of Borrower under any or all of the Contracts and/or exercise the rights, benefits and
privileges of Borrower under any or all of the General Intangibles.

     4. Upon the occurrence of an Event of Default hereunder or under any of the other Loan
Documents, Lender may give notice to any or all of the Contracting Parties, either requiring the
Contracting Party to continue performance under its Contract or, alternatively, terminating the
Contract. This Assignment shall constitute a direction to and full authority to the Contracting
Parties under the Contracts to act at Lender’s written direction and otherwise perform on Lender’s
behalf under the Contracts, without proof of the event of default relied upon. The Contracting
Parties shall be entitled to rely upon written notice from Lender that Lender has assumed all of
the rights and obligations of Borrower under the applicable Contract without any inquiry into
whether Borrower is in default hereunder or under any of the other Loan Documents. Such assumption
of a Contract by Lender shall be evidenced by written notice from Lender to the applicable
Contracting Party. Under no circumstances shall Lender be deemed by any party to have assumed
Borrower’s rights and obligations under a Contract unless and until such written notice is
delivered to the Contracting Party in accordance with the foregoing provision.

     5. Lender shall have the right at any time, but shall have no obligation, to take in its name
or in the name of Borrower, or otherwise, such action as Lender may at any time or from time to
time determine to be reasonably necessary to cure any default under the General Intangibles or to
protect the rights of Borrower or Lender thereunder. Lender shall incur no liability to Borrower
if any action taken by Lender or in Lender’s behalf in good faith pursuant to this Assignment shall
prove to be in whole or in part inadequate or invalid. Borrower hereby protects, defends,
indemnifies and holds Lender and its affiliated entities, free and harmless from and against any
and all loss, cost, liability or expense (including, but not limited to, attorneys’ fees and
accountants’ fees) to which Lender may be exposed, or that Lender may incur, in exercising any of
its rights under this Assignment, unless caused by the intentional misconduct or gross negligence
of Lender.

     6. Borrower hereby irrevocably constitutes and appoints Lender its true and lawful
attorney-in-fact in Borrower’s name or in Lender’s name, or otherwise, to, from and after the
occurrence of an Event of Default by Borrower hereunder or under any of the other Loan Documents to
enforce all of the rights of Borrower under the General Intangibles. It is hereby recognized that
the power of attorney herein granted is coupled with an interest and shall not be revocable so long
as any sums are outstanding under the loan evidenced by the Note.

     7. Borrower shall deliver to Lender a true, correct and complete copy of each Contract
promptly after it has been executed and delivered by the parties thereto.

     8. Notwithstanding anything to the contrary contained herein, Lender shall have no right under
this Assignment to assume any Contract or to exercise any rights, benefits or privileges of
Borrower under any of the other General Intangibles until Borrower shall be in default under the
terms of this Assignment or the terms of any of the other Loan Documents and such default shall not
have been cured within any applicable grace or cure period.

     9. Borrower shall promptly obtain and deliver to Lender consents to the terms of this
Assignment, in forms reasonably acceptable to Lender, from such Contracting Parties as Lender may
request from time to time.

     10. This Assignment and the agreements and undertakings of Borrower hereunder shall be binding
upon Borrower, their successors and assigns and any subsequent owner of the Property, and shall

3

 

inure to the benefit of Lender and its successors and assigns and any purchaser of any
interest of Lender in the Note, the Security Instrument and the other Loan Documents.

     11. Borrower covenants and agrees to make, execute and deliver all such further or additional
instruments as may be necessary to satisfy the intents and purposes hereof and to perfect the
assignment made hereby.

     12. This Assignment shall be construed under and governed by the laws of the State in which
the Property is located, except to the extent that any of such laws may now or hereafter be
preempted by Federal law, in which case such Federal law shall so govern and be controlling. In any
action brought under or arising out of this Assignment or the other Loan Documents, Borrower hereby
consents to the jurisdiction of any competent court within the State in which the Property is
located and consents to service of process by any means authorized by the law of the State in which
the Property is located.

     13. All notices, demands, requests or other communication to be sent by one party to any other
hereunder or required by law shall be in writing and shall be deemed to have been validly given or
served by delivery of the same in person to the intended addressee, or by depositing the same with
Federal Express or another reputable private courier service for next business day delivery to the
intended addressee at its address set forth on the first page of this Assignment or at such other
address as may be designated by such party as herein provided, or by depositing the same in the
United States mail, postage prepaid, registered or certified mail, return receipt requested,
addressed to the intended addressee at its address set forth on the first page of this Assignment
or at such other address as may be designated by such party as herein provided. All notices,
demands and requests shall be effective upon such personal delivery, or one (1) business day after
being deposited with the private courier service, or two (2) business days after being deposited in
the United States mail as required above. Rejection or other refusal to accept or the inability to
deliver because of changed address of which notice was given as herein required shall be deemed to
be receipt of the notice, demand or request sent. By giving to any other party hereto at least
fifteen (15) days’ prior written notice thereof in accordance with the provisions hereof, the
parties hereto shall have the right from time to time to change their respective addresses and each
shall have the right to specify as its address any other address within the United States of
America.

     14. In case of a conflict between any provision of this Assignment and any provision of the
other Loan Documents, the provisions of the Note or the Security Instrument, if they shall be the
conflicting other Loan Document, shall prevail and be controlling.

     15. This Assignment may be executed in any number of counterparts, each of which shall be
effective upon delivery and thereafter shall be deemed an original, and all of which shall be taken
to be one and the same instrument, for the same effect as if all parties hereto had signed the same
signature page. Any signature page of this Assignment may be detached from any counterpart of this
Assignment without impairing the legal effect of any signatures thereon and may be attached to
another counterpart of this Assignment identical in form hereto but having attached to it one or
more additional signature pages.

     16. Notwithstanding anything to the contrary contained in this Assignment, the liability of
Borrower and its officers, directors, general partners, managers, members and principals for the
indebtedness issued hereby and for the performance of the other agreements, covenants and
obligations contained herein and in the Loan Documents shall be limited as set forth in Section 2.6
of the Note.

     17. If any provision under this Assignment or the application thereof to any entity, person or
circumstance shall be invalid, illegal or unenforceable to any extent, the remainder of this
Assignment and the application of the provisions hereof to other entities, persons or circumstances
shall not be affected thereby and shall be enforced to the fullest extent permitted by law.

4

 

     18. This Assignment may not be amended, modified or otherwise changed except by a written
instrument duly executed by Borrower and Lender.

[THE BALANCE OF THIS PAGE WAS LEFT BLANK INTENTIONALLY]

5

 

     IN WITNESS WHEREOF, Borrower has executed this Assignment as of the day and year first above
written.

	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	BORROWER:
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	APARTMENT REIT HIDDEN LAKES, LP,
	 	 	a Texas limited partnership
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	By:	 	Apartment REIT Hidden Lakes GP, LLC,
	 	 	 	 	a Delaware limited liability company,
	 	 	 	 	its General Partner	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	By:	 	NNN Apartment REIT Holdings, L.P.,
	 	 	 	 	 	 	a Virginia limited partnership,
	 	 	 	 	 	 	its Manager	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	By:	 	NNN Apartment REIT, Inc.,	 	 
	 	 	 	 	 	 	 	 	a Maryland corporation,	 	 
	 	 	 	 	 	 	 	 	its General Partner	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	By:	 	/s/ Andrea R. Biller
	 
	 	 	 	 	 	 	 	 	 	 
	 	 
	 
	 	 	 	 	 	 	 	Name:	 	Andrea R. Biller
	 
	 	 	 	 	 	 	 	 	 	 
	 	 
	 
	 	 	 	 	 	 	 	Title:	 	Secretary
	 
	 	 	 	 	 	 	 	 	 	 

	 	 

 

 

EXHIBIT “A”

Legal Description

TRACT I

A 48.80 acre, or 2,125,701 square feet, tract of land, out of a 69.40 acre tract recorded in Volume
6447, Pages 1192-1195 of the Official Public Records of Real Property of Bexar County, Texas, a
portion of the called 48.97 acre tract of land (“Tract I”) recorded in Volume 10288, Pages 623-627
of the Official Public Records of Real Property of Bexar County, Texas, and being all of Lot 30,
Block 8 of the Replat and Subdivision Plat Establishing Bandera Springs as recorded in Volume 9559,
Pages 114-116 of the Deed and Plat Records of Bexar County, Texas, also being out of the Perry
Davis Survey Number 267, Abstract Number 189, County Block 4528, now all in New City Block (N.C.B.)
14614, In the City of San Antonio, Bexar County, Texas, said 48.88 acre being more particularly
described by metes and bounds as follows, with the basis of bearings being the said Bandera Springs
Subdivision:

BEGINNING at a found Texas Department of Transportation monument with brass plate, a point on the
southeast right-of-way line of F.M. 1604, the northwest corner of the above referenced 69.40 acre
tract, the northeast corner of a 13.923 acre tract recorded in Volume 10593, Pages 769-772 of the
Official Public Records of Real Property of Bexar County, Texas, the northwest corner of the herein
described tract, from which a found 1/2 inch iron rod bears S 45° 39’ 57” W, a distance of 126.85
feet; thence N 45° 30’ 49” E, along and with the southeast right-of-way of said F.M. 1604, a
distance of 196.51 feet to a set “x” in concrete; thence : N 44° 34’ 21” E, along and with the
southeast right-of-way of said F.M. 1604, a distance of 40.71 feet to a set “x” in concrete, the
west corner of a 47.04 acre tract recorded in Volume 7321, Page 1004-1007 of the Official Public
Records of Real Property of Bexar County, Texas, the north corner of the herein described tract;
thence departing the southeast right-of-way line of said F.M. 1604, along and with the southwest
line of said 47.04 acre tract, the northeast line of herein described tract the following calls and
distances: S 44° 27’ 48” E, a distance of 68.58 feet to the center of a sanitary sewer manhole
lid; S 30° 13’ 45” E, a distance of 397.94 feet to a set “x” on a sanitary sewer manhole lid; S 60°
22’ 03” E. a distance of 698.23 feet to the center of a sanitary sewer manhole lid; S 22° 51’ 53”
E. a distance of 251.38 feet to a set “x” on a sanitary sewer manhole lid; S 78° 38’ 40” E. a
distance of 491.06 feet, to a found 1/2 inch iron rod with a yellow cap marked “Pape-Dawson”, the
southeast corner of said 47.04 acre tract, the northeast corner of this tract, a point on the west
right-of-way line of South Hausman Road (a variable width right-of-way); thence S 00° 03’ 57” W,
along and with the west right-of-way of said South Hausman Road, a distance of 245.33 feet to a set
1/2 inch iron rod with yellow cap marked “Pape-Dawson”; thence N 84° 21’ 08” W, departing the west
right-of-way of said South Hausman Road, a distance of 10.05 feet to a set 1/2 inch iron rod with
yellow cap marked “Pape-Dawson” being a northeast corner of said Lot 30; thence S 00°03’57” W,
along and with the west right-of-way of said South Hausman Road, the west line of a 10-dedication
for future street widening recorded fn Volume 9559, Pages 114-116 of the Deed and Plat Records of
Bexar County, Texas, the east line of said Lot 30, a distance of 351.58 feet to a set 1/2 inch iron
rod with yellow cap marked “Pape-Dawson”; thence N 17° 06’ 38” E, departing the west right-of-way
of said South Hausman Road, Along the south line of a said 10-dedication for future street
widening, the east line of said Lot 30, a distance of 34.12 to a set 1/2 inch iron rod with yellow
cap marked “Pape-Dawson” in the west right-of-way line of said South Hausman Road; thence S 00° 03’
57” W, along and with the west right-of-way of said South Hausman Road, a distance of 551.48 feet
to a set 1/2 inch iron rod with yellow cap marked “Pape-Dawson”; thence S 80° 07’ 33’’ W, departing
the west right-of-way line of said South Hausman Road, at a distance of 5.08 feet passing the
northeast corner of Oakridge Pointe Unit-4 Subdivision, as recorded in Volume 9534, Page 117, Deed
and Plat Records of Bexar County, Texas, continuing along the north line of said Oakridge Pointe,
Unit-4 at a distance of 181.40 passing the southwest corner of said Lot 30, Block 8, in all a total
distance of 298.93 feet to a set 1/2 inch iron rod with yellow cap marked “Pape-Dawson”; thence S
46° 06’ 14” W, with the northwest line of Oakridge Pointe Unit-4, a distance of 50.04 feet to a set
1/2 inch iron rod with
 yellow cap marked “Pape-Dawson"', the northwest corner of said subdivision
the northeast corner of Lot 20, Block 8, N.C.B. 14614, South Hausman Road Elementary, as recorded
in Volume 9535,

 

 

Pages 34-35, Deed and Plat Records of Bexar County, Texas, being the southeast corner of the
remaining portion of that 16.12 acre tract conveyed to Northside Independent School District in
Volume 6761, Pages 1256-1274 of the Official Public Records of Real Property of Bexar County,
Texas, a point on curve of a non-tangent curve to the left; thence Northwesterly, along and with
the east tine of said remaining portion of that 16.12 acre tract and along the arc of said curve to
the left, said curve having a radial bearing of S 43° 51’ 41” W, a radius of 375.00 feet, a central
angle of 101° 1’ 53”, a chord bearing and distance of N 46° 44’ 15” W, 7.84 feet, an arc length of
7.84 feet to a set 1/2 inch iron rod with yellow cap marked “Pape-Dawson”; thence N 47° 20’ 12” W,
a distance of 20.00 feet to a set 1/2 inch iron rod with yellow cap marked “Pape-Dawson” at the
north corner of said remaining portion of that 16.12 acre tract; thence S 58° 56’ 36” W, along and
with the west line of said remaining portion of that 16.12 acre tract, the south line of said 48.80
acre tract and said Lot 30, a distance of 62.28 feet to a set 1/2 inch iron rod with yellow cap
marked “Pape-Dawson”, at the southwest corner of said remaining portion of that 16.12 acre tract,
and angle point in the north line of said Lot 20, Block 8 of South Hausman Road Elementary, the
beginning of a curve to the right; thence Southwesterly, along and with the northwest and north
line of said South Hausman Road Elementary, the south line of said Lot 30 and said 48.80 acre tract
and arc of said curve to the right, said curve having a radius of 300.00 feet, a central angle of
36° 02’ 40”, a chord bearing and distance of S 76° 57’ 56” W, 185.63 feet, an arc length of 188.73
feet to a set 1/2 inch iron rod with yellow cap marked “Pape-Dawson”; thence N 85° 00’ 44” W, along
and with the north line of said South Hausman Road Elementary, the south line of said Lot 30 and
said 48.80 acre tract, a distance of 115.39 feet to a set 1/2 inch iron rod with yellow cap marked
“Pape-Dawson”; thence Northwesterly, along and with the north and northeast line of said South
Hausman Road Elementary, the south line of said Lot 30 and said 48.80 acre tract and the arc of
said curve to the right, said curve having a radius of 350.00 feet, a central angle of 44° 59’ 40”,
a chord bearing and distance of N 62° 31’ 12” W. 267.79 feet, an arc length of 274.79 feet to a set
1/2 inch iron rod with yellow cap marked “Pape-Dawson”; thence N 40° 01’ 40” W, along and with the
northeast line of said South Hausman Road Elementary, the south line of said Lot 30 and said 48.80
acre tract, a distance of 245.43 feet to a set 1/2 inch iron rod with yellow cap marked
“Pape-Dawson”, the beginning of a curve to the left; thence Northwesterly, along and with the
northeast line of said South Hausman Road Elementary, the south line of said Lot 30 and said 48.80
acre tract and the arc of said curve to the left, said curve having a radius of 250.00 feet, a
central angle of 49° 57’ 50”, a chord bearing and distance of N 65° 00’ 35” W, 211.17 feet, an arc
length of 218.01 feet to a set 1/2 inch iron rod with yellow cap marked “Pape-Dawson”; thence N 89°
59’ 30” W, along and with the north line of said South Hausman Road Elementary, the south line of
said Lot 30 and said 48.80 acre tract, a distance of 52.06 feet to a set 1/2 inch iron rod with
yellow cap marked “Pape-Dawson”, a point on the west line of a 3 8.966 acre tract recorded in
Volume 2569, Page 1217, Official Public Records of Real Property of Bexar County, Texas, the
southwest corner of said Lot 30 and the southwest corner of the herein described tract; thence N
00° 00’ 12” E, along and with the east line of said 38.966 acre tract, a distance of 706.02 feet to
a set 1/2 inch iron rod with yellow cap marked “Pape-Dawson” at a common corner between said 38.966
acre tract and said 13.923 acre tract; thence N 14°12’ 23” W. along and with the east line of said
13.923 acre tract, the west line of said Lot 30 and said 48.80 acre tract, a distance of 1071.43
feet to the POINT OF BEGINNING and containing 48.80 acres of land in the City of San Antonio, Bexar
County, Texas.

TRACT II:

Drainage easement as provided by document recorded in Volume 7032, Page 1269, Real Property Records
of Bexar County, Texas.

TRACT III:

Landscape buffer, lighting and access easement agreement as prodded by document recorded in Volume
41880, Page 1700, Real Property Records of Bexar County, Texas.

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