SEC Contract Filing

Filing Date: 2019-04-30

Document Content:
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<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>chci-ex101_6.htm
<DESCRIPTION>EX-10.1
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<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;color:#000000;font-size:12pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Exhibit 10.1</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;color:#000000;font-size:12pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">MASTER TRANSFER AGREEMENT</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;color:#000000;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:9.4%;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><a name="_Hlk536109978"></a>THIS MASTER TRANSFER AGREEMENT (the <font style="color:#000000;">&#8220;</font><font style="font-weight:bold;font-style:italic;">Agreement</font><font style="color:#000000;">&#8221;</font>), is made effective as of April 30, 2019<font style="font-weight:bold;color:#000000;">&#160;</font><a name="_Hlk536109978"></a>by and among Comstock Holding Companies, Inc., a Delaware corporation (the <font style="color:#000000;">&#8220;</font><font style="font-weight:bold;font-style:italic;">Company</font><font style="color:#000000;">&#8221; or &#8220;</font><font style="font-weight:bold;font-style:italic;color:#000000;">CHCI</font><font style="color:#000000;">&#8221;</font>), Comstock Development Services, L.C., a Virginia limited liability company (<font style="color:#000000;">&#8220;</font><font style="font-weight:bold;font-style:italic;">CDS</font><font style="color:#000000;">&#8221;), and FR54, L.C</font>., a Virginia limited liability company (&#8220;<font style="font-weight:bold;font-style:italic;">FR54</font>&#8221;).</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;color:#000000;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-size:12pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">RECITALS:</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:9.4%;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">WHEREAS, the Company previously solicited investments in various land development and homebuilding related Projects in the Washington Metropolitan Statistical Area by and through the sale of certain membership interests in Comstock Investors X, L.C. (&#8220;<font style="font-weight:bold;font-style:italic;">Investors X</font>&#8221;);</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:9.4%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:9.4%;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">WHEREAS, Investors X is divided into two classes of membership interests, with the Company owning 100% of the Class A units and CDS owning 100% of the Class B units;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:9.4%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:9.4%;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">WHEREAS, CDS purchased 390 Class B Units in Investors X and as a result became the sole priority member entitled to a priority distribution of distributable cash flow from the projects and currently maintains an aggregate total capital account balance of $18,500,000 (the &#8220;<font style="font-weight:bold;font-style:italic;">Class B Membership Interest</font>&#8221;);</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:9.4%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:9.4%;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">WHEREAS, the Company owns 100 Class A Units in Investors X and receives all distributable cash flow of the Projects after the full repayment of the priority member&#8217;s Class B Unit capital account balance and its priority return (the &#8220;<font style="font-weight:bold;font-style:italic;">Class A Membership Interest</font>&#8221;) and is also the Manager of Investors X;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:9.4%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:9.4%;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">WHEREAS, Stonehenge Funding, L.C., a former lender to the Company (&#8220;<font style="font-weight:bold;font-style:italic;">Stonehenge</font>&#8221;), received shares of the Company&#8217;s Series C Non-Convertible Preferred Stock, par value $0.01 per share (the &#8