Document:

Exhibit
10.46

 

ASSIGNMENT AND ASSUMPTION OF
PURCHASE AGREEMENT

 

AND DESIGNATION OF NOMINEES

 

THIS ASSIGNMENT AND ASSUMPTION OF PURCHASE
AGREEMENT AND DESIGNATION OF NOMINEES is made to be effective as of this 8th
day of October, 2010 (this “Assignment and Assumption”) between
Applefield Waxman Capital, Inc., a Florida corporation (“Assignor”),
and BH-AW Florida MOB Venture, LLC, a Delaware limited liability company (“Assignee”).

 

RECITALS

 

A.                                    Assignor
entered into that certain Purchase and Sale Agreement dated as of May 27,
2010, as amended (the “Agreement”) between Assignor and Douglas E. Rabe,
as successor trustee pursuant to the FMC Land Trust Agreement Number 1001, and
not individually, Tenet Hialeah Healthsystem, Inc., a Florida corporation,
Tenet Healthsystem North Shore, Inc., a Florida corporation, Lifemark
Hospitals, Inc., a Delaware corporation, Tenet Good Samaritan, Inc.,
a Florida corporation, and Tenet St. Mary’s Inc., a Florida corporation, for
the acquisition of the property described therein; and

 

B.                                    Assignor now
desires to assign all of its right, title and interest in the Agreement to
Assignee.

 

NOW, THEREFORE, for good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged,
Assignor and Assignee hereby agree as follows:

 

1.                                      Assignment.  Assignor hereby assigns to Assignee all of
Assignor’s right, title and interest in the Agreement.

 

2.                                      Acceptance and
Assumption.  Assignee
hereby accepts the assignment and assumes and shall perform all of Assignor’s
duties as “Buyer” under the Agreement.

 

3.                                      Designation of
Nominees.   In
accordance with Section 10.3 of the Agreement, Assignee does hereby
designate those certain Nominees to take title to those certain Projects
identified in Schedule A attached hereto and made a part hereof.

 

4.                                      Counterparts.  This Assignment and Assumption may be
executed in two or more facsimile counterparts, each of which shall be deemed
an original, but all of which shall constitute one and the same instrument.

 

[Signatures on Next Page]

 

 

IN WITNESS WHEREOF, the parties hereto have
executed this Assignment and Assumption as of the date first set forth above.

 

	
   

  	
  ASSIGNOR:

  
	
   

  	
   

  
	
   

  	
  Applefield Waxman Capital, Inc.

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Brian K. Waxman

  
	
   

  	
  Name:

  	
  Brian K. Waxman

  
	
   

  	
  Title:

  	
  President

  
	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  ASSIGNEE:

  
	
   

  	
   

  
	
   

  	
  BH-AW Florida MOB Venture, LLC

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Brian K. Waxman

  
	
   

  	
  Name:

  	
  Brian K. Waxman

  
	
   

  	
  Title:

  	
  President

  

 

2

 

SCHEDULE A

 

	
   

  	
  PROJECT

  (as more particularly described in the

  Agreement)

  	
   

  	
  NOMINEE

  
	
   

  	
   

  	
   

  	
   

  
	
  1

  	
  Central Medical Building at Florida Medical Center

  	
   

  	
  BH-AW FMC Central, LLC, a Delaware limited
  liability company

  
	
   

  	
   

  	
   

  	
   

  
	
  2

  	
  East Medical Building at Florida Medical Center

  	
   

  	
  BH-AW FMC East, LLC, a Delaware limited
  liability company

  
	
   

  	
   

  	
   

  	
   

  
	
  3

  	
  Oakland Medical Mall at Florida Medical Center

  	
   

  	
  BH-AW FMC Medical Mall, LLC, a Delaware limited liability company

  
	
   

  	
   

  	
   

  	
   

  
	
  4

  	
  North Medical Building at Florida Medical Center

  	
   

  	
  BH-AW FMC North, LLC, a Delaware limited
  liability company

  
	
   

  	
   

  	
   

  	
   

  
	
  5

  	
  Excess Land at Florida Medical Center

  	
   

  	
  BH-AW FMC Land, LLC, a Delaware limited liability company

  
	
   

  	
   

  	
   

  	
   

  
	
  6

  	
  Hialeah Medical Office Building

  	
   

  	
  BH-AW Hialeah, LLC, a Delaware limited
  liability company

  
	
   

  	
   

  	
   

  	
   

  
	
  7

  	
  Palmetto Medical Building

  	
   

  	
  BH-AW Palmetto, LLC, a Delaware limited
  liability company

  
	
   

  	
   

  	
   

  	
   

  
	
  8

  	
  Medical Arts Building at North Shore Medical Center

  	
   

  	
  BH-AW North Shore, LLC, a Delaware limited
  liability company

  
	
   

  	
   

  	
   

  	
   

  
	
  9

  	
  Farris Building at Good Samaritan Medical Center

  	
   

  	
  BH-AW Victor Farris, LLC, a Delaware limited liability company

  
	
   

  	
   

  	
   

  	
   

  
	
  10

  	
  St. Mary’s Professional Building

  	
   

  	
  ST. Mary’s Professional Center, LLC, a
  Florida limited liability company

  

 

3Exhibit
10.47

 

PROMISSORY NOTE

 

October 8, 2010

 

1.                                      Borrowers’ Promise to Pay.  In return for a loan that BH-AW FLORIDA MOB
VENTURE, LLC, a Delaware limited liability company (the “Borrower”) has
received, the Borrower hereby promises to pay $35,000,000.00 (the “Principal”),
plus interest, to the order of BEHRINGER HARVARD FLORIDA MOB MEMBER, LLC, a Delaware limited liability company
(the “Holder”).  The Principal
shall be or has been disbursed to the Borrower in one lump sum, and no future
advances shall be made hereunder.

 

2.                                      Interest.  Interest will be charged on unpaid Principal
until the full amount of Principal has been paid.  The Borrower will pay interest at a yearly
rate of 7.00%, calculated on the basis of a 360-day year and computed each
month in arrears on the basis of a 30-day month.  Interest due under this Section 2 shall
be added to the debt and shall be deemed secured by the Pledge Agreement.  Following an Event of Default (as defined in Section 5(a) below),
the Borrower shall pay the interest rate required by Section 5(b) of
this Promissory Note (this “Note”).

 

3.                                      Payments.

 

a.                                      The Borrower shall pay the balance of the Principal and all accrued
interest thereon and any other amounts due hereunder or under the Pledge
Agreement (as defined below) on the 7th day of January, 2011 (the “Maturity
Date”).

 

b.                                      Whenever any payment shall be due under this Note on a day that is not
a Business Day, the date on which such payment is due shall be extended to the
next succeeding Business Day.  “Business
Day” means a day other than a Saturday, Sunday or other day that is a
holiday of the Federal Reserve.

 

c.                                       The Borrower will make all payments due hereunder at the address of the
Holder set forth in Section 8 of this Note or at such other location as
designated by the Holder.

 

d.                                      The Borrower has the right to prepay Principal at any time before the
Maturity Date without paying any prepayment charge so long as written notice
has been provided to the Holder that the Borrower intends to make a prepayment.  Such prepayment shall be applied, first, to
interest on the outstanding Principal, and then to all other amounts then due
to Holder under this Note or the Pledge Agreement and then to the outstanding
Principal.

 

e.                                       Within five (5) business days that the Borrower or any of its
subsidiaries shall receive any loan or other financing involving the Properties
(as defined below), the Borrower shall prepay the outstanding Principal in an
amount equal to the amount of such financing minus any reasonable costs
incurred in connection with such loan or financing.  Such prepayment shall be applied, first, to
interest on the outstanding Principal, and then to all other amounts then due
to Holder under this Note or the Pledge Agreement and then to the outstanding
Principal.

 

 

f.                                        If as the result of a casualty or condemnation the Borrower or any of
its subsidiaries shall receive any condemnation award or insurance proceeds and
any such proceeds shall not be used by the Borrower and/or its subsidiaries for
the restoration of the Properties, the Borrower shall prepay the outstanding
Principal in an amount equal to any amount of the condemnation award or
insurance proceeds not used for the restoration of the Properties no later than
the earlier of five (5) business days following the completion of such
restoration or sixty (60) calendar days following the casualty or
condemnation.  Such prepayment shall be
applied, first, to interest on the outstanding Principal, and then to all other
amounts then due to Holder under this Note or the Pledge Agreement and then to
the outstanding Principal.

 

g.                                       The Borrower has the one-time right to extend the Maturity Date by
three (3) months if (a) the Borrower provides written notice to the
Holder, no less than thirty (30) days before the original Maturity Date, of the
Borrower’s election to extend the Maturity Date and (b) at the time of
such notice and on the original Maturity Date, no Event of Default has occurred
and is continuing.  Upon extension of the
Maturity Date as permitted under this Section 3(g), all references in this
Note to the Maturity Date shall refer to the Maturity Date as so extended.

 

4.                                      Security.  This Note is secured by that certain Pledge
and Security Agreement of even date herewith given by the Borrower to the
Holder (the “Pledge Agreement”). 
Reference is made to the Pledge Agreement for the description of the
security and the rights of the Holder in respect thereto, but this reference to
the Pledge Agreement shall not affect or impair the absolute and unconditional
obligation of the Borrower to pay when due the Principal and the interest
thereon as provided in this Note.

 

5.                                      Failure to Pay as Required.

 

a.                                      If an Event of Default shall exist, at the option of the Holder, the
Principal, all interest and other sums due hereunder, all sums advanced
pursuant to the Pledge Agreement to protect and preserve the property
encumbered thereby and all sums advanced and costs and expenses incurred by the
Holder (including, without limitation, reasonable attorneys’ fees) in
connection with the indebtedness evidenced by this Note shall, without notice,
become immediately due and payable, and the Holder may proceed to enforce the
payment of the Obligations (as defined below), or any part thereof, in such
order and manner as the Holder may elect. 
Each of the following shall constitute an “Event of Default”:

 

(i)                                     the Borrower does not pay the Obligations on or before the Maturity
Date; or

 

(ii)                                  the Borrower permits the sale or transfer of any Collateral (as defined
below) or the Properties in violation of Section 7 hereof; or

 

(iii)                               the Borrower, pursuant to or within the meaning of Title 11 of the
United States Code or any similar federal or state law for the relief of
debtors 

 

2

 

(each,
a “Bankruptcy Law”), (A) commences a voluntary case in bankruptcy
or any other action or proceeding for any other similar relief under any
Bankruptcy Law, (B) consents by answer or otherwise to the commencement
against it of an involuntary case of bankruptcy, (C) seeks or consents to
the appointment of a receiver, trustee, assignee, liquidator, custodian or
similar official (each a “Custodian”) of it or for all or substantially
all of its assets, or (D) makes a general assignment for the benefit of
its creditors; or

 

(iv)                              a court of competent jurisdiction enters an order or decree under any
Bankruptcy Law that (A) is for relief against the Borrower in an
involuntary case of bankruptcy against the Borrower, (B) appoints a
Custodian of the Borrower for all or substantially all of its assets, or
(C) orders the liquidation of the Borrower, and the order or decree
remains undismissed or unstayed and in effect for thirty (30) days, or any
dismissal, stay, rescission or termination thereof ceases to remain in effect;
or

 

(v)                                 this Note or the Pledge Agreement shall cease, for any reason, to be in
full force and effect; any provision of this Note shall for any reason cease to
be valid and binding on or enforceable against the Borrower; the validity or
enforceability of this Note or the Pledge Agreement is contested by the
Borrower or any other person or entity; or the Borrower denies it has any
further liability or obligation under this Note or the Pledge Agreement; or

 

(vi)                              the Borrower shall fail to make any prepayment required by Sections 3(e) and
3(f) hereof; or

 

(vii)                           the Borrower is in default under any other provision of this Note or
under the Pledge Agreement and the Borrower shall fail to cure such default
within five (5) business days.

 

b.                                      The Borrower agrees that upon the occurrence of an Event of Default,
the Holder shall be entitled to receive, and the Borrower shall pay, interest
on the entire unpaid Principal at a per annum rate equal to the lesser of 12%
and the maximum interest permitted by applicable law as provided in Section 6
hereof, which shall be computed from the occurrence of the Event of Default
until the earlier of the date upon which the Event of Default is cured or the
date upon which the debt evidenced by this Note is paid in full.  Interest due under this Section 5(b) shall
be added to the debt and shall be deemed secured by the Pledge Agreement.

 

6.                                      Loan Charges.

 

a.                                      This Note is subject to the express condition that at no time shall the
Borrower be obligated or required to pay interest on the Principal due
hereunder at a rate that could subject the Holder to either civil or criminal
liability as a result of being in excess of the maximum interest rate that the
Borrower is permitted by applicable 

 

3

 

law
to contract or agree to pay.  If, under
any circumstance whatsoever, by the terms of this Note the Borrower is at any
time required or obligated to pay interest on the Principal due hereunder at a
rate in excess of such maximum rate, then, ipso
facto, the obligation to be fulfilled shall be reduced to the limit
of such validity, and if from any circumstance the Holder shall ever receive
anything of value as interest or deemed interest by applicable law under this
Note that would exceed such maximum amount of interest, then such amount that
would be excessive interest shall be applied to the reduction of outstanding
Principal under this Note and not to the payment of interest, or if such
excessive interest exceeds the unpaid balance of Principal of this Note and the
Obligations, such excess shall be refunded to the Borrower.

 

b.                                      All sums paid or agreed to be paid to the Holder for the use,
forbearance or detention of the debt evidenced by this Note shall, to the
extent permitted by applicable law, be amortized, prorated, allocated and
spread throughout the full stated term of this Note until payment in full so
that the rate or amount of interest on account of the debt does not exceed the
maximum lawful rate of interest from time to time in effect and applicable to
the debt for so long as the debt is outstanding.

 

c.                                       To the extent the Holder is relying on Chapter 303 of the Texas
Finance Code to determine the maximum interest rate that the Borrower is
permitted by applicable law to contract or agree to pay, the Holder will
utilize the weekly ceiling from time to time in effect as provided in such
Chapter 303, as amended.  To the extent
federal law permits the Holder to contract for, charge, take, receive or
reserve a greater amount of interest than Texas law, the Holder will rely on
federal law instead of such Chapter 303 for the purpose of determining the
maximum interest rate.  Additionally, to
the extent permitted by applicable law now or hereafter in effect, the Holder
may, at its option and from time to time, utilize any other method of
establishing the maximum interest rate under such Chapter 303 or under other
applicable law by giving notice, if required, to the Borrower as provided by
applicable law now or hereafter in effect.

 

7.                                      Due on Sale.  If the Borrower, without the prior written
consent of the Holder, shall sell, convey or otherwise transfer its interests
in the subsidiaries listed on Exhibit A or shall permit any of the
subsidiaries listed on Exhibit A to sell, convey or otherwise
transfer all or any part of the properties identified on Exhibit A
(the “Properties”), whether such sale or other transfer is of the legal,
beneficial or equitable interest therein, voluntary or involuntary, whether by
outright sale, deed, installment land contract, foreclosure, deed-in-lieu,
short sale or other method of conveyance, the entire Principal, with all
interest accrued thereon and all other sums due hereunder or secured by the
Pledge Agreement shall be immediately due and payable.

 

8.                                      Notices.  Any notice that must be given hereunder shall
be delivered by overnight delivery via a recognized national courier service or
sent by registered mail, return receipt requested, to the relevant address set
forth below and shall be deemed delivered on the 

 

4

 

date
of delivery, if delivered by hand, or three days after deposit in the U.S.
mail, if delivered by registered mail:

 

	
  If to the Borrower:

  	
   

  	
  BH-AW
  Florida MOB Venture, LLC

  2801 PGA Boulevard, Suite 220

  Palm Beach Gardens, Florida 33410

  Attn:  Brian Waxman

  Fax:   (561) 689-1255

  
	
   

  	
   

  	
   

  
	
  If to the Holder:

  	
   

  	
  Behringer Harvard Florida MOB Member, LLC

  15601 Dallas Parkway, Suite 600

  Addison, TX 75001

  Attn:  Executive Vice President of Real
  Estate

  Fax:   (214) 655-1610

  
	
   

  	
   

  	
   

  
	
  With a copy to:

  	
   

  	
  Behringer Harvard Opportunity REIT II, Inc.

  15601 Dallas Parkway, Suite 600

  Addison, TX 75001

  Attn:  Chief Legal Officer

  Fax:   (214) 655-1610

  

 

9.                                      Waivers.  The Borrower hereby waives demand,
presentment for payment, notice of dishonor, notice of non-payment or
non-performance, protest, notice of intent to accelerate, notice of
acceleration and notice of protest and diligence in collection or bringing suit
and agrees that the Holder may accept partial payment, or release or exchange
security or collateral, without discharging or releasing any unreleased
collateral or the obligations evidenced hereby.

 

10.                               Time of the Essence.  TIME IS OF THE ESSENCE
WITH RESPECT TO ALL PROVISIONS OF THIS NOTE.

 

11.                               Waiver of Jury Trial.  BORROWER
IRREVOCABLY WAIVES ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR
COUNTERCLAIM (WHETHER BASED ON CONTRACT, TORT OR OTHERWISE) ARISING OUT OF OR
RELATING TO THIS NOTE OR THE ACTIONS OF THE HOLDER IN THE NEGOTIATION,
ADMINISTRATION, PERFORMANCE OR ENFORCEMENT HEREOF.

 

12.                               Miscellaneous.

 

a.                                      No waiver by the Holder of any Event of Default hereunder may be
construed as a waiver of any subsequent Event of Default, and no delay by the
Holder in enforcing their rights hereunder may be construed as a waiver of such
rights.

 

b.                                      This Note shall be governed by the laws of the State of Texas without
reference to conflicts of laws provisions that, but for this provision, would
require the application of the law of any other jurisdiction.

 

5

 

c.                                       This Note may not be modified, waived, extended or discharged orally or
by any act or failure to act on the part of the Borrower or the Holder but only
by an agreement in writing signed by all of the parties hereto.

 

d.                                      The terms and provisions of this Note shall be binding upon and inure
to the benefit of the Borrower and the Holder and their respective heirs,
executors, legal representatives, successors and permitted assigns, whether by
voluntary action of the parties or by operation of law.  The Borrower may not assign its interest in
or obligations under this Note without the prior written consent of the Holder.

 

e.                                       If any one or more provisions of this Note shall for any reason be held
to be invalid, illegal or unenforceable, in whole or in part, or in any
respect, or in the event that any one or more of the provisions of this Note
shall operate, or would prospectively operate, to invalidate this Note, then,
and in any such event, such provision or provisions only shall be deemed to be
null and void and of no force or effect and shall not affect any other
provision of this Note, and the remaining provisions of this Note shall remain
operative an in full force and effect and shall in no way be affected,
prejudiced or disturbed thereby.

 

f.                                        THIS NOTE AND THE PLEDGE AGREEMENT REPRESENT THE FINAL
AGREEMENT BETWEEN THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OR
PRIOR, CONTEMPORANEOUS OR SUBSEQUENT ORAL AGREEMENT OF THE PARTIES.  THERE ARE NO UNWRITTEN ORAL AGREEMENTS
BETWEEN THE PARTIES.

 

13.                               Non-Recourse.  Notwithstanding anything to
the contrary contained herein or under applicable law, the Borrower shall be
liable for the Principal, interest and any other obligations under this Note
and the Pledge Agreement (the “Obligations”) to the full extent (but
only to the extent) of the Collateral (as defined in the Pledge Agreement). Any
judicial proceedings brought by the Holder against the Borrower with respect to
the Obligations shall be limited to the preservation, enforcement and
foreclosure, or any thereof, of the liens securing the performance of such
Obligations, and no attachment, execution or other writ of process shall be
sought, issued or levied upon any assets, properties or funds of the Borrower
other than the Collateral.  In the event of
a foreclosure of such liens securing the Obligations, no judgment for any
deficiency upon the Obligations shall be sought or obtained by the Holder
against the Borrower.

 

6

 

IN WITNESS WHEREOF, the Borrower has duly executed this Note to be effective as of the day
and year first above written.

 

 

	
   

  	
  BORROWER:

  
	
   

  	
   

  
	
   

  	
  BH-AW FLORIDA MOB VENTURE, LLC, a 

  Delaware limited liability company

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Brian K. Waxman

  
	
   

  	
   

  	
  Name:

  	
  Brian
  K. Waxman

  
	
   

  	
   

  	
  Title:

  	
  President

  

 

 

EXHIBIT A

 

	
  Subsidiary

  	
   

  	
  Property

  
	
   

  	
   

  	
   

  
	
  BW-AW Hialeah, LLC

  	
   

  	
  Hialeah Medical Plaza Building

  
	
   

  	
   

  	
   

  
	
  BW-AW Palmetto, LLC

  	
   

  	
  Palmetto Medical Center Building

  
	
   

  	
   

  	
   

  
	
  BW-AW North Shore, LLC

  	
   

  	
  North Shore Medical Arts Building

  
	
   

  	
   

  	
   

  
	
  BW-AW Victor Farris, LLC

  	
   

  	
  Victor Farris Building

  
	
   

  	
   

  	
   

  
	
  BW-AW FMC Central, LLC

  	
   

  	
  FMC — Central Building

  
	
   

  	
   

  	
   

  
	
  BW-AW FMC East, LLC

  	
   

  	
  FMC — East Building

  
	
   

  	
   

  	
   

  
	
  BW-AW FMC North, LLC

  	
   

  	
  FMC — North Building

  
	
   

  	
   

  	
   

  
	
  BW-AW FMC Medical Mall, LLC

  	
   

  	
  FMC — Oakland Medical Mall Building

  
	
   

  	
   

  	
   

  
	
  BW-AW FMC Land, LLC

  	
   

  	
  FMC — Vacant Land

  

 

2

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