SEC Contract Filing

Filing Date: 2015-03-20

Document Content:
<DOCUMENT>
<TYPE>EX-10.31
<SEQUENCE>17
<FILENAME>v403036_ex10-31.htm
<DESCRIPTION>EXHIBIT 10.31
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0; text-align: right"><B>Exhibit 10.31</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><U>SECOND AMENDMENT TO</U> </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><U>PURCHASE AND SALE AGREEMENT</U></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B>THIS SECOND AMENDMENT
TO PURCHASE AND SALE</B> <B>AGREEMENT </B>(the &ldquo;<U>Amendment</U>&rdquo;) is entered into as of the 17<SUP>th</SUP> day of
December, 2014, between<B> GABLES OF HUDSON, LLC</B>, a Delaware limited liability company, or its successors or assigns (the &ldquo;<U>Buyer</U>&rdquo;),
and <B>GABLES-HUDSON, LLC</B>,<B> </B>and<B> GREAT-HUDSON, LLC</B>,<B> </B>each an Ohio limited liability company (together, the
&ldquo;<U>Seller</U>&rdquo;).</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><U>RECITALS</U></B>:</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">A.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Seller
and Buyer are parties to that certain Purchase and Sale Agreement dated September 11, 2014, as amended (the &ldquo;<U>Agreement</U>&rdquo;),
pursuant to which Seller agreed to sell, and Buyer agreed to purchase, certain real property located in Hudson, Ohio, as more particularly
described in the Agreement.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">B.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Seller
and Buyer desire to amend the Agreement.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B>NOW, THEREFORE</B>,
in consideration of the mutual covenants contained herein and other good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, the parties agree as follows:</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><U>AGREEMENTS</U></B>:</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">1.&nbsp;&nbsp;&nbsp;<B><U>Recitals,
Definitions</U></B>. The foregoing recitals are true and correct and are incorporated herein by reference. Capitalized but undefined
terms used in this Amendment shall have the meaning set forth in the Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">2.&nbsp;&nbsp;&nbsp;<B><U>Section
2.5(d)</U></B>. Section 2.5(d) of the Agreement shall be deleted in its entirety and replaced with the following:</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify">Seller shall be responsible for all
expenses of the Property attributable to the period prior to the Proration Date, unless otherwise provided for in this Agreement.
Seller shall receive a credit at Closing for all outstanding accounts receivable related to income of the Hudson Facility for the
period prior to the Proration Date (other than Aging Bad Debt (as defined below)), which amount is more particularly set forth
on Schedule 2.5(d) hereto (the &ldquo;<U>Outstanding A/R</U>&rdquo;). In the event Buyer receives any payment due for any period
prior to the Proration Date or payment of any other receivable of Seller, Buyer shall retain the same until such time as the Outstanding
A/R has been entirely received by Buyer. As of the date of Closing, the Hudson Facility has accounts receivable aging more than
thirty days in the amount of $10,943.20 (the &ldquo;<U>Aging Bad Debt</U>&rdquo;), which shall be retained by Seller, and shall
not be credited to Seller at Closing. After collection or receipt of the Outstanding A/R, to the extent Buyer receives any payment
related to the Aging Bad Debt, Buyer shall forward such payment to Seller.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify">To the extent the Outstanding A/R is
not collected or received by Buyer within ninety (90) days after Closing, the balance of any portion of the Outstanding A/R not
collected or received by Buyer shall be promptly (within five (5) Business Days) paid by Seller to Buyer and included in any Post-Closing
Adjustment Amounts.</P>

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