Document:

FOURTH AMENDMENT TO CONTRACT OF PURCHASE AND SALE

THIS FOURTH AMENDMENT TO CONTRACT OF PURCHASE AND SALE (this “Fourth Amendment’) is made and entered into as of the 25th day of March, 2011 by and between PREFERRED APARTMENT COMMUNITIES OPERATING PARTNERSHIP, L.P., a Delaware limited partnership, as assignee of Preferred Apartment Communities, Inc., a Maryland corporation (“Purchaser”), and OXFORD RISE PARTNERS LLC, a Georgia limited liability company (“Oxford”), and WILLIAMS OPPORTUNITY FUND, LLC, a Georgia limited liability company (“Williams”; Oxford and Williams are hereinafter referred to individually as a “Seller” and collectively as “Sellers”).

RECITALS

WHEREAS, Sellers and Purchaser entered into that certain Contract of Purchase and Sale dated as of September 29, 2010 with respect to that certain apartment project located in Chester County, Pennsylvania, as amended by that certain First Amendment to Contract of Purchase and Sale dated as of December 14, 2010, as amended by that certain Second Amendment to Contract of Purchase and Sale dated as of December 28, 2010, and as further amended by that certain Third Amendment to Contract of Purchase and Sale dated as of February 15, 2011 (collectively, the “Contract”); and

WHEREAS, Sellers and Purchaser now desire to amend and modify the Contract as set forth below.

NOW, THEREFORE, for and in consideration of the foregoing recitals and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Sellers and Purchaser hereby agree as follows:

	
  

	
1.

	
All capitalized terms used herein and not otherwise defined shall have those meanings ascribed to such terms in the Contract.

 

	
  

	
2.

	
The third full paragraph in Section 2 of the Contract regarding a potential “Earn Out Payment” is hereby deleted in its entirety.

 

	
  

	
3.

	
Except as expressly amended herein, all terms and conditions of the Contract remain in full force and effect.

 

	
  

	
4.

	
This Fourth Amendment may be executed via facsimile or electronic PDF counterpart and a facsimile or PDF signature page shall be deemed an original for purposes of this Fourth Amendment.

 

[SIGNATURES COMMENCE ON FOLLOWING PAGE]

 

  

  

 

 

IN WITNESS WHEREOF, the parties have hereto signed, sealed, and delivered this Fourth Amendment as of the date first above written.

 

	
PURCHASER:

	
PREFERRED APARTMENT COMMUNITIES OPERATING

	  	
PARTNERSHIP, L.P., a Delaware limited partnership

	  	  
	  	
By:

	
Preferred Apartment Communities, Inc., a Maryland

	  	  	
Corporation, its General Partner

	  	  	  
	  	  	
By:

	

    /s/ John A. Williams

	
  

	  	  	  	
    John A. Williams, its President

	  	  	  	
    and Chief Executive Officer

	 	 	 	 
	 	 	 	[SEAL]

 

[SIGNATURES CONTINUE ON FOLLOWING PAGE]

 

  

2

 

 

	SELLERS:	
OXFORD RISE PARTNERS LLC, a

	 	
Georgia limited liability company

	 	  	  	  
	 	
By: 

	
Oxford Rise Development, LLC, a

	 	  	
Georgia limited liability company,

	 	  	
its Manager

	 	  	  	  
	 	  	
By: 

	

    /s/ W. Daniel Faulk, Jr.

	
   

	 	  	  	
    W. Daniel Faulk, Jr.,

	 	  	  	
    its Manager

	 	  	  	  
	 	  	  	

[SEAL]

	
  

 

	 	
WILLIAMS OPPORTUNITY FUND, LLC,

	 	
a Georgia limited liability company

	 	  	  	  
	 	
By: 

	
Williams Opportunity Fund Manager, LLC,

	 	  	
a Georgia limited liability company,

	 	  	
its Manager

	 	  	  	  
	 	  	
By: 

	
Williams Realty Advisors, LLC, a

	 	  	  	
Georgia limited liability company,

	 	  	  	
its Manager

	 	  	  	  
	 	  	  	
By:

	

      /s/ John A. Williams, Jr.

	
     

	 	  	  	  	
John A. Williams, Jr., its President

	 	  	  	  	
and Chief Operating Officer

	 	  	  	  	  
	 	  	  	  	

[SEAL]

	
   

 

  

3FIFTH AMENDMENT TO CONTRACT OF PURCHASE AND SALE

THIS FIFTH AMENDMENT TO CONTRACT OF PURCHASE AND SALE (this “Third Amendment’) is made and entered into as of the 25th day of March, 2010 by and between PREFERRED APARTMENT COMMUNITIES OPERATING PARTNERSHIP, L.P., a Delaware limited partnership, as assignee of Preferred Apartment Communities, Inc., a Maryland corporation (“Purchaser”), and OXFORD RISE PARTNERS LLC, a Georgia limited liability company (“Oxford”), and WILLIAMS OPPORTUNITY FUND, LLC, a Georgia limited liability company (“Williams”; Oxford and Williams are hereinafter referred to individually as a “Seller” and collectively as “Sellers”).

RECITALS

WHEREAS, Sellers and Purchaser entered into that certain Contract of Purchase and Sale dated as of September 29, 2010 with respect to that certain apartment project located in Chester County, Pennsylvania, as amended by that certain First Amendment to Contract of Purchase and Sale dated as of December 14, 2010, as further amended by that certain Second Amendment to Contract of Purchase and Sale dated as of December 28, 2010, as further amended by that certain Third Amendment to Contract of Purchase and Sale dated as of February 15, 2011, and as further amended by that certain Fourth Amendment to Contract of Purchase and Sale dated as of March 25, 2011 (collectively, the “Contract”); and

WHEREAS, Sellers and Purchaser now desire to amend and modify the Contract as set forth below.

NOW, THEREFORE, for and in consideration of the foregoing recitals and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Sellers and Purchaser hereby agree as follows:

 

	
  

	
1.

	
All capitalized terms used herein and not otherwise defined shall have those meanings ascribed to such terms in the Contract.

 

	
  

	
2.

	
In Section 3 of the Contract, the words and numbers “March 31, 2011” are hereby deleted in their entirety, and the words and numbers “April 29, 2011” are hereby inserted in lieu thereof.

 

	
  

	
3.

	
Except as expressly amended herein, all terms and conditions of the Contract remain in full force and effect.

 

	
  

	
4.

	
This Fifth Amendment may be executed via facsimile or electronic PDF counterpart and a facsimile or PDF signature page shall be deemed an original for purposes of this Fifth Amendment.

 

[SIGNATURES COMMENCE ON FOLLOWING PAGE]

 

  

  

  

 

IN WITNESS WHEREOF, the parties have hereto signed, sealed, and delivered this Fifth Amendment as of the date first above written.

 

	
PURCHASER:

	
PREFERRED APARTMENT COMMUNITIES OPERATING

	  	
PARTNERSHIP, L.P., a Delaware limited partnership

	  	  
	  	
By:

	
Preferred Apartment Communities, Inc., a Maryland

	  	  	
Corporation, its General Partner

	  	  	  
	 	 	 
By:

	 
/s/ John A. Williams

	  	  	  	
John A. Williams, its President

	  	  	  	
and Chief Executive Officer

	  	  
	  	
[SEAL]

[SIGNATURES CONTINUE ON FOLLOWING PAGE]

 

  

2

  

 

	SELLERS:	
OXFORD RISE PARTNERS LLC, a

	 	
Georgia limited liability company

	 	  
	 	
By:

	
Oxford Rise Development, LLC, a

	 	  	
Georgia limited liability company,

	 	  	
its Manager

	 	  	  
	 	  	
By:

	
/s/ W. Daniel Faulk, Jr.

	 	  	  	
W. Daniel Faulk, Jr.,

	 	  	  	
its Manager

	 	  
	 	
[SEAL]

	 	
WILLIAMS OPPORTUNITY FUND, LLC,

	 	
a Georgia limited liability company

	 	  
	 	
By:

	
Williams Opportunity Fund Manager, LLC,

	 	  	
a Georgia limited liability company,

	 	  	
its Manager

	 	  	  
	 	  	
By:

	
Williams Realty Advisors, LLC, a

	 	  	  	
Georgia limited liability company,

	 	  	  	
its Manager

	 	  	  	  
	 	  	  	
By:

	
/s/ John A. Williams, Jr.

	 	  	  	  	
John A. Williams, Jr., its President

	 	  	  	  	
and Chief Operating Officer

	 	  	  	  	  
	 	  	  	
[SEAL]

  

3FOURTH AMENDMENT TO CONTRACT OF PURCHASE AND SALE

THIS FOURTH AMENDMENT TO CONTRACT OF PURCHASE AND SALE (this “Fourth Amendment’) is made and entered into as of the 25th day of March, 2011 by and between PREFERRED APARTMENT COMMUNITIES OPERATING PARTNERSHIP, L.P., a Delaware limited partnership, as assignee of Preferred Apartment Communities, Inc., a Maryland corporation (“Purchaser”), and OXFORD SUMMIT DEVELOPMENT, LLC, a Georgia limited liability company (“Oxford”), and WILLIAMS REALTY FUND I, LLC, a Georgia limited liability company (“Williams”; Oxford and Williams are hereinafter referred to individually as a “Seller” and collectively as “Sellers”).

RECITALS

WHEREAS, Sellers and Purchaser entered into that certain Contract of Purchase and Sale dated as of September 29, 2010 with respect to that certain apartment project located in Forsyth County, Georgia, as amended by that certain First Amendment to Contract of Purchase and Sale dated as of December 14, 2010, and as further amended by that certain Second Amendment to Contract of Purchase and Sale dated as of December 28, 2010, and as further amended by that certain Third Amendment to Contract of Purchase and Sale dated as of February 15, 2011 (collectively, the “Contract”); and

WHEREAS, Sellers and Purchaser now desire to amend and modify the Contract as set forth below.

NOW, THEREFORE, for and in consideration of the foregoing recitals and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Sellers and Purchaser hereby agree as follows:

 

	
  

	
1.

	
All capitalized terms used herein and not otherwise defined shall have those meanings ascribed to such terms in the Contract.

 

	
  

	
2.

	
In Section 3 of the Contract, the words and numbers “April 5, 2011” are hereby deleted in their entirety, and the words and numbers “April 29, 2011” are hereby inserted in lieu thereof.

 

	
  

	
3.

	
Except as expressly amended herein, all terms and conditions of the Contract remain in full force and effect.

 

	
  

	
4.

	
This Fourth Amendment may be executed via facsimile or electronic PDF counterpart and a facsimile or PDF signature page shall be deemed an original for purposes of this Fourth Amendment.

 

[SIGNATURES COMMENCE ON FOLLOWING PAGE]

 

  

  

  

 

IN WITNESS WHEREOF, the parties have hereto signed, sealed, and delivered this Fourth Amendment as of the date first above written.

 

	
PURCHASER:

	
PREFERRED APARTMENT COMMUNITIES OPERATING

	 
	  	
PARTNERSHIP, L.P., a Delaware limited partnership

	 
	  	  	 
	  	
By:

	
Preferred Apartment Communities, Inc., a Maryland

	 
	  	  	
Corporation, its General Partner

	 
	  	  	  	 
	  	  	
By:

	
/s/ John A. Williams

	 
	  	  	  	
John A. Williams, its President

	 
	  	  	  	
and Chief Executive Officer

	 
	  	  	  	  	 
	  	  	
[SEAL]

	 

[SIGNATURES CONTINUE ON FOLLOWING PAGE]

  

2

  

 

	SELLERS:	
OXFORD SUMMIT DEVELOPMENT, LLC,

	 
	 	
a Georgia limited liability company

	 
	 	  	 
	 	
By:

	
/s/ W. Daniel Faulk, Jr.

	 
	 	  	
W. Daniel Faulk, Jr.,

	 
	 	  	
its Manager

	 
	 	  	  	 
	 	 	 
[SEAL]

	 
	 	  	 
	 	
WILLIAMS REALTY FUND I, LLC, a

	 
	 	
Georgia limited liability company

	 
	 	 	 
	 	
By:

	
Williams Realty Fund Manager I, LLC,

	 
	 	  	
a Georgia limited liability company,

	 
	 	  	
its Manager

	 
	 	  	  	 
	 	  	
By:

	
Williams Realty Advisors, LLC, a

	 
	 	  	  	
Georgia limited liability company,

	 
	 	  	  	
its Manager

	 
	 	  	  	  	 
	 	  	  	
By:

	
      /s/ John A. Williams, Jr.

	 
	 	  	  	  	
John A. Williams, Jr., its President

	 
	 	  	  	  	
and Chief Operating Officer

	 
	 	  	  	  	  	 
	 	  	  	  	
[SEAL]

	 

  

3

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