Document:

Exhibit
10.51

 

 

FIRST AMENDMENT TO PURCHASE AND SALE AGREEMENT

 

THIS FIRST AMENDMENT TO PURCHASE AND SALE AGREEMENT
dated this 22nd day of March, 2006 (this “First Amendment”) is entered into by
and between Continental 95 Fund, LLC, Wisconsin limited liability company (“Seller”)
and Inland Real Estate Acquisitions, Inc., an Illinois corporation (“Purchaser”).

 

Recitals

 

A.            Purchaser
and Seller entered into that certain Purchase and Sale Agreement dated
February 3, 2006 (the “Purchase Agreement”) providing for the purchase and
sale of the Shakopee Shopping Center in Shakopee, Minnesota.

 

B.            Purchaser
and Seller now desire to amend the Purchase Agreement as set forth herein.

 

 

Amendments

 

NOW THEREFORE, in consideration of the mutual
covenants and conditions herein contained and of other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged,
the parties hereto agree as follows:

 

1.             Contingencies.
Purchaser hereby waives its right to terminate the Purchase Agreement based upon
the following matters:

 

                (a)  Environmental
inspection;

                (b)  Engineering
inspection;

                (c)  Appraisal
and financial analysis;

                (d)  Site
inspection;

                (e)  Tenant Estoppels;

                (f)  Survey;

                (g)  Items
delivered as “Seller’s Deliveries;” and

                (h)  Lease/REA
review.

 

2.             Closing.
The date of Closing shall be extended to April 6, 2006.

 

3.             Closing
Funds. Provided that Seller has previously deposited with Escrowee (as
defined in the Purchase Agreement) all instruments and documentation required
of it to close the transaction contemplated by the Purchase Agreement and all
other conditions to Purchaser’s obligation to close have been met or waived by
Purchaser, Purchaser shall deposit the funds necessary for the Closing with the
Escrowee on April 4, 2006.  The parties
shall prorate rent and other items effective April 4, 2006.

 

 

 

4.             Conflicts.
In the event of a conflict between the terms and conditions of this First
Amendment and the terms and conditions of the Purchase Agreement, the terms and
conditions of this First Amendment shall control.  In all of the respects, the terms and
conditions of the Purchase Agreement shall remain in full force and effect.

 

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

 

 

	
  SELLER:

  
	
   

  	
   

  
	
  CONTINENTAL 95 FUND, LLC, a Wisconsin limited
  liability company

  
	
  By: 

  	
  Continental Properties Company, Inc., its Manager

  
	
   

  	
   

  
	
   

  	
   

  
	
  By: 

  	
  /s/ Thomas J. Keenan

  	
   

  
	
   

  	
   

  	
   

  
	
  Its: 

  	
  Exec. V.P.

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  By: 

  	
  /s/ [illegible]

  	
   

  
	
   

  	
   

  	
   

  
	
  Its:

  	
  Vice President

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  PURCHASER:

  
	
   

  	
   

  
	
  INLAND REAL ESTATE ACQUISITIONS, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
  By: 

  	
  /s/ Lou Quilici

  	
   

  
	
  Its: 

  	
  SRVP

  	
   

  

 

 

 

Inland Real Estate Acquisitions, Inc.

2901 Butterfield Road

Oak Brook, IL 60523

Phone: (630) 218-4925  Fax: (630)
218-4935

www.inlandgroup.com

 

February 3, 2006

 

Seller or Beneficiary of the Titleholding Trust (Seller)

or Holder of the Power of Direction

c/o Mid-America Real Estate Corp.
(Broker)

Attn: Rick Drogsz

Two Mid-America Plaza, Third Floor

Oakbrook Terrace, IL 60181

 

Re:        SHAKOPEE SHOPPING CENTER

                SHAKOPEE, MN

 

Dear Mr. Drogosz:

 

This letter represents this corporation’s offer to
purchase the Shakopee Shopping Center with 103,442 net rentable square feet,
situated on approximately 12 acres of land, located at 1698 Vierling Drive,
Shakopee, MN.

 

The above property shall include all the land and
buildings and common facilities, as well as all personally within the buildings
and common areas, supplies, landscaping equipment, and any other items
presently used on the site and belonging to owner, and all Intangible rights
relating to the property.

 

This corporation or its nominee will consummate this
transaction on the following basis:

 

1.                       The total purchase price shall be $16,002,621.00 all cash, plus or
minus prorations, with no mortgage contingencies,
to be paid at closing 30 business days
following the acceptance of this agreement (see Paragraph 10).

 

2.                       Seller represents and warrants (to the best of the Seller’s knowledge), that the above
referenced property is leased to the tenants described on Exhibit A.  Any concessions given to any tenants that
extend beyond the closing day shall be settled at closing by Seller giving a
full cash credit to Purchaser for any and all of those concessions.

 

3.                       Seller warrants and represents to Seller’s
knowledge and except as described in the Seller Deliveries (a) that the
property is free of municipal violations, (b) the interior and exterior
structures are in a good state of repair, (c) the property is in full
compliance with Federal, State, City and County ordinances, including ADA
compliance and environmental laws, and (d) no one has a lease that exceeds the
lease term stated in said leases, nor does anyone have an option or right of
first refusal to purchase or extend, nor is there any contemplated condemnation
of any part of the property, nor are there any current or contemplated
assessments.

 

4.                       Prior to closing, Seller shall not enter
into or extend any agreements without Purchaser’s approval and any contract
presently in existence not accepted by Purchaser shall be terminated by
Seller.  Any work presently in progress
on the property shall be completed by Seller prior to closing.

 

 

 

SHAKOPEE
SHOPPING CENTER - SHAKOPEE, MN

January 16,
2006

 

5.                       Ten (10) days prior to closing Seller
shall furnish Purchaser with estoppel letters acceptable to Purchaser from all
tenants, guarantors, and parties to reciprocal and/or operating easement
agreements, if applicable.  Purchaser’s
sole remedy in connection with any failure of Seller to deliver acceptable
estoppels shall be to terminate the Contract by written notice to Seller,

 

6.                       Seller is responsible for payment of any leasing brokerage fees or commissions which are due any
leasing brokers for the existing leases stated above or for the renewal of
same.

 

7.                       This offer is subject to Seller supplying
to Purchaser prior to closing a certificate of insurance from the tenants and
guarantors in the form required in the leases.

 

8.                       The above sale of the real estate shall
be consummated by conveyance of a full warranty deed subject to easements,
restrictions and covenants of record from Seller to Purchaser’s designee, with
the Seller paying any city, state, or county transfer taxes for the closing,
and Seller agrees to cooperate with Purchaser’s lender, if any, and the money
lender’s escrow, provided that such shall be at Purchaser’s sole expense.

 

9.                       The closing shall occur through Chicago
Title & Trust Company, in Chicago, Illinois with Nancy Castro as Escrowee,
30 business days following acceptance of this agreement, at which time title to
the above property shall be marketable; i.e., free and clear of all liens,
encroachments and encumbrances subject to easements, restrictions and covenants
of record, and an ALTA form B owner’s title policy with complete extended
coverage, waiving off all new construction, including 3.1 zoning including
parking and loading docks, and insuring all improvements as legally conforming
uses and not as non-conforming or conditional uses, paid by Seller, shall be
issued, with all warranties and representations being true now and at closing
and surviving the closing for a period of one (1) year, and each party shall be
paid in cash their respective credits, including, but not limited to, security
deposits, rent and expenses.  At closing,
Seller shall provide 1) a credit to Purchaser for all unpaid real estate taxes
for the year prior to closing; and 2) with regard to the year of closing,
Seller shall provide Purchaser with a credit in the amount equal to the
estimated real estate taxes collected by Seller from tenants which pay
estimated real estate taxes on a monthly basis..

 

10.                 Purchaser’s obligation to close is contingent upon
neither Seller (Landlord), any tenant or guarantor being in default on any
lease or agreement at closing, or there being any threatened or pending
litigation.

 

11.                 Seller warrants and represents that he has paid all
unemployment taxes to date.

 

12.                 Prior to closing, Seller shall furnish to Purchaser
copies of all guarantees and warranties which Seller received from any and all
contractors and sub-contractors pertaining to the property.  This offer is subject to Purchaser’s
satisfaction that all guarantees and warranties survive the closing and are
assigned and transferred to Purchaser at Closing.

 

13.                 This offer is subject to the property being 100%
occupied at the time of closing, with all tenants occupying their space, open
for business, and paying full rent, including CAM, tax and insurance current,
as shown on Exhibit A attached.

 

14.                 Seller shall be responsible for payment of a real
estate brokerage commission, as per their agreement, to Mid-America Real Estate
Corp.  Said commission shall be paid
through the closing escrow.

 

15.                 Fifteen (15) days prior to closing, Seller must
provide the title as stated above and a current Urban ALTA/ACSM spotted survey
in accordance with the minimum standard detail requirements for ALTA/ACSM Land
Title surveys jointly established and adopted by ALTA and ACSM in 1999 and
includes all outlots and all Table A optional survey responsibilities and
acceptable to Purchaser and the title company. 
Purchaser shall pay for the cost of updated survey unless this
transaction closes in which case Seller shall pay.

 

2

 

Purchaser acknowledges that Seller has delivered the
inducements, abatements, concessions or cash payments given to tenants and
Leases and any and all reports, enviromental report, appraisal, investigations,
studies in the Seller’s possession with respect to the Property identified on
the attached Exhibit B (collectively “Seller’s Deliveries”).  Purchaser acknowledges that except with
respect to Leases, Seller does not warranty or represent to the accuracy of any
information contained in the Seller’s Deliveries.  Seller agrees to cooperate fully with
Purchaser and Purchaser’s representatives to facilitate Purchaser’s evaluations
and reports at Purchaser’s sole expense, including at least a one-year audit of
the books and records of the property thirty (30) business days from the date
of execution of this Purchase Contract, during which time to, among other
things, complete Purchaser’s due diligence.

 

Prior to closing, Purchaser shall either indicate
Purchaser’s decision to terminate this Contract for any reason or shall waive
any of the above contingencies or shall notify Seller of Purchaser’s decision
to terminate this Contract for any reason, in which latter case the Contract
shall expire.  In the event Purchaser
shall fail to notify Seller of the satisfaction or waiver of the contingencies on
or before the closing, the same shall be deemed to have been waived and the
parties should proceed to closing.

 

This offer is, of course, predicated upon the
Purchaser’s review and written approval of the existing leases, new leases,
lease modifications (if any), all tenant correspondence, REA/OEA agreements,
tenants’ and guarantors’ financial statements, sales figures, representations
of income and expenses made by Seller, site inspection, enviromental,
appraisal, etc., and at least one year of audited operating statements on said
property is required that qualifies, complies with and can be used in a public
offering.

 

The parties shall cooperate in the event either party
decides to undertake this transaction as a 1031 Exchange.

 

If this offer is acceptable, please have the Seller
sign the original of this letter and initial each page, keeping copies for your
files and returning the original to me by February 13, 2006.

 

	
   

  	
  Sincerely,

  
	
   

  	
   

  
	
  ACCEPTED:

  	
  INLAND REAL ESTATE ACQUISITIONS, INC.

  
	
   

  	
  or nominee

  
	
  By: 

  	
  /s/ Thomas J. Keenan

  	
   

  	
   

  
	
  Thomas Keenan, Executive Vice President

  	
  /s/ Lou Quilici

  
	
  Date: 

  	
  2/7/06

  	
   

  	
  Lou Quilici

  
	
   

  	
  Senior Vice President

  
	
   

  	
   

  
	
   

  	
  /s/ G. Joseph Cosenza              

  
	
   

  	
  G. Joseph Cosenza

  
	
   

  	
  Vice Chairman

  
					

 

3Exhibit
10.52

 

ASSIGNMENT AND ASSUMPTION

OF PURCHASE AND SALE AGREEMENT

 

                                                This ASSIGNMENT AND ASSUMPTION OF
PURCHASE AND SALE AGREEMENT (this “Assignment’’) is made and entered into this
4th day of April, 2004 by Inland Real Estate Acquisitions, Inc., an Illinois
Corporation, (“Assignor”), and MB Shakopee Vierling, L.L.C., (“Assignee”).

 

RECITALS

 

                                                A.                                   Continental 95 Fund, L.L.C. (“Seller”)
and Assignor have previously entered into that certain Purchase and Sale
Agreement dated as of February 3, 2006 (the “Purchase Agreement”), relating to
the sale of a certain shopping center commonly known as Shakopee Center located
in the City of Shakopee, Minnesota.

 

                                                B.                                     Assignor desires to assign its interest
in and to the Purchase Agreement to Assignee upon the terms and conditions
contained herein.

 

                                                NOW, THEREFORE, in consideration of the
receipt of ten and 00/100 Dollars ($10.00) and other good and valuable
consideration in hand paid by Assignee to Assignor, the receipt and sufficiency
of which are hereby acknowledged by Assignor, the parties hereby agree as
follows:

 

                                                1.                                       Recitals.  The foregoing
recitals are, by this reference, incorporated into the body of this Assignment
as if the same had been set forth in the body hereof in their entirety.

 

                                                2.                                       Assignment and Assumption. 
Assignor hereby assigns, conveys, transfers, and sets over to Assignee
all of Assignor’s right, title, and interest in and to the Purchase Agreement.
Assignee hereby accepts the foregoing Assignment and assumes, and agrees to
perform, all duties, obligations, liabilities, indemnities, covenants, and
agreements of Assignor set forth in the Purchase Agreement.

 

                                                3.                                       Counterparts. 
This document may be executed in any number of counterparts, each of
which may be executed by any one or more of the parties hereto, but all of
which must constitute and instrument and shall be binding and effective when
all parties hereto have executed at least one counterpart.

 

                                                4                                          Successors.  This
Assignment shall be binding upon and for the benefit of the parties hereto and
their respective Successors and Assigns.

 

1

 

                                                IN WITNESS WHEREOF, Assignor and Assignee
have caused this Assignment to be executed as of the day and year first written
above.

 

	
  ASSIGNOR:

  
	
   

  	
   

  	
   

  
	
  INLAND REAL ESTATE ACQUISITIONS, INC.,

  
	
  An Illinois Corporation

  
	
   

  	
   

  	
   

  
	
  By:

  	
  [ILLEGIBLE]

  	
   

  
	
  Name:

  	
  [ILLEGIBLE]

  	
   

  
	
  Title:

  	
  SRVP

  	
   

  
	
   

  	
   

  	
   

  
	
   

  
	
  ASSIGNEE:

  
	
   

  	
   

  	
   

  
	
  MB SHAKOPEE VIERLING, L.L.C.,

  
	
  A Delaware limited liability company

  
	
   

  	
   

  	
   

  
	
  By:

  	
  Minto Builders (Florida), Inc., a Florida 

  
	
   

  	
  Corporation, its sole member

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Valerie Medina

  	
   

  
	
   

  	
  Name:

  	
  Valerie Medina

  	
   

  
	
   

  	
  Title:

  	
  Assistant Secretary

  	
   

  
					

 

2

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