Document:

exv10w2

EXHIBIT 10.2

FIRST AMENDMENT TO PURCHASE AND SALE AGREEMENT

AND JOINT ESCROW INSTRUCTIONS

     FIRST AMENDMENT TO PURCHASE AND SALE AGREEMENT AND JOINT ESCROW INSTRUCTIONS
(“Amendment”) is dated as of June 30, 2011, and entered into by and between Cooper Creek
Village, LLC, a Kentucky limited liability company (“Seller”), and Steadfast
Asset Holdings, Inc., a California corporation (“Buyer”).

RECITALS

     WHEREAS, Seller and Buyer have entered into that certain Purchase and Sale Agreement with
Joint Escrow Instructions dated as of June 24, 2011 (the “Purchase Agreement”).

     WHEREAS, Seller and Buyer desire to modify the Purchase Agreement as set forth in this
Amendment.

AGREEMENT

     NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which is
hereby acknowledged, the parties hereto, intending to be legally bound, hereby agree as follows:

     1. Due Diligence Expiration Date. The definition of the term “Due Diligence
Period” in Section 6.4 of the Purchase Agreement is hereby amended by deleting “June 30, 2011”
and inserting “July 8, 2011” in lieu thereof.

     2. Title Objection Period. Pursuant to Section 6.3.1 of the Purchase Agreement, Buyer
gave a Title Objection Notice on June 28, 2011. The definition of the term “Seller’s Cure
Period” in Section 6.3.1 of the Purchase Agreement is hereby amended by deleting “fifteen (15)
days following Seller’s receipt of the Title Objection Notice “ and inserting “July 6, 2011” in
lieu thereof.

     3. Miscellaneous.

          a. Definitions. Capitalized terms used in this Amendment that are not otherwise
defined herein shall have the meanings ascribed to such terms in the Purchase Agreement.

          b. Partial Invalidity. If any term or provision of this Amendment or the application
thereof to any person or circumstance shall, to any extent, be invalid or unenforceable, the
remainder of this Amendment, or the application of such term or provision to persons or
circumstances other than those as to which it is held invalid or unenforceable, shall not be
affected thereby, and each such term and provision of this Amendment shall be valid and enforced to the
fullest extent permitted by law.

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          c. No Waivers. No waiver of any breach of any covenant or provision herein contained
shall be deemed a waiver of any preceding or succeeding breach thereof, or of any other covenant or
provision herein contained. No extension of time for performance of any obligation or act shall be
deemed an extension of the time for performance of any other obligation or act.

          d. Binding Effect. This Amendment shall be binding upon and inure to the benefit of
the parties hereto and their respective permitted successors and assigns.

          e. Entire Agreement; No Other Modification. This Amendment is the final expression
of, and contains the entire agreement among, the parties hereto with respect to the subject matter
set forth herein and may not be modified other than by an agreement in writing signed each party
hereto. Except as expressly modified by this Amendment, all terms and conditions of the Purchase
Agreement, together with any and all exhibits thereto, shall remain unmodified and are in full
force and effect and enforceable in accordance with their terms. In the event of a conflict
between the Purchase Agreement and this Amendment, the terms and provisions of this Amendment shall
control.

          f. Counterparts. This Amendment may be executed in counterparts, each of which shall
constitute a separate document but all of which together shall constitute one and the same
agreement. Signature pages may be detached and reattached to physically form one document. A
signature scanned and sent by facsimile and/or e-mail shall be binding as an original signature.

<Signatures follow on next page(s)>

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     IN WITNESS WHEREOF, the parties have executed this Amendment as of the date first set forth
above.

SELLER:

Cooper Creek Village, LLC,

a Kentucky limited liability company

	 	 	 	 	 
	 	 	 
	 	By:  	/s/ Donald J. Cook
 	 
	 	 	Name:  	Donald J. Cook  	 
	 	 	Its:	 President 	 
	 

BUYER:

Steadfast Asset Holdings, Inc.,

a California corporation

	 	 	 	 	 
	 	 
	 	By:  	/s/ Rodney F. Emery
 	 
	 	 	Name:  	Rodney F. Emery 	 
	 	 	Its:	 CEO/President  
	 

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EXHIBIT 10.3

SECOND AMENDMENT TO PURCHASE AND SALE AGREEMENT

AND JOINT ESCROW INSTRUCTIONS

     SECOND AMENDMENT TO PURCHASE AND SALE AGREEMENT AND JOINT ESCROW INSTRUCTIONS
(“Amendment”) is dated as of July 8, 2011, and entered into by and between Cooper Creek
Village, LLC, a Kentucky limited liability company (“Seller”), and Steadfast
Asset Holdings, Inc., a California corporation (“Buyer”).

RECITALS

     WHEREAS, Seller and Buyer have entered into that certain Purchase and Sale Agreement with
Joint Escrow Instructions dated as of June 24, 2011, as amended by that certain First Amendment to
Purchase and Sale Agreement and Joint Escrow Instructions dated as of June 30, 2011 (as amended,
the “Purchase Agreement”).

     WHEREAS, Seller and Buyer desire to modify the Purchase Agreement as set forth in this
Amendment.

AGREEMENT

     NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which is
hereby acknowledged, the parties hereto, intending to be legally bound, hereby agree as follows:

     1. Purchase Price. The definition of the term “Purchase Price” tin
Section 2 of the Purchase Agreement is hereby amended by deleting “ELEVEN MILLION AND 00/100
DOLLARS ($11,000,000.00)” and inserting “TEN MILLION FOUR HUNDRED TWENTY THOUSAND AND
00/100 DOLLARS ($10,420,000.00)” in lieu thereof.

     2. Advance of Portion of Initial Deposit. Solely as an accommodation to Seller and
without affecting in any respect any requirement that the entire Deposit be returned to Buyer if
and when required under the Purchase Agreement, Buyer hereby agrees that a portion of the Initial
Deposit in the amount of $75,000 (the “Seller Held Deposit”) shall be held by Seller in
lieu of being held by Escrow Holder; and accordingly, Buyer and Seller hereby authorize and direct
Escrow Holder to transfer to Seller, on July 12, 2011, the Seller Held Deposit (it being understood
and agreed that Escrow Holder shall retain $125,000 of the Initial Deposit (the “Escrow Holder
Held Deposit”) and any Extension Deposit in accordance with the terms of the Purchase
Agreement. The parties hereby agree that the third sentence of Section 3.1 of the Purchase
Agreement shall not apply to the Seller Held Deposit, and that, notwithstanding the terms of the
fifth sentence of Section 3.1 of the Purchase Agreement, Seller shall be responsible for any and
all taxes due and owing with respect to any interest accruing on the Seller Held Deposit in lieu of
Buyer. Seller hereby expressly agrees to comply with all of the other provisions of the Purchase
Agreement applicable to Escrow Holder with respect to the Seller Held Deposit (as if Seller were
the “Escrow Holder”), including without limitation the obligations to return the Seller Held Deposit set forth in the sixth,
seventh and eighth

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sentences of Section 3.1 of the Purchase Agreement and Sections 3.4, 6.5, 8.1.9
and 12 of the Purchase Agreement (but exclusive of the obligations under Section 4.3.1, 4.3.2, 5.1,
5.2, 10.3, 10.4 and 11 of the Purchase Agreement). For the avoidance of doubt, Seller hereby
expressly acknowledges and agrees if Purchaser is entitled to the return of the Deposit pursuant to
the Purchase Agreement, Seller shall be obligated to return the Seller Held Deposit at the time and
in the manner that Escrow Holder is required to return the Escrow Holder Held Deposit, and that
Seller’s failure to do so shall be a material breach of the Purchase Agreement for which no notice
or cure shall be required and Seller shall be personally and fully liable to Buyer and that,
notwithstanding anything to the contrary in the Purchase Agreement, Buyer shall be entitled to
exercise any and all remedies at law or in equity for such failure of Seller.

     3. Quit Claim Deed. In addition to the Seller’s Deliveries described in Section
10.1 of the Purchase Agreement, if required by Buyer, Seller shall, as a condition to Buyer’s
obligation to close, deliver to Buyer an executed “quit claim deed” in recordable form with respect
to any legal description set forth on the survey obtained by Buyer (if such legal description
differs from that set forth in the deed by which Seller acquired title to the Real Property)
reasonably acceptable to Buyer and subject only to the Permitted Exceptions.

     4. Contracts. In accordance with Section 6.6 of the Purchase Agreement, Buyer hereby
notifies Seller that Buyer elects to assume the following Contracts at Closing:

a. Apartment Guide (advertising)

b. For Rent (advertising)

c. Insight (cable)

d. US Lawns (landscaping)

e. Automatic Apartment Laundry Inc. (laundry)

f. Waste Management (trash)

g. Cavalier (phone)

     5. Miscellaneous.

          a. Definitions. Capitalized terms used in this Amendment that are not otherwise
defined herein shall have the meanings ascribed to such terms in the Purchase Agreement.

          b. Partial Invalidity. If any term or provision of this Amendment or the application
thereof to any person or circumstance shall, to any extent, be invalid or unenforceable, the
remainder of this Amendment, or the application of such term or provision to persons or
circumstances other than those as to which it is held invalid or unenforceable, shall not be
affected thereby, and each such term and provision of this Amendment shall be valid and enforced to
the fullest extent permitted by law.

          c. No Waivers. No waiver of any breach of any covenant or provision herein contained
shall be deemed a waiver of any preceding or succeeding breach thereof, or of any other covenant or
provision herein contained. No extension of time for performance of any obligation or act shall be
deemed an extension of the time for performance of any other obligation or act.

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          d. Binding Effect. This Amendment shall be binding upon and inure to the benefit of
the parties hereto and their respective permitted successors and assigns.

          e. Entire Agreement; No Other Modification. This Amendment is the final expression
of, and contains the entire agreement among, the parties hereto with respect to the subject matter
set forth herein and may not be modified other than by an agreement in writing signed each party
hereto. Except as expressly modified by this Amendment, all terms and conditions of the Purchase
Agreement, together with any and all exhibits thereto, shall remain unmodified and are in full
force and effect and enforceable in accordance with their terms. In the event of a conflict
between the Purchase Agreement and this Amendment, the terms and provisions of this Amendment shall
control.

          f. Counterparts. This Amendment may be executed in counterparts, each of which shall
constitute a separate document but all of which together shall constitute one and the same
agreement. Signature pages may be detached and reattached to physically form one document. A
signature scanned and sent by facsimile and/or e-mail shall be binding as an original signature.

<Signatures follow on next page(s)>

3

 

     IN WITNESS WHEREOF, the parties have executed this Amendment as of the date first set forth
above.

SELLER:

Cooper Creek Village, LLC,

a Kentucky limited liability company

	 	 	 	 	 
	 	 	 
	 	By:  	/s/ Donald J. Cook
 	 
	 	 	Name:  	Donald J. Cook 	 
	 	 	Its:	 Managing Member  	 
	 

BUYER:

Steadfast Asset Holdings, Inc.,

a California corporation

	 	 	 	 	 
	 	 	 
	 	By:  	/s/ Rodney F. Emery
 	 
	 	 	Name:  	Rodney F. Emery 	 
	 	 	Its:	  CEO/President  	 
	 

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