Document:

Exhibit 10.2

 

FIRST AMENDMENT OF AGREEMENTS OF SALE

AND DEPOSIT AND ESCROW AGREEMENT

 

This
First Amendment of Agreements of Sale and Deposit and Escrow Agreement (“Amendment”)
is entered into as of July 27, 2006, by and among Buyer, each of
University Commons-East Lansing, Ltd., Capstone Commons-Athens, Ltd.,
University Commons-Baton Rouge, Ltd., University Commons-Bloomington, IN.,
Ltd., University Commons-Columbia, S.C., L.P., University Commons-Eugene, OR.,
Ltd., University Commons-Lexington, KY., Ltd., University Commons-Ohio, Ltd.,
University Commons-Starkville, Ltd., University Commons-Tuscaloosa, Ltd.,
University Commons-Urbana, IL., Ltd. (collectively, “Sellers”, and each
a “Seller”) and Commonwealth Land Title Insurance Company (“Escrowee”)

 

In
consideration of the mutual agreements herein set forth, the parties hereto,
intending to be legally bound and to bind their successors and assigns, agree
as follows.

 

1.             Background.  (A) Sellers and Buyer entered into
eleven (11) separate Agreements of Sale (“Agreements of Sale”), each dated June 5,
2006, with respect to certain Properties identified in Exhibit “A”
hereto, each of which Property is more particularly described in each
Agreements of Sale.  Capitalized terms
used but not defined herein have the meanings set forth in the Agreements of
Sale.

 

(B) Buyer
had also entered into an Agreement of Sale with each of University
Commons-College Station, Ltd. and University Commons-College Station Phase II,
Ltd., which Agreements have been terminated.

 

(C) Seller,
Buyer and Escrowee entered into a certain Deposit and Escrow Agreement, dated June 5,
2006, with respect to the Deposits under the Agreements.

 

2.             Amendment.     (A)  Each Agreement of Sale is hereby
amended as follows:

 

(i)        The last day of the Due
Diligence Period under each Agreement of Sale is hereby extended to and
including August 4, 2006.

 

(ii)       Schedule 4.3(B) of
each Agreement of Sale is hereby deleted and replaced with the revised Schedule 4.3(B),
which is attached hereto and made a part hereof.

 

(B)           The Deposit and Escrow Agreement is hereby
amended as follows:

 

(i)        Seller’s Share of
Deposit and Buyer’s Share of Deposit with respect to each Agreement shall be
the amounts specified in Exhibit “B” hereto instead of the amounts
specified in Exhibit “A” to the Deposit and Escrow Agreement.

 

3.             Ratification.  As hereby amended, the Agreements of Sale and
Deposit and Escrow Agreement are hereby ratified and confirmed by the
parties.  In the case of any
inconsistencies between the terms and conditions contained in the Agreements of
Sale and

 

 

Deposit
and Escrow Agreement and the terms and conditions contained in this Amendment,
the terms and conditions contained in this Amendment shall control.

 

4.             Counterparts.  This Amendment may be executed by the parties
in separate counterparts, which, when delivered by the parties, shall
constitute one instrument.

 

IN
WITNESS WHEREOF, Buyer and Sellers have caused this Amendment to be executed
and delivered as of July 27, 2006.

 

 

	
   

  	
  BUYER:

  
	
   

  	
   

  
	
   

  	
  College
  Park Investments, LLC, a Delaware limited

  liability company

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  John Ferer

  	
   

  
	
   

  	
   

  	
  Name:
  John Ferer

  
	
   

  	
   

  	
  Title:
  Assistant Vice President

  
	
   

  	
   

  
	
   

  	
  ESCROWEE:

  
	
   

  	
   

  
	
   

  	
  Commonwealth
  Land Title Insurance Company

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Michele Ingersoll

  	
   

  
	
   

  	
   

  	
  Name:
  Michele Ingersoll

  
	
   

  	
   

  	
  Title:
  AVP and National Title Officer

  
	
   

  	
   

  	
   

  
	
   

  	
  SELLERS:

  
	
   

  	
   

  
	
   

  	
  Capstone
  Commons-Athens, Ltd., an Alabama limited 

  partnership

  
	
   

  	
   

  
	
   

  	
  By:

  	
  Capstone
  Development Corp., an Alabama

  corporation, its sole general partner

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/
  Rob Howland

  	
   

  
	
   

  	
   

  	
   

  	
  Name:
  Rob Howland

  
	
   

  	
   

  	
   

  	
  Title:
  Senior Vice President

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  University
  Commons-Baton Rouge, Ltd., an Alabama 

  limited partnership

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  Capstone
  Development Corp., an Alabama

  corporation, its sole general partner

  
								

 

 

	
   

  	
   

  	
  By:

  	
  /s/
  Rob Howland

  	
   

  
	
   

  	
   

  	
   

  	
  Name:
  Rob Howland

  
	
   

  	
   

  	
   

  	
  Title:
  Senior Vice President

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  University
  Commons-Bloomington, IN., Ltd., an

  Alabama limited partnership

  
	
   

  	
   

  
	
   

  	
  By:

  	
  Capstone
  Development Corp., an Alabama

  corporation, its sole general partner

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/
  Rob Howland

  	
   

  
	
   

  	
   

  	
   

  	
  Name:
  Rob Howland

  
	
   

  	
   

  	
   

  	
  Title:
  Senior Vice President

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  University
  Commons, Columbia, S.C., L.P., an 

  Alabama limited partnership

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  Capstone
  Development Corp., an Alabama 

  corporation, its sole general partner

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/
  Rob Howland

  	
   

  
	
   

  	
   

  	
   

  	
  Name:
  Rob Howland

  
	
   

  	
   

  	
   

  	
  Title:
  Senior Vice President

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  University
  Commons-East Lansing, Ltd., an Alabama 

  limited partnership

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  Capstone
  Development Corp., an Alabama

  corporation, its sole general partner

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/
  Rob Howland

  	
   

  
	
   

  	
   

  	
   

  	
  Name:
  Rob Howland

  
	
   

  	
   

  	
   

  	
  Title:
  Senior Vice President

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  University
  Commons-Eugene, OR., Ltd., an Alabama 

  limited partnership

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  Capstone
  Development Corp., an Alabama

  corporation, its sole general partner

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/
  Rob Howland

  	
   

  
	
   

  	
   

  	
   

  	
  Name:
  Rob Howland

  
	
   

  	
   

  	
   

  	
  Title:
  Senior Vice President

  
								

 

 

	
   

  	
  University
  Commons-Lexington, KY., Ltd., an

  Alabama limited partnership

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  Capstone
  Development Corp., an Alabama

  corporation, its sole general partner

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/
  Rob Howland

  	
   

  
	
   

  	
   

  	
   

  	
  Name:
  Rob Howland

  
	
   

  	
   

  	
   

  	
  Title:
  Senior Vice President

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  University
  Commons-Ohio, Ltd., an Alabama limited 

  partnership

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  Capstone
  Development Corp., an Alabama

  corporation, its sole general partner

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/
  Rob Howland

  	
   

  
	
   

  	
   

  	
   

  	
  Name:
  Rob Howland

  
	
   

  	
   

  	
   

  	
  Title:
  Senior Vice President

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  University
  Commons-Starkville, Ltd., an Alabama

  limited partnership

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  Capstone
  Development Corp., an Alabama

  corporation, its sole general partner

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/
  Rob Howland

  	
   

  
	
   

  	
   

  	
   

  	
  Name:
  Rob Howland

  
	
   

  	
   

  	
   

  	
  Title:
  Senior Vice President

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  University
  Commons-Tuscaloosa, Ltd., an Alabama 

  limited partnership

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  Capstone
  Development Corp., an Alabama

  corporation, its sole general partner

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/
  Rob Howland

  	
   

  
	
   

  	
   

  	
   

  	
  Name:
  Rob Howland

  
	
   

  	
   

  	
   

  	
  Title:
  Senior Vice President

  
								

 

 

	
   

  	
  University
  Commons-Urbana, IL., Ltd., an Alabama 

  limited partnership

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  Capstone
  Development Corp., an Alabama

  corporation, its sole general partner

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/
  Rob Howland

  	
   

  
	
   

  	
   

  	
   

  	
  Name:
  Rob Howland

  
	
   

  	
   

  	
   

  	
  Title:
  Senior Vice President

  
						

 

 

Exhibit “A”

 

	
  Property

  	
   

  	
  Seller

  
	
   

  	
   

  	
   

  
	
  Capstone Commons Apartments

  	
   

  	
  University Commons-East
  Lansing, Ltd.

  
	
  2501 Abbott Road

  	
   

  	
   

  
	
  East Lansing, MI 48823-1415

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  University Commons Athens

  	
   

  	
  Capstone Commons-Athens, Ltd

  
	
  1000 Lakeside Drive

  	
   

  	
   

  
	
  Athens, GA 30605

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  University Commons Baton Rouge

  	
   

  	
  University Commons-Baton
  Rouge, Ltd.

  
	
  4600 Burbank Drive

  	
   

  	
   

  
	
  Baton Rouge, LA 70820

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  University Commons Bloomington

  	
   

  	
  University
  Commons-Bloomington, IN., Ltd.

  
	
  1150 Clarizz Boulevard

  	
   

  	
   

  
	
  Bloomington, IN 47401

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  University Commons Columbia

  	
   

  	
  University Commons-Columbia,
  S.C., L.P.

  
	
  800 Alexander Road

  	
   

  	
   

  
	
  Cayce, SC 29033

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  University Commons Eugene

  	
   

  	
  University Commons-Eugene,
  OR., Ltd.

  
	
  90 Commons Drive

  	
   

  	
   

  
	
  Eugene, OR 97401

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  University Commons Lexington

  	
   

  	
  University Commons-Lexington,
  KY., Ltd.

  
	
  845 Red Mile Road

  	
   

  	
   

  
	
  Lexington, KY 40504

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  University Commons Oxford

  	
   

  	
  University Commons-Ohio, Ltd.

  
	
  5262 Brown Road

  	
   

  	
   

  
	
  Oxford, OH 45056

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  University Commons Starkville

  	
   

  	
  University Commons-Starkville,
  Ltd.

  
	
  1000 Campus View Drive

  	
   

  	
   

  
	
  Starkville, MS 39759

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  University Commons Tuscaloosa

  	
   

  	
  University Commons-Tuscaloosa,
  Ltd.

  
	
  301 Helen Keller Blvd.

  	
   

  	
   

  
	
  Tuscaloosa, AL 35404

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  University Commons Urbana

  	
   

  	
  University Commons-Urbana,
  IL., Ltd.

  
	
  1321 Lincoln Ave.

  	
   

  	
   

  
	
  Urbana, IL 61801

  	
   

  	
   

  

 

 

Exhibit “B”

 

	
  Property

  	
   

  	
  Seller

  	
   

  	
  Seller’s Share of 

  Deposit

  	
   

  	
  Buyer’s Share of 

  Deposit

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Capstone Commons Apartments 

  2501 Abbott Road 

  East Lansing, MI 48823-1415

  	
   

  	
  University Commons-East
  Lansing, Ltd.

  	
   

  	
  $

  	
  50,908.25

  	
   

  	
  $

  	
  458,174.50

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  University Commons Athens 

  1000 Lakeside Drive 

  Athens, GA 30605

  	
   

  	
  Capstone Commons-Athens, Ltd

  	
   

  	
  $

  	
  40,255.68

  	
   

  	
  $

  	
  362,301.10

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  University Commons Baton Rouge
  

  4600 Burbank Drive 

  Baton Rouge, LA 70820

  	
   

  	
  University Commons-Baton Rouge,
  Ltd.

  	
   

  	
  $

  	
  42,498.33

  	
   

  	
  $

  	
  382,484.95

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  University Commons Bloomington
  

  1150 Clarizz Boulevard 

  Bloomington, IN 47401

  	
   

  	
  University
  Commons-Bloomington, IN., Ltd.

  	
   

  	
  $

  	
  63,803.53

  	
   

  	
  $

  	
  574,231.75

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  University Commons Columbia 

  800 Alexander Road 

  Cayce, SC 29033

  	
   

  	
  University Commons-Columbia,
  S.C., L.P.

  	
   

  	
  $

  	
  43,619.63

  	
   

  	
  $

  	
  392,576.65

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  University Commons Eugene 

  90 Commons Drive 

  Eugene, OR 97401

  	
   

  	
  University Commons-Eugene,
  OR., Ltd.

  	
   

  	
  $

  	
  50,347.63

  	
   

  	
  $

  	
  453,128.65

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  University Commons Lexington 

  845 Red Mile Road 

  Lexington, KY 40504

  	
   

  	
  University Commons-Lexington,
  KY., Ltd.

  	
   

  	
  $

  	
  48,104.98

  	
   

  	
  $

  	
  432,944.80

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  University Commons Oxford 

  5262 Brown Road 

  Oxford, OH 45056

  	
   

  	
  University Commons-Ohio, Ltd.

  	
   

  	
  $

  	
  45,974.43

  	
   

  	
  $

  	
  413,769.85

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  University Commons Starkville 

  1000 Campus View Drive 

  Starkville, MS 39759

  	
   

  	
  University Commons-Starkville,
  Ltd.

  	
   

  	
  $

  	
  23,323.38

  	
   

  	
  $

  	
  209,910.40

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  University Commons Tuscaloosa 

  301 Helen Keller Blvd. 

  Tuscaloosa, AL 35404

  	
   

  	
  University Commons-Tuscaloosa,
  Ltd.

  	
   

  	
  $

  	
  44,180.53

  	
   

  	
  $

  	
  397,624.75

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  University
  Commons Urbana 

  1321 Lincoln Ave. 

  Urbana, IL 61801

  	
   

  	
  University Commons-Urbana,
  IL., Ltd.

  	
   

  	
  $

  	
  46,983.63

  	
   

  	
  $

  	
  422,852.60

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  $

  	
  500,000.00

  	
   

  	
  4,500,000.00

  	
   

  

 

 

Revised Schedule 4.3(B)

 

Other Agreements

 

	
  Property

  	
   

  	
  Seller

  	
   

  	
  Purchase Price

  	
   

  	
  Deposit

  	
   

  
	
  Capstone Commons Apartments
  

  2501 Abbott Road 

  East Lansing, MI 48823-1415

  	
   

  	
  University
  Commons-East Lansing, Ltd.

  	
   

  	
  $

  	
  22,700,000.00

  	
   

  	
  $

  	
  509,082.75

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  University Commons Athens
  

  1000 Lakeside Drive 

  Athens, GA 30605

  	
   

  	
  Capstone
  Commons-Athens, Ltd

  	
   

  	
  $

  	
  17,950,000.00

  	
   

  	
  $

  	
  402,556.62

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  University Commons Baton Rouge
  

  4600 Burbank Drive 

  Baton Rouge, LA 70820

  	
   

  	
  University
  Commons-Baton Rouge, Ltd.

  	
   

  	
  $

  	
  18,950,000.00

  	
   

  	
  $

  	
  424,983.18

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  University Commons Bloomington
  

  1150 Clarizz Boulevard 

  Bloomington, IN 47401

  	
   

  	
  University
  Commons-Bloomington, IN., Ltd.

  	
   

  	
  $

  	
  28,450,000.00

  	
   

  	
  $

  	
  638,035.43

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  University Commons Columbia
  

  800 Alexander Road 

  Cayce, SC 29033

  	
   

  	
  University
  Commons-Columbia, S.C., L.P.

  	
   

  	
  $

  	
  19,450,000.00

  	
   

  	
  $

  	
  436,196.45

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  University Commons Eugene
  

  90 Commons Drive 

  Eugene, OR 97401

  	
   

  	
  University
  Commons-Eugene, OR., Ltd.

  	
   

  	
  $

  	
  22,450,000.00

  	
   

  	
  $

  	
  503,476.11

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  University Commons Lexington
  

  845 Red Mile Road 

  Lexington, KY 40504

  	
   

  	
  University
  Commons-Lexington, KY., Ltd.

  	
   

  	
  $

  	
  21,450,000.00

  	
   

  	
  $

  	
  481,049.56

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  University Commons Oxford
  

  5262 Brown Road 

  Oxford, OH 45056

  	
   

  	
  University
  Commons-Ohio, Ltd.

  	
   

  	
  $

  	
  20,500,000.00

  	
   

  	
  $

  	
  459,744.33

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  University Commons Starkville
  

  1000 Campus View Drive 

  Starkville, MS 39759

  	
   

  	
  University
  Commons-Starkville, Ltd.

  	
   

  	
  $

  	
  10,399,900.00

  	
   

  	
  $

  	
  233,233.90

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  University Commons Tuscaloosa
  

  301 Helen Keller Blvd. 

  Tuscaloosa, AL 35404

  	
   

  	
  University
  Commons-Tuscaloosa, Ltd.

  	
   

  	
  $

  	
  19,700,100.00

  	
   

  	
  $

  	
  441,805.33

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  University
  Commons Urbana

  1321
  Lincoln Ave.

  Urbana,
  IL 61801

  	
   

  	
  University
  Commons-Urbana, IL., Ltd.

  	
   

  	
  $

  	
  20,950,000.00

  	
   

  	
  $

  	
  469,836.28

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  $

  	
  222,950,000.00

  	
   

  	
  $

  	
  5,000,000.00Exhibit 10.3

 

SECOND AMENDMENT
OF AGREEMENTS OF SALE

 

This Second Amendment of
Agreements of Sale (“Amendment”) is entered into as of August 4,
2006, by and among College Park Investments, LLC (“Buyer”) and each of University Commons-East Lansing, Ltd., Capstone
Commons-Athens, Ltd., University
Commons-Baton Rouge, Ltd., University Commons-Bloomington, IN., Ltd.,
University Commons-Columbia, S.C., L.P., University Commons-Eugene, OR., Ltd.,
University Commons-Lexington, KY., Ltd., University Commons-Ohio, Ltd.,
University Commons-Starkville, Ltd., University Commons-Tuscaloosa, Ltd.,
University Commons-Urbana, IL., Ltd. (collectively, “Sellers”,
and each a “Seller”).

 

In consideration of the
mutual agreements herein set forth, the parties hereto, intending to be legally
bound and to bind their successors and assigns, agree as follows.

 

1.             Background.  Sellers and Buyer entered into eleven (11)
separate Agreements of Sale, each dated June 5, 2006, each of which was
amended by a certain First Amendment of Agreements of Sale and Deposit and Escrow
Agreement, dated as of July 27, 2006 (collectively, “Agreements  of
Sale”) with respect to certain Properties identified in Exhibit “A”
hereto, each of which Property is more particularly described in each Agreement
of Sale.  Capitalized terms used but not
defined herein have the meanings set forth in the Agreements of Sale.

 

2.             Amendment.  (A)  Each Agreement of Sale is hereby
amended as follows:

 

(i)            Section 11.2
of each Agreement of Sale is hereby deleted in its entirety and replaced with
the following:  “Closing shall be held at
10:00 A.M. prevailing local time on the date (the “Closing Date”)
which shall be October 2, 2006, or such date as is mutually agreed upon by
the parties.”

 

(ii)           Section 4.5
of those certain Agreements of Sale that are identified in Exhibit “B”
hereto are hereby amended by adding thereto the relevant Section 4.5 (F) from
Exhibit “B”.

 

3.             Ratification.  As hereby amended, the Agreements of Sale are
hereby ratified and confirmed by the parties. 
In the case of any inconsistencies between the terms and conditions
contained in the Agreements of Sale and the terms and conditions contained in
this Amendment, the terms and conditions contained in this Amendment shall
control.

 

4.             Counterparts.  This Amendment may be executed by the parties
in separate counterparts, which, when delivered by the parties, shall
constitute one instrument.

 

1

 

IN WITNESS
WHEREOF, Buyer and Sellers have caused this Amendment to be executed and
delivered as of the date first above written.

 

	
   

  	
  BUYER:

  
	
   

  	
   

  
	
   

  	
  College Park
  Investments, LLC, a Delaware limited 

  liability company

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ John Ferer

  	
   

  
	
   

  	
   

  	
  Name: John Ferer

  
	
   

  	
   

  	
  Title: Assistant Vice
  President

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  SELLERS:

  
	
   

  	
   

  
	
   

  	
  Capstone Commons-Athens, Ltd., an Alabama limited 

  partnership

  
	
   

  	
   

  
	
   

  	
  By:

  	
  Capstone Development
  Corp., an Alabama

  corporation, its sole general partner

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Rob Howland

  	
   

  
	
   

  	
   

  	
   

  	
  Name: Rob Howland

  
	
   

  	
   

  	
   

  	
  Title: Senior Vice
  President

  	
   

  
	
   

  	
   

  
	
   

  	
  University Commons-Baton
  Rouge, Ltd., an Alabama 

  limited partnership

  
	
   

  	
   

  
	
   

  	
  By:

  	
  Capstone Development
  Corp., an Alabama

  corporation, its sole general partner

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Rob Howland

  	
   

  
	
   

  	
   

  	
   

  	
  Name: Rob Howland

  
	
   

  	
   

  	
   

  	
  Title: Senior Vice
  President

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  University Commons-Bloomington, IN., Ltd., an 

  Alabama limited partnership

  
	
   

  	
   

  
	
   

  	
  By:

  	
  Capstone Development
  Corp., an Alabama

  corporation, its sole general partner

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Rob Howland

  	
   

  
	
   

  	
   

  	
   

  	
  Name: Rob Howland

  
	
   

  	
   

  	
   

  	
  Title: Senior Vice
  President

  	
   

  
										

 

2

 

	
   

  	
  University Commons,
  Columbia, S.C., L.P., an 

  Alabama limited partnership

  
	
   

  	
   

  
	
   

  	
  By:

  	
  Capstone Development
  Corp., an Alabama

  corporation, its sole general partner

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Rob Howland

  	
   

  
	
   

  	
   

  	
   

  	
  Name: Rob Howland

  
	
   

  	
   

  	
   

  	
  Title: Senior Vice President

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  University Commons-East Lansing, Ltd., an Alabama 

  limited partnership

  
	
   

  	
   

  
	
   

  	
  By:

  	
  Capstone Development
  Corp., an Alabama

  corporation, its sole general partner

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Rob Howland

  	
   

  
	
   

  	
   

  	
   

  	
  Name: Rob Howland

  
	
   

  	
   

  	
   

  	
  Title: Senior Vice
  President

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  University Commons-Eugene, OR., Ltd., an Alabama 

  limited partnership

  
	
   

  	
   

  
	
   

  	
  By:

  	
  Capstone Development
  Corp., an Alabama

  corporation, its sole general partner

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Rob Howland

  	
   

  
	
   

  	
   

  	
   

  	
  Name: Rob Howland

  
	
   

  	
   

  	
   

  	
  Title: Senior Vice
  President

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  University Commons-Lexington, KY., Ltd., an

  Alabama limited partnership

  
	
   

  	
   

  
	
   

  	
  By:

  	
  Capstone Development
  Corp., an Alabama

  corporation, its sole general partner

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Rob Howland

  	
   

  
	
   

  	
   

  	
   

  	
  Name: Rob Howland

  
	
   

  	
   

  	
   

  	
  Title: Senior Vice
  President

  	
   

  
									

 

3

 

	
   

  	
  University Commons-Ohio, Ltd., an Alabama limited 

  partnership

  
	
   

  	
   

  
	
   

  	
  By:

  	
  Capstone Development
  Corp., an Alabama

  corporation, its sole general partner

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Rob Howland

  	
   

  
	
   

  	
   

  	
   

  	
  Name: Rob Howland

  
	
   

  	
   

  	
   

  	
  Title: Senior Vice
  President

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  University Commons-Starkville, Ltd., an Alabama 

  limited partnership

  
	
   

  	
   

  
	
   

  	
  By:

  	
  Capstone Development
  Corp., an Alabama

  corporation, its sole general partner

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Rob Howland

  	
   

  
	
   

  	
   

  	
   

  	
  Name: Rob Howland

  
	
   

  	
   

  	
   

  	
  Title: Senior Vice
  President

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  University Commons-Tuscaloosa, Ltd., an Alabama 

  limited partnership

  
	
   

  	
   

  
	
   

  	
  By:

  	
  Capstone Development
  Corp., an Alabama

  corporation, its sole general partner

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Rob Howland

  	
   

  
	
   

  	
   

  	
   

  	
  Name: Rob Howland

  
	
   

  	
   

  	
   

  	
  Title: Senior Vice
  President

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  University Commons-Urbana, IL., Ltd., an Alabama 

  limited partnership

  
	
   

  	
   

  
	
   

  	
  By:

  	
  Capstone Development
  Corp., an Alabama

  corporation, its sole general partner

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Rob Howland

  	
   

  
	
   

  	
   

  	
   

  	
  Name: Rob Howland

  
	
   

  	
   

  	
   

  	
  Title: Senior Vice
  President

  	
   

  
								

 

4

 

Exhibit “A”

 

	
  Property

  	
   

  	
  Seller

  
	
   

  	
   

  	
   

  
	
  Capstone Commons Apartments 

  2501 Abbott Road East 

  Lansing, MI 48823-1415

  	
   

  	
  University Commons-East Lansing, Ltd.

  
	
   

  	
   

  	
   

  
	
  University Commons Athens 

  1000 Lakeside Drive 

  Athens, GA 30605

  	
   

  	
  Capstone Commons-Athens, Ltd

  
	
   

  	
   

  	
   

  
	
  University Commons Baton Rouge 

  4600 Burbank Drive 

  Baton Rouge, LA 70820

  	
   

  	
  University Commons-Baton Rouge, Ltd.

  
	
   

  	
   

  	
   

  
	
  University Commons Bloomington 

  1150 Clarizz Boulevard 

  Bloomington, IN 47401

  	
   

  	
  University Commons-Bloomington, IN., Ltd.

  
	
   

  	
   

  	
   

  
	
  University Commons Columbia 

  800 Alexander Road 

  Cayce, SC 29033

  	
   

  	
  University Commons-Columbia, S.C., L.P.

  
	
   

  	
   

  	
   

  
	
  University Commons Eugene 

  90 Commons Drive 

  Eugene, OR 97401

  	
   

  	
  University Commons-Eugene, OR., Ltd.

  
	
   

  	
   

  	
   

  
	
  University Commons Lexington 

  845 Red Mile Road 

  Lexington, KY 40504

  	
   

  	
  University Commons-Lexington, KY., Ltd.

  
	
   

  	
   

  	
   

  
	
  University Commons Oxford 

  5262 Brown Road 

  Oxford, OH 45056

  	
   

  	
  University Commons-Ohio, Ltd.

  
	
   

  	
   

  	
   

  
	
  University Commons Starkville 

  1000 Campus View Drive 

  Starkville, MS 39759

  	
   

  	
  University Commons-Starkville, Ltd.

  
	
   

  	
   

  	
   

  
	
  University Commons Tuscaloosa 

  301 Helen Keller Blvd. 

  Tuscaloosa, AL 35404

  	
   

  	
  University Commons-Tuscaloosa, Ltd.

  
	
   

  	
   

  	
   

  
	
  University Commons Urbana 

  1321 Lincoln Ave. 

  Urbana, IL 61801

  	
   

  	
  University Commons-Urbana, IL., Ltd.

  

 

5

 

EXHIBIT “B”

 

1.             New
section 4.5(F) is hereby added to Agreement of Sale between Buyer and
University Commons - East Lansing, Ltd.:

 

4.5(F) Through the Closing
Date, Seller shall use reasonable commercial efforts to:

 

(i) obtain an
estoppel, in the form previously circulated, from Arbor Glen (adjacent property
owner) certifying to Seller and Buyer, among other things, that Seller is in
compliance with a certain ingress/egress easement agreement to which Arbor Glen
is a party and that all monetary obligations under such agreement; if any, have
been satisfied;

 

(ii) obtain and
record a partial release of a certain power company easement, in form reasonably
acceptable to Buyer, so that the building on the east side of the Property no
longer encroaches into the easement area; and

 

(iii) cause the
Title Insurance Company to remove as an exception from the Title Insurance
Commitment the use restriction listed as item 3 to Schedule B to the Title
Insurance Commitment.

 

2.             New
section 4.5 (F) is hereby added to Agreement of Sale between Buyer
and University Commons -Athens, Ltd.:

 

4.5(F) On or before the Closing Date, Seller
shall provide the appropriate written notice to Charter Communications, as
required by the Service Distribution Easement and Maintenance Agreement filed February 4,
2002, recorded at Deed Book 2148, page 225.

 

3.             New
section 4.5 (F) is hereby added to Agreement of Sale between Buyer
and University Commons-Columbia, S.C. is hereby added, Ltd.:

 

4.5(F)(aa) Through the Closing
Date, Seller shall use reasonable commercial efforts to:

 

(i) obtain
and deliver to Buyer, in form reasonably acceptable to Buyer, an estoppel from
Indigo Associates, certifying to Seller, Buyer and Buyer’s lender(s), among
other things, that Seller is in compliance with that certain Easement Grant
recorded in Book 2780, page 252 and that all maintenance and monetary
obligations thereunder have been satisfied as of Closing;

 

(ii) provide
written confirmation that the Property is currently in compliance with the
building restrictions identified in Item 47 of Schedule B - Section 2
of the Title Insurance Commitment, cause a “no violation of restrictions”
endorsement to be attached to Buyer’s Title Insurance Policy, and cause the
Title Company to add the standard endorsement that the policy insures
restrictions with respect to race, gender, disability, etc.;

 

6

 

(iii) with
respect to Alexander Road, a private drive: (aa) provide information, in form
reasonably acceptable to Buyer as to what other properties share such drive, if
any, and who is responsible for maintaining such drive, and (bb) record an
access easement, in form and substance reasonably satisfactory to Buyer, giving
Buyer and its successors and assigns the right to use the portions of such
drive not covered by the existing appurtenant access easement;

 

(iv) cause
Items 10, 46 and 48(b) (easement described in Book 1247, page 12) of Schedule B
– Section 2 of the Title Insurance Commitment to be removed, as an
exception to coverage, from Buyer’s title insurance policy (these items do not
affect the Property according to the Survey);

 

(v) either
(aa) obtain and deliver to Buyer, in form reasonably acceptable to Buyer,
written confirmation from the City of Cayce that the building encroachments
into waterline easement areas (Items 16 and 33 of Schedule B – Section 2
of the Title Insurance Commitment) are acceptable to the City of Cayce, or (bb)
remove such encroachments; and

 

(vi) either (aa) obtain and deliver to Buyer, in
form reasonably acceptable to Buyer, written confirmation from the adjacent
property owner(s) that the University Commons sign encroachment is acceptable to
such party(ies), or (bb) remove such encroachment.

 

(bb)         Seller and Buyer shall use commercially
reasonable efforts to obtain the underlying documents listed as Items 11, 12
and 48(c) of Schedule B – Section 2 of the Title Insurance
Commitment, which shall be in form reasonably acceptable to Buyer.  Notwithstanding any contrary provisions in
any Agreement of Sale, in the event said documents are not produced or are objectionable
to Buyer’s lender or impose a material financial obligation on Buyer, Buyer shall
have the right, exercisable by giving notice to Seller within five (5) Business
Days after receipt of such documents, to object, and Seller shall have a period
of five (5) Business Days to respond to such objection.  If Seller and Buyer are unable to resolve
such item(s) within five (5) Business Days thereafter, Buyer may elect to terminate
this Agreement, whereupon the Deposit shall be refunded to Buyer within one (1) Business
Day after such notice.

 

4.             New
section 4.5 (F) is hereby added to Agreement of Sale between Buyer
and University Commons-Eugene, OR, Ltd.:

 

4.5(F)(aa) Through the
Closing Date, Seller shall use commercially reasonable efforts to:

 

(i) provide Buyer
with an amendment to the easement referred to in Item 10 of the Title Insurance
Commitment confirming that the Eugene Water and Electric Board waives its right
to realign or relocate the easement, which shall be in form reasonably
acceptable to Buyer;

 

(ii) provide Buyer
with confirmation that the agreement referred to in Item 13 of the Title
Insurance Commitment has expired and cause the Title Insurance Company to
remove the item of record;

 

7

 

(iii) provide Buyer
with confirmation that the agreement referred to in Item 15 of the Title Insurance
Commitment has been terminated and cause the Title Insurance Company to remove
the item of record; and

 

(iv) provide Buyer
with confirmation that the agreement referred to in Item 16 of the Title
Insurance Commitment has been terminated and cause the Title Insurance Company
to remove the item of record.

 

(bb)(i) As promptly
as practicable, Seller shall provide Buyer with a copy of the Settlement
Agreement referred in Item 8 of the Title Insurance Commitment, which shall be
in form reasonably acceptable to Buyer.  Notwithstanding
any contrary provisions in any Agreement of Sale, in the event said Agreement
is objectionable to Buyer’s lender or impose a material financial obligation on
Buyer, Buyer shall have the right, exercisable by giving notice to Seller
within five (5) Business Days after receipt of such Agreement, to object,
and Seller shall have a period of five (5) Business Days to respond to
such objection.  If Seller and Buyer are
unable to resolve such item(s) within five (5) Business Days thereafter,
Buyer may elect to terminate this Agreement, whereupon the Deposit shall be
refunded to Buyer within one (1) Business Day after such notice.

 

(ii) As promptly as
practicable, Seller shall provide Buyer with a copy of the Planned Unit
Development Agreement referred to in Item 7 of the Title Insurance Commitment,
which shall be in form reasonably acceptable to Buyer.  Notwithstanding any contrary provisions in
any Agreement of Sale, in the event said Agreement is objectionable to Buyer’s
lender or impose a material financial obligation on Buyer, Buyer shall have the
right, exercisable by giving notice to Seller within five (5) Business
Days after receipt of such Agreement, to object, and Seller shall have a period
of five (5) Business Days to respond to such objection.  If Seller and Buyer are unable to resolve
such item(s) within five (5) Business Days thereafter, Buyer may elect to terminate
this Agreement, whereupon the Deposit shall be refunded to Buyer within one (1) Business
Day after such notice.

 

5.             New
section 4.5 (F) is hereby added to Agreement of Sale between Buyer
and University Commons – Ohio, LTD:

 

4.5(F)(aa) Through the
Closing Date, Seller shall use commercially reasonable efforts to:

 

(i) obtain and
deliver to Buyer, in form reasonably acceptable to Buyer, an estoppel from the
City of Oxford, certifying to Seller, Buyer and Buyer’s lender(s), among other
things, that Seller is in compliance with a certain Development Agreement, all
work has been completed in accordance with such agreement and that there are no
outstanding maintenance or monetary obligations with respect to such agreement;

 

(ii) cause to be
removed as an exception from the Title Insurance Commitment the rights of the
Eastern Shawnee Tribe of Oklahoma; and

 

8

 

(iii) either (aa)
obtain and deliver to Buyer, in form reasonably acceptable to Buyer, written
confirmation from the holder of water and utility easements that the building
encroachments into waterline and utility easement areas are acceptable to such
holders, or (bb) remove such encroachments.

 

6.             New section 4.5 (F) is
hereby added to Agreement of Sale between Buyer and University Commons-Starkville,
Ltd.:

 

4.5(F) Through the Closing Date, Seller shall use
commercially reasonable efforts to:

 

(i)            cause
items 10 and 11 of Schedule B – Section 2 of the Title Insurance
Commitment to be removed from Schedule B – Section 2 of the Title
Insurance Commitment;

 

(ii)           upon
receipt of a revised Survey, cause any or all of items 7, 13, 14 and 15 of Schedule B
– Section 2 of the Title Insurance Commitment to be removed from Schedule B
– Section 2 of the Title Insurance Commitment, to the extent such
easements do not affect the Property; and

 

(iii)          provide
Buyer with information regarding the “prescriptive easements” identified in
items 8, 9 and 12 of Schedule B – Section 2 of the Title Insurance
Commitment and, if any of them are not in force and effect, cause same to be
removed from Schedule B – Section 2 of the Title Insurance Commitment
prior to Closing.

 

7.             New
section 4.5 (F) is hereby added to Agreement of Sale between Buyer
and University Commons - Tuscaloosa, Ltd.:

 

4.5(F)(aa) Through the
Closing Date, Seller shall use commercially reasonable efforts to:

 

(i) with respect to the building and use
restrictions in favor of University Boulevard Neighborhood Associates (“UBNA”)
identified in Item 11 of Schedule B – Section 2 of the Title
Insurance Commitment, either (aa) obtain and deliver to Buyer, in form reasonably
acceptable to Buyer, an estoppel from UBNA, or its constituent entities if such association
no longer exists, certifying to Seller, Buyer and Buyer’s lender(s), among
other things, that the Property is in compliance with such agreement and all
work has been completed in accordance with such agreement and obtain and record
an amendment to the agreement deleting Section 2(h) of the agreement
in its entirety, or (b) cause the Title Company to provide affirmative
insurance to Buyer and its lender, which insurance shall be acceptable to such
lender with respect to such agreement, including, without limitation, Section 2(h) relating
to the form of lease.  Seller shall
provide the Title Insurance Company with an affidavit substantially in the same
form as was provided in connection with title insurance for the neighboring
condominium property; and

 

(ii) obtain
and deliver to Buyer, in form reasonably acceptable to Buyer, an estoppel from the
City of Tuscaloosa certifying to Seller, Buyer and Buyer’s lender(s), among 

 

9

 

other things, that the
Property is in compliance with Ordinance 3307, all work has been completed in
accordance with such ordinance and that there are no outstanding obligations
with respect to such ordinance.

(bb) Buyer and Seller shall use commercially
reasonable efforts to obtain documents described in Items 10 and 16-19
of Schedule B – Section 2 of the Title Insurance Commitment.  Notwithstanding any contrary provisions in
any Agreement of Sale, in the event said documents are not produced or are objectionable
to Buyer’s lender or impose a material financial obligation on Buyer, Buyer
shall have the right, exercisable by giving notice to Seller within five (5) Business
Days after receipt of such documents, to object, and Seller shall have a period
of five (5) Business Days to respond to such objection.  If Seller and Buyer are unable to resolve
such item(s) within five (5) Business Days thereafter, Buyer may elect to terminate
this Agreement, whereupon the Deposit shall be refunded to Buyer within one (1) Business
Day after such notice.

 

8.             New section 4.5 (F) is
hereby added to Agreement of Sale
between Buyer and University Commons- Urbana, IL. Ltd.:

 

4.5(F)(aa) On or before the Closing Date, Seller
shall:

 

(i)            complete
remediation of encroachment of dumpster pad into land adjoining the northeast
corner of the Property, to Buyer’s reasonable satisfaction.

 

(bb)         Through
the Closing Date, Seller will use commercially reasonable efforts to:

 

(i)            provide
to Buyer reasonable evidence of ownership of the chain link fence that
surrounds the Land.  If the fence is owned
by Seller, then Seller shall either (i) deliver to Buyer reasonable
evidence (e.g., new easement agreements) that all encroachments of such fence
into property not owned by Seller are permitted by the owners of such property,
or (ii) relocate the encroaching portions of the fence onto the Land;

 

(ii)           provide to
Buyer, in form reasonably acceptable to Buyer, a release of the easement in
favor of Illinois Power Company (i.e. item 9 of Schedule B of the Title
Insurance Commitment); and

 

(iii)          provide
from utility company consent to encroachment into easement by Buildings
1335/1337 (as marked on Survey), in form reasonably satisfactory to Buyer.

 

10

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