Document:

ex10_3.htm

    
      

    

    
      Exhibit
10.3

      

      SECOND
AMENDMENT TO

      AGREEMENT
OF PURCHASE AND SALE

      

      This
Second Amendment to Agreement of Purchase and Sale (the “Amendment”) is made effective
as of January 28, 2008, by and between Realvest-Monroe CommerCenter
L.L.C., a Florida limited liability company (­“­Seller”), and Cornerstone Operating Partnership,
L.P., a Delaware limited partnership  ("Purchaser").

      

      RECITALS:

      

      A.         Purchaser
and Seller are parties to that certain Agreement of Purchase and Sale dated
November 29, 2007, as amended by that certain First Amendment to Agreement of
Purchase and Sale dated January 15, 2008 (collectively, the "Agreement").

      

      B.          Purchaser
delivered to Seller notice of termination dated January 18, 2008 (the “Notice of
Termination”).

      

      C.          Purchaser
wants to rescind its notice of termination and reinstate the
Agreement.

      

      D.          Purchaser
and Seller desire to amend the Agreement to close the Inspection Period subject
to certain qualifications and modify other provisions accordingly.

      

      AGREEMENTS:

      

      1.           Termination.  The
Notice of Termination is withdrawn and the Agreement is reinstated, in full
force and effect, except as modified herein.

      

      2.           Inspection
Period.  The Inspection Period has ended and, except as
provided herein, Purchaser has approved the Property and Due Diligence
Documents, subject only to Purchaser’s approval, in its sole discretion, of each
of the matters included in this Amendment and itemized in Exhibit A (“Approval
Matters”).  Notwithstanding anything contained in the Agreement or
this Amendment to  the contrary, if Purchaser has not approved in
writing, in its sole discretions, all of the Approval Matters before the Closing
Date, the Agreement shall terminate and the Earnest Money shall be refunded to
Purchaser unless the parties enter into an additional amendment to the Agreement
extending time for closing and designating a new Closing Date.

      

      3.           Additional Earnest Money
Deposit.  Purchaser shall deliver the Additional Earnest Money
Deposit in the amount of One Hundred Fifty Thousand Dollars ($150,000.00) to
Escrow Agent within two (2) days of full execution of this
Amendment.

      

      4.           Closing Date.  The
Closing Date will be on or before Monday, February 4, 2008.

      

      5.           Counterparts. This Amendment
may be executed in counterparts each of which shall be deemed a fully executed
original.

      

      6.           Ratification. Except as
expressly set forth in this Amendment, the Agreement remains unmodified and in
full force and effect. Should there be any conflict between the terms of this
Amendment and the terms of the Agreement the terms of this Amendment will
control.  The capitalized terms used herein, unless otherwise
indicated, shall have the meanings ascribed to them in the
Agreement.

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      IN
WITNESS WHEREOF, the parties hereto have executed this Second Amendment on the
day and year first above written.

      

      
        	 
      	
                SELLER:

              
	 
      	
                Realvest–Monroe CommerCenter,
      L.L.C., a Florida limited liability company

              
	 
      	
                By:
      Realvest Development, LLC, a Florida limited liability company, as its
      Manager

              
	 
      	
                By:  Realvest
      Holdings, LLC, a Florida limited liability company, as its
      manager

              
	 
      	 
      	 
      
	 
      	
                By:

              	 
      /s/ George D. Livingston
	 
      	 
      	
                George
      D. Livingston, its managing member

              
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	
                PURCHASER:

              
	 
      	
                Cornerstone Operating
      Partnership, L.P., a

              
	 
      	
                Delaware
      limited partnership

              
	 
      	
                By:

              	
                Cornerstone
      Core Properties REIT, INC.,

              
	 
      	 
      	
                a
      Maryland corporation, its general partner

              
	 
      	 
      	 
      
	 
      	
                By:

              	 
      /s/ Authorized Signatory
	 
      	
                Name:

              	 
      
	 
      	
                Title:

              	 
      

      

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      EXHIBIT
A

      OPEN
ITEMS

      

      

      PRIOR
TO CLOSING DATE:

      

      
        	
                 
      

              	
                ·

              	
                Purchaser’s
      determination, in Purchaser’s sole discretion, that the review by the HSH
      Bank, holder of Purchaser’s master lien of credit, is sufficiently
      favorable to enable Purchaser to close this
  transaction.

              

      

      
        	
                 
      

              	
                ·

              	
                Obtaining
      a commitment for financing, on terms reasonably acceptable to Purchaser,
      from Wachovia Bank, National
Association.

              

      

      
        	
                 
      

              	
                ·

              	
                Purchaser’s
      approval of capacity and condition of the sprinkler system based upon
      receipt and review of an analysis from Purchaser’s sprinkler
      consultant.

              

      

      
        	
                 
      

              	
                ·

              	
                Resolution
      acceptable to Purchaser of the expense reimbursement obligations under the
      Reciprocal Grant of Easements dated February 2,
  2006.

              

      

      
        	
                 
      

              	
                ·

              	
                Proof
      reasonably acceptable to Purchaser of proper removal, in accordance with
      local and state regulations, of all drums and machines from Suite 1006 at
      4200 Church Street.

              

      

      
        	
                 
      

              	
                ·

              	
                Repair
      or replace expired fire extinguishers in Suite 1030 at 4150 Church Street
      and Suites 1030 and 1060 at 4200 Church Street and receipt of evidence of
      satisfactory re-inspection.ex10_4.htm

    
      

    

    Exhibit
10.4

      

      THIRD
AMENDMENT TO

      AND
REINSTEMENT OF

      AGREEMENT
OF PURCHASE AND SALE

      

      This
Third Amendment to and Reinstatement of Agreement of Purchase and Sale (“Amendment”) is made effective
as of February __, 2008, by and between Realvest-Monroe CommerCenter
L.L.C., a Florida limited liability company (­“­Seller”), and Cornerstone Operating Partnership,
L.P., a Delaware limited partnership  ("Purchaser").

      

      RECITALS:

      

      A.          Purchaser
and Seller are parties to that certain Agreement of Purchase and Sale dated
November 29, 2007, as amended by that certain First Amendment to Agreement of
Purchase and Sale dated January 15, 2008, and that Second Amendment to Agreement
of Purchase and Sale dated January 28, 2008 (collectively, the "Agreement").

      

      B.          Seller
delivered to Purchaser notice of termination dated February 4, 2008 (the “Seller’s Notice of
Termination”).

      

      C.          Seller
wants to rescind Seller’s Notice of Termination and Seller and Purchaser want to
reinstate the Agreement subject to certain terms and conditions.

      

      AGREEMENTS:

      

      1.           Termination.  Seller’s
Notice of Termination is withdrawn and the Agreement is reinstated, in full
force and effect.

      

      2.           Inspection Period and Approval
Matters.  The Inspection Period has ended and Approval Matters
in Second Amendment to Agreement of Purchase and Sale dated January 18, 2008,
have been approved by Purchaser.

      

      3.           Additional Earnest Money
Deposit.  Purchaser shall deliver the Additional Earnest Money
Deposit in the amount of One Hundred Fifty Thousand Dollars ($150,000.00) to
Escrow Agent within two (2) business days of full execution of this
Amendment.

      

      4.           Amendment to the Reciprocal Grant of
Easements.  On or before Monday, March 3, 2008, Seller will
obtain and record a fully executed Amendment to the Reciprocal Grant of
Easements in the same form and content as is attached hereto as Exhibit
A.

       

      5.           Assumption of
Mortgage.  The Agreement and Purchaser’s obligation to close
are contingent upon Transamerica Life Insurance Company (the “Mortgagee”) approving the
assumption by Purchaser of, and release of Seller from, the indebtedness secured
by the mortgage in favor of AmSouth Bank recorded in Official Records Book 4433,
Page 2, as modified in Official Records Book 5236, Page 252, and in Official
Records Book 5476, Page 444, and as assigned to Mortgagee by Assignment of
Mortgage in Official Records Book 5476, Page 438, all of Public Records of
Seminole County, Florida (the “Mortgage”).  Purchaser
shall promptly provide the name of the guarantor, guarantor financial
information, a firm summary on Cornerstone, a list of other holdings in Florida,
and a general list of other holdings outside of Florida to the Mortgagee no
later than Monday, March 3, 2008.  Purchaser shall pay all costs
associated with obtaining the assumption and release.  If Purchaser
does not deliver notice to Seller on or before 5:00 p.m. Eastern Standard Time,
March 31, 2008, that Purchaser has (i) approved the form of the Mortgage, and
(ii) obtained the assumption and release on terms and conditions acceptable to
Purchaser in each case, in Purchaser’s sole and absolute discretion, or that
Purchaser has waived this condition, the Agreement shall terminate and the
Earnest Money shall be refunded to Purchaser.

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      6.           Roof
Warranties.  This Agreement and Purchaser’s obligation to close
are contingent upon Seller providing roof warranties to
Purchaser.   If Purchaser does not deliver notice to Seller on or
before 5:00 p.m. Eastern Standard Time, March 31, 2008, that Purchaser has
received roof warranties that are acceptable to Purchaser, in Purchaser’s sole
and absolute discretion, or that Purchaser has waived this condition, the
Agreement shall terminate and the Earnest Money shall be refunded to
Purchaser.

      

      7.           Prepayment Penalty
Credit.   Purchaser shall have a credit on the closing
statement in the amount of Eight Hundred Seventy-Five Thousand Dollars
($875,000.00) against the Purchase Price.

       

      8.           Closing Date.  The
Closing Date will be on or before Tuesday, April 15, 2008.  Purchaser
may obtain one (1) thirty (30) day extension of the Closing Date by delivering
written notice to Seller no later than Tuesday, April 1, 2008 and depositing
with Escrow Agent an additional Two Hundred Fifty Thousand Dollars ($250,000.00)
(“Second Additional Earnest
Money Deposit”) no later than Thursday, April 3,
2008.  Thereafter, Purchaser may obtain one (1) additional (30) day
extension of the Closing Date by delivering written notice to Seller no later
than Thursday, May 1, 2008 and depositing with Escrow Agent an additional Two
Hundred Fifty Thousand Dollars ($250,000.00) (“Third Additional Earnest Money
Deposit”) no later than Monday, May 5, 2008.  If Purchaser
fails to timely provide notice and make the required deposit, the right to
extend and any subsequent right to extend shall terminate.

      

      9.           Earnest Money
Deposit.  As stated on paragraph 1.3(a) of the Agreement, the
Initial Money Deposit and the Additional Money Deposit are referred to as the
“Earnest Money Deposit”.  If deposited, the Second Additional Earnest
Money Deposit, the Third Additional Earnest Money Deposit, and all interest
earned thereon shall become part of the Earnest Money Deposit and subject to all
of the terms of the Agreement, as amended by this Amendment, related to the
Earnest Money Deposit.  The Earnest Money Deposit is nonrefundable
except as provided in paragraphs 5 and 6 of this Amendment or in the event of a
Seller default.

      

      10.         Defined Terms.  All
capitalized terms in this Amendment shall have the same meaning as that set
forth in the Agreement unless defined otherwise herein.

      

      11.         Counterparts. This Amendment
may be executed in counterparts each of which shall be deemed a fully executed
original.

      

      12.         Ratification.  Except
as expressly set forth in this Amendment, the Agreement remains unmodified and
in full force and effect. Should there be any conflict between the terms of this
Amendment and the terms of the Agreement, the terms of this Amendment will
control.

      

      

      Balance
of page intentionally left blank.

      

      Signatures
on next page.

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      IN
WITNESS WHEREOF, the parties hereto have executed this Third Amendment on the
day and year first above written.

      

      
        	 
      	
                SELLER:

              
	 
      	
                Realvest–Monroe CommerCenter,
      L.L.C., a Florida limited liability company

              
	 
      	
                By: 
      Realvest Development, LLC, a Florida limited liability company, as its
      Manager

              
	 
      	
                By:  Realvest
      Holdings, LLC, a Florida limited liability company, as its
      manager

              
	 
      	 
      	 
      
	 
      	
                By:

              	 
      /s/ George D. Livingston
	 
      	 
      	
                George
      D. Livingston, its managing member

              
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	
                PURCHASER:

              
	 
      	
                Cornerstone Operating
      Partnership, L.P., a

              
	 
      	
                Delaware
      limited partnership

              
	 
      	
                By:

              	
                Cornerstone
      Core Properties REIT, INC.,

              
	 
      	 
      	
                a
      Maryland corporation, its general partner

              
	 
      	 
      	 
      
	 
      	
                By:

              	 
      /s/ Authorized Signatory
	 
      	
                Name:

              	 
      
	 
      	
                Title:

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