Document:

Assignment and Assumption of Purchase and Sale Agreement

 Exhibit 10.54 
 ASSIGNMENT AND ASSUMPTION OF 
 PURCHASE AND SALE AGREEMENT 

This Assignment and Assumption of Purchase and Sale Agreement (“Assignment”) is entered into between KBS Capital
Advisors LLC, a Delaware limited liability company (“Assignor”), and KBS Legacy Partners Wesley LLC, a Delaware limited liability company (“Wesley Assignee”), and KBS Legacy Partners Wesley Land LLC, a Delaware
limited liability company (“Land Assignee”, and collectively with Wesley Assignee, the “Assignees”), as of October 22, 2012 at 8:00 am Pacific Time (the “Effective Date”). 

RECITALS 

A.        Pursuant to the terms of that certain Purchase and Sale Agreement dated as of
October 12, 2012, as previously assigned pursuant to that certain Assignment and Assumption of Purchase and Sale Contract by and between KBS-Legacy Apartment Community REIT Venture, LLC and Assignor of even date herewith (the “Prior
Assignment” and collectively, the “Purchase Agreement”), Assignor agreed to acquire the Property (as such term is defined in the Purchase Agreement) commonly referred to as the Wesley Village Apartments in Charlotte, North
Carolina subject to and in accordance with the terms of the Purchase Agreement. 

B.        Assignor desires to assign, without recourse, representation or warranty, all of its
rights, benefits, liabilities and obligations arising under the Purchase Agreement (and related documents) to Assignees, and Assignees desire to assume all of said rights, benefits, liabilities and obligations. 

NOW, THEREFORE, in consideration of the foregoing promises, the mutual undertakings of the parties set forth herein and other good and
valuable consideration, the receipt and sufficiency of which are hereby acknowledged by the parties, the parties agree as follows: 
 1.         Recitals.  The above recitals are incorporated herein by reference. 

2.         Assignment and Assumption.  Assignor hereby transfers, assigns and
conveys, without recourse, representation or warranty, express or implied, the following as such relate to the Outparcel as described on Exhibit “A” attached hereto to Land Assignee and as such relate to the Apartments Parcel
as described on Exhibit “A” attached hereto to Wesley Assignee: i) all of Assignor’s rights, interests, liabilities and obligations in and to the Property, ii) all of Assignor’s rights, interests, liabilities and
obligations under the Purchase Agreement (and related documents), and iii) all of Assignor’s rights in and to the First Deposit (as defined in the Purchase Agreement) previously deposited into escrow in accordance with the terms of the Purchase
Agreement. Assignees hereby assume all such rights, interests, liabilities and obligations, and join in all representations, warranties, releases, and indemnities, of Assignor under the Purchase Agreement (and related documents) relating to the
Property, the Purchase Agreement (and related documents) and the First Deposit assigned to each respectively above. Concurrent with the delivery of this Assignment, Assignees will deliver to Assignor an amount equal to the First Deposit as
reimbursement therefor and concurrently therewith Assignor will use such funds to promptly repay to KBS-Legacy Apartment Community REIT Venture, LLC 

  

					
	Purchase Agreement Assignment No. 2 – Wesley	  	1	  	

 
(the “Venture LLC”) the $250,000 previously advanced by the Venture LLC to make the First Deposit as referenced in the Prior Assignment. 

3.         Successors and Assigns.  This Assignment shall be binding upon and
inure to the benefit of the parties’ successors and assigns. 
 4.
        Attorneys’ Fees.  In the event of any controversy, claim, dispute, arbitration, or litigation between the parties hereto to enforce or interpret any of the provisions of this
Assignment or any right of either party hereto, the non-prevailing party to such controversy, claim, dispute, arbitration or litigation agrees to pay to the prevailing party all costs and expenses, including reasonable attorneys’ fees and
costs, court or dispute resolution costs, arbitrator’s, mediator’s, consultant’s and expert witness’ fees and costs incurred by the prevailing party, including, without limitation, fees incurred during trial or resolution of any
action or dispute and any fees incurred as a result of an appeal from a judgment entered in any such matter. A prevailing party shall include without limitation (a) a party who dismisses an action in exchange for sums due, or (b) the party
determined to be the prevailing party by a court of law. The terms of this Section 4 shall survive the termination of the Purchase Agreement. 
 5.         Counterparts.  This Assignment may be executed in any number of counterparts, each of which shall be deemed an original, but all of
which when taken together shall constitute one and the same instrument. Each counterpart may be delivered by facsimile transmission or other electronic means and such shall be deemed effective as if original. The signature page of any counterpart
may be detached therefrom without impairing the legal effect of the signature(s) thereon provided such signature page is attached to any other counterpart identical thereto. 
 [REMAINDER OF PAGE IS INTENTIONALLY BLANK. 
 SIGNATURES FOLLOW.] 

  

					
	Purchase Agreement Assignment No. 2 – Wesley	  	2	  	

 IN WITNESS WHEREOF, the undersigned hereby duly execute this Assignment and Assumption of
Purchase and Sale Contract to be effective as of the Effective Date set forth above. 
 ASSIGNOR: 

KBS CAPITAL ADVISORS LLC, a Delaware limited liability company 
  

			
	By:	 	/s/ Charles J. Schreiber,
Jr.                        
		 	     Charles J. Schreiber, Jr.,
		 	     Chief Executive Officer

 ASSIGNEES: 
 KBS LEGACY PARTNERS WESLEY LLC, 
 a Delaware limited liability company 

 

									
	By:	    	KBS LEGACY PARTNERS PROPERTIES LLC,
		    	a Delaware limited liability company,
		    	its sole member
			
		    	By:	  	KBS LEGACY PARTNERS LIMITED PARTNERSHIP,
		    		  	a Delaware limited partnership,
		    		  	its sole member
				
		    		  	By:	  	KBS LEGACY PARTNERS APARTMENT REIT, INC.,
		    		  		  	a Maryland corporation,
		    		  		  	its sole general partner
					
		    		  		  	By:	  	/s/ Guy K.
Hays                                        

		    		  		  		  	Guy K. Hays,
		    		  		  		  	Executive Vice President

 [SIGNATURES CONTINUE ON NEXT PAGE] 

  

					
	 Purchase Agreement Assignment No. 2 –
 Wesley
 Signature Page 1
	  	3	  	

											
	 KBS LEGACY PARTNERS WESLEY LAND LLC,
 a Delaware limited liability company

		
	By:	  	 KBS LEGACY PARTNERS PROPERTIES LLC,
 a Delaware limited liability company,
 its sole member

			
		  	By:	  	 KBS LEGACY PARTNERS LIMITED PARTNERSHIP,
 a Delaware limited partnership,
 its sole member

					
		  		  	By:	  	 KBS LEGACY PARTNERS APARTMENT REIT, INC.,
 a Maryland corporation,
 its sole general partner
	  	
						
		  		  		  	By:	  	/s/ Guy K.
Hays                                         
   	  	
		  		  		  		  	Guy K. Hays,	  	
		  		  		  		  	Executive Vice President	  	

  

					
	 Purchase Agreement Assignment No. 2 –
 Wesley
 Signature Page 2
	  	4	  	

 EXHIBIT “A” 

Legal Descriptions 

Outparcel: 
 That certain real
property LYING AND BEING in the City of Charlotte, Mecklenburg County, North Carolina, and more particularly described as follows: 
 BEING
all of that certain parcel of land shown as “Tract 3” on plat recorded in Map Book 50, Page 862, Mecklenburg County Public Registry, as modified and affected by plats recorded in Map Book 51, page 392 and Map Book 53, page 499; together
with all easements, rights, and appurtenances contained in Declaration of Easements recorded in Book 24097, Page 749, Mecklenburg County Public Registry 
 Apartments Parcel: 
 That certain Real Property LYING AND BEING in the City of
Charlotte, Mecklenburg County, North Carolina, and more particularly described as follows: 
 BEING all of those certain parcels of land shown
as “Tract 2” and “Tract 6” on plat recorded in Map Book 50, Page 862, Mecklenburg County Public Registry, as modified and affected by plats recorded in Map Book 51, page 392 and Map Book 53, page 499; together with all easements,
rights, and appurtenances contained in Declaration of Easements recorded in Book 24097, Page 749, Mecklenburg County Public Registry 

  

					
	 Purchase Agreement Assignment No. 2 – 
 Wesley
 Exhibit A
	  	5First Amendment to Purchase and Sale Agreement

 Exhibit 10.55 
 FIRST AMENDMENT 
 TO 

PURCHASE AND SALE AGREEMENT 
 THIS FIRST AMENDMENT TO PURCHASE AND SALE AGREEMENT (this “Amendment”) is made as of October 31, 2012 (the “Effective Date”) by and between KBS Legacy Partners
Wesley LLC and KBS Legacy Partners Wesley Land LLC (collectively, “Buyer”) and Wesley Village Development, LP, a Delaware limited partnership (“Seller”). 

KBS-Legacy Apartment Community REIT Venture, LLC (“REIT Venture”), and Seller entered into a Purchase and Sale
Agreement dated as of October 12, 2012 (the “Contract”) for the purchase and sale of certain real property located in Charlotte, North Carolina as more particularly described in the Contract. All rights, title, interest and
obligations of REIT Venture in, to and under the Contract have been previously assigned to Buyer. 
 NOW,
THEREFORE, in consideration of the mutual promises set forth herein, and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, Buyer and Seller amend the Contract as follows: 

1.        Defined Terms.  Any defined term used in this
Amendment that is not specifically defined herein shall have the meaning given to such term in the Contract. 

2.        Closing Deadline.  The definition of
“Closing Deadline” as set forth in Article 1 of the Contract is hereby deleted and replaced with the following: 
 “Closing Deadline”  shall mean November 6, 2012, as the same may be extended pursuant to the express terms of this Agreement. 

3.        Form of Deed.  Buyer and
Seller agree that notwithstanding the terms of the Purchase Agreement to the contrary, the Apartments Deed to be delivered by Seller at Closing shall be in the form of Exhibit A attached to this Amendment and the Outparcel Deed shall
be in the form of Exhibit D to the Purchase Agreement without Exhibit C attached. 

4.        No Further Changes.  Except as amended hereby,
the Contract shall remain in full force and effect. To the extent any of the terms of the Contract conflict with this Amendment, this Amendment shall control. This Amendment may be executed in one or more counterparts. Signed counterparts
transmitted by facsimile or email shall constitute originals. 
 [Remainder of Page is Intentionally Blank] 

[Signature Page Follows] 

  
 1 

 The parties have executed this Amendment as of the Effective Date. 

 

											
	SELLER:
	
	WESLEY VILLAGE DEVELOPMENT, LP, a Delaware limited partnership
	By:	 	WESLEY VILLAGE DEVELOPMENT GP, LLC, a Delaware limited liability company, as the sole general partner thereof
		 	By:	 	U.S. PROPERTY FUND IV GMBH & CO. KG, a German limited partnership, as a member thereof
		 		 	By:	 	USPF IV-Verwaltungs-GmbH & Co. KG, a German limited partnership, as the sole general partner thereof
		 		 		 	By:	 	TMW USPF-Verwaltungs-GmbH, a German corporation, as the sole general partner thereof
						
		 		 		 		 	By:	 	/s/ James L. Street            
		 		 		 		 		 	Name: James L. Street
		 		 		 		 		 	Title: Attorney in Fact pursuant to that certain Power of Attorney dated July 2, 2008
						
		 		 		 		 	By:	 	/s/ David G. Rich              
		 		 		 		 		 	Name: David G. Rich
		 		 		 		 		 	Title: Attorney in Fact pursuant to that certain Power of Attorney dated July 2, 2008

  

													
	BUYER:
	
	KBS LEGACY PARTNERS WESLEY LLC, a Delaware limited liability company
	By:	 	KBS Legacy Partners Properties LLC, a Delaware limited liability company, its sole member
		 	By:	 	KBS Legacy Partners Limited Partnership, a Delaware limited partnership, its sole member
		 		 	By:	 	KBS Legacy Partners Apartment REIT, Inc., a Maryland corporation, its sole general partner
						
		 		 		 	By:	 	 /s/ Guy K. Hays
	 	
		 		 		 		 	Name:	 	 Guy K. Hays
	 	
		 		 		 		 	Title:	 	 Executive Vice President
	 	

  

													
	KBS LEGACY PARTNERS WESLEY LAND LLC, a Delaware limited liability company
	By:	 	KBS Legacy Partners Properties LLC, a Delaware limited liability company, its sole member
		 	By:	 	KBS Legacy Partners Limited Partnership, a Delaware limited partnership, its sole member
		 		 	By:	 	KBS Legacy Partners Apartment REIT, Inc., a Maryland corporation, its sole general partner
						
		 		 		 	By:	 	 /s/ Guy K. Hays
	 	
		 		 		 		 	Name:	 	 Guy K. Hays
	 	
		 		 		 		 	Title:	 	 Executive Vice President
	 	

  
 2 

 Exhibit A 
 See Attached 

  
 3 

					
	Tax Lot Nos. 07104114 & 07104116	  	        Parcel Identifier
No.                                      
	  	
			
	Verified by
                                      	  	County on the          day of
                    , 2012	  	
			
	By:
                                         
         	  		  	

  
  

Mail after recording to: Anne Keeler Wright, Esq., Schultz & Wright, LLP, 545 Middlefield Road, #160, Menlo 

                         
             Park, California 94025 
 This instrument was prepared
by:    Annie George, Alston & Bird LLP 
 Excise Tax:
$                    . 
  

					
	Brief description for the Index	  	 	  	

  
  

DEED 
 THIS DEED made as
of November 2, 2012, by and between 
  

			
	
GRANTOR
  

WESLEY VILLAGE DEVELOPMENT, LP, a

Delaware limited partnership
 c/o
Prudential Real Estate Investors
 3348 Peachtree Road, Suite 1100
 Atlanta, Georgia 30326
  
	 	
GRANTEE
  

KBS LEGACY PARTNERS WESLEY LLC, a

Delaware limited liability company
 620 Newport
Center Drive, Suite 1300
 Newport Beach, CA 92660

	Enter in appropriate block
for each party: name, address, and, if appropriate, character of entity, e.g. corporation or partnership

 The designation Grantor and Grantee as used herein shall include said parties, their heirs, successors, and assigns, and
shall include singular, plural, masculine, feminine or neuter as required by context. 

  
 Deed

 Wesley Village Apartments, Charlotte, NC 

 WITNESSETH, that the Grantor, for a valuable consideration paid by the Grantee, the receipt of which is
hereby acknowledged, has and by these presents does grant, bargain, sell and convey unto the Grantee in fee simple, all that certain lot or parcel of land situated in Mecklenburg County, North Carolina and more particularly described as follows:

 See Exhibit “A” attached hereto 

And incorporated herein by reference. 
 The property hereinabove described was acquired by Grantor by Instrument recorded in Deed Book 24097, Page 764. 
 A map showing the above described property is recorded in Map Book 53, Page 499. 
 TO HAVE AND TO
HOLD the aforesaid lot or parcel of land and all privileges and appurtenances thereto belonging to the Grantor in fee simple. 
 And the Grantor
covenants with the Grantee, that Grantor has done nothing to impair such title as Grantor received, and Grantor will warrant and defend the title against the lawful claims of all persons claiming by, under or through Grantor, except for the
exceptions hereinafter stated. 
 Title to the property hereinabove described is subject to the following exceptions: 

See Exhibit “B” attached hereto 
 And incorporated herein by reference. 
 By acceptance of this Deed, Grantee specifically consents
to the terms of Exhibit “C” attached hereto and incorporated herein by reference, which covenants and conditions shall run with the title to the property conveyed hereby. 

This Deed is made without any covenant, warranty or representation by, or recourse against, Grantor except to the extent expressly
provided herein. By acceptance of this Deed, Grantee specifically acknowledges that Grantee is not relying on (and Grantor, does hereby disclaim and renounce) any representations or warranties of any kind or nature whatsoever, whether oral or
written, express, implied, statutory or otherwise, from Grantor regarding or relating to (a) the operation of the Real Property or uses or merchantability or fitness of any portion of the Real Property for a particular purpose; or (b) the
physical condition of the Real Property or the condition or safety of the Real Property or suitability of the Real Property for a particular purpose. Grantor hereby disclaims and, by its acceptance of this Deed Grantee hereby waives and releases,
any implied or statutory warranties or guaranties of fitness, merchantability or any other statutory or implied warranty or guaranty of any kind or nature regarding or relating to the Real Property, including any warranty regarding the condition or
status of Grantor’s or Grantee’s title to the Real Property. By acceptance of this Deed, Grantee acknowledges and agrees that the provisions of this paragraph were a material factor in Grantor’s agreement to convey the Real Property
to Grantee and Grantor would not have conveyed the Real Property to Grantee unless Grantor is expressly released and Grantee waives the rights as set forth in this paragraph. 
 The property hereinabove described does not include the primary residence of the Grantor. 

  
 - 2 -

 Deed 

Wesley Village Apartments, Charlotte, NC 

 If any term or provision of this Deed or the application thereof to any persons or
circumstances shall, to any extent, be invalid or unenforceable, the remainder of this Deed 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 term and provision of this Deed shall be valid and enforced to the fullest extent permitted by law. 
 IN WITNESS
WHEREOF, the Grantor has caused this instrument to be signed and sealed in its limited partnership name by its duly authorized Attorneys in Fact, the day and year first above written. 

 

													
		 	GRANTOR:
		
		 	 WESLEY VILLAGE DEVELOPMENT, LP, a Delaware
 limited partnership

			
		 	By:	  	 WESLEY VILLAGE DEVELOPMENT GP, LLC, a
 Delaware limited liability company, as the sole general
 partner thereof

				
		 		  	By:	  	 U.S. PROPERTY FUND IV GMBH & CO. KG, a
 German limited partnership, as a member thereof

					
		 		  		  	By:	  	 USPF IV-Verwaltungs-GmbH & Co. KG, a
 German limited partnership, as the sole general partner thereof

						
		 		  		  		  	By:	  	 TMW USPF-Verwaltungs-GmbH, a
 German corporation, as the sole general
 partner thereof

							
		 		  		  		  		  	By:	  	                             
                   
		 		  		  		  		  		  	Name: James L. Street
		 		  		  		  		  		  	 Title: Attorney in Fact pursuant to
     that certain Power of Attorney
     dated July 2,
2008

							
		 		  		  		  		  	By:	  	                             
                   
		 		  		  		  		  		  	Name: David G. Rich
		 		  		  		  		  		  	 Title: Attorney in Fact pursuant to
     that certain Power of Attorney
     dated July 2,
2008

  
 - 3 -

 Deed 

Wesley Village Apartments, Charlotte, NC 

					
	STATE OF GEORGIA	  	)	  	
		  	)	  	
	COUNTY OF FULTON	  	)	  	

 I,
                                         
   , a Notary Public of the County and State aforesaid, certify that James L. Street and
                             personally came before me this day and acknowledge that each is an
Attorney in Fact pursuant to that certain Power of Attorney dated July 2, 2008 of TMW USPF-Verwaltungs-GmbH, a German corporation, which the sole general partner of WESLEY VILLAGE DEVELOPMENT GP, LLC, a Delaware limited liability company, which
is the sole general partner of WESLEY VILLAGE DEVELOPMENT, LP, a Delaware limited partnership, and that s/he, as Vice President, being authorized to do so, executed the foregoing on behalf of the corporation. 

Witness my hand and official stamp or seal this          day of
                    , 2012. 
  

                   
                                  

Notary Public 

My commission expires:
                            
                             Notary Public 

 
  
 The foregoing certificate(s) of
                                         
                                         
                                         
                        

                         
                                         
                                         
                                         
                                         
        

                         
                                         
                                         
                                         
                                         
        
 Is/are certified to be correct. This instrument and this certificate are duly registered at the
date and time and in the Book and Page shown on the first page hereof. 
  

			
	                             
                                         
  	  	REGISTER OF DEEDS FOR
                                 COUNTY
	By
                                         
                        	  	Deputy/Assistant-Register of Deeds

  

  
 - 4 -

 Deed 

Wesley Village Apartments, Charlotte, NC 

 EXHIBIT A 

LEGAL DESCRIPTION 

LYING AN BEING in the City of Charlotte, County of Mecklenburg, North Carolina, and more particularly described as follows: 

BEING all of Tract 2 and Tract 6 on plat recorded in Map Book 50, Page 862, Mecklenburg County Public Registry, as modified and affected by plats
recorded in Map Book 51, page 392 and Map Book 53, page 499. 
 TOGETHER WITH all easements, rights, and appurtenances contained in declaration
of Easements recorded in Book 24097, page 749, Mecklenburg County Public Registry. 

  
 - 5 -

 Deed 

Wesley Village Apartments, Charlotte, NC 

 EXHIBIT B 

PERMITTED TITLE EXCEPTIONS 
  

	 	1.	Real Estate Ad Valorem Taxes for the year 2012 and subsequent years, not yet due and payable. 

 

	 	2.	All covenants, conditions, restrictions and other matters of record recorded or filed in the applicable records of Mecklenburg County, North Carolina with respect to
the real property conveyed hereby. 

  

	 	3.	Rights of tenants (and subtenants) and/or leases (and sublessees) in possession under any record or unrecorded leases or rental agreements. 

  
 - 6 -

 Deed 

Wesley Village Apartments, Charlotte, NC 

 EXHIBIT C 

RESTRICTION AGAINST CONDOMINIUM 
 The real property set forth on Exhibit A (the “Property”) shall hereafter be held, transferred, sold, leased and encumbered, conveyed, and occupied, subject to the covenants, conditions, and
restrictions set forth in numbered paragraphs 1 through 7 immediately following (collectively, the “Restrictive Covenants”), each of which is for, and shall inure to the benefit of the Benefited Persons: 

1.        From and after the date hereof through and including May 24, 2020
(the “Term”): (a) no Condominium shall be created covering the Property, (b) no Condominium Conversion shall be affected or implemented, nor shall a Condominium Project be created, with regard to the units within the Property,
and (c) no Condominium Plat shall be filed affecting the Property. 

2.        In the event of the violation or breach of any of the Restrictive
Covenants, each Benefited Person shall have the right to prosecute a proceeding at law or in equity against the party or parties who have violated or are attempting to violate any of the Restrictive Covenants, to enjoin or prevent them from doing
so, to cause such violation to be remedied, including without limitation, court costs and attorney fees in enforcing the Restrictive Covenants. Without limiting the foregoing, any party or parties who breaches the Restrictive Covenants set forth in
Section 1 herein above and any successor or assign of such party or parties (other than mortgagee with a security interest in the Property, and with respect to a mortgagee with a security interest in the Property and its successors and assigns,
subject to the terms set forth below in this paragraph 2) shall, and does hereby, to the fullest extent permitted by lay, indemnify, defend and hold each Benefited Person harmless from and against any and all liabilities, damages, losses, claims,
causes of action, suits demands, charges, complaints, costs and expenses (including, without limitation, attorneys’ fees and costs of litigation), which any of the Benefited Persons may suffer, incur or be obligated to perform arising out of
such party or parties breach or failure to strictly comply with the Restrictive Covenants, including, without limitation, all liabilities, damages, losses, claims, causes of action, suits, demands, charges, complaints, costs and expenses arising or
accruing as a result of any claims by subsequent owners of any portion of the Property (including owners of condominium units or owners of a cooperative, as the case may be) relating to (a) the developments, design and construction of the
Property and any defects, breaches of contract, errors, omissions, or negligence in connection therewith, or (b) any omissions, misrepresentations or misstatements in any conversion, condominium or cooperative documents, or (c) any other
liabilities that Grantor could be responsible for under applicable local law as a result of a Condominium Conversion. All remedies provided herein or at law or in equity shall be cumulative and not exclusive of any other remedy at law or in equity.
Under no circumstances shall the violation of the terms of the Restrictive Covenants result in a forfeiture or reversion of title. 
 With respect to a mortgagee with a security interest in the Property and its successors and assigns, notwithstanding the foregoing to the contrary, in the event of a sale, transfer, or other disposition
of the Property by a mortgagee, including but not limited to a conveyance pursuant to the deed-in-lieu of foreclosure or the sale of the Property at a foreclosure, the transferee (including the mortgagee or an affiliate of a mortgagee as a purchaser
at a foreclosure sale) shall not have indemnity obligations resulting from a prior owner’s breach of the Restrictive Covenants set forth in Section 1: such transferees shall not have the obligation to indemnity, defend and hold harmless
the Benefited Persons with respect to any breach by a prior owner of the Property of the Restrictive Covenants set forth in Section 1 occurring prior to such transferee’s acquisition of the Property. 

  
 - 7 -

 Deed 

Wesley Village Apartments, Charlotte, NC 

 3.        The Restrictive Covenants
are appurtenant to and run with the Property, and shall be binding and enforceable against all parties having any right, title or interest in the Property, and their respective heirs, successors and assigns, and shall inure to the benefit of each
Benefited Person. 
 4.        Failure on the part of any Benefited
Person to complain of any act or failure to act to enforce the Restrictive Covenants irrespective of how long such failure continues shall not constitute a waiver by any of the Benefited Persons of the right to strictly enforce any violation of the
Restrictive Covenants. Notwithstanding any provision hereof to the contrary, Grantor, in its sole discretion, may elect to waive, modify, amend, or terminate any or all of the Restrictive Covenants; provided, however, that, no such
waiver, modification, amendment or termination shall be effective unless the same is set forth in a writing executed by Grantor and such writing is filed with the County Recorder for the county in which the Property is located. Grantor does here
waive the enforcement of the Restrictive Covenants as against any mortgagee with a security interest in the Property except and to the extent of the right of each Benefited Person to prosecute a proceeding at law or in equity against such mortgagee
for violating or attempting to violate any of the Restrictive Covenants while such mortgagee or its affiliate has ownership of the Property (following a foreclosure event or deed-in-lieu thereof), and to enjoin or prevent them from doing so; and
such waiver of enforcement against any mortgagee shall not alter or impair the right to enforce the Restrictive Covenants as against any owner/mortgagor. 
 5.        If any term covenant, condition or provision of the Restrictive Covenants, or the application thereof to any person, entity or circumstance, shall ever be
held to be invalid or unenforceable, then in each such event the remainder of the Restrictive Covenants or the application of such term, covenant, condition or provision to any other person or any other circumstance (other than those as to which it
shall be invalid or unenforceable) shall not be thereby affected, and each term, covenant, condition and provision hereof shall remain valid and enforceable to the fullest extent permitted by law. 

6.        Notwithstanding anything to contrary contained herein, no expiration of
the Restrictive Covenants and no earlier termination of the Restrictive Covenants shall be deemed to waive or release any party from any prior breach of the Restrictive Covenants. 

7.        As used in this Deed, the following terms shall have the following
meanings: 
   (a)        “Benefited
Person” means all the following; (i) Grantor, (ii) any constituent entity or affiliate of Grantor and any partner, member, shareholder, officer, or director of any such constituent entity or affiliate of Grantor, and
(iii) any other person or entity who has been designated as a “ Benefited Person”, in a writing executed and delivered after the date hereof by either Grantor (or any successor or assign of Grantor) and filed for record with the
County Recorder for the county in which the Property is located. 

  (b)        “Condominium” means a
condominium as defined under the “North Carolina Condominium Act”, Section 47C of the North Carolina General Statues (the “Condominium Act”), or any similar statue or law which defines a condominium. 

  (c)        “Condominium Conversions”
means the filing or recording with the applicable county clerk or county recorder, or other applicable state, municipal or local governmental entity or agency, of any document providing for the conversion of the Property to a Condominium Project.

  
 - 8 -

 Deed 

Wesley Village Apartments, Charlotte, NC 

  (d)        “Condominium Plan” means a
condominium plan or declaration filed in connection with the Condominium Act, or any similar statue or law which defines a condominium plan. 
   (e)        “Condominium Plat” means any condominium plat filed in connection with the Condominium Act, or any similar statue or law
which defines a condominium plat. 

  (f)        “Condominium Project”
means any project all or a portion of which has located thereon a Condominium or Condominium Conversion. 

8.        The Restrictive Covenants shall automatically terminate and expire and
be of no further force or effect at the end of the Term. However, the Restrictive Covenants will cease to apply to any building on the Property if the building is completely destroyed by casualty or demolished. No documentation or further instrument
will be required to evidence the termination of the Restrictive Covenants and all current and future owners, lenders, title insurers and others having an interest in the Property may rely simply on the expiration of the Term as conclusive evidence
of termination of the Restrictive Covenants. 

  
 - 9 -

 Deed 

Wesley Village Apartments, Charlotte, NC

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