Document:

EX-10.3

 Exhibit 10.3 

AMENDMENT TO REAL ESTATE PURCHASE AND SALE AGREEMENT 

THIS AMENDMENT TO REAL ESTATES PURCHASE AND SALE AGREEMENT (the “Amendment”) is made as of April 7, 2017, by and between
MONTGOMERY STERLING, L.L.C., an Illinois limited liability company, as Seller, and S.R. JACOBSON DEVELOPMENT CORP., a Michigan corporation, as Purchaser. 

WHEREAS, Seller and Purchaser entered into a certain Real Estates Purchase And Sale Agreement, dated as of January 10, 2017 (the
“Agreement”), pursuant to which Seller agreed to sell, and Purchaser agreed to purchase, that certain real property located in the Village of Montgomery (“Village”), County of Kendal and State of Illinois with Parcel
Identification Numbers 03-02-203-002, 03-02-202-001, 03-02-204-001 and 03-02-100-028 (the “Property”). 
 WHEREAS, the
Inspection Period will expire on April 10, 2017, and the parties wish to extend the Inspection Period pursuant to the terms of this Amendment. 

NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree the
Agreement is hereby amended as follows: 
  

	 	1.	Paragraph 3.D. of the Agreement is hereby amended to increase the Inspection Period from ninety (90) days to one hundred and ten (110) days and therefore it will expire on April 30,
2017. This extension is made to allow time for the Village to hold a Board meeting to make a formal decision regarding the Village’s Ordinance that governs elevator requirements. If the Village amends its Ordinance such that elevators are
not required for buildings with three (3) stories, then the parties agree to negotiate a further amendment to the Agreement to adjust the critical dates; however, the Closing Date shall not be later than December 31, 2017.

  

	 	2.	Balance of Terms. Except as set forth herein, the Agreement remains unmodified and in full force and effect. 

  

	 	3.	Miscellaneous. This Amendment may be executed in any number of counterparts, and by separate parties hereon on separate counterparts, and all of such counterparts taken together shall constitute one and the same
Amendment. This Amendment may be executed and delivered by facsimile or electronic mail in PDF format. The section headings set forth in this Amendment are for convenience of reference only, and do not define, limit or construe the contents of such
sections. 

 The parties have executed this Amendment as of the date first written above. 

 

									
	SELLER:	 		 	PURCHASER:
			
	MONTGOMERY STERLING, L.L.C.	 		 	S.R. JACOBSON DEVELOPMENT CORP.
					
	/s/	 	   GUADALUPE GRIFFIN
	 		 	/s/	 	   S.R. JACOBSON DEVELOPMENT CORP.

	By:	 	  Guadalupe Griffin	 		 	By:	 	  Emmanuel Kniahynycky
	Its:	 	  Senior Vice President	 		 	Its:	 	  Vice PresidentEX-10.4

 Exhibit 10.4 

SECOND AMENDMENT TO 

REAL ESTATE PURCHASE AND SALE AGREEMENT 

THIS SECOND AMENDMENT TO REAL ESTATES PURCHASE AND SALE AGREEMENT (the “Amendment”) is made as of April 25, 2017, by and
between MONTGOMERY STERLING, L.L.C., an Illinois limited liability company, as Seller, and S.R. JACOBSON DEVELOPMENT CORP., a Michigan corporation on behalf of an entity to be named, as Purchaser. 

WHEREAS, Seller and Purchaser entered into a certain Real Estates Purchase And Sale Agreement, dated as of January 10, 2017, as amended
by a certain Amendment To Real Estates Purchase And Sale Agreement, dated April 7, 2017 (together the “Agreement”), pursuant to which Seller agreed to sell, and Purchaser agreed to purchase, that certain real property located in the
Village of Montgomery (“Village”), County of Kendal and State of Illinois with Parcel Identification Numbers
03-02-203-002,
03-02-202-001,
03-02-204-001 and
03-02-100-028 (the “Property”). 

WHEREAS, the parties agree to amend the Agreement to adjust the critical dates pursuant to the terms of this Amendment. 

NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree the
Agreement is hereby amended as follows: 
  

	 	1.	Paragraph 3.D. of the Agreement is hereby amended to increase the Inspection Period to one hundred fifty (150) days and therefore it will expire on June 9, 2017. This extension is made to
recover the sixty (60) days of inspection period time during which Seller had to delay the award of engineering, geotech investigation and environmental site assessment contracts in order to work with the Village of Montgomery to amend its
ordinance requiring elevators for 3-story buildings. The elevator requirement would have made the project economically unfeasible resulting in termination of the contract. The ordinance amendment removing the
elevator requirement was approved by the Village on April 10, 2017. 

  

	 	2.	Paragraph 6. of the Agreement is hereby of the Agreement is hereby deleted in its entirety and replaced with the following Paragraph 6: 

 

	 	6.	 APPROVALS: Purchaser shall have a period of one hundred twenty (120) days from the expiration of the
Inspection Period (the “Approval Period”), or until October 7, 2017, to obtain from the Village of Montgomery and all other governmental agencies having jurisdiction, site plan and such other governmental approvals and permits
necessary for the development of the Property as a multi-family project containing garden-style units (the “Approvals”). If, despite Purchaser’s diligent efforts, Purchaser has not obtained the Approvals within the Approval
Period, Purchaser shall have the right to extend the Approval Period for up to two (2) additional thirty (30) day periods (each an “Extension Period”). For the first thirty (30) day Extension Period from
October 7, 2017 to November 6, 2017, Purchaser shall deposit the additional sum of Twelve Thousand Five Hundred and 00/100 ($12,500) Dollars with the Title Company prior to expiration of the initial Approval Period and for the second
thirty (30) day Extension Period from November 6, 2017 to December 6, 2017, Purchaser shall deposit an additional Twenty Five Thousand and 00/100 ($25,000) Dollars with the Title Company prior to expiration of the initial Approval
Period and for the second thirty (30) day Extension Period from November 6, 2017 to December 6, 2017, Purchaser shall deposit an additional Twenty Five Thousand and 00/100 ($25,000) Dollars with the Title Company prior to expiration
of the first Extension Period. The foregoing extension 

	 	
payments shall be non-refundable, except as expressly provided in this Agreement, and applicable to the Purchase Price at Closing. If Purchaser does not
obtain the Approvals within the Approval Period or any applicable Extension Period, Purchaser shall have the right to either terminate this Agreement by providing Seller with written notice of termination, in which event the Earnest Money and any
extension payments made by Purchaser shall be released to Seller and the parties shall have no further rights or obligations under this Agreement; or Purchaser may elect to waive the foregoing condition, in which event this Agreement shall remain in
effect. 

  

	 	3.	Purchaser confirms the Paragraph 7 of the Agreement shall remain unchanged and that the Closing Date shall not be later than December 31, 2017. 

 

	 	4.	Balance of Terms. Except as set forth herein, the Agreement remains unmodified and in full force and effect. 

  

	 	5.	Miscellaneous. This Amendment may be executed in any number of counterparts, and by separate parties hereon on separate counterparts, and all of such counterparts taken together shall constitute one and the same
Amendment. This Amendment may be executed and delivered by facsimile or electronic mail in PDF format. The section headings set forth in this Amendment are for convenience of reference only, and do not define, limit or construe the contents of such
sections. 

 The parties have executed this Amendment as of the date first written above. 

 

									
	SELLER:	 		 	PURCHASER:
			
	MONTGOMERY STERLING, L.L.C.	 		 	S.R. JACOBSON DEVELOPMENT CORP. on
		 		 		 	behalf of an entity to be named
					
	/s/	 	 GUADALUPE GRIFFIN
	 		 	/s/	 	 S.R. JACOBSON DEVELOPMENT CORP.

	By:	 	Guadalupe Griffin	 		 	By:	 	Emmanuel Kniahynycky
	Its:	 	Senior Vice President	 		 	Its:	 	Authorized RepresentativeEX-10.5

 Exhibit 10.5 

THIRD AMENDMENT TO 
 REAL
ESTATE PURCHASE AND SALE AGREEMENT 
 THIS THIRD AMENDMENT TO REAL ESTATES PURCHASE AND SALE AGREEMENT (the “Amendment”) is
made as of June 9, 2017, by and between MONTGOMERY STERLING, L.L.C., an Illinois limited liability company, as Seller, and S.R. JACOBSON DEVELOPMENT CORP., a Michigan corporation on behalf of an entity to be named, as Purchaser. 

WHEREAS, Seller and Purchaser entered into a certain Real Estates Purchase And Sale Agreement, dated as of January 10, 2017, as amended
by a certain Amendment To Real Estates Purchase And Sale Agreement, dated April 7, 2017, and further amended by a certain Second Amendment To Real Estates Purchase And Sale Agreement, dated April 25, 2017 (together the
“Agreement”), pursuant to which Seller agreed to sell, and Purchaser agreed to purchase, that certain real property located in the Village of Montgomery (“Village”), County of Kendal and State of Illinois with Parcel
Identification Numbers 03-02-203-002, 03-02-202-001, 03-02-204-001 and 03-02-100-028 (the “Property”). 
 WHEREAS, the
parties agree to amend the Agreement to adjust a critical date pursuant to the terms of this Amendment. 
 NOW, THEREFORE, for good and
valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree the Agreement is hereby amended as follows: 
  

	 	1.	Paragraph 3.D. of the Agreement is hereby amended to increase the Inspection Period by thirty (30) days and therefore it will expire on July 9, 2017. 

 

	 	2.	Balance of Terms. Except as set forth herein, the Agreement remains unmodified and in full force and effect. 

  

	 	3.	Miscellaneous. This Amendment may be executed in any number of counterparts, and by separate parties hereon on separate counterparts, and all of such counterparts taken together shall constitute one and the same
Amendment. This Amendment may be executed and delivered by facsimile or electronic mail in PDF format. The section headings set forth in this Amendment are for convenience of reference only, and do not define, limit or construe the contents of such
sections. 

 The parties have executed this Amendment as of the date first written above. 

 

									
	SELLER:	 		 	  PURCHASER:
			
	 MONTGOMERY STERLING, L.L.C., an Illinois

limited liability company
	 		 	 S.R. JACOBSON DEVELOPMENT CORP.

on behalf of an entity to be named

	By:	 	Inland Land Appreciation Fund II, L.P.	 		 		 	
	A Delaware limited partnership, its sole member	 		 		 	
	By:	 	IREIC, A Delaware corporation, its general partner	 		 		 	
					
	/s/	 	   GUADALUPE GRIFFIN
	 		 	/s/	 	   S.R. JACOBSON DEVELOPMENT CORP.

	By:	 	  Guadalupe Griffin	 		 	By:	 	  Emmanuel Kniahynycky
	Its:	 	  Senior Vice President	 		 	Its:	 	  Vice President

   [3rd Amendment to Purchase and Sale Agreement for Montgomery}

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