Document:

Exhibit

Exhibit 10.9

Extension Agreement

This EXTENSION AGREEMENT (the “Agreement”) is entered into as of May 13, 2015 by and among ETRE Holdings A-2, LLC, a Delaware limited partnership (the “Purchaser”), 1 Brown Street Associates, L.P., a Pennsylvania limited partnership (“Brown”), 800 Delaware Ave Associates, L.P., a Pennsylvania limited partnership (“800 Delaware” and together with Brown, the “Owners”), Waterview Grande L.P., a Pennsylvania limited partnership (“Waterview LP”), 1-33 Brown Street, LLC (the “Brown GP”) and 800 North Delaware Avenue, LLC (the “800 Delaware GP”, and together with Brown GP, and the Waterview LP, collectively, the “Sellers”).   The Purchaser, the Sellers and the Owners are collectively referred to as the Parties” and individually as a “Party”)

Reference is made to the Agreement for the Purchase and Sale of Partnership Interests entered into as of April 16, 2015 by and among the Parties (the “PSA”).  Capitalized terms used herein but not otherwise defined shall have the meaning assigned such term in the PSA.

The Parties hereby agree that (notwithstanding anything in the PSA to the contrary) (i) the date by which the Purchaser shall submit or file the Registration Statement with the SEC shall be extended to June 1, 2015 and (ii) Section 1.6(d) of the PSA shall be amended and restated as follows:

“(d) by written notice by either the Sellers or the Purchaser to the other party, at any time after the date that is 60 days after the date the Series A-2 REIT publicly files the Registration Statement with the SEC (it being understood that the Series A-2 REIT shall submit or file the Registration Statement on or before June 1, 2015) (such date is hereinafter referred to as the “Termination Date”) if the Closing shall not have occurred on or prior to such date; provided that if the Series A-2 REIT has launched the IPO “roadshow” (“IPO Launch”) prior to the Termination Date, then the Termination Date shall be extended until the 30th day after the later of (x) the Termination Date or (y) the date of the IPO Launch.  The right to terminate this Agreement under this Section 1.6(d) shall not be available to a party if the action or inaction of that party has been a principal cause of or resulted in the failure of the Closing to occur on or before such date and such action or failure to act constitutes a breach of this Agreement (provided that Sellers shall have no financial or other obligations relating to the IPO Launch);”

Except as expressly amended by this Agreement, the terms of the PSA (and each Party’s rights and obligations thereunder) shall remain unchanged and shall continue in full force and effect.    

This Agreement shall be governed by and construed in accordance with the Laws of the State of New York, without regard to the choice of law provisions thereof.

This Agreement may be executed in multiple counterparts.  If so executed, all of such counterparts shall constitute but one agreement, and, in proving this Agreement, it shall not be necessary to produce or account for more than one such counterpart.  To facilitate execution of this Agreement, the Parties may execute and exchange by facsimile or electronic mail PDF copies of counterparts of the signature pages.
    
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IN WITNESS WHEREOF, the Parties hereto have executed this Agreement as of the date and year first above written.

PURCHASER
ETRE HOLDINGS A-2, LLC
By: Series A-2 of ETRE REIT, LLC, 
its sole member

By:_/s/ Paul Frischer_________________
Name: Paul Frischer
Title:   Authorized Signatory
OWNERS

1 Brown Street ASSOCIATES, L.P.,

By:  1-33 Brown Street, LLC, its general partner

By: /s/ Michael Samschick__________
     Name:   Michael Samschick
       Title:     President

800 Delaware Ave Associates L.P., 
By: 800 North Delaware Avenue, LLC, its general partner 

By: /s/ Michael Samschick__________
      Name:  Michael Samschick
Title:    President

SELLERS

WATERVIEW GRANDE, L.P.

By:  Waterview Grande General, LLC, its general partner

By: /s/ Michael Samschick__________
Name:  Michael Samschick
Title:    President

1-33 BROWN STREET, LLC

By: /s/ Michael Samschick______________
Name:  Michael Samschick
Title:    President

800 NORTH DELAWARE AVENUE, LLC

By: /s/ Michael Samschick______________
Name:   Michael Samschick
Title:     PresidentExhibit

Exhibit 10.10

Assignment and Assumption
of 
Agreement for the Purchase and Sale of Partnership Interests

This ASSIGNMENT AND ASSUMPTION OF THE AGREEMENT FOR THE PURCHASE AND SALE OF PARTNERSHIP INTERESTS (the “Assignment”) is made as of September 21, 2015 by and between ETRE Holdings A-2, LLC, a Delaware limited liability company (the “Assignor”), and ETRE Holdings R-1, LLC, a Delaware limited liability company (the “Assignee”).

RECITALS

A.WHEREAS, Assignor is the purchaser under that certain Agreement for the Purchase and Sale of Partnership Interests, dated as of April 16, 2015, by and among Assignor, as purchaser, 1 Brown Street Associates, L.P., a Pennsylvania limited partnership (“Brown”), 800 Delaware Ave Associates, L.P., a Pennsylvania limited partnership (“800 Delaware” and together with Brown, the “Owners”), Waterview Grande L.P., a Pennsylvania limited partnership (“Waterview LP”), 1-33 Brown Street, LLC, a Pennsylvania limited liability company (“Brown GP”), and 800 North Delaware Avenue, LLC, a Pennsylvania limited liability company (“800 Delaware GP”, and together with Brown GP and Waterview LP, the “Sellers”) (as modified by that certain Extension Agreement dated as of May 13, 2015 and as otherwise may be amended or modified from time to time, the “Purchase Agreement”).

B.WHEREAS, pursuant to the Purchase Agreement, Assignor will purchase and acquire an aggregate eighty-nine percent (89.00%) of the limited and general partnership interests owned by Sellers in each of the Owners, and Waterview LP will retain an aggregate eleven percent (11.00%) of the limited partnership interests in each of the Owners, in each case subject to the term and conditions of the Purchase Agreement. Brown owns One Brown Street, Philadelphia, Pennsylvania and 800 Delaware owns 800 North Delaware Avenue, Philadelphia, Pennsylvania, collectively known as the Penn Treaty Village Pennthouses.

C.WHEREAS, as permitted by Section 6.7 of the Purchase Agreement, Assignor desires to assign all of its rights, benefits, liabilities and obligations arising under the Purchase Agreement to Assignee, and Assignee desires to assume all of said rights, benefits, liabilities and obligations on the terms set forth herein. Assignor and Assignee are “Affiliates” as such term is defined in the Purchase Agreement.

NOW, THEREFORE, in consideration of the foregoing promises, the mutual undertakings of the parties set forth herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged by the parties, the parties agree as follows:

1.Recitals. The above recitals are incorporated herein by reference.

2.Assignment and Assumption. Assignor hereby assigns and transfers to Assignee all of Assignor's right, title, claim and interest in, to and under the Purchase Agreement and Assignee hereby accepts the foregoing assignment and assumes and agrees to perform the obligations of Assignor under the Purchase Agreement first arising from and after the date hereof.

3.Successors and Assigns. This Assignment shall be binding upon and inure to the benefit of the parties’ successors and assigns.

4.Governing Law. This Assignment shall be governed by and construed in accordance with the Laws of the State of New York, without regard to the choice of law provisions thereof.

5.Counterparts. This Assignment may be executed in multiple counterparts.  If so executed, all of such counterparts shall constitute but one agreement, and, in proving this Assignment, it shall not be necessary to produce or account for more than one such counterpart.  To facilitate execution of this Assignment, the parties hereto may execute and exchange by facsimile or electronic mail PDF copies of counterparts of the signature pages.
    
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IN WITNESS WHEREOF, the parties hereto have executed this Assignment as of the date and year first above written.

ASSIGNOR
ETRE HOLDINGS A-2, LLC
By: Series A-2 of ETRE REIT, LLC, 
its sole member

By:_/s/ Paul Frischer___________________
Name: Paul Frischer
Title:   Authorized Signatory
ASSIGNEE
ETRE HOLDINGS R-1, LLC
By: Series R-1 of ETRE Residential, LLC, 
its sole member

By:_ /s/ Paul Frischer________________
Name: Paul Frischer
Title:   Authorized SignatoryExhibit

Exhibit 10.11

Amendment No. 1
to 
Agreement for the Purchase and Sale of Partnership Interests

This AMENDMENT NO. 1 TO THE AGREEMENT FOR THE PURCHASE AND SALE OF PARTNERSHIP INTERESTS (the “Amendment”) is made and entered into as of September 21, 2015 by and among ETRE Holdings R-1, LLC, a Delaware limited partnership (as successor to ETRE Holdings A-2, LLC) (the “Purchaser”), 1 Brown Street Associates, L.P., a Pennsylvania limited partnership (“Brown”), 800 Delaware Ave Associates, L.P., a Pennsylvania limited partnership (“800 Delaware” and together with Brown, the “Owners”), Waterview Grande L.P., a Pennsylvania limited partnership (“Waterview LP”), 1-33 Brown Street, LLC (the “Brown GP”) and 800 North Delaware Avenue, LLC (the “800 Delaware GP”, and together with Brown GP, and the Waterview LP, collectively, the “Sellers”).   The Purchaser, the Sellers and the Owners are collectively referred to as the Parties” and individually as a “Party”). 

Reference is made to the Agreement for the Purchase and Sale of Partnership Interests entered into as of April 16, 2015 by and among the Parties (as modified by that certain Extension Agreement dated as of May 13, 2015 and as otherwise may be  amended or modified from time to time, the “PSA”).  Capitalized terms used herein but not otherwise defined shall have the meaning assigned such term in the PSA.

The Parties hereby agree that (notwithstanding anything in the PSA to the contrary): 

		
	(i)
	The agreed-upon value for the Property shall be $82,000,000; 

		
	(ii)
	The Total Consideration paid to the Sellers shall be equal to $78,000,000.

		
	(iii)
	Section 1.3(a) of the PSA shall be amended and restated as follows:

“(a) At the Closing, subject to the terms and conditions in this Agreement, the Purchaser shall, in exchange for the transfer to it of the Interests, pay to the Sellers total consideration equal to $77,999,545 (the “Total Consideration”), which is based on a Property value of $82,000,000 as described on Exhibit F attached hereto. If net proceeds, after payment of all Transaction Expenses, of (i) the IPO (the “IPO Proceeds”), and (ii) the New Loan result in an amount that is less than $77,999,545, then the Sellers shall have the option to either (1) retain additional Limited Partnership Interests as Retained Interests in each of the Owners in exchange for proportionately less cash, or (2) terminate this Agreement.”

		
	(iv)
	Section 2.1(a)(iii) of the PSA shall be amended and restated as follows:

“(iii) Unless the Sellers elect under Section 1.3(a)(1) in their sole and absolute discretion to retain additional Retained Interests, the Purchaser shall have received, concurrently with Closing hereunder (after payment of all Transaction Expenses), IPO Proceeds and a New Loan in an aggregate amount equal to $77,999,545 (it being acknowledged, for the avoidance of doubt, that if the Sellers so elect to retain additional Retained Interests pursuant to Section 1.3(a)(1), then this condition shall be deemed satisfied);”

(v)Exhibit B to the PSA shall be amended and restated as of the Closing to conform with any requirements requested by the Purchaser’s mortgage lender for the New Loan (the “Lender”), including, without limitation, the addition of standard Special Purpose Entity covenants.

(vi)Exhibit E to the PSA shall be amended and restated as shown on Exhibit E to this Amendment, so that the Owners shall not be parties to the Administrative Services Agreement.

(vii)Exhibit F to the PSA shall be amended and restated as shown on Exhibit F to this Amendment.

(viii)Sellers hereby acknowledge that the Purchaser has assigned its interest in the PSA from ETRE Holdings A-2, LLC to its affiliate, ETRE Holdings R-1, LLC. 

(ix)In accordance therewith, all instances in the PSA of “ETRE REIT LLC, Series A-2”, “Series A-2 REIT”, “Series A-2 Common Shares” and “Series A-2 Limited Liability Company Interests” shall be replaced with and shall be deemed to refer to “ETRE Residential, LLC, Series R-1”, “Series R-1 REIT”, “Series R-1 Common Shares” and “Series R-1 Limited Liability Company Interests”, respectively. 

(x)Sellers hereby acknowledge that the prior submission of the Registration Statement by ETRE Residential, LLC, Series R-1 is in accordance with Section 1.6(d) of the PSA.  

(xi)If the Closing has not occurred by October 31, 2015 (the “Outside Closing Date”), and such delay is not caused by the intentional or willful act or delay of the Sellers, Sellers shall have the right to terminate this Agreement upon written notice to the Purchaser.  Notwithstanding the foregoing, Purchaser shall have a one-time right to extend the Outside Closing Date to November 17, 2015 by providing written notice to Sellers on or prior to the Outside Closing Date.

Except as expressly amended by this Amendment, the terms of the PSA (and each Party’s rights and obligations thereunder) shall remain unchanged and shall continue in full force and effect.    

This Amendment shall be governed by and construed in accordance with the Laws of the State of New York, without regard to the choice of law provisions thereof.

This Amendment may be executed in multiple counterparts.  If so executed, all of such counterparts shall constitute but one agreement, and, in proving this Amendment, it shall not be necessary to produce or account for more than one such counterpart.  To facilitate execution of this Amendment, the Parties may execute and exchange by facsimile or electronic mail PDF copies of counterparts of the signature pages.
    
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IN WITNESS WHEREOF, the Parties hereto have executed this Amendment as of the date and year first above written.

PURCHASER
ETRE HOLDINGS R-1, LLC
By: Series R-1 of ETRE Residential, LLC, 
its sole member

By:_/s/ Paul Frischer___________________
Name: Paul Frischer
Title:   Authorized Signatory
OWNERS

1 Brown Street ASSOCIATES, L.P.,

By:  1-33 Brown Street, LLC, its general partner

By:_/s/ Michael Samschick_____________
     Name:   Michael Samschick
       Title:     President

800 Delaware Ave Associates L.P., 
By: 800 North Delaware Avenue, LLC, its general partner 

By: /s/ Michael Samschick____________
Name:  Michael Samschick
Title:    President

SELLERS

WATERVIEW GRANDE, L.P.

By:  Waterview Grande General, LLC, its general partner

By:_ /s/ Michael Samschick_____________
Name:  Michael Samschick
Title:    President

1-33 BROWN STREET, LLC

By: /s/ Michael Samschick______________
Name:  Michael Samschick
Title:    President

800 NORTH DELAWARE AVENUE, LLC

By:_ /s/ Michael Samschick____________
Name:   Michael Samschick
Title:     President

Exhibit E
FORM OF ADMINISTRATIVE AGREEMENT

Exhibit F
Assumed CAPITALIZATION OF THE PROPERTY AND USE OF FUNDS
The following represents the expected capitalization of the Owners as of the Closing and the use of funds from the IPO Proceeds and New Loan, but may change based on the actual IPO Proceeds, the principal amount of the New Loan, or changes to other line items. 

	
		
	Capitalization
	 

	Property Value
	$82,000,000

	Reserves Capex
	$500,000

	Other Reserves
	$0

	Transaction Costs
	$5,867,776

	Total Capitalization
	$88,367,776

	 
	 

	Debt
	$52,000,000

	Equity
	$36,367,776

	REIT Equity
	$32,367,321

	Core Equity
	$4,000,455

	 
	 

	Use of Funds
	 

	Proceeds to Core
	$77,999,545

	Core Retained Interest
	$4,000,455

	Transaction Costs
	$5,867,776

	Reserves
	$500,000

	Total Uses
	$88,367,776

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