Document:

gipr-ex107_193.htm

Exhibit 10.7

FIRST AMENDMENT TO PURCHASE AND SALE AGREEMENT

 

THIS FIRST AMENDMENT TO PURCHASE AND SALE AGREEMENT (the “First Amendment”) is made and entered effective as of December 10, 2021 (the “Amendment Effective Date”), by and between ELLIOTT BAY HEALTHCARE REALTY LLC, a Delaware limited liability company (the “Seller”), and GENERATION INCOME PROPERTIES, L.P., a Delaware limited partnership (the “Purchaser”).

 

RECITALS

 

A.Seller and Purchaser previously entered into that certain Purchase and Sale Agreement having an Effective Date of October 27, 2021 (the “Agreement”), regarding certain real property located in Chicago, Cook County, Illinois, and more particularly described in the Agreement. 

 

B.Seller and Purchaser desire to amend certain provisions of the Agreement in the manner provided for in this First Amendment.

 

C.All capitalized terms used in this First Amendment shall have the same meanings ascribed to them in the Agreement, unless otherwise indicated herein to the contrary.

 

NOW, THEREFORE, in consideration of the premises and mutual covenants contained herein, and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto, intending to be legally bound, do hereby agree as follows:

 

1.Recitals.  The above-referenced recitals are true and correct and hereby incorporated into this First Amendment for all purposes.

 

2.Ratification.  The Agreement is hereby ratified as of the date hereof and declared in full force and effect as of such date, as modified and amended hereby.  From and after the last date of execution of this First Amendment, all references to the Agreement shall be deemed to refer to the Agreement as amended by this First Amendment.  

 

3.Inspection Period. The Inspection Period is hereby extended to expire at 11:59 P.M. Eastern Daylight Time on December 16, 2021. 

 

4.Closing Date. Notwithstanding the extension of the Inspection Period in Section 3 of this First Amendment, the Closing Date shall occur on or before January 3, 2022. 

 

5.No Further Amendments.  In the event of any inconsistencies between the terms and provisions of this First Amendment and the terms and provisions of the Agreement, the terms and provisions of this First Amendment shall control. 

 

6.Counterparts. This First Amendment may be executed in any number of counterparts, each of which, when executed and delivered, shall be deemed an original, and all such counterparts together shall constitute one and the same instrument.  Signature pages may be detached from the counterparts and attached to another to physically form one document.  Facsimile copies or other electronic scans or reproductions of this First Amendment and the signatures thereon shall have the same force and effect as if the same were original.

 

                           

IN WITNESS WHEREOF, Seller and Purchaser have entered into this First Amendment to Purchase and Sale Agreement as of the Amendment Effective Date.

 

SELLER:

 

ELLIOTT BAY HEALTHCARE REALTY LLC,

a Delaware limited liability company

 

 

By: /s/ Christain Whipple

       Christian Whipple, its Manager 

 

Date: December 10, 2021

 

 

PURCHASER:

 

GENERATION INCOME PROPERTIES, L.P.

a Delaware limited partnership

 

By: Generation Income Properties, Inc., its Sole General Partner 

 

By: /s/ David Sobelman

       David Sobelman, its CEO and President 

 

 

Date: December 10, 2021

 

 

 

 

 

18682228_1 2gipr-ex108_194.htm

        Exhibit 10.8

ASSIGNMENT AND ASSUMPTION 

OF PURCHASE AND SALE AGREEMENT

 

THIS ASSIGNMENT AND ASSUMPTION OF PURCHASE AND SALE AGREEMENT (“Assignment”) is made and entered into, effective as of December 23, 2021, by and between GENERATION INCOME PROPERTIES, L.P., a Delaware limited partnership (“Assignor”), and GIPIL 3134 W 76th STREET, LLC, a Delaware limited liability company (“Assignee”).

 

W I T N E S S E T H:

 

WHEREAS, Assignor and Elliott Bay Healthcare Realty LLC, a Delaware limited liability company (“Seller”), entered into that certain Purchase and Sale Agreement dated as of October 27, 2021, as amended by that certain First Amendment to Purchase and Sale Agreement dated as of December 10, 2021 (the “Agreement”), pursuant to which Seller agreed to sell and to convey to Assignor, and Assignor agreed to purchase from Seller, that certain real property located at 3134 West 76th Street located in Chicago, Cook County, Illinois, as more particularly described in the Agreement;

 

WHEREAS, Assignor desires to assign the Agreement to Assignee, and Assignee desires to accept the assignment and assume the Agreement, upon the terms and conditions set forth in this Assignment;

 

NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound and notwithstanding anything to the contrary set forth in the Agreement, hereby agree as follows:

 

1.Incorporation of Recitals.  The foregoing recitals are true and correct and are incorporated herein by this reference. 

 

2.Capitalized Terms.  Unless otherwise expressly defined herein, capitalized terms used in this Assignment shall have the meanings ascribed to such terms in the Agreement.  

 

3.Assignment and Assumption of Agreement.  Assignor hereby assigns to Assignee the Agreement and all sums paid or deposited into escrow by Assignor in connection with the Agreement, together with all rights and privileges thereunder, subject to the terms and conditions of the Agreement. Assignee hereby accepts the assignment and agrees to comply with and be bound by all the terms and conditions of the Agreement, and to assume and fulfill all of the obligations and liabilities of the “Purchaser” under the Agreement.

 

4.Remaining Terms.  Except as specifically modified in this Assignment, all remaining terms and conditions of the Agreement remain in full force and effect.  To the extent that any provisions of the Agreement and this Assignment conflict, this Assignment shall control.  

 

5.Counterparts.  This Assignment may be executed in multiple counterparts, and notwithstanding that all of the parties do not execute the same counterpart, each executed counterpart shall be deemed an original, and all such counterparts together shall constitute one and the same Assignment binding all of the parties hereto.  Signature and acknowledgment pages, if any, may be detached from the counterparts and attached to a single copy of this Assignment to physically form one document.  Electronic or facsimile copies of the original signature of this Assignment, and electronic or facsimile copies of this Assignment fully executed, shall be deemed an original for all purposes.

 

6.Ratification.  Except to the extent expressly modified by this Assignment, the Agreement remains unmodified and in full force and effect. 

 

 

 

IN WITNESS WHEREOF, the parties have caused this Assignment to be executed by their duly authorized representative as of the date set forth above.

 

 

		
	
“ASSIGNOR”

 

GENERATION INCOME PROPERTIES, L.P.,

a Delaware limited partnership

 

 

By: Generation Income Properties, Inc.,

      a Maryland corporation,

      its General Partner

 

 

By: /s/ David Sobelman

David Sobelman, its President

 

 

 
	
“ASSIGNEE”

 

GIPIL 3134 W 76th STREET, LLC,

a Delaware limited liability company

 

 

By: /s/ David Sobelman

David Sobelman, its President

 

 

 

 

18591507_1 2gipr-ex109_192.htm

Exhibit 10.9

SECOND AMENDMENT TO PURCHASE AND SALE AGREEMENT

 

THIS SECOND AMENDMENT TO PURCHASE AND SALE AGREEMENT (the “Second Amendment”) is made and entered effective as of January 3, 2022 (the “Amendment Effective Date”), by and between ELLIOTT BAY HEALTHCARE REALTY LLC, a Delaware limited liability company (the “Seller”), and GIPIL 3134 W 76th STREET, LLC, a Delaware limited liability company (the “Purchaser”).

 

RECITALS

 

A.Seller and Generation Income Properties, L.P., a Delaware limited partnership, previously entered into that certain Purchase and Sale Agreement dated as of October 27, 2021 (the “Original Agreement”), as amended by that certain First Amendment to Purchase and Sale Agreement dated as of December 10, 2021 (the “First Amendment”; the Original Agreement, as amended by the First Amendment, being hereinafter referred to as the “Agreement”), regarding certain real property located in Chicago, Cook County, Illinois, and more particularly described in the Agreement. 

 

B.Purchaser is the successor-in-interest to Generation Income Properties, L.P. pursuant to that certain Assignment and Assumption of Purchase and Sale Agreement dated as of December 23, 2021. 

 

C.Seller and Purchaser desire to amend certain provisions of the Agreement in the manner provided for in this Second Amendment.

 

D.All capitalized terms used in this Second Amendment shall have the same meanings ascribed to them in the Agreement, unless otherwise indicated herein to the contrary.

 

NOW, THEREFORE, in consideration of the premises and mutual covenants contained herein, and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto, intending to be legally bound, do hereby agree as follows:

 

1.Recitals.  The above-referenced recitals are true and correct and hereby incorporated into this Second Amendment for all purposes.

 

2.Ratification.  The Agreement is hereby ratified as of the date hereof and declared in full force and effect as of such date, as modified and amended hereby.  From and after the last date of execution of this Second Amendment, all references to the Agreement shall be deemed to refer to the Agreement as amended by this Second Amendment.  

 

3.Closing Date. The Closing Date shall occur on or before January 7, 2022. 

 

4.No Further Amendments.  In the event of any inconsistencies between the terms and provisions of this Second Amendment and the terms and provisions of the Agreement, the terms and provisions of this Second Amendment shall control. 

 

5.Counterparts. This Second Amendment may be executed in any number of counterparts, each of which, when executed and delivered, shall be deemed an original, and all such counterparts together shall constitute one and the same instrument.  Signature pages may be detached from the counterparts and attached to another to physically form one document.  Facsimile copies or other electronic scans or reproductions of this Second Amendment and the signatures thereon shall have the same force and effect as if the same were original.

 

 

IN WITNESS WHEREOF, Seller and Purchaser have entered into this Second Amendment to Purchase and Sale Agreement as of the Amendment Effective Date.

 

SELLER:

 

ELLIOTT BAY HEALTHCARE REALTY LLC,

a Delaware limited liability company

 

 

By: /s/ Christian Whipple

       Christian Whipple, its Chief Executive Officer  

 

Date: January 3, 2022

 

 

PURCHASER:

 

GIPIL 3134 W 76th STREET, LLC,

a Delaware limited liability company

 

 

By: /s/ David Sobelman

       David Sobelman, its President 

 

 

Date: January 3, 2022

 

 

 

 

 

 

 

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