Document:

Ex. 10.2 HG First Amendment to PSA

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 November 13, 2012, and entered into by and between GARY L. SCHOTTENSTEIN, an individual, and BRETT KAUFMAN, an individual (together, “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 November 2, 2012 (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.Loan Assumption.  Subsection (b) of the second sentence of Section 3.1.2 of the Purchase Agreement is hereby amended and restated as follows:  

“(b)  the aggregate amount of all escrows (including any tax and insurance (including MIP) escrows) and reserves (including replacement and operating reserves), which operating deficit reserve is in the amount of $900,000 as of the Effective Date and is anticipated to be in the same amount as of the Closing Date) maintained by Property Owner pursuant to the terms and conditions of the Loan Documents, as defined below, as of 11:59 pm on the day prior to the Closing Date, other than  (i) the working capital reserve in the original amount of $636,008.00 and (ii) the escrow for demolition in the original amount of $44,362.00 (provided, however, if any portion of the escrow for demolition is not refunded to Property Owner prior to Closing, then to the extent such amount is paid to Buyer or Property Owner after Closing, Buyer shall, within 2 business days of receipt of such amount, pay such amount to Seller);”
 
2.Conditions to Closing.  A new Section 4.2.12 of the Purchase Agreement is hereby added as a condition to Buyer’s obligation to close as follows:

“4.2.12        The final endorsement shall have been issued by HUD, the related closing of the permanent loan shall have occurred and Seller or Property Owner shall have paid all costs relating thereto.”

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3.Corresponding Amendments.  The third sentence of Section 5.1 and the first and  fourth sentences of Section 5.2 are each hereby amended to insert “or Section 4.2.12” immediately following “4.2.10” in each instance.

4.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.

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:

	
	
	/s/ Gary L. Schottenstein

	GARY L. SCHOTTENSTEIN, an individual

	
	
	/s/ Brett Kaufman

	BRETT KAUFMAN, an individual

BUYER:

Steadfast Asset Holdings, Inc., 
a California corporation

	
		
	By:
	/s/ Ana Marie del Rio

	Name:
	Ana Marie del Rio

	Its:
	Vice President and Secretary

S-1Ex. 10.3 Assignmetn of PSA HG

EXHIBIT 10.3

ASSIGNMENT AND ASSUMPTION OF PURCHASE AGREEMENT

For good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, STEADFAST ASSET HOLDINGS, INC., a California corporation (“Assignor”), hereby assigns to SIR HILLIARD GRAND, LLC, a Delaware limited liability company (“Assignee”), all of Assignor’s rights and obligations under and in regard to that certain Purchase and Sale Agreement and Joint Escrow Instructions dated November 2, 2012, (as may have been amended or may hereafter be amended, the “Purchase Agreement”), between Gary L. Schottenstein, an individual and Brett Kaufman, an individual (collectively, the “Seller”) and Assignor for the purchase and sale of that membership interest relating to that certain real property located in Dublin, Ohio, as more particularly described in Exhibit A attached hereto (the “Property”).

Assignee hereby agrees to and shall assume, perform and be fully responsible for the performance of all of the obligations of Assignor under the Purchase Agreement.

All of the provisions, covenants and agreements contained in the Assignment shall extend to and be binding upon the respective legal representatives, successors and assigns of Assignor and Assignee.  This Assignment represents the entire agreement between Assignor and Assignee with respect to the subject matter of the Assignment, and all prior or contemporaneous agreements regarding such matters are hereby rendered null and void and of no force and effect. 

(SIGNATURES APPEARS ON FOLLOWING PAGE)

WITNESS THE EXECUTION HEREOF, as of this December 31, 2012. 

          	
		
	 
	ASSIGNOR:

	 
	 

	 
	STEADFAST ASSET HOLDINGS, INC., 

	 
	a California corporation

	 
	 

	By:
	/s/ Ana Marie del Rio

	 
	Ana Marie del Rio,

	 
	Secretary and Vice President

                    
ASSIGNEE:

SIR HILLIARD GRAND, LLC
a Delaware limited liability company

By:     Steadfast Income Advisor, LLC,
a Delaware limited liability         
company, its Manager
                            
                            	
		
	By:
	/s/ Ella S. Neyland

	 
	Ella S. Neyland,  PresidentEx. 10.4 HG  Assignment and Assumption

EXHIBIT  10.4

MEMBERSHIP INTERESTS ASSIGNMENT AND ASSUMPTION 
THIS MEMBERSHIP INTERESTS ASSIGNMENT AND ASSUMPTION (this "Assignment") is made and entered into effective for all purposes and in all respects as of the 31st day of December, 2012, by and between GARY L. SCHOTTENSTEIN, an individual, and BRETT KAUFMAN, an individual (collectively, "Assignor") and SIR HILLIARD GRAND, LLC, a Delaware limited liability company ("Assignee"). 
RECITALS: 
A.     Assignor is the owner of 100% of the membership interests ("Membership Interests") in HILLIARD GRAND APARTMENTS, LLC, an Ohio limited liability company (the "Company"), the fee simple property owner of that certain land with a multifamily residential project commonly known as Hilliard Grand, consisting of 314 units situated thereon, located at 5399 Grand Drive, Dublin, Ohio 43016. The Company exists as of the date hereof as an Ohio limited liability company pursuant to that certain Certificate of Formation filed with the Secretary of State of the State of Ohio on January 5, 2010, and is governed by that certain Operating Agreement of Hilliard Grand Apartments, LLC, effective as of January 5, 2010 (as may be amended, the "Operating Agreement"). 
B.     Assignor is the sole member of the Company and owns all of the limited liability company interests in the Company. 
C.    Assignor is conveying various assets to Assignee on even date herewith (including, without limitation, the "Assigned Interest" (as hereinafter defined)) pursuant to that certain Purchase and Sale Agreement and Joint Escrow Instructions, dated as of November 2, 2012, by and between Assignor and Assignee (as may be amended from time to time, the "Purchase Agreement"). 
D.     In connection with the transactions described above and in the Purchase Agreement, Assignor desires to transfer and assign to Assignee the Assigned Interest effective as of the date hereof, and Assignee desires to accept the transfer and assignment of the Assigned Interest upon the terms and conditions provided herein. 
NOW, THEREFORE, in consideration of the foregoing, of the mutual promises set forth herein, and other good and valuable consideration, the receipt and sufficiency of which hereby is acknowledged, it is hereby agreed as follows: 

Section 1.     Definitions.  As used herein, the term "Assigned Interest" means all of the Membership Interests in the Company held by Assignor, and all rights, title and privileges of Assignor relating thereto, which also constitutes 100% of the "Percentage Interests" (as such term is defined in the Operating Agreement), including, without limitation, all rights to all capital, profits, losses, allocations and distributions, and rights to vote and grant or withhold consents and other rights and privileges under the Operating Agreement and the Ohio Limited Liability Company Act appurtenant to Assignor's Membership Interests assigned hereby. 
Section 2.     Assignment and Acceptance. Assignor does hereby transfer, assign and deliver unto Assignee, and Assignee does hereby accept the transfer, assignment and delivery of, the Assigned Interest. Assignee hereby accepts the Assigned Interest and hereby assumes all obligations and liabilities arising or accruing in connection with the Assigned Interest from and after the date hereof. 
Section 3. Joinder to Operating Agreement. By execution of this Assignment, Assignee shall be deemed joined as a party to the Operating Agreement and shall be bound by all of the terms and conditions thereof as if Assignee had executed the Operating Agreement. It is the intention of the parties that immediately after giving effect to the consummation of the transactions contemplated by this Assignment that Assignee shall be the sole member of the Company. 
Section 4. Survival; Representations. This Assignment is being delivered by Assignor and Assignee pursuant to Section 10.1.1 and 10.2 of the Purchase Agreement, respectively, and is given in accordance with the requirements of the Purchase Agreement. The obligations of the parties thereunder, including any representations and warranties made by the parties therein, shall survive the closing of the transaction of the Purchase Agreement as provided therein. 
Section 5. Incorporation of Recitals. The recitals set forth herein are hereby incorporated by reference and made a part of this Assignment. 
Section 6. Further Assurances. Each of the parties agrees to and shall execute and deliver further assurances of the transfer, assignment and delivery of the Assigned Interest, and the acceptance and assignment of the same, as the other party shall reasonably request to effectuate the terms of this Assignment. 
Section 7. Interpretation. This Assignment shall be governed and construed in accordance with the internal laws of the State of Ohio, without regard to conflicts of interest considerations. 

WASOI_ 41896897 _342673"00016 

Section 8. Miscellaneous. The captions in this Assignment are inserted for convenience only, and do not define, describe or limit the scope or intent of this Assignment or the provisions hereof. Assignor and Assignee agree that this Assignment shall be interpreted and construed in accordance with its plain meaning and without reliance upon, or implication, inference or assumption arising from, the fact that this Assignment may have been drafted, in whole or in part, for or on behalf of any party hereto. This Assignment represents the parties' entire understanding with respect to its subject matter and supersedes all prior communications, understandings and agreements with respect thereto. This Assignment may be executed in one or more counterparts, each of which shall be deemed to be an original, and all of which together shall constitute one and the same instrument. This Assignment shall be binding upon and inure to the benefit of Assignor and Assignee and their respective successors and assigns. If any term or provision of this Assignment or the application thereof to any persons or circumstances shall, to any extent, be invalid or unenforceable, the remainder of this Assignment or the application of such term or provision to the persons or circumstances other than those as to which are held invalid or unenforceable shall not be affected thereby, and each term and provision of this Assignment shall be valid and enforceable to the fullest extent permitted by law. 
[SIGNATURES APPEAR ON FOLLOWING PAGE] 

WASOI_ 41896897 _342673"00016 

IN WITNESS WHEREOF, the parties have executed this Assignment effective as of the date first written above.
ASSIGNOR 
    	
	
	/s/ Gary L. Schottenstein

	GARY L. SCHOTTENSTEIN, an individual

    	
	
	/s/ Brett Kaufman

	BRETT KAUFMAN, an individual

ASSIGNEE 

SIR HILLIARD GRAND, LLC, 
a Delaware limited liability company 
By: STEADFAST INCOME ADVISOR, LLC, 
a Delaware limited liability company, 
Its Manager 

  	
		
	By:
	/s/ Ella S. Neyland

	Name:
	Ella S. Neyland

	Title:
	President

WASOI_ 41896897 _342673"00016

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