Document:

Exhibit 10.11

 

ASSIGNMENT AND ASSUMPTION OF

SALE,
PURCHASE AND ESCROW AGREEMENT

 

THIS
ASSIGNMENT is made
and entered into as of this 28th day of January, 2009, by and between HARVARD
PROPERTY TRUST, LLC, a Delaware limited liability company (hereinafter referred
to as “Assignor”), and BEHRINGER HARVARD MULTIFAMILY OP I LP, a Delaware
limited partnership (hereinafter referred to as “Assignee”).

 

W I T N E S S E T H :

 

WHEREAS, Verandah Owner
Limited Partnership, a Delaware limited partnership, and Assignor have entered
into that certain Sale, Purchase and Escrow Agreement dated as of January 26,
2009 (the “Agreement”), relating to that certain land and
improvements located at 4620 N. Braeswood Avenue, Houston, Texas, known as The
Verandah at Meyerland Apartments, being more particularly described in Exhibit A
attached hereto and made a part hereof; and

 

WHEREAS, as permitted by the
Agreement, Assignor and Assignee have agreed that Assignor shall transfer and
assign to Assignee all right, title and interest of Assignor in and to the
Agreement; and

 

WHEREAS, Assignor and
Assignee have further agreed that Assignee shall expressly assume all of the
obligations of Assignor arising under the Agreement.

 

NOW, THEREFORE, for and in
consideration of the mutual covenants contained herein and for other good and
valuable consideration, the receipt and sufficiency of which are hereby
acknowledged by each party hereto, Assignor and Assignee hereby agree as
follows:

 

1.                                       Transfer and Assignment. 
Assignor hereby sells, transfers, assigns and sets over to Assignee, its
successors and assigns, all right, title and interest of Assignor in and to the
Agreement.

 

2.                                       Assumption of Obligations. 
Assignee hereby assumes and agrees to observe and perform all of the
terms, covenants and conditions of Assignor under the Agreement arising from
and after the date of this Assignment.

 

3.                                       Binding Effect.  This
instrument shall be binding upon and shall inure to the benefit of the parties
hereto and their respective heirs, executors, administrators, legal
representatives, successors and assigns.

 

 

IN
WITNESS WHEREOF, Assignor and Assignee have each caused this Assignment to be
executed by its duly authorized signatory as of the day and year first above
written.

 

	
   

  	
  ASSIGNOR:

  
	
   

  	
   

  
	
   

  	
  HARVARD PROPERTY TRUST, LLC,

  
	
   

  	
  a Delaware limited
  liability company

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Gerald J. Reihsen, III

  
	
   

  	
   

  	
  Gerald J. Reihsen, III

  
	
   

  	
   

  	
  Executive Vice President —
  Corporate Development & Legal and Secretary

  

 

 

	
   

  	
   

  	
  ASSIGNEE:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  BEHRINGER
  HARVARD MULTIFAMILY OP I LP,

  
	
   

  	
   

  	
  a
  Delaware limited partnership

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  BHMF, Inc.,

  
	
   

  	
   

  	
   

  	
  a
  Delaware corporation,

  
	
   

  	
   

  	
   

  	
  its
  general partner

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
  /s/
  Gerald J. Reihsen, III

  
	
   

  	
   

  	
   

  	
   

  	
  Gerald
  J. Reihsen, III

  
	
   

  	
   

  	
   

  	
   

  	
  Executive
  Vice President — Corporate

  
	
   

  	
   

  	
   

  	
   

  	
  Development &
  Legal and Assistant Secretary

  
	
   

  	
   

  	
   

  	
   

  	
   

  
						

 

 

EXHIBIT A

 

LEGAL
DESCRIPTION

 

Being
a tract or parcel containing 5.313 acres (231,427 square feet) of land situated
in the James D. Owen Survey, Abstract Number 612; being out of and a part of
Unrestricted Block 7, of MEYER PARK, SECTION 2, a subdivision plat of
record in Volume 142, Page 30, Harris County Map Records; and being out of
and a part of that certain tract of land (Tract One) conveyed to Aramco
Services Company as described in deed recorded under Harris County Clerk’s File
(H.C.C.F.) Number H104446, Harris County, Texas; and being that certain called
5.313 acre tract conveyed to Verandah IH-610, L.P. as described in deed
recorded under H.C.C.F. number W636306; and said 5.313 acre tract being more
particularly described by metes and bounds as follows (bearings are oriented to
said record plat):

 

BEGINNING
at 1-inch iron rod found in the north right-of-way (R.O.W.) line of Braeswood
Boulevard (100 feet wide) and marking the most southerly southwest corner of
the aforesaid Block 7 and the herein described tract;

 

THENCE,
North 06°18’24” West, along a southwest line of said Block 7, a distance of
150.00 feet to an interior corner of said Block and the herein described tract,
from which a found 1-inch iron rod bears South 60°43’ West, 0.26 feet;

 

THENCE,
South 71°35’50” West, along a southwest line of said Block 7, a distance of
150.00 feet to the curved east R.O.W. line of Interstate Highway 610 (West Loop
South) (Width Varies) for the most westerly southwest corner of said Block 7
and the herein described tract and for a point of tangency of a non-tangent
curve to the right, from which a found 1-inch iron rod bears North 66°35’ West,
0.36 feet;

 

THENCE,
Northerly, an arc distance of 288.32 feet along said east R.O.W. line and the
west line of said Block 7 and along said curve to the right, having a central
angle of 01°26’45”, a radius of 11,425.80 feet and a chord which bears North
05°14’26” West, 288.31 feet to a 5/8-inch iron rod with plastic cap stamped “Terra
Surveying” set marking the northwest corner of the herein described tract;

 

THENCE,
departing said east R.O.W. line and over and across the aforesaid Aramco
Services Company tract, the following courses and distances:

 

North 89°49’01” East, a distance of 86.98 feet to a 5/8-inch iron rod
with plastic cap stamped “Terra Surveying” set for an interior corner of the
herein described tract;

 

South 45°41’49” East, a distance of 14.27 feet to a 5/8-inch iron rod
with plastic cap stamped “Terra Surveying” set for an interior corner of the
herein described tract;

 

North 89°49’01” East, a distance of 34.78 feet to a 5/8-inch iron rod
with plastic cap stamped “Terra Surveying” set for an interior corner of the
herein described tract;

 

North 44°49’01” East, a distance of 14.14 feet to a 5/8-inch iron rod
with plastic cap stamped “Terra Surveying” set for an interior corner of the
herein described tract;

 

North 89°49’01” East, a distance of 215.65 feet to a 5/8-inch iron rod
with plastic cap stamped “Terra Surveying” set for an interior corner of the
herein described tract;

 

 

North 44°49’01” East, a distance of 52.57 feet to an “X” set in
concrete for an interior corner of the herein described tract;

 

North 89°49’01” East, a distance of 396.89 feet to “X” set in concrete
set in the curved west R.O.W. line of Meyer Park Drive (60 feet wide) and the
east line of the aforesaid Block 7 and marking a point of curvature of a
non-tangent curve to the left and the northeast corner of the herein described
tract;

 

THENCE,
Southerly, an arc distance of 170.01 feet along said west R.O.W. line and the
east line of said Block 7 and along said curve to the left, having a central
angle of 10°49’14”, a radius of 900.22 feet and a chord which bears South 16°02’49”
East, 169.76 feet to the most northerly end of a cutback-line for the most
easterly southeast corner of said Block 7 and the herein described tract, from
which a found 5/8-inch iron rod bears South 05°53’ East, 0.17 feet;

 

THENCE,
South 23°32’34” West, along said cutback-line, a distance of 14.16 feet to the
aforesaid north R.O.W. line of Braeswood Boulevard for the most southerly
southeast corner of said Block 7 and the herein described tract, from which a
found 5/8-inch iron rod bears South 16°31’ East, 0.65 feet;

 

THENCE,
South 68°32’34” West, along the common line of said north R.O.W. line and the
south line of said Block 7, a distance of 435.95 feet to a point of curvature
of a tangent curve to the right, from which a found 5/8-inch iron rod bears
South 19°40’ West, 0.22 feet;

 

THENCE,
Southwesterly, an arc distance of 107.06 feet continuing along said common line
and said curve to the right, having a central angle of 01°04’14”, a radius of
5,730.00 feet and a chord which bears South 69°04’41” West, 107.06 feet to a
point of reverse curvature for a tangent curve to the left, from which a found
5/8-inch iron rod bears South 62°55’ West, 0.20 feet;

 

THENCE,
Southwesterly, an arc distance of 107.06 feet continuing along said common line
and said curve to the left, having a central angle, of 01°04’14”, a radius of
5,730.00 feet and a chord which bears South 69°04’41” West, 107.06 feet to a
point of tangency, from which a found 5/8-inch iron rod bears South 09°03’
East, 0.55 feet;

 

THENCE,
South 68°32’34” West, continuing along said common line, a distance of 45.05
feet to the POINT OF BEGINNING and containing 5.313 acres (231,427 square feet)
of land.  This description is based on
the Land Title Survey and plat made by Terra Surveying Company, Inc.,
dated July 1, 2002, latest revision dated April 27, 2005.  TSC Project Number 0038-0101-S.Exhibit 10.12

 

FIRST AMENDMENT TO

SALE, PURCHASE AND ESCROW AGREEMENT

 

                THIS FIRST AMENDMENT TO SALE,
PURCHASE AND ESCROW AGREEMENT (the “Amendment”) is made and entered into
effective as of February 20, 2009, by and between Verandah Owner
Limited Partnership, a Delaware limited partnership (“Seller”), and
Behringer Harvard Multifamily OP I LP, a Delaware limited partnership (“Purchaser”)
with reference to the following recitals of fact:

 

R  E  C  I  T  A  L
S:

 

A.            Harvard
Property Trust, LLC (“Original Purchaser”) and Seller were parties to
that certain Sale, Purchase and Escrow Agreement, with an Effective Date of January 26,
2009 (the “Original Agreement’), pursuant to which Original Purchaser agreed to
purchase and Seller agreed to sell, inter alia, that certain real property
located in Harris County, Texas, commonly known as The Verandah at Meyerland
Apartments.

 

B.            Original
Purchaser did assign all of its right, title and interest under the Original
Agreement pursuant to Assignment and Assumption of Sale, Purchase and Escrow
Agreement dated January 29, 2009.

 

C.            Purchaser
and Seller now desire to modify the Agreement in accordance with the terms and
conditions set forth in this Amendment. 
For purposes hereof, the Original Agreement and this Amendment are collectively
referred to as the “Agreement.”

 

NOW, THEREFORE, in consideration of the mutual
covenants and agreements hereinafter set forth and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged,
the parties agree as follows:

 

1.             Original
Agreement.  Purchaser and Seller
acknowledge that the Original Agreement is in full force and effect, except as
modified by this Amendment.  All
capitalized terms not otherwise defined herein shall have the meaning set forth
in the Original Agreement.  In the event
of any inconsistency between the terms and conditions set forth in the Original
Agreement and the terms and conditions set forth in this Agreement, the terms
and conditions in this Amendment shall control.

 

2.             Purchase
Price.  The Purchase Price as defined
in Section 2.1 of the Original Agreement is hereby reduced by $600,000.00
making the amended Purchase Price Twenty-Eight Million Six Hundred Thousand and
00/100 Dollars ($28,600,000.00).

 

3.             Deposit.  Upon full execution of this Amendment,
Purchaser agrees that except as set forth in the last sentence hereof, the
$200,000 Deposit under Section 2.1.1 of the Agreement shall become
non-refundable notwithstanding that Purchaser shall still retain the right to
terminate the Agreement under Section 5.7 as modified by paragraph 4
below.  The completion prior to Closing
of the repairs from water damage as described on the attached letter from Frank
Crystal & Company to Units 122 and 222 shall also be a condition
precedent for the $200,000 Deposit and any Additional Funds deposited under Section 2.1.2
of the Agreement to become non-refundable.

 

4.             Inspection
Period.  The Inspection Period as
defined in Section 5.7 of the Original Agreement is hereby extended such
that the Inspection Period shall expire Tuesday, at 5 P.M. Central 

 

1

 

Standard
Time, on February 24, 2009.  In
addition, any use in the Agreement of the term “Investigation Period” shall
mean the Inspection Period, the use of such terms being one and the same.

 

5.             No
Other Modifications.  Except as
otherwise provided herein, all other terms and provisions of the Agreement
shall remain in full force and effect, unmodified by this Amendment.

 

6.             Binding
Effect.  The provisions of this
Amendment shall be binding upon and inure to the benefit of the heirs,
representatives, successors and permitted assigns of the parties hereto.

 

7.             Counterparts.  This Amendment may be executed in any number
of original counterparts.  Any such
counterpart, when executed, shall constitute an original of this Amendment, and
all such counterparts together shall constitute one and the same
Amendment.  For purposes of this
Amendment, facsimile signatures shall be deemed to be originals.

 

IN WITNESS WHEREOF, this Amendment has been duly
executed by the parties hereto as of the day and year written above.

 

	
  SELLER:

  	
  VERANDAH
  OWNER LIMITED PARTNERSHIP,

  
	
   

  	
  a
  Delaware limited partnership

  
	
   

  	
   

  
	
   

  	
  By:

  	
  Houston Verandah Investor Limited Partnership, a

  Delaware limited partnership, its general partner

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  BH Verandah, L.L.C., an Iowa limited liability

  company, its general partner

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
  BH Equities L.L.C., an Iowa limited liability 

  company, its managing member

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  By:

  	
  /s/ Harry Bookey

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
  Name: Harry Bookey

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
  Title: Manager

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  PURCHASER:

  	
  BEHRINGER
  HARVARD MULTIFAMILY OP I LP,

  
	
   

  	
  a
  Delaware limited partnership

  
	
   

  	
   

  
	
   

  	
  By:

  	
  BHMF, Inc.

  
	
   

  	
   

  	
  a
  Delaware corporation,

  
	
   

  	
   

  	
  its
  general partner

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/
  Gerald J. Reihsen, III

  	
   

  
	
   

  	
   

  	
   

  	
  Gerald
  J. Reihsen, III

  
	
   

  	
   

  	
   

  	
  Executive
  Vice President — Corporate

  
	
   

  	
   

  	
   

  	
  Development &
  Legal and Assistant Secretary

  

 

2

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