SEC Contract Filing

Filing Date: 2015-06-03

Document Content:
<DOCUMENT>
<TYPE>EX-10.5
<SEQUENCE>6
<FILENAME>ex105constructionmgmtagmtr.htm
<DESCRIPTION>EXHIBIT 10.5
<TEXT>
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 <title>Ex. 10.5 Construction Mgmt Agmt (Ridge Crossing)</title>
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<a name="s7d666230637d44a9b3b97fc7ab059f40"></a><div><div style="line-height:120%;text-align:right;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">EXHIBIT 10.5</font></div></div><br><div style="line-height:138%;padding-bottom:32px;text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">CONSTRUCTION MANAGEMENT SERVICES AGREEMENT</font></div><div style="line-height:138%;padding-bottom:32px;padding-top:48px;text-align:justify;text-indent:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">THIS CONSTRUCTION MANAGEMENT SERVICES AGREEMENT (this &#8220;</font><font style="font-family:inherit;font-size:11pt;text-decoration:underline;">Agreement</font><font style="font-family:inherit;font-size:11pt;">&#8221;) is entered into as of May 28, 2015 by and between STAR RIDGE CROSSINGS, LLC, a Delaware limited liability company (the &#8220;</font><font style="font-family:inherit;font-size:11pt;text-decoration:underline;">Company</font><font style="font-family:inherit;font-size:11pt;">&#8221;), and PACIFIC COAST LAND &amp; CONSTRUCTION, INC., a California corporation (the &#8220;</font><font style="font-family:inherit;font-size:11pt;text-decoration:underline;">Construction Manager</font><font style="font-family:inherit;font-size:11pt;">&#8221;). </font></div><div style="line-height:138%;padding-bottom:13px;padding-top:16px;text-align:center;padding-left:1px;text-indent:0px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">RECITALS</font></div><div style="line-height:138%;padding-bottom:13px;padding-top:16px;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">A.&#160;&#160;&#160;&#160;The Company, directly or through a wholly-owned subsidiary, owns that certain 720-unit multifamily housing development located in Hoover, Alabama and commonly known as Ridge Crossings Apartment Homes (the &#8220;</font><font style="font-family:inherit;font-size:11pt;text-decoration:underline;">Project</font><font style="font-family:inherit;font-size:11pt;">&#8221;), which Project is scheduled to undertake certain capital improvements projects (the &#8220;</font><font style="font-family:inherit;font-size:11pt;text-decoration:underline;">Improvements</font><font style="font-family:inherit;font-size:11pt;">&#8221;) and/or certain revitalization projects (the &#8220;Revitalization&#8221;) from time to time.</font></div><div style="line-height:138%;padding-bottom:13px;padding-top:16px;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">B.&#160;&#160;&#160;&#160;The Construction Manager is experienced and staffed to oversee and manage completion of the Improvements and Revitalization. </font></div><div style="line-height:138%;padding-bottom:13px;padding-top:16px;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">C.&#160;&#160;&#160;&#160;The Company desires to engage the Construction Manager to provide certain services for the Company with respect to the Improvements and Revitalization, including but not limited to compliance with the Agreement(s) for Contractor Services executed in connection with the Improvements and Revitalization, a form of which is attached hereto as </font><font style="font-family:inherit;font-size:11pt;text-decoration:underline;">Exhibit A</font><font style="font-family:inherit;font-size:11pt;">, and will be entered into with each contractor (the &#8220;</font><font style="font-family:inherit;font-size:11pt;text-decoration:underline;">Contractor Agreements</font><font style="font-family:inherit;font-size:11pt;">&#8221;). </font></div><div style="line-height:138%;padding-bottom:13px;padding-top:16px;text-align:justify;text-indent:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">NOW, THEREFORE, in consideration of the foregoing, of the mutual promises of the parties hereto, and of other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows:</font></div><div style="line-height:138%;padding-bottom:13px;padding-top:16px;text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">AGREEMENT</font></div><div style="line-height:138%;padding-left:0px;padding-bottom:16px;text-align:justify;text-indent:48px;"><font style="padding-bottom:16px;text-align:justify;font-family:inherit;font-size:12pt;padding-right:48px;">1.</font><font style="font-family:inherit;font-size:11pt;text-decoration:underline;">Appointment</font><font style="font-family:inherit;font-size:11pt;">. The Company hereby appoints the Construction Manager to render services in connection with the Improvements and Revitalization as contemplated herein and in the Contractor Agreements, and confirms and ratifies the appointment of the Construction Manager with respect to such services rendered for the Company to date, if any.</font></div><div style="line-height:138%;padding-bottom:16px;text-align:justify;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">2.</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:11pt;text-decoration:underline;">Authority</font><font style="font-family:inherit;font-size:11pt;">. The Construction Manager shall have the authority and the obligation to:</font></div><div style="line-height:138%;padding-bottom:16px;text-align:just