Document:

Exhibit 10.24

 

FIRST AMENDMENT TO
 AGREEMENT OF SALE

 

THIS FIRST AMENDMENT TO AGREEMENT OF SALE (the “Amendment”) is made and entered into effective as of December 16, 2011, by and between BH UNIVERSITY TOWERS, LLC, a Delaware limited liability company (“Purchaser”) and FAIRFIELD 24TH STREET TOWERS LTD., a Texas limited partnership (“Seller”) with reference to the following recitals of facts:

 

R  E  C  I  T  A  L  S:

 

A.            Purchaser and Seller are parties to that certain Agreement of Sale with an effective date of December 7, 2011 (the “Original Agreement’), pursuant to which Purchaser agreed to purchase and Seller agreed to sell, inter alia, that certain real property located in Austin, Texas and commonly known as the University Towers Apartments.

 

B.            Purchaser and Seller now desire to modify the Original 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 Amendment, the terms and conditions in this Amendment shall control.

 

2.             Approval Period. The expiration of the Approval Period is hereby extended from 5:00 P.M. Central Time on December 16, 2011 to 5:00 P.M. Central Time on December 23, 2011.

 

3.             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.

 

4.             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.

 

5.             Counterparts. This Amendment may be executed in electronic format (including facsimile and PDF) 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.

 

[Signature page to follow]

 

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

 

 

PURCHASER:

 

	
BH UNIVERSITY TOWERS, LLC, a
   Delaware limited liability company
    	
 
    
	
 
    	
 
    
	
By:
    	
BEHRINGER   HARVARD OPPORTUNITY OP II, LP, a
   Delaware limited partnership
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
BHO   II, Inc., a Delaware corporation,
   its general partner
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ James D. Fant
    	
 
    
	
 
    	
Name:
    	
James D. Fant
    	
 
    
	
 
    	
Title:
    	
Senior Vice President - Real   Estate
    	
 
    

 

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SELLER:

 

	
FAIRFIELD 24TH STREET TOWERS LTD.,
   a Texas limited partnership
    	
 
    
	
 
    	
 
    
	
By:
    	
FF   StudentCo C LLC,
    	
 
    
	
 
    	
a Delaware   limited liability company,
   its General Partner
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
StudentCo   LLC, Series C,
    	
 
    
	
 
    	
a   Delaware series limited liability company,
   its Managing Member
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Andrew   Hinkelman
    	
 
    
	
 
    	
Name:
    	
Andrew   Hinkelman
    	
 
    
	
 
    	
Title:
    	
President
    	
 
    

 

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JOINDER SIGNATURE

 

Chicago Title Insurance Company has joined in the execution of this First Amendment to Agreement of Sale (“Agreement”) solely for the purpose of acknowledging its obligations as Escrow Agent thereunder and shall have no duties or liability under the Agreement except for the performance of its own obligations under the Agreement.

 

 

	
 
    	
CHICAGO TITLE   INSURANCE COMPANY
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Shannon Bright
    
	
 
    	
Name:
    	
Shannon Bright
    
	
 
    	
Title:
    	
Escrow Officer
    

 

4Exhibit 10.25

 

ASSIGNMENT AND ASSUMPTION OF AGREEMENT

(BH University Towers)

 

For good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, BH UNIVERSITY TOWERS, LLC, a Delaware limited liability company (“Assignor”), hereby assigns to UNIVERSITY TOWERS AUSTIN LLC, a Delaware limited liability company (“Assignee”), all of Assignor’s rights, titles, interests, liabilities, duties and obligations under and in regard to that certain Agreement of Sale dated as of December 7, 2011 by and between Assignor, as purchaser, and Fairfield 24th Street Towers, Ltd., a Texas limited partnership (“Seller”), as seller, as amended by a First Amendment to Agreement of Sale dated effective December 16, 2011 (collectively, the “Purchase Contract”), for the purchase and sale of the real and personal property more particularly described in the Purchase Contract (collectively the “Property”); together with, to the extent assignable and in Assignor’s possession and without representation or warranty, all rights, titles and interests in and to any and all of the following to the extent they concern the Property and are transferrable: (i) any information provided to Assignor by Seller or any broker or other agent of Seller, (ii) all earnest money deposits under the Purchase Contract, (iii) title commitments, (iv) surveys, (v) appraisals, (vi) engineering reports, environmental reports, or other property condition reports or letters, (vii) third-party estoppel, consent or approval letters, (viii) zoning reports, verification letters, and opinions, (ix) permits and licenses, and permit or license applications, fees or deposits and/or (xiii) any similar items owned or held by Assignor in regard to the Property and/or the subject matter of the Purchase Contract (collectively, with the Purchase Contract, the “Purchaser Rights and Obligations”).

 

In consideration of this assignment, Assignee and Assignor shall cause the release to Assignor the sum of $450,000 (the “Earnest Money Reimbursement”) deposited by Assignor as part of the Initial Earnest Money Deposit pursuant to the Purchase Contract. If Assignor has not received confirmation satisfactorily to Assignor in its sole discretion that the Earnest Money Reimbursement has been wired to Assignor by 5:00 Eastern Time on December 28, 2011, then Assignor is permitted to deliver a Notice of Disapproval (as defined in the Purchase Contract) to Seller pursuant to the provisions of Section 17(f) of the Purchase Contract. Assignor shall provide Assignee with a copy of the Notice of Disapproval. Assignee releases Assignor for all claims, demands, liabilities and damages if Assignor delivers a Notice of Disapproval to Seller. This Assignment and Assumption Agreement shall only become effective upon receipt by Assignor of the Earnest Money Reimbursement.

 

Assignor hereby covenants, represents and warrants to Assignee that (i) Assignor has not previously assigned, mortgaged, hypothecated or otherwise transferred any of the Purchaser Rights and Obligations, and Assignor has entered into no agreements with any party other than Seller and Assignee relating to the Property, (ii) Assignor has the full power, right and authority, without breaching or causing a default under any of the Purchaser Rights and Obligations or conflicting with or resulting in the breach of any of the terms, conditions, or provisions of Assignor’s organizational documents or operating agreement or of any agreement, instrument, order, judgment or decree to which Assignor is a party or by which Assignor or any of Assignor’s assets are bound, to hereby transfer and convey the Purchaser Rights and Obligations to Assignee without obtaining any

 

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consent, approval or permit from any person (excluding the consent from the Seller) that has not been obtained, (iii) Assignor (a) is not in receivership or dissolution, (b) has not made an assignment for the benefit of creditors or admitted in writing its inability to pay its debts as they mature, and (c) has not been adjudicated a bankrupt or filed a petition in voluntary bankruptcy or a petition or answer seeking reorganization or an arrangement with creditors under the Federal bankruptcy law or any other similar law or statute of the United States or any jurisdiction and no such petition has been filed against Assignor, (iv) to Assignor’s actual knowledge (after reasonable inquiry), there is no event of default existing under the Purchase Contract nor any condition that, with the giving of notice and the passing of time, will become an event of default, and (v) Assignor will fully cooperate with Assignee in order to effectuate a complete and final assignment and transfer of all of the Purchaser Rights and Obligations into Assignee’s name, with full recognition thereof by each other person who is a party to or has an interest in, any of the Purchaser Rights and Obligations.

 

Assignee hereby (i) agrees to and shall assume, perform and be fully responsible for the performance of all of the duties, liabilities and obligations of Assignor under the Purchase Contract arising on or after the date of this Assignment (the “Effective Date”), and (ii) agrees to fully release Assignor from all obligations and responsibilities and any liability associated with the Purchase Contract arising from and after the Effective Date, and agrees to accept and assume same and to indemnify and hold harmless Assignor, its officers, managers, members, employees and agents, from and against any and all claims, liabilities, damages, losses, expenses or costs (including reasonable attorneys’ fees) arising therefrom.

 

All of the provisions, covenants and agreements contained in this 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 this Assignment, and all prior or contemporaneous agreements regarding such matters are hereby rendered null and void and of no force and effect.

 

This Assignment may be executed by facsimile or by original signature in any number of counterparts, each of which when executed and delivered, will be deemed an original and all of which taken together, will be deemed one and the same agreement.

 

[EXECUTION ON FOLLOWING PAGES]

 

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WITNESS THE EXECUTION HEREOF, UNDER SEAL, as of this 27  day of December, 2011 (the “Effective Date”).

 

	
 
    	
ASSIGNOR:
    
	
 
    	
 
    
	
 
    	
BH UNIVERSITY TOWERS, LLC,
    a   Delaware limited liability company
    
	
 
    	
 
    
	
 
    	
 
    	
By:
    	
Behringer   Harvard Opportunity OP II, LP,
    
	
 
    	
 
    	
 
    	
a   Delaware limited partnership,
    
	
 
    	
 
    	
 
    	
its   manager
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
By: BHO   II, Inc., a Delaware corporation
    
	
 
    	
 
    	
 
    	
Its   general partnership
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
By:
    	
/s/ James D. Fant
    
	
 
    	
 
    	
 
    	
Name:
    	
James D. Fant
    
	
 
    	
 
    	
 
    	
Title:
    	
Senior Vice President
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
ASSIGNEE:
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
UNIVERSITY TOWERS AUSTIN LLC
    a   Delaware limited liability company
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
                                                
    	
,
    
	
 
    	
 
    	
 
    	
a 
    	
                                            
    	
,
    
	
 
    	
 
    	
 
    	
its   managing member
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
By:
    	
Cardinal   Group Investments LLC,
    
	
 
    	
 
    	
 
    	
a   Delaware limited liability company,
    
	
 
    	
 
    	
 
    	
its
    	
Manager
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
By:
    	
/s/ Jason Luker
    
	
 
    	
 
    	
 
    	
 
    	
Jason   Luker, Manager

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